Bentley Systems Announces Director Changes and Compensation Updates
Ticker: BSY · Form: 8-K · Filed: Mar 21, 2024 · CIK: 1031308
| Field | Detail |
|---|---|
| Company | Bentley Systems Inc (BSY) |
| Form Type | 8-K |
| Filed Date | Mar 21, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.01, $200 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: director-change, executive-compensation, governance
TL;DR
Bentley Systems shakes up its board and executive pay structure.
AI Summary
On March 15, 2024, Bentley Systems, Inc. filed an 8-K report detailing several key events. These include the departure of director Robert L. LeBlanc, the election of new directors, and changes in executive compensation arrangements. The filing also addresses Regulation FD disclosures and other material events.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy and governance, potentially impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board membership and executive compensation can indicate internal shifts that may affect future company performance and strategy.
Key Numbers
- March 15, 2024 — Report Date (Date of earliest event reported)
Key Players & Entities
- Bentley Systems, Inc. (company) — Registrant
- Robert L. LeBlanc (person) — Departing Director
- Delaware (location) — State of Incorporation
- Exton, Pennsylvania (location) — Principal Executive Offices
FAQ
Who has departed from the board of directors at Bentley Systems, Inc.?
Robert L. LeBlanc has departed from the board of directors.
What is the date of the earliest event reported in this 8-K filing?
The earliest event reported is dated March 15, 2024.
What are the primary items covered in this 8-K filing?
The filing covers the departure of directors, election of directors, appointment of officers, compensatory arrangements, Regulation FD disclosures, and other events.
In which state is Bentley Systems, Inc. incorporated?
Bentley Systems, Inc. is incorporated in Delaware.
What is the address of Bentley Systems, Inc.'s principal executive offices?
The principal executive offices are located at 685 Stockton Drive, Exton, Pennsylvania 19341.
Filing Stats: 1,295 words · 5 min read · ~4 pages · Grade level 11.7 · Accepted 2024-03-21 08:31:00
Key Financial Figures
- $0.01 — tered Class B common stock, par value $0.01 per share BSY The Nasdaq Stock Mark
- $200 million — purchase from such date up to a further $200 million of BSY Class B common stock and convert
Filing Documents
- tm249335d1_8k.htm (8-K) — 34KB
- tm249335d1_ex99-1.htm (EX-99.1) — 13KB
- tm249335d1_ex99-1img001.jpg (GRAPHIC) — 5KB
- tm249335d1_ex99-1img002.jpg (GRAPHIC) — 18KB
- tm249335d1_ex99-1img003.jpg (GRAPHIC) — 10KB
- 0001104659-24-037047.txt ( ) — 267KB
- bsy-20240315.xsd (EX-101.SCH) — 3KB
- bsy-20240315_lab.xml (EX-101.LAB) — 33KB
- bsy-20240315_pre.xml (EX-101.PRE) — 22KB
- tm249335d1_8k_htm.xml (XML) — 3KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On March 21, 2024, the Company issued a press release announcing the CEO transition plan described above. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
01 Other Events
Item 8.01 Other Events. Effective July 1, 2024, the Board extended the BSY Stock Repurchase Program, authorizing the Company to repurchase from such date up to a further $200 million of BSY Class B common stock and convertible notes through June 30, 2026. The Company's current authorization under the BSY Stock Repurchase Program expires on June 30, 2024. The securities proposed to be acquired in the BSY Stock Repurchase Program may be repurchased from time to time in open market transactions, through privately negotiated transactions, or by other means in accordance with federal securities laws. The Company intends to fund repurchases from available working capital and cash provided by operating activities. The timing, as well as the number and value of securities repurchased under the program, will be determined by the Company at its discretion and will depend on a variety of factors, including management's assessment of the intrinsic value of the Company's shares, the market price of the Company's Class B common stock and other securities, general market and economic conditions, available liquidity, compliance with the Company's debt and other agreements, and applicable legal requirements. The exact number of shares and/or notes to be repurchased by the Company is not guaranteed, and the program may be suspended, modified, or discontinued at any time without prior notice.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 99.1 Press release dated March 21, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Bentley Systems, Incorporated Date: March 21, 2024 By: /s/ D AVID R. S HAMAN Name: David R. Shaman Title: Chief Legal Officer and Secretary