Document:

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                                                                  Exhibit 10.22

                                PLEDGE AGREEMENT

                  THIS PLEDGE AGREEMENT (this "Agreement") is dated as of
January 14, 2002, by and among Bentley Systems, Incorporated, a Delaware
Corporation ("Bentley" or the "Secured Party"), and Gregory and Caroline Bentley
(the "Pledgor").

                                   BACKGROUND

                  Bentley issued Pledgor a Common Stock Purchase Warrant to
purchase up to 429,188 shares of Bentley's Class B Common Stock (the "Original
Warrant") in consideration for Pledgor's guarantee of certain obligations of
Bentley under the Revolving Credit and Security Agreement dated as of December
26, 2000 among Bentley, Atlantech Solutions, Inc., Bentley Software, Inc., as
co-borrowers, PNC Bank, National Association, as agent, and the lenders named
therein.

                  On December 31, 2001, the Pledgor transferred a total of
61,000 warrant shares represented by the Original Warrant, and the Company
recorded such transfers on its books and issued the Pledgor a Common Stock
Purchase Warrant for 368,188 warrant shares (the "Warrant") representing the
balance of the warrant shares.

                  The Pledgor has delivered to the Secured Party a promissory
note, dated January 14, 2002 (the "Note"), as consideration for a $229,400 loan
from Bentley to fund certain tax obligations incurred by Pledgor as a result of
the issuance of the Warrant.

                  As a condition to making the loan, Bentley requires that the
Note be secured by the Warrant.

                  NOW, THEREFORE, in consideration of the foregoing premises and
other good and valuable consideration, the parties hereto, intending to be
legally bound, agree as follows:

         1. Pledged Collateral. As collateral security for the payment of the
amounts required to be paid by the Pledgor under the Note, the Pledgor hereby
pledges and grants to the Secured Party a security interest in the Warrant, and
all capital stock issued by the exercise thereof, and all dividends, cash,
instruments and other property from time to time received, receivable, or
otherwise distributed or distributable in respect of or in exchange for any of
the foregoing, and all proceeds of any of the foregoing (collectively, the
"Pledged Collateral").

         2. Security for Obligation. The security interest granted by this
Agreement secures the payment by the Pledgor of its payment obligation under the
Note (such payment obligation is hereinafter referred to as the "Obligation").

         3. Delivery of Pledged Collateral. All instruments representing or
evidencing the Pledged Collateral shall be held by the Secured Party. Pledgor
shall furnish Secured Party with duly executed instruments of transfer or
assignment in blank, all in form and substance satisfactory to the Secured
Party. After the occurrence of an Event of Default (as hereinafter

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defined), the Secured Party shall have the right, at any time in its discretion
without further notice to the Pledgor, to transfer to or to register in the name
of the Secured Party or its nominees any or all of the Pledged Collateral, in
accordance with Section 12 hereof.

         4. Further Assurances. The Pledgor agrees that at any time and from
time to time, at the expense of the Pledgor, it will promptly execute and
deliver all further instruments and documents, and take all further action that
the Secured Party may reasonably request, in order to perfect and protect any
security interest granted or purported to be granted hereby or to enable the
Secured Party to exercise and enforce the rights and remedies hereunder with
respect to any of the Pledged Collateral, including, without limitation,
delivering to Secured Party certificates evidencing the Pledged Collateral not
already in Secured Party's possession and preparing, executing and filing
financing statements on Form UCC-1 in the appropriate governmental offices.

         5. Warranty of Title; Authority. The Pledgor hereby represents and
warrants that:

                  (a) it has good and marketable title to the property now
constituting the Pledged Collateral, and will have good title to any property
subsequently constituting the Pledged Collateral pursuant to the terms hereof,
in each case free and clear of any liens, claims, security interests, and other
encumbrances; and

                  (b) it has full capacity and legal right to execute, deliver
and perform its obligations under this Agreement and to pledge and grant a
security interest in all of the Pledged Collateral pursuant to this Agreement,
and the execution, delivery and performance hereof and the pledge of and
granting of a security interest in the Pledged Collateral hereunder does not
contravene any law, rule or regulation or any provision of any judgment, decree
or order of any tribunal or of any agreement or instrument to which it is a
party or by which it or any of its property is bound or affected or constitute a
default thereunder.

