Document:

Document

Exhibit 10.1

AMENDMENT NO. 1
TO THE
BENTLEY SYSTEMS, INCORPORATED
NONQUALIFIED DEFERRED COMPENSATION PLAN

(As Amended and Restated Effective September 22, 2020)

    WHEREAS, Bentley Systems, Incorporated (the “Company”), a Delaware corporation, 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; and

    WHEREAS, the Company most recently amended and restated the Plan effective as of September 22, 2020; and

    WHEREAS, Section 11.1 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 the Plan in order to permit a one-time election to change deemed investments under the Plan from Phantom Shares to the Investment Funds;

    NOW, THEREFORE, effective August 19, 2021, the Plan is hereby amended as follows:

1.    Section 1.3 of the Plan is amended to read as follows:

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) 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).

2.    Section 1.10 of the Plan is amended to read as follows:

1.10    “Company Contribution Unit” shall mean a discretionary credit made by the Company on behalf of a Participant.

3.    Section 2.3 of the Plan is amended to read as follows:

    2.3    Deemed Investment. Except as otherwise provided in Article V, 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.

4.    Section 2.4 of the Plan is amended to read as follows:

    2.4    Distribution of Company Contribution Units.  Except as provided in Article V:

(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.

(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 ls in the form of Class B Stock.

 
(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. 

(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.

5.    Section 3.2 of the Plan is amended to read as follows:

    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.  Except as otherwise provided in Article V, 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), and 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.

6.    Section 3.3 of the Plan is amended to read as follows:

    3.3    Distribution of Employee Deferrals.  Except as provided in Article V:

(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.

(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

(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 ls in the form of Class B Stock.

(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.

(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.

7.    Article V of the Plan is amended to read as follows:

ARTICLE V
GRANDFATHERED PARTICIPANTS AND
SPECIAL INVESTMENT ELECTIONS

    The following rules shall apply notwithstanding any other provision of the Plan:

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    One-Time Permitted Change in Deemed Investments.  Effective August 19, 2021, any Participant identified by the Plan Administrator in its sole discretion as eligible to make an election under Section 5.2 of the Plan and as recorded as such in the books and records of the Plan Administrator (each an “Eligible Participant” and, for the purposes of this Plan, any reference to a Participant shall also include each Eligible Participant unless the context requires otherwise) may make a one-time election to change the deemed investment of any or all Company Contribution Units (whether or not vested) and any Employee Deferrals that are deemed invested in Phantom Shares as of such date among any of the available Investment Funds, provided that the Plan Administrator may limit the number of Company Contribution Units to which such election may apply.  Such election shall be made prior to the effective date of the election at the time and in the manner determined by the Plan Administrator and shall be irrevocable.

5.3    Request to Change Deemed Investments. A Participant any of whose Company Contribution Units and Employee Deferrals are deemed invested in the Investment Funds as described in Section 5.1 or 5.2 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.

5.4    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.

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

5.6    Earnings on Investment Funds. The Account of a 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.

IN WITNESS WHEREOF, Bentley Systems, Incorporated has caused this Amendment No. 1 to be executed this 19th day of August, 2021.

                    BENTLEY SYSTEMS, INCORPORATED

                    By: /s/ David R. Shaman            
                               Name: David R. Shaman
                               Title:   Chief Legal OfficerDocument

Exhibit 10.1

THIRD AMENDMENT TO  
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This Third Amendment to Second Amended and Restated Credit Agreement (herein, the “Amendment”) is entered into as of October 29, 2021, by and among Envestnet, Inc., a Delaware corporation (the “Borrower”), certain Subsidiaries of the Borrower, as Guarantors, the Lenders party hereto, and Bank of Montreal, a Canadian chartered bank acting through its Chicago branch, as Administrative Agent (the “Administrative Agent”).

PRELIMINARY STATEMENTS

 A.    The Borrower, the Guarantors, the Lenders and the Administrative Agent entered into a Second Amended and Restated Credit Agreement dated as of July 18, 2017, as amended (the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement, as amended by this Amendment.

B.    The Borrower has requested that the Required Lenders make certain amendments to the Credit Agreement, and the Required Lenders are willing to do so under the terms and conditions set forth in this Amendment.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:  

SECTION 1.    AMENDMENTS.

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended as follows:

1.1.    Sections 8.9(n) and (o) of the Credit Agreement shall be amended and restated to read in their entirety as follows:

(n)    investments listed on Schedule 8.9 as of October 21, 2021;

(o)    other investments, loans, and advances in addition to those otherwise permitted by this Section in an amount not to exceed $50,000,000 in the aggregate at any one time outstanding; and

1.2.    Schedule 8.9 of the Credit Agreement shall be amended and restated in the form of Schedule 8.9 attached hereto.   

SECTION 2.    CONDITIONS PRECEDENT.

The effectiveness of this Amendment is subject to receipt by the Administrative Agent of this Amendment duly executed by the Borrower, the Guarantors (the Borrower and the Guarantors being referred to herein as the “Loan Parties”), and the Required Lenders.

SECTION 3.     REPRESENTATIONS.

