Gregory S. Bentley - Nov 8, 2022 Form 4 Insider Report for BENTLEY SYSTEMS INC (BSY)

Signature
/s/ Michael T. Fischette, Attorney-in-Fact
Stock symbol
BSY
Transactions as of
Nov 8, 2022
Transactions value $
-$3,157,567
Form type
4
Date filed
11/10/2022, 03:20 PM
Previous filing
Oct 28, 2022
Next filing
Nov 14, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BSY Class B Common Stock Sale -$3.16M -87.5K -1.01% $36.07 8.59M Nov 8, 2022 Direct F1, F2, F3
holding BSY Class B Common Stock 138K Nov 8, 2022 By spouse
holding BSY Class B Common Stock 92.7K Nov 8, 2022 By 401(K) Plan
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 As previously disclosed by Bentley Systems, Incorporated (the "Company"), during the second quarter of 2022 the Company began to exercise its right to require that certain awardees of equity compensation and recipients of distributions from the Company's nonqualified deferred compensation plan receive vested awards and distributions (as applicable) in the form of gross quantities of Company Class B Common Stock (the "Common Stock") and to require such awardees and recipients to promptly reimburse the Company for their tax withholding amounts in cash. Prior to that election, all such vesting and distributions were made on a net basis, with the Company withholding shares of Common Stock in consideration of remitting withholding taxes on behalf of recipients.
F2 Due to a 1,000 character limit, Footnote 2 is a continuation of Footnote 1: Accordingly, in light of this change in practice, the Reporting Person entered into a 10b5-1 trading plan (the "Plan") to sell previously-owned shares of Common Stock for the primary purpose of meeting his current and future tax withholding obligations. All sales reflected on this Form 4 were made pursuant to the Plan.
F3 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions on November 8, 2022 at prices ranging from $36.00 to $36.32. The Reporting Person undertakes to provide to Bentley Systems, Incorporated, any security holder of Bentley Systems, Incorporated, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.