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Exhibit 10.4
BENTLEY SYSTEMS, INCORPORATED
BONUS POOL PLAN
(As Amended and Restated Effective as of [          ], 2020)
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WHEREAS, Bentley Systems, Incorporated (the “Company”) maintains the Bentley Systems, Incorporated Bonus Pool Plan, as amended and restated effective as of September 23, 2015, and as amended in part on two occasions thereafter (the “Plan”); and
WHEREAS, the Company wishes to amend and restate the Plan in its entirety in light of the Company’s expected initial public offering of its Common Stock in 2020.
NOW, THEREFORE, the Plan is hereby amended and restated effective as of [          ], 2020, under the following terms and conditions:
1.         PURPOSE AND DEFINITIONS
(a)        Purpose.  The Plan is intended to provide a means whereby the Company may encourage certain key employees of the Company to render faithful and outstanding service to the Company by aligning such key employee’s interests with the Company’s future success by conditioning such key employee’s incentive compensation on the Company’s Adjusted MROI.
(b)        Definitions
(1)        “Adjusted MROI” shall mean the greater of (i) zero or (ii) the Company’s Management Report Operating Income at actual foreign exchange rates for each calendar quarter.
(2)        “Affiliate” shall mean an entity more than fifty percent (50%) of the voting power or value of the equity of which is owned by the Company, directly or indirectly.
(3)        “Beneficiary” shall mean the person or persons entitled to receive any Bonus under this Plan in the event of a Participant’s death.
(4)        “Board” shall mean the Board of Directors of the Company.
(5)        “Bonus” shall mean, with respect to a Participant for a calendar quarter, that amount calculated under Section 3(a), as adjusted by Sections 3(b) and 3(c), if necessary.
(6)        “Bonus Pool” shall mean twenty percent (20%) of the Adjusted MROI for a calendar quarter minus the sum of (x) the value of certain incentive compensation paid to, reserved for, or vesting on behalf of, the Company’s senior management (other than the Participants) for such calendar quarter, as recommended by a majority of the Participants, provided that such value is approved by the Nonemployee Directors in their sole discretion; plus (y) those charitable contributions recommended by a majority of the Participants of not more than $259,000 (in the aggregate for all Participants for such quarter) and made by the Company for such calendar quarter, provided that such contributions are approved by the Nonemployee Directors in their sole discretion; plus (z) any other amount recommended by a majority of the Participants as appropriate to be subtracted from the gross pool for such calendar quarter, provided that such amount is approved by the Nonemployee Directors in their sole discretion.
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(7)        “CFO” shall mean the Chief Financial Officer of the Company.
(8)        “Class B Grant Date Value” shall mean the average VWAP of a share of the Class B Stock over the VWAP Calculation Period.
(9)        “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, including Company Stock).
(10)      “Discharge for Cause” shall mean a Participant’s Termination of Employment for cause under his employment agreement with the Company or an Affiliate, as applicable.  If there is no employment agreement or if “cause” is not defined therein, then “cause” shall mean the Participant has:
(A)       materially failed to perform any of his stated duties and not cured such failure (if curable) within 15 days of his receipt of written notice of the failure;
(B)       engaged in a breach of fiduciary duty; or
(C)       materially violated the Bentley Code of Conduct, as in effect from time to time.
(11)      “Employee” shall mean an employee of the Company or an Affiliate.
(12)      “Equity Pool” shall mean $7.5 million per calendar quarter.
(13)      “First Fractional Interest” shall mean that fraction of the first $4.5 million of the Bonus Pool to which the Participant is entitled for each calendar quarter, as set forth on Appendix A attached hereto.
(14)      “Offset Amount” shall mean that amount (if any) which a Participant recommends to the Nonemployee Directors as appropriate to be subtracted in the calculation of his Bonus for a calendar quarter for which the amount of the Bonus Pool has not yet been determined, provided that such amount is approved by the Nonemployee Directors in their sole discretion.
(15)      “Omnibus Incentive Plan” shall mean the Company’s 2020 Omnibus Incentive Plan, effective as of [          ], as may be amended and/or restated from time to time, and any successor thereto.
(16)      “Non-Deferred Bonus” shall mean that portion of a Participant’s Bonus, if any, that Participant has not elected to defer under the Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan in accordance with Section 3(e) hereof.
