Document:

Form of Deposit Account Agreement

 FORM OF DEPOSIT ACCOUNT AGREEMENT 
 GLOBAL ACCOUNT TERMS 
 The Bank of New York, in its capacity as trustee of the
CurrencyShares Russian Ruble Trust, a trust formed under New York law (the “Customer” or “Trust”) and the London Branch of JPMorgan Chase Bank, N.A. (the “Bank”) undertake to comply with and be
bound by the following Global Account Terms of this Deposit Account Agreement (the “Agreement”). 
 ESTABLISHING ACCOUNTS 

  

	1.1	The Customer’s Russian Ruble-denominated, (i) interest-bearing account (the “Interest Account”) and (ii) non interest–bearing account ( the
“Non-Interest Account”) (each individually the “Account” and collectively the “Accounts”) maintained with the Bank shall be subject to these Global Account Terms (the “Account
Terms”) and the Account Application and the Signature List executed by the Customer regarding the Accounts attached hereto (together, the “Account Applications”); and, by continuing to use the Accounts, the Customer
acknowledges its acceptance of these Account Terms and the relevant Account Applications. 

  

	1.2	Unless otherwise specified, the Customer will establish the Accounts as principal. The Customer shall not transfer any of its rights and interests in the Accounts nor create any
form of security interest over such rights and interests without the prior written consent of the Bank. 

  

	1.3	The Customer represents and warrants that it has power and capacity to open and operate the Accounts, that the Account Terms and the relevant Account Applications constitute valid
and binding obligations of the Customer and that the Customer has taken all necessary actions to duly authorize the execution and delivery of the same. 

 SIGNATORIES 
  

	2.1	“Signatory” means a person named in the relevant Account Application (or other analogous document under which the Customer authorises persons to communicate with
the Bank in relation to the Accounts) who is authorised to act on behalf of the Customer at the time of the relevant Instruction (as defined in Section 4.1) and in respect of the matters set out in clause 3 below. 

  

	2.2	The Bank may treat any Signatory as duly authorised to issue Instructions until the Bank receives written notice from the Customer, after which the Bank shall act promptly, that the
Signatory no longer has the authority to issue Instructions. 

  

	2.3	The Customer will provide specimen signatures (including specimens of facsimile signatures and/or personal seals) to the Bank (in the Account Application or otherwise) in the number
and form required and will verify the identity of each Signatory in a manner required by the Bank. 

 AUTHORITY OF SIGNATORIES 
  

	3.1	Each Signatory, subject to any written limitation received by the Bank from the Customer, is authorised on behalf of the Customer to: 

  

	 	(a)	open, operate and close the Accounts; 

  

	 	(b)	appoint and remove Signatories; 

  

	 	(c)	execute the Account Application(s) and any form of agreement relating to communications, whether by telephone, telex, electronic or other means; 

  

	 	(d)	execute any agreements relating to overdrafts, borrowings or cash management; 

  

	 	(e)	draw, accept, endorse or discount cheques, drafts, bills of exchange, notes and other instruments; 

  

	 	(f)	overdraw the Accounts as may be permitted by the Bank; 

  

	 	(g)	make arrangements with the Bank concerning periodic payments into or out of the Accounts; 

  

	 	(h)	advise the Bank of credits destined for the Customer’s Account; 

  

	 	(i)	place money on interest-bearing or term deposit with the Bank and withdraw that money and accrued interest either on or before any applicable maturity date;

  

	 	(j)	authorize and request the Bank to effect foreign exchange transactions and purchase and/or sell treasury products for the account of the Customer; 

  

	 	(k)	deposit any property of the Customer with the Bank for safe keeping, have access to and reclaim any property so deposited or give the Bank Instructions in relation to it;

  

	 	(l)	execute guarantees, indemnities or other undertakings to the Bank in relation to: 

  

	 	(i)	missing documents; 

  

	 	(ii)	guarantees, letters of credit or other undertakings given or to be given by the Bank to or at the request of the Customer; or 

  

	 	(iii)	anything else done or to be done by the Bank at the request of the Customer; 

  

	 	(m)	give the Bank any form of security over, or make any other arrangements with the Bank concerning, any property of the Customer including without limitation bills of exchange, bills
of lading, warehouse certificates, insurance policies and share and debenture certificates; 

  

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	 	(n)	countermand, revoke or amend Instructions; and 

  

	 	(o)	give the Bank Instructions relating to any of the above. 

