Document:

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                                                                   EXHIBIT 10.6

                               SECURITY AGREEMENT

         This Security Agreement (as may be amended, restated, and supplemented
from time to time, this "Agreement") is entered into as of December 26, 2000,
between Bentley Systems, Incorporated, a Delaware corporation (the "Debtor"),
whose principal place of business, chief executive office and address for
purposes of notice is 685 Stockton Drive, Exton, Pennsylvania 19341, and
Intergraph Corporation, a Delaware corporation ("Secured Party"), whose address
for purposes of notice is 1 Madison Industrial Park, Huntsville, Alabama
35894-0001. In consideration of the following premises and covenants and other
good and valuable consideration, the Debtor and Secured Party agree as follows:

         1. Definitions. All accounting terms not specifically defined in this
Agreement (which also includes the Schedules and Exhibits hereto and the
attachments to such Schedules and Exhibits) shall be construed in accordance
with generally accepted accounting principles, consistently applied ("GAAP").
"Asset Purchase Agreement" means the Asset Purchase Agreement among Debtor,
Secured Party, et al. dated on or about the date hereof. "Bank" means PNC Bank,
N.A., as agent for itself and the lenders under Debtor's credit facility, and
its successors. "Business Day" means any day other than a day on which banking
institutions in the State of Alabama are authorized or required by law to close.
All other terms used in this Agreement to describe the Collateral or Secured
Party's security interests and related rights which are not specifically defined
in this Agreement shall have the definitions given the same in the Uniform
Commercial Code, as adopted in the State of Alabama (the "UCC"). All other
capitalized terms shall have the meanings stated in this Agreement (which also
includes the Schedules and Exhibits hereto and the attachments to such Schedules
and Exhibits).

         2. Collateral.

                  (a) As security for the Obligations (as such term is hereafter
defined and used), the Debtor assigns and grants to Secured Party a security
interest and lien in the following property (collectively, the "Collateral"):

                           (i) Any and all of the Debtor's rights, title and
         interests (whether now or hereafter existing, arising or acquired) in,
         to and under the property, rights and interests described on SCHEDULE 1
         hereto, whether now or hereafter existing, arising or acquired (the
         "Maintenance Agreements and Receivables"); and

                           (ii) Any and all cash and non-cash proceeds
         (including, without limitation, insurance proceeds), products of and
         additions to and substitutions and replacements for, the foregoing,
         whether now or hereafter existing, arising or acquired.
<PAGE>
                  (b) "Obligations" means all of Debtor's debts, obligations and
liabilities to Secured Party evidenced by or referenced in (i) that certain
Secured Note executed by Debtor in favor of Secured Party on or about the date
hereof (as may be amended, restated or replaced, the "Promissory Note") and (ii)
this Agreement, whether now or hereafter arising or existing, and whether direct
or indirect, absolute or contingent, joint or several, due or not due,
contractual or tortious, liquidated or unliquidated and all extensions,
renewals, modifications and refinancings thereof.

         3. Collection of Accounts. At any time after an Event of Default, the
Debtor shall notify Secured Party of any collections received on the Maintenance
Agreements and Receivables and shall hold the same in trust for Secured Party
without commingling the same with other funds of the Debtor and, if Secured
Party shall request, shall turn the same over to Secured Party immediately upon
receipt in the identical form received. Proceeds transmitted to Secured Party
may be handled and administered in and through a remittance or special account;
the maintenance of any such account shall be solely for the convenience of
Secured Party, and the Debtor shall not have any right, title, or interest in or
to any such account or in the amounts at any time appearing to the credit
thereof. Secured Party may apply and credit Proceeds transmitted to or otherwise
received by Secured Party against any Obligations; however, Secured Party shall
not be required to credit any Obligations with the amount of any check or other
instrument constituting provisional payment until Secured Party has received
final payment thereof at its office in cash or solvent credits accepted by
Secured Party. At any time after an Event of Default, (a) the Debtor shall, at
the request of Secured Party, notify the obligors on the Maintenance Agreements
and Receivables of the security interest of Secured Party therein and shall
instruct the obligors on the Maintenance Agreements and Receivables to remit
payments directly to Secured Party, and (b) Secured Party may itself so notify
and instruct such obligors.

         4. Representations and Warranties. The Debtor represents and warrants
to Secured Party as follows:

                  (a) The Debtor is (i) a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware; (ii) duly
qualified and licensed to do business and is in good standing in every
jurisdiction where qualification is necessary except where the failure to
qualify or to obtain such license would not have a material adverse effect on
the Debtor or the Collateral; and (iii) duly authorized and empowered to create,
issue, execute, deliver and perform this Agreement and any related instruments
and agreements;

                  (b) The Debtor has timely filed and paid all federal, state,
and local tax reports, taxes and returns required by any law or regulation to be
filed and paid;

                  (c) The Debtor has and at all times will have good and
marketable title to the Collateral, free and clear of all liens, security
interests, or adverse claims, except for the Permitted Liens described in
Exhibit A hereto (the "Permitted Liens") and liens and security interests
granted to Secured Party;
<PAGE>
                  (d) This Agreement and the Promissory Note are the legal,
valid and binding obligation of the Debtor and any necessary consents of any
person or entity related to the execution, delivery and performance of this
Agreement and the Promissory Note have been obtained;

                  (e) No Event of Default has occurred and is continuing;

                  (f) Neither the Debtor's name nor the location of any of
Debtor's offices or the Collateral has changed in the previous five years;

                  (g) The Debtor is and shall be the lawful owner of all
Collateral and does and shall have good right to subject the same to a security
interest in favor of Secured Party. No Collateral shall be sold, assigned, or
transferred to any person other than Secured Party or in any way encumbered
except for the Permitted Liens and except to Secured Party, and the Debtor shall
defend the same against the claims and demands of all persons other than Secured
Party and the holders of the Permitted Liens, provided that so long as no Event
of Default has occurred and so long as the value of the Collateral is not
materially impaired or reduced, Debtor may settle and compromise in the ordinary
course of business, consistent with prudent business practices, the claims of
any obligor on any Maintenance Agreements or Receivables;

                  (h) There are no judgments, actions, suits, claims,
proceedings or investigations existing, outstanding, pending, or to the best of
the Debtor's knowledge after due inquiry, threatened or in prospect, before any
court, agency or tribunal, or governmental authority against or involving the
Debtor which do or could materially affect the business, properties, prospects,
financial condition, earnings, results of operations or earnings capacity of the
Debtor or which question the validity of the Promissory Note, this Agreement, or
any action or instrument contemplated hereby;

                  (i) Debtor has not executed any prior assignments of the
Maintenance Agreements and Receivables, and will not in the future execute any
assignments of the same, provided that so long as no Event of Default has
occurred and so long as the value of the Collateral is not materially impaired
or reduced, Debtor may settle and compromise in the ordinary course of business,
consistent with prudent business practices, the claims of any obligor on any
Maintenance Agreements or Receivables; and

                  (j) Debtor has not performed any acts or executed any other
documents, and will not take any action or execute any other documents, that
might prevent, limit or restrict Secured Party from enforcing any of the terms
or conditions of this Agreement or exercising any of its rights or remedies
hereunder.

