<SEC-DOCUMENT>0001558370-20-009937.txt : 20201021
<SEC-HEADER>0001558370-20-009937.hdr.sgml : 20201021
<ACCEPTANCE-DATETIME>20200807163043
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001558370-20-009937
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BENTLEY SYSTEMS INC
		CENTRAL INDEX KEY:			0001031308
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				953936623
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		690 PENNSYLVANIA DR
		CITY:			EXTON
		STATE:			PA
		ZIP:			19341
</SEC-HEADER>
<DOCUMENT>
<TYPE>DRSLTR
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.7.0.58--><!--Created on: 8/7/2020 07:36:17 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 4pt 0pt;"><font style="font-size:18pt;">Simpson Thacher &amp; Bartlett LLP</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 4pt 0pt;">425 LEXINGTON AVENUE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">NEW YORK, NY 10017-3954</p><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">RFenyes@stblaw.com</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">August&#160;7, 2020</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 18pt;"><u style="font-weight:normal;text-decoration:underline;text-decoration-color:#000000;">VIA EDGAR</u></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt;"><font style="font-weight:normal;margin-bottom:12pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 144pt;"><font style="font-weight:normal;">Re:&#160;&#160;&#160;&#160;Bentley Systems, Incorporated</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 172.8pt;"><font style="font-weight:normal;">Amendment No. 1 to</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 172.8pt;"><font style="font-weight:normal;">Draft Registration Statement on Form S-1</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 172.8pt;"><font style="font-weight:normal;">Submitted March 9, 2020</font></p></td></tr><tr><td style="vertical-align:top;width:100%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt 0pt 0pt 172.8pt;"><font style="font-weight:normal;">CIK No. 0001031308</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 0pt 144pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Jan Woo</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Jeffrey Kauten</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Division of Corporation Finance</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Securities and Exchange Commission</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">100 F Street, N.E.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Washington D.C. 20549</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Ladies and Gentlemen:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;">On behalf of Bentley Systems, Incorporated (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Registrant</u>&#8221;), we are writing to respond to the comments set forth in the comment letter of the staff (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Staff</u>&#8221;) of the Securities and Exchange Commission (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Commission</u>&#8221;) dated March&#160;20, 2020 (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Comment Letter</u>&#8221;) relating to the above-referenced Amendment No.&#160;1 to the draft Registration Statement on Form&#160;S-1 confidentially submitted on March&#160;9, 2020 (the &#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Draft Registration Statement</u>&#8221;). The Registrant has revised the Draft Registration Statement in response to the Staff&#8217;s comments and is confidentially submitting concurrently with this letter Amendment No.&#160;2 to the Draft Registration Statement (&#8220;<u style="text-decoration:underline;text-decoration-color:#000000;">Amendment No.&#160;2</u>&#8221;) for non-public review. Amendment No.&#160;2 also generally updates certain other information in the Draft Registration Statement, including the presentation of unaudited consolidated financial statements as of and for the six&#160;months ended June&#160;30, 2020 and related disclosure throughout the Draft Registration Statement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:0pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In addition, we are providing the following responses to the Comment Letter. We are also providing a supplemental response to our prior response to comment 12 in the Staff&#8217;s comment letter dated February&#160;13, 2020. To assist your review, we have retyped the text of the Staff&#8217;s comments in italics below. Page&#160;references in the text of this letter correspond to the pages&#160;of Amendment No.&#160;2. Unless otherwise defined below, terms defined in Amendment No.&#160;2 and used below shall have the meanings given to them in Amendment No.&#160;2. The responses and information described below are based upon information provided to us by the Registrant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Prospectus Summary, page&#160;1</u></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">1.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">We note your response to prior comment 1. Please revise to disclose the actual number of accounts in both fiscal 2018 and 2019 rather than refer to over 34,000 accounts. Also, clarify whether a group of affiliated entities is always counted as a single account.</i></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">The Registrant has revised the disclosure on pages&#160;3 and 111 to disclose the actual number of accounts in both fiscal 2018 and 2019 and to clarify that the Registrant determines the number of &#8220;accounts&#8221; based on distinct contractual and billing relationships with the Registrant and that&#160;affiliated entities of a single parent company may each have an independent account.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">2.