 INSTRUCTIONS 
  

	4.1	“Instruction” means a communication, including without limitation a cheque or demand for payment, which (i) contains the information required by the Bank to
enable the Bank to give effect to the communication; (ii) is received by the Bank in writing, by facsimile, tested or untested telex, SWIFT, telephone, or via the Bank’s electronic instruction system or such other means as are for the time
being agreed by the Customer and the Bank; and (iii) the Bank believes in good faith to have been given by the Customer. 

  

	4.2	The Customer is responsible for keeping and completing cheques and other forms and documents and for issuing Instructions in a manner so as to prevent unauthorised completion,
alterations or additions. The Customer shall not issue cheques which are post- dated and shall immediately notify the Bank if it becomes aware that any of its cheques (whether completed or blank) are lost or stolen. 

  

	4.3	If the Bank and the Customer at any time agree on a security procedure to be used in relation to any category of communications (including encryption), the Customer shall safeguard
any test keys, passwords, identification codes or other security or authentication devices, make them available only to properly authorised persons and be fully responsible for any use of such security procedure (whether authorised or unauthorised)

  

	4.4	Nothing in this Clause 4 obligates the Bank to confirm Instructions which appear to the Bank acting in good faith to have been given by the Customer. 

 AUTHORITY AND OBLIGATIONS OF THE BANK 
  

	5.1.	The Bank is authorised and agrees to accept, honour and execute without inquiry each Instruction which the Bank believes in good faith to have been given by a Signatory and any
other Instruction communicated by other means which the Bank receives in strict accordance with any agreed security procedure. Provided the Bank believes in good faith that an Instruction has been given by a Signatory, where such an Instruction has
been effected by means of a facsimile signature, personal seal or chop, the Bank is authorised to act on such Instruction, regardless of by whom the facsimile signature, personal seal or chop was actually affixed. The Bank need not inquire into the
circumstances of any transaction. 

  

	5.2	The Bank may at its option use any means to confirm or clarify Instructions, even if any agreed security procedure appears to have been followed. If the Bank is not satisfied with
any confirmation or clarification, it may decline to honour the Instruction. 

  

	5.3	The Bank has established cut-off times for some categories of communications, details of which are attached hereto as Addendum A. If an Instruction is received by the Bank
after its cut-off times, the Bank may process the Instruction on the next day on which it is open for such business. The Bank may process any Instruction through any of the payments systems identified in Addendum A. 

  

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	5.4	Execution of Instructions will be subject to applicable law and the rules of the payment system used, including those laws or rules concerning a misdescribed or missing beneficiary,
beneficiary’s bank or intermediary bank. The Bank may rely on the identifying number of any account, intermediary or beneficiary’s bank which appears in an Instruction as the proper identification of the beneficiary, intermediary or
beneficiary’s bank notwithstanding that the Instruction identifies an entity different from the entity identified by name in the Instruction. The Bank may complete or correct incomplete or inaccurate intermediary or beneficiary bank details.

  

	5.5	Due to the operations of the Trust, mid-month redemptions of shares of the Trust could result in an Instruction that would require a withdrawal from the Non-Interest Account in
excess of the balance in such account. The Bank shall honour such an Instruction without assessing an overdraft fee. The Bank may charge customary interest, fees and other expenses for all other overdrafts of the Non-Interest Account or the Interest
Account. 

  

	5.6	Where execution of an Instruction requires the Bank to purchase or sell a currency other than the currency of the Account on which the Instruction is given, the Bank is authorised
to purchase or sell the currency at a commercially reasonable rate at the relevant time for the purchase or sale of such currency taking into account the size and tenor of the transaction. 

  

	5.7	If the Customer chooses to confirm any Instruction, any confirmation must be clearly marked as such and, if there is any discrepancy between an Instruction and any confirmation, the
terms of the Instruction shall prevail. 

 DEPOSITS, AVAILABILITY OF FUNDS 
  

	6.1	The Customer undertakes that it will have good title to all items presented to the Bank for deposit or for any other purpose. Money deposited or paid into an Account will not be
regarded as available until collected and irrevocably received in cleared funds. The Customer requests that the Bank accept without inquiry all cheques and other instruments presented for deposit into the Account without checking whether they are
valid, properly endorsed or owned by the Customer. 

