Bentley Systems Incorporated (NASDAQ:BSY), a global provider of software solutions for advancing infrastructure, disclosed in a recent SEC filing that Werner Andre, the company's Chief Financial Officer, has been granted time-based restricted stock units (RSUs). The RSUs, totaling 50,161 shares of the company’s Class B common stock, were approved by the Sustainability Committee of the Board of Directors on Monday.
According to the filing, the RSUs were awarded as part of the company's 2020 Omnibus Incentive Plan and have a grant date of Monday. The vesting schedule for these shares is set at 20% per year, starting on December 15, 2025, and continuing on the same date each subsequent year through 2029. The vesting of the RSUs is contingent upon Andre's continued employment with Bentley Systems on the specified vesting dates.
The grant comes as part of the company's compensation strategy to incentivize and retain key executives by aligning their interests with those of shareholders. The award demonstrates the company's commitment to its leadership team and its confidence in its financial officer's ability to contribute to Bentley Systems' ongoing success.
The information, based on a press release statement, provides investors with insight into the company's executive compensation practices, particularly as they relate to stock-based incentives. Bentley Systems, headquartered in Exton, Pennsylvania, operates under the software services industry with a focus on infrastructure engineering software solutions.
The SEC filing does not elaborate on the specific reasons for the grant nor the performance criteria, if any, associated with these RSUs. It is a standard regulatory disclosure that publicly traded companies must make when awarding equity-based compensation to their executives.
In other recent news, Bentley Systems, Incorporated announced a Q2 dividend of $0.06 per share, reflecting the company's ongoing commitment to provide returns to investors. The announcement followed the company's operational performance and is a part of its capital allocation strategy. The company has expressed intentions to continue providing quarterly dividends, subject to the board's assessment of the company's financial health and other relevant factors.
In addition, Mizuho Securities increased the price target for Bentley Systems shares to $60 from $57, maintaining a Buy rating. This adjustment followed Bentley's first-quarter financial results for fiscal year 2024, which presented a mixed performance with subscription revenue and earnings per share exceeding expectations, although overall revenues were slightly below consensus due to a dip in services revenue.
Furthermore, Piper Sandler raised the stock price target for Bentley Systems to $63 from the previous $60, while reaffirming an Overweight rating. This followed Bentley's first-quarter results, which showcased an 11.0% growth in constant currency annual recurring revenue (ARR), and an 11.5% increase excluding China.
Moreover, Bentley Systems reported a strong start to fiscal 2024 with total revenues of $338 million, marking a 7% increase year-over-year (YoY). During the Q1 2024 Results Webcast, the company announced the retirement of CEO Greg Bentley and his transition to Executive Chair after the quarter, with COO Nicholas Cumins set to take over.
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