[Form 4] Bentley Systems, Incorporated Insider Trading Activity

Rhea-AI Filing Summary

Telos Corporation (NASDAQ: TLS) filed an 8-K announcing the appointment of Donald Joseph “DJ” Terreri, 43, as Controller, Chief Accounting Officer and principal accounting officer, effective 8 July 2025. Terreri will report to CFO Mark Bendza and receive a $285,000 base salary, standard benefits, eligibility for the annual bonus plan and equity awards.

Terreri brings more than a decade of senior accounting experience: Regional Finance Director for CBRE’s Government & Defense business (2024-2025), Corporate Controller for J&J Worldwide Services (2022-2024), and Principal Accounting Officer at ICF International (NASDAQ: ICFI) (2020-2022). Earlier roles include Controller at Privia Health and multiple corporate accounting positions at Discovery Communications. He is a Certified Public Accountant and holds a B.S. in Accounting & Information Systems from Virginia Tech.

The filing is limited to the leadership change; it contains no financial performance data or strategic transaction disclosures. For investors, the news signals reinforcement of Telos’ financial reporting function but is unlikely to have a near-term earnings impact.

Positive

• Addition of a seasoned CPA with prior principal accounting officer experience should strengthen Telos’ financial reporting and internal control environment.

Negative

• None.

Insights

Senior Financial Analyst

TL;DR: Experienced CPA named principal accounting officer; governance strengthened, financial impact minimal.

Telos’ decision to elevate DJ Terreri to principal accounting officer modestly enhances the company’s internal controls and Sarbanes-Oxley compliance posture. Terreri’s résumé—public company PAO experience at ICFI and government-focused finance roles—fits Telos’ federal cybersecurity customer base. Compensation is market-standard, so no cost surprise. While the hire supports audit readiness and may streamline future filings, it does not materially affect revenue visibility or backlog. I therefore view the announcement as neutral from a valuation standpoint with a slight positive tilt in governance quality.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bentley Keith A.

(Last) (First) (Middle)

C/O BENTLEY SYSTEMS, INCORPORATED

685 STOCKTON DRIVE

(Street)

EXTON PA 19341

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
BENTLEY SYSTEMS INC [ BSY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class B Common Stock	07/07/2025		S(1)		149,900	D	$55.5364(2)	3,859,427	D
Class B Common Stock	07/07/2025		S(1)		100	D	$56.045	3,859,327	D
Class B Common Stock								12,696,921	I	By Grantor Retained Annuity Trust
Class B Common Stock								100,000	I	By spouse
Class B Common Stock								92,654	I	By 401(K) Plan

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2025.

2. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions on July 7, 2025 at prices ranging from $55.00 to $55.99. The Reporting Person undertakes to provide to Bentley Systems, Incorporated, any security holder of Bentley Systems, Incorporated, 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.

	/s/ Michael T. Fischette, Attorney-in-Fact	07/09/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

Who was appointed principal accounting officer at Telos (TLS)?

Telos appointed Donald Joseph "DJ" Terreri as Controller, Chief Accounting Officer and principal accounting officer.

What is DJ Terreri’s compensation at Telos?

He will receive a $285,000 annual salary, standard benefits, and is eligible for bonuses and equity awards.

When did Telos’ board approve the appointment?

The Board of Directors approved the appointment on 8 July 2025.

What relevant experience does the new officer bring?

Terreri was previously Regional Finance Director at CBRE Government & Defense, Corporate Controller at J&J Worldwide, and Principal Accounting Officer at ICF International.

Does the 8-K include any financial results or guidance?

No. The filing is limited to the officer appointment and contains no earnings or guidance updates.