(17)      “Nonemployee Directors” shall mean those members of the Board (numbering two or more) who constitute “nonemployee directors” within the meaning of
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Rule 16b-3 promulgated under the Securities Exchange Act of 1934, as amended from time to time.
(18)      “Participant” shall mean each Employee listed on Appendix A attached hereto.
(19)      “Payment Date” shall mean the thirtieth (30th) calendar day following the end of the applicable calendar quarter.
(20)      “Part-Time Coefficient” shall mean the square of a Participant’s percentage of full-time employment.  For example, if a Participant moves from full-time employment to employment that is 70% of full-time employment, the Participant’s Part-Time Coefficient would be 49% (70% x 70% = 49%).  For the avoidance of doubt, if the Participant undergoes a Termination of Employment, the Participant’s Part-Time Coefficient shall be zero.
(21)      “Plan” shall mean the Bentley Systems, Incorporated Bonus Pool Plan, as set forth herein and as it may be amended, or amended and restated, from time to time.
(22)      “Second Fractional Interest” shall mean that fraction of the amount in excess of the first $4.5 million of the Bonus Pool to which the Participant is entitled for each calendar quarter, as set forth on Appendix A attached hereto.
(23)      “Termination of Employment” shall mean the termination of the Participant’s employment with the Company and all Affiliates.  The determination of whether a Participant has had a Termination of Employment shall be made by the Nonemployee Directors; provided, that the Nonemployee Directors shall not determine that a Participant has had a Termination of Employment as of any date if the Company and the Participant reasonably anticipate that the level of bona fide services the Participant will perform after such date as an Employee will exceed twenty percent (20%) of the average level of bona fide services the Participant performed as an Employee over the immediately preceding 36-month period.  The foregoing twenty percent (20%) test shall be applied in an analogous manner to the way the similar twenty percent (20%) test is applied for purposes of Internal Revenue Code section 409A pursuant to Treas. Reg. §1.409A-1(h)(1)(ii).
(24)      “VWAP” shall mean, for any trading day with respect to Class B Stock, the volume-weighted average price, calculated by dividing the aggregate value of the Class B Stock traded on the principal securities exchange on which the Class B Stock is listed during regular hours (price per share multiplied by number of shares traded) by the total volume (number of shares) of Class B Stock traded on such principal securities exchange for such trading day, or if such volume-weighted average price is unavailable, the fair market value of one share of Class B Stock on such trading day as determined by the Board in its sole reasonable discretion.
(25)      “VWAP Calculation Period” shall mean the period commencing on the tenth (10th) trading day prior to the end of the applicable calendar quarter and ending on the tenth (10th) trading day following the end of the applicable calendar quarter.
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2.         AWARD OF PERCENTAGE INTERESTS
(a)        The Board awarded specific First and Second Fractional Interests to each of those Participants set forth on Appendix A attached hereto based upon his responsibilities and the quality of the service he has performed for the Company and its Affiliates.  A Participant shall not be entitled to a different First and Second Fractional Interest unless and until the Nonemployee Directors formally amend this Plan under Section 6(g).  The Nonemployee Directors may increase, reduce or eliminate entirely a Participant’s First and Second Fractional Interest at any time for a future calendar year by so amending the Plan either before the beginning of such calendar year or during the first ninety (90) calendar days of such future calendar year.
(b)        A Participant’s First and Second Fractional Interests and his Offset Amount (if any) shall determine the Bonus payable to the Participant (or to his Beneficiary in the case of his death) for each calendar quarter, in accordance with and subject to the terms of the Plan.
(c)        Notwithstanding anything herein to the contrary, upon a Participant’s Discharge for Cause, a Participant will (i) forfeit his right to the First and Second Fractional Interests previously awarded to him, and (ii) forfeit his right to receive any Bonus not yet paid to him as of the date of such discharge.
3.         BONUSES
(a)        A Participant’s Bonus for a calendar quarter for which there is Adjusted MROI shall equal (i) the sum of (A) the first $4.5 million of the Bonus Pool for such calendar quarter multiplied by the Participant’s First Fractional Interest as set forth on Appendix A attached hereto, plus (B) the amount (if any) in excess of $4.5 million of the Bonus Pool for such calendar quarter multiplied by the Participant’s Second Fractional Interest as set forth on Appendix A attached hereto (each foregoing calculation subject to adjustment under subsection (c) below, if applicable); minus (ii) the Participant’s Offset Amount for such calendar quarter (if any).