         5. Affirmative Covenants. Until the Obligations are fully paid and
satisfied, the Debtor agrees and covenants to do the following:

                  (a) Maintain its existence, rights, and franchises and
maintain, preserve, and protect the Collateral provided that this Section 5(a)
shall not be deemed to prohibit Debtor from merging or consolidating with
another entity, changing its corporate structure or amending its
<PAGE>
certificate of incorporation or bylaws in any respect so long as any such action
does not impair the Collateral or adversely affect Secured Party's security
interest or lien thereon;

                  (b) (i) Comply with all material laws, statutes and government
regulations (including, without limitation, all applicable federal and state
environmental laws, rules, regulations, decrees, and court orders); (ii) pay all
of its indebtedness when due except for trade payables which Debtor is disputing
in good faith consistent with prudent business practices and for which Debtor
has established sufficient reserves; (iii) pay when due all taxes, assessments
and governmental charges or levies imposed on it, the Collateral or any part of
the Collateral, its income and profits, or any of its property (including,
without limitation, all environmental clean up costs); and (iv) pay all lawful
claims for labor, materials, supplies or other claims;

                  (c) At any time after an Event of Default, permit Secured
Party to visit its locations and to examine and make and take away copies or
reproductions of those books and records of Debtor which relate to the
Collateral (which records Debtor agrees to keep in a manner satisfactory to
Secured Party), to discuss the Debtor with its officers and accountants at all
reasonable times, and to inspect and audit the Collateral, and at any time after
an Event of Default permit Secured Party to verify the Debtor's receivables
constituting Collateral and other Collateral directly with account debtors and
by other methods selected by Secured Party and perform a Collateral audit all as
Secured Party desires at Debtor's expense;

                  (d) Promptly inform Secured Party, in writing, of (i) any and
all material adverse changes in the Debtor's financial condition; and (ii) any
Event of Default;

                  (e) Execute and deliver and file, or cause to be executed and
delivered and filed, any and all other agreements, instruments, or documents
which Secured Party may reasonably request in order to give effect to the
transactions contemplated by this Agreement and to perfect and protect Secured
Party's rights and interests. Debtor hereby appoints and empowers Secured Party,
or any employee of Secured Party which Secured Party may designate for the
purpose, as Debtor's attorney-in-fact (which appointment is coupled with an
interest and is irrevocable), to execute and/or endorse (and file, as
appropriate) at any time after an Event of Default for and in the name of Debtor
any documents, instruments, agreements, papers, checks, financing statements and
other documents which, in Secured Party's reasonable judgment, are necessary to
be executed and/or filed in order to (i) perfect or preserve the perfection and
priority of Secured Party's security interests and (ii) collect or realize upon
the Collateral or otherwise exercise its rights and remedies under this
Agreement, the Promissory Note or any related instrument or agreement or
applicable law; and

                  (f) Comply with all of the terms of all schedules, attachments
and exhibits hereto which are hereby incorporated herein by reference.

         6. Negative Covenants. Until the Obligations are fully paid and
satisfied, the Debtor will not:
<PAGE>
                  (a) Sell or otherwise dispose of any Collateral or create or
permit or suffer to occur the existence of any lien or encumbrance on any
Collateral except for Permitted Liens and security interests and liens in favor
of Secured Party; nor

                  (b) Except with thirty (30) days prior written notice to
Secured Party, change the location of the Debtor's principal place of business
or the Debtor's name or structure or consummate any merger or consolidation or
purchase or sale of substantially all of the Debtor's assets; provided that
notice of a merger or consolidation shall not be required if such event does not
adversely affect the Collateral or Secured Party's security interest therein or
the perfection thereof.

         7. Events of Default. The occurrence of any of the following events or
conditions shall constitute an "Event of Default" under this Agreement:

                  (a) The failure or refusal or neglect of the Debtor within
five (5) days after written notice from Secured Party to pay all or any part of
the Obligations or any related charges, fees and expenses;

                  (b) The failure of the Debtor within five (5) days after
written notice from Secured Party to timely and properly observe, keep, or
perform any covenant, agreement or warranty required by or otherwise set forth
in this Agreement, the Promissory Note or the Asset Purchase Agreement; provided
however, that no such notice shall be required with respect to any failure to
observe, keep or perform any covenant, agreement or warranty pursuant to which
Debtor is to inform, advise or otherwise provide notice or information to
Secured Party;

                  (c) If any representation, warranty, or statement contained in
this Agreement, in the Promissory Note or in any related instrument or agreement
delivered by the Debtor to Secured Party proves to have been false or misleading
in any material respect as of the date such representation, warranty, or
statement was made;

                  (d) If a default by the Debtor (as principal or guarantor or
other surety) in the payment of any indebtedness for borrowed money in excess of
$500,000 owing to any person or entity (other than Secured Party) occurs, and
such default shall remain unremedied in excess of the period of grace or cure,
if any, for payment of such indebtedness and repayment of such indebtedness is
accelerated or demanded;

                  (e) If (i) a receiver, trustee or liquidator is appointed for
the Debtor or all or a substantial part of its assets, provided Debtor shall
have forty (40) days to have removed any receiver, trustee or liquidator which
is appointed without Debtor's consent or request; or (ii) a petition commencing
a bankruptcy or other insolvency proceeding shall be filed (a) against the
Debtor without the Debtor's consent which is not dismissed within sixty (60)
days or (b) by Debtor or against Debtor with Debtor's consent;

                  (f) The levy against $500,000 worth or more of the property
(other than the Collateral) of the Debtor, or any execution, garnishment,
attachment, sequestration or other writ or
<PAGE>
similar proceeding against $500,000 worth or more of property of Debtor which is
not permanently dismissed or discharged within 60 days after the levy;

                  (g) The general assignment by or the filing of application in
any court for a receiver for the Debtor;

                  (h) The dissolution or liquidation of the Debtor;

                  (i) If any or all of this Agreement, the Promissory Note or
any related instrument or agreement or any portion hereof or thereof is asserted
by Debtor or any other party to be unenforceable, void or voidable; or

                  (j) Any lien (except for Permitted Liens and except in favor
of the Secured Party) or levy existing or arising against any of the Collateral.

