Document:

Exhibit 10.2

 

[Execution Version]

 

 

 

BENTLEY
sYSTEMS, INCORPORATED

GLOBAL EMPLOYEE STOCK PURCHASE PLAN

 

1.             Purpose of the Global ESPP. The purpose of the Global ESPP is to provide an opportunity for Eligible Employees of the Company
and its Participating Companies to purchase Common Stock at a discount through voluntary Contributions, thereby attracting, retaining
and rewarding such persons and strengthening the mutuality of interest between such persons and the Company’s stockholders.
The Company intends for Offerings under the Global ESPP to qualify as an “employee stock purchase plan” under Code
Section 423 (each, a “Section 423 Offering”); provided, however, that the Committee may also authorize
the grant of rights under Offerings of the Global ESPP that are not intended to comply with the requirements of Code Section 423
, pursuant to any rules, procedures, agreements, appendices, or sub-plans adopted by the Committee for such purpose (each, a “Non-Section
423 Offering”).

 

2.             Definitions.

 

(a)           “Administrator” means, subject to the rules and interpretive determinations promulgated by the Committee,
any officer(s) or employee(s) of the Company to whom the Committee has delegated the authority to handle the operation and administration
of the Global ESPP. The Administrator also shall include any third-party vendor or broker/administrator hired by the Committee
to assist with the day-to-day operation and administration of the Global ESPP.

 

(b)           “Affiliate” means any Person that directly or indirectly controls, is controlled by, or is under common
control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by”
and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other
securities, by contract, or otherwise.

 

(c)           “Applicable Law” means the requirements relating to the administration of equity-based awards under state
corporate laws, United States federal and state securities laws, the Code, the rules of any stock exchange or quotation system
on which the Common Stock is listed or quoted and the applicable laws of any non-U.S. jurisdiction where rights are, or will be,
granted under the Global ESPP.

 

(d)           “Board” means the Board of Directors of the Company.

 

(e)           “Change in Control” shall have the same meaning as reflected in the Bentley Systems, Incorporated 2020
Omnibus Incentive Plan.

 

(f)            “Code” means the U.S. Internal Revenue Code of 1986, as amended, and any successor thereto. References
in the Global ESPP to any section shall be deemed to include any regulations or other interpretative guidance under such section,
and any amendments or successor provisions to such section, regulations, or guidance.

 

(g)           “Committee” means the Board or any properly delegated committee or subcommittee thereof.

 

(h)           “Common Stock” means the Class B common stock of the Company, par value $0.01 per share.

 

    

     

    

 

(i)            “Company” means Bentley Systems, Incorporated, a Delaware corporation, or any successor to all or substantially
all of the Company’s business that adopts the Global ESPP.

 

(j)            “Company Group” means, collectively, the Company and its Subsidiaries and Affiliates.

 

(k)           “Contributions” means the amount of Eligible Compensation voluntarily contributed by a Participant through
payroll deductions or other payments that the Committee may permit a Participant to make to fund the exercise of rights to purchase
Shares granted pursuant to the Global ESPP. Without limitation, Contributions may include direct payments from a Participant as
may be accepted by the Company to adjust for the Company’s delay or mistake in processing an enrollment form or in otherwise
effectuating a Participant's election under the Global ESPP or as advisable to comply with the requirements of Code Section 423
or other Applicable Law.

 

(l)            “Contribution Account” means a bookkeeping account established for each Participant for the purpose of
tracking Contributions made by such Participant during the Offering Period.

 

(m)          “Disability” means, as to any Participant, unless the applicable enrollment agreement states otherwise,
(i) “Disability,” as defined in any employment, severance or consulting agreement between the Participant and the Employer
as in effect; or (ii) in the absence of any such employment, severance or consulting agreement (or the absence of any definition
of “Disability” contained therein), a condition entitling the Participant to receive benefits under a long-term disability
plan of the Employer or another member of the Company Group in which such Participant is eligible to participate, or, in the absence
of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties
of the position at which the Participant was employed or served when such disability commenced. Any determination of whether Disability
exists in the absence of a long-term disability plan shall be made by the Committee in its sole and absolute discretion.

 

(n)           “Eligible Compensation” means, with respect to any Participant and with respect to each pay period,
the base salary or regular hourly wages (including, for the sake of clarity, any 13th month/14th month payments
or similar amounts as determined under local laws for Participants employed outside of the United States), excluding any incentive
cash compensation and equity compensation incentive payments. The Committee may, in its sole discretion, on a uniform and nondiscriminatory
basis, establish a different definition of Eligible Compensation for any subsequent Offering Period, consistent with the requirements
of Code Section 423 for Section 423 Offerings. In addition, the Committee may establish a different definition of Eligible Compensation
for any subsequent Offering Period for Non-Section 423 Offerings, and shall have the authority to interpret which components of
remuneration constitute Eligible Compensation for Participants employed outside of the United States.

 

(o)           “Eligible Employee” means any individual in an employee-employer relationship with the Company or a Participating
Company for income tax and employment tax withholding and reporting purposes as of the start of an Enrollment Period, excluding
any person:

 

(i)              
who, immediately after any rights under the Global ESPP are granted, owns (directly or through attribution) Shares possessing five
percent (5%) or more of the total combined voting power or value of all classes of stock of the Company, a future parent corporation,
or a Subsidiary (as determined under Code Section 423(b)(3)); or

 

(ii)              
who has not satisfied a service requirement of at least ninety (90) days or such other period designated by the Committee pursuant
to Code Section 423(b)(4)(A) (which service requirement may not exceed two (2) years).

 

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For purposes of the foregoing, the rules
of Code Section 424(d) with regard to the attribution of stock ownership shall apply in determining the stock ownership of a person,
and Shares, which an employee may purchase or otherwise acquire under outstanding options or other forms of equity compensation
awards granted by the Company, shall be treated as Shares owned by the Employee. For purposes of the Global ESPP, the employment
relationship shall be treated as continuing intact while the person is on sick leave or other leave of absence approved by the
Committee and meeting the requirements of Treasury Regulation Section 1.421-7(h)(2). In the case of a rehired employee, the Committee
may, in its sole discretion, recognize prior service for purposes of such employee’s satisfaction of any service period requirement
so long as the Committee’s actions are applied in a uniform and non-discriminatory basis consistent with the requirements
of Code Section 423.

 

Also, for purposes of clarity, the term
 “Eligible Employee” shall not include the following, regardless of any subsequent reclassification as an employee by
the Company or a Participating Company, any governmental agency, or any court: (i) any independent contractor; (ii) any consultant;
(iii) any individual performing services for the Company or a Participating Company who has entered into an independent contractor
or consultant agreement with the Company or a Participating Company; (iv) any individual performing services for the Company or
a Participating Company under a purchase order, a supplier agreement or any other agreement that the Company or a Participating
Company enters into for services; (v) any individual classified by the Company or a Participating Company as contract labor (such
as contractors, contract employees, job shoppers), regardless of length of service; (vi) any individual whose base wage or salary
is not processed for payment by the payroll department(s) or payroll provider(s) of the Company or a Participating Company; and
(vii) any leased employee. The Committee shall have exclusive discretion to determine whether an individual is an Eligible Employee
for purposes of the Global ESPP.

 

(p)           “Employer” means the Participating Company that directly employs the Participant.

 

(q)           “Enrollment Period” means the period established by the Committee preceding each Offering Period during
which an Eligible Employee may elect to participate in the Global ESPP.

 

(r)            “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor thereto.
References in the Global ESPP to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules,
regulations, or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section,
rules, regulations, or guidance.

 

(s)           “Fair Market Value” means, as of any date and unless the Committee determines otherwise, the value of
Common Stock determined as follows:

 

(i)               
if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary
exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the
last preceding date on which such sales were reported;

 

(ii)              
if the Common Stock is not listed on any national securities exchange, but is quoted in an inter-dealer quotation system on a last-sale
basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date,
then on the last preceding date on which a sale was reported; or

 

(iii)            
if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last-sale
basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock; provided, that,
with respect to any right to purchase Shares for which the Offering occurs on the date of the pricing of the Company’s initial
public offering, “Fair Market Value” shall be equal to the per share price at which the Common Stock is offered to
the public in connection with such initial public offering

 

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(t)            “Global ESPP” means the Bentley Systems, Incorporated Global Employee Stock Purchase Plan, as may be
amended from time to time.

 

(u)           “Global ESPP Account” means the brokerage account established for the purpose of holding the Shares purchased
under the Global ESPP for the Participant with the transfer agent or any third-party broker/administrator hired by the Company
to assist with the day-to-day operation and administration of the Global ESPP.

 

(v)           “Offering” means a Section 423 Offering or a Non-Section 423 Offering of a right to purchase Shares under
the Global ESPP during an Offering Period as further described in Section 6. Unless otherwise determined by the Committee, each
Offering under the Global ESPP in which Eligible Employees of one or more Participating Companies may participate will be deemed
a separate offering for purposes of Code Section 423, even if the dates of the applicable Offering Periods of each such Offering
are identical, and the provisions of the Global ESPP will separately apply to each Offering. With respect to Section 423 Offerings,
the terms of separate Offerings need not be identical provided that all Eligible Employees granted purchase rights in a particular
Offering shall have the same rights and privileges, except as otherwise may be permitted by Code Section 423; a Non-Section 423
Offering need not satisfy such requirements.

 

(w)          “Offering Period” means the periods established in accordance with Section 6 during which rights to purchase
Shares may be granted pursuant to the Global ESPP and Shares may be purchased on one or more Purchase Dates. The duration and timing
of Offering Periods may be changed pursuant to Sections 6 and 17.

 

(x)           “Parent” means a “parent corporation,” whether now or hereafter existing, as defined in Code
Section 424(e).

 

(y)           “Participating Company” means any Parent, Subsidiary or Affiliate, whether now existing or existing in
the future, that has been designated by the Committee from time to time in its sole discretion as eligible to participate in the
Global ESPP in either a Section 423 Offering or a Non-Section 423 Offering. For purposes of a Section 423 Offering, only the Company
and any Parent or Subsidiary may be Participating Companies.

 

(z)            “Participant” means an Eligible Employee who elects to participate in the Global ESPP.

 

(aa)         “Person”
means any individual, entity, or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

 

(bb)         “Purchase Date” means the last Trading Day of each Purchase Period (or such other Trading Day as the
Committee may determine).

 

(cc)         “Purchase Period” means a period of time within an Offering Period, as may be specified by the Committee
in accordance with Section 6, generally beginning on the first Trading Day of each Offering Period and ending on a Purchase Date.
For the sake of clarity, the Committee may specify more than one Purchase Period within each Offering Period.

 

(dd)         “Purchase
Price” means the purchase price at which Shares may be acquired on a Purchase Date and which will be set by the
Committee; provided, however, that the Purchase Price for a Section 423 Offering shall not be less than eighty-five percent
(85%) of the lesser of (i) the Fair Market Value of the Shares on the first Trading Day of the Offering Period or (ii) the
Fair Market Value of the Shares on the Purchase Date. Unless otherwise determined by the Committee prior to the commencement
of an Offering Period, the Purchase Price will be 85% of the lesser of (a) the Fair Market Value of the Shares on the first
Trading Day of the Offering Period or (b) the Fair Market Value of the Shares on the Purchase Date.

 

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(ee)         “Required Holding Period” means, with respect to each Share acquired under the Global ESPP and unless
otherwise determined by the Committee, the period provided under Code Section 423(a)(1).

 

(ff)           “Shares” means shares of Common Stock.

 

(gg)         “Subsidiary” means, with respect to any specified Person:

 

(i)           
any corporation, association, or other business entity of which more than 50% of the total voting power of shares of such
entity’s voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement
or stockholders’ agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

 

(ii)           
any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or the
managing general partner of which is such Person or Subsidiary of such Person or (B) the only general partners (or functional equivalents
thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

(hh)         “Tax-Related Items” means any income tax, social insurance, payroll tax, fringe benefit tax, payment
on account or other tax-related items arising in relation to the Participant’s participation in the Global ESPP.

 

(ii)           “Termination” means, the termination of Participant’s employment or service, as applicable, with
the Employer for any reason (including death or Disability).

 

(jj)           “Trading Day” means a day on which the principal exchange that Shares are listed on is open for trading.

 

3.             Number of Reserved Shares. Subject to adjustment pursuant to Section 16 hereof, 25,000,000 (twenty-five million) Shares may
be sold to Participants pursuant to the Global ESPP. Such Shares may be authorized but unissued Shares, treasury Shares or Shares
purchased in the open market. For avoidance of doubt, up to the maximum number of Shares reserved under this Section 3 may be used
to satisfy purchases of Shares under Section 423 Offerings and any remaining portion of such maximum number of Shares may be used
to satisfy purchases of Shares under Non-Section 423 Offerings.

