Document:

18 February 2002

Exhibit 10.11
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JOHN DEERE RESTRICTED STOCK UNITS AND PERFORMANCE STOCK UNITS
TERMS AND CONDITIONS
GRANTED 15 DECEMBER  2021
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Deere & Company Restricted Stock Units (RSUs) and Performance Stock Units (PSUs) are granted pursuant to the John Deere 2020 Equity and Incentive Plan (Plan). These terms and conditions (Terms), together with the Plan, contain the terms of your grant. You should read these Terms carefully. While you will be provided with at least 14 days to review and consider these Terms, please note that for the award to fully vest, you are required to actively accept the award and agree to these Terms by doing so on the Fidelity administration website (www.netbenefits.com) prior to the RSUs and PSUs being converted to shares of Common Stock. Failure to actively accept the award and Terms will result in the award being forfeited.
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RSUs and PSUs are elements of total executive compensation designed as long-term incentives to encourage ownership and focus on stockholder value.
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RSUs and PSUs are common stock equivalents and represent the right to receive an equivalent number of shares of Deere & Company (Company) $1 par common stock (Common Stock) if and when certain vesting, performance and retention requirements, as detailed below, are satisfied.
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Individual awards are determined by the Deere & Company Board of Directors Compensation Committee (Committee).
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Due to a recent change in Illinois law, the non-compete clause in our Terms requires Deere to inform you of the right to consult an attorney prior to accepting your grant(s).  
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Your RSUs and PSUs are subject to the following provisions:
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	  (1)
	Vesting Period. Except as provided in section (6) below, your RSUs and PSUs will vest on the third anniversary of the grant date.  The number of PSUs that vest will be determined based on the Company’s performance relative to the metrics described below as determined by the Committee. The period beginning on the grant date and ending on the third anniversary thereof is referred to as the “Vesting Period”.

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Following the Vesting Period, you will receive shares of common stock represented by your vested RSUs and vested PSUs (in each case net of any shares withheld for taxes), and your RSUs and PSUs will terminate.
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If you have not met your stock ownership guideline requirements at the time of the conversion, you are required to continue to hold the shares (net of any shares withheld for taxes) received upon conversion of your RSUs and PSUs until your stock ownership guidelines are met. In order to help meet ownership requirements, you can elect to pay the withholding taxes on your award in cash by contacting the Executive Compensation by no later than 1 December 2024. 
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 You may not voluntarily or involuntarily sell, transfer, gift, pledge, assign or otherwise alienate the RSUs, including but not limited to transfers related to estate planning, dissolution of marriage, collection, execution, attachment, and any other 

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voluntary or involuntary transfer. Any attempt to do so contrary to the provisions hereof shall be null and void.
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	  (2)
	Deferral Election for RSUs.  Notwithstanding section (1) above, you may irrevocably elect to defer the delivery of shares of Common Stock from RSU conversions that would otherwise be due by virtue of the expiration of the Vesting Period set forth in section (1) above.  Any deferral election received after the date that is the second anniversary of the grant date shall be null and void and of no effect.

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The effect of making a deferral election is that the conversion to shares of Common Stock will be deferred for five years (or possibly up to ten years, if elected) from the date the conversion would have occurred.  Deferral election forms may be obtained from and returned to Executive Compensation.
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	  (3)
	 Performance Metrics for PSUs.

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Relative Revenue Growth. The payout for your PSUs will be determined based on the Company’s compounded annual growth rate of revenues during the three-year performance period beginning on the first day of the Company’s 2022 fiscal year and ending on the final day of the Company’s 2022 fiscal year (“Performance Period”) relative to the revenue growth for the performance peer group as it is comprised on 15 November 2024 (“Comparator Group”). Revenue growth for a company will be calculated by dividing (i) total net sales and revenues on a consolidated basis as reported (“Revenues”) for the final year of the Performance Period by (ii) Revenues for the year prior to the start of the Performance Period; raising the quotient to the one-third power; then subtracting one from the result. For members of the Comparator Group, Revenues for a year are based on the last four quarters of data available from the Company’s independent data service as of 15 November 2024.  Comparator Group companies will be approved by the Board Compensation Committee (BCC).
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		A.	Payout Table. The number of PSUs vested and converted to shares can range from zero to two hundred percent of the number of PSUs granted depending on relative performance according to the following table.  Amounts for interim points will be interpolated.