         6. Consensual Rights.

                  (a) So long as no Event of Default shall have occurred and be
continuing:

                           (i) the Pledgor shall be entitled to exercise any and
all of its consensual rights pertaining to the Pledged Collateral or any part
thereof for any purpose not inconsistent with the terms of this Agreement or the
Note; provided, however, that it shall give the Secured Party at least thirty 30
days prior written notice of the manner in which it intends to exercise, or the
reasons for refraining from exercising, any such right which would have a
material adverse effect on the value of the Pledged Collateral; and, provided,
further, that it shall not exercise or refrain from exercising any such right if
the Secured Party advises him that, in the Secured Party's reasonable judgment,
such action would have a material adverse effect on the value of the Pledged
Collateral or any part thereof; and

                           (ii) the Secured Party shall execute and deliver (or
cause to be executed and delivered) to each Pledgor all such proxies and other
instruments as the Pledgor

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may reasonably request for the purpose of enabling him to exercise the voting
and other rights which he is entitled to exercise pursuant to paragraph (i)
above.

                  (b) Upon the occurrence and during the continuance of an Event
of Default, all rights of the Pledgor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise pursuant to
Section 6(a)(i) hereof shall cease and the Secured Party shall thereupon have
the sole right to exercise such consensual rights.

         7. Transfers and Liens. The Pledgor will not sell or otherwise dispose
of, or grant any option with respect to, any of the Pledged Collateral, or
create or permit to exist any lien, security interest, or other charge or
encumbrance upon or with respect to any of the Pledged Collateral, except that
(a) the Pledgor may sell or otherwise dispose of all or a portion of the Pledged
Collateral provided that all or an equal portion of the outstanding principal
amount of the Note is immediately prepaid from the proceeds of such sale or
disposition, and (b) the Pledgor may transfer up to 40 percent of the warrant
shares represented by the Warrant to his children or to a trust(s) created for
the benefit of his children ("Estate Planning Shares"), and, upon written notice
to Bentley of any such transfer, Bentley shall immediately and automatically
release its lien on any such Estate Planning Shares.

         8. Secured Party Appointed Attorney-in-Fact. The Pledgor hereby
appoints the Secured Party as its attorney-in-fact, with full authority in the
place and stead of the Pledgor and in the name of the Pledgor or otherwise, from
time to time in the Secured Party's discretion to take any action and to execute
any instrument which the Secured Party may deem necessary or advisable to
accomplish the purposes of this Agreement. In its capacity as such
attorney-in-fact, the Secured Party shall not be liable for any acts or
omissions, nor for any error of judgment or mistake of fact or law, but only for
bad faith, willful misconduct or gross negligence. This power, being coupled
with an interest, is irrevocable.

         9. Secured Party May Perform. If the Pledgor fails to perform any
agreement contained herein, the Secured Party may itself perform, or cause
performance of, such agreement, and the reasonable expenses of the Secured Party
incurred in connection therewith shall be payable by the Pledgor in accordance
with Section 13(b) hereof.

         10. Secured Party's Duties. The powers conferred on the Secured Party
hereunder are solely to protect its interests in the Pledged Collateral and
shall not impose any duty to exercise any such powers. Except for the safe
custody of any Pledged Collateral in its possession and the accounting for
monies actually received by it hereunder, the Secured Party shall not have any
duty as to any Pledged Collateral or as to the taking of any necessary steps to
preserve rights against any parties or any other rights pertaining to any
Pledged Collateral, except as provided under Section 12 hereof.