In order to induce the Administrative Agent and the Required Lenders to execute and deliver this Amendment, each Loan Party hereby represents to the Administrative Agent and to the Lenders that as of the date hereof after giving effect to this Amendment: (a)  each of the representations and warranties set forth in the Credit Agreement and in the other Loan Documents shall be and remain true and correct in all material respects (where not already qualified by materiality, otherwise in all respects), except to the extent the same expressly relate to an earlier date, in which case they shall be true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such earlier date, and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement.

SECTION 4.    MISCELLANEOUS.

4.1.    The Loan Parties heretofore executed and delivered to the Administrative Agent the Collateral Documents.  The Loan Parties hereby acknowledge and agree that the Liens created and provided for by the Collateral Documents continue to secure, among other things, the Secured Obligations arising under the Credit Agreement as amended hereby; and the Collateral Documents and the rights and remedies of the Administrative Agent thereunder, the obligations of the Loan Parties thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby.  Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.

4.2.    Each Guarantor hereby confirms to the Administrative Agent and the Lenders that, after giving effect to this Amendment, the Guaranty set forth in Section 11 of the Credit Agreement and each other Loan Document to which it is a party continues in full force and effect and is the legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms except as enforceability may be limited by applicable bankruptcy, insolvency, or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating to enforceability.  

4.3    Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in the Credit Agreement, the Notes, or any other instrument or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.

4.4    The Borrower agrees to pay on demand all reasonable and documented costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment, including the reasonable and documented fees and expenses of counsel for the Administrative Agent.

4.5.    This Amendment may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement.  Any of the parties hereto may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  Delivery of a counterpart hereof by facsimile transmission or by e‐mail transmission of an Adobe portable document format file (also known as a “PDF” file) shall be effective as delivery of a manually executed counterpart hereof.  

4.6.     This Amendment shall be governed by, and construed in accordance with, the internal laws of the State of Illinois.

[SIGNATURE PAGE TO FOLLOW]

This Third Amendment to Seconded Amended and Restated Credit Agreement is entered into as of the date and year first above written.

“BORROWER”

ENVESTNET, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo                                     
Title:  Chief Financial Officer

“GUARANTORS”

ENVESTNET PORTFOLIO SOLUTIONS, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

TAMARAC INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

PRIMA CAPITAL HOLDING, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

PMC INTERNATIONAL, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

ENVESTNET ASSET MANAGEMENT, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

NETASSETMANAGEMENT, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

PORTFOLIO MANAGEMENT CONSULTANTS, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

OLTIS SOFTWARE LLC

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

ENVESTNET FINANCIAL TECHNOLOGIES, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President, Chief Financial Officer

ENVESTNET HOLDINGS, LLC

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

YODLEE, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Vice President

FOLIO DYNAMICS HOLDINGS, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

FOLIO DYNAMICS INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

M3FN, LLC

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

FDX ADVISORS INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

MONEYGUIDE, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

ENVESTNET RETIREMENT SOLUTIONS, LLC

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

QRG CAPITAL MANAGEMENT, INC.

By: /s/ Peter H. D’Arrigo
Name:  Peter D’Arrigo
Title:  Chief Financial Officer

Accepted and agreed to.

“ADMINISTRATIVE AGENT”

BANK OF MONTREAL

By: /s/ Nicholas Buckingham
Name:  Nicholas Buckingham
Title:  Director

“LENDERS” 

BMO HARRIS BANK N.A.

By: /s/ Nicholas Buckingham
Name:  Nicholas Buckingham
Title:  Director

CITIZENS BANK, N.A.

By: /s/ Lawrence E. Ridgway
Name:  Lawrence E. Ridgway
Title:  Senior Vice President

KEYBANK NATIONAL ASSOCIATION

By: /s/ Scott Klingbeil
Name:  Scott Klingbeil
Title:  Vice President

SILICON VALLEY BANK

By: /s/ John Lapides
Name:  John Lapides
Title:  Vice President

MUFG UNION BANK, N.A.

By: /s/ Joseph Siri 
Name:  Joseph Siri
Title:  Vice President

ASSOCIATED BANK, N.A.

By: /s/ Deann Malcore 
Name:  Deann Malcore
Title:  Assistant Vice President

BANK OF THE WEST

By: /s/ Scott Marshall
Name:  Scott Marshall
Title:  Director

FIFTH THIRD BANK

By: /s/ Daniel Johnston
Name:  Daniel Johnston
Title:  Vice President

RAYMOND JAMES BANK, N.A.

By:  /s/ Daniel Gendron
Name:  Daniel Gendron    
Title:  Senior Vice President

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

By: /s/ William O'Daly
Name:  William O'Daly   
Title:  Authorized Signatory

By: /s/ Michael Dieffenbacher
Name:  Michael Dieffenbacher 
Title:  Authorized Signatory

FIRST BANK

By: /s/ Phillip M. Lykens
Name:  Phillip M. Lykens
Title:  Senior Vice President

STIFEL BANK & TRUST

By: /s/ Austin Otwell
Name:  Austin Otwell
 Title:  AVP

BANK OF AMERICA, N.A.

By: /s/ A. Quinn Richardson 
Name:  A. Quinn Richardson
Title:  Senior Vice President

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]