Form 4: Bentley Systems' Chief Legal Officer Reports Stock Transactions

David R. Shaman, Chief Legal Officer of Bentley Systems, reports acquisition and disposal of Class B Common Stock.

Summary

• David R. Shaman, the Chief Legal Officer of Bentley Systems, filed a Form 4 detailing changes in beneficial ownership.
• On March 13, 2024, Mr. Shaman had 1,458 shares of Class B Common Stock withheld by the issuer to cover taxes at a price of $48.68 per share.
• Also on March 13, 2024, Mr. Shaman acquired 11,864 shares of Class B Common Stock through a time-based restricted stock unit award granted pursuant to the Issuer's 2020 Omnibus Incentive Plan at a price of $0.00 per share.
• These restricted stock units vest over four years, with one-quarter vesting on each grant date anniversary.
• Following these transactions, Mr. Shaman directly owns 515,018 shares of Class B Common Stock.
• Mr. Shaman also indirectly owns 442,606 shares through Grantor Retained Annuity Trusts and 32,635 shares through a 401(K) Plan.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects standard executive compensation practices and insider ownership, which are generally viewed as a positive sign of alignment with shareholder interests. There are no indications of negative events or concerns.

Positives

• The granting of restricted stock units to the Chief Legal Officer aligns his interests with the long-term performance of the company.

Future Outlook

The restricted stock units vest over four years, suggesting a continued alignment of the executive's interests with the company's performance over that period.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders. This filing indicates standard compensation practices through stock-based awards.

Comparison to Industry Standards

• Stock-based compensation is a common practice among publicly traded companies, particularly in the technology sector, to incentivize executives and align their interests with shareholders.
• Companies like Autodesk, Inc. and Trimble Inc., which operate in similar industries, also utilize stock options and restricted stock units as part of their executive compensation packages.
• The vesting schedule of four years is also a typical vesting period for such awards.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they reflect standard executive compensation practices.
• Employees may view the stock grants as a positive sign of the company's commitment to its leadership.

Key Dates