Form 4: Bentley Systems CLO Acquires Shares via Dividend Rights

Bentley Systems' Chief Legal Officer, David R. Shaman, acquired 460 shares of Class B Common Stock through dividend equivalent rights.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Inc. (BSY), acquired 460 shares of Class B Common Stock.
• The transaction occurred on December 11, 2025, at a price of $0.00 per share.
• These shares represent dividend equivalent rights that accrued in connection with a dividend paid by the Issuer on previously granted awards.
• The acquired rights vest on the same terms as the awards to which they relate.
• Following this transaction, David R. Shaman directly beneficially owns 640,150 shares of Class B Common Stock.
• Indirect beneficial ownership includes 279,308 shares via Grantor Retained Annuity Trusts, 55,527 shares via a Spouse Trustee, and 32,635 shares via a 401(K) Plan.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive due to an increase in insider ownership, even if it's a routine transaction from dividend equivalent rights, indicating continued alignment of management interests with shareholders.

Positives

• Increased insider ownership, albeit a small amount, through the acquisition of 460 Class B Common Stock shares.
• The acquisition at $0.00 per share indicates a non-cash transaction, likely part of an existing compensation or equity plan.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategy.

Industry Context

This Form 4 filing details a routine insider transaction related to an executive's equity compensation, which is common across publicly traded companies and does not reflect broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: A minor positive impact as it shows continued insider ownership and alignment of interests, though the transaction size is small.

Key Dates

Recommendation

This Form 4 details a routine insider acquisition of shares through dividend equivalent rights, which is not a significant event to warrant a change in investment recommendation. It reflects a standard component of executive compensation and does not signal any material change in the company's fundamentals or outlook.

Keywords

BSY, Bentley Systems, Form 4, insider transaction, stock acquisition, dividend equivalent rights, David R. Shaman, Chief Legal Officer