         11. Default. "Event of Default" means:

                  (a) a default in payment of the amounts due and payable under
the Note and the continuance of such default for 30 days after written notice
thereof from Bentley to the Pledgor;

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                  (b) any failure by the Pledgor to perform any of his
obligations under this Agreement or any other agreement, instrument, or document
evidencing or securing the Obligation;

                  (c) a filing of a voluntary by or involuntary petition of
bankruptcy against the Pledgor and/or insolvency (however such insolvency may be
evidenced) of the Pledgor; and

                  (d) any breach of any representation or warranty made by the
Pledgor in connection with the transactions contemplated by this Agreement or
any other agreement, instrument, or document evidencing or securing the
Obligation.

         12. Events of Default; Remedies. (a) If an Event of Default shall occur
and be continuing, then the Secured Party may exercise in respect of the Pledged
Collateral, in addition to other rights and remedies provided for herein or
otherwise available to the Secured Party, all the rights and remedies of a
secured party on default under the Uniform Commercial Code as in effect in the
Commonwealth of Pennsylvania (the "Code"), including, without limitation,
retaining ownership of the Pledged Collateral or transferring the Pledged
Collateral in accordance with the Code and other applicable laws and agreements.

                  (b) The Pledgor agrees that at least fifteen days' notice to
the Pledgor of the time and place of any public sale or the time after which any
private sale is to be made shall be given and shall constitute reasonable
notification. The Secured Party shall not be obligated to make any sale of
Pledged Collateral regardless of notice of sale having been given. The Secured
Party may adjourn any public or private sale from time to time by announcement
at the time and place fixed therefor, and such sale may, without further notice,
be made at the time and place to which it was so adjourned.

                  (c) The Secured Party shall be authorized at any sale (if
Secured Party deems it advisable to do so) which is subject to the Securities
Act of 1933, as amended, and the rules and regulations thereunder (the "1933
Act"), or any state "Blue Sky" laws, to restrict the prospective bidders or
purchasers to persons who will represent and agree that they are purchasing the
Pledged Collateral for their own account in compliance with the 1933 Act, and to
otherwise conduct such sale such that the registration of the offer and sale of
the Pledged Collateral will not be required under the 1933 Act or any state
"Blue Sky" laws. The Secured Party may take all such further acts as the Secured
Party may reasonably deem necessary for compliance with any provision of law,
even if such act might, whether by limiting the market or by adding to the costs
of sale or otherwise, depreciate prices that might otherwise be obtained for the
Pledged Collateral being sold or otherwise restrict the net proceeds available
from the sale thereof. Upon consummation of any such sale, the Secured Party
shall have the right to assign, transfer, endorse and deliver to the purchaser
or purchasers thereof the Pledged Collateral so sold. Each such purchaser at any
such sale shall hold the property sold absolutely free from any claim or right
on the part of the Pledgor, and the Pledgor hereby waives, to the extent
permitted by law, all rights of stay or appraisal which the Pledgor now has or
may at any time in the future have under any rule of law or statute now existing
or hereafter enacted.

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                  (d) Any cash held by the Secured Party as Pledged Collateral
and all cash proceeds received by the Secured Party in respect of any collection
from, or other realization upon all or any part of the Pledged Collateral in the
discretion of the Secured Party, may be held by the Secured Party as collateral
for, and/or then or at any time thereafter applied (after payment of any amounts
payable to the Secured Party pursuant to Section 13 hereof) in whole or in part
by the Secured Party against, all or any part of the Obligation in such order as
the Secured Party shall elect. Any surplus of such cash or cash proceeds held by
the Secured Party and remaining after payment in full of the Obligation shall be
paid over to the Pledgor as its interest may appear or as a court of competent
jurisdiction may direct.

         13. Indemnity and Expenses.

                  (a) The Pledgor agrees to indemnify the Secured Party from and
against any and all claims, losses and liabilities growing out of or resulting
from this Agreement (including, without limitation, enforcement of this
Agreement), except claims, losses, or liabilities resulting from the Secured
Party's bad faith, willful misconduct or gross negligence.