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	Rev. Growth vs. Comparator Group
	Percent of PSU Grant Vested

	Below 25th percentile
	0%

	At 25th percentile
	25%

	At 50th percentile
	100%

	At or above 75th percentile
	200%

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  (4)Voting Rights. You have no voting rights with respect to the RSUs or PSUs.
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	  (5)
	Dividends and Other Distributions. You are entitled to receive cash payments on the RSUs equal to any cash dividends paid during the Vesting Period with respect to the corresponding number of shares of Common Stock.  Dividend equivalents shall be accrued and paid in cash at the time the RSUs are converted to Common Stock.  If a deferral election is made, any accrued dividend equivalents will be paid in cash following the Vesting Period and any dividend equivalents earned thereafter will be paid at approximately the same time dividends are paid with respect to the Common Stock. You are not entitled to receive cash payments on the PSUs for any cash dividends paid during the Vesting Period with respect to the Common Stock. If during the Vesting Period shares are withheld for taxes, the 

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number of RSUs on which dividend equivalents are accrued and paid shall be reduced by the number of shares withheld. If any stock splits or stock dividends are paid in shares of Common Stock during the Vesting Period, you will receive additional RSUs or PSUs equal to the number of Common Stock shares paid with respect to the corresponding number of shares of Common Stock.  These additional RSUs and PSUs will convert to shares of Common Stock at the same time as the underlying RSUs or PSUs to which they relate.
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	  (6)
	Termination of Employment.

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		A.	Retirement on or Before October 31, 2022.  In the event of your retirement pursuant to the John Deere Pension Plan for Salaried Employees or any successor or similar plan of the Company or its subsidiaries on or before October 31, 2022, a prorated number of these RSUs and PSUs and the related accrued dividend equivalents included in your award will be forfeited based on the percentage determined by dividing: (i) the number of calendar months from and including the month of retirement, to and including October 2022; by (ii) 12. In such event, the number of PSUs vested and converted to shares can range from zero to two hundred percent of the number of non-forfeited PSUs depending on relative performance according to section (3) above.

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		B.	Retirement:  RSUs.  If you “separate from service” within the meaning of section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), during the Vesting Period due to retirement pursuant to the John Deere Pension Plan for Salaried Employees or any successor or similar plan of the Company or its subsidiaries, then, subject to section (6)(A) above and sections (7) and (8) below:  (i) your RSUs will vest on the date of your separation from service; and (ii) subject to any deferral election made pursuant to section (2) above, your RSUs will be converted into shares of Common Stock on the third anniversary of the grant date.

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		C.	Disability or Death:  RSUs.  In the event of a separation from service during the Vesting Period due to disability or death, then, subject to the section (6)(A) and sections (7) and (8) below: (i) your RSUs will vest on the date of your separation from service; and (ii) your RSUs will be converted into shares of Common Stock on the third anniversary of the grant date notwithstanding any deferral election that you may have made pursuant to section (2) above.

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		D.	Death or Disability following Retirement:  RSUs.  Following a separation from service due to retirement, if you die or become disabled during the Vesting Period, then, subject to section (6)(A) above and sections (7) and (8) below, your RSUs (all of which will have vested as a result of your separation from service due to retirement) will be converted into shares of Common Stock on the third anniversary of the grant date notwithstanding any deferral election that you may have made pursuant to section (2) above.

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		E.	Death or Disability after Vesting but before Deferred Conversion:  RSUs.  If you die or become disabled after the Vesting Period but before your RSUs have converted into shares of Common Stock, then, subject to section (6)(A) above and sections (7) and (8) below, your RSUs (all of which will have vested) will be converted into shares of Common Stock on the first business day in the later of the January or July following your death or disability (or, if earlier, on the date you specified in a deferral election made pursuant to section (2) above), notwithstanding any deferral election that you made pursuant to section (2) above.