 

4.             Administration of the Global ESPP.

 

(a)           General. The Global ESPP will be administered by the Committee. Notwithstanding anything in the Global ESPP to the contrary,
subject to Applicable Law, any authority or responsibility that, under the terms of the Global ESPP, may be exercised by the Committee
may alternatively be exercised by the Board. Subject to Applicable Law, no member of the Board or Committee (or its delegates)
will be liable for any good faith action or determination made in connection with the operation, administration or interpretation
of the Global ESPP. In the performance of its responsibilities with respect to the Global ESPP, the Committee will be entitled
to rely upon, and no member of the Committee will be liable for any action taken or not taken in reliance upon, information and/or
advice furnished by the Company’s officers or employees, the Company’s accountants, the Company’s counsel and
any other party that the Committee deems necessary.

 

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(b)           Powers of the Committee. The Committee shall have full power and authority to operate and administer the Global ESPP, including,
without limitation, the authority to (i) construe, interpret, reconcile any inconsistency in, correct any default in and supply
any omission in, and apply the terms of the Global ESPP and any enrollment form or other instrument or agreement relating to the
Global ESPP, (ii) determine eligibility and adjudicate all disputed claims filed under the Global ESPP, including whether Eligible
Employees will participate in a Section 423 Offering or a Non-Section 423 Offering and which Subsidiaries and Affiliates of the
Company (or Parent, if applicable) will be Participating Companies participating in either a Section 423 Offering or a Non-Section
423 Offering, (iii) determine the terms and conditions of any right to purchase Shares under the Global ESPP, (iv) establish, amend,
suspend or waive such rules and regulations and appoint such agents as it deems appropriate for the proper administration of the
Global ESPP, (v) amend an outstanding right to purchase Shares, including any amendments to a right that may be necessary for purposes
of effecting a transaction contemplated under Section 16 hereof (including, but not limited to, an amendment to the class or type
of stock that may be issued pursuant to the exercise of a right or the Purchase Price applicable to a right), provided that the
amended right otherwise conforms to the terms of the Global ESPP, and (vi) make any other determination and take any other action
that the Committee deems necessary or desirable for the administration of the Global ESPP including, without limitation, the adoption
of such any rules, procedures, agreements, appendices, or sub-plans (collectively, “Sub-Plans”) as are
necessary or appropriate to permit the participation in the Global ESPP by employees who are foreign nationals or employed outside
the United States, as further set forth in Section 4(c) below.

 

(c)           Non-U.S. Sub-Plans. Notwithstanding any provision to the contrary in the Global ESPP, the Committee may adopt such Sub-Plans
relating to the operation and administration of the Global ESPP to accommodate local laws, customs and procedures for jurisdictions
outside of the United States, the terms of which Sub-Plans may take precedence over other provisions of the Global ESPP, with the
exception of Section 3 hereof, but unless otherwise superseded by the terms of such Sub-Plan, the provisions of the Global ESPP
will govern the operation of such Sub-Plan. To the extent inconsistent with the requirements of Code Section 423, any such Sub-Plan
will be considered part of a Non-Section 423 Offering, and purchase rights granted thereunder shall not be required by the terms
of the Global ESPP to comply with Code Section 423. Without limiting the generality of the foregoing, the Committee is authorized
to adopt Sub-Plans for particular non-U.S. jurisdictions that modify the terms of the Global ESPP to meet applicable local requirements,
customs or procedures regarding, without limitation, (i) eligibility to participate, (ii) the definition of Eligible Compensation,
(iii) the dates and duration of Offering Periods or other periods during which Participants may make Contributions towards the
purchase of Shares, (iv) the method of determining the Purchase Price and the discount from Fair Market Value at which Shares may
be purchased, (v) any minimum or maximum amount of Contributions a Participant may make in an Offering Period or other specified
period under the applicable Sub-Plan, (vi) the treatment of purchase rights upon a Change in Control (as defined in the Bentley
Systems Incorporated 2020 Omnibus Incentive Plan) or a change in capitalization of the Company, (vii) the handling of payroll deductions,
(viii) establishment of bank, building society or trust accounts to hold Contributions, (ix) payment of interest, (x) conversion
of local currency, (xi) obligations to pay payroll tax, (xii) determination of beneficiary designation requirements, (xiii) withholding
procedures and (xiv) handling of Share issuances.

 

(d)           Binding Authority. All determinations by the Committee in carrying out and administering the Global ESPP and in construing
and interpreting the Global ESPP and any enrollment form or other instrument or agreement relating to the Global ESPP will be made
in the Committee’s sole discretion and will be final, binding and conclusive for all purposes and upon all interested persons.

 

(e)           Delegation
to Administrator. To the extent not prohibited by Applicable Law, the Committee may, from time to time, delegate some or all
of its authority under the Global ESPP to the Administrator as it deems necessary, appropriate or advisable under conditions or
limitations that it may set at or after the time of the delegation. For purposes of the Global ESPP, all references to the Committee
will be deemed to refer to the Administrator to whom the Committee delegates authority pursuant to this Section 4(e).

 

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5.             Eligible Employees.

 

(a)            General. Any individual who is an Eligible Employee as of the commencement of an Enrollment Period will be eligible to participate
in the Global ESPP, subject to the requirements of Section 7.

 

(b)           Non-U.S. Employees. An Eligible Employee who works for a Participating Company and is a citizen or resident of a jurisdiction
other than the United States (without regard to whether such individual also is a citizen or resident of the United States or is
a resident alien (within the meaning of Code Section 7701(b)(1)(A) )) may be excluded from participation in the Global ESPP or
an Offering if the participation of such Eligible Employee is prohibited under the laws of the applicable jurisdiction or if complying
with the laws of the applicable jurisdiction would cause the Global ESPP or a Section 423 Offering to violate Code Section 423.
In the case of a Non-Section 423 Offering, an Eligible Employee (or group of Eligible Employees) may be excluded from participation
in the Global ESPP or an Offering if the Committee has determined, in its sole discretion, that participation of such Eligible
Employee(s) is not advisable or practicable for any reason.

 

(c)           Code Section 423 Limitations. Notwithstanding any provisions of the Global ESPP to the contrary, no Eligible Employee will
be granted a right to purchase Shares (i) to the extent that, immediately after the grant, such Eligible Employee (or any other
person whose stock would be attributed to such Eligible Employee pursuant to Code Section 424(d) ) would own capital stock of the
Company and/or hold outstanding options to purchase capital stock possessing five percent (5%) or more of the total combined voting
power or value of all classes of the capital stock of the Company or of any Parent or Subsidiary of the Company, or (ii) under
a Section 423 Offering, to the extent that his or her rights to purchase capital stock under all employee stock purchase plans
of the Company and any Parent and Subsidiaries accrues at a rate that exceeds Twenty-Five Thousand Dollars (US$25,000) worth of
such stock (determined at the fair market value of the shares of such stock at the time such right is granted) for each calendar
year in which such purchase right is outstanding.

 

(d)           Other Limitations on Eligibility. The Committee, in its discretion, from time to time may, prior to an Enrollment Period
for all purchase rights to be granted in an Offering, determine (on a uniform and nondiscriminatory basis for Section 423 Offerings)
that the definition of Eligible Employee will or shall not include an individual if he or she: (i) has not completed at least two
(2) years of service since his or her last hire date (or such lesser period of time as may be determined by the Committee in its
discretion), (ii) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined
by the Committee in its discretion), (iii) customarily works not more than five (5) months per calendar year (or such lesser period
of time as may be determined by the Committee in its discretion), (iv) is a highly compensated employee within the meaning of Section
414(q) , or (v) is a highly compensated employee within the meaning of Section 414(q) with compensation above a certain level or
who is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act, provided the exclusion is applied
with respect to each Section 423 Offering in an identical manner to all highly compensated individuals of the Participating Company
whose employees are participating in that Offering.

 

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6.             Offering
Periods. The Global ESPP will be implemented by means of consecutive Offering Periods, with the first Offering Period
commencing on the first Trading Day on or after January 1, 2021 and ending on the last Trading Day on or before June 30,
2021. Unless otherwise provided by the Committee, Offering Periods will run from January 1st (or the first Trading Day
thereafter) through June 30th (or the first Trading Day prior to such date), and from July 1st (or the first Trading Day
thereafter) through December 31st (or the first Trading Day prior to such date). The Committee shall have the authority to
establish additional or alternative sequential or overlapping Offering Periods, a different number of Purchase Periods within
an Offering Period, a different duration for one or more Offering Periods or Purchase Periods or different commencement or
ending dates for such Offering Periods with respect to future Offerings without stockholder approval if such change is
announced prior to the scheduled beginning of the first Offering Period to be affected thereafter, provided, however, that no
Offering Period may have a duration exceeding twenty-seven (27) months. To the extent that the Committee establishes
additional or overlapping Offering Periods, the Committee shall have discretion to structure an Offering Period so that if
the Fair Market Value of a share of Common Stock on the first Trading Day of the Offering Period in which a Participant is
currently enrolled is higher than the Fair Market Value of a share of Common Stock on the first Trading Day of any subsequent
Offering Period, the Company automatically will enroll such Participant in the subsequent Offering Period and will terminate
his or her participation in such original Offering Period.

 

7.             Participation.

 

(a)            Enrollment and Payroll Deductions. An Eligible Employee may elect to participate in an Offering Period under the Global
ESPP during any Enrollment Period. Any such election will be made by completing the online enrollment process through the Administrator
or, if permitted by the Company, by completing and submitting an enrollment form to the Company during such Enrollment Period,
authorizing Contributions in whole percentages from one percent (1%) to fifteen percent (15%) of Eligible Compensation for the
Purchase Period within the Offering Period to which the deduction applies. A Participant may elect to increase or decrease the
rate of such Contributions during any subsequent Enrollment Period by submitting the appropriate form online through the Administrator
or, if permitted by the Company, to the Company, provided that no change in Contributions will be permitted to the extent that
such change would result in total Contributions exceeding fifteen percent (15%) of the Eligible Employee’s Eligible Compensation,
or such other maximum amount as may be determined by the Committee.

 

(b)           Contribution Changes. A Participant may not change his or her rate of Contributions during an Offering Period. A Participant
may change his or her rate of Contributions only during an Enrollment Period.

 

(c)            Participation in Subsequent Offering Periods. Once an Eligible Employee elects to participate in an Offering Period, then
such Participant automatically will participate in the Offering Period commencing immediately following the last day of such prior
Offering Period at the same level of Contributions as was in effect in the prior Offering Period unless the Participant elects
to increase or decrease the rate of Contributions or withdraws or is deemed to withdraw from the Global ESPP as described above
in this Section 7. A Participant that is automatically enrolled in a subsequent Offering Period pursuant to this Section 7 is not
required to file any additional documentation in order to continue participation in the Global ESPP.

 

(d)           Committee Authority. The Committee has the authority to change the foregoing rules set forth in this Section 7 regarding
participation in the Global ESPP.

 

8.             Contributions. All Contributions made by a Participant shall be credited to the Participant's Contribution Account. The Company
shall not be obligated to segregate the Contributions from the general funds of the Company or any Participating Company nor will
any interest be paid on such Contributions, unless otherwise determined by the Committee or required by Applicable Law. All Contributions
received by the Company for Shares sold by the Company on any Purchase Date pursuant to the Global ESPP may be used for any corporate
purpose.

 

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9.             Grant of Purchase Right; Purchase of Shares.

 

(a)            General. On each Offering Date, the Company shall grant to each Participant a purchase right under the Global ESPP to purchase
Shares. Each purchase right shall be treated as an option for purposes of Code Section 423.

 

(b)           Term of Purchase Right. Each purchase right shall have a term equal to the length of the Offering Period to which the purchase
right relates.

 

(c)            Number of Shares Subject to a Purchase Right. On the Offering Date of each Offering Period, each Participant shall be granted
a purchase right to purchase for such Offering Period (at the applicable Purchase Price) up to a maximum number of Shares determined
by dividing such Participant’s Contributions for such Offering Period by the Fair Market Value of a Share on the Offering
Date; provided, however, that in no event will a Participant be permitted to purchase more than Twenty-Five Thousand
U.S. Dollars ($25,000) worth of Shares, subject to adjustment pursuant to Section 16(a), for each calendar year during which such
Purchase Right is outstanding.

 

(d)           Exercise of Purchase Right. The purchase right for each Participant automatically shall be exercised on each Purchase Date
and such Participant automatically shall acquire the number of whole Shares determined by dividing (i) the total amount of the
Participant’s Contributions during the Purchase Period, by (ii) the Purchase Price, to the extent the issuance of Shares
to such Participant upon such exercise is lawful. Unless otherwise determined by the Committee, any unused Contributions of a Participant
that was not applied to the purchase of Shares on a Purchase Date because such amount was insufficient to purchase a whole Share
shall be carried forward for the purchase of Shares on the next following Purchase Date. However, any unused Contributions during
an Offering Period for any reason other than as described in the foregoing sentence shall be promptly refunded following such Purchase
Date and shall not be carried forward to any subsequent Purchase Date.

