Form 4: Bentley Systems Chief Legal Officer Sells Over 19,000 Shares Under Pre-Arranged Trading Plan

Bentley Systems' Chief Legal Officer, David R. Shaman, sold 19,156 shares of Class B Common Stock for approximately $54.98 per share on July 3, 2025, as part of a pre-established Rule 10b5-1 trading plan.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Inc. (BSY), reported a sale of 19,156 shares of Class B Common Stock.
• The transaction occurred on July 3, 2025, at a weighted average price of $54.9806 per share, with individual sales ranging from $54.92 to $55.01.
• The sale was executed under a Rule 10b5-1 trading plan, which Mr. Shaman adopted on December 12, 2024.
• Following the transaction, Mr. Shaman directly beneficially owns 670,558 shares of Class B Common Stock, which includes shares acquired through the Bentley Systems Global Employee Stock Purchase Plan for an offering period ending June 30, 2025.
• Additionally, Mr. Shaman indirectly beneficially owns 279,308 shares through Grantor Retained Annuity Trusts and 32,635 shares through a 401(K) Plan.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. While it's an insider sale, the pre-planned nature via a Rule 10b5-1 plan mitigates negative sentiment, suggesting a personal financial planning event rather than a reaction to adverse company news. The executive also retains significant holdings, indicating continued vested interest.

Positives

• The sale was conducted under a Rule 10b5-1 trading plan, indicating a pre-scheduled transaction for personal financial planning rather than a reaction to new, non-public information.
• The Chief Legal Officer continues to hold a substantial number of shares directly (670,558 shares) and indirectly (311,943 shares), demonstrating continued alignment with shareholder interests.

Negatives

• An insider sale, even if pre-planned, reduces the direct ownership stake of a key executive in the company.

Future Outlook

This Form 4 filing reports a past transaction and does not provide any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing is an insider transaction report, which provides transparency into the stock ownership changes of a key executive. It does not directly relate to broader industry trends or competitive dynamics, but rather to individual executive compensation and personal financial planning within the context of a publicly traded company.

Stakeholder Impact

• Shareholders: The sale by a key executive could be perceived as a slight negative, but the pre-arranged nature of the transaction under a Rule 10b5-1 plan typically reduces concerns about its implications for the company's future prospects. The executive's continued substantial holdings also suggest ongoing alignment of interests.

Key Dates

Keywords

Bentley Systems, BSY, Form 4, Insider Trading, Stock Sale, David R. Shaman, Chief Legal Officer, Rule 10b5-1, Share Ownership, SEC Filing