(b)        Each Participant with a First and Second Fractional Interest on the last day of a calendar quarter for which there is Adjusted MROI shall be entitled to receive a Bonus for such calendar quarter.  Except as provided in Section 2(c), any Participant who was not employed by the Company or an Affiliate for the entire calendar quarter shall receive a prorated Bonus for the calendar quarter in which he had a Termination of Employment based on the number of days the Participant was an Employee during such calendar quarter divided by the total number of days in such calendar quarter.
(c)        If a Participant’s employment status changes from full-time employment to less than full-time employment or if the Participant’s percentage of full-time employment changes, the Participant shall, in advance of the next quarter, recommend to the Nonemployee Directors that his Bonus be calculated with the application of a Part-Time Coefficient, provided that such Part-Time Coefficient is approved by the Nonemployee Directors in their sole discretion.  The Part-Time Coefficient shall be applied to both the Participant’s First Fractional
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Interest and his Second Fractional Interest before any Offset Amount is applied to the calculation of his Bonus.  For example if a Participant’s First Fractional Interest is 4/17, his Second Fractional Interest is 2/5, and he moves from full-time employment to seventy percent (70%) of full-time employment, his Part-Time Coefficient would be forty-nine percent (49%) and his Bonus would be calculated as follows (disregarding any Offset Amount): (4/17 x Bonus Pool up to $4.5 million x 49%) + (2/5 x Bonus Pool in excess of $4.5 million x 49%).  If a Participant’s employment status changes from less than full-time employment to full-time employment, the Participant may, in advance of the next quarter, recommend to the Nonemployee Directors that his Bonus be calculated without the application of a Part-Time Coefficient, provided that not applying a Part-Time Coefficient is approved by the Nonemployee Directors in their sole discretion.
(d)        The adjustments described in subsections (b) and (c) above and the subtraction of any Offset Amounts in the calculation of a Participant’s Bonus for a calendar quarter shall not result in any change in the size of the Bonus Pool for such calendar quarter and shall not result in any increase in the amount of the Bonus for any other Participant for such calendar quarter.
(e)        A Participant may defer all or any portion of the Participant’s Bonus under the Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan by means of a timely filed and irrevocable written election. A Participant’s Non-Deferred Bonus shall be paid to the Participant on the Payment Date.
(f)        Prior to December 31, 2020, a Participant’s Non-Deferred Bonus shall be payable in cash.  From and after December 31, 2020, each Participant’s Non-Deferred Bonus shall be payable in cash and/or shares of fully vested Class B Stock in the proportions specified by a written and irrevocable election delivered by the Participant to the Company at any time prior to the first day of the applicable calendar quarter.  Shares of fully vested Class B Stock payable in respect of a Participant’s Non-Deferred Bonus shall be granted pursuant to the Omnibus Incentive Plan and shall be deemed an “Other Equity-Based Award” thereunder, and the number shares of Class B Stock payable in respect a Participant’s Non-Deferred Bonus shall be determined by dividing the Class B Grant Date Value by the dollar value of that portion of the Non-Deferred Bonus set forth on the Participant’s written election (rounded down to the nearest whole share and with any fractional share paid out in cash); provided, however, that, for any calendar quarter in which a Participant does not timely submit a written and irrevocable election, the Participant’s election in effect for the immediately preceding calendar quarter will also be the Participant’s binding election for such calendar quarter.
(g)        Notwithstanding a Participant’s timely written election pursuant to Section 3(f), if, in any calendar quarter, the aggregate dollar value of shares of fully vested Class B Stock payable in respect of the Participants’ Non-Deferred Bonuses exceeds the Equity Pool, the portion of each Participant’s Non-Deferred Bonus payable in shares of fully vested Class B Stock shall be reduced pro rata such that the Equity Pool is not exceeded, and, for each affected Participant, the amount of such reduction shall be payable in cash.
(h)        With respect to the portion of a Participant’s Non-Deferred Bonus that is payable in Class B Stock, Section 13(d) of the Omnibus Incentive Plan is incorporated herein by