 

(e)           Oversubscription. In the event, with respect to any Offering hereunder, that the number of whole Shares that might be purchased
by all Participants in the Global ESPP on a Purchase Date exceeds the number of Shares available for purchase during a particular
Offering Period or the number of Shares available for issuance under the Global ESPP, the Company shall make a pro rata allocation
of the remaining Shares in as uniform a manner as shall be reasonably practicable and as the Company shall determine to be equitable.

 

(f)            Delivery of Shares. As soon as reasonably practicable after each Purchase Date, the Company shall arrange for the delivery
of the Shares acquired by the Participant on such Purchase Date to the Participant’s Global ESPP Account.

 

(g)           Dividends. Any dividends paid on the Shares acquired under the Global ESPP shall be credited to the Participant’s
Global ESPP Account.

 

(h)           Reports to Participants. Each Participant who has exercised all or part of his or her purchase rights shall receive, as
soon as reasonably practicable after the Purchase Date, a report of such Participant’s Global ESPP Account setting forth
the total Contributions accumulated prior to such exercise, the number of Shares purchased, the Purchase Price for such Shares
and the date of purchase. The report may be delivered in such form and by such means, including by electronic transmission, as
the Company may determine.

 

(i)            Required Holding Period. If required by the Committee, a Participant may not sell or otherwise dispose of any Shares acquired
under the Global ESPP unless and until the Required Holding Period for such Shares has been satisfied. Further, except as may be
otherwise determined by the Committee, a Participant in a Section 423 Offering may not transfer any Shares acquired under the Global
ESPP from the Participant’s Global ESPP Account unless and until the Required Holding Period for such Shares has been satisfied.

 

    9

     

    

 

(j)            Clawback/Recoupment Policy. Notwithstanding anything contained herein to the contrary, all Shares acquired pursuant to the
Global ESPP shall be and remain subject to any incentive compensation clawback or recoupment policy of the Company currently in
effect or as may be adopted by the Company and, in each case, as may be amended from time to time. No such policy adoption or amendment
shall in any event require the prior consent of any Participant.

 

10.          Limitation on Number of Shares That a Participant May Purchase. Subject to the limitations set forth in Section 5(c), each
Participant shall have the right to purchase as many whole Shares as may be purchased with the Contributions credited to his or
her account as of the last day of the Purchase Period (or such other date as the Committee may determine), rounded down to the
nearest whole Share, at the Purchase Price applicable to such Offering Period; provided, however, that a Participant may not purchase
in excess of 4,000 Shares under the Global ESPP per Offering Period or such other maximum number of Shares as may be established
for an Offering Period by the Committee (in each case subject to adjustment pursuant to Section 16 hereof). Unless otherwise determined
by the Committee, any amount remaining in a Participant’s account that was not applied to the purchase of Shares on a Purchase
Date because it was insufficient to purchase a whole Share shall be carried forward for the purchase of Shares on the next following
Purchase Date. However, any amounts not applied to the purchase of Shares during an Offering Period for any reason other than as
described in the foregoing sentence shall be promptly refunded following such Purchase Date and shall not be carried forward to
any subsequent Purchase Date.

 

11.          Taxes. At the time a Participant’s purchase right is exercised, in whole or in part, or at the time a Participant disposes
of some or all of the Shares acquired under the Global ESPP, the Participant shall make adequate provision for any Tax-Related
Items. In their sole discretion, and except as otherwise determined by the Committee, the Company or the Participating Company
that employs the Participant may satisfy their obligations to withhold Tax-Related Items by (a) withholding from the Participant’s
wages or other compensation, (b) withholding a sufficient whole number of Shares otherwise issuable following purchase having an
aggregate Fair Market Value sufficient to pay the Tax-Related Items required to be withheld with respect to the Shares, or (c)
withholding from proceeds from the sale of Shares issued upon purchase, either through a voluntary sale or a mandatory sale arranged
by the Company.

 

12.          Rights as a Stockholder. A Participant shall have no rights as a stockholder with respect to Shares subject to any rights granted
under the Global ESPP or any Shares deliverable under the Global ESPP unless and until such Shares have been deposited into the
Participant's Global ESPP Account.

 

13.          Rights Not Transferable. Rights granted under the Global ESPP are not transferable by a Participant other than by will or the
laws of descent and distribution, and are exercisable during a Participant’s lifetime only by the Participant.

 

14.          Withdrawals. A Participant may withdraw from an Offering Period by submitting the appropriate form online through the Administrator
or, if permitted by the Company, to the Company. A notice of withdrawal must be received by the relevant deadline as prescribed
by the Committee. Upon receipt of such notice, automatic deductions of Contributions on behalf of the Participant shall be discontinued
commencing with the payroll period immediately following the effective date of the notice of withdrawal, and such Participant shall
be ineligible to participate in the Global ESPP until the next Enrollment Period. Unless otherwise determined by the Committee,
amounts credited to the Contribution Account of any Participant who withdraws prior to the date set forth in this Section 15 shall
be refunded to the Participant, without interest, as soon as reasonably practicable.

 

15.          Termination of Employment.

 

(a)            General.
Upon a Participant's Termination for any reason prior to a Purchase Date, Contributions for such Participant will be
discontinued and any amounts then credited to the Participant’s Contribution Account shall be refunded to the
Participant, without interest, as soon as practicable, except as otherwise determined by the Committee.

 

    10

     

    

 

(b)            Leave of Absence. Subject to the discretion of the Committee, if a Participant is granted a paid leave of absence, payroll
deductions on behalf of the Participant will continue and any amounts credited to the Participant’s Contribution Account
may be used to purchase Shares as provided under the Global ESPP. If a Participant is granted an unpaid leave of absence, payroll
deductions on behalf of the Participant will be discontinued and no other Contributions will be permitted (unless otherwise determined
by the Committee or required by Applicable Law), but any amounts then credited to the Participant’s Contribution Account
may be used to purchase Shares on the next applicable Purchase Date. Where the period of leave exceeds three (3) months and the
Participant’s right to reemployment is not guaranteed by statute or by contract, the employment relationship will be deemed
to have terminated three (3) months and one (1) day following the commencement of such leave.

 

(c)            Transfer of Employment. Unless otherwise determined by the Committee, a Participant whose employment transfers or whose
employment terminates with an immediate rehire (with no break in service) by or between the Company or a Participating Company
shall not be treated as having terminated employment for purposes of participating in the Global ESPP or an Offering; however,
if a Participant transfers from a Section 423 Offering to a Non-Section 423 Offering, the exercise of the Participant’s purchase
right will be qualified under the Section 423 Offering only to the extent that such exercise complies with Code Section 423. If
a Participant transfers from a Non-Section 423 Offering to a Section 423 Offering, the exercise of the Participant’s purchase
right will remain non-qualified under the Non-Section 423 Offering.

 

16.          Adjustment
Provisions; Change in Control.

 

(a)           Changes in Capitalization. In the event of any change affecting the number, class, value, or terms of the Shares resulting
from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or
exchange of Shares, merger, consolidation, rights offering, separation, reorganization or liquidation or any other change in the
corporate structure or Shares, including any extraordinary dividend or extraordinary distribution (but excluding any regular cash
dividend), then the Committee, in order to prevent dilution or enlargement of the benefits or potential benefits intended to be
made available under the Global ESPP, will, in such manner as it may deem equitable, adjust the number and class of Common Stock
that may be delivered under the Global ESPP (including the numerical limits of Sections 3 and 9), the Purchase Price per Share
and the number of Shares covered by each right under the Global ESPP that has not yet been exercised. For the avoidance of doubt,
the Committee may not delegate its authority to make adjustments pursuant to this Section. Except as expressly provided herein,
no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, will affect,
and no adjustment by reason thereof will be made with respect to, the number or price of Shares subject to a purchase right.

 

(b)           Change in Control. In the event of a Change in Control, the Committee may take any action it deems necessary with respect
to the outstanding rights to purchase Shares, including but not limited to, accelerating the Purchase Date or discontinuing Contributions
and refunding any previously made Contributions, without interest, as soon as practicable.

 

17.          Amendments
and Termination of the Global ESPP. The Board or the Committee may amend,
suspend or discontinue the Global ESPP at any time, provided that, if stockholder approval is required pursuant to Applicable
Law, then no such amendment, suspension or discontinuance will be effective unless approved by the Company’s
stockholders within such time period as may be required. The Global ESPP shall terminate on the earliest to occur of (i)
termination by the Board, (ii) issuance of all Shares available for issuance under the Global ESPP or (iii) the tenth (10th)
anniversary of the approval of the Global ESPP by the Board. Upon termination of the Global ESPP, all Contributions will
cease and all amounts then credited to a Participant’s account will be equitably applied to the
purchase of whole Shares then available for sale, and any remaining amounts will be promptly refunded, without interest, to
Participants. For the avoidance of doubt, the Board or Committee, as applicable herein, may not delegate its authority to
make amendments to or suspend the operations of the Global ESPP pursuant to this Section.

 

    11

     

    

 

18.          Stockholder Approval; Effective Date. The Global ESPP shall take effect on the date of adoption by the Board, subject to approval
by the stockholders of the Company within twelve (12) months before or after the date the Global ESPP is adopted by the Board.
Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. For the avoidance of
doubt, the Board may not delegate its authority to approve the Global ESPP pursuant to this Section.

 

19.          Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Global ESPP, unless there is an available exemption
from any registration, qualification or other legal requirement applicable to the Shares, the Company shall not be required to
deliver any Shares issuable upon exercise of a right under the Global ESPP prior to the completion of any registration or qualification
of the Shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations
of any governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign
governmental agency, which registration, qualification or approval the Committee will, in its absolute discretion, deem necessary
or advisable. The Company is under no obligation to register or qualify the Shares with any state or foreign securities commission,
or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. If, pursuant to this Section
19, the Committee determines that the Shares shall not be issued to any Participant, any Contributions credited to such Participant’s
account will be promptly refunded, without interest, to the Participant, without any liability to the Company or any of its Subsidiaries
or Affiliates (or any Parent, if applicable).

 

20.          Code Section 409A; Tax Qualification.

 

(a)           Code Section 409A. Rights to purchase Shares granted under a Section 423 Offering are
exempt from the application of Code Section 409A and rights to purchase Shares granted under a Non-Section 423 Offering are intended
to be exempt from Code Section 409A pursuant to the “short-term deferral” exemption contained therein. In furtherance
of the foregoing and notwithstanding any provision in the Global ESPP to the contrary, if the Committee determines that a right
granted under the Global ESPP may be subject to Code Section 409A or that any provision in the Global ESPP would cause a right
under the Global ESPP to be subject to Code Section 409A, the Committee may amend the terms of the Global ESPP and/or of an outstanding
right granted under the Global ESPP, or take such other action the Committee determines is necessary or appropriate, in each case,
without the Participant’s consent, to exempt any outstanding right or future right that may be granted under the Global ESPP
from or to allow any such rights to comply with Code Section 409, but only to the extent any such amendments or action by the Committee
would not violate Code Section 409A. Notwithstanding the foregoing, the Company shall have no liability to a Participant or any
other party if the right to purchase Shares under the Global ESPP that is intended to be exempt from or compliant with Code Section
409A is not so exempt or compliant or for any action taken by the Committee with respect thereto. The Company makes no representation
that the right to purchase Shares under the Global ESPP is compliant with Code Section 409A.

 

(b)           Tax Qualification. Although the Company may endeavor to (i) qualify a right to purchase
Shares for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid
adverse tax treatment (e.g., under Code Section 409A ), the Company makes no representation to that effect and expressly
disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in the
Global ESPP, including Section 20(a) hereof. The Company will be unconstrained in its corporate activities without regard to the
potential negative tax impact on Participants under the Global ESPP.

 

    12

     

    

 

21.          No Employment Rights. Participation in the Global ESPP shall not be construed as giving any Participant the right to be retained
as an employee of the Company, its Subsidiary, or one of its Affiliates or Parent, as applicable. Furthermore, the Company, a Subsidiary,
or an Affiliate (or Parent, if applicable) may dismiss any Participant from employment at any time, free from any liability or
any claim under the Global ESPP.

 

22.          Governing Law. The Global ESPP shall be governed by and construed in accordance with the internal laws of the State of Delaware
applicable to contracts made and performed wholly within the State of Delaware, without giving effect to the conflict of laws’
provisions thereof. EACH PARTICIPANT WHO VOLUNTARILY ELECTS TO PARTICIPATE IN THE GLOBAL ESPP IRREVOCABLY WAIVES ALL RIGHT TO A
TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT’S
RIGHTS OR OBLIGATIONS HEREUNDER.

 

 

23.          Titles and Headings, References to Sections or Exchange Act. The titles and headings of the Sections in the Global ESPP are
for convenience of reference only and, in the event of any conflict, the text of the Global ESPP, rather than such titles or headings,
shall control. References to sections or the Exchange Act shall include any amendment or successor thereto.

 

24.          Expenses. Unless otherwise set forth in the Global ESPP or determined by the Committee, all expenses of administering the Global
ESPP, including expenses incurred in connection with the purchase of Shares for sale to Participants, will be borne by the Company
and its Subsidiaries or Affiliates (or any Parent, if applicable).