  

	6.2	As collecting bank, the Bank as agent for the Customer will deal with and present the cheques and instruments in accordance with the custom and practice of the country in which the
cheques are collected. 

  

	6.3	If the Bank credits the Account in contemplation of receiving funds for the Customer’s credit and those funds are not actually received by the Bank, or on the faith of a
transaction which is subsequently set aside or revoked, or if the Bank does not receive funds for the Customer’s credit for value on the date advised by or on behalf of the Customer, the Bank shall be entitled to debit the Account of the
Customer with the amount previously credited and/or with any other charges incurred. If the Account becomes overdrawn or further overdrawn as a result of such debit, the Customer will pay on demand the overdrawn amount and interest on the overdrawn
amount. 

  

	6.4	 Bank reserves the right not to accept, and to return without interest to the remitter of funds, the amounts received for deposit to the Interest Account on any Bank
business day, if the 

  

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aggregate deposit liability of the Bank to the Trust following the deposit of such amounts would exceed the Russian Ruble equivalent of
$[            ] U.S. dollars calculated at the Russian Ruble/U.S. dollar exchange rate as determined by WM/Reuters at 4:00 PM (London time) on each Bank business day (the
“Closing Spot Rate”) or another recognized market rate for the Russian Ruble if the Closing Spot Rate is not available on the banking day such deposits are received by the Bank. 

  

	6.5	The Bank shall notify the Customer and the Customer’s sponsor if there are extraordinary circumstances causing the Bank to reasonably expect that it will be unable to accept
Instructions for the withdrawal of money held in the Accounts. Upon such notification, the Customer may determine, in its sole discretion, to suspend generally or refuse orders to redeem shares of the Trust. In such case, the Customer and the Bank
shall consult with each other and use good faith efforts to resume withdrawals as soon as possible. 

  

	6.6	Each day that orders are placed with and accepted by the Trust for the purchase or redemption of shares in the Trust, the Trust shall notify the Bank of the anticipated amounts of
Russian Rubles that will be deposited to, or withdrawn from, the Interest Account on the settlement date for those orders. 

 INTEREST

  

	7.1	Interest will accrue daily, in Russian Rubles, on all Russian Ruble balances in the Interest Account only and will be credited monthly, in Russian Rubles, to the Non-Interest
Account. No interest will be earning on balances in the Non-Interest Account. The Bank agrees that it will endeavour at all times to pay a competitive interest rate on all Russian Ruble balances in the Interest Account. As of the date of this
Agreement, the Bank has agreed to pay interest at [            ]. The Bank may change the rate based upon changes in market conditions or the Bank’s liquidity needs. The Bank will
notify the Customer of the interest rate applied each Bank business day after the close of the Bank business day. The Bank will endeavour to provide to the Customer and Customer’s sponsor advance notice whenever the Bank intends to change the
interest rate on the Interest Account, except where there are unforeseen changes in conditions or significant changes in the Trust’s balances in the Interest Account. If the Bank at any time pays an unsatisfactory interest rate on the Interest
Account, the Customer’s sole recourse will to be to withdraw the Russian Ruble balance from the Interest Account, terminate the Deposit Account Agreement and close the Accounts. 

 ACCOUNT INFORMATION 
  

	8.1	The Bank will issue, on a daily basis, balance and transactions reports for the Accounts for the previous banking day. Bank will also send a periodic statement of account for the
Accounts as agreed with the Customer. 

  

	8.2	The Customer will ensure that the statements, confirmations and advices it receives from the Bank are examined by a responsible person on behalf of the Customer within a reasonable
time of receipt and, thereupon, Customer shall promptly notify the Bank of any mistake or discrepancy of which the Customer becomes aware from such statements, confirmations and advices. The Bank shall not be responsible for the Customer’s
reliance on balance, transaction or related information which is subsequently updated or corrected or for the accuracy or timeliness of information supplied by any third party to the Bank. 

  

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 OTHER DOCUMENTATION 
  

	9.1.	These Account Terms and the Account Applications replace any existing agreements relating to the subject matter hereof or thereof, with effect from the date the Bank receives the
relevant Account Application or analogous document in form and substance satisfactory to the Bank. 

