Form 4: Bentley Systems CRO Acquires Shares via Dividend Rights

Bentley Systems' Chief Revenue Officer, Brock Ballard, acquired 78 shares of Class B Common Stock through dividend equivalent rights, increasing his direct beneficial ownership to 68,192 shares.

Summary

• Brock Ballard, Chief Revenue Officer of Bentley Systems, Inc. (BSY), reported a change in beneficial ownership.
• The transaction involved the acquisition of 78 shares of Class B Common Stock on December 11, 2025.
• These shares were acquired at a price of $0.00 per share.
• The acquisition represents dividend equivalent rights that accrued in connection with a dividend paid by the Issuer on previously granted awards.
• These dividend equivalent rights will vest on the same terms as the underlying awards.
• Following this transaction, Mr. Ballard directly beneficially owns 68,192 shares of Class B Common Stock.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged purchase or sale plan.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive due to an increase in insider ownership, even if through dividend equivalents, which generally aligns management interests with shareholders. However, it's a routine, non-cash transaction, so the impact is minor.

Positives

• Increased insider ownership, even through dividend equivalents, can signal alignment of management interests with shareholders.
• The transaction was executed under a Rule 10b5-1 plan, indicating a pre-scheduled and compliant approach to insider transactions.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the nature of the dividend equivalent rights vesting with their related awards.

Industry Context

This is a routine insider transaction filing (Form 4) and does not provide broader industry context or trends. It reflects an individual executive's equity compensation and ownership changes within Bentley Systems.

Corporate Governance

Stakeholder Impact

• Shareholders: Minor positive impact due to increased alignment of executive interests with shareholder value through increased equity ownership.

Key Dates

Recommendation

This Form 4 filing details a routine insider transaction involving dividend equivalent rights, not a direct open-market purchase or sale. It does not provide new fundamental information about Bentley Systems' financial performance, strategic direction, or operational outlook that would warrant a change in an investment recommendation. Therefore, a 'hold' recommendation is appropriate as this filing alone does not alter the investment thesis.

Keywords

Bentley Systems, BSY, Form 4, Insider Transaction, Beneficial Ownership, Dividend Equivalent Rights, Brock Ballard, Chief Revenue Officer, Rule 10b5-1