Form 4: Bentley Systems CLO Reports Routine Tax Withholding

Bentley Systems' Chief Legal Officer, David R. Shaman, reported a disposition of 6,685 Class B Common Stock shares for tax withholding purposes.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Inc. (BSY), reported a transaction involving Class B Common Stock.
• On August 31, 2025, 6,685 shares of Class B Common Stock were disposed of.
• The disposition was a tax withholding by the Issuer to cover tax liabilities due by the Reporting Person upon a scheduled distribution from the company's Non-Qualified Deferred Compensation Plan.
• The price per share for the disposition was $55.03, representing the volume-weighted average price as calculated by the plan.
• Following this transaction, David R. Shaman directly beneficially owns 639,323 shares of Class B Common Stock.
• Indirect beneficial ownership includes 279,308 shares held by Grantor Retained Annuity Trusts, 55,527 shares by a Spouse Trustee, and 32,635 shares by a 401(K) Plan.

Sentiment

Score: 5

Explanation: Neutral. This is a routine administrative filing for tax withholding, not indicative of positive or negative company performance or insider sentiment regarding the stock's future.

Future Outlook

No forward-looking statements or guidance were provided in this filing.

Industry Context

This filing is a routine insider transaction report (Form 4) detailing a tax-related disposition of shares by an executive. It does not provide information relevant to broader industry trends or competitive positioning.

Related Party Transactions

• The transaction involves the Issuer (Bentley Systems, Inc.) withholding shares from an officer (David R. Shaman) to cover tax liabilities related to a compensation plan distribution, which is a standard related-party interaction in executive compensation.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine, non-discretionary tax-related transaction for an executive's compensation.
• Employees: No direct impact on general employees.

Key Dates

Recommendation

This Form 4 filing details a routine tax withholding transaction for an executive's deferred compensation. It does not reflect a discretionary sale or purchase based on market sentiment or company performance, and therefore, does not provide new information to warrant a change in investment recommendation. Maintain current position.

Keywords

Bentley Systems, BSY, Form 4, SEC Filing, Insider Transaction, Tax Withholding, Class B Common Stock, David R. Shaman, Chief Legal Officer, Deferred Compensation