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		F.	Retirement, Disability or Death:  PSUs.  If you separate from service during the Vesting Period due to retirement or disability pursuant to the John Deere Pension Plan for Salaried Employees, the John Deere Long-Term Disability Plan for Salaried Employees, or any successor or similar plans of the Company or its subsidiaries, or death, then, subject to section (6)(A) above and sections (7) and (8) below, your unvested PSUs will continue to vest over the Vesting Period and, depending on the performance of the Company relative to the metrics described in section (3) above, will be converted into shares of Common Stock on the third anniversary of the grant date.

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		G.	Death or Disability following Retirement:  PSUs.  Following a separation from service due to retirement, if you die or become disabled during the Vesting Period, then, subject to section (6)(A) above and sections (7) and (8) below, your unvested PSUs will continue to vest over the Vesting Period and, depending on the performance of the Company relative to the metrics described in section (3) above, will be converted into shares of Common Stock on the third anniversary of the grant date.

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		H.	Other Terminations.  If you separate from service with the Company and its 50 percent or greater owned subsidiaries during the Vesting period due to your termination for cause or for any other reasons not specifically mentioned herein, all unvested RSUs and PSUs held by you at that time shall be forfeited along with any accrued dividend equivalents.  RSUs and PSUs and accrued dividend equivalents are subject to forfeiture if your employment is suspended or you are placed on a leave of absence.

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The Committee may, at its sole discretion, waive any automatic forfeiture provisions or apply new restrictions to the RSUs or PSUs.  There shall be no acceleration of the lapse of restrictions or deferral of conversions of RSUs (including without limitation pursuant to the cancellation of a deferral election as provided in sections (6)(C), (6)(D) and (6)(E) above) except as would not result in the imposition on any person of additional taxes, penalties or interest under Section 409A of the Code or by regulations of the Secretary of the United States Treasury.
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	  (7)
	Non-Compete Condition. In the event that your employment terminates during the Vesting Period with the consent of the Committee or by reason of retirement or disability, your rights to the continued vesting of the RSUs and PSUs shall be subject to the conditions that until the Vesting Period ends, you shall (a) not engage, either directly or indirectly, in any manner or capacity as advisor, principal, agent, partner, officer, director, employee, member of any association or otherwise, in any business or activity which is at the time competitive with any business or activity conducted by the Company and (b) be available, except in the event of your death or incapacity, at reasonable times for consultations (which shall not require substantial time or effort) at the request of the Company's management with respect to phases of the business with which you were actively connected during employment, but such consultations shall not (except if your place of active service was outside of the United States) be required to be performed at any place or places outside of the United States of America or during usual vacation periods or periods of illness or other incapacity. In the event that either of the above conditions is not fulfilled, you shall forfeit all rights to any unvested RSUs and PSUs and related dividend equivalents on the date of the breach of the condition. Any determination by the Committee, which shall act upon the recommendation of the Chairman, that you are, or have, engaged in a 

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competitive business or activity as aforesaid or have not been available for consultations as aforesaid shall be conclusive.
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	  (8)
	Executive Incentive Compensation Recoupment Condition. This award and prior and future Incentive Compensation (as defined in the Policy) is subject to and conditioned on your agreement to the terms of the Company’s Executive Incentive Compensation Recoupment Policy, as amended from time to time, or any successor policy thereto (the “Policy”).

