Form 4: Bentley Systems Officer Sells Shares for Tax Obligations

Bentley Systems' Chief Legal Officer, David R. Shaman, disposed of 984 Class B Common Stock shares to cover tax liabilities from vested awards.

Summary

• David R. Shaman, Chief Legal Officer of Bentley Systems, Inc. (BSY), reported a transaction involving Class B Common Stock.
• On March 17, 2026, Shaman disposed of 984 shares of Class B Common Stock at a price of $37.88 per share.
• This disposition was a non-discretionary transaction (Code 'F'), representing shares withheld by the Issuer to cover taxes due upon the vesting of previously granted awards.
• Following this transaction, Shaman directly beneficially owns 659,029 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: StockSavvy.ai views this filing as neutral. The transaction is a routine, non-discretionary sale for tax purposes related to vested equity awards and does not reflect a change in the reporting person's investment sentiment or the company's operational performance.

Future Outlook

The filing does not contain any forward-looking statements or guidance.

Industry Context

StockSavvy.ai notes that routine tax-related sales by insiders, such as the one reported by Bentley Systems' Chief Legal Officer, are a common occurrence in executive compensation plans. These transactions are typically non-discretionary and are not usually indicative of broader industry trends or a change in the company's fundamental outlook.

Stakeholder Impact

• Shareholders: Minimal impact, as this is a routine, non-discretionary transaction for tax purposes and does not signal a change in the company's fundamentals or the insider's confidence.

Key Dates

Recommendation

The transaction represents a routine tax withholding related to vested equity awards and does not reflect a discretionary sale or change in the reporting person's investment outlook. Therefore, it does not provide new information that would warrant a change in investment recommendation for Bentley Systems.

Keywords

Bentley Systems, BSY, Form 4, Insider Transaction, Tax Withholding, Equity Compensation, David R. Shaman