 

********************************************

 

    13Exhibit 10.3

 

Execution Version

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

(As Amended and Restated Effective
as of September 22, 2020)

 

     

     

    

 

TABLE OF CONTENTS

 

Page

 

	Article I DEFINITIONS	1
	 	 
	1.1.	“409A Change in Control”	1
	1.2.	“Account”	2
	1.3.	“Agreement”	2
	1.4.	“Board”	2
	1.5.	“Bonus”	2
	1.6.	“Change in Control”	2
	1.7.	“Class B Stock”	2
	1.8.	“Code”	3
	1.9.	“Company”	3
	1.10.	“Company Contribution Unit”	3
	1.11.	“Disability”	3
	1.12.	“Effective Date”	3
	1.13.	“Employee Deferrals”	3
	1.14.	“Grandfathered Participant”	3
	1.15.	“Investment Funds”	3
	1.16.	“Key Employee”	3
	1.17.	“Long-Term Bonus”	3
	1.18.	“Participant”	3
	1.19.	“Phantom Share”	3
	1.20.	“Plan”	3
	1.21.	“Plan Administrator”	3
	1.22.	“Plan Year”	4
	1.23.	“Publicly Traded”	4
	1.24.	“Securities Exchange Act”	4
	1.25.	“Separation from Service”	4
	1.26.	“Share Value”	4
	1.27.	“Short-Term Bonus”	5
	1.28.	“Valuation Date”	5
	 	 	 
	Article II COMPANY CONTRIBUTION UNITS	6
	 	 
	2.1.	Prior and Future Awards	6
	2.2.	Vesting	6
	2.3.	Deemed Investment	7
	2.4.	Distribution of Company Contribution Units	7
	 	 	 
	Article III EMPLOYEE DEFERRALS	8
	 	 
	3.1.	Terms of Participation	8
	3.2. 	Deferred Compensation Account	9
	3.3.	Distribution of Employee Deferrals	9

 

     i

     

    

 

	Article IV SUBSEQUENT DEFERRALS	11
	 	 
	4.1.	Company Contribution Units	11
	4.2.	Employee Deferrals	11
	 	 	 
	Article V GRAND-FATHERED PARTICIPANTS	12
	 	 
	5.1.	Required Changes in Deemed Investments	12
	5.2.	Request to Change Deemed Investments	12
	5.3.	Valuation of Investment Funds	12
	5.4.	Payment of Amounts Deemed Invested in Investment Funds	12
	5.5.	Earnings on Investment Funds	13
	 	 	 
	Article VI DIVIDEND EQUIVALENTS	13
	 	 
	Article VII ADMINISTRATION	13
	 	 
	7.1.	General Authority	13
	7.2.	Rights of the Plan Administrator	13
	7.3.	Final Determination	13
	 	 	 
	Article VIII CAPITAL ADJUSTMENTS	13
	 	 
	Article IX SHARES AUTHORIZED UNDER PLAN	14
	 	 
	Article X SECTION 409A COMPLIANCE	14
	 	 
	10.1.	Specified Employee Status	14
	10.2.	Compliance in General	14
	10.3.	No Liability for Section 409A Problems	14
	 	 	 
	Article XI MISCELLANEOUS	14
	 	 
	11.1.	Amendment or Termination of the Plan	14
	11.2.	Withholding	15
	11.3.	Lock-Up Agreement	15
	11.4.	Beneficiary Designation	15
	11.5.	Distribution to Guardian	16
	11.6.	No Funding	16
	11.7.	Governing Law	16

 

	APPENDICES A	AWARD AGREEMENTS	A-1
	 
	APPENDIX A-1	ELECTION OF EMPLOYEE DEFERRALS	A1-1
	 
	APPENDIX A-2	ELECTION OF A LATER DISTRIBUTION (COMMENCEMENT OF DISTRIBUTION) DATE
    AND POSSIBLY DIFFERENT DISTRIBUTION FORM 	A2-1
	 
	APPENDIX A-3	CHANGE IN DEEMED INVESTMENT REQUEST	A3-1
	 
	APPENDIX A-4	TERMINATION OF DEFERRAL ELECTION	A4-1
	 
	APPENDIX B	LIST OF INVESTMENT FUNDS AS OF JANUARY 1, 2015	B-1
	 
	APPENDIX C	BENEFICIARY DESIGNATION FORM	C-1

 

     ii

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

(As Amended and Restated Effective as of September 22, 2020)

 

WHEREAS, Bentley Systems, Incorporated,
a Delaware corporation (the “Company”), sponsors the Bentley Systems, Incorporated Nonqualified Deferred Compensation
Plan (the “Plan”) for its officers and key employees, originally effective January 1, 2007, in order to attract
and retain such individuals and motivate them to exercise their best efforts on behalf of the Company and its subsidiaries;

 

WHEREAS, the Company most recently
amended and restated the Plan, effective as of January 1, 2015 , and has amended the Plan in part on two occasions thereafter;

 

WHEREAS, Section 9.1 of the Plan
provides that the Board of Directors of the Company (the “Board”) may amend the Plan from time to time; and

 

WHEREAS, the Board desires to amend
and restate the Plan (i) to incorporate the two amendments noted above; (ii) increase the number of shares of Class B common stock
of the Company available under the Plan; and (iii) to make certain additional changes;

 

NOW, THEREFORE, effective as of
September 22, 2020, the Plan is hereby amended and restated as follows:

 

Article
I

DEFINITIONS

 

1.1.           
“409A Change in Control” shall mean:

 

(a)              
Any one person, or more than one person acting as a group, acquires ownership of stock of the Company that, together
with stock held by such person or group, constitutes more than 50 percent of the total fair market value or total voting power
of the stock of the Company;

 

(b)              
A change in the effective control of the Company occurring only on the date that either:

 

(1)              
Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) ownership of stock of the Company possessing 35 percent
or more of the total voting power of the stock of the Company; or

 

(2)              
A majority of members of the Board is replaced during any 12-month period by directors whose appointment or election
is not endorsed by a majority of the members of the Board prior to the date of the appointment or election; or

 

    

     

    

 

(c)              
 Any one person, or more than one person acting as a group, acquires (or has acquired during the 12-month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair
market value equal to or more than 40 percent of the total gross fair market value of all of the assets of the Company immediately
prior to such acquisition or acquisitions.

 

Whether or not a 409A Change in Control has occurred shall
be determined in accordance with Treas. Reg. §1.409A-3(i)(5) or any successor thereto.

 

1.2.           
“Account” shall mean a bookkeeping account (or, when appropriate, sub-accounts) to which a Participant’s
Company Contribution Units and/or Employee Deferrals are credited.

 

1.3.           
“Agreement” shall mean, as applicable, one of the deferred compensation agreements, substantially
in the forms set forth in Appendices A attached hereto, to be entered into by a Participant and the Company to provide the Participant
with the opportunity (i) to make an initial election of Employee Deferrals (Appendix A-1 attached hereto); (ii) to elect a later
distribution date (or commencement of distribution date) (Appendix A-2 attached hereto); (iii) only for a Grandfathered Participant,
to change deemed investment requests for Company Contribution Units or Employee Deferrals (Appendix A-3 attached hereto); and
(iv) to terminate Employee Deferrals (Appendix A-4 attached hereto).

 

1.4.           
“Board” shall mean the Board of Directors of the Company.

 

1.5.           
“Bonus” shall mean either a Short-Term Bonus or a Long-Term Bonus.

 

1.6.           
“Change in Control” shall mean:

 

(a)              
Any person, including a group of persons acting in concert (but not including the Company or any stockholder who
is part of a group of stockholders who collectively beneficially own more than 50 percent of the voting common stock of the Company
as of the Effective Date), becomes the beneficial owner of shares of the Company having 50 percent or more of the total number
of votes that may be cast for the election of members of the Board; or

 

(b)              
There occurs a cash tender or exchange offer for shares of the Company, a merger or other business combination,
or a sale of assets or a combination of the foregoing transactions, and as a result of or in connection with any such event persons
who were members of the Board before the event shall cease to constitute a majority of the Board or of the board of directors
of any successor to the Company.

 

(c)              
For purposes of this Section, the terms “person,” “group” and “beneficial owner”
shall have the meanings assigned to such terms under Section 13(d) of the Securities Exchange Act.

 

1.7.           
“Class B Stock” shall mean a number of actual whole (not fractional) shares of the Company’s
Class B Non-Voting Common Stock (or any successor class of common stock).

 

    2

     

    

 

1.8.           
 “Code” shall mean the Internal Revenue Code of 1986, as amended.

 

1.9.           
“Company” shall mean Bentley Systems, Incorporated, a Delaware corporation.

 

1.10.         
“Company Contribution Unit” shall mean a discretionary credit made by the Company on behalf of
a Participant, the value of which shall be deemed invested in Phantom Shares. (See Article V for special rules for Grandfathered
Participants to whom Company Contribution Units were credited before January 1, 2015.).

 

1.11.         
“Disability” shall mean the Participant’s inability to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or which
has lasted or can be expected to last for a continuous period of not less than 12 months. Whether a Participant has incurred a
Disability shall be determined by the Plan Administrator in its sole discretion, provided such decision is supported by medical
evidence.

 

1.12.         
“Effective Date” shall mean September 22, 2020.

 

1.13.         
“Employee Deferrals” shall mean any Bonus, or any part thereof, that is deferred by a Participant
in accordance with Article III.

 

1.14.         
“Grandfathered Participant” shall mean any Participant who had a Separation from Service before
January 1, 2015.

 

1.15.         
“Investment Funds” shall mean those funds listed in Appendix B attached hereto.

 

1.16.         
“Key Employee” shall mean an officer or other key employee of the Company or a subsidiary of
the Company.

 

1.17.         
“Long-Term Bonus” shall mean any current or future bonus based on pre-established (within the
meaning of Treas. Reg. §1.409A-1(e)(1) or any successor thereto) individual or corporate performance goals relating to a
performance period of at least 12 consecutive months during which the Participant performs services for the Company or any subsidiary.

 

1.18.         
“Participant” shall mean a Key Employee who has been selected to participate in the Plan and
for whom an Account is maintained under the Plan.

 

1.19.         
“Phantom Share” shall mean a deemed share, the value of which equals the Share Value.

 

1.20.         
“Plan” shall mean the Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan,
as set forth herein and as it may be amended from time to time.

 

1.21.         
“Plan Administrator” shall mean an individual or a committee appointed by the Board to administer
the Plan. If no individual or committee is so appointed, the Plan Administrator shall be the Board itself.

 

    3

     

    

 

1.22.        
 “Plan Year” shall mean each calendar year beginning with 2007.

 

1.23.         
“Publicly Traded” shall mean that the Company has registered a class of its common stock under
Section 12 of the Securities Exchange Act. Notwithstanding the preceding sentence, the Company shall not be considered to be Publicly
Traded if the Plan Administrator determines, in good faith, that there has not been sufficient trading volume of Class B Stock
to create a fair determination of Share Value pursuant to Section 1.26(b).

 

1.24.         
“Securities Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the
rules and regulations promulgated thereunder.

 

1.25.         
“Separation from Service” shall mean a “separation from service” as defined in Section
409A(a)(2)(A)(i) of the Code and the regulations issued thereunder (see the footnote in Appendix A-1 attached hereto for a summary
of such definition); except that, if a Participant has made no election for any payment under the Plan to be triggered by such
a Separation from Service, and the Participant’s status changes from an employee of the Company or a subsidiary of the Company
to a non-employee director of the Company, then no Separation from Service shall occur for purposes of the Plan until the Participant’s
separation from service as a non-employee director of the Company.

 

1.26.         
“Share Value” shall mean the value determined pursuant to subsection (a), subsection (b), or
subsection (c) below, as applicable:

 

i

(a)              
Generally. Share Value shall mean the value of one share of Class B Stock, as determined by the Board based
on the valuation of such shares by the Company’s independent appraiser, on the Valuation Date coincident with or last prior
to the applicable distribution date or investment date.

 

(b)              
Publicly Traded. Except as set forth in subsection (c) below, on and after the Company becomes Publicly Traded,
Share Value shall mean:

 

(1)              
the closing price of the Class B Stock on a registered securities exchange or on an over-the-counter market (as
applicable) on the applicable Valuation Date, if there are sales on such date;

 

(2)              
the weighted average of the closing prices on the nearest date before and the nearest date after the applicable
Valuation Date, if there are no sales on such date but there are sales on dates within a reasonable period both before and after
such date; or

 

(3)              
the mean between the bid and asked prices, as reported by the National Quotation Bureau, on the applicable Valuation
Date, if actual sales are not available either on such date or during a reasonable period beginning before and ending after such
date.

 

Where the fair market value of Class B Stock is determined
under paragraph (2) above, the closing prices of the sales on the nearest date before and the nearest date after the applicable
Valuation Date shall be weighted inversely by the respective numbers of trading days between the selling dates and the applicable
Valuation Date.