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(9)  No Employment Rights. Nothing herein confers any right or obligation on you to continue in the employ of the Company or any Subsidiary, nor shall this document affect in any way your right or the right of the Company or any Subsidiary, as the case may be, to terminate your employment at any time. Nothing herein creates an employment agreement or becomes part of remuneration for purposes of determining other benefits. Receipt of this award does not entitle you to any future awards or other considerations even if the Committee decides to continue making such awards to other employees.
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(10) Change of Control Events.  For purposes of Article VII of the Plan as it applies to the RSUs and PSUs awarded in this letter, notwithstanding the definitions in Article VII, a “Change of Control” shall have the meanings assigned to “Change in Control Events” under Section 409A of the Code and related regulations of the Secretary of the United States Treasury.  Article VII of the Plan shall be administered with respect to the RSUs and PSUs so that it complies in all respects with Section 409A and related regulations. Upon a Change of Control and a Qualifying Termination, as defined in accordance herewith, unvested PSUs will be cashed out at target grant on the basis of the Change of Control Price on the date of the Change of Control.
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(11) Severability. If all or any part of this Agreement or the Plan is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any portion of this Agreement or the Plan not declared to be unlawful or invalid. Any part of this Agreement so declared to be unlawful or invalid shall, if possible, be construed in a manner that will give effect to the terms thereof to the fullest extent possible while remaining lawful and valid.  To the extent a court of competent jurisdiction determines that the non-compete condition set forth in paragraph (7) of this agreement is overly broad in duration or scope, the parties expressly agree that the court may modify paragraph (7) so as to comply with applicable law.  
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(12) Amendment. This Agreement may be amended only by a writing executed by the Company and you that specifically states that it is amending this Agreement. Notwithstanding the foregoing, this Agreement may be amended solely by the Committee by a writing which specifically states that it is amending this Agreement, so long as a copy of such amendment is delivered to you, and provided that no such amendment adversely affecting your rights hereunder may be made without your written consent. Notwithstanding the foregoing, the Committee reserves the right to change, by written notice to you, the provisions of the RSUs, PSUs or this Agreement in any way it may deem necessary or advisable (i) to carry out the purpose of the grant as a result of any change in applicable laws or regulations or any future law, regulation, ruling, or judicial decision, (ii) to ensure that you are not required to recognize taxable income with respect to your RSUs and PSUs prior to the time that they are converted into shares of Common Stock and are not subject to any additional taxes, penalties or interest under Section 409A of the Code or (iii) to exercise the Committee’s discretion to eliminate or decrease the amount of the 

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award as reserved in the Plan; provided that any such change shall be applicable only to RSUs and PSUs which are then subject to restrictions as provided herein.
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(13) Consent to Personal Data. By agreeing to the terms hereof, you also agree to the collection, processing, use and worldwide transfer of your personal data to and from Deere & Company and its subsidiaries, banks, brokers, plan servicers, grant administrators and government agencies as necessary for grant and Plan administration.
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(14) Withholding Tax Election.  Upon conversion of RSUs and PSUs to Common Stock, the default election will be to withhold whole shares of stock to be issued upon the conversion and applied to the required withholding taxes. In order to help meet ownership requirements, you can elect to pay the withholding taxes on your award in cash by contacting the Executive Compensation by no later than 01 December 2024. In the event the RSU or PSU award becomes subject to withholding taxes prior to the conversion date, the Company may either (i) withhold RSUs and apply their value to the required withholding taxes and any additional withholding taxes created by the withholding or (ii) withhold payroll due to the Participant and apply it to the required withholding taxes.
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(15) Expenses. Commissions, fees, and other expenses connected with the sale of shares following conversion of the RSUs and PSUs are payable by you. No commissions or fees are charged for holding the RSUs and PSUs and shares in the 3rd party service provider brokerage account.
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(16) Conformity with Plan. Your award is issued pursuant to Article III (Performance Shares and Units) and Article IV (Restricted Stock and Restricted Stock Equivalents) of the Plan and is intended to conform in all respects with the Plan. Inconsistencies between this letter and the Plan shall be resolved in accordance with the terms of the Plan. By executing and returning the enclosed copy of this letter, you agree to be bound by all the terms of the Plan and this letter. All definitions stated in the Plan shall be fully applicable to this letter. A Plan prospectus is available at the Plan Administrator website. A paper copy of the prospectus is also available upon request from Deere & Company Global Compensation, One John Deere Place, Moline, Illinois 61265 or by contacting ExecComp@JohnDeere.com.
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(17) Beneficiary. The Plan (the John Deere 2020 Equity and Incentive Plan) was approved in February 2020. Grants under this Plan require a new Beneficiary Designation Form and are not covered by a Beneficiary Designation Form for the prior John Deere Omnibus Equity and Incentive Plan. Beneficiary Designation Forms for completing and returning to Fidelity are available at:
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United States Participants:  http://jdo.deere.com/en-us/hr/people/Documents/Fidelity%20LTI%20U.S._bene_form.pdf
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Outside the United States Participants:  http://jdo.deere.com/en-us/hr/people/Documents/Fidelity%20LTI%20International_Bene_Form.pdf
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Your beneficiary designations for the Plan will remain in effect until changed by you and will apply to this and all future grants under the Plan.

