Form 4: Bentley Systems CLO Boosts Stake via Dividend Rights

Bentley Systems' Chief Legal Officer, David R. Shaman, increased his beneficial ownership by 367 shares of Class B Common Stock through dividend equivalent rights.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Inc. (BSY), acquired 367 shares of Class B Common Stock.
• The acquisition occurred on September 30, 2025, at a price of $0.00 per share.
• These shares represent dividend equivalent rights that accrued from a dividend paid by the Issuer on previously granted awards.
• The acquired shares will vest on the same terms as the underlying awards.
• Following this transaction, Mr. Shaman directly owns 639,690 shares of Class B Common Stock.
• Indirect beneficial ownership includes 279,308 shares via Grantor Retained Annuity Trusts, 55,527 shares via Spouse Trustee, and 32,635 shares via a 401(K) Plan.

Sentiment

Score: 6

Explanation: Slightly positive as it indicates an increase in executive ownership, albeit through a routine compensation mechanism, which generally aligns management interests with shareholders.

Positives

• An executive's beneficial ownership increased, aligning management interests with shareholders.
• The acquisition of shares through dividend equivalent rights indicates a routine, non-cash transaction tied to existing equity awards.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future performance, focusing solely on an insider transaction.

Industry Context

This Form 4 filing is a routine disclosure of an insider equity transaction and does not provide information that directly relates to broader industry trends or competitive landscape analysis.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through expanded equity ownership.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of shares by a Chief Legal Officer through dividend equivalent rights, not an open market purchase. While it slightly increases insider ownership, it does not provide new fundamental information about the company's financial health, strategic direction, or operational performance that would warrant a change in investment recommendation. It is a standard compensation-related event.

Keywords

Bentley Systems, BSY, Insider Transaction, Form 4, David R. Shaman, Chief Legal Officer, Equity Compensation, Dividend Equivalent Rights, Share Acquisition