 

    4

     

    

 

(c)              
Change in Control

 

(1)              
In the event of a Change in Control or a 409A Change in Control before the Company becomes Publicly Traded, Share
Value shall mean the final price per share of common stock (determined on a fully diluted basis) agreed upon by the parties to
such change in control (or, in the event of an asset sale that constitutes a Change in Control or a 409A Change in Control, the
final purchase price, including any assumption of debt, agreed upon by the parties to such change in control divided by the number
of outstanding shares of common stock, determined on a fully diluted basis, on the date of such sale).

 

(2)              
In the event of a Change in Control or a 409A Change in Control after the Company becomes Publicly Traded, Share
Value shall mean the final price per share of Class B Stock (determined on a fully diluted basis) agreed upon by the parties to
such change in control (or, in the event of an asset sale that constitutes a Change in Control or a 409A Change in Control, the
final purchase price agreed upon by the parties to such change in control divided by the number of outstanding shares of Class
B Stock, determined on a fully diluted basis, on the date of such sale).

 

1.27.       
“Short-Term Bonus” shall mean any current or future bonus based on pre-established individual
or corporate performance goals relating to a performance period of less than 12 consecutive months during which the Participant
performs services for the Company or any subsidiary.

 

1.28.       
“Valuation Date” shall mean:

 

(a)              
In General. (i) With respect to each Investment Fund, Valuation Date shall mean each business day on which
such fund is available to be traded on a public market, and (ii) with respect to Phantom Shares and except as provided in subsections
(b) and (c) below, Valuation Date shall mean any date on which the Board determines the current fair market value of one share
of Class B Stock.

 

(b)              
Change in Control. Notwithstanding subsection (a)(ii) above, if the Company enters into a binding agreement
to undergo a Change in Control or a 409A Change in Control (the “Transaction”), amounts scheduled to be distributed
under the Plan after such binding agreement is entered into that are based on the Share Value of Phantom Shares shall generally
not be distributed until the closing date of the Transaction or its earlier termination. If distribution occurs on account of
the termination of the Transaction, all such amounts shall be distributed at the Share Value last determined prior to such distribution.
However, if neither the closing date nor the termination of the Transaction occurs on or before December 31 of the year in which
such binding agreement is entered into, all such amounts that are scheduled to be distributed in such year shall be paid on or
before such December 31 and shall be distributed at the Share Value last determined prior to such distribution.

 

    5

     

    

 

(c)              
Publicly Traded. If the Company becomes Publicly Traded, the Valuation Date for Phantom Shares shall mean
each business day on which shares of Class B Stock are tradable on a public market.

 

Article
II

COMPANY CONTRIBUTION UNITS

 

2.1.           
Prior and Future Awards. For Plan Years prior to January 1, 2015, the Plan Administrator, in its sole discretion,
credited Company Contribution Units on behalf of certain Key Employees to Accounts established for such Key Employees. On and
after January 1, 2016, the Plan Administrator may, in its sole discretion, again credit Company Contribution Units on behalf of
any Key Employee to an Account established for such Key Employee and so inform the Key Employee about such crediting. The Plan
Administrator is not required to credit the same number of Company Contribution Units to each Key Employee’s Account, and
may choose not to credit any Company Contribution Units to the Accounts of some or all Key Employees in any Plan Year.

 

2.2.           
Vesting.

 

(a)       Awards
Before January 1, 2015. Company Contribution Units credited to a Participant’s Account on or after March 20, 2009 and
before January 1, 2015 vest in such installments and on such dates as the Plan Administrator specified at the time of grant. In
the event the Participant has a Separation from Service for any reason other than death or Disability, he or she shall forfeit
any unvested Company Contribution Units credited to his or her Account at the time of such Separation from Service. In the event
the Participant has a Separation from Service as a result of death or Disability, or the Company undergoes a Change in Control
or a 409A Change in Control while the Participant is still employed by the Company or a subsidiary, he or she shall become 100
percent vested in all of the Company Contribution Units credited to his or her Account at the time of such Separation from Service
or such change in control. Finally, the Plan Administrator may, in its discretion, accelerate (but not decelerate), in whole or
in part, the vesting of any Participant’s outstanding Company Contribution Units, whether granted before, on or after March
20, 2009 and before January 1, 2015, if it deems such acceleration to be desirable.

 

(b)       Awards
on and After January 1, 2016. Company Contribution Units credited to a Participant’s Account on or after January 1,
2016 shall be 100 percent vested at all times, except to the extent the Plan Administrator notifies the Participant otherwise
at the time of grant. To the extent the Plan Administrator notifies the Participant that all or a portion of such Company Contribution
Units are not 100 percent vested at the time of grant (the “Alternate Vesting Units”), then the provisions of Section
2.2(a) related to unvested Company Contribution Units (including those related to the acceleration of vesting) shall apply to
such Alternate Vesting Units mutatis mutandis.

 

    6

     

    

 

2.3.          
 Deemed Investment. Company Contribution Units shall be deemed invested in Phantom Shares and any such units
not deemed invested in Phantom Shares as of January 1, 2015 or thereafter shall be transferred to a deemed investment in Phantom
Shares as of March 31, 2015. The number of Phantom Shares may contain a fraction, rounded to the nearest 1/10,000 (0.0001) of
a share. (See Article V for special rules for Grandfathered Participants.)

 

2.4.           
Distribution of Company Contribution Units

 

(a)              
The Company shall distribute a Participant’s vested Company Contribution Units in seven annual installments
beginning, unless the Participant elects otherwise in accordance with Section 4.1(a), on, or as soon as administratively practicable
after, the April 1 following the fourth anniversary of the date on which such units were credited to the Participant’s Account,
and on, or as soon as administratively practicable after, each April 1 thereafter. Such distribution shall be made in Class B
Stock, except that the value of any fractional Phantom Share shall be distributed in cash on, or as soon as administratively practicable
after, such April 1. For purposes of determining the value of any such fractional Phantom Share and for purposes of determining
the value of any such distribution of Class B Stock for tax purposes, the value of each share of Class B Stock shall equal the
Share Value on the actual distribution date. (See Article V for special rules for Grandfathered Participants.)

 

(b)              
Except as provided in subsection (d) below, the amount of each installment distribution, other than the final distribution,
shall equal 1/n multiplied by the number of Phantom Shares attributable to vested Company Contribution Units in the Participant’s
Account as of the day prior to the stated distribution date, where “n” equals the number of distributions yet to be
made. The final distribution will equal the number of Phantom Shares attributable to vested Company Contribution Units in the
Participant’s Account as of the day prior to the final stated distribution date. For example, if distributions are to commence
to a Participant on April 1, 2015, the first distribution will be made to the Participant on, or as soon as administratively practicable
after, April 1, 2015 and will equal 1/7 of the March 31, 2015 number of Phantom Shares attributable to vested
Company Contribution Units in the Participant’s Account. The April 1, 2016 distribution will be made to the Participant
as soon as administrative practicable on or after April 1, 2016 and will equal 1/6 of the March 31, 2016 number of Phantom Shares
attributable to vested Company Contribution Units in the Participant’s Account.

 

In the above example, if the Participant
has 700 Phantom Shares in his or her Account as of March 31, 2015, the Participant will receive 100 shares of Class B Stock as
soon as administrative practicable on or after April 1, 2015. Six hundred Phantom Shares will remain in the Participant’s
Account to be distributed as soon as administratively practicable on or after each of the next six April lst in the form of Class
B Stock. (See Article V for special rules for Grandfathered Participants.)

 

(c)              
If the Participant’s death occurs during the deferral or distribution period, the number of Phantom Shares
attributable to the Participant’s remaining vested Company Contribution Units (as of the day immediately preceding the date
of the Participant’s death) shall be distributed in Class B Stock to the Participant’s beneficiary(ies) on, or as
soon as administratively practicable after, the date of the Participant’s death. (See Article V for special rules for Grandfathered
Participants.)

 

    7

     

    

 

(d)              
Notwithstanding the foregoing, if the value of the sum of the Company Contribution Units and Employee Deferrals
in the Participant’s Account as of the date of the first scheduled distribution of either Company Contribution Units or
Employee Deferrals or as of any future date is less than or equal to the limit set forth (as adjusted) in Section 402(g)(1)(B)
of the Code ($19,500 for 2020), the Company may, in its sole discretion, distribute the entire amount in such Participant’s
Account in Class B Stock to the Participant as soon as administratively practicable on or after such date. (See Article V for
special rules for Grandfathered Participants.)

 

Article
III

EMPLOYEE DEFERRALS

 

3.1.           
Terms of Participation

 

(a)              
A Participant may elect to defer up to 100% of his or her Bonus under the Plan by filing an Agreement with the Company,
substantially in the form of Appendix A-1 attached hereto. Except as described below with respect to a newly eligible Participant,
in order to defer a Short-Term Bonus, the Agreement must be filed with the Company no later than December 31 of the Plan Year
prior to the Plan Year containing any quarter in which the Bonus may be earned (the “Election Date” for a Short-Term
Bonus). When a Participant (who is ineligible to participate in any other nonqualified deferred compensation plan of the same
type as the Plan that is sponsored by the Company or any member of its controlled group of entities within the meaning of Section
414(b) or Section 414(c) of the Code) files an Agreement with the Company, substantially in the form of Appendix A-1 attached
hereto, within 30 days of first becoming eligible to participate in the Plan, Short-Term Bonus deferrals will commence with respect
to services to be performed subsequent to the date of the Agreement.

 

In order to defer a Long-Term
Bonus, an Agreement, substantially in the form of Appendix A-1 attached hereto, must be filed with the Company no later than the
date that is six months before the end of the performance period (or, if earlier, the date on which both (i) it is substantially
certain that such Bonus will be earned and (ii) the amount of such Bonus is readily ascertainable) (the “Election Date”
for a Long-Term Bonus). If a Participant begins participating in the Plan after the first day of a Long-Term Bonus’s performance
period, the Participant may not make a deferral election under the Plan with respect to such Long-Term Bonus, except as otherwise
permitted by the Plan Administrator in accordance with, and pursuant to, Treas. Reg. §§1.409A-1 and 1.409A-2 or any
successor(s) thereto.

 

A Participant’s deferral
election will commence on January 1 of the Plan Year immediately following the applicable Election Date, and will continue in
effect until terminated pursuant to subsection (b) below. A Participant may revoke his or her election under this subsection (a)
at any time up to the applicable Election Date, after which any such election shall become irrevocable.

 

    8

     

    

 

(b)              
 Employee Deferrals will continue until the Participant furnishes an Agreement to the Company indicating that the
Participant terminates his or her Employee Deferrals, or until such time as the Company terminates the Plan. A Participant may
terminate his or her deferral elections with respect to any Bonus for which the applicable Election Date has not passed by delivering
an Agreement to the Company, substantially in the form of Appendix A-4 attached hereto, no later than the applicable Election
Date.

 

(c)              
A Participant who has terminated his or her Employee Deferrals may subsequently elect to make Employee Deferrals
again by filing a new Agreement in accordance with subsection (a) above.

 

(d)              
A Participant may alter the amount of Employee Deferrals for any Bonus with respect to which the applicable Election
Date has not passed and/or elect a different method by which he or she will be distributed Employee Deferrals for any Bonus with
respect to which the applicable Election Date has not passed, if the Participant executes and files with the Company a new Agreement,
in accordance with subsection (a) above, no later than the applicable Election Date for the Bonus. For each new Agreement that
changes the method of distribution of Employee Deferrals, the Plan Administrator will establish a new sub-account for the Participant.

 

3.2.           
Deferred Compensation Account. All of a Participant’s Employee Deferrals shall be credited to the Participant’s
Account in the form of a bookkeeping entry. Employee Deferrals credited to a Participant’s Account on and after January
1, 2015 shall be deemed invested in Phantom Shares (based on their Share Value on the date the Employee Deferrals are withheld
from the Participant’s Bonus). Any such deferrals not deemed invested in Phantom Shares as of January 1, 2015 or thereafter
shall be transferred to a deemed investment in Phantom Shares as of March 31, 2015. (See Article V for special rules for Grandfathered
Participants.)

 

3.3.           
Distribution of Employee Deferrals

 

(a)              
Pursuant to a Participant’s election in his or her Agreement substantially in the form of Appendix A-1 attached
hereto, his or her Employee Deferrals shall be distributed on, or as soon as administratively practicable after, either (i) his
or her Separation from Service or (ii) a date(s) chosen by the Participant. The Participant may also elect to receive his or her
Employee Deferrals on, or as soon as administratively practicable after, either (A) an “unforeseeable emergency,”
as defined in Section 409A(a)(2)(B)(ii) of the Code, to the extent not prohibited by that Section of the Code and regulations
issued thereunder or (B) a 409A Change in Control. If the Participant wishes to defer further the distribution (or commencement
of distribution) date for his or her Employee Deferrals, the Participant may do so pursuant to Section 4.2. (See Article V for
special rules for Grandfathered Participants.)