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‌​Exhibit 10.1

 

EXECUTION VERSION

 

FIFTH AMENDMENT TO AMENDED AND RESTATED CREDIT
AGREEMENT

 

FIFTH AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of December 14, 2022, by and among (i) BENTLEY
SYSTEMS, INCORPORATED (the “Borrower”), (ii) BENTLEY SOFTWARE, INC., BENTLEY SYSTEMS INTERNATIONAL HOLDINGS, INC.,
DIGITAL WATER WORKS, INC., COHESIVE SOLUTIONS, LLC, ONTRACKS ENTERPRISES, INC., SENSEMETRICS, INC., SPIDAWEB LLC and IMAGO
INC. (collectively, the “Subsidiary Loan Parties”; together with the Borrower, collectively, the “Loan Parties”),
(iii) the Lenders party hereto and (iv) PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity,
the “Administrative Agent”). Capitalized terms used but not defined herein shall have the meanings assigned thereto
in the Amended Credit Agreement referred to below. 

 

W I T N E S S E T
H:

 

WHEREAS, the Borrower,
the Lenders party thereto (collectively, the “Lenders”) and the Administrative Agent are parties to an Amended and
Restated Credit Agreement, dated as of December 19, 2017 (as heretofore amended, supplemented, or otherwise modified, the “Existing
Credit Agreement”; the Existing Credit Agreement, as amended, supplemented or otherwise modified by this Amendment and as may
be further amended, restated, supplemented or otherwise modified from time to time, the “Amended Credit Agreement”);

 

WHEREAS, the Borrower
has requested certain amendments to Section 6.08 of the Existing Credit Agreement to permit the prepayment or repurchase of existing
or future convertible debt and/or subordinated indebtedness; and

 

WHEREAS, the Administrative
Agent and the Required Lenders have agreed to the Borrower’s requests, on and subject to the terms and conditions provided herein.

 

NOW, THEREFORE, in
consideration of the foregoing and for other consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound, hereby agree as follows:

 

1.            Amendments
to Existing Credit Agreement. Effective upon the Fifth Amendment Effective Date (as defined
below), the Existing Credit Agreement shall be amended as follows:

 

(a)            Section 1.01
of the Existing Credit Agreement shall be amended to insert in the appropriate alphabetical order the following new definition:

 

“Restricted Prepayments/Repurchases”
means prepayments, redemptions or repurchases of Indebtedness of the Borrower or any Subsidiary (including, without limitation, by way
of depositing with any trustee with respect thereto money or securities before such Indebtedness is due for purposes of paying such Indebtedness
when due) that is either (a) subordinated to the Secured Obligations or (b) convertible into common stock of the Borrower (and
cash in lieu of fractional shares) (including, without limitation, prepayments, redemptions and repurchases of Approved Convertible Debt).

 

     

     

    

 

(b)            Section 6.08(a)(vii) of
the Existing Credit Agreement shall be amended and restated to read in full as follows:

 

(vii)          the
Borrower may make additional Restricted Payments not exceeding in the aggregate in any fiscal year of the Borrower an amount equal to
the difference between (x) $75,000,000 and (y) the aggregate amount of Restricted Prepayments/Repurchases made in such fiscal
year in reliance on Section 6.08(b)(viii) but, excluding for purposes of clause (y) immediately above and for the avoidance
of doubt, any such payments in respect of subordinated or convertible Indebtedness from proceeds of refinancing permitted under Section 6.08(b)(iii)),
so long as (I) no Default shall have occurred and be continuing and (II) the Borrower is in compliance (calculated at the end
of the last fiscal quarter of the Borrower for which financial statements have been delivered to the Lenders pursuant to Section 5.01(a) and
(b) (or, prior to the delivery of any such financial statements, at the end of the last fiscal quarter of the Borrower included
in the financial statements referred to in Section 3.04(a)), both on an actual basis and on a pro forma basis in accordance with
Section 1.04(b)), with the financial covenants contained in Sections 6.12 and 6.13; and.