                  (b) Upon the occurrence and during the continuance of an Event
of Default, the Pledgor will upon demand pay to the Secured Party the amount of
any and all reasonable expenses, including the reasonable fees and expenses of
counsel and of any experts and agents, which the Secured Party may incur in
connection with (i) the administration and enforcement of this Agreement, (ii)
the custody or preservation of, collection from, or other realization upon, any
of the Pledged Collateral, (iii) the exercise or enforcement of any of the
rights of the Secured Party hereunder, or (iv) the failure by the Pledgor to
perform or observe any of the provisions hereof.

         14. Amendments, Indulgences, Etc. No amendment or waiver of any
provision of this Agreement nor consent to any departure by the Pledgor herefrom
shall in any event be effective unless the same shall be in writing and signed
by the Secured Party, and then such waiver or consent shall be effective only in
the specific instance and for the specific purpose for which given. No failure
or delay on the part of the Secured Party in the exercise of any right, power,
or remedy under this Agreement shall constitute a waiver thereof, or prevent the
exercise thereof in that or any other instance.

         15. Addresses for Notices. All notices and other communications
provided for hereunder shall be in writing and shall be deemed to have been
given when delivered, if hand-delivered or sent by nationally recognized
overnight carrier, or when mailed, if sent by certified mail, return receipt
requested and postage prepaid, to the following address:

                           If to the Secured Party:

                           Bentley Systems, Incorporated
                           685 Stockton Drive
                           Exton, PA  19341

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                           If to the Pledgor:

                           201 Bentley Lane
                           East Fallowfield, PA  19320

All notices, offers, acceptances and other communications shall be deemed to
have been sent, delivered and received and shall be legally effective for all
purposes as of the time when they are mailed by certified mail, return receipt
requested, or a nationally recognized express or overnight delivery or a
hand-delivery to the person to whom such communication is directed.

         16. Continuing Security Interest. This Agreement creates a continuing
security interest in the Pledged Collateral and shall be binding upon the
Pledgor, and its respective heirs, representatives, successors and assigns and
inure to the benefit of the Secured Party and the Secured Party's legal
representatives, successors, transferees and assigns. The execution and delivery
of this Agreement shall in no manner impair or affect any other security (by
endorsement or otherwise) for the payment of the Obligation and no security
taken hereafter as security for payment or performance of the Obligation shall
impair in any manner or affect this Agreement or the security interest granted
hereby, all such present and future additional security to be considered as
cumulative security. Any of the Pledged Collateral may be released from this
Agreement without altering, varying, or diminishing in any way this Agreement or
the security interest granted hereby as to the Pledged Collateral not expressly
released, and this Agreement and such security interest shall continue in full
force and effect as to all of the Pledged Collateral not expressly released.

         17. Discharge of the Pledgor. At such time as all of the principal and
interest on the Note shall have been fully paid and performed, then all rights
and interests in such Pledged Collateral as shall not have been transferred or
otherwise applied by the Secured Party pursuant to the terms hereof and shall
still be held by the Secured Party shall forthwith be transferred and delivered
to the Pledgor, and the right, title and interest of the Secured Party therein
shall cease and the Secured Party shall (i) return to the Pledgor all
certificates or other documents or instruments in the possession of Secured
Party for purposes of the perfection of the security interest granted hereunder
and (ii) if necessary and appropriate, prepare, execute and file with the
appropriate governmental authorities termination statements on Form UCC-3.

         18. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the Commonwealth of Pennsylvania without regard to
principles of conflicts of law. Unless otherwise defined herein, terms defined
in the Code as in effect on the date hereof are used herein as therein defined
as of such date.

         19. Counterparts. This Agreement may be executed in any number of
counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Agreement by signing
any such counterpart.

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         20. Severability. The provisions of this Agreement are independent of
and separable from each other, and no such provision shall be altered or
rendered invalid or unenforceable by virtue of the fact that for any reason any
other such provision may be invalid or unenforceable in whole or in part.

