Form 4: Bentley Systems' Chief Legal Officer Reports Changes in Beneficial Ownership

David R. Shaman, Chief Legal Officer of Bentley Systems, reports changes in beneficial ownership of Class B Common Stock due to tax withholding and stock purchase plan activity.

Summary

• David R. Shaman, the Chief Legal Officer of Bentley Systems, filed a Form 4 detailing changes in his beneficial ownership of the company's Class B Common Stock.
• On July 10, 2024, 1,626 shares were withheld by Bentley Systems to cover taxes due upon the vesting of previously granted awards, at a price of $48.41 per share.
• Shaman also acquired shares through the Bentley Systems Global Employee Stock Purchase Plan for an offering period ended on June 30, 2024.
• Following these transactions, Shaman directly owns 607,662 shares of Class B Common Stock.
• He also indirectly owns 397,716 shares through Grantor Retained Annuity Trusts and 32,635 shares through a 401(k) plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing reflecting standard compensation practices and employee stock purchase plan participation. There's no indication of unusual or concerning activity.

Positives

• Participation in the employee stock purchase plan indicates confidence in the company's future.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. This allows investors to track the buying and selling activity of executives and directors, which can provide insights into their perspectives on the company's performance and prospects.

Stakeholder Impact

• The filing provides transparency to shareholders regarding insider transactions.
• Employee participation in the stock purchase plan can boost employee morale.

Key Dates