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reference.  The Company shall withhold any minimum income, employment, and/or other applicable taxes that are statutorily required to be withheld from each Participant’s Non-Deferred Bonus.  For the avoidance of doubt, such withholdings shall be made proportionally from the cash and/or shares of Class B Stock payable with respect to a Participant’s Non-Deferred Bonus.
4.         TERMINATION OF THE PLAN
(a)        The Nonemployee Directors may, at any time, terminate the Plan.
(b)        No First or Second Fractional Interest shall be effective under the Plan after the date of the Plan’s termination, although after such date Bonuses for the calendar quarter in which the Plan was terminated and for the previous calendar quarter, if applicable, shall be paid as provided in Section 3.
5.         DISTRIBUTION UPON DEATH; DESIGNATION OF BENEFICIARY
(a)        Any Bonus to which a deceased Participant was entitled shall be payable in full to his Beneficiary(ies).
(b)        A Participant may designate such person or persons (including, but not by way of limitation, the trustee or the trustees of any trust fund) as the Beneficiary to whom, in the event of his death, his Bonus shall be paid.  Such designation shall be filed with the CFO on such form or forms as the CFO may prescribe.  The Beneficiary so designated may be changed by the Participant at any time and from time to time prior to the payment of his Bonus; provided, that such new designation is delivered to, and accepted by, the CFO before the Participant’s death.  If no person has been designated as Beneficiary, or if the designated Beneficiary does not survive the Participant, his Bonus shall be paid to his spouse, if living, and otherwise to his estate.
6.         MISCELLANEOUS
(a)        No Employee shall have any claim or right to be granted a First or Second Fractional Interest under this Plan.  Neither the Plan nor any action taken hereunder shall be construed as giving any Employee any right to be retained in the service of the Company or any Affiliate.
(b)        A Participant’s rights, interests and benefits under this Plan shall not be subject to assignment, transfer, pledge, encumbrance or charge.
(c)        This Plan shall at all times be entirely unfunded and no assets of the Company shall be segregated for the payment of any Bonus hereunder.  No Participant or other person shall have any interest in any particular assets of the Company by reason of the right to receive a Bonus under this Plan and any such Participant or other person shall have only the rights of a general unsecured creditor of the Company with respect to any rights under this Plan.
(d)        Bonuses paid to a Participant pursuant to the terms of this Plan represent taxable compensation to such Participant for his service to the Company or its Affiliates.  The Company shall deduct from all Bonuses any federal, state or local taxes required by law to be withheld from such Bonuses.
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(e)        This Plan, in conjunction with the Bentley Systems, Incorporated Nonqualified Deferred Compensation Plan, is intended to comply with the requirements of Internal Revenue Code section 409A and the final regulations issued thereunder.  This Plan shall be construed and interpreted in accordance with such requirements in order to maintain such compliance.
(f)        This Plan shall be administered by the CFO or his delegate.
(g)        The Nonemployee Directors, in their sole discretion, reserve the right to amend this Plan from time to time, except that no such amendment may adversely affect the Bonus of a Participant for the calendar quarter of the amendment or any prior calendar quarter without the Participant’s written consent.
(h)        This Plan shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware (without reference to the principles of the conflict of laws).
(i)         The invalidity of one or more of the phrases, sentences, clauses, Sections or paragraphs contained in this Plan shall not affect the remaining portions so long as the material purposes of this Plan can be determined and effected.
(j)         The captions of this Plan are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Plan or the intent of any provision hereof.
(k)        Except when otherwise required by the context, any masculine terminology in this document shall include the feminine, and any singular terminology shall include the plural.
IN WITNESS WHEREOF, Bentley Systems, Incorporated hereby executes this Plan, as amended and restated, on this ___ day of ____________, 2020.
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	Title:
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BENTLEY SYSTEMS, INCORPORATED
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BONUS POOL PLAN
(As Amended and Restated Effective as of [          ], 2020)
APPENDIX A
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	First
	    