                            [signature page follows]

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                  IN WITNESS WHEREOF, the parties hereto, intending to be
legally bound, have executed this Agreement, or caused this Agreement to be
executed by a duly authorized representative, as of the date first above
written.

                                    PLEDGOR:

                                    /s/  Gregory Bentley
                                    --------------------------------------------
                                    Gregory Bentley

                                    /s/  Caroline Bentley
                                    --------------------------------------------
                                    Caroline Bentley

                                    SECURED PARTY:

                                    BENTLEY SYSTEMS, INCORPORATED

                                    By:      /s/  David Nation
                                       -----------------------------------------
                                    Name:  David Nation
                                    Title:  Senior Vice President

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                                                                  EXHIBIT 10.23

                  WAREHOUSE AND SHIPPING OUTSOURCING AGREEMENT

      This Warehouse and Shipping Outsourcing Agreement (the "Agreement") is
between Bentley Systems, Incorporated ("Bentley") and VideoRay, LLC.
("VideoRay"). This Agreement is effective as of October 1, 2001.

WHEREAS, Bentley wishes to contract with VideoRay for the provision of certain
warehouse and shipping services that Bentley currently provides in-house, and
VideoRay wishes to perform such services, on the terms set forth below.

THEREFORE, it is agreed that:

1.    VideoRay will operate and assume all lease costs for Bentley's current
      warehouse space at 400 Eagleview Boulevard, Exton, PA 19341 (the
      "Warehouse") and continue the services to Bentley that are currently
      provided at the Warehouse.

2.    The services to be provided to Bentley by VideoRay shall consist of the
      following (collectively, the "Services"):

      a.    SHUTTLE RUNS: VideoRay will operate the shuttle with three (3) daily
            runs. The first at 10:30AM delivering inbound packages to all
            Bentley buildings. The second run at 2:00PM for pick up of outbound
            parcels. The third and final run at 4:00PM will continue as well for
            pick up at all buildings. Last minute requests after the last
            scheduled shuttle pick up can be processed as long as it is brought
            to the Warehouse by 5:30PM and requires less than one half hour of
            processing time. Carriers will generally not wait any later than
            6:00PM for the final pick up of the day.

      b.    ELECTRONIC REQUESTS: VideoRay will continue to fulfill electronic
            requests for items stocked in the warehouse such as CDs, brochures,
            and other collateral. The request form is currently located in
            "Outlook" under "Tools/Forms". Bentley must properly complete all
            information.

      c.    PHYSICAL PACKAGES: VideoRay will continue to pick up packages for
            shipping at Bentley buildings. These shipments will be processed
            with a shipping request form (mentioned above) printed and securely
            attached to the parcel as well as being sent electronically to the
            Warehouse. As is the current situation, these shipments are to be
            placed in the outgoing bins and will be picked up by the shuttle
            team.

      d.    INBOUND SHIPMENTS: VideoRay will coordinate delivery of inbound
            carrier (UPS, DHL, FEDEX, etc.) parcels manifested and delivered the
            same day they arrive. Each parcel will be delivered to the
            appropriate Bentley building based on the addressee name and/or
            department.

      e.    SAP ORDERS: VideoRay will coordinate and fulfill Bentley requests
            for kits and other products ordered through SAP. All orders in the
            system by 5:00PM on a given day will be processed, shipped and
            entered into SAP (as shipped) by VideoRay on that same day. Orders
            received after 5:00PM will be processed, shipped and entered into
            SAP (as shipped) by VideoRay the next day. At

<PAGE>

            Bentley's reasonable request from time to time, typically at the end
            of Bentley's fiscal quarters, VideoRay will extend this 5:00 PM
            deadline until 11:00 PM.

      f.    SHIPMENT DATA: VideoRay will continue to retain all shipment data
            for tracking and tracing as well as A/P reconciliation. VideoRay
            will process carrier inquiries and handle any processing of claims
            that may arise.