  

	9.2	These Account Terms are in addition to any future agreement between the Bank and the Customer (including without limitation any agreement relating to the provision of electronic
banking services, specific payment or cheque services or custody services) and if there is an inconsistency between these Account Terms and any such other agreement, any such other agreement will prevail for the purposes of the particular account or
service which is the subject of such other agreement. If there is an inconsistency between these Account Terms and any terms of the relevant Account Application(s), the terms of the Account Application(s) shall prevail for the purposes of the
Account(s) which are subject to such Account Application(s). 

 REVERSALS 
  

	10.1	Unless otherwise expressly provided, all Instructions shall continue in full force and effect until cancelled or superseded. Instructions may be reversed, amended, cancelled or
revoked by the Customer only with the consent of the Bank. That consent shall not be withheld unless the Bank reasonably determines that it would not be possible to give effect to any reversal, amendment or revocation, or the Bank has entered into
other transactions or otherwise materially changed its position as a result of receiving such Instructions. 

  

	10.2	The Customer may stop payment of a cheque at any time provided the Bank branch on which the cheque is drawn receives an Instruction to that effect from the Customer prior to the
Bank honouring or arranging to honour the cheque concerned. 

  

	10.3	If the Bank erroneously posts or fails to post an entry to the Account the Bank may reverse or make a correcting entry and the provisions of clause 6.3 shall apply to any resulting
overdraft. 

 FEES AND CHARGES 
  

	11.1	The Bank may, at its option, invoice the Customer or debit the Account for services or for handling telecommunications or messages dispatched at the Customer’s request, and
other out of pocket costs incurred by it for the Customer’s account in accordance with its fee arrangements in place from time to time. Attached hereto and marked “Fee Schedule” is a copy of the current fees. All payments to be made
to the Bank shall be in full, without set-off or counterclaim and free of any deductions or withholdings on account of any tax or otherwise. The Bank will forward to the Customer a statement in respect of each Account detailing all interest (if
applicable) and fees charged to that Account. 

  

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	11.2	The Customer agrees to pay or reimburse the Bank for any taxes, levies, imposts, deductions, charges, stamp, transaction and other duties and withholdings (together with any related
interest, penalties, fines, and expenses in connection with them) in connection with the Accounts (including payments or receipts to the Accounts) except if imposed on the overall net income of the Bank. 

 REPAYMENT OF OVERDRAFTS 
  

	12.1	In the event that there is an overdraft of the Non-Interest Account (as provided for in Section 5.5 hereof), any monies paid into the Non-Interest Account will first be used to
credit such overdraft. 

 INDEMNITY AND LIABILITY 
  

	13.1	The Customer shall fully indemnify the Bank and its employees, officers and directors and each of the affiliates and subsidiaries of JPMorgan Chase Bank, N.A. on demand, at all
times against any losses, costs, claims, damages, liabilities and expenses (including without limitation legal fees) which it or they suffer or incur directly or indirectly as a result of (i) the Customer’s breach of these Account Terms,
(ii) the Bank acting on what it believed in good faith to be the Customer’s communication or Instruction or because of anything done under or as contemplated by these Account Terms. This indemnity is in addition to and not in substitution
for any other indemnity or right in favour of the Bank given by law or otherwise and shall not be affected or discharged by anything. 

  

	13.2	(i) Subject to clause 13.2 (ii) below, the Bank shall be liable only for direct loss or damage which the Customer suffers or incurs arising from the Bank’s gross
negligence or willful misconduct and shall not be liable for any other loss or damage of any nature. 

 (ii) The Bank shall not
in any event be liable for loss of business or profits or goodwill or any indirect or consequential or punitive or special loss or damage, in each case whether or not reasonably foreseeable, even if the Bank has been advised of the likelihood of
such loss or damage and whether arising from negligence, breach of contract or otherwise. 
 (iii) The provisions of clause (i) and
(ii) above shall not apply to the extent that the loss or damage is caused by fraud on the part of the Bank. 
  

	13.3	The Bank of New York enters into this Agreement only in its capacity as trustee and in no other capacity, and in no circumstances shall The Bank of New York have any liability under
or in connection with this Agreement other than as trustee of the Trust. Any liability of the Trustee arising under or in connection with this Agreement is limited to, and can be enforced against the Trustee only to the extent to which such
liability can be satisfied out of, the assets of the Trust which are available under the terms of the trust agreement governing the Trust to meet such liability at the time the amount in respect of such liability is claimed against the Trustee. This
limitation on the Trustee’s liability applies despite any other provision of this Agreement and extends to all liabilities and obligations of the Trustee in any way connected with any representation, warranty, conduct, omission, agreement or
transaction related to this Agreement, except that the Trustee will be held liable individually for its fraud or willful misconduct in connection with these Account Terms. 