 

(b)              
A Participant shall elect in an Agreement substantially in the form of Appendix A-1 attached hereto to have his
or her Employee Deferrals distributed in:

 

(1)              
a single distribution; or

 

    9

     

    

 

(2)              
 any number of annual installments (as calculated in the following paragraph) for a period of two to 10 years, distributable
as of the same date in each calendar year until the balance in the Participant’s Account is exhausted.

 

Except as provided in subsection
(d) below, the amount of each installment distribution, other than the final distribution, shall equal 1/n multiplied by the number
of Phantom Shares attributable to Employee Deferrals in the Participant’s Account as of the day prior to the stated distribution
date, where “n” equals the number of distributions yet to be made. The final distribution will equal the number of
Phantom Shares attributable to Employee Deferrals in the Participant’s Account as of the day prior to the final stated distribution
date. For example, if distributions are to be made in 10 annual installments commencing on April 1, 2015, the first distribution
will be made to the Participant on, or as soon as administratively practicable after, April 1, 2015 and will equal 1/10 of the
March 31, 2015, number of Phantom Shares attributable to Employee Deferrals in the Participant’s Account. The April 1, 2016
distribution will be made to the Participant on, or as soon as administratively practicable after, April 1, 2016 and will equal
1/9 of the March 31, 2016, number of Phantom Shares attributable to Employee Deferrals in the Participant’s Account.

 

In the above example, if the Participant
has 500 Phantom Shares in his or her Account as of March 31, 2015, the Participant will receive 50 shares of Class B Stock on,
or as soon as administratively practicable after, April 1, 2015. Four hundred fifty Phantom Shares will remain in the Participant’s
Account to be distributed on, or as soon as administratively practicable after, each of the next nine April lst in the form of
Class B Stock. (See Article V for special rules for Grandfathered Participants.)

 

(c)              
If the Participant’s death occurs during the deferral or distribution period, the number of Phantom Shares
attributable to the Participant’s Employee Deferrals (as of the day immediately preceding the date of the Participant’s
death) shall be distributed in Class B Stock to the Participant’s beneficiary(ies) on, or as soon as administratively practicable
after, the date of the Participant’s death. (See Article V for special rules for Grandfathered Participants.)

 

(d)              
Notwithstanding the foregoing, if the value of the sum of the Company Contribution Units and the Employee Deferrals
in the Participant’s Account as of the date of the first scheduled distribution of either Company Contribution Units or
Employee Deferrals or as of any future date is less than or equal to the limit set forth (as adjusted) in Section 402(g)(1)(B)
of the Code ($19,500 for 2020), the Company may, in its sole discretion, distribute the entire amount in such Participant’s
Account in Class B Stock to the Participant on, or as soon as administratively practicable after, such date. (See Article V for
special rules for Grandfathered Participants.)

 

    10

     

    

 

Article
IV

SUBSEQUENT DEFERRALS

 

4.1.           
Company Contribution Units

 

(a)              
A Participant may make an election to defer the currently scheduled distribution (commencement of distribution)
date for the distribution of his or her Company Contribution Units credited for a particular Plan Year beyond such currently scheduled
date by filing an Agreement with the Company, substantially in the form of Appendix A-2 attached hereto, at least 12 months prior
to the currently scheduled date; provided that the distribution (commencement of distribution) date is deferred to a date
that is at least five years after such currently scheduled date. The Participant, in such subsequent deferral election, may also
change the form of distribution as provided in subsection (b) below. The number of such subsequent deferral elections shall not
be limited. For purposes of this Plan, any series of installment distributions of Company Contribution Units shall be treated
as a single distribution, in accordance with Treas. Reg. §1.409A-2(b)(2)(iii) or any successor thereto.

 

(b)              
A Participant making an election under subsection (a) above may make a concurrent election, also substantially in
the form of Appendix A-2 attached hereto, to have any such deferred Company Contribution Units distributed in:

 

(1)              
a single distribution; or

 

(2)              
any number of annual installments (with the amount of each installment distribution calculated pursuant to Section
2.4(b)) for a period of two to seven years, distributable on, or as soon as administratively practicable after, the same date
(as elected by the Participant) in each calendar year until the balance in the Participant’s Account is exhausted.

 

If no election is made under this subsection (b), the distribution
of any Company Contribution Units further deferred under subsection (a) above will be made in accordance with the previous method
of distribution.

 

4.2.           
Employee Deferrals

 

(a)              
A Participant may make an election to defer the currently scheduled distribution (commencement of distribution)
date for the distribution of his or her Employee Deferrals beyond such currently scheduled date by filing a new Agreement with
the Company, substantially in the form of Appendix A-2 attached hereto, at least 12 months prior to the currently scheduled date;
provided that the distribution (commencement of distribution) date is deferred to a date that is at least five years after
such currently scheduled date. The Participant, in such subsequent deferral election, may also change the form of distribution
as provided in subsection (b) below. The number of such subsequent deferral elections shall not be limited. For purposes of this
Plan, any series of installment distributions of Employee Deferrals shall be treated as a single distribution, in accordance with
Treas. Reg. §1.409A-2(b)(2)(iii) or any successor thereto.

 

    11

     

    

 

(b)              
 A Participant making an election under subsection (a) above may make a concurrent election, also substantially
in the form of Appendix A-2 attached hereto, to have any such deferred Employee Deferrals distributed in:

 

(1)              
a single distribution; or

 

(2)              
any number of annual installments (with the amount of each installment distribution calculated pursuant to Section
3.3(b)) for a period of two to 10 years, distributable on, or as soon as administratively practicable after, the same date (as
elected by the Participant) in each calendar year until the balance in the Participant’s Account is exhausted.

 

If no election is made under this subsection (b),
the distribution of any Employee Deferrals further deferred under subsection (a) above will be made in accordance with the previous
method of distribution.

 

Article
V

GRAND-FATHERED PARTICIPANTS

 

The following special rules shall apply
to any Grandfathered Participant:

 

5.1.           
Required Changes in Deemed Investments. A Grandfathered Participant (or his or her legal guardian or beneficiary,
as applicable) was required to change the deemed investment of any vested Company Contribution Units and any Employee Deferrals
that were still deemed invested in Phantom Shares at the time of Separation of Service among any of the available Investment Funds.
If the Grandfathered Participant did not submit the change to the Plan Administrator in a timely fashion, the Grandfathered Participant’s
vested Company Contribution Units and Employee Deferrals were deemed invested in the JPMorgan Prime Money Market Fund.

 

5.2.           
Request to Change Deemed Investments. A Grandfathered Participant whose Company Contribution Units and Employee
Deferrals are deemed invested in the Investment Funds as described in Section 5.1 may request (as of the first business day of
any calendar quarter or as otherwise permitted by the Plan Administrator) to change the deemed investment of his or her vested
Company Contribution Units and Employee Deferrals among any of the available Investment Funds.

 

5.3.           
Valuation of Investment Funds. Company Contribution Units and Employee Deferrals deemed invested in the Investment
Funds shall be valued based on the per-share closing price for each fund as of the applicable Valuation Date.

 

5.4.           
Payment of Amounts Deemed Invested in Investment Funds. Notwithstanding Sections 2.4 and 3.3, a Grandfathered
Participant shall receive payment of Company Contribution Units and Employee Deferrals deemed invested in the Investment Funds
in cash.

 

    12

     

    

 

5.5.           
Earnings on Investment Funds. The Account of a Grandfathered Participant that is deemed invested in the Investment
Funds shall be credited daily with any income, gains and losses that would have been realized if amounts equal to the Company
Contribution Units or Employee Deferrals had actually been invested in the chosen Investment Funds on the date the Plan Administrator
approves the Participant’s deemed investment request. For this purpose, any amounts that would have been received, had amounts
been invested as described above, from a chosen Investment Fund will be treated as if reinvested in that Investment Fund on the
date such amounts would have been received.

 

Article
VI

DIVIDEND EQUIVALENTS

 

A Participant’s Account that is deemed
invested in Phantom Shares shall be credited, based on the number of such Phantom Shares, with any cash dividends that would have
been paid if the Phantom Shares were instead shares of the Company’s Class A Voting Common Stock or Class B Stock, as applicable,
and the amount of such credit shall be deemed invested in Phantom Shares, as determined by the Board.

 

Article
VII

ADMINISTRATION

 

7.1.           
General Authority. The Plan shall be administered by the Plan Administrator. The Plan Administrator shall
have full authority, subject to the terms of the Plan, to select the Key Employees to become Participants.

 

7.2.           
Rights of the Plan Administrator. The Plan Administrator shall also have the authority to adopt rules and
regulations, not inconsistent with the provisions of the Plan, for the proper administration of the Plan, and to amend, modify
or rescind any such rules and regulations, and to make such determinations and interpretations under, or in connection with, the
Plan, as it deems necessary or advisable. All such rules, regulations, determinations and interpretations shall be binding and
conclusive upon the Company, its subsidiaries, shareholders, employees and directors, upon their respective legal representatives,
beneficiaries, successors and assigns, and upon all other persons claiming under or through any of them. The Plan Administrator
may correct any defect, supply any omission, and reconcile any inconsistency in this Plan and in any Agreement hereunder in the
manner and to the extent it shall deem desirable.

 

7.3.           
Final Determination. All determinations and actions of the Plan Administrator made or taken under authority
granted by any provision of the Plan, shall be conclusive and shall bind all parties. However, nothing in this Section shall be
construed as limiting the power of the Plan Administrator to make the adjustments described in Article VIII.

 

Article
VIII

CAPITAL ADJUSTMENTS

 

The number of Phantom Shares in which Company
Contribution Units and Employee Deferrals are deemed invested shall be proportionately adjusted, as may be deemed appropriate
by the Plan Administrator, to reflect any increase or decrease in the number of issued shares of common stock for which such Phantom
Shares represent, resulting from a subdivision (share-split), consolidation (reverse split), stock dividend or similar change
in the capitalization of the Company.

 

    13

     

    

 

Article
IX

SHARES
AUTHORIZED UNDER PLAN

 

In order for shares to be available for
the distribution of Class B Stock under Section 2.5 or Section 3.3, the Company is authorized to issue up to 50 million shares
of its Class B Stock for use under the Plan.

 

Article
X

SECTION 409A COMPLIANCE

 

10.1.       
Specified Employee Status. If any distribution to a Participant in connection with his or her Separation
from Service is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning
of Section 409A of the Code and the final regulations issued thereunder, and the Participant is a “specified employee”
as defined in Section 409A of the Code and the final regulations issued thereunder, no part of such distribution shall be made
before the day that is six months plus one day after the Participant’s date of termination of employment for reasons other
than his or her death (the “New Distribution Date”). The aggregate of any distributions that otherwise would have
been distributed to the Participant during the period between the Separation from Service date and the New Distribution Date shall
be distributed to the Participant (or his or her beneficiary) in a single sum on the earlier of (i) the New Distribution Date,
or (ii) the Participant’s death. Thereafter, any distributions that remain outstanding as of the day immediately following
the New Distribution Date shall be distributed without delay over the time period originally scheduled, in accordance with the
terms of the Participant’s Agreement or this Plan.

 

10.2.       
Compliance in General. This Plan is intended to comply with Section 409A of the Code (to the extent applicable)
and the Company shall interpret, apply and administer this Plan to comply therewith, but without resulting in any increase in
the amounts owed hereunder by the Company.

 

10.3.       
No Liability for Section 409A Problems. In no event whatsoever shall the Company or its subsidiaries or their
respective officers, directors, employees or agents be liable for any additional tax, interest or penalties that may be imposed
on a Participant by Section 409A of the Code or for damages for failing to comply with Section 409A of the Code.

 

Article
XI

MISCELLANEOUS

 

11.1.       
Amendment or Termination of the Plan. The General Counsel or any Vice President, Human Resources of the Company
may, at any time, change the Investment Funds available for deemed investment under the Plan, to conform the choices to those
available under the Company’s Profit Sharing/401(k) Plan, upon adequate notice of such change to the Participants. Further,
the Board may from time to time amend the Plan in any respect whatsoever or terminate the Plan. Notwithstanding the foregoing
sentences, no such change in Investment Funds or amendment or termination shall materially impair the rights of any Participant
without the consent of the Participant.

 

    14

     

    

 

11.2.       
 Withholding and Use of Shares to Satisfy Tax Obligations. The obligation of the Company to deliver shares
of Class B Stock as a distribution under this Plan shall be subject to applicable federal, state and local tax withholding requirements.
If such a distribution is subject to the withholding requirements of applicable federal, state or local tax law, the Board, in
its discretion, may permit or require the Participant to satisfy the federal, state and/or local withholding tax, in whole or
in part, by electing to have the Company withhold shares of Class B Stock that would otherwise be distributed (or by returning
previously acquired shares of Class B Stock to the Company); provided, however, that the Company may limit the number
of shares withheld to satisfy the tax withholding requirements to the extent necessary to avoid adverse accounting consequences
to the Company. Shares of Class B Stock shall be valued, for purposes of this Section 11.2, at their fair market value (determined
as of the date of the distribution). The Board shall adopt such withholding rules as it deems necessary to carry out the provisions
of this Section.