         8. Rights and Remedies.

                  (a) Upon the occurrence of any Event of Default, Secured
Party, at its option and without the necessity of any presentment, demand or
notice(s) of default, intent to accelerate, demand or acceleration, or any other
notices, all of which are expressly waived by the Debtor, may declare all
Obligations immediately due and payable in full, and Debtor shall thereupon pay
all such Obligations immediately to Secured Party in full; provided that such
acceleration of the Obligations shall occur and be automatic upon the occurrence
of an Event of Default specified in clause (e) of Section 7.

                  (b) Upon the occurrence of any Event of Default, Secured Party
shall have (i) right to bring suit for collection of the Obligations, (ii) right
to collect and foreclose upon any or all of the Collateral and all of the rights
and remedies available to a secured party under the UCC, (iii) all of the other
rights and remedies allowed at law or in equity by applicable laws, ordinances,
statutes, rules, regulations, orders, injunctions, writs, or decrees of any
governmental or political subdivision or agency thereof, or any court or similar
entity established by any such subdivision or agency, and (iv) right to require
the Debtor to assemble the Collateral and make it available to the Secured Party
upon request at a place designated by Secured Party which is reasonably
convenient to both parties. Any and all payments received by Secured Party from
Debtor after an Event of Default and any amounts received by Secured Party from
the liquidation, collection or disposition of Collateral shall be applied first
to costs and expenses incurred by Secured Party in protecting or enforcing its
rights and remedies under this Agreement, the Promissory Note and/or applicable
law, and then to any and all Obligations in such order or manner as Secured
Party determines in its discretion, unless otherwise required by law. Without
limiting Secured Party's rights or Debtor's obligations under this Agreement,
the Promissory Note or any other instrument or agreement, the Debtor shall
remain liable for any deficiency after realization upon the Collateral and
application of the proceeds as set forth above. Debtor hereby grants Secured
Party a power of attorney to execute and deliver as Debtor's attorney-in-fact at
any time upon and after the occurrence of an Event of
<PAGE>
Default any and all instruments and agreements as Secured Party deems desirable
to collect, sell or liquidate any and all Collateral.

All of the foregoing rights and remedies are cumulative.

         9. No Waiver. Neither the failure nor any delay on the part of Secured
Party to exercise any right, power, or privilege shall operate as a waiver of
such right, power, or privilege, nor shall any single or partial exercise of
such right, power, or privilege preclude any other or further exercise thereof
or the exercise of any other right, power, or privilege. No waiver of any
provision in this Agreement shall be effective unless the same shall be in
writing and signed by Secured Party, and then shall be effective only in the
specific instance and for the purpose for which given and to the extent
specified in such writing. No modification or amendment to this Agreement shall
be valid or effective unless the same is in writing and signed by the party
against whom it is sought to be enforced. All rights and remedies of Secured
Party are cumulative.

         10. Additional Obligations of Debtor. Secured Party shall not in any
way be responsible for the performance of any obligations of Debtor under the
Maintenance Agreements and Receivables, or for any failure to do any or all of
the actions for which rights, interests, powers, and authority are herein
granted. Debtor shall defend and indemnify Secured Party against any claims by
anyone against Secured Party alleging any liability of Secured Party arising
under the Maintenance Agreements and Receivables (but not the products covered
by such Maintenance Agreements and Receivables, liability for which shall be
governed by the Asset Purchase Agreement). The failure of Secured Party to take
any of the actions or exercise any right, interest, power or authority granted
to Secured Party hereunder shall not be construed to be a waiver of any such
right, interest, power or authority.

                  Debtor will execute upon the request of Secured Party any and
all further documents, assignments or instruments that Secured Party reasonably
deems appropriate or necessary to evidence or effectuate this Agreement or grant
or confirm the rights and interests given to Secured Party hereunder.

                  Debtor will fulfill and perform each and every obligation of
Debtor under the Maintenance Agreements and Receivables unless the failure to do
so is consistent with prudent business practices and does not materially impair
or reduce the Collateral.

         11. Notices. All notices, requests, demands, or other communications
required or permitted to be given pursuant to this Agreement shall be in writing
and given by (a) personal delivery, (b) expedited delivery service with proof of
delivery, or (c) United States mail, postage prepaid, registered or certified
mail, return receipt requested, sent to the intended addressee at the address on
the first page of this Agreement and shall be deemed to have been received
either, in the case of expedited delivery service or personal delivery, as of
the date of first attempted delivery at the address, or in the case of mail,
upon deposit in a depository receptacle under the care and custody of the United
States Postal Service (provided Secured Party shall not be bound by any notice
until it actually receives the same). Either party shall have the right to
change its address for notice under
<PAGE>
this Agreement to any other location within the continental United States by
notice to the other party of such new address at least thirty (30) days prior to
the effective date of such new address.

         12. GOVERNING LAWS. THIS AGREEMENT, THE PROMISSORY NOTE AND THE OTHER
RELATED DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF ALABAMA.

         13. Severability. If any provision of this Agreement, the Promissory
Note or any related instrument or agreement is held to be illegal, invalid or
unenforceable under present or future laws, such provision shall be fully
severable and ineffective and the remaining provisions of this Agreement, the
Promissory Note or any related agreement shall remain in full force and effect
and shall not be affected by the illegal, invalid or unenforceable provision or
by its severance.

         14. Costs. Debtor shall pay to Secured Party on demand all out of
pocket costs and expenses of Secured Party (including, without limitation, legal
fees, filing fees, recording costs, insurance premiums, taxes (with the
exception of Secured Party's income, excise and franchise taxes) and search
fees) incurred in connection with protecting and/or enforcing Secured Party's
rights and remedies under this Agreement and the Promissory Note which are
incurred by Secured Party after a breach or default under either of them.

         15. Survival. All representations, warranties, covenants, and
agreements made by or on behalf of the Debtor in connection with this Agreement
will survive the execution and delivery of this Agreement and shall be deemed
continuing representations, warranties, covenants and agreements until such time
as the Obligations are indefeasibly paid in full.

         16. Waivers. Debtor waives demand, notice of acceleration, notice of
intent to accelerate, dishonor, notice of protest, all other notices,
presentment, protest, and any and all rights to and of exemption.

