Shaman David R. 4

What Happened

• David R. Shaman, Chief Legal Officer of Bentley Systems (BSY), had performance-based restricted stock units vest on Jan 23, 2026. 18,456 shares were acquired at an attributed value/price of $38.84 per share (total value $716,831).
• To cover tax withholding on the vesting, 5,478 shares were withheld/disposed at the same attributed price ($38.84) for a tax value of $212,766. Net newly added to Shaman’s holdings from the vesting = 12,978 shares (18,456 − 5,478), roughly $504,066 at $38.84/share.
• Transaction codes reported: A = Award/Grant (vesting acquisition); F = Shares withheld to cover taxes.

Key Details

• Transaction date: January 23, 2026; filing date: January 27, 2026.
• Price used for valuation: $38.84 per share.
• Shares acquired on vesting: 18,456 (value $716,831); shares withheld for taxes: 5,478 (value $212,766).
• Net increase in shares held from this vesting: 12,978 (~$504,066).
• Footnotes: F1 confirms these were performance-based RSUs vesting; F2 confirms shares were withheld by the issuer to cover taxes; F3 notes the filer also acquired Class B shares via the company ESPP for the offering period ended Dec 31, 2025.
• Shares owned after the transaction are not specified in the provided filing.

Context

• This was a vesting of performance RSUs, not an open-market purchase or sale. The withholding of shares to cover taxes is common and does not represent a market-sale signal — the shares were retained by the company to satisfy tax obligations rather than sold on the open market.
• Such vesting events are routine compensation-related transactions for executives; they increase insider holdings (net) but are driven by prior grants and plan rules, not necessarily immediate bullish trading.