Form 4: Bentley Systems Chief Legal Officer Reports Stock Transactions

David R. Shaman, Chief Legal Officer of Bentley Systems, reports the acquisition and disposal of Class B Common Stock due to vesting of restricted stock units and tax obligations.

Summary

• David R. Shaman, the Chief Legal Officer of Bentley Systems, has reported transactions involving the company's Class B Common Stock.
• On January 22, 2025, Mr. Shaman acquired 12,738 shares at a price of $46.56 per share due to the vesting of performance-based restricted stock units.
• Also on January 22, 2025, 3,802 shares were disposed of at $46.56 per share to cover tax obligations related to the vesting of the restricted stock units.
• Following these transactions, Mr. Shaman directly owns 697,202 shares of Class B Common Stock.
• Additionally, Mr. Shaman indirectly owns 269,878 shares through Grantor Retained Annuity Trusts and 32,635 shares through a 401(k) plan.

Sentiment

Score: 7

Explanation: The document reflects standard executive stock transactions, which are neither particularly positive nor negative. The vesting of stock units is a positive sign of performance, but the tax-related disposal is neutral.

Positives

• The acquisition of shares through vesting of restricted stock units indicates a positive performance evaluation for the executive.
• The executive's continued ownership of a significant number of shares aligns his interests with those of the shareholders.

Negatives

• The disposal of shares to cover tax obligations, while standard, reduces the executive's direct holdings.

Risks

• There are no specific risks mentioned in this document, as it primarily details stock transactions.

Industry Context

This filing is a routine disclosure of stock transactions by a company executive, which is common practice in publicly traded companies. It provides transparency into the ownership changes of company insiders.

Comparison to Industry Standards

• The reporting of stock transactions by company executives is a standard practice across all publicly listed companies in the US.
• The use of restricted stock units as part of executive compensation is also a common practice.
• The withholding of shares to cover tax obligations is a standard procedure when restricted stock units vest.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect routine executive compensation and tax obligations.
• The transactions do not have a direct impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

Bentley Systems, Class B Common Stock, David R. Shaman, Stock Transactions, Restricted Stock Units, SEC Form 4, Insider Trading, Beneficial Ownership