Form 4: Bentley Systems COO Nicholas Cumins Acquires Shares Through Restricted Stock Unit Awards
SEC Form 4 Filing
Nicholas Cumins, Chief Operating Officer of Bentley Systems, acquired shares of Class B Common Stock through time-based restricted stock unit awards.
Summary
- On June 26, 2024, Nicholas Cumins, the Chief Operating Officer of Bentley Systems, acquired 2,337 shares of Class B Common Stock at $0.00 per share.
- This acquisition was part of a time-based restricted stock unit award that vests over four years, with one-quarter vesting annually starting March 13, 2025.
- Cumins also acquired 200,642 shares of Class B Common Stock at $0.00 per share on the same date.
- This was also a time-based restricted stock unit award, vesting over five years with 20% vesting annually starting December 15, 2025.
- Following these transactions, Cumins directly owns 380,771 shares of Class B Common Stock.
- The awards were granted pursuant to the Issuer's 2020 Omnibus Incentive Plan.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive. The acquisition of shares by the COO is a positive sign, indicating confidence in the company. The vesting schedule promotes long-term commitment.
Positives
- The acquisition of shares by the COO demonstrates confidence in the company's future performance.
- The vesting schedules of the restricted stock units incentivize long-term commitment from the executive.
Future Outlook
The document does not contain specific forward-looking statements, but the vesting schedules of the restricted stock units suggest a long-term incentive structure.
Industry Context
This type of stock award is common in the industry as a way to align management's interests with those of shareholders and incentivize long-term performance.
Comparison to Industry Standards
- Many technology companies, such as Autodesk and Trimble, use similar stock-based compensation plans to attract and retain key executives.
- The vesting schedules are fairly standard, aligning with typical industry practices for executive compensation.
Stakeholder Impact
- Shareholders may view the COO's increased stake in the company positively.
- Employees may see this as a sign of stability and confidence in the company's leadership.
Key Dates
| Date | Description |
|---|---|
| 06/26/2024 | Date of transaction: Acquisition of Class B Common Stock through restricted stock unit awards. |
| 03/13/2025 | First vesting date for the four-year restricted stock unit award (25%). |
| 12/15/2025 | First vesting date for the five-year restricted stock unit award (20%). |
| 03/13/2026 | Second vesting date for the four-year restricted stock unit award (25%). |
| 12/15/2026 | Second vesting date for the five-year restricted stock unit award (20%). |
| 03/13/2027 | Third vesting date for the four-year restricted stock unit award (25%). |
| 12/15/2027 | Third vesting date for the five-year restricted stock unit award (20%). |
| 03/13/2028 | Final vesting date for the four-year restricted stock unit award (25%). |
| 12/15/2028 | Fourth vesting date for the five-year restricted stock unit award (20%). |
| 12/15/2029 | Final vesting date for the five-year restricted stock unit award (20%). |
| 06/28/2024 | Date of signature for the Form 4 filing. |
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