Gregory S. Bentley - Jan 24, 2023 Form 4 Insider Report for BENTLEY SYSTEMS INC (BSY)

Signature
/s/ Michael T. Fischette, Attorney-in-Fact
Stock symbol
BSY
Transactions as of
Jan 24, 2023
Transactions value $
-$537,010
Form type
4
Date filed
1/26/2023, 03:43 PM
Previous filing
Jan 5, 2023
Next filing
Mar 9, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction BSY Class B Common Stock Award $3.38M +88.2K +1.06% $38.32 8.39M Jan 24, 2023 Direct F1
transaction BSY Class B Common Stock Tax liability -$1.5M -39.1K -0.47% $38.32 8.35M Jan 24, 2023 Direct F2
transaction BSY Class B Common Stock Sale -$1.92M -50.1K -0.6% $38.33 8.3M Jan 24, 2023 Direct F3, F4, F5
transaction BSY Class B Common Stock Sale -$500K -13.5K -0.16% $37.00 8.28M Jan 25, 2023 Direct F3, F4, F6
holding BSY Class B Common Stock 138K Jan 24, 2023 By spouse
holding BSY Class B Common Stock 92.7K Jan 24, 2023 By 401(K) Plan
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the stock portion of compensation paid to the Reporting Person pursuant to the Company's (as defined below) Bonus Pool Plan (the "Bonus Pool Payment").
F2 Represents shares withheld by the Company to cover taxes owed by the Reporting Person in respect of the Bonus Pool Payment.
F3 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.
F4 Due to a 1,000 character limit, Footnote 4 is a continuation of Footnote 3: 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.
F5 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions on January 24, 2023 at prices ranging from $38.21 to $38.665. The Reporting Person undertakes to provide to the Company, any security holder of the Company, 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.
F6 The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions on January 25, 2023 at prices ranging from $36.59 to $37.39. The Reporting Person undertakes to provide to the Company, any security holder of the Company, 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.