         17. Assignment. Any or all of the Obligations, this Agreement, the
Promissory Note and any related agreement and the rights and remedies thereunder
may be assigned or delegated in whole or part by Secured Party (but not by the
Debtor except in connection with the merger of the Debtor) without Debtor's
prior written consent only in connection with (i) a collateral assignment to
Secured Party's primary corporate credit provider, or (ii) a merger,
consolidation or sale of substantially all of the assets of Secured Party.
Debtor agrees not to unreasonably withhold its consent to any other assignment
and/or delegation by Secured Party.

         18. Entire Agreement. This Agreement and the Promissory Note, together
with any documents and instruments executed in connection herewith and any
related instruments and agreements, embody the entire agreement and
understanding between the parties concerning the subject matter hereof and
thereof.

         19. No Third Party Beneficiaries. There are no third party
beneficiaries to this Agreement, the Promissory Note or to any related
instrument or agreement. All conditions to
<PAGE>
Secured Party's obligations under this Agreement are imposed solely and
exclusively for the benefit of Secured Party. Neither the Debtor nor any other
person shall have standing to require satisfaction of any such condition or be
entitled to assume that Secured Party will insist upon strict compliance with
any or all such conditions, and neither the Debtor nor any other person shall,
under any circumstances, be deemed to be a beneficiary of any conditions hereof,
any or all of which conditions may be waived freely, in whole or in part by
Secured Party at any time if, in its sole discretion, Secured Party deems it
advisable so to do.

         20. Modifications. No modification or amendment of this Agreement shall
be effective unless placed in writing and duly executed by Secured Party and
Debtor.

         IN WITNESS WHEREOF, Debtor and Secured Party have executed this
Agreement as of the date first above written.

                                          DEBTOR:

                                          BENTLEY SYSTEMS, INCORPORATED

                                          By:  /s/  David G. Nation
                                             -----------------------------------
                                                   David G. Nation
                                                   Senior Vice President

                                          SECURED PARTY:

                                          INTERGRAPH CORPORATION

                                          By:  /s/ John W. Wilhoitte
                                             -----------------------------------
                                                   John W. Wilhoitte
                                          Title:  Executive Vice President
                                                  ------------------------------
<PAGE>
                                    EXHIBIT A

                                 Permitted Liens

         (a)      PNC Bank, N.A.'s second priority interest in the Collateral,
                  so long as an Intercreditor Agreement acceptable to Secured
                  Party is in effect between PNC Bank, N.A. and Secured Party;

         (b)      liens of carriers, warehousemen, landlords, mechanics,
                  laborers and materialmen arising by law for sums which are (i)
                  not yet due or (ii) being diligently contested in good faith
                  and with respect to which Debtor has set aside sufficient
                  reserves; and

         (c)      liens for taxes which are (i) not yet due or (ii) being
                  diligently contested in good faith by appropriate proceedings
                  and with respect to which Debtor has set aside sufficient
                  reserves.

         (d)      liens or security interests which are subordinate to Secured
                  Party's security interest in the Collateral provided that
                  Debtor is contesting the same pursuant to appropriate
                  proceedings or causes the same to be dismissed promptly.

                                                                 ---------------
                                                                     Initial
<PAGE>
                                   SCHEDULE 1

                            Description of Collateral

Any and all maintenance, license and other agreements and arrangements now or
hereafter entered into by Debtor with customers of Debtor located in the United
States for which revenues are included by Secured Party in the Schedule of
Transferred Maintenance from time to time (as such term is used in the Asset
Purchase Agreement) whereby Debtor agrees to, does or may grant license(s),
provide maintenance, support, upgrades or similar services, rights or property,
in each case only to the extent relating to any of the software products sold to
Debtor by Secured Party and designated by Secured Party as Civil, Raster or
Plotting and any derivatives, upgrades, supplements, variations, redesignations
or modifications of any of them made by Debtor, including without limitation,
the products listed on Schedule 1.1(c) attached hereto, together with all
royalties, accounts, chattel paper, instruments, general intangibles and rights
to payment and performance evidenced thereby, arising therefrom or related to
any or all of the foregoing.

                                                                 ---------------
                                                                     Initial<PAGE>

                                                                   Exhibit 10.7

                                ESCROW AGREEMENT

                  THIS ESCROW AGREEMENT (the "Agreement") dated September 18,
1998 by and among BENTLEY SYSTEMS, INCORPORATED (the "Company"), BACHOW
INVESTMENT PARTNERS III, L.P. or any other entity as to which any affiliate of
Bachow & Associates, Inc. is the general partner and who purchased Preferred
Stock under the Stock Purchase Agreement (the "Purchaser") and WILMINGTON TRUST
COMPANY, as escrow agent (the "Escrow Agent").

                                    RECITALS

                  (a) Pursuant to a Stock Purchase Agreement dated as of
September 18, 1998 (the "Stock Purchase Agreement") among, inter alia, the
Company and the Purchaser, the Purchaser purchased from the Company for an
aggregate purchase price of $15,000,000: 1,552,450 shares of Series A
Convertible Preferred Stock, par value $.01 per share (the "Preferred Stock");
and subject to the terms of this Agreement, 2,171,028 shares of Class B
Non-Voting Common Stock, par value $.01 per share (the "Common Stock").

                  (b) Pursuant to the Stock Purchase Agreement, a stock
certificate (the "Certificate") in the name of the Purchaser, evidencing the
Common Stock is contemporaneously herewith being placed into escrow (the
"Escrow") by the Company for distribution pursuant to this Agreement.

                  (c) The Escrow Agent has agreed to act as escrow agent on the
terms and conditions specified herein.

                  NOW THEREFORE, intending to be legally bound hereby, the
parties hereto agree as follows:

                  1. Appointment of Escrow Agent; Acceptance of Appointment. The
Company and the Purchaser hereby appoint the Escrow Agent as escrow agent
hereunder and the Escrow Agent hereby accepts such appointment.

                  2. Delivery of the Certificate into the Escrow; Voting and
Dividend Rights. In accordance with Section 1.2(b) of the Stock Purchase
Agreement, the Company has delivered the Certificate and the Purchaser has
delivered executed copies of stock powers, endorsed in blank to transfer the
Certificate, to the Escrow Agent to be held in the Escrow. Until released from
the Escrow, Purchaser shall have all voting and dividend rights (which the
Company and the Purchaser shall transmit to the Escrow Agent) relating to the
Common Stock. Additionally, until the shares of Common Stock are released from
the Escrow, all cash dividends, interest and premiums declared and paid on the
Common Stock, as well as any additional shares which are issued with respect to
the Common Stock as a result of any stock dividend, as payment in lieu of any
interest on dividends, by reclassification or otherwise (the "Additional Escrow
Amount") shall be held by the Escrow Agent until the shares of Common Stock to
which they relate are released from the Escrow in accordance with the terms of
this Agreement, in which case the Additional Escrow Amount shall be released
together with such shares. The Escrow Agent shall invest cash pursuant to the
written instructions of the Company, and in the absence of such instructions, in
the U.S. Government portfolio of the Rodney Square Fund, a mutual fund managed
by Rodney Square Management Corporation, a subsidiary of the Escrow Agent.