 

(c)            Section 6.08(b) of
the Existing Credit Agreement shall be amended by (i) inserting at the end of clause (iii) immediately before the “;”
the following parenthetical: (“which, for the avoidance of doubt, shall not constitute Restricted Prepayments/Repurchases for the
purposes of Sections 6.08(b)(vii) or (viii) below”), (ii) deleting the word “and” at the end of clause
(v) thereof and (iii) deleting the “.” at the end of clause (vi) thereof and inserting in lieu thereof new
clauses (vii) and (viii) which shall read in full as follows:

 

(vii)          the
Borrower may make Restricted Prepayments/Repurchases without limitation as to amount so long as (I) the Borrower satisfies each
of the conditions described in clauses (I) and (II) of clause (viii) immediately below and (II) at the end the last
fiscal quarter of the Borrower preceding the time that any such additional Restricted Prepayment/Repurchase is made for which financial
statements have been delivered to the Lenders pursuant to Section 5.01(a) or (b) (or, prior to the delivery of any such
financial statements, at the end of the last fiscal quarter of the Borrower included in the financial statements referred to in Section 3.04(a)),
both on an actual basis and after giving pro forma effect to the payment of such additional Restricted Prepayment/Repurchase, the Net
Senior Secured Leverage Ratio (calculated on a pro forma basis in accordance with Section 1.04(b)) shall be less than 2.75 to 1.00;
and

 

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(viii)         the
Borrower may make additional Restricted Prepayments/Repurchases not exceeding in the aggregate in any fiscal year of the Borrower in
an amount equal to the difference between (x) $75,000,000 and (y) the aggregate amount of Restricted Payments made in such
fiscal year in reliance on Section 6.08(a)(vii), so long as (I) no Default shall have occurred and be continuing and (II) the
Borrower is in compliance (calculated at the end of the last fiscal quarter of the Borrower for which financial statements have been
delivered to the Lenders pursuant to Section 5.01(a) and (b) (or, prior to the delivery of any such financial statements,
at the end of the last fiscal quarter of the Borrower included in the financial statements referred to in Section 3.04(a)), both
on an actual basis and on a pro forma basis in accordance with Section 1.04(b)), with the financial covenants contained in Sections
6.12 and 6.13.

 

2.            Affirmations
and Reaffirmations (a) Each of the Loan Parties hereby (i) ratifies and affirms
all the provisions of the Existing Credit Agreement and the other Loan Documents as amended hereby, including the Amended Credit Agreement,
(ii) agrees that the terms and conditions of the Existing Credit Agreement and the other Loan Documents shall continue in full force
and effect as amended hereby (including the Amended Credit Agreement) and that all of its obligations thereunder are valid and enforceable
and shall not be impaired or limited by the execution or effectiveness of this Amendment and (iii) acknowledges and agrees that
it has no defense, set-off, counterclaim or challenge against the payment of any sums currently owing under the Amended Credit Agreement
and the other Loan Documents or the enforcement of any of the terms or conditions thereof and agrees to be bound thereby and perform
thereunder.

 

(b)            Each
Loan Party hereby (i) acknowledges and agrees that the Liens and security interests granted to the Administrative Agent for the
benefit of the Secured Parties under the Security Documents are in full force and effect, constitute valid and perfected Liens and security
interests on the Collateral having priority over all other Liens and security interests on the Collateral, except to the extent permitted
under the Amended Credit Agreement and the other Loan Documents, and are enforceable in accordance with the terms of the applicable Security
Documents (including, without limitation, the Collateral Agreement and the IP Security Agreements), and will continue to secure the Secured
Obligations, including the obligations under the Amended Credit Agreement and the other Loan Documents, (ii) reaffirms all of its
obligations owing to the Administrative Agent and the Lenders under the Security Documents and (iii) acknowledges and agrees that
the Security Documents shall continue to constitute a legal, valid and binding obligation of such Loan Party, enforceable in accordance
with their terms.

