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| TIME | | | 11:00 a.m., Eastern Time, on Thursday, May | |
| VIRTUAL LOCATION | | | You can attend the Annual Meeting online, vote your shares electronically, and submit your questions during the Annual Meeting, by visiting www.meetnow.global/ Further instructions on how to participate in and vote at the Annual Meeting are available at www.meetnow.global/ | |
| ITEMS OF BUSINESS | | | 1. To elect the director nominees listed in the Proxy Statement. 2. To hold an advisory (non-binding) vote to approve the compensation of our named executive officers. 3. To ratify the appointment of KPMG LLP as our independent registered public accounting firm for 4. To consider such other business as may properly come before the Annual Meeting and any adjournments or postponements thereof. | |
| RECORD DATE | | | You may vote at the Annual Meeting if you were a stockholder of record at the close of business on April 4, | |
| VOTING BY PROXY | | | To ensure your shares are voted, you may vote your shares over the Internet, by telephone, or by completing, signing and mailing the enclosed proxy card. Voting procedures are described on the following page and on the proxy card. | |
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| GENERAL INFORMATION | | | 5 | |
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| By E-Mail: | | | By Mail: | |
| Forward the email from your broker, or attach an image of your legal proxy, to legalproxy@computershare.com | | | Computershare Bentley Systems, Incorporated Legal Proxy P.O. Box 43001 Providence, RI 02940-3001 | |
| 8 | | | GENERAL INFORMATION | |
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| | 9 | |
Board Matters | | | Alignment with Stockholder Interests | |
✓ Lead Independent Director ✓ Audit Committee and Sustainability Committee ✓ Regular Executive Sessions of the Independent Directors ✓ Robust Code of Business Conduct ✓ Continuing Active ✓ Committee Authority to Retain Independent Advisors ✓ Stock Ownership Guidelines for Directors ✓ Establishment in 2023 of Nominating Committee Composed Entirely of Independent Directors | | | ✓ No “Poison Pill” (Stockholders’ Rights Plan) ✓ Stock Ownership Guidelines for Executives ✓ All Directors Elected Annually (No Classified Board Structure) ✓ Updated Clawback Policy ✓ Commitment to Diversity, Equity and Inclusion (“DE&I”) ✓ Strong Community Involvement ✓ Commitment to Stockholder Engagement ✓ Annual “Say on Pay” Vote ✓ Alignment of Compensation Performance Metrics with Stockholder Interests | |
| 10 | | | CORPORATE GOVERNANCE MATTERS | |
| CORPORATE GOVERNANCE MATTERS | | | 11 | |
| 12 | | | CORPORATE GOVERNANCE MATTERS | |
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| 14 | | | CORPORATE GOVERNANCE MATTERS | |
| CORPORATE GOVERNANCE MATTERS | | | 15 | |
| 16 | | | CORPORATE GOVERNANCE MATTERS | |
| CORPORATE GOVERNANCE MATTERS | | | 17 | |
| 18 | | | CORPORATE GOVERNANCE MATTERS | |
| CORPORATE GOVERNANCE MATTERS | | | 19 | |
| 20 | | | CORPORATE GOVERNANCE MATTERS | |
| CORPORATE GOVERNANCE MATTERS | | | 21 | |
| 22 | | | CORPORATE GOVERNANCE MATTERS | |
Name | | | Age | | | Principal Occupation and Other Information | |
Werner Andre | | | | | Chief Financial | | |
Brock Ballard | | | | | Chief Revenue Officer | | |
Michael M. Campbell | | | | | Chief Product Officer | | |
Nicholas H. Cumins | | | | | Chief Operating Officer | | |
David R. Shaman | | | | | Chief Legal Officer and Secretary | |
| EXECUTIVE OFFICERS OF THE COMPANY | | | 23 | |
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24 | | | |
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| Gregory S. Bentley, Chairperson, Chief Executive Officer and President | | | Keith A. Bentley, Former Chief Technology Officer and Director | | | Barry J. Bentley, Ph.D., Director | | | Raymond B. Bentley, Director | |
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| Kirk B. Griswold(1)(2), Director | | | Janet B. Haugen(1) Director | | | Brian F. Hughes(1) Director | |
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| | 25 | |
| | | Gregory S. Bentley has served as President and Chairperson of our Board of Directors since June 1996 and Chief Executive Officer since August 2000. Prior to joining us in 1991, Mr. Bentley founded and served as Chief Executive Officer of Devon Systems International, Inc., a provider of financial trading software, which was sold to SunGard Data Systems, Inc. in 1987. Mr. Bentley served as a director of SunGard and a member of its audit committee from 1991 through 2005. He holds a B.S. in Economics and an M.B.A. in Finance and Decision Sciences from the Wharton School, University of Pennsylvania. He is a trustee of Drexel University. We believe that Mr. Bentley is qualified to serve as a member of our Board of Directors due to the extensive and valuable business and managerial perspective he has and his significant experience in the software technology industry, together with a deep understanding of our history and commitment to the markets we serve. | | |
| | | Keith A. Bentley co-founded our Company and has served as a director since our inception in 1984. He previously served as the Company’s President from 1984 to 1995 and as the Chief Executive Officer from 1984 to 2000. He most recently served as our Chief Technology Officer until early 2023, a position he held since 2000. He We believe that Mr. Bentley is qualified to serve as a member of our Board of Directors due to the perspective and experience he brings as one of our co-founders and our former Chief Technology Officer, and his experience in the software industry, especially as it relates to our technology and solutions. | | |