                  3. Compensation of the Agent. The Escrow Agent shall be
compensated for its services as provided in Section 5(d). The Escrow Agent shall
be entitled to reimbursement of its reasonable out-of-pocket expenses including,
without limitation, the fees and costs of attorneys or agents whom it may find
necessary to engage in the performance of its duties hereunder. The Company
shall be liable to the Escrow Agent for such compensation and reimbursement.
<PAGE>
                  4. Release of the Escrow.

                           a. Shares of Common Stock shall be released from the
Escrow in such number, to such persons or entities and at such times as are
specified in the written instructions that the Company or the Purchaser shall
provide from time to time to the Escrow Agent (the "Escrow Instructions"). The
Company or the Purchaser shall provide the Escrow Instructions in accordance
with and as provided in Exhibit A hereto and such Escrow Instructions from the
Purchaser or, if applicable, from the Company shall contain a certification that
the conditions set forth in Section 4(d) hereof have been met. Examples of the
calculations specified in Exhibit A are set forth in Exhibit B hereto. Upon
receipt of the Escrow Instructions the Escrow Agent shall transmit a copy of the
Escrow Instructions to the other party. When shares are to be released, the
Escrow Agent shall transmit the Certificate (or any replacement stock
certificate) to the Company (or, if applicable, its transfer agent) with a copy
of the applicable Escrow Instructions. Subject to Sections 4(b) and 4(c), the
Company (or, if applicable, its transfer agent) shall issue stock certificates
in accordance with such Escrow Instructions and deliver the stock certificates
to the applicable persons and/or entities and deliver a certificate for any
balance to the Escrow Agent, in the name of the Purchaser.

                           b. If either the Company or the Purchaser gives
written notice to the other and the Escrow Agent disputing any Escrow
Instructions (a "Counter Notice") within 20 days following the date the Escrow
Instructions are delivered to the other party, such dispute shall be resolved as
provided in Section 4(c). If no Counter Notice is received by the Escrow Agent
within such 20-day period, then the Escrow Instructions shall be deemed mutually
agreed to for purposes of this Agreement at the end of such 20-day period. The
Escrow Agent shall not inquire into or consider whether the Escrow Instructions
comply with the requirements of the Stock Purchase Agreement or the calculations
set forth in Exhibit B hereto.

                           c. If a Counter Notice is received, the Escrow Agent
shall release the shares requested in the Escrow Instructions only in accordance
with (i) joint written instructions of the Company and the Purchaser or (ii) a
final non-appealable order of a court of competent jurisdiction. Any court order
shall be accompanied by a legal opinion by counsel for the presenting party
satisfactory to the Escrow Agent to the effect that the order is final and
non-appealable. The Escrow Agent shall act in accordance with such court order
and legal opinion without further question.

                           d. Notwithstanding the above, the Escrow Agent shall
not release to the Purchaser any of the Common Stock from the Escrow pursuant to
this Section 4 unless and until the Purchaser either (i) exercises its right to
have the Preferred Stock redeemed by the Company (the "Redemption Right") as
provided in the Amended Certificate (as defined in the Stock Purchase Agreement)
or (ii) waives the Redemption Right through the conversion of the Preferred
Stock pursuant to Section 4(a) of the Amended Certificate; provided, however,
that, if the Purchaser exercises its Redemption Right and the payment is made
pursuant to Section 3 of the Amended Certificate, the Purchaser shall not be
entitled to any of the Common Stock released from the Escrow and such Common
Stock shall be distributed to the Pre-Closing Shareholders (as defined below) in
accordance with Section 4(e). As applicable, the Company or the Purchaser shall
provide Escrow Instructions in accordance with the foregoing promptly upon the
exercise or waiver of the Redemption Right.

                           e. For purposes of this Agreement and the Escrow
Instructions, "Pre-Closing Shareholders" shall mean any shareholders owning
stock in the Company both immediately prior to the date hereof and as certified
to the Escrow Agent by the Company as of the close of business on the date the
Escrow Instructions are provided to the Escrow Agent. Any time a distribution is
earned back or required to be made to the Pre-Closing Shareholders pursuant to
this Agreement and Exhibit A hereto, it shall be made to the Pre-Closing
Shareholders that still own shares of the Company's Common Stock on the date the
Escrow Instructions are provided to the Escrow Agent in proportion to the number
of shares of the Company's Common Stock owned by each Pre-Closing Shareholder as
of the close of business on the date the Escrow Instructions are provided to the
Escrow Agent up to but not exceeding the number of shares owned by each such
Pre-Closing Shareholder immediately prior to the date hereof.

                  5. Matters Relating to the Escrow Agent.

                           a. The Escrow Agent undertakes to perform only such
duties expressly set forth herein and no implied duties or obligations shall be
read into this Agreement against the Escrow Agent. In acting hereunder, the
Escrow Agent shall not be liable for any act done or omitted to be done, by it
in the absence of gross negligence or willful misconduct.

                           b. The Escrow Agent may only act on and rely upon the
Escrow Instructions to which no objection has been received pursuant to Section
4, or such other joint written instructions received from the Company and the
Purchaser pursuant to Section 4(c); provided, however, that the Escrow Agent may
also rely upon a final non-appealable court order as provided in Section 4(c).
The Escrow Agent may act in reliance upon any such writings or instruments or
any signatures thereon which it, in good faith, believes to be genuine, and may
assume the validity and accuracy of any statement or assertion contained in such
writings or instruments and may assume that any person purporting to give any
writing, notice, advice or instruction in connection with the provisions hereof
has been duly authorized to do so.

                           c. The Escrow Agent shall be entitled to consult with
legal counsel in the event that a question or dispute arises with regard to the
construction of any of the provisions hereof, and shall incur no liability and
shall be fully protected in acting in accordance with the advice or opinion of
such counsel.

                           d. The Company shall pay to the Escrow Agent an
initial fee of $1500 and $2000 per year thereafter for its services hereunder.
In the event the Escrow Agent renders any extraordinary services in
connection with the Escrow at the request of the parties, the Escrow Agent shall
be entitled to additional compensation therefor. The Escrow Agent shall have a
first lien against the Escrow to secure the obligations of the Company
hereunder. The terms of this paragraph shall survive termination of this
Agreement.

