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                                                                    Exhibit 10.1

                             SS&C TECHNOLOGIES, INC.

                         1996 DIRECTOR STOCK OPTION PLAN

1.       Purpose.

         The purpose of this 1996 Director Stock Option Plan (the "Plan") of
SS&C Technologies, Inc. (the "Company") is to encourage ownership in the Company
by outside directors of the Company whose continued services are considered
essential to the Company's future progress and to provide them with a further
incentive to remain as directors of the Company.

2.       Administration.

         The Board of Directors shall supervise and administer the Plan. Grants
of stock options under the Plan and the amount and nature of the awards to be
granted shall be automatic in accordance with Section 5. However, all questions
concerning interpretation of the Plan or any options granted under it shall be
resolved by the Board of Directors and such resolution shall be final and
binding upon all persons having an interest in the Plan.

3.       Participation in the Plan.

         Directors of the Company who are not full-time employees of the Company
or any subsidiary of the Company ("outside directors") shall be eligible to
receive options under the Plan.

4.       Stock Subject to the Plan.

         (a) The maximum number of shares of the Company's Common Stock, par
value $.01 per share ("Common Stock"), which may be issued under the Plan shall
be 150,000 shares, subject to adjustment as provided in Section 7.

         (b) If any outstanding option under the Plan for any reason expires or
is terminated without having been exercised in full, the shares covered by the
unexercised portion of such option shall again become available for issuance
pursuant to the Plan.

         (c) All options granted under the Plan shall be non-statutory options
not entitled to special tax treatment under Section 422 of the Internal Revenue
Code of 1986, as amended (the "Code").

5.       Terms, Conditions and Form of Options.


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         Each option granted under the Plan shall be evidenced by a written
agreement in such form as the Board of Directors shall from time to time
approve, which agreements shall comply with and be subject to the following
terms and conditions:

         (a) Option Grant Dates. Options shall automatically be granted to all
eligible outside directors as follows:

                  (i) each person who first becomes an eligible outside director
after the closing date (the "Closing Date") of the Company's initial public
offering of Common Stock pursuant to an effective registration statement under
the Securities Act of 1933, as amended, shall be granted an option to purchase
5,000 shares of Common Stock on the date of his or her initial election to the
Board of Directors, provided that such eligible director is elected on a date
other than the date of an Annual Meeting of Stockholders; and

                  (ii) each eligible outside director shall be granted an
additional option to purchase 5,000 shares of Common Stock on the date of each
Annual Meeting of Stockholders of the Company commencing with the 1997 Annual
Meeting of Stockholders, provided that he or she continues to serve as a
director immediately following such Annual Meeting.

         (b) Option Exercise Price. The option exercise price per share for each
option granted under the Plan shall equal (i) the last reported sales price per
share of the Company's Common Stock on the Nasdaq National Market (or, if the
Company is traded on a nationally recognized securities exchange on the date of
grant, the reported closing sales price per share of the Company's Common Stock
by such exchange) on the date of grant (or if no such price is reported on such
date such price as reported on the nearest preceding day) or (ii) if the Common
Stock is not traded on the Nasdaq National Market or an exchange, the fair
market value per share on the date of grant as most recently determined by the
Board of Directors.

         (c) Options Non-Transferable. To the extent required to qualify for the
exemption provided by Rule 16b-3 under the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), any option granted under the Plan to an optionee
shall not be transferable by the optionee other than by will or the laws of
descent and distribution or pursuant to a qualified domestic relations order as
defined by the Code or Title I of the Employee Retirement Income Security Act,
or the rules thereunder, and shall be exercisable during the optionee's lifetime
only by the optionee or the optionee's guardian or legal representative.

         (d)      Vesting Period.

         (i) General. Each option granted under the Plan shall become
exercisable on the first anniversary of the Option Grant Date; provided,
however, that the optionee continue to serve as a director on such date.

         (ii) Acceleration Upon Change in Control. Notwithstanding the
foregoing, each outstanding option granted under the Plan shall immediately
become exercisable in full in the event a Change in Control (as defined in
Section 8) of the Company occurs.


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         (e) Termination. Each option shall terminate, and may no longer be
exercised, on the earlier of the (i) the date 10 years after the Option Grant
Date or (ii) the date 60 days after the optionee ceases to serve as a director
of the Company; provided that, in the event an optionee ceases to serve as a
director due to his or her death or disability (within the meaning of Section
22(e)(3) of the Code or any successor provision), then the exercisable portion
of the option may be exercised, within the period of 180 days following the date
the optionee ceases to serve as a director (but in no event later than 10 years
after the Option Grant Date), by the optionee or by the person to whom the
option is transferred by will, by the laws of descent and distribution, or by
written notice pursuant to Section 5(h).