 

(c)            Each
Loan Party (other than the Borrower) hereby (i) confirms and ratifies that all of its obligations as a Guarantor shall continue
in full force and effect for the benefit of the Administrative Agent and the Secured Parties with respect to the Secured Obligations,
including the obligations under the Amended Credit Agreement and the other Loan Documents and (ii) irrevocably and unconditionally
guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the due and punctual payment
and performance of the Secured Obligations.

 

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3.            Representations
and Warranties. In order to induce the Lenders and the Administrative Agent to enter into
this Amendment and to amend the Existing Credit Agreement in the manner provided herein, each Loan Party hereby represents and warrants
to each Lender and the Administrative Agent that the following statements are true and correct:

 

(a)            There
exists no Default or Event of Default under (i) the Existing Credit Agreement immediately before giving effect to this Amendment
or (ii) the Amended Credit Agreement immediately after giving effect to this Amendment;

 

(b)            Immediately
before and after giving effect to this Amendment, the representations and warranties of the Loan Parties provided in the Loan Documents
are true and correct (i) in the case of representations and warranties qualified as to materiality, in all respects and (ii) otherwise,
in all material respects, in each case on and as of the date hereof (except to the extent that such representations and warranties relate
to an earlier date in which case such representations and warranties that expressly relate to an earlier date are true and correct in
the case of such representations and warranties qualified by materiality, in all respects, and otherwise in all material respects, as
of such earlier date).

 

(c)            The
execution and delivery of this Amendment by and on behalf of each Loan Party party hereto and the performance by the Loan Parties of
this Amendment has been duly authorized by all requisite action on its behalf, and this Amendment constitutes the legal, valid and binding
obligation of each Loan Party party hereto, enforceable against such Loan Party in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and to general principles of
equity, regardless whether considered in a proceeding in equity or at law; and

 

(d)            No
consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third
party is required in connection with the execution, delivery or performance by such Loan Party of this Amendment (except for those which
have been obtained on or prior to the date hereof).

 

4.            Conditions
Precedent. This Amendment shall become effective on the date (such date, the “Fifth
Amendment Effective Date”) that the Administrative Agent shall have received counterparts of this Amendment duly executed by
(i) the Borrower, (ii) the Subsidiary Loan Parties, (iii) the Administrative Agent, and (iv) the Required Lenders.

 

5.            Limited
Effect. Except as expressly provided herein, the Existing Credit Agreement and the other
Loan Documents shall continue to be, and shall remain unaltered and in full force and effect in accordance with their terms.

 

6.            Integration.
This Amendment constitutes the sole agreement of the parties with respect to the terms hereof
and shall supersede all oral negotiations and the terms of prior writings with respect thereto. From and after the Fifth Amendment Effective
Date, all references in the Amended Credit Agreement and each of the other Loan Documents to the “Credit Agreement” shall
be deemed to be references to the Amended Credit Agreement. This Amendment shall constitute a Loan Document for all purposes under the
Amended Credit Agreement and each of the other Loan Documents.

 

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7.            Severability.
Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

 

8.            No
Novation. It is the intention of the parties hereto that this Amendment shall not constitute
a termination of the Existing Credit Agreement, nor shall it extinguish the obligations for the payment of any Secured Obligations and/or
any amounts due under the Existing Credit Agreement, or discharge or release (a) the performance of any party or (b) the attachment,
creation or priority of any security interest or other Lien granted under the Collateral Agreement or any other Security Document (including
the IP Security Agreements). It is the intention of the parties hereto that nothing herein contained or in the Credit Agreement shall
be construed as a substitution, novation, release or discharge of (a) any of the Loans or other obligations outstanding under the
Existing Credit Agreement or (b) any of the Secured Obligations outstanding under the Collateral Agreement, each of which shall
remain in full force and effect, except to any extent modified hereby. It is the intention of the parties hereto that, except as expressly
set forth in this Amendment, all such security interests and Liens granted under the Collateral Agreement and the other Loan Documents
(including the security interests and Liens granted under the Collateral Agreement and the IP Security Agreements) shall continue in
full force and effect as amended, supplemented or otherwise modified herein.