| | | Barry J. Bentley, Ph.D. co-founded our Company and has served as a director since 1984 and as an executive officer from 1984 through 2019. From September 1984 to June 1996, Dr. Bentley served as Chairperson of our Board of Directors. Prior to co-founding our Company, in 1979, he co-founded and served as Vice President of Dynamic Solutions Corporation, a software firm. Dr. Bentley is one of the originators of MicroStation and was continuously involved in the planning and development of our software solutions and technology since our inception through 2019. He holds a Bachelor’s degree in Chemical Engineering from the University of Delaware and an M.S. and Ph.D. in Chemical Engineering from the California Institute of Technology. We believe that Dr. Bentley is qualified to serve as a member of our Board of Directors due to his deep knowledge and understanding of the Company’s technology, history and mission as one of our co-founders, as well as his experience in the software industry. | |
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| | | Raymond B. Bentley has served as a director since May 2015. He previously served as an Executive Vice President from 1984 until his retirement at the end of 2021. He was the lead developer for MicroStation and chief architect in the core-graphics group. He holds a Bachelor’s degree in Mechanical Engineering from Rensselaer Polytechnic Institute and an M.S. in Computer Engineering from the University of Cincinnati. We believe that Mr. Bentley is qualified to serve as a member of our Board of Directors due to his vast experience with our technology and the software industry, and for the business perspective he brings to the Board. | | |
| | | Kirk B. Griswold has served as a director since 2002 and is the Chairperson of the Nominating Committee and a member of We believe that Mr. Griswold is qualified to serve as a member of our Board of Directors due to his extensive experience in engineering, project management, and consulting, as well as his knowledge and experience in finance. | |
| PROPOSAL NO. 1 — ELECTION OF DIRECTORS | | | 27 | |
| | | Janet B. Haugen has served as a director and member of the Audit Committee since September 2020, as a member of the Nominating Committee since its formation in September 2023, as Chairperson of the Sustainability Committee since its formation in March 2021 and as Lead Independent Director since December 2021. She previously served as the Senior Vice President and Chief Financial Officer of Unisys Corporation from April 2000 to November 2016. She also held positions as Vice President, Controller and Acting Chief Financial Officer of Unisys between April 1996 and April 2000. Prior to joining Unisys, she held positions at Ernst & Young from 1980 to 1996, including as an audit partner from 1993 to 1996. Since May 2019 she has served on the board of directors of Juniper Networks, Inc., which designs, develops and sells high-performance network technology products and services. From 2018 to 2021, she served on the board of directors, as Audit Committee Chair and as a member of the Compensation Committee of Paycom Software, Inc., a provider of comprehensive, cloud-based human capital management software. In 2023, she joined the Board of NCR Voyix Corporation, a global provider of digital commerce solutions, where she chairs the Audit Committee and serves on the Compensation Committee. She also served on the board of directors and was chair of the audit committee of SunGard Data Systems Inc., a software and services company, from 2002 to 2005. Ms. Haugen holds a bachelor’s degree in Economics from Rutgers University, and also holds a certification from the National Association of Corporate Directors. We believe that Ms. Haugen is qualified to serve on our Board due to her extensive leadership experience as an executive, financial expertise and public company governance experience as a current and prior member of the board of directors and audit committee chair of other public technology companies. | |
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| | Brian F. Hughes has served as a director since February 2020 and is the Chairperson of the Audit Committee and a member of the Sustainability Committee and Nominating Committee. He retired from KPMG LLP in 2019 where he was a partner from 2002 to 2019, serving as National Private Markets Group Leader from 2012 to 2019, National Co-Leader of KPMG’s venture capital practice from 2009 to 2019, and the practice leader of the Technology and Venture Capital group of KPMG’s Philadelphia office from 2002 to 2009. Mr. Hughes has also served on the Board of Directors and as Chairperson of the Audit Committees of CompoSecure, Inc. since 2021, where he also serves on the Compensation Committee, and of Innovid Corp. since 2022. He began his career in 1981 at Arthur Andersen where he was elected partner in 1993. Mr. Hughes holds a B.S. in Economics and Accounting from the Wharton School, University of Pennsylvania and an M.B.A. from the Wharton School, University of Pennsylvania. We believe that Mr. Hughes is qualified to serve as a member of our Board of Directors due to his extensive financial and accounting experience with both private and public companies, as well as his understanding of public company audit and governance requirements and responsibilities. | |
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| | | 2022 | | | 2021 | |
Audit fees(1) | | | $4,367,740 | | | $4,400,427 | |
Audit-related fees(2) | | | — | | | 356,935 | |
Tax fees(3) | | | $156,974 | | | 5,000 | |
All other fees | | | — | | | — | |
Total | | | $4,524,714 | | | $4,762,362 | |
| | | | 2023 | | | 2022 | | ||||||
| Audit fees(1) | | | | $ | 3,871,748 | | | | | $ | 4,367,740 | | |
| Audit-related fees | | | | | — | | | | | | — | | |
| Tax fees(2) | | | | $ | 232,956 | | | | | $ | 156,974 | | |
| All other fees | | | | | — | | | | | | — | | |
| Total | | | | $ | 4,104,704 | | | | | $ | 4,524,714 | | |
| 30 | | | PROPOSAL NO. 3 — RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | |
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32 | | | |
Name | | | Position | |
Gregory S. Bentley | | | Chairperson, Chief Executive Officer and President | |
Werner Andre(1) | | | Chief Financial Officer and Former Chief Accounting Officer | |
Brock Ballard | | | | |
Michael M. Campbell | | | Chief Product Officer | |
Nicholas H. Cumins | | | Chief Operating Officer | |
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| | 33 | |