      g.    FREIGHT SHIPMENTS: VideoRay will coordinate Bentley requests for LTL
            (less than truckload), truckload, and other bulk freight shipments.
            Most freight carriers require one (1) day notice to allow for a
            scheduled pick-up. This includes skidded shipments for trade shows
            and the use of carriers such as Target, USF Worldwide and DHL
            WorldFreight.

      h.    MAIL PROCESSING: VideoRay will coordinate daily USPS pick up and
            deliveries. USPS pick-up takes place at 1:00PM at the Warehouse. All
            mail picked up by VideoRay on the first two shuttle runs will be
            processed and dropped off in the mailboxes in the park. Mail picked
            up by VideoRay on the last shuttle run will be post marked the next
            morning and dropped into the postal system the next day.

      i.    VideoRay will provide all other Warehouse tasks that Bentley
            currently provides in-house, except UPS Ground shipments by Bentley
            employees for non-business purposes.

                  These include:

                  a.    Processing of current level of customer product
                        shipments
                  b.    Processing and shipment of beta test items
                  c.    Processing and shipment of Select CDs and related items
                  d.    Processing of incoming shipments and logging delivery
                        information into SAP to facilitate vendor payment.
                  e.    Processing of outgoing shipments
                  f.    Processing of mass mailings (contracting or doing
                        in-house based on size, does not include mailing address
                        data or label processing)
                  g.    Shipment of Trade Show materials
                  h.    Daily delivery and sorting of Bentley's Exton Employee
                        mail
                  i.    Daily delivery of cleaning and bathroom supplies
                        currently stored in Bentley Building 1
                  j.    Continuation and expansion of program to have incoming
                        shipments charged to VideoRay's carriers for cost
                        savings
                  k.    Expansion of role in timing Trade Show and other
                        expensive shipments to save money
                  l.    Integration of Geopak shipments and implementation of
                        significant cost savings
                  m.    Negotiation of mailing equipment contracts and costs for
                        American offices
                  n.    Negotiation of favorable carrier rates that will further
                        increase savings
                  o.    Provide reasonable maintenance and service of Bentley's
                        vehicles and other equipment used in providing the
                        Services.
<PAGE>

                  At Bentley's request from time to time, source vendors for
                  materials, carriers and related arrangements (the costs of
                  which are Bentley's responsibility hereunder) will be subject
                  to Bentley's approval.

      3.    In order to provide the Services, VideoRay will assume all costs
            (wages and benefits) and management responsibility for these current
            Bentley employees (and one additional hire), who will continue as
            Bentley employees so long as they work under VideoRay's supervision
            to perform the Services.

                  a.    Clint Moyer
                  b.    Sharon Rutledge
                  c.    Jeff Erb
                  d.    one additional person to be hired to complete the
                        staffing of the Warehouse

      4.    VideoRay will assume and bear full responsibility for paying:

                  a.    All rent and warehouse-related occupancy costs except as
                        noted below.
                  b.    Payroll, medical expenses, workers compensation,
                        unemployment insurance expenses for VideoRay employees
                        and the Bentley employees described in paragraph 3.
                        Where possible and practical, VideoRay will take
                        advantage of Bentley's group rates, and Bentley will
                        deduct the costs of these from its monthly payment.
                  c.    All equipment maintenance and service costs, except as
                        noted below, including Bentley's cargo carrying
                        vehicles, forklifts, mailing equipment, and other
                        machines in the warehouse.
                  d.    Packaging supplies except for mailers and packaging for
                        customer shipments (i.e. kits, Select CD mailers)
                  e.    Copier rental and supplies
                  f.    Telephone costs, if separable (and with additional
                        $1000/month fee paid by Bentley)

      5.    Bentley will bear full responsibility for paying the following to
            the extent used for providing the Services:

                  a.    Actual carrier costs for shipments
                  b.    Computer network and technical support
                  c.    Telecommunications services, except as noted in 4(f)
                        above
                  d.    Costs of product materials and inventory (which will
                        continue to be Bentley's property).