	Second

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	Fractional
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	Fractional

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	Interest for
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	Interest for

	Participant
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	2020*
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	2020*

	Greg Bentley
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	12/33
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	12/33

	Keith Bentley
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	7/33
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	7/33

	David Hollister
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	4/33
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	4/33

	Bhupinder Singh
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	4/33
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	4/33

	Raymond Bentley
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	3/33
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	3/33

	Barry Bentley
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	3/33
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	3/33

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* The First and Second Fractional Interests will be in place each successive calendar year for each Participant unless and until the Nonemployee Directors change or revoke one or both of them for such Participant.
Further, neither (i) the proration of a Participant’s Bonus under Section 3(b) for a calendar quarter or the elimination of a Participant’s First and Second Fractional Interests for future calendar quarters, in each case due to the Participant’s Termination of Employment, nor (ii) the reduction in a Participant’s First and Second Fractional Interests under Section 3(c) due to the Participant’s less than full-time employment, shall result in or cause any change in the First and Second Fractional Interests of the remaining Participants, even though neither the sum of such First Fractional Interests nor the sum of such Second Fractional Interests for such remaining Participants equals 1.0.

​Exhibit 10.6
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BENTLEY SYSTEMS, INCORPORATED
NONQUALIFIED DEFERRED COMPENSATION PLAN
(As Amended and Restated Effective as of [          ], 2020)
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TABLE OF CONTENTS
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	Page

	ARTICLE I DEFINITIONS
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	1.1.
	“409A Change in Control” 
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	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 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
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	3.2.
	Deferred Compensation Account
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	3.3.
	Distribution of Employee Deferrals
	9

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	ARTICLE IV SUBSEQUENT DEFERRALS
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	4.1.
	Company Contribution Units
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	4.2.
	Employee Deferrals
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	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
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	5.5.
	Earnings on Investment Funds
	12

	ARTICLE VI DIVIDEND EQUIVALENTS
	13

	ARTICLE VII ADMINISTRATION
	13

	7.1.
	General Authority
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	7.2.
	Rights of the Plan Administrator
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	7.3.
	Final Determination
	13

	ARTICLE VIII CAPITAL ADJUSTMENTS
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	ARTICLE IX SHARES AUTHORIZED UNDER PLAN
	14

	ARTICLE X SECTION 409A COMPLIANCE
	14

	10.1.
	Specified Employee Status
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	10.2.
	Compliance in General
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	10.3.
	No Liability for Section 409A Problems
	14

	ARTICLE XI MISCELLANEOUS
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	11.1.
	Amendment or Termination of the Plan
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	11.2.
	Withholding
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	11.3.
	Lock-Up Agreement
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	11.4.
	Beneficiary Designation
	15

	11.5.
	Distribution to Guardian
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	11.6.
	No Funding
	16

	11.7.
	Governing Law
	16

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	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

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	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

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BENTLEY SYSTEMS, INCORPORATED
NONQUALIFIED DEFERRED COMPENSATION PLAN
(As Amended and Restated Effective as of [          ], 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 [          ], 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
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(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).
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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 January 1, 2007.
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.
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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
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applicable Valuation Date shall be weighted inversely by the respective numbers of trading days between the selling dates and the applicable Valuation Date.
(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
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year shall be paid on or before such December 31 and shall be distributed at the Share Value last determined prior to such distribution.
(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.
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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
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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 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.
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(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
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(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.)
ARTICLE IV
SUBSEQUENT DEFERRALS
4.1.      Company Contribution Units
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(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.
(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:
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(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.
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
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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.
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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.
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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.
(c)        If any Participant fails to designate a beneficiary in the manner provided above, or if the beneficiary designated by a Participant predeceases the
​

15

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​
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 _____ day of _____________, 2020.
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	By:
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	​

	​
	Name (Printed):
	​
	​

	​
	Title:
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	​

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16

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APPENDICES A
AWARD AGREEMENTS
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A-1

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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]:
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A1-1

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​
◻         (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]
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​

*       “Separation from service,” as defined in the Section of the Internal Revenue Code cited in Section 1.25 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

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◻         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.
​
	__________________________
Signature of Participant
	_____________ ___, 20__
Date

​
​
ACCEPTED
BENTLEY SYSTEMS, INCORPORATED
By: __________________________
Date: ______________ __, 20__
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​

A1-3

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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_
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A2-1

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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

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◻      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.
​
	__________________________
Signature of Participant
	_____________ ___, 20__
Date

​
​
ACCEPTED
BENTLEY SYSTEMS, INCORPORATED
By: __________________________
Date: ______________ __, 20__
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​

A2-3

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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
	​

​
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A3-1

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	​

	​

	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
	​

	​
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	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.
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A3-2

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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.
​
​
	__________________________
Signature of Participant
	_____________ ___, 20__
Date

​
​
ACCEPTED
BENTLEY SYSTEMS, INCORPORATED
By: __________________________
Date: ______________ __, 20__
​
​

A3-3

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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.
​
​
	__________________________
Signature of Participant
	_____________ ___, 20__
Date

​
​
ACCEPTED
BENTLEY SYSTEMS, INCORPORATED
By: __________________________
Date: ______________ __, 20__
​
​

A4-1

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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

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​
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

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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.
​
​
	__________________________
Signature of Participant
	_____________ ___, 20__
Date

​
​
ACCEPTED
BENTLEY SYSTEMS, INCORPORATED
By: __________________________
Date: ______________ __, 20__

C-1

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