 

11.3.       
Lock-Up Agreement. Each recipient of shares Class B Stock distributed under this Plan shall agree, as a condition
to receipt of such shares, that, in connection with an initial public offering of Common Stock and upon the request of the managing
underwriter in such offering, such recipient shall not, without the prior written consent of such managing underwriter, during
the period commencing on the effective date of the registration statement with respect to such offering and ending on the date
specified by such managing underwriter (such period not to exceed one year), (i) offer, sell, contract to sell, grant any option
or contract to purchase, purchase any option or contract to sell, hedge the beneficial ownership of or otherwise dispose of, directly
or indirectly, any shares of Common Stock or any securities convertible into, exercisable for, or exchangeable for shares of Common
Stock, or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences
of ownership of such securities, whether any such transaction described in clause (i) or clause (ii) above is to be settled by
delivery of Common Stock or such other securities, in cash or otherwise. Each recipient agrees to execute and deliver such other
agreements as may be reasonably requested by the Company or the managing underwriter that are consistent with the foregoing or
that are necessary to give further effect thereto.

 

11.4.       
Beneficiary Designation

 

(a)              
Each Participant shall designate the person(s) as the beneficiary(ies) to whom the Participant’s Company Contribution
Units and Employee Deferrals shall be delivered in the event of the Participant’s death prior to distribution to him or
her. Each beneficiary designation shall be substantially in the form of Appendix C attached hereto and shall-be effective
only when filed with the Plan Administrator during the Participant’s lifetime.

 

(b)              
Any beneficiary designation may be changed by a Participant without the consent of any previously designated beneficiary
or any other person by the filing of a new beneficiary designation with the Plan Administrator. The filing of a new beneficiary
designation shall cancel all beneficiary designations previously filed.

 

    15

     

    

 

(c)              
If any Participant fails to designate a beneficiary in the manner provided above, or if the beneficiary designated
by a Participant predeceases the Participant, the Plan Administrator shall direct that such Participant’s Account be distributed
to the Participant’s surviving spouse or, if the Participant has no surviving spouse, then to the Participant’s estate.

 

11.5.       
Distribution to Guardian. If Company Contribution Units and Employee Deferrals are distributable under this
Plan to a minor, a person declared incompetent, or a person incapable of handling the disposition of property, the Plan Administrator
may direct distribution to the guardian, legal representative, or person having the care and custody of the minor, incompetent
or incapable person. The Plan Administrator may require proof of incompetency, minority, incapacity or guardianship as the Plan
Administrator may deem appropriate prior to the delivery. The delivery shall completely discharge the Plan Administrator and the
Company from all liability with respect to the distribution.

 

11.6.       
No Funding. The Company shall not be required-to fund or secure in any way its obligations hereunder.
Nothing in the Plan or in any Agreement hereunder and no action taken pursuant to the provisions of the Plan or of any Agreement
hereunder shall be construed to create a trust or a fiduciary relationship of any kind. Distributions under the Plan and any Agreement
hereunder shall be made when due from the general assets of the Company. All assets, if any, maintained under a Participant’s
Account shall remain a part of the general assets of the Company. Neither a Participant nor his or her designated beneficiary
shall acquire any interest in such assets by virtue of the Plan or any Agreement hereunder. This Plan constitutes a mere promise
by the Company to make distributions in the future, and to the extent that a Participant or his or her designated beneficiary
acquires a right to receive any distribution from the Company under the Plan, such right shall be no greater than the right of
any unsecured general creditor of the Company. The Company intends for this Plan to be unfunded for tax purposes and for the purposes
of Title I of the Employee Retirement Income Security Act of 1974, as amended.

 

11.7.       
Governing Law. The operation of, and the rights of Participants under, the Plan and the Agreements hereunder
shall be governed by applicable United States laws and otherwise by the laws of the State of Delaware (without reference to the
principles of conflict of laws).

 

IN WITNESS WHEREOF, Bentley Systems,
Incorporated hereby executes this Plan, as amended and restated, on this 22nd day of September, 2020.

 

	 	By:	/s/ David Shaman

 

	 	Name (Printed):	 David Shaman

 

	 	Title:	Chief Legal Officer and Secretary

 

    16

     

    

 

APPENDICES A

 

AWARD AGREEMENTS

 

    A-1

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

DEFERRED COMPENSATION AGREEMENT

 

APPENDIX A-1

 

ELECTION OF EMPLOYEE DEFERRALS

 

This Agreement is entered into this ____
day of __________, 20___, between Bentley Systems, Incorporated (the “Company”) and __________________ (the “Participant”).

 

WHEREAS, the Participant, a Key
Employee of the Company or one of its subsidiaries, has been selected to participate in the Bentley Systems, Incorporated Nonqualified
Deferred Compensation Plan (the “Plan”); and

 

WHEREAS, the Participant wishes
to make an initial deferral election with respect to all or any portion of his or her “Short-Term Bonus(es)” (as defined
in the Plan);

 

NOW, THEREFORE, the parties hereto
agree follows:

 

1.       Percentage
or Dollar Amount of Short-Term Bonus to Defer

 

[Complete this Section 1 to make an initial deferral
election with respect to your Employee Deferrals under the Plan, to change your Employee Deferral election with respect to future
Short-Term Bonuses, or to make an Employee Deferral election upon recommencing participation in the Plan.]

 

[Check only one box, and complete the
paragraph below]

 

 ̈      Initial
Election

 ̈      Change in Election

 ̈      Recommencement of Participation

 

Commencing _______________, 20__, I elect to defer _____ percent
[insert whole number from one to 100] or $_______ of my Short-Term Bonus (payable with respect to the 1st, 2nd,
3rd and/or 4th calendar quarter) [circle all that apply]. I understand that these Employee Deferrals
shall be credited in the form of a bookkeeping entry to a reserve maintained by the Company in my name, together with credited
amounts in the nature of income, gains and losses (the “Account”). The Account maintained for me shall be distributed
to me on a deferred basis in accordance with the terms of this Agreement and the Plan.

 

2.       Delivery
Date Election

 

[This Section 2 must be completed with respect to Employee
Deferral elections made in accordance with Section 1 above.]

 

I hereby elect to have the Company distribute (or commence
to distribute) any Employee Deferrals upon the following event [check only one box]:

 

    A1-1

     

    

 

 ̈      (A)      On
the fifth business day after “Separation from Service” (as defined in the Plan)*
(the first business day after the six-month anniversary of such Separation from Service if I am a “specified
employee,” as defined in Section 409A(a)(2)(B)(i) of the Internal Revenue Code, and if, at the time of my separation from
service, the Company is “Publicly Traded” (as defined in the Plan)).

 

 ̈      (B)      On
the following date: _____________, 20___.

 

 ̈      (C)      On
the earlier of the date described in event (A), above, or the following date: ____________, 20___.

 

		3.	Acceleration in the Event of an Unforeseeable Emergency or
                                         a 409A Change in Control

 

In addition to the election I made in Section 2 above, if I
check one or both of the following boxes, I also elect to have the Company distribute any Employee Deferrals, to the extent permitted
by applicable law, to me [check one box, both boxes, or neither box]:

 

		 ̈	Upon
                                         an “unforeseeable emergency,” as defined in Section 3.3(a) of the Plan.(This
                                         term is defined quite restrictively in the Internal Revenue Code.)

 

		 ̈	Upon
                                         a “409A Change in Control” (as defined in the Plan).

 

4.       Method
of Distribution

 

[This Section 4 must be completed with respect to Employee
Deferral elections made in accordance with Section 1 above.]

 

I elect for my Employee Deferrals to be
distributed [check only one box]

 

 

 

* “Separation
from service,” as defined in the Section of the Internal Revenue Code cited in Section 1.26 of the Plan, means the Participant
has terminated his or her employment or other relationship (consulting, directorship, etc.) with all entities in the group of
entities under common control with the Company, as determined by using a 50%, rather than an 80%, test. See Sections 414(b) and
414(c) of the Internal Revenue Code. Generally, an individual has not separated from service, for purposes of the Plan, unless
the facts and circumstances indicate that the Company and the Participant reasonably anticipated that no further services would
be performed after a certain date or that the level of bona fide services the individual would perform after such date would permanently
decrease to no more than 20% of the average level of bona fide services performed by the individual over the immediately preceding
36 months (or over the full period of service if the individual has been providing services to the Company for less than 36 months).
Thus, for example, an individual who terminates employment with the Company and becomes a consultant to the Company at a more
than 20% level has not “separated from service” for purposes of the Plan.

 

    A1-2

     

    

 

		 ̈ 	in a single
                                         distribution equal to the balance in the Account or subaccount; or

 

		 ̈ 	in annual
                                         distributions for a period of ____ [insert a whole number from two to 10] years.

 

If the second box is checked, after the distribution
of the first installment on, or as soon as administratively practicable after, the date described in Section 2 above, subsequent
installments shall be distributed on, or as soon as administratively practicable after, the same date of each succeeding calendar
year in annual installments, as adjusted and computed by the Company in accordance with the terms of the Plan, with the final
distribution equaling the then remaining balance in the Participant’s Account.

 

5.       The
elections made under this Agreement shall remain in effect with respect to the Participant’s Short-Term Bonuses in all future
years unless terminated (or revoked) on a prospective basis in writing pursuant to a form acceptable to the Plan Administrator.
If a Participant decides to recommence participation in the Plan, he or she shall execute a new Agreement. If a new Agreement
is entered into that changes the manner in which and/or time at which future Employee Deferrals will be distributed, a new subaccount
will be established for purposes of crediting Employee Deferrals under the new Agreement. Any new Agreement shall relate solely
to future Short-Term Bonuses (i. e., those Short-Term Bonuses with respect to which the applicable “Election Date,”
as described in Section 3.1(a) of the Plan, has not passed). If the Participant desires to defer further the distribution (or
commencement of distribution) date of any Employee Deferrals, the Participant may file a new Agreement with the Company, substantially
in the form of Appendix A-2 of the Plan and set forth herein.

 

BECAUSE OF THE COMPLEXITIES INVOLVED IN THE APPLICATION
OF FEDERAL, STATE, LOCAL AND FOREIGN TAX AND SECURITIES LAWS TO SPECIFIC CIRCUMSTANCES, AND THE UNCERTAINTIES AS TO POSSIBLE FUTURE
CHANGES IN THE TAX AND SECURITIES LAWS, YOU SHOULD CONSULT YOUR PERSONAL TAX AND SECURITIES ADVISOR REGARDING YOUR OWN SITUATION
BEFORE YOU ENTER INTO THIS AGREEMENT.

 

	 	 	_____________ ___, 20__
	Signature of Participant	 	Date

 

 

ACCEPTED

BENTLEY SYSTEMS, INCORPORATED

 

	By:	 	 	 

Date: ______________ __, 20__

 

    A1-3

     

    

 

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION
PLAN

DEFERRED COMPENSATION AGREEMENT

 

APPENDIX A-2

 

ELECTION OF A LATER DISTRIBUTION
(COMMENCEMENT OF DISTRIBUTION) DATE AND POSSIBLY DIFFERENT DISTRIBUTION FORM

 

[Complete this Agreement if you wish to delay the currently
scheduled distribution (commencement of distribution) date for your vested Company Contribution Units or your Employee Deferrals
beyond the time set forth in your most recent agreement. If you elect to delay such distribution (commencement of distribution)
date, you may also change the form of distribution. Any election made under this Agreement must be made at least 12 months prior
to the currently scheduled distribution (commencement of distribution) date for which such election is being made hereunder.]

 

This Agreement is entered into this ____
day of __________, 20___, between Bentley Systems, Incorporated (the “Company”) and _______________________(the “Participant”).

 

WHEREAS, the Participant, a Key
Employee of the Company or one of its subsidiaries, has been selected to participate in the Bentley Systems, Incorporated Nonqualified
Deferred Compensation Plan (the “Plan”); and

 

WHEREAS, the Participant wishes
to make a subsequent deferral election with respect to his or her vested Company Contribution Units and/or Employee Deferrals;

 

NOW, THEREFORE, the parties hereto
agree as follows:

 

Later Distribution Date for my [check
one or both boxes, and complete, as applicable, A and/or B below]:

 

 ̈       Vested
Company Contribution Units

 

 ̈       Employee
Deferrals

 

		A.	Vested Company Contribution Units. With respect to the
                                         following vested Company Contribution Units, I elect to have the Company distribute (or
                                         commence to distribute) such vested Company Contribution Units on, or as soon as administratively
                                         practicable after, the following date(s) (which must be at least five years from the
                                         currently scheduled distribution (commencement of distribution)) date(s):

 

		1.a	 	Date of Deferral Election Agreement: ________ ___, 20__
		b	 	Current Distribution (Commencement of Distribution) Date: ________ ___, 20___
		c	 	New Distribution (Commencement of Distribution) Date: ________ ___, 20_

 

    A2-1

     

    

 

		d	 	Method of Distribution:

		 ̈ 	in accordance
                                         with the previous method of distribution; or

 

		 ̈ 	in a single
                                         distribution equal to the balance in the Account or subaccount; or

 

		 ̈	in annual distributions
                                         for a period of ____ [from two to seven] years.