♦ Bonus Pool Plan (CEO Only). Gregory S. Bentley, our Chairperson, Chief Executive Officer and President participates in a different incentive plan from the other NEOs, called the Bonus Pool Plan. The Bonus Pool Plan is a legacy plan from decades prior to our initial public offering (“IPO”) and was established to compensate a limited set of executives with substantial holdings of Company stock. With respect to fiscal year 2023 and driven by our adjusted internal Management Report Operating Income (“MROI”), Gregory S. Bentley was allocated a 36.4% (12/33) interest from the bonus pool. Please see “2023 Executive Compensation Details — Bonus Pool Plan” in this CD&A for details. Gregory S. Bentley does not receive other short-term or long-term equity incentives. ♦ Long-term Equity Incentives. In fiscal year 2023, we granted our NEOs other than Gregory S. Bentley, a mix of 50% time-vesting restricted stock units (“RSUs”) and 50% performance-vesting RSUs (“PSUs”). After meeting the pre-determined Adjusted Operating Income with stock-based compensation (“Adjusted OI w/SBC”) margin target performance level of 26% required for any PSUs to be earned and based on our New Business results (as discussed further below), the participating NEOs earned 100.73% of their target PSUs for the 2023 Performance Period. Please see “2023 Executive Compensation Details — Equity Incentives” in this CD&A for details. ♦ Short-term Incentives. Our NEOs other than Gregory S. Bentley each have an opportunity to earn a cash-based short-term incentive based on individual and/or corporate achievements. Based on their performance for 2023, short-term incentive payouts were largely in-line with the target award opportunities. Please see "2023 Executive Compensation Details — Short-term Cash Incentives" in this CD&A for details. Advisory “Say-on-Pay” Vote In 2023, our stockholders had their first opportunity to cast a non-binding advisory vote (“Say-on-Pay”) to approve our executive compensation at the Annual Meeting, which yielded approximately 96% support for our program. In addition to stockholder feedback we receive through our ongoing stockholder engagement efforts, we will continue to consider our Say-on-Pay results when making decisions about our executive compensation program. Based in part on the strong support reflected in the results of our most recent Say-on-Pay vote, the Sustainability Committee concluded that our executive compensation program is performing as intended and determined not to make changes to the core structure of the Company’s executive compensation program in fiscal 2023. |
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34 | | | |
| What We Do | | | What We Don’t Do | |
| ✓ Align compensation with stockholder interests ✓ Pay-for-performance philosophy and culture ✓ Majority of pay is performance-based and not guaranteed ✓ Comprehensive clawback policy ✓ Rigorous stock ownership requirements for all executives ✓ Perform an annual risk assessment of our compensation program ✓ Retain an independent compensation consultant ✓ Review of annual “say on pay” vote | | | × No guaranteed bonuses × No excessive perquisites × No excise tax gross-ups × No “single trigger” change in control payments | |
| COMPENSATION DISCUSSION & ANALYSIS | | | 35 | |
Pay Element | ||||||||
| | How It’s Paid | | | Purpose | | ||
Bonus Pool Plan (CEO only) | | | Cash and Equity (Variable) | | | Gregory S. Bentley, our Chairperson, Chief Executive Officer and President participates in a different incentive plan from the other NEOs, called the Bonus Pool Plan. The Bonus Pool Plan is a legacy plan from decades prior to our IPO and was established to compensate a limited set of executives with substantial holdings of Company stock. As a Bonus Pool Plan participant, Gregory S. Bentley is eligible to receive an allocated interest of a bonus pool, which is derived from calculations of our adjusted MROI. Our Sustainability Committee reviews and approves all calculations informing Bonus Pool Plan payments. Awards earned from the Bonus Pool Plan may be received in cash or fully-vested shares of our Class B common stock at the election of the recipient, and, additionally, may be deferred into our Non-qualified Deferred Compensation Plan. The Sustainability Committee believes this unique plan continues to be an appropriate compensation vehicle for Gregory S. Bentley as a significant Company stockholder. | | |
Base Salary | | | Cash (Fixed) | | | Provide a competitive base salary rate relative to similar positions in the market and enable the Company to attract and retain critical executive talent. | | |
Short-Term Incentives | | | Cash (Variable) | | | Provide annual incentive opportunities that reward executives based on the achievement of key corporate and individual objectives. | | |
Long-Term Incentives | | | Equity (Variable) | | | Provide incentives to execute on financial and/or strategic goals that drive the creation of stockholder value and support the Company’s retention strategy. | |
| 36 | | | COMPENSATION DISCUSSION & ANALYSIS | |
| COMPENSATION DISCUSSION & ANALYSIS | | | 37 | |
| 2023 PEER GROUP | | | | | | | |||
| | | Dropbox | | | RingCentral | | |||
| | | Fair Isaac | | | Splunk | | |||
| | | Guidewire Software | | | Tenable Holdings | | |||
| | | Manhattan Associates | | | | ||||
| | | MicroStrategy | | | | ||||
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| | | | PTC | | | | |
| 38 | | | COMPENSATION DISCUSSION & ANALYSIS | |
Name | | | 2021 Base Salary | | | 2022 Base Salary | | | % Change | | |||
Gregory S. Bentley | | | $200,000 | | | | $ | 200,000 | | | | — | |
Werner Andre | | | — | | | | $ | 400,000 | | | | — | |
Keith A. Bentley | | | $200,000 | | | | $ | 200,000 | | | | — | |
Nicholas H. Cumins(1) | | | $440,742 | | | | $ | 652,944 | | | | 48.1% | |
David J. Hollister | | | $200,000 | | | | $ | 200,000 | | | | — | |
| Name | | | 2022 Base Salary | | | 2023 Base Salary | | | % Change | | |||||||||
| Gregory S. Bentley | | | | $ | 200,000 | | | | | $ | 200,000 | | | | | | — | | |
| Werner Andre | | | | $ | 400,000 | | | | | $ | 456,250 | | | | | | 14% | | |
| Brock Ballard | | | | | N/A | | | | | $ | 350,000 | | | | | | N/A | | |
| Michael M. Campbell | | | | | N/A | | | | | $ | 613,500 | | | | | | N/A | | |