  

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 GOVERNING LAW AND JURISDICTION 
  

	14.1	These Account Terms, the relevant Account Application and the rights and obligations of the Customer and the Bank in respect of the Accounts shall be governed by, performed and
construed in accordance with the laws of England. 

  

	14.2	If any of these Account Terms is unenforceable or illegal in any jurisdiction, that will not affect the rest of the Account Terms in that jurisdiction, or any of the Account Terms
in any other jurisdiction. 

  

	14.3	In relation to the Accounts, the courts of England shall have non-exclusive jurisdiction to settle any disputes which arise out of or are connected with these Account Terms, the
relevant Account Application and/or the relevant Account. This clause does not prevent the Bank or Customer from taking proceedings in the United States. 

 RECORDING 
  

	15.1	The Bank may record telephone conversations in connection with an Instruction. At the Customer’s request and cost the Bank will supply a copy or transcript of any such
recording to the Customer. The recording or transcript may be used in resolving any dispute between the Bank and the Customer. Recordings and any transcript shall be the property of the Bank. 

  

	15.2	The Bank may microfilm or electronically record any document and subject to any law affecting the relevant Account may destroy the original of such documents. Subject to the
provisions of applicable law the Bank and the Customer shall be entitled to rely on any such stored document in any legal proceeding or for any other purpose. 

 DISCLOSURE 
  

	16.1	The Customer authorises the Bank to retain an affiliated company and/or any other agents to perform data processing, collection and other services which the Bank considers necessary
or desirable for the Bank. The Bank reserves the right to modify or terminate its arrangements with its agents at any time. 

  

	16.2	The Customer agrees that Instructions and information concerning the Accounts, the Customer and transactions to be disclosed in accordance with this clause 16 may be transmitted
across national boundaries and through networks including those owned and operated by third parties. 

  

	16.3	 The Customer authorises the Bank to disclose information concerning the Accounts, transaction or the Customer where, (i) in the Bank’s view, the
disclosure is necessary or desirable for the purpose of allowing the Bank to perform its duties and exercise its powers and rights hereunder; (ii) the disclosure is to a proposed assignee of the rights of the Bank in respect of the Account;
(iii) the disclosure is to a branch, affiliate, subsidiary, employee or agent of JPMorgan Chase & Co. or to its auditors or legal advisers; (iv) the disclosure is to 

  

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the auditors of the Customer; or (v) as may be otherwise required by law, irrespective of whether the disclosure is made in the jurisdiction in which
the Customer is resident, the Account is kept, the transaction conducted or elsewhere. 

 FORCE MAJEURE 
  

	17.1	The Bank shall have no liability for any damage, loss, expense or liability of any nature which the Customer may suffer or incur, to the extent caused by an act of God, fire, flood,
civil or labour disturbance, war or terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto), legal constraint (including attachments or other legal process), fraud or forgery (other than on the part
of the Bank or any of its directors, officers or employees), malfunction of equipment (including, without limitation, any computer or related software) except where such malfunction is primarily attributable to the Bank’s gross negligence in
maintaining the equipment or software, failure of or the effect of rules or operations of any funds transfer system, inability to obtain or interruption of communications facilities, or any cause beyond the reasonable control of the Bank (including,
without limitation, the non-availability of appropriate foreign exchange); 

  

	17.2	Any amount standing to the credit of the Account with the Bank is payable exclusively at the branch at which the Account is held: however, payment may be suspended from time to time
in order to comply with any law, regulation, governmental decree or similar order for the time being affecting the Bank, its officers, employees, affiliates, agents or correspondents. 

 NOTICES 
  

	18.1	Any communication, other than an Instruction, shall be in writing unless otherwise agreed and may be sent by personal delivery, facsimile, telex, SWIFT or post, addressed, in the
case of communications from the Customer to the Bank, to the branch of the Bank where the Account is maintained, and, in the case of communications from the Bank to the Customer, to the address notified by the Customer to the Bank from time to time.
Any communication will only be effective when actually received. 