                           e. The Company and the Purchaser, jointly and
severally, shall indemnify the Escrow Agent and hold it harmless from any and
against all liabilities, losses, actions, suits or proceedings at law or in
equity, and any other expenses, fees or charges of any character or nature,
including without limitation, reasonable attorneys' fees, which the Escrow Agent
may incur or with which it may be threatened by reason of its acting as escrow
agent under this Agreement or arising out of the existence of the Escrow, except
to the extent the same shall be caused by the Escrow Agent's gross negligence or
willful misconduct. In so agreeing to indemnify, hold harmless and reimburse the
Escrow Agent, the parties intend thereby to cover all losses, claims, damages,
liabilities and expenses, including reasonable costs of investigation, and
counsel fees and disbursements, which may be imposed upon the Escrow Agent or
incurred in connection with its acceptance of appointment as escrow agent
hereunder or the performing of its duties hereunder, including any litigation
arising from this Agreement. The Escrow Agent shall have a first lien against
the Escrow to secure the obligations of the Company hereunder. As between the
Company and the Purchaser, the prevailing party shall be entitled to recover any
amounts paid with respect to the indemnification of the Escrow Agent. The terms
of this paragraph shall survive termination of this Agreement.

                           f. In the event the Escrow Agent receives conflicting
instructions hereunder, the Escrow Agent shall be fully protected in refraining
from acting until such conflict is resolved to the satisfaction of the Escrow
Agent. The Escrow Agent shall be entitled to refrain from taking any action
contemplated by this Agreement in the event that it becomes aware of any
disagreement between the parties hereto as to any material facts or as to the
happening of any contemplated event precedent to such action, but the Escrow
Agent shall not be deemed to have knowledge thereof unless and until it has
received notice thereof from any party hereto. The Escrow Agent shall have the
right at any time it deems appropriate to seek an adjudication in a court of
competent jurisdiction as to the respective rights of the parties hereto and
shall not be held liable by any party hereto for any delay or the consequences
of any delay occasioned by such resort to the court. In addition, the Escrow
Agent shall have the right to institute a bill of interpleader in any court of
competent jurisdiction to determine the rights of the parties, and the parties
shall pay all costs, expenses and disbursements in connection therewith,
including attorneys' fees.

                           g. The Escrow Agent may resign as such following the
giving of thirty (30) days' prior written notice to the other parties hereto.
Similarly, the Escrow Agent may be removed and replaced following the giving of
thirty (30) days' prior written notice to the Escrow Agent by the Company and
the Purchaser. In either event, the duties of the Escrow Agent shall terminate
thirty (30) days after the date of such notice (or as of such earlier date as
may be mutually agreeable), and the Escrow Agent shall then deliver the balance
of the Escrow then in its possession to a successor escrow agent as shall be
appointed by the Company and the Purchaser as evidenced by a written notice
filed with the Escrow Agent.

                  If the Company and the Purchaser are unable to agree upon a
successor or shall have failed to appoint a successor prior to the expiration of
thirty (30) days following the date of the notice of resignation or removal, the
Escrow Agent may petition any court of competent jurisdiction for the
appropriate relief. Any such resulting appointment shall be binding upon all of
the parties hereto.

                  Upon acknowledgment by any successor escrow agent of the
receipt of the then remaining balance of the Escrow, the Escrow Agent shall be
fully released and relieved of all duties, responsibilities, and obligations
under this Agreement.

                  6. Notices. Any notice, request, demand, or other
communication permitted or required to be given pursuant to this Agreement shall
be in writing and shall be deemed to have been properly given if delivered in
person one day after being sent via reputable national overnight courier to the
following address:

                                      -2-
<PAGE>
                  If to the Company:

                  Bentley Systems, Incorporated
                  685 Stockton Drive
                  Exton, PA 19341-1136
                  Telephone No.: (610) 458-5000
                  Telecopy No.:  (610) 458-1060
                  Attention:  General Counsel

                  with a copy to:

                  Drinker Biddle & Reath LLP
                  1000 Westlakes Drive
                  Suite 300
                  Berwyn, PA 19312
                  Attention:  Walter J. Mostek, Jr., Esquire
                  Telephone No.: 610-993-2200
                  Telecopy No.:  610-993-8585

                  If to the Purchaser:

                  Bachow Investment Partners III, L.P.
                  Bala Equity Partners, L.P., general partner
                  Bala Equity, Inc., general partner
                  3 Bala Plaza East, Suite 502
                  Bala Cynwyd, PA 19004
                  Attention:  Jay D. Seid, Managing Director
                  Telephone No.: (610) 660-4900
                  Telecopy No.:  (610) 550-4930

                  with a copy to:

                  Wolf, Block, Schorr and Solis-Cohen LLP
                  111 South 15th Street
                  Philadelphia, PA 19102
                  Attention:  Jason M. Shargel, Esquire
                  Telephone No:  (215) 977-2216
                  Telecopy No:   (215) 977-2334

                                      -3-
<PAGE>
                  If to the Escrow Agent:

                  Wilmington Trust Company
                  Rodney Square North
                  1100 North Market Street
                  Wilmington, Delaware 19890
                  Attention: Corporate Trust Custody
                  Telecopy No.: (302)427-4605

Any party included above may designate a different address by giving written
notice to the other parties to this Agreement in the manner provided in this
Section.

                  7. Governing Law; Transferability. This Agreement shall be
construed in accordance with, and governed by, the laws of the State of
Delaware, without giving effect to any choice of law principles that might
otherwise be applicable. For purposes of this Agreement, the parties hereto
agree to submit to the jurisdiction of the courts of the State of Delaware. This
Agreement shall inure to the benefit of and be binding upon the respective legal
representatives, and permitted successors and assigns of the parties hereto;
provided that no assignment may be made without the written consent of the other
parties.

                  8. Construction. This Agreement shall be construed without
regard to incidents of authorship or negotiation.

                  9. Amendments. This Agreement may not be amended or
supplemented and no provision hereof may be modified or waived except by an
instrument in writing signed by all parties hereto.

                  10. Entire Agreement. As between the Company and the
Purchaser, the Stock Purchase Agreement, the Exhibits and Schedules thereto, and
as between all parties, this Agreement contains the entire understanding of the
parties with respect to the subject matter of this Agreement. There are no
promises, representations, or other undertakings among the parties to this
Agreement with respect to its subject matter other than those expressly set
forth in the Stock Purchase Agreement and this Agreement.