| Nicholas H. Cumins(1) | | | | $ | 652,944 | | | | | $ | 633,852 | | | | | | —(2) | | |
| COMPENSATION DISCUSSION & ANALYSIS | | | 39 | |
| Name | | | Percentage Attained | | |||
| Werner Andre | | | | | 118% | | |
| Brock Ballard | | | | | 102% | | |
| Michael M. Campbell | | | | | 95% | | |
| Nicholas H. Cumins | | | | | 106% | | |
| 40 | | | COMPENSATION DISCUSSION & ANALYSIS | |
| Name | | | Time- vesting RSUs (#) | | | Annual Performance- vesting PSUs (#) | | |||
| Werner Andre | | | | | 14,917 | | | | 14,917 (18,646 maximum) | |
| Brock Ballard(1) | | | | | 38,047 | | | | 10,991 (13,738 maximum) | |
| Michael M. Campbell | | | | | 16,173 | | | | 16,173 (20,216 maximum) | |
| Nicholas H. Cumins | | | | | 19,467 | | | | 19,467 (24,333 maximum) | |
Name | | | Time- vesting RSUs (#) | | | Annual Performance- vesting PSUs (#) | | | Extraordinary Time- vesting RSUs (#) | | | Extraordinary Performance- vesting PSUs (#) | |
Werner Andre | | | 13,580 | | | 13,580 (16,975 maximum) | | | 23,148 | | | 23,148 | |
Nicholas H. Cumins | | | 22,525 | | | 22,525 (28,156 maximum) | | | 77,161 | | | 77,161 | |
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| | 41 | |
Phantom Shares | ||||
| Position | | | Required Ownership (as a multiple of base salary) | | |||
| CEO | | | | | 5x | | |
| All other named executive officers | | | | | 2x | | |
| 42 | | | COMPENSATION DISCUSSION & ANALYSIS | |
| COMPENSATION DISCUSSION & ANALYSIS | | | 43 | |
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Name and Principal Position | | Year | | Salary ($)(1) | | Bonus ($)(2) | | Stock Awards ($)(3) | | Non-Equity Incentive Plan Compensation ($)(4) | | All Other Compensation ($)(5) | | Total ($) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gregory S. Bentley Chairperson, Chief Executive Officer and President | | | | | 2022 | | | | | 200,000 | | | | | — | | | | | 13,816,452 | | | | | 4,377,168 | | | | | 49,400 | | | | | 18,443,020 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 200,000 | | | | | 450 | | | | | 12,560,818 | | | | | 4,899,533 | | | | | 22,125 | | | | | 17,682,926 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 200,000 | | | | | 3,130 | | | | | 2,393,373 | | | | | 11,837,710 | | | | | 28,490 | | | | | 14,462,703 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Werner Andre Chief Financial Officer and Chief Accounting Officer | | | | 2022 | | | | | 400,000 | | | | | — | | | | | 2,883,883 | | | | | 486,341 | | | | | 40,438 | | | | | 3,810,662 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Keith A. Bentley Former Chief Technology Officer; Director | | | | | 2022 | | | | | 200,000 | | | | | — | | | | | 8,596,904 | | | | | 2,042,678 (6) | | | | | 24,400 | | | | | 10,863,982 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 200,000 | | | | | — | | | | | 7,815,620 | | | | | 2,069,267 | | | | | 22,125 | | | | | 10,097,012 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 200,000 | | | | | 3,130 | | | | | 1,657,917 | | | | | 6,647,764 | | | | | 23,020 | | | | | 8,531,831 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicholas H. Cumins (7) Chief Operating Officer | | | | | 2022 | | | | | 652,944 | | | | | — | | | | | 7,827,345 | | | | | 814,033 | | | | | 37,495 | | | | | 9,331,817 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 440,742 | | | | | — | | | | | 1,224,583 | | | | | 456,533 | | | | | 31,792 | | | | | 2,153,650 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
David J. Hollister Former Chief Investment Officer | | | | | 2022 | | | | | 200,000 | | | | | 300 | | | | | — | | | | | 5,377,104 (6) | | | | | 51,443 | | | | | 5,628,847 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | �� | | 200,000 | | | | | — | | | | | — | | | | | 5,886,504 | | | | | 47,125 | | | | | 6,133,629 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 200,000 | | | | | 3,130 | | | | | 893,048 | | | | | 3,857,995 | | | | | 54,636 | | | | | 5,008,809 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | Name and Principal Position | | Year | | Salary ($)(1) | | Bonus ($) | | Stock Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Gregory S. Bentley Chairperson, Chief Executive Officer and President | | | | | 2023 | | | | | 200,000 | | | | | — | | | | | 14,298,984 | | | | | 4,764,861 | | | | | 39,566 | | | | | 19,303,412 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 200,000 | | | | | — | | | | | 13,816,452 | | | | | 4,377,168 | | | | | 49,400 | | | | | 18,443,020 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 200,000 | | | | | 450 | | | | | 12,560,818 | | | | | 4,899,533 | | | | | 22,125 | | | | | 17,682,926 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Werner Andre Chief Financial Officer and Former Chief Accounting Officer | | | | | 2023 | | | | | 456,250 | | | | | — | | | | | 1,161,140 | | | | | 542,875 | | | | | 45,570 | | | | | 2,205,835 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 400,000 | | | | | — | | | | | 2,883,883 | | | | | 486,341 | | | | | 40,438 | | | | | 3,810,662 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Brock Ballard Chief Revenue Officer | | | | 2023 | | | | | 350,000 | | | | | — | | | | | 1,892,326 | | | | | 351,031 | | | | | 26,720 | | | | | 2,620,077 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Michael M. Campbell Chief Product Officer | | | | 2023 | | | | | 613,500 | | | | | — | | | | | 1,258,906 | | | | | 414,000 | | | | | 29,506 | | | | | 2,315,912 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | Nicholas H. Cumins(5) Chief Operating Officer | | | | | 2023 | | | | | 633,852 | | | | | — | | | | | 1,515,312 | | | | | 371,181 | | | | | 71,305 | | | | | 2,591,650 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 652,944 | | | | | — | | | | | 7,827,345 | | | | | 814,033 | | | | | 37,495 | | | | | 9,331,817 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 440,742 | | | | | — | | | | | 1,224,583 | | | | | 456,533 | | | | | 31,792 | | | | | 2,153,650 | | |
| |||||
46 | | | |
Named Executive Officer | | | Year | | | Matching Contributions ($)(a) | | | Vehicle and Health and Fitness Club Allowances ($) | | | Family Travel Reimbursement ($) | | | Cash Dividends Paid on Stock Awards ($)(b) | | | Matching Charitable Contributions ($) | | | Total ($) | |