      6.    Fees. Bentley will pay to VideoRay a monthly fee of $23,700. An
            additional $1,000 per month will be paid if telephone costs can be
            separated as contemplated in 4(f). VideoRay expenses noted in
            paragraph 4 above, which are funded by Bentley, will be deducted
            from the monthly fee paid by Bentley to VideoRay. Bentley will
            reimburse VideoRay for carrier costs for shipments; where VideoRay
            will bill Bentley weekly (Thursdays), and Bentley will pay VideoRay
            for those expenses by check on the following Monday. The parties
            agree that if the number of items in Bentley shipments,

<PAGE>

            measured from time to time as of the end of the last full calendar
            quarter, from October 1, 2001 through the end of the last full
            quarter included in the measurement is more than 15% higher than the
            number of such shipments for the corresponding period in the prior
            year, then the parties will reconsider the pricing agreed to for the
            shipping services under this Agreement.

      7.    Term. The term of this Agreement shall commence on October 1, 2001.
            At the end of August 2002, VideoRay will provide a summary of the
            performance of the Agreement to Bentley. The summary will outline
            the cost savings and the ongoing benefits to Bentley. This Agreement
            will terminate on December 31, 2002 unless extended by mutual
            agreement of the parties. If, during the term of this Agreement,
            Bentley finds an alternate source for the services contemplated
            herein at a greater level of services or at a lesser cost, Bentley
            may employ such alternative provider and renegotiate or terminate
            this Agreement with VideoRay.

      8.    Indemnification and Insurance. VideoRay shall indemnify, defend and
            hold harmless Bentley and its directors, officers, agents, and
            employees from and against all claims, damages, losses and expenses,
            including but not limited to attorney's fees, arising out of or
            resulting from any act, error, negligence or omission of VideoRay in
            the performance of this Agreement. Bentley shall indemnify, defend
            and hold harmless VideoRay and its directors, officers, agents and
            employees from and against all claims, damages, losses and expenses,
            including but not limited to attorney's fees, arising out of or
            resulting from any act, error, negligence or omission of Bentley in
            the performance of this Agreement. Bentley will maintain insurance
            on the Warehouse and Bentley's property in the Warehouse as required
            under the Warehouse lease from time to time.

      9.    General Provisions:

                  a.    Entire Agreement. This Agreement supersedes any and all
                        agreements, either oral or written, between the parties
                        with respect to the Services, and contains all covenants
                        and agreements between the parties with respect to the
                        Services. Any modification of this Agreement will be
                        effective only if in writing signed by both parties.
                  b.    Partial Invalidity. If any provision of this Agreement
                        is held by a court of competent jurisdiction to be
                        invalid, void, or uneforceable, the remaining provisions
                        will nevertheless continue in full force without being
                        impaired or invalidated in any way.
                  c.    Assignment. In view of the nature of this Agreement,
                        this Agreement may not be assigned by either party
                        without the prior written consent of the other party.
                  d.    Notices. All notices to be given hereunder shall be by
                        personal delivery in writing to the individuals signing
                        this Agreement at their current business addresses.
                  e.    Waivers. Any delay or forbearance by either party in
                        exercising any right hereunder shall not be deemed to be
                        a waiver of that right.
                  f.    Governing law. This Agreement shall be governed by and
                        construed in accordance with the laws of the
                        Commonwealth of Pennsylvania without regard to its
                        conflict of laws provision.

<PAGE>

                  g.    Force Majeure. Neither party will be liable to the other
                        for failure under any obligation hereunder because of
                        acts of God or other circumstances beyond the control of
                        the affected party.

Bentley Systems, Incorporated                 VideoRay, LLC

     /s/ Malcolm Walter                           /s/ Scott Bentley
---------------------------------             ----------------------------------
By: Malcolm Walter                            By: Scott Bentley
Title: C.O.O.                                 Title: President
Date: November 29, 2001                       Date: November 29, 2001

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