                  11. Counterparts. This Agreement may be executed in multiple
counterparts and by the different parties on separate counterparts. Any
presentation of proof of this Agreement shall be sufficient if the counterpart
executed by the party against whom such proof is offered shall be presented as
evidence.

                                      -4-
<PAGE>
                  IN WITNESS WHEREOF, the parties have duly executed this
Agreement as of the date first above written.

                  COMPANY:

                  BENTLEY SYSTEMS, INCORPORATED

                  By:  /s/ Gregory S. Bentley
                     --------------------------------------------
                  Name:  Gregory S. Bentley
                       ------------------------------------------
                  Title:  President
                        -----------------------------------------

                  Address:     690 Pennsylvania Drive
                               Exton, PA 19341-1136
                  Telephone:   (610) 458-5000
                  Facsimile:   (610) 458-1060

                  PURCHASER:

                  BACHOW INVESTMENT PARTNERS III, L.P.
                  By:  Bala Equity Partners, LP., general partner
                  By:  Bala Equity, Inc., general partner

                  By: /s/ Jay D. Seid
                      -------------------------------------------
                  Name:  Jay D. Seid
                       ------------------------------------------
                  Title:  Vice President
                        -----------------------------------------

                  Address:     3 Bala Plaza East, Suite 502
                               Bala Cynwyd, PA  19004
                  Attention:   Jay D. Seid, Managing Director
                  Telephone:   (610) 660-4900
                  Facsimile:   (610) 550-4930

                  ESCROW AGENT:

                  WILMINGTON TRUST COMPANY

                  By:  /s/ David P. Fontello
                     --------------------------------------------
                  Name:   David P. Fontello
                       ------------------------------------------
                  Title:  Vice President
                        -----------------------------------------

                                      -5-
<PAGE>
        EXHIBIT A: RULES GOVERNING DISTRIBUTION OF SHARES HELD IN ESCROW

The Class B Common Stock in escrows A1, A2, B1 and B2 will be divided between
the Investor and the Pre-Closing Shareholders and distributed at the time and
based on the methodology described below:

1)       COMPANY IS NEITHER SOLD NOR OUT OF AN IPO LOCKUP BEFORE FOUR YEAR
         ANNIVERSARY OF CLOSING

         a)       Escrow A1, A2, B1 and B2 distributed to Investor upon
                  conversion of Preferred or waiver of Redemption Right as
                  provided in the Escrow Agreement. Upon redemption of
                  Preferred, the escrow is distributed to Pre-Closing
                  Shareholders.

2)       COMPANY IS OUT OF IPO LOCKUP BEFORE FOUR YEAR ANNIVERSARY OF CLOSING

         a)       During any full quarter that is (i) after the end of the
                  underwriter-imposed lockup period and (ii) before or ending at
                  the end of year 4, the Pre-Closing Shareholders can earn back
                  Escrow A1 and/or Escrow B1 by having the "Deemed Market Cap"
                  for the Company exceed the relevant thresholds shown in
                  columns 1 and 3 on the attached Exhibit C (the Deemed Market
                  Cap is computed by averaging the closing price per share of
                  the Company for all trading days during the quarter (but
                  eliminating the 5 highest and 5 lowest closing prices before
                  averaging), and multiplying such averaged price per share by
                  28,546,662 shares, plus the number of shares issued in the
                  Company's public offering(s)). Shares earned back shall be
                  released from Escrow and distributed to the Pre-Closing
                  Shareholders immediately following the quarter when earned.

         b)       During any full quarter that is (i) after the end of the
                  underwriter-imposed lockup period and (ii) before or ending at
                  the end of year 4, the Pre-Closing Shareholders can earn back
                  Escrow A2 and/or Escrow B2 by having the Deemed Market Cap for
                  the Company exceed the relevant thresholds shown in columns 2
                  and 4 on the attached Exhibit C. Shares earned back shall be
                  released from Escrow and distributed to the Pre-Closing
                  Shareholders immediately following the quarter when earned.

         c)       At the end of year 4, the remaining "Escrow Shares", if any,
                  will be distributed as follows:

                  i)       Define "Escrow Shares" as the total number of
                           shares, if any, remaining in Escrows A1, A2, B1 and
                           B2 four years after Closing.

                  ii)      Define "#EscrowsLeft" based on the following
                           formula:

                                          EscrowShares
                          # EscrowsLeft = ------------
                                           1,085,514

                  iii)     Define "MktCap" as the average closing market
                           capitalization of the company during the 60 trading
                           days leading up to the end of year 4, but eliminating
                           the 5 highest and 5 lowest market caps before
                           averaging.

                  iv)      Define "TFS" as the fully diluted company shares
                           outstanding at end of Year 4.

                  v)       Number of shares from escrow distributed to Investor
                           is:

<TABLE>
<S>                                          <C>
                                                     DeemedMktCap - $500m         1,552,450
        $60m + ($3.75m X (#EscrowsLeft) X Min( Max( --------------------,0),1))-(--------- X MktCap)
                                                            $800m                    TFS
Max[Min[-------------------------------------------------------------------------------------------- ,1],0] X EscrowShares
                                      EscrowShares
                                      ------------ X MktCap
                                          TFS
</TABLE>

                  vi)      Escrowed shares not released to the Investor are
                           released pro-rata among remaining pre-Closing
                           shareholders in the proportion that they still own
                           pre-closing shares.

3)       COMPANY IS SOLD WITHIN FOUR YEARS.
<PAGE>
         a)       At the time of sale, the company's original shareholders can
                  earn back Escrows A1, A2, B1 and/or B2 by having (the sale
                  price multiplied by 28,546,662 plus shares issued in the
                  Company's public offering(s), if any, and divided by the total
                  fully-diluted shares outstanding on the date of sale (the
                  "Deemed Sales Price")) exceed the relevant thresholds shown in
                  columns 5 and 6 on the attached Exhibit C.

         b)       Define "Escrow Shares" as the total number of shares remaining
                  in Escrows A1, A2, B1, and B2 on the date of sale (after the
                  effect of 3(a), above).

         c)       Define "#EscrowsLeft" based on the following formula:

                                         EscrowShares
                       #EscrowsLeft = -----------------
                                          1,085,514

         d)       Define "MktCap" as the sale price of the Company.

         e)       Define "TFS" as the total fully diluted company shares
                  outstanding on the date of sale.