         (f) Exercise Procedure. An option may be exercised only by written
notice to the Company at its principal office accompanied by payment in cash of
the full consideration for the shares as to which the option is exercised.

         (g) Exercise by Representative Following Death of Director. An
optionee, by written notice to the Company, may designate one or more persons
(and from time to time change such designation), including his or her legal
representative, who, by reason of the optionee's death, shall acquire the right
to exercise all or a portion of the option. If the person or persons so
designated wish to exercise any portion of the option, they must do so within
the term of the option as provided herein. Any exercise by a representative
shall be subject to the provisions of the Plan.

6.       Limitation of Rights.

         (a) No Right to Continue as a Director. Neither the Plan, nor the
granting of an option nor any other action taken pursuant to the Plan, shall
constitute or be evidence of any agreement or understanding, express or implied,
that the Company will retain the optionee as a director for any period of time.

         (b) No Stockholders' Rights for Options. An optionee shall have no
rights as a stockholder with respect to the shares covered by his or her option
until the date of the issuance to him or her of a stock certificate therefor,
and no adjustment will be made for dividends or other rights (except as provided
in Section 7) for which the record date is prior to the date such certificate is
issued.

7.       Adjustment Provisions for Mergers, Recapitalizations and Related
         Transactions.

         If, through or as a result of any merger, consolidation,
reorganization, recapitalization, reclassification, stock dividend, stock split,
reverse stock split, or other similar transaction, (i) the outstanding shares of
Common Stock are exchanged for a different number or kind of securities of the
Company or of another entity, or (ii) additional shares or new or different
shares or other securities of the Company or of another entity are distributed
with respect to such shares of Common Stock, the Board of Directors shall make
an appropriate and proportionate adjustment in (x) the maximum number and kind
of shares reserved for issuance under the Plan, (y) the number and kind of
shares or other securities subject to then outstanding options under the Plan,
and/or (z) the price for each share subject to any then outstanding options
under the Plan


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(without changing the aggregate purchase price for such options), to the end
that each option shall be exercisable, for the same aggregate exercise price,
for such securities as such optionholder would have held immediately following
such event if he had exercised such option immediately prior to such event. No
fractional shares will be issued under the Plan on account of any such
adjustments.

8. Change in Control. For purposes of the Plan, a "Change in Control" shall be
deemed to have occurred only if any of the following events occurs: (i) any
"person", as such term is used in Sections 13(d) and 14(d) of the Exchange Act
(other than the Company, any trustee or other fiduciary holding securities under
an employee benefit plan of the Company, or any corporation owned directly or
indirectly by the stockholders of the Company in substantially the same
proportion as their ownership of stock of the Company), is or becomes the
"beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of the Company representing 50% or more of the
combined voting power of the Company's then outstanding securities; (ii) the
stockholders of the Company approve a merger or consolidation of the Company
with any other corporation, other than a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior
thereto continuing to represent (either by remaining outstanding or by being
converted into voting securities of the surviving entity) more than 50% of the
combined voting power of the voting securities of the Company or such surviving
entity outstanding immediately after such merger or consolidation; (iii) the
stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of all or
substantially all of the Company's assets; or (iv) individuals who, on the date
on which the Plan was adopted by the Board of Directors, constituted the Board
of Directors of the Company, together with any new director whose election by
the Board of Directors or nomination for election by the Company's stockholders
was approved by a vote of at least a majority of the directors then still in
office who were directors on the date on which the Plan was adopted by the Board
of Directors or whose election or nomination was previously so approved, cease
for any reason to constitute at least a majority of the Board of Directors.

9.       Modification, Extension and Renewal of Options.

         The Board of Directors shall have the power to modify or amend
outstanding options; provided, however, that no modification or amendment may
(i) have the effect of altering or impairing any rights or obligations of any
option previously granted without the consent of the optionee, or (ii) modify
the number of shares of Common Stock subject to the option (except as provided
in Section 7).

10.      Termination and Amendment of the Plan.

         The Board of Directors may suspend, terminate or discontinue the Plan
or amend it in any respect whatsoever; provided, however, that without approval
of the stockholders of the Company, no amendment may (i) increase the number of
shares subject to the Plan (except as provided in Section 7), (ii) materially
modify the requirements as to eligibility to receive options under the Plan, or
(iii) materially increase the benefits accruing to participants in the Plan; and
provided further that the Board of Directors may not amend the provisions of
Sections 3, 5(a),


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5(b) or 5(c) more frequently than once every six months, other than to comply
with changes in the Code or the rules thereunder.

11.      Notice.

         Any written notice to the Company required by any of the provisions of
the Plan shall be addressed to the Treasurer of the Company and shall become
effective when it is received.