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">We note the revisions made in response to prior comment 13. First, please revise to clarify whether there is any overlap between these lists such that one of your accounts is both a top design firm and a top infrastructure owner. Second, please disclose additional information on the industry reports you reference, including a brief summary of the methodologies used to generate these rankings and the complete titles of each report. In this regard, we note that it appears the 2019 Engineering News Record report covers the Top 500 Design Firms and that your disclosure only references the top 250 of these firms. Third, with respect to the Bentley Infrastructure 500 Top Owners report, please clarify whether you authored or commissioned this report.</i></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the first part of the Staff&#8217;s comment, the Registrant respectfully advises the Staff that there is substantially no overlap between the Registrant&#8217;s accounts included in the top 250 of the <i style="font-style:italic;">ENR 2019 Top 500 Design Firms </i>and the <i style="font-style:italic;">2019 Bentley Infrastructure 500 Top Owners</i>, other than five accounts that appear on both lists. The Registrant has revised the disclosure on pages&#160;2 and 110 to clarify that the lists are substantially distinct categories other than with respect to such de minimis number of accounts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the second part of the Staff&#8217;s comment, the Registrant has revised the disclosure on pages&#160;2 and 110 to disclose the complete titles of each report and the disclosure on page 110 to provide a brief summary of the methodologies used to generate the rankings for each report.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">2</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the third part of the Staff&#8217;s comment, the Registrant has revised the disclosure on page&#160;110 to clarify that the <i style="font-style:italic;">2019 Bentley Infrastructure 500 Top Owners</i> report was authored by the Registrant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Key Business Metrics, page&#160;66</u></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">3.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">We note from your revised disclosures in response to prior comment 7 that you believe it is reasonable to annualize the last three&#160;months of revenue for your recurring software subscriptions with consumption measurement period durations of less than one&#160;year given your consistently high retention rate and stability of usage under such subscriptions. While we acknowledge your retention rate disclosures for all recurring revenue products, please provide us with this information for only your software subscriptions with consumption measurement periods of less than one&#160;year for each period presented.</i></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">The Registrant respectfully advises the Staff that it does not calculate retention rate for software subscriptions with consumption measurement periods of less than one&#160;year on a periodic basis because it does not believe the information is useful internally or to investors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">For the periods presented in the Registration Statement, on an individual account as well as overall account portfolio basis, the Registrant has experienced significant substitutions from prepaid subscription offerings into consumption-based offerings as well as continued conversion trends of the Registrant&#8217;s existing prepaid subscription users to consumption-based offerings with consumption measurement durations of less than one&#160;year, such as the Registrant&#8217;s E365 program. As a result of these trends, the retention rate for consumption-based offerings with consumption measurement durations of less than one&#160;year would remain relatively consistent with account retention rate calculated on a total recurring revenue basis but would not fully reflect the impact of newly converted subscription users into the Registrant&#8217;s shorter-term consumption-based offerings or the increasing usage of shorter-term consumption-based offerings by existing subscribers. For the benefit of the Staff, the Registrant has calculated the retention rate for consumption-based offerings with consumption measurement durations of less than one&#160;year for the twelve&#160;months ended June&#160;30, 2020 to illustrate this relatively distorted outcome: the retention rate was 94%, while the recurring revenues dollar-based net retention rate for consumption-based offerings with consumption measurement durations of less than one&#160;year for the same period was 155%. Given the significantly limited utility of this metric and the substantial undertaking required to perform this calculation, the Registrant has not calculated this measure for the other periods presented.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">3</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">For these reasons, the Registrant instead calculates its account retention rate on a total recurring revenue basis and by giving consideration of all recurring revenues of the Registrant&#8217;s accounts, which include subscriptions revenues that recur&#160;monthly, quarterly, or annually with specific or automatic renewal clauses, the annualized value of the last three&#160;months of recognized revenues for the Registrant&#8217;s contractually recurring consumption-based software subscriptions with consumption measurement durations of less than one&#160;year and professional services revenues in which the underlying contract is based on a fixed fee and contains automatic annual renewal provisions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">Given the trends and considerations described above, the Registrant respectfully maintains that it is reasonable to annualize the last three&#160;months of revenue for the Registrant&#8217;s recurring software subscriptions with consumption measurement period durations of less than one&#160;year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Results of Operations</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Comparison of the&#160;Years Ended December&#160;31, 2018 and 2019, page&#160;88</u></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">4.