 

9.            Miscellaneous.

 

(a)            Expenses.
The Loan Parties jointly and severally agree to pay all of the Administrative Agent’s reasonable out-of-pocket fees and expenses
incurred in connection with this Amendment and the transactions contemplated hereby, including, without limitation, the reasonable fees
and expenses of counsel to the Administrative Agent.

 

(b)            GOVERNING
LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND INTERPRETED AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA
WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PROVISIONS THEREOF.

 

(c)            Successor
and Assigns. This Amendment shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors
and assigns.

 

(d)            Counterparts.
This Amendment may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which shall constitute
one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, e-mail or other
electronic transmission (including in portable document format (PDF) or otherwise) shall be effective as delivery of an original executed
counterpart of this Amendment.

 

    	 	5	 

     

    

 

(e)            Headings.
The headings of any paragraph of this Amendment are for convenience only and shall not be used to interpret any provision hereof.

 

(f)            Modifications.
No modification hereof or any agreement referred to herein shall be binding or enforceable unless
in writing and signed on behalf of the party against whom enforcement is sought.

 

[Signatures to follow]

 

    	 	6	 

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and delivered by their proper and duly authorized officers as of the
day and year first above written.

 

	BORROWER:	BENTLEY SYSTEMS, INCORPORATED
	 	 
	 	By:	/s/ Werner Andre
	 	 	Name:	Werner Andre
	 	 	Title:	 Chief Financial Officer                         

 

	SUBSIDIARY LOAN PARTIES:	BENTLEY SOFTWARE, INC.

BENTLEY SYSTEMS INTERNATIONAL HOLDINGS, INC.

DIGITAL WATER WORKS, INC.

COHESIVE SOLUTIONS, LLC

ONTRACKS ENTERPRISES, INC.

SENSEMETRICS, INC.

SPIDAWEB LLC

IMAGO INC.

 

	 	By:	/s/ Werner Andre
	 	 	Name:	Werner Andre
	 	 	Title:	 Authorized Officer

 

	ADMINISTRATIVE AGENT:	PNC BANK, NATIONAL
ASSOCIATION, as
	 	Administrative Agent

 

	 	By:	/s/ Michael P. Dungan
	 	 	Name:	Michael P. Dungan
	 	 	Title:	 Senior Vice President

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	LENDERS:	PNC BANK, NATIONAL ASSOCIATION, as

                                            Swingline Lender and a Lender

 

	 	By:	/s/ Michael P. Dungan
	 	 	Name:	Michael P. Dungan
	 	 	Title:	 Senior Vice President

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	BANK OF AMERICA, N.A.
	 	 	 
	 	By:	/s/ Richard R. Powell
	 	 	Name:	Richard R. Powell
	 	 	Title:	 Senior Vice President

  

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	TD BANK, N.A.
	 	 	 
	 	By:	/s/ Richard A. Zimmerman
	 	 	Name:	Richard A. Zimmerman
	 	 	Title:	 Managing Director

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	HSBC BANK USA, NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Randy Chung
	 	 	Name:	Randy Chung
	 	 	Title:	 Senior Vice President

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	M&T Bank
	 	 	 
	 	By:	/s/ Donna J. Emhart
	 	 	Name:	Donna J. Emhart
	 	 	Title:	 Senior Vice President

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	WILMINGTON SAVINGS FUND SOCIETY,
FSB
	 	 	 
	 	By:	/s/ Andrea Ferrara
	 	 	Name:	Andrea Ferrara
	 	 	Title:	 Vice President

 

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	KEYBANK NATIONAL ASSOCIATION
	 	 	 
	 	By:	/s/ Geoff Smith
	 	 	Name:	Geoff Smith
	 	 	Title:	 Senior Vice President

  

[Signature Page to Fifth Amendment]

 

    	 		 

     

    

 

	 	MIZUHO BANK, LTD.
	 	 	 
	 	By:	/s/ Tracy Rahn
	 	 	Name:	Tracy Rahn
	 	 	Title:	 Executive Director

 

[Signature Page to Fifth Amendment]

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