Gregory S. Bentley | | | 2022 | | | 9,400 | | | 15,000 | | | 25,000 | | | — | | | — | | | 49,400 | |
Werner Andre | | | 2022 | | | 9,106 | | | 27,127 | | | — | | | 4,205 | | | — | | | 40,438 | |
Keith A. Bentley | | | 2022 | | | 9,400 | | | 15,000 | | | — | | | — | | | — | | | 24,400 | |
Nicholas H. Cumins | | | 2022 | | | 8,799 | | | 14,998 | | | — | | | 13,698 | | | — | | | 37,495 | |
David J. Hollister | | | 2022 | | | 6,717 | | | 27,233 | | | 4,993 | | | — | | | 12,500 | | | 51,443 | |
| Named Executive Officer | | | Year | | | Matching Contributions ($)(a) | | | Vehicle and Health and Fitness Club and other Allowances ($)(b) | | | Family Travel Reimbursement ($) | | | Cash Dividends Paid on Stock Awards ($)(c) | | | Matching Charitable Contributions ($) | | | Total ($) | |
| Gregory S. Bentley | | | 2023 | | | 9,900 | | | 15,000 | | | 14,666 | | | — | | | — | | | 39,566 | |
| Werner Andre | | | 2023 | | | 9,743 | | | 27,500 | | | — | | | 8,326 | | | — | | | 45,570 | |
| Brock Ballard | | | 2023 | | | 7,664 | | | 16,470 | | | — | | | 2,586 | | | — | | | 26,720 | |
| Michael M. Campbell | | | 2023 | | | 9,900 | | | 16,574 | | | — | | | 3,032 | | | — | | | 29,506 | |
| Nicholas H. Cumins | | | 2023 | | | 20,185 | | | 25,951 | | | — | | | 24,096 | | | 1,073 | | | 71,305 | |
Name | | | Stock Awards Issued in Respect of Bonus Pool Plan Payments (#)(1) | | | Value of Stock Awards Issued in Respect of Bonus Pool Plan ($)(2) | | | RSUs Subject to Time-Based Vesting (#) | | | Value of RSUs Subject to Time-Based Vesting ($)(3) | | | RSUs Subject to Performance- Based Vesting (#) | | | Value of RSUs Subject to Performance- Based Vesting ($)(4) | |
Gregory S. Bentley | | | 359,868 | | | 13,816,452 | | | — | | | — | | | — | | | — | |
Werner Andre | | | — | | | — | | | 36,728 | | | 1,441,941 | | | 36,728 | | | 1,441,941 | |
Keith A. Bentley | | | 223,918 | | | 8,596,904 | | | — | | | — | | | — | | | — | |
Nicholas H. Cumins | | | — | | | — | | | 99,686 | | | 3,913,672 | | | 99,686 | | | 3,913,672 | |
| | | | | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards | | | | | | | | ||||||
| Name | | | Award Type | | | Grant Date | | | Threshold ($)(2) | | | Target ($) | | | Maximum ($)(2) | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | | Grant Date Fair Value of Stock and Option Awards ($) | |
| Gregory S. Bentley | | | Cash | | | — | | | — | | | 4,764,861 | | | — | | | — | | | — | |
| Stock | | | (1) | | | — | | | — | | | — | | | 298,439 | | | 14,298,984 | | |||
| Werner Andre | | | Cash | | | — | | | — | | | 475,000 | | | — | | | — | | | — | |
| RSU | | | March 13, 2023 | | | — | | | — | | | — | | | 14,917 | | | 580,570 | | |||
| PSU | | | March 13, 2023 | | | — | | | — | | | — | | | 14,917 | | | 580,570 | | |||
| Brock Ballard | | | Cash | | | — | | | — | | | 350,000 | | | — | | | — | | | — | |
| RSU | | | January 24, 2023 | | | — | | | — | | | — | | | 27,056 | | | 1,036,786 | | |||
| RSU | | | March 13, 2023 | | | — | | | — | | | — | | | 10,991 | | | 427,770 | | |||
| PSU | | | March 13, 2023 | | | — | | | — | | | — | | | 10,991 | | | 427,770 | | |||
| Michael M. Campbell | | | Cash | | | — | | | — | | | 412,000 | | | — | | | | | | | |
| RSU | | | March 13, 2023 | | | — | | | — | | | — | | | 16,173 | | | 629,453 | | |||
| PSU | | | March 13, 2023 | | | — | | | — | | | — | | | 16,173 | | | 629,453 | | |||
| Nicholas H. Cumins | | | Cash | | | — | | | — | | | 619,915 | | | — | | | — | | | — | |
| RSU | | | March 13, 2023 | | | — | | | — | | | — | | | 19,467 | | | 757,656 | | |||
| PSU | | | March 13, 2023 | | | — | | | — | | | — | | | 19,467 | | | 757,656 | |
| |||||
| | 47 | |
| | Option Awards | | Stock Awards | | | | Option Awards | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Option Grant Date | | Number of securities underlying unexercised options exercisable (#) | | Number of securities underlying unexercised options unexercisable (#) | | Option exercise price ($) | | Option expiration date | | Stock Award Grant Date | | Number of shares or units of stock that have not vested (#)(2) | | Market value of shares or units of stock that have not vested ($)(3) | | Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)(4) | | Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)(3) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Werner Andre | | | May 29, 2018 | | | | 33,750 | | | | | — | | | | | 5.305 | | | May 28, 2023 | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| March 22, 2019 | | | | 26,250 | | | | | 8,750 (1) | | | | | 5.74 | | | March 21, 2024 | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | July 21, 2020 | | | | 6,000 | | | | | 221,760 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | April 19, 2021 | | | | 2,878 | | | | | 106,371 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | March 17, 2022 | | | | 13,614 | | | | | 503,173 | | | | | 36,728 | | | | | 1,357,467 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | March 17, 2022 | | | | 23,205 | | | | | 857,657 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicholas H. Cumins | | | — | | | | — | | | | | — | | | | | — | | | — | | October 2, 2020 | | | | 28,650 | | | | | 1,058,904 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | | | | — | | | | | — | | | | | — | | | — | | April 19, 2021 | | | | 9,241 | | | | | 341,547 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | | | | — | | | | | — | | | | | — | | | — | | March 17, 2022 | | | | 22,582 | | | | | 834,631 | | | | | 99,686 | | | | | 3,684,394 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| — | | | | — | | | | | — | | | | | — | | | — | | March 17, 2022 | | | | 77,352 | | | | | 2,858,930 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Option Grant Date | | Number of securities underlying unexercised options exercisable (#)(1) | | Number of securities underlying unexercised options unexercisable (#) | | Option exercise price ($) | | Option expiration date | | Stock Award Grant Date | | Number of shares or units of stock that have not vested (#)(2) | | Market value of shares or units of stock that have not vested ($)(3) | | Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)(4) | | Equity incentive plan awards: market or payout value of unearned shares, units or other rights that have not vested ($)(3) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Werner Andre | | March 22, 2019 | | | | 19,226 | | | | | — | | | | | 5.74 | | | March 21, 2024 | | — | | | | — | | | | | | | | | | — | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | July 21, 2020 | | | | 3,000 | | | | | 156,540 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | April 19, 2021 | | | | 1,926 | | | | | 100,499 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | March 17, 2022 | | | | 10,253 | | | | | 535,002 | | | | | 23,148 | | | | | 1,207,863 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | March 17, 2022 | | | | 23,304 | | | | | 1,216,003 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | March 13, 2023 | | | | 14,961 | | | | | 780,665 | | | | | 14,917 | | | | | 778,369 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Brock Ballard | | — | | | | — | | | | | — | | | | | — | | | — | | July 21, 2020 | | | | 1,750 | | | | | 91,315 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | April 19, 2021 | | | | 1,261 | | | | | 65,799 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 17, 2022 | | | | 1,993 | | | | | 103,995 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | October 27, 2022 | | | | 4,145 | | | | | 216,286 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | January 24, 2023 | | | | 27,170 | | | | | 1,417,731 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 13, 2023 | | | | 11,023 | | | | | 575,180 | | | | | 10,991 | | | | | 573,510 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michael M. Campbell | | — | | | | — | | | | | — | | | | | — | | | — | | September 6, 2022 | | | | 40,246 | | | | | 2,100,036 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | September 6, 2022 | | | | 13,175 | | | | | 687,472 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 13, 2023 | | | | 16,221 | | | | | 846,412 | | | | | 16,173 | | | | | 843,907 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nicholas H. Cumins | | — | | | | — | | | | | — | | | | | — | | | — | | October 2, 2020 | | | | 14,325 | | | | | 747,479 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | April 19, 2021 | | | | 6,187 | | | | | 322,838 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 17, 2022 | | | | 17,006 | | | | | 887,373 | | | | | 77,161 | | | | | 4,026,261 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 17, 2022 | | | | 77,681 | | | | | 4,035,395 | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | — | | | | | — | | | | | — | | | — | | March 13, 2023 | | | | 19,525 | | | | | 1,018,815 | | | | | 19,467 | | | | | 1,015,788 | | |
| 48 | | | EXECUTIVE AND DIRECTOR COMPENSATION | |
| | | Stock Awards | | | Option Awards | | ||||||
Name | | | Number of Shares Acquired Upon Vesting (#)(1) | | | Value Realized Upon Vesting ($)(2) | | | Number of Shares Acquired Upon Exercise (#) | | | Value Realized Upon Exercise ($)(3) | |
Werner Andre | | | 7,776 | | | 303,274 | | | 31,805 | | | 1,080,000 | |
Nicholas H. Cumins | | | 29,661 | | | 1,051,367 | | | — | | | — | |
| | | | Option Awards | | | Stock Awards | | ||||||
| Name | | | Number of Shares Acquired Upon Exercise (#) | | | Value Realized Upon Exercise ($)(1) | | | Number of Shares Acquired Upon Vesting (#)(2) | | | Value Realized Upon Vesting ($)(3) | |
| Werner Andre | | | 49,524 | | | 2,041,333 | | | 22,121 | | | 908,103 | |
| Brock Ballard | | | — | | | — | | | 4,420 | | | 215,245 | |
| Michael M. Campbell | | | — | | | — | | | 31,009 | | | 1,478,226 | |
| Nicholas H. Cumins | | | — | | | — | | | 48,261 | | | 2,046,140 | |
Name(1) | | | Executive Contributions in 2022 via Elective Deferrals ($) | | | Company Contributions in 2022($) | | | Aggregate earnings in 2022 ($)(2) | | | Aggregate withdrawals/ distributions in 2022 ($) | | | Aggregate Balance as of December 31, 2022 ($)(3) | |
Gregory S. Bentley | | | — | | | — | | | 365,599 | | | 33,079,936 | | | 111,658,085 | |
Keith A. Bentley | | | 2,042,678 | | | — | | | 385,162 | | | 3,283,313 | | | 119,611,590 | |
David J. Hollister | | | 5,108,249 | | | — | | | 241,344 | | | 24,352,707 | | | 119,116,244 | |
Name | | | Executive Contributions in Last Fiscal Year ($) | | | Company Contributions in Last Fiscal Year($) | | | Aggregate Earnings in Last Fiscal Year ($)(1) | | | Aggregate Withdrawals/ Distributions in 2023 ($) | | | Aggregate Balance as of December 31, 2023 ($)(2) | |
Gregory S. Bentley | | | — | | | — | | | 473,318 | | | 25,191,408 | | | 122,969,126 | |
| |||||
| | 49 | |
Name | | | Equity with Accelerated Vesting (#)(1) | | | Value of Equity with Accelerated Vesting ($)(2) | |
Werner Andre | | | 91,175 | | | 3,369,828 | |
Nicholas H. Cumins | | | 237,511 | | | 8,778,406 | |
| Name | | | Equity with Accelerated Vesting (#)(1) | | | Value of Equity with Accelerated Vesting ($)(2) | |
| Werner Andre | | | 88,511 | | | 4,618,505 | |
| Brock Ballard | | | 56,586 | | | 2,952,676 | |
| Michael M. Campbell | | | 85,816 | | | 4,477,879 | |
| Nicholas H. Cumins | | | 231,353 | | | 12,072,000 | |
| |||||
50 | | | |
Name | | | Fees Earned or Paid in Cash ($) | | | Fees Earned or Paid in Stock ($)(1) | | | Total ($) | |
Barry J. Bentley | | | 50,000 | | | — | | | 50,000 | |
Raymond B. Bentley | | | 50,000 | | | — | | | 50,000 | |
Kirk B. Griswold | | | 100,000 | | | 150,000 | | | 250,000 | |
Janet B. Haugen | | | 125,000 | | | 150,000 | | | 275,000 | |
Brian F. Hughes | | | 125,000 | | | 150,000 | | | 275,000 | |
| Name | | | Fees Earned or Paid in Cash ($) | | | Fees Earned or Paid in Stock ($)(1) | | | Total ($) | |
| Barry J. Bentley | | | 50,000 | | | — | | | 50,000 | |
| Keith A. Bentley | | | — | | | — | | | — | |
| Raymond B. Bentley | | | 50,000 | | | — | | | 50,000 | |
| Kirk B. Griswold | | | 100,000 | | | 200,000 | | | 300,000 | |
| Janet B. Haugen | | | 125,000 | | | 200,000 | | | 325,000 | |
| Brian F. Hughes | | | 125,000 | | | 200,000 | | | 325,000 | |
| |||||
| | 51 | |
| 52 | | | EXECUTIVE AND DIRECTOR COMPENSATION | |
| PAY RATIO DISCLOSURE | | | 53 | |