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">We note your revised disclosures in response to prior comment 9 and we have the following additional comments:</i></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">Revise the tables preceding your revenues and cost of revenues analysis on pages&#160;88, 90 and 91 to also reflect the change in GAAP revenues and cost of revenues on an ASC 605 compared to ASC 606 basis and ensure such analysis precedes any comparison on an ASC 605 to ASC 605 basis.</i></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">Revise to quantify the impact of adoption of ASC 606 in your analysis of changes in total revenues. Also, you appear to attribute such changes solely to the adoption of ASC 606; while, your discussion of the change in revenue on an ASC 605 basis addresses specific drivers such as organic growth, acquisitions and foreign currency effects. Please tell us why you have not provided a similar analysis on an ASC 605 to ASC 606 basis.</i></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">Revise to include a quantified analysis of changes in revenues by geographic region and changes in total cost of revenue on an ASC 605 to ASC 606 basis.</i></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the first and second parts of the Staff&#8217;s comment, the Registrant has revised the tables on page&#160;86 to include (i)&#160;columns reflecting the change in GAAP revenues and cost of revenues on an ASC 605 compared to ASC 606 basis prior to any comparison on an ASC 605 to ASC 605 basis and (ii)&#160;a column quantifying the impact of the adoption of ASC 606 on each of subscriptions revenues, perpetual licenses revenues, subscriptions and licenses revenues, services revenues and total revenues. In addition, the Registrant has revised the disclosure on pages&#160;86 to 90 to analyze changes in revenues on an ASC 606 versus ASC 605 basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the third part of the Staff&#8217;s comment, the Registrant has revised the disclosure on pages&#160;88 to 89.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">4</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Certain Relationships and Related Party Transactions</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Rights in a Public Offering, page&#160;153</u></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">5.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">You disclose that you are required to sell, and Siemens is required to purchase, together with prior purchases, an aggregate of $250 million worth of your Class&#160;B common stock upon the consummation of this offering. Please disclose the remaining dollar amount that Siemens must purchase and clarify when this purchase will be made. Additionally, clarify whether your other prospectus disclosure assumes or accounts for the issuance of these shares, such as your dilution and beneficial ownership sections.</i></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the first part of the Staff&#8217;s comment, the Registrant has revised the disclosure on page&#160;153 to disclose that as of June&#160;30, 2020 Siemens has purchased the current Maximum Purchase Amount of $250.0 million of Class&#160;B common stock under the Common Stock Purchase Agreement. The Registrant&#8217;s and Siemens&#8217; respective obligations under the Common Stock Purchase Agreement with respect to the sale and purchase of Class&#160;B common stock up to the Maximum Purchase Amount, and, relatedly, the automatic $20.0 million annual increase to the Maximum Purchase Amount which occurs on September&#160;23 of each&#160;year, will terminate upon the effectiveness of a registration statement in connection with an underwritten public offering. The Registrant has revised its disclosure to indicate that it anticipates consummating this offering prior to September&#160;23, 2020 and therefore it does not expect to have any obligations to sell Siemens additional shares of Class&#160;B common stock upon consummation of this offering.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">In response to the second part of the Staff&#8217;s comment, the Registrant respectfully advises the Staff that Siemens&#8217; purchase of the current Maximum Purchase Amount of $250.0 million of Class&#160;B common stock under the common stock purchase agreement is reflected in the Registrant&#8217;s balance sheet as of June&#160;30, 2020 and no assumption of an additional issuance of shares to Siemens has been reflected as the Registrant anticipates consummating this offering prior to September&#160;23, 2020, when the Maximum Purchase Amount would increase to $270.0 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Stockholders Agreement, page&#160;155</u></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">6.</td><td style="padding:0pt;"><i style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;text-align:left;">Your response to prior comment 16 indicates that you do not believe you are required to file a form of the amended and restated stockholders agreement as an exhibit as you do not expect to be a party to this agreement that will go into effect upon the completion of your offering. Please disclose the parties to the amended and restated stockholders agreement. Given that the amended agreement will continue to govern voting, transfer of shares and certain purchase rights of shareholders, please tell us why you do not believe it is required to be filed under Item&#160;601(b)(4)&#160;of Regulation S-K.