Form 4: Bentley Systems Chief Legal Officer Sells Shares to Cover Tax Obligations

David R. Shaman, Chief Legal Officer of Bentley Systems, sold 2,484 shares of Class B Common Stock to cover tax obligations related to restricted stock unit awards.

Summary

• David R. Shaman, the Chief Legal Officer of Bentley Systems, sold 2,484 shares of Class B Common Stock on December 16, 2024.
• The sale was executed at a price of $48.03 per share.
• This transaction was to cover tax obligations related to restricted stock unit awards.
• Following the transaction, Mr. Shaman directly owns 606,072 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: 5

Explanation: The document reflects a routine transaction and does not indicate any positive or negative sentiment. It is a standard disclosure of an executive stock sale.

Industry Context

This is a routine transaction for executives who receive stock-based compensation. It is common for executives to sell shares to cover tax obligations when restricted stock units vest.

Comparison to Industry Standards

• Executive stock sales to cover tax obligations are a common practice across publicly traded companies.
• The sale of 2,484 shares is relatively small compared to the total holdings of the executive, which is typical for these types of transactions.
• Similar transactions are regularly reported by executives at companies like Autodesk and Trimble, which are competitors in the software industry.

Stakeholder Impact

• The transaction is unlikely to have a significant impact on shareholders as it is a routine sale to cover tax obligations.
• The sale does not indicate any change in the executive's confidence in the company.

Key Dates

Keywords

Bentley Systems, David R. Shaman, Class B Common Stock, SEC Form 4, insider trading, stock sale, tax obligations, restricted stock units