Form 4: Bentley Systems Executive Chair Increases Stake

Gregory S. Bentley, Executive Chair and President of Bentley Systems, acquired 3,185 shares of Class B Common Stock through dividend equivalent rights, increasing his beneficial ownership.

Summary

• Gregory S. Bentley, Executive Chair & President of Bentley Systems, Inc. (BSY), reported an acquisition of 3,185 shares of Class B Common Stock.
• The transaction occurred on September 30, 2025, and was for $0.00 per share.
• These shares represent dividend equivalent rights that accrued on previously granted awards and vest under the same terms as the awards to which they relate.
• Following this transaction, Mr. Bentley directly owns 7,583,621 shares of Class B Common Stock.
• Indirect beneficial ownership includes 29,155 shares held by his spouse and 92,654 shares held by a 401(K) Plan.

Sentiment

Score: 7

Explanation: The increase in insider ownership, even through dividend equivalents, generally indicates continued alignment of management with shareholder interests. It's a positive signal, though not as strong as an open-market purchase.

Positives

• Increased insider ownership, even through dividend equivalents, signals continued alignment of management interests with shareholders.
• The acquisition of shares at a $0.00 price indicates a non-cash grant, likely tied to existing compensation or equity awards, which is a common practice.

Negatives

• The acquisition was not a direct open-market purchase, meaning it does not reflect a new cash investment decision by the insider at current market prices.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Gregory S. Bentley, an executive officer and director, acquired shares from Bentley Systems, Inc. through dividend equivalent rights, which is a related party transaction.

Stakeholder Impact

• Shareholders may view the increased insider ownership as a positive sign of management's commitment and alignment with long-term company performance.

Key Dates

Recommendation

The filing indicates a routine increase in insider ownership through dividend equivalent rights, which is a positive for management alignment but does not provide new fundamental information to warrant a change in investment thesis. It reinforces a 'hold' position for investors already invested in Bentley Systems, Inc.

Keywords

Bentley Systems, BSY, Insider Transaction, Form 4, Gregory S. Bentley, Executive Chair, Stock Ownership, Dividend Equivalent Rights, Class B Common Stock