</i></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">5</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">The Registrant respectfully acknowledges the Staff&#8217;s comments and believes that it is not necessary to file the Amended and Restated Stockholders Agreement. The Registrant respectfully advises the Staff that the parties to the Amended and Restated Stockholders Agreement are expected to be limited to Barry J. Bentley, Gregory S. Bentley, Keith A. Bentley, Raymond B. Bentley and Richard P. Bentley and their respective &#8220;Permitted Transferees&#8221; (which includes (a)&#160;such person&#8217;s lineal descendants; (b)&#160;such person&#8217;s parents, spouse, siblings, and lineal descendants of any thereof; (c)&#160;any family limited partnership, limited liability company, trust or other fiduciary or other entity either controlled by or primarily for the benefit of (i)&#160;such person, (ii)&#160;such person&#8217;s lineal descendants, or (iii)&#160;such person&#8217;s parents, spouse, siblings, or lineal descendants of any thereof; or (d)&#160;subject to certain conditions, any pledgee taking a security interest in shares of Class&#160;A Common Stock to secure indebtedness for borrowed money).&#160;Moreover, the agreement will not restrict the transfer of any securities other than Class&#160;A Common Stock (none of which will be registered) and it will cease to apply to any shares of Class&#160;B Common Stock that are sold to the public or to any person other than the parties to the agreement and their Permitted Transferees. The agreement will set forth and govern the rights and obligations between the stockholder signatories to the agreement. None of the Registrant or any other stockholder will be a party to, or third-party beneficiary of, the agreement, and therefore such persons or entities will not have any rights or obligations under the agreement. Moreover, the agreement will not apply to any of the shares of Class&#160;B Common Stock sold in the Offering and therefore it will not define any &#8220;rights of holders of the equity &#8230; securities being registered&#8221; that would require it to be filed pursuant to Regulation S-K 601(b)(4).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 54pt;">For these reasons, the Registrant respectfully maintains that the Amended and Restated Stockholders&#8217; Agreement is not required to be filed as an exhibit to the Registration Statement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration:underline;">Supplemental Response to the Staff&#8217;s Comment 12 in the Staff&#8217;s Comment Letter dated February&#160;13, 2020, re Fair Value of Common Stock</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="color:#000000;font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;text-align:left;">12.</font></font><i style="font-size:12pt;font-style:italic;">Please provide us with a breakdown of all equity-based awards granted since your most recent balance sheet date. To the extent there were any significant fluctuations in the fair value of your underlying common stock from period-to-period, please describe for us the factors that contributed to these fluctuations, including any intervening events within the company or changes in your valuation assumptions or methodology. Also, continue to provide us with a breakdown of all equity-based awards granted subsequent to&#160;year end including the fair value of the underlying common stock used to determine the fair value of such awards.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">The Registrant respectfully directs the Staff to the Registrant&#8217;s disclosure on pages&#160;162 and F-79, which provides a breakdown of the Registrant&#8217;s equity-based awards granted since the Registrant&#8217;s most recent balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">6</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:30pt;width:100%;"><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:fixed;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;">Securities and Exchange Commission</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="font-size:12pt;">August 7, 2020</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;">Please call me at (212) 455-2812 if you wish to discuss our responses to the Comment Letter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="font-size:12pt;">Very truly yours,</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">/s/ Richard A. Fenyes</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;margin:0pt;">Richard A. Fenyes</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">cc:</p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Securities and Exchange Commission</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Kathleen Collins</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">David Edgar</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Bentley Systems, Incorporated</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Gregory S. Bentley</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">David J. Hollister</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">David R. Shaman</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Simpson Thacher&#160;&amp; Bartlett LLP</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Jonathan R. Ozner</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:44.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Goodwin Procter LLP</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:5.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:39.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;">Richard A. Kline</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="font-size:12pt;">7</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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