 CLOSURE/TERMINATION 
  

	19.1	The Bank has the right to close an Account at any time by not less than ninety days notice in writing addressed to the Customer at its most recent address as advised by the Customer
to the Bank. Before or on the expiry of such notice the Bank, will transfer any balance in the Account in accordance with the Customer’s Instructions. On the expiry of such notice, the Bank’s obligations in respect of the Account shall
cease. However, any such closure or termination shall not affect the Customer’s liabilities to the Bank arising prior to or after such termination or closure, all of which shall continue in full force and effect. In the absence of such
Instructions the Bank may transfer the balance to an unclaimed moneys account. 

 MISCELLANEOUS 
  

	20.1	 The expressions “Bank” and “Customer” when used herein shall include any successor of the Bank or the Customer, as applicable, and
“successor” means an assignee or successor of 

  

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JPMorgan Chase Bank, N.A., or of the CurrencyShares Russian Ruble Trust, as applicable, or any person who, under the laws of its jurisdiction of
incorporation or domicile, has assumed the rights and obligations of JPMorgan Chase Bank, N.A., or of the CurrencyShares Russian Ruble Trust, as applicable, hereunder or to which under such laws the same have been transferred.

  

	20.2	If these terms are translated into, or appear in a language other than English, the English language version shall govern and control. 

  

	20.3	Headings are for convenience only and shall not affect the interpretation of this document. 

  

	20.4	The Customer acknowledges that deposits held in a branch of the Bank located outside of the U.S. are not insured by the Federal Deposit Insurance Corporation, are subject to
cross-border risks and may enjoy a lesser preference, as compared to deposits held in the U.S., in the event the Bank should be liquidated, insolvent or placed into receivership or other proceeding for the benefit of creditors.

  

	20.5	These Account Terms may be enforced only by the Bank or the Customer or such party’s successors and permitted assigns. Notwithstanding the foregoing, but subject to the prior
written consent of the Bank, each employee, officer and director of the Bank and each of the affiliates and subsidiaries of JPMorgan Chase Bank, N.A. may enforce the terms of clause 13. The Bank and the Customer may at any time, by agreement,
rescind these Account Terms or vary them without the consent of such employees, officers, directors or the affiliates and subsidiaries of JPMorgan Chase Bank, N.A. 

  

	20.6	(i) The Bank will collect information about the Customer and the Customer’s employees and agents which may constitute personal data for the purposes of the Data Protection Act
1998 (the “Act”) and other relevant data protection legislation (such as, without limitation, authorised signatory details). Such personal data may be collected by or on behalf of the Bank in a number of ways (the
“Collection Methods”), including via Account Applications or other analogous documents, via applications or documentation relating to the provision to or use by the Customer of electronic banking services, or specific payment or
cheque services, via the Customer’s use of such electronic banking services, or specific payment or cheque services, and via other correspondence or communications between the Customer and the Bank. 

 (ii) The Bank will use personal data collected by it or on its behalf via the Collection Methods for the following purposes (the
“Purposes”); namely, for the purpose of providing the services to the Customer in accordance with the Global Account Terms and Account Applications, for otherwise administering the Account(s), for providing the Customer with
services such as electronic banking services, or specific payment or cheque services, for the Bank’s internal administrative purposes, for contacting the Customer about products and services which the Bank or other members of the Bank’s
group offer which the Bank believes may be of interest to the Customer, and as may be otherwise required by law or applicable regulatory or governmental authorities, and such purposes may include transfer of such personal data outside of the United
Kingdom to the Bank’s subsidiaries or other connected companies or to other organisations as may be required by law or other applicable regulatory or governmental authorities. 
  

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 (iii) The Customer shall ensure that any disclosure of personal data made by it or by its employees or
agents via the Collection Methods which relate to the Customer’s employees or agents is only made following notification by the Customer to data subjects of the Purposes for which their personal data may be processed by or on behalf of the
Bank, and is otherwise fair and lawful. 
 [Signatures on following page] 
  

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 IN WITNESS WHEREOF, this Agreement has been duly executed as of
                     200    . 
  