Year | | | Summary Compensation Table Total for PEO(1) ($) | | | Compensation Actually Paid to PEO(2) ($) | | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers(3), (4) ($) | | | Average Compensation Actually Paid to Non- PEO Named Executive Officers(3), (5) ($) | | | Value of Initial Fixed $100 Investment Based On:(6) | | | Net Income ($in millions) | | | Adjusted Net Income ($in millions)(8) | | |||
| Total Shareholder Return ($) | | | Peer Group Total Shareholder Return(7) ($) | | ||||||||||||||||||||
2022 | | | 18,443,020 | | | 18,443,020 | | | 7,408,828 | | | 6,930,769 | | | 111.06 | | | 99.08 | | | 174.8 | | | 274.5 | |
2021 | | | 17,682,926 | | | 17,682,926 | | | 5,047,786 | | | 5,293,179 | | | 144.76 | | | 147.89 | | | 93.2 | | | 267.9 | |
2020 | | | 14,462,703 | | | 14,467,137 | | | 6,770,320 | | | 6,774,754 | | | 121.07 | | | 113.02 | | | 126.5 | | | 193.3 | |
| Year | | | Summary Compensation Table Total for PEO(1) ($) | | | Compensation Actually Paid to PEO(2) ($) | | | Average Summary Compensation Table Total for Non-PEO Named Executive Officers(3),(4) ($) | | | Average Compensation Actually Paid to Non- PEO Named Executive Officers(3), (5) ($) | | | Value of Initial Fixed $100 Investment Based On:(6) | | | Net Income ($ in millions) | | | Adjusted OI w/ SBC ($ in millions)(8) | | |||||||||||||||||||||||||||
| Total Shareholder Return(6) ($) | | | Peer Group Total Shareholder Return(7) ($) | | |||||||||||||||||||||||||||||||||||||||||||||
| 2023 | | | | | 19,303,412 | | | | | | 19,303,412 | | | | | | 2,433,369 | | | | | | 5,000,008 | | | | | | 157.43 | | | | | | 157.61 | | | | | | 326.8 | | | | | | 324.7 | | |
| 2022 | | | | | 18,443,020 | | | | | | 18,443,020 | | | | | | 7,408,828 | | | | | | 6,930,769 | | | | | | 111.06 | | | | | | 99.08 | | | | | | 174.8 | | | | | | 274.0 | | |
| 2021 | | | | | 17,682,926 | | | | | | 17,682,926 | | | | | | 5,047,786 | | | | | | 5,293,179 | | | | | | 144.76 | | | | | | 147.89 | | | | | | 93.2 | | | | | | 258.0 | | |
| 2020 | | | | | 14,462,703 | | | | | | 14,467,137 | | | | | | 6,770,320 | | | | | | 6,774,754 | | | | | | 121.07 | | | | | | 113.02 | | | | | | 126.5 | | | | | | 218.9 | | |
Description | | | 2020 ($) | | | 2021 ($) | | | 2022 ($) | |
Change in Pension Value Deduction | | | — | | | — | | | — | |
Pension Service Cost Addition | | | — | | | — | | | — | |
Prior Pension Service Cost Addition | | | — | | | — | | | — | |
Stock and Option Awards Adjustment(a) | | | 4,434 | | | — | | | — | |
| Description | | | 2023 ($) | | |||
| Change in Pension Value Deduction | | | | | — | | |
| Pension Service Cost Addition | | | | | — | | |
| Prior Pension Service Cost Addition | | | | | — | | |
| Stock and Option Awards Adjustment(a) | | | | | — | | |
Year | | | Subtract: Grant date fair value of equity awards as reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year | | | Add: Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Applicable Year | | | Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Add: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Subtract: Fair Value at the End of the Prior Year of Equity Awards that Faired to Meet Vesting Conditions in the Year | | | Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Sum: Total Equity Award Adjustments | |
2022 | | | (13,816,452) | | | — | | | — | | | 13,816,452 | | | — | | | — | | | — | | | — | |
2021 | | | (12,560,818) | | | — | | | — | | | 12,560,818 | | | — | | | — | | | — | | | — | |
2020 | | | (2,393,373) | | | — | | | — | | | 2,397,807 | | | — | | | — | | | — | | | 4,434 | |
Year | | | Subtract: Grant date fair value of equity awards as reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year | | | Add: Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Applicable Year | | | Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Add: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Subtract: Fair Value at the End of the Prior Year of Equity Awards that Faired to Meet Vesting Conditions in the Year | | | Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Sum: Total Equity Award Adjustments | |
2023 | | | (14,298,984) | | | — | | | — | | | 14,298,984 | | | — | | | — | | | — | | | — | |
| 54 | | | PAY VERSUS PERFORMANCE | |
Description | | | 2020 ($) | | | 2021 ($) | | | 2022 ($) | |
Change in Pension Value Deduction | | | — | | | — | | | — | |
Pension Service Cost Addition | | | — | | | — | | | — | |
Prior Pension Service Cost Addition | | | — | | | — | | | — | |
Stock and Option Awards Adjustment(a) | | | 4,434 | | | 245,393 | | | (478,059) | |
| Description | | | 2023 (4) | | |||
| Change in Pension Value Deduction | | | | | — | | |
| Pension Service Cost Addition | | | | | — | | |
| Prior Pension Service Cost Addition | | | | | — | | |
| Stock and Option Awards Adjustment(a) | | | | | 2,566,639 | | |
Year | | | Subtract: Grant date fair value of equity awards as reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year | | | Add: Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Applicable Year | | | Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Add: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Subtract: Fair Value at the End of the Prior Year of Equity Awards that Faired to Meet Vesting Conditions in the Year | | | Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Sum: Total Equity Award Adjustments | |
2022 | | | (4,827,033) | | | 2,524,066 | | | (156,782) | | | 2,149,225 | | | (167,535) | | | — | | | — | | | (478,059) | |
2021 | | | (2,519,513) | | | 547,891 | | | 160,846 | | | 1,953,906 | | | 232,301 | | | (130,038) | | | — | | | 245,393 | |
2020 | | | (1,275,482) | | | — | | | — | | | 1,279,916 | | | — | | | — | | | — | | | 4,434 | |
Year | | | Subtract: Grant date fair value of equity awards as reported in the “Stock Awards” column of the Summary Compensation Table for each applicable year | | | Add: Year End Fair Value of Outstanding and Unvested Equity Awards Granted During the Applicable Year | | | Add: Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | | Add: Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Add: Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Subtract: Fair Value at the End of the Prior Year of Equity Awards that Faired to Meet Vesting Conditions in the Year | | | Add: Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | | Sum: Total Equity Award Adjustments | |
