[144] Bentley Systems, Incorporated SEC Filing

Rhea-AI Filing Summary

Keurig Dr Pepper Inc. (KDP) filed a Form 144 indicating that the Robert J. Gamgort 1999 Trust intends to sell 208,000 common shares through Morgan Stanley Smith Barney on or about 29 Jul 2025. At an assumed market price of roughly $32.95 per share, the aggregate value is $6.86 million. KDP has ≈1.36 billion shares outstanding, so the proposed sale represents ≈0.015 % of total shares.

The trust—associated with KDP’s Executive Chairman Robert Gamgort—has already executed two sales under a Rule 10b5-1 trading plan within the past three months:

• 1 May 2025: 208,000 shares for $7.10 million
• 2 Jun 2025: 208,000 shares for $6.89 million

Combined with the new notice, the trust’s 3-month disposition totals 624,000 shares (≈0.046 % of KDP’s shares outstanding) for proceeds of roughly $20.8 million.

No purchase-price debt, material adverse information, or non-public information is indicated, and the filer affirms compliance with Rule 144 and 10b5-1 requirements. While the dollar amount is notable, the percentage of float is immaterial and does not, by itself, signal a shift in company fundamentals.

Positive

• None.

Negative

• Continued insider selling: Third 208 k-share disposal in three months could be viewed cautiously by some investors despite its small proportional size.

Insights

Securities Analyst

TL;DR: Insider trust plans to sell 208k KDP shares; small vs. float, neutral fundamental impact.

The filing flags incremental insider selling by Robert Gamgort’s trust. Even after three consecutive 208 k blocks, total disposals are <1 % of Gamgort’s reported holdings and <0.05 % of shares outstanding, limiting supply pressure. Sales occur under a 10b5-1 plan, reducing information-risk concerns. Unless a pattern accelerates or coincides with weak operating metrics, I view this as routine portfolio diversification rather than a bearish signal; therefore market impact is expected to be minimal.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	400	23488.00	11537627	07/29/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/02/2022	Restricted Stock Units	Issuer			400	05/02/2022	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
10b5-1 Sales for DAVID SHAMAN 685 Stockton Drive Exton PA 19341	Common	07/14/2025	19348	1102104.65
10b5-1 Sales for DAVID SHAMAN 685 Stockton Drive Exton PA 19341	Common	07/11/2025	965	54929.73
10b5-1 Sales for DAVID SHAMAN 685 Stockton Drive Exton PA 19341	Common	07/03/2025	19156	1053208.37

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How many Keurig Dr Pepper (KDP) shares are being proposed for sale in this Form 144?

The notice covers 208,000 common shares.

What is the estimated market value of the shares to be sold?

Based on the filing, the aggregate value is about $6.86 million.

Who is selling the shares and under what plan?

The Robert J. Gamgort 1999 Trust is selling under a Rule 10b5-1 trading plan.

What proportion of KDP’s total shares does the proposed sale represent?

Approximately 0.015 % of the ≈1.36 billion shares outstanding.

Have there been other recent insider sales by the same trust?

Yes. The trust sold 208,000 shares on 1 May 2025 and 208,000 shares on 2 Jun 2025 for combined proceeds of ~$14 million.