Form 4: Bentley Systems Chief Legal Officer Sells Over 20,000 Shares Under Pre-Arranged Trading Plan

Bentley Systems' Chief Legal Officer, David R. Shaman, sold 20,313 shares of Class B Common Stock in two transactions in mid-July 2025, executed under a pre-arranged Rule 10b5-1 trading plan.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Incorporated (BSY), sold a total of 20,313 shares of Class B Common Stock.
• The sales occurred on July 11, 2025, and July 14, 2025.
• On July 11, 2025, 965 shares were sold at a weighted average price of $56.922 per share.
• On July 14, 2025, 19,348 shares were sold at a weighted average price of $56.9622 per share.
• These transactions were executed pursuant to a Rule 10b5-1 trading plan adopted by Mr. Shaman on December 12, 2024.
• Following these sales, Mr. Shaman directly beneficially owns 647,609 shares of Class B Common Stock.
• 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: The sale of shares by a Chief Legal Officer could be viewed with slight caution, but the fact that it was executed under a pre-arranged Rule 10b5-1 trading plan significantly mitigates any negative sentiment, as it suggests personal financial planning rather than a lack of confidence in the company's future.

Positives

• The sales were conducted under a pre-arranged Rule 10b5-1 trading plan, indicating a planned divestment rather than a reaction to new, negative information.

Negatives

• A significant sale of 20,313 shares by a high-ranking officer could be perceived by some investors as a reduction in insider confidence, despite being pre-planned.

Future Outlook

NA

Industry Context

This Form 4 filing details an individual insider transaction and does not provide broader industry context or trends. Insider sales are common across various industries, often for personal financial planning reasons, especially when executed under a Rule 10b5-1 plan.

Related Party Transactions

• The sale of Class B Common Stock by David R. Shaman, Chief Legal Officer, constitutes a related party transaction as it involves a company insider.

Stakeholder Impact

• Shareholders: May interpret the insider sale differently; some might view it as a negative signal, while others will recognize it as a pre-planned transaction under a 10b5-1 plan, which is less indicative of a change in company outlook.

Key Dates

Recommendation

Keywords

Bentley Systems, BSY, Form 4, Insider Trading, Share Sale, David R. Shaman, Chief Legal Officer, 10b5-1 Plan, Equity Transaction, Class B Common Stock