12.      Governing Law.

         The Plan and all determinations made and actions taken pursuant hereto
shall be governed by the laws of the State of Delaware.

13.      Stockholder Approval.

         The Plan is conditional upon stockholder approval of the Plan within
one year from its date of adoption by the Board of Directors. No option under
the Plan may be exercised until such stockholder approval is obtained, and the
Plan and all options granted under the Plan shall be null and void if the Plan
is not so approved by the Company's stockholders.

                              Adopted by the Board of Directors on April 1, 1996
                              Approved by the stockholders on April 1, 1996


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             AMENDMENT NO. 1 TO THE 1996 DIRECTOR STOCK OPTION PLAN
                                       OF
                             SS&C TECHNOLOGIES, INC.

                                October 30, 1996


         The 1996 Director Stock Option Plan (the "Plan") of SS&C Technologies,
Inc. is hereby amended as follows (capitalized terms used herein and not defined
herein shall have the respective meaning ascribed to such terms in the Plan):

         1. The reference to Section 5(h) at the end of Section 5(e) of the Plan
shall be amended to refer to Section 5(f).


         2. Section 10 of the Plan shall be deleted in its entirety and replaced
with the following:

         "10. Termination and Amendment of the Plan. The Board of Directors may
         suspend, terminate or discontinue the Plan or amend it in any respect
         whatsoever."


Except as aforesaid, the Plan shall remain in full force and effect.



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                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 2
                                       TO
                   1996 DIRECTOR STOCK OPTION PLAN, AS AMENDED


1. The 1996 Director Stock Option Plan, as amended (the "Plan"), is hereby
amended to delete subsection 5(d) thereof and replace such subsection in its
entirety with the following:

         "(d) Vesting Period. Each option granted under the Plan shall be
         exercisable in full immediately upon the Option Grant Date."

2. The Plan is hereby amended to delete section 8 thereof and replace such
section in its entirety with the following:

         "8. Intentionally deleted."

3. Except as aforesaid, the Plan shall remain in full force and effect.

                               Adopted by the Board of Directors on May 5, 1999.



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                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 3
                                       TO
                   1996 DIRECTOR STOCK OPTION PLAN, AS AMENDED


1. The 1996 Director Stock Option Plan, as amended (the "Plan"), is hereby
amended to delete subsection 4(a) thereof and replace such subsection in its
entirety with the following:

         "4(a) The maximum number of shares of the Company's Common Stock, par
         value $.01 per share ("Common Stock"), which may be issued under the
         Plan shall be 300,000 shares, subject to adjustment as provided in
         Section 7."

2. The Plan is hereby amended to delete section 5(a) thereof and replace such
section in its entirety with the following:

         "5(a) Option Grant Dates. Options shall automatically be granted to all
eligible outside directors as follows:

                  (i)      each person who first becomes an eligible outside
                           director after the 2000 Annual Meeting of
                           Stockholders of the Company shall be granted an
                           option to purchase 10,000 shares of Common Stock on
                           the date of his or her initial election to the Board
                           of Directors, provided that such eligible director is
                           elected on a date other than the date of an Annual
                           Meeting of Stockholders; and

                  (ii)     each eligible outside director shall be granted an
                           option to purchase 10,000 shares of Common Stock on
                           the date of each Annual Meeting of Stockholders of
                           the Company commencing with the 2000 Annual Meeting
                           of Stockholders, provided that he or she continues to
                           serve as a director immediately following such Annual
                           Meeting."

3.       Except as aforesaid, the Plan shall remain in full force and effect.

                          Adopted by the Board of Directors on February 7, 2000.


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                             SS&C TECHNOLOGIES, INC.


                                 AMENDMENT NO. 4
                                       TO
                   1996 DIRECTOR STOCK OPTION PLAN, AS AMENDED


1. The Plan is hereby amended to delete section 5(a) thereof and replace such
section in its entirety with the following:

         "5(a) Option Grant Dates. Options shall automatically be granted to all
         eligible outside directors as follows:

                  (i)      each person who first becomes an eligible outside
                           director after the 2002 Annual Meeting of
                           Stockholders of the Company shall be granted an
                           option to purchase 5,000 shares of Common Stock on
                           the date of his or her initial election to the Board
                           of Directors, provided that such eligible director is
                           elected on a date other than the date of an Annual
                           Meeting of Stockholders; and

                  (ii)     each eligible outside director shall be granted an
                           option to purchase 5,000 shares of Common Stock on
                           the date of each Annual Meeting of Stockholders of
                           the Company commencing with the 2002 Annual Meeting
                           of Stockholders, provided that he or she continues to
                           serve as a director immediately following such annual
                           Meeting."

2. Except as aforesaid, the Plan shall remain in full force and effect.

                               Adopted by the Board of Directors on May 22, 2002



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