         f)       Define "CappedReturn" as follows depending when a sale
                  transaction closes:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
                              IF A SALE CLOSES ...
---------------------------------------------------------------     THE "CAPPED RETURN" IS EQUAL TO:
ON OR AFTER ...                   AND BEFORE ...
-------------------------------------------------------------------------------------------------------
<S>                               <C>                               <C>
                                                                            DaysSinceC1osing
Closing                           1 year anniversary of Closing     2.00+ ( ---------------- X 0.50)
                                                                                  365
-------------------------------------------------------------------------------------------------------
                                                                            DaysSince1YearAnniv
1 year anniversary of Closing     2 year anniversary of Closing     2.50+ ( ------------------- X 0.25)
                                                                                     365
-------------------------------------------------------------------------------------------------------
                                                                            DaysSince2YearAnniv
2 year anniversary of Closing     3 year anniversary of Closing    2.75+ ( ------------------- X 0.25)
                                                                                    365
-------------------------------------------------------------------------------------------------------
3 year anniversary of Closing     Anytime Later                     No Capped Return
</TABLE>

         g)       Number of shares from escrow distributed to Investor is:

<TABLE>
<S>       <C>
                                                  Deemed
                                                  Sales
                                                  Price-$500m                            1,552,450
          Min($60m+($3.75mX(#EscrowsLeft)XMin(Max(-----------,0),1)),$15mXCappedReturn)-(---------XMktCap)
                                                     $800m                                  TFS
Max[ Min[ ----------------------------------------------------------------------------------------------- ,1] ,0] X EscrowShares
                                                EscrowShares
                                                ------------XMktCap
                                                    TFS
</TABLE>

         h)       Escrowed shares not released to the Investor are released
                  pro-rata among remaining pre-Closing shareholders in the
                  proportion that they still own pre-Closing shares.

4)       OTHER DEFINITIONS USED IN THIS EXHIBIT

         a)       Min(a,b,...) is defined as a function which returns the
                  minimum value of any of its supplied parameters. For example,
                  Min(1,5,-3) is -3, and Min(2,16,4) is 2.
<PAGE>
         b)       Max(a,b,...) is defined as a function which returns the
                  maximum value of any of its supplied parameters. For example,
                  Max(1,5,-3) is 5, and Max(2,l6,4) is 16.

         c)       Escrows A1, A2, B1, and B2 each contain 542,757 shares of
                  Class B Common Stock at Closing.
<PAGE>
                       EXHIBIT B: EXAMPLE OF CALCULATION

Example Scenario Assumptions

-  Company has completed an IPO and is out of an IPO lock-up before the
   four-year anniversary of closing.

-  Company has reached a "Deemed Market Cap" of $700 million in the sixteenth
   quarter which Deemed Market Cap is higher than any prior quarter, such that
   none of the threshold levels for escrow release in Exhibit C were previously
   achieved.

-  Market Cap = $750,000,000

-  TFS = Total Fully-Diluted Shares = 28,546,662

Results

-  Shares held in escrows A1 & A2 (1,085,514 shares total) are earned back by
   the Pre-Closing Shareholders (and therefore immediately released from Escrow
   to the Pre-Closing Shareholders), but not escrows B1 & B2.

-  Escrow Shares = 1,085,514

-  Escrows Left = 1

-  Therefore, escrow shares distributed to the Investor at the end of year four:

<Table>
<S>  <C>

          (   (       (                               (   (DeemedMktCap - $500m  )  )) (1,552,450        )  )  )
          (   ($60m + ($3.75m x (# EscrowsLeft) x Min (Max(--------------------,0),1))-(---------x MktCap)  )  )
          (   (       (                               (   (       $800m          )  )) (   TFS           )  )  )
      Max (Min(-------------------------------------------------------------------------------------------,1),0) x EscrowShares
          (   (                                EscrowShares                                                 )  )
          (   (                                ------------x MktCap                                         )  )
          (   (                                    TFS                                                      )  )

                    (   (       (                 (   ($700m - $500m  )  )) ( 1,552,450       )        )  )
                    (   ($60m + ($3.75m x 1 x Min (Max(-------------,0),1))-(----------x $750m)        )  )
                    (   (       (                 (   (    $800m      )  )) (28,546,662       )        )  )
                Max (Min(----------------------------------------------------------------------------,1),0) x 1,085,514
                    (   (                                 1,085,514                                    )  )
                    (   (                                ------------x $750m                           )  )
                    (   (                                28,546,662                                    )  )

                           (   ($60m + ($3.75m x Min(Max(0.25,0),1)) - (0.054383 x $750m)  )  )
                        Max(Min(---------------------------------------------------------,1),0) x 1,085,514
                           (   (                   0.038026 x $750m                        )  )

                                   (   ($60m + ($3.75m x 0.25) - ($40,787,168)  )  )
                                Max(Min(--------------------------------------,1),0) x 1,085,514
                                   (   (             $28,519,464                )  )

                                              (   ($20,150,332  )  )
                                           Max(Min(-----------,1),0) x 1,085,514
                                              (   ($28,519,464  )  )

                                                0.706547 x 1,085,514 = 766,966

</Table>

and the remaining 318,548 escrow shares are distributed to the Pre-Closing
Shareholders.

<PAGE>
    EXHIBIT C: Thresholds For Release of Escrows to Pre-Closing Shareholders

<Table>
<Caption>
                       1        2          3         4            5                   6
                    ---------------------------------------------------------------------------
                    While the company is publicly-traded,   At the time of a sale, sale price
                       market cap must exceed ...                must exceed ...
                    ---------------------------------------------------------------------------
Quarter After       Escrow    Escrow    Escrow    Escrow    Escrows A1 & A2     Escrows B1 & B2
  Closing             A1        A2        B1        B2
-----------------------------------------------------------------------------------------------
<S>                 <C>       <C>       <C>       <C>       <C>                 <C>
     1              $495      $593      $702      $842           $344                $488

     2              $495      $593      $702      $842           $360                $511

     3              $495      $593      $702      $842           $377                $535

     4              $495      $593      $702      $842           $394                $560

     5              $495      $593      $702      $842           $412                $586

     6              $495      $593      $702      $842           $432                $613

     7              $495      $593      $702      $842           $452                $641

     8              $495      $593      $702      $842           $473                $671

     9              $495      $593      $702      $842           $495                $702

    10              $518      $593      $735      $842           $518                $735

    11              $542      $593      $769      $842           $542                $769

    12              $567      $593      $805      $842           $567                $805

    13              $593      $593      $842      $842           $593                $842

    14              $621      $621      $882      $882           $621                $882

    15              $650      $650      $923      $923           $650                $923

    16              $680      $680      $965      $965           $680                $965

</Table>

     Note: All dollar amounts shown in millions.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00038-of-00352.parquet"}]]