 

		2.a	 	Date of Deferral Election Agreement: ________ ___, 20__;
		b	 	Current Distribution (Commencement of Distribution) Date : ________ ___, 20__
		c	 	New Distribution (Commencement of Distribution) Date: _________ ____, 20__
		d	 	Method of Distribution:

		 ̈ 	in accordance
                                         with the previous method of distribution; or

 

		 ̈ 	in a single
                                         distribution equal to the balance in the Account or subaccount; or

 

		 ̈ 	in
                                         annual distributions for a period of __ [from two to seven] years.

 

		B.	Employee Deferrals. With respect to the following Employee
                                         Deferrals, I elect to have the Company distribute (or commence to distribute) such Employee
                                         Deferrals on, or as soon as administratively practicable after, the following date(s)
                                         (which must be at least five years from the currently scheduled distribution (commencement
                                         of distribution) date(s)):

 

		1.a	 	Date of Deferral Election Agreement: _______ ___, 20__
		b	 	Current Distribution (Commencement of Distribution) Date: _________ ___, 20__
		c	 	New Distribution (Commencement of Distribution) Date: ________ ___, 20___
		d	 	Method of Distribution:

		 ̈ 	in accordance
                                         with the previous method of distribution; or

 

		 ̈ 	in a single
                                         distribution equal to the balance in the Account or subaccount; or

 

		 ̈ 	in annual
                                         distribution for a period of ____ [from two to 10] years.

 

		2.a	 	Date of Deferral Election Agreement: _______ ___, 20__
		b	 	Current Distribution (Commencement of Distribution) Date: ________ ___, 20__
		c	 	New Distribution (Commencement of Distribution) Date: ________ ___, 20__
		d	 	Method of Distribution:

		 ̈ 	in accordance
                                         with the previous method of distribution; or

 

    A2-2

     

    

 

		 ̈ 	in a single
                                         distribution equal to the balance in the Account or subaccount; or
	 	 	 

		 ̈ 	in annual
                                         distributions for a period of ____ [from two to 10] years.

 

BECAUSE OF THE COMPLEXITIES INVOLVED IN THE APPLICATION
OF FEDERAL, STATE, LOCAL AND FOREIGN TAX AND SECURITIES LAWS TO SPECIFIC CIRCUMSTANCES, AND THE UNCERTAINTIES AS TO POSSIBLE FUTURE
CHANGES IN THE TAX AND SECURITIES LAWS, YOU SHOULD CONSULT YOUR PERSONAL TAX AND SECURITIES ADVISOR REGARDING YOUR OWN SITUATION
BEFORE YOU ENTER INTO THIS AGREEMENT.

 

	 	 	_____________ ___, 20__
	Signature of Participant	 	Date

 

ACCEPTED

BENTLEY SYSTEMS, INCORPORATED

 

By:                                                      

Date: ______________ __, 20__

 

    A2-3

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION
PLAN

DEFERRED COMPENSATION AGREEMENT

 

APPENDIX A-3

 

CHANGE IN DEEMED INVESTMENT REQUEST

 

[Complete this Agreement only if you had a Separation
front Service before January 1, 2015 and only if you want to request that your Account’s deemed investments be changed
among the Investment Funds. This Agreement should be completed any time you decide to change your deemed investment request.]

 

This Agreement is entered into this ______
day of ______________, 20__, between Bentley Systems, Incorporated (the “Company”) and ______________________ (the
 “Participant”).

 

WHEREAS, the Participant, a Key
Employee of the Company or one of its subsidiaries, participates in the Bentley Systems, Incorporated Nonqualified Deferred Compensation
Plan (the “Plan”); and

 

WHEREAS, the Participant wish to
change a previously made deemed investment request for his or her Account among the Investment Funds (as listed in Appendix B
of the Plan and set forth herein);

 

NOW, THEREFORE, the parties hereto
agree as follows:

 

I request to have all past vested Company Contribution Units
and/or past Employee Deferrals in my Account [Circle “vested Company Contribution Units” and/or past “Employee
Deferrals,” as appropriate.] deemed invested in the following Investment Funds and in the following percentages (made
in whole percentage increments).

 

	INVESTMENT FUNDS*	PERCENTAGE
	 	 
	Cash
    Alternatives	 
	JPMorgan
    Prime Money Market-Premier	 
	 	 
	Bonds	 
	American
    Century Diversified Bond-Inst	 
	 	 
	Asset
    Allocation	 
	American
    Century Strategic Alloc Aggressive-Inv	 
	American
    Century Strategic Alloc Conservative-Inv	 
	American
    Century Strategic Alloc Moderate-Inv	 
	JPMorgan
    Diversified-Select	 
	JPMorgan
    SmartRetirement®

    Blend 2015-R5	 

 

    A3-1

     

    

 

	INVESTMENT
    FUNDS*	PERCENTAGE
	JPMorgan SmartRetirement®

    Blend R 2020-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2025-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2030-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2035-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2040-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2045-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2050-R5	 
	JPMorgan
    SmartRetirement®

    Blend R 2055-R5	 
	JPMorgan
    SmartRetirement®

    Blend Income-R5	 
	 	 
	Stocks	 
	American
    Century Equity Income-Inst	 
	American
    Century Real Estate-Inst	 
	American
    Century Value-Inst	 
	American
    Funds EuroPacific Growth-R4	 
	American
    Funds Growth Fund of America-R4	 
	Fidelity
    Spartan International Index-Inv	 
	JPMorgan
    US Equity-Select	 
	Prudential
    Jennison Mid Cap Growth-Z	 
	Royce
    Premier-Service	 
	Fidelity
    Spartan 500 Index-Inv	 
	Vanguard
    Mid-Cap Index-Admiral	 
	Vanguard
    Prime Money Market-Inv	 
	Vanguard
    Small Cap Index-Inv	 
	 	 
	Cash,
    Non-Interest Bearing	 
	 	 
	TOTAL
    PERCENTAGE	100%

 

* Subject to Section 11.1 of the Plan, this list of Investment
Funds may be changed at any time by action of the General Counsel or any Vice President, Human Resources of the Company.

 

A Participant may request that all or any portion of the vested
Company Contribution Units and/or Employee Deferrals credited to his or her Account be deemed invested in one or more of the Investment
Funds offered under the Plan.

 

    A3-2

     

    

 

Although the Company intends to invest the amounts in the Participant’s
Account according to the Participant’s request, the Company reserves the right to invest such amounts without regard to
such requests. However, the investment return on the amounts credited to the Participant’s Account will be the same as the
investment return on the Investment Funds in which the Participant requests deemed investments, regardless of whether the Participant’s
requests are actually implemented. In the absence of any deemed investment request by a Participant, amounts credited to the Participant’s
Account will be deemed invested in the JPMorgan Prime Money Market Fund for purposes of determining the investment return on the
amounts.

 

Title to and beneficial ownership of any assets, whether cash
or investments, in the Participant’s Account, which the Company may use to distribute benefits hereunder, will at all times
remain in the Company, and the Participant and any designated beneficiary will not have any property interest whatsoever in any
specific assets of the Company.

 

BECAUSE OF THE COMPLEXITIES INVOLVED IN THE APPLICATION
OF FEDERAL, STATE, LOCAL AND FOREIGN TAX AND SECURITIES LAWS TO SPECIFIC CIRCUMSTANCES, AND THE UNCERTAINTIES AS TO POSSIBLE FUTURE
CHANGES IN THE TAX AND SECURITIES LAWS, YOU SHOULD CONSULT YOUR PERSONAL TAX AND SECURITIES ADVISOR REGARDING YOUR OWN SITUATION
BEFORE YOU ENTER INTO THIS AGREEMENT.

 

	 	 	_____________ ___, 20__
	Signature of Participant	 	Date

 

ACCEPTED

BENTLEY SYSTEMS, INCORPORATED

 

By:                                                      

Date: ______________ __, 20__

 

    A3-3

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

DEFERRED COMPENSATION AGREEMENT

 

APPENDIX A-4

 

TERMINATION OF DEFERRAL ELECTION

 

This Agreement is entered into this _____
day of ___________, 20__, between Bentley Systems, Incorporated (the “Company”) and _________________ (the “Participant”).

 

WHEREAS, the Participant, a Key
Employee of the Company or one of its subsidiaries, has been selected to participate in the Bentley Systems, Incorporated Nonqualified
Deferred Compensation Plan (the “Plan”); and

 

WHEREAS, the Participant wishes
to terminate his or her election to defer Short-Term Bonuses under the Plan;

 

NOW, THEREFORE, the parties hereto
agree as follows:

 

Effective as of January 1, 20__, I hereby
elect to cease deferring any future Short-Term Bonuses under the Plan (i.e., those Short-Term Bonuses with respect to which
the Election Date, as described in Section 3.1(a) of the Plan, has not passed).

  

BECAUSE OF THE COMPLEXITIES INVOLVED M THE APPLICATION OF
FEDERAL, STATE, LOCAL AND FOREIGN TAX AND SECURITIES LAWS TO SPECIFIC CIRCUMSTANCES, AND THE UNCERTAINTIES AS TO POSSIBLE FUTURE
CHANGES IN THE TAX AND SECURITIES LAWS, YOU SHOULD CONSULT YOUR PERSONAL TAX AND SECURITIES ADVISOR REGARDING YOUR OWN SITUATION
BEFORE YOU ENTER INTO THIS AGREEMENT.

 

	 	 	_____________ ___, 20__
	Signature of Participant	 	Date

 

ACCEPTED

BENTLEY SYSTEMS, INCORPORATED

 

By:                                                      

Date: ______________ __, 20__

 

    A4-1

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

APPENDIX B

 

LIST OF INVESTMENT FUNDS AS OF
JANUARY 1, 2015*

 

INVESTMENT FUND

 

Cash Alternatives

JPMorgan Prime Money Market-Premier

 

Bonds

American Century Diversify Bond-Inst

 

Asset Allocation

American Century Strategic Alloc

Aggressive-Inv

American Century Strategic Alloc

Conservative-Inv

American Century Strategic Alloc

Moderate-Inv

JPMorgan Diversified-Select

JPMorgan SmartRetirement®

Blend 2015-R5

JPMorgan SmartRetirement®

Blend R 2020-R5

JPMorgan SmartRetirement®

Blend R 2025-R5

JPMorgan SmartRetirement®

Blend R 2030-R5

JPMorgan SmartRetirement®

Blend R 2035-R5

JPMorgan SmartRetirement®

Blend R 2040-R5

JPMorgan SmartRetirement®

Blend R 2045-R5

JPMorgan SmartRetirement®

Blend R 2050-R5

JPMorgan SmartRetirement®

Blend R 2055-R5

JPMorgan SmartRetirement®

Blend Income-R5

 

 

*
Subject to Section 11.1 of the Plan, this list of Investment Funds may be changed at any time by action of the General Counsel
or any Vice President, Human Resources of the Company.

 

    B-1

     

    

 

Stocks

American Century Equity Income-Inst

American Century Real Estate-Inst

American Century Value-Inst

American Funds EuroPacific Growth-R4

American Funds Growth Fund of America-R4

Fidelity Spartan International Index-Inv

JPMorgan US Equity-Select

Prudential Jennison Mid Cap Growth-Z

Royce Premier-Service

Fidelity Spartan 500 Index-Inv

Vanguard Mid-Cap Index-Admiral

Vanguard Prime Money Market-Inv

Vanguard Small Cap Index-Inv

 

Cash, Non-Interest Bearing

 

 

    B-2

     

    

 

BENTLEY SYSTEMS, INCORPORATED

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

APPENDIX C

 

BENEFICIARY DESIGNATION FORM

 

This Form is for your use under the Bentley
Systems, Incorporated Nonqualified Deferred Compensation Plan (the “Plan”) to name a beneficiary for the Company Contribution
Units and/or Employee Deferrals that may be distributed to you under the Plan. You should complete the Form, sign it, have it
signed by the Company, and date it.

 

****

 

I understand that in the event of my death
before I receive full distribution with respect to my Company Contribution Units and/or Employee Deferrals, such Company Contribution
Units and/or Employee Deferrals will be distributed to the beneficiary designated by me below or, if none or if my designated
beneficiary predeceases me, to my surviving spouse or, if none, to my estate. I further understand that the last beneficiary designation
filed by me during my lifetime and accepted by the Company cancels all prior beneficiary designations previously filed by me under
the Plan.

 

I hereby state that _______________ [insert
name], residing at ______________________________________________________ [insert address], whose Social Security number
is _____________________, is designated as my beneficiary.

 

	 	 	_____________ ___, 20__
	Signature of Participant	 	Date

 

ACCEPTED

BENTLEY SYSTEMS, INCORPORATED

 

By:                                                      

Date: ______________ __, 20__

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