2023 | | | (1,456,920) | | | 2,352,405 | | | 1,448,144 | | | — | | | 223,010 | | | — | | | — | | | 2,566,639 | |
| |||||
PAY VERSUS PERFORMANCE | | | |
| |||||
| | PAY VERSUS PERFORMANCE | |
| Adjusted | | | Adjusted | |
| Adjusted | | | New Business | |
| |||||
PAY VERSUS PERFORMANCE | | | |
| | | Female | | | Male | |
Total Number of Directors | | | 7 | | |||
Part I: Gender Identity | | | | | | | |
Directors | | | 1 | | | 6 | |
Part II: Demographic Background | | | | | | | |
White | | | 1 | | | 6 | |
| | | | Female | | | Male | | ||||||
| Total Number of Directors | | | 7 | | |||||||||
| Part I: Gender Identity | | | | | | | | | | | | | |
| Directors | | | | | 1 | | | | | | 6 | | |
| Part II: Demographic Background | | | | | | | | | | | | | |
| White | | | | | 1 | | | | | | 6 | | |
| |||||
| | BOARD DIVERSITY MATRIX | |
| | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | Weighted-average exercise price of outstanding options, warrants and rights(1) | | | Number of securities remaining available for future issuance under equity compensation plans | | |||||||||
| Equity compensation plans approved by security holders: | | | | | | | | | | | | | | | | | | | |
| 2020 Omnibus Incentive Plan | | | | 3,140,573(2) | | | | | | N/A | | | | | 20,946,599 | | | ||
| 2015 Equity Incentive Plan | | | | 1,134,210(3) | | | | | 5.74 | | | | | | — | | | ||
| Nonqualified Deferred Compensation Plan | | | | 17,294,004(4) | | | | | | N/A | | | | | 4,159,228 | | | ||
| Equity compensation plans not approved by security holders: | | | | | | | | | | | | | | | | | | | |
| Nonqualified Deferred Compensation Plan for Non-Employee Directors | | | | 70,976(4) | | | | | | N/A | | | | | 262,395 | | | ||
| Total | | | | 21,639,763 | | | | | | N/A | | | | | 49,640,260(5) | | |
| |||||
EQUITY COMPENSATION PLAN INFORMATION | | | |
| |||||
| | OWNERSHIP OF SECURITIES | |
| | | Common stock beneficially owned | | | % of total voting power(1) | | |||||||||
| | | Class A | | | Class B | | |||||||||
Name of Beneficial Owner | | | Number | | | % | | | Number | | | % | | |||
Executive Officers and Directors: | | | | | | | | | | | | | | | | |
Keith A. Bentley(2)(11) | | | 3,340,793 | | | 28.8% | | | 16,321,017 | | | 5.8% | | | 18.4% | |
Barry J. Bentley(3)(11) | | | 3,340,793 | | | 28.8% | | | 12,169,757 | | | 4.3% | | | 17.7% | |
Gregory S. Bentley(4)(11) | | | 1,926,509 | | | 16.6% | | | 7,112,433 | | | 2.5% | | | 10.2% | |
Raymond B. Bentley(5)(11) | | | 1,655,397 | | | 14.3% | | | 16,162,949 | | | 5.8% | | | 10.4% | |
Kirk B. Griswold(6) | | | — | | | — | | | 419,374 | | | * | | | * | |
Brian F. Hughes | | | — | | | — | | | 21,544 | | | * | | | * | |
Janet B. Haugen | | | — | | | — | | | 16,242 | | | * | | | * | |
David J. Hollister(7) | | | — | | | — | | | 1,226,183 | | | * | | | * | |
Werner Andre(8) | | | — | | | — | | | 214,099 | | | * | | | * | |
Nicholas H. Cumins(9) | | | — | | | — | | | 44,303 | | | * | | | * | |
All executive officers and directors as a group (12 persons)(10) | | | 10,263,492 | | | 88.5% | | | 53,107,696 | | | 19.0% | | | 56.9% | |
5% Stockholders: | | | | | | | | | | | | | | | | |
Richard P. Bentley(11)(12) | | | 1,000,000 | | | 8.6% | | | — | | | — | | | 4.7% | |
The Vanguard Group(13) | | | — | | | — | | | 20,101,992 | | | 7.2% | | | 3.3% | |
| | | | Common stock beneficially owned | | | % of total voting power(1) | | ||||||||||||||||||||||||
| | | | Class A | | | Class B | | ||||||||||||||||||||||||
| Name of Beneficial Owner | | | Number | | | % | | | Number | | | % | | ||||||||||||||||||
| Executive Officers and Directors: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Keith A. Bentley(2)(10) | | | | | 3,340,793 | | | | | | 29.0% | | | | | | 16,317,650 | | | | | | 5.7% | | | | | | 18.2% | | |
| Barry J. Bentley(3)(10) | | | | | 3,340,793 | | | | | | 29.0% | | | | | | 12,736,706 | | | | | | 4.4% | | | | | | 17.6% | | |
| Gregory S. Bentley(4)(10) | | | | | 1,926,509 | | | | | | 16.7% | | | | | | 6,487,811 | | | | | | 2.2% | | | | | | 10.0% | | |
| Raymond B. Bentley(5)(10) | | | | | 1,655,397 | | | | | | 14.3% | | | | | | 16,162,949 | | | | | | 5.6% | | | | | | 10.3% | | |
| Kirk B. Griswold | | | | | — | | | | | | — | | | | | | 392,199 | | | | | | * | | | | | | * | | |
| Brian F. Hughes | | | | | — | | | | | | — | | | | | | 25,757 | | | | | | * | | | | | | * | | |
| Janet B. Haugen | | | | | — | | | | | | — | | | | | | 20,455 | | | | | | * | | | | | | * | | |
| Werner Andre(6) | | | | | — | | | | | | — | | | | | | 208,958 | | | | | | * | | | | | | * | | |
| Brock Ballard(7) | | | | | — | | | | | | — | | | | | | 23,115 | | | | | | * | | | | | | * | | |
| Michael M. Campbell | | | | | — | | | | | | — | | | | | | 16,381 | | | | | | * | | | | | | * | | |
| Nicholas H. Cumins(8) | | | | | — | | | | | | — | | | | | | 41,861 | | | | | | * | | | | | | * | | |
| All executive officers and directors as a group (12 persons)(9) | | | | | 10,263,492 | | | | | | 89.0% | | | | | | 53,077,031 | | | | | | 18.4% | | | | | | 56.3% | | |
| 5% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Richard P. Bentley(10)(11) | | | | | 1,000,000 | | | | | | 8.7% | | | | | | — | | | | | | — | | | | | | 4.7% | | |
| Joseph P. Logan(12) | | | | | — | | | | | | — | | | | | | 14,673,303 | | | | | | 5.1% | | | | | | 2.4% | | |
| Corinne Patricia Bentley(13) | | | | | — | | | | | | — | | | | | | 35,158,130 | | | | | | 12.2% | | | | | | 5.6% | | |
| Marie Therese Verdugo Bentley(14) | | | | | — | | | | | | — | | | | | | 28,582,682 | | | | | | 9.9% | | | | | | 4.6% | | |
| The Vanguard Group(15) | | | | | — | | | | | | — | | | | | | 22,117,534 | | | | | | 7.7% | | | | | | 3.6% | | |
| BlackRock, Inc.(16) | | | | | — | | | | | | — | | | | | | 15,143,110 | | | | | | 5.3% | | | | | | 2.4% | | |
| OWNERSHIP OF SECURITIES | | | 61 | |
| |||||
| | OWNERSHIP OF SECURITIES | |
| TRANSACTIONS WITH RELATED PERSONS | | | 63 | |
| |||||
| | TRANSACTIONS WITH RELATED PERSONS | |
| |||||
STOCKHOLDER PROPOSALS FOR THE 2025 ANNUAL MEETING | | | |
| 66 | | | HOUSEHOLDING OF PROXY MATERIALS | |
| |||||
| | 67 | |