			
	CURRENCYSHARES RUSSIAN RUBLE TRUST
	
	 By The Bank of New York, in its capacity as
 Trustee of the CurrencyShares Russian
 Ruble Trust and not in its individual capacity

		
	By	 	  

	Name:	 	  

	Title:	 	  

	
	JPMORGAN CHASE BANK, N.A., LONDON BRANCH
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 122001 Stock Option Plan amended/restated August 18, 2008

 Exhibit 4.1 
 AMENDED AND RESTATED 
 AMERICAN SOFTWARE, INC. 
 2001 STOCK OPTION PLAN 
 (Effective
August 18, 2008) 
 American Software, Inc., a Georgia corporation (the “Company”), hereby establishes the American
Software, Inc. 2001 Stock Option Plan (the “Plan”), effective as of May 16, 2000, the date on which this Plan was adopted by the Board of Directors of the Company. No Options shall be granted under this Plan until (a) it has been
approved by the affirmative vote of shareholders holding a majority in voting power of the Common Stock of the Company or (b) September 1, 2000, whichever shall occur later (the “Commencement Date”). Options may not be granted
under the Plan more than ten years after May 16, 2000. 
 1. Purpose. The purpose of the Plan is to attract and retain the best
available talent and encourage the highest level of performance by officers, employees, directors, advisors and consultants, and to provide them with incentives to put forth maximum efforts for the success of the Company’s business in order to
serve the best interests of the Company. Options granted under the Plan may be Incentive Stock Options or Nonqualified Stock Options, as such terms are hereinafter defined. 
 2. Definitions. The following terms, when used in the Plan with initial capital letters, will have the following meanings: 
  

	 	(a)	“Act” means the Securities Exchange Act of 1934 as in effect from time to time. 

  

	 	(b)	“Board” means the Board of Directors of the Company. 

  

	 	(c)	“Change in Control” means the occurrence, prior to the expiration of an Option, of any of the following events: 

  

	 	(i)	the Company is merged, consolidated or reorganized into or with another corporation or other legal person, and as a result of such merger, consolidation or reorganization less than
two-thirds of the combined voting power of the then-outstanding securities entitled to vote generally in the election of directors (“Voting Stock”) of such corporation or person immediately after such transaction are held in the aggregate
by the holders of Voting Stock of the Company immediately prior to such transaction; 

  

	 	(ii)	the Company sells or otherwise transfers all or substantially all of its assets to another corporation or other legal person, and as a result of such sale or transfer less than
two-thirds of the combined voting power of the then-outstanding Voting Stock of such corporation or person immediately after such sale or transfer is held in the aggregate by the holders of Voting Stock of the Company immediately prior to such sale
or transfer; 

  

	 	(iii)	there is a report filed on Schedule 13D or Schedule 14D-1 (or any successor schedule, form or report), each as promulgated pursuant to the Act, disclosing that any person (as the
term “person” is used in Section 13(d)(3) or Section 14(d)(2) of the Act) has become, after the effective date hereof, the direct or indirect beneficial owner (as the term “beneficial owner” is defined under Rule 13d-3
or any successor rule or regulation promulgated under the Act) of securities representing 50% or more of the combined voting power of the then-outstanding Voting Stock of the Company other than by gift or inheritance; 

  

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	 	(iv)	the Company files a report or proxy statement with the Securities and Exchange Commission pursuant to the Act disclosing in response to Form 8-K or Schedule 14A (or any successor
schedule, form or report or item therein) that a change in control of the Company has occurred or will occur in the future pursuant to any then-existing contract or transaction; or 

  

	 	(v)	if, during any period of two consecutive years, individuals who at the beginning of any such period constitute the directors of the Company cease for any reason to constitute at
least a majority thereof; provided, however, that for purposes of this clause (v) each director who is first elected, or first nominated for election by the Company’s stockholders, by a vote of at least two-thirds of the directors of the
Company (or a committee thereof) then still in office who were directors of the Company at the beginning of any such period will be deemed to have been a director of the Company at the beginning of such period; and provided further that this clause
(v) shall not commence applicability until such time as at least five directors are serving concurrently on the Board, but shall apply thereafter regardless of the number of directors. 

 Notwithstanding the foregoing provisions of clauses (iii) or (iv) above, unless otherwise determined in a specific case by majority vote of the
Board, a “Change in Control” will not be deemed to have occurred for purposes of clause (iii) or clause (iv) above solely because (1) the Company, (2) a Subsidiary, or (3) any Company-sponsored employee stock
ownership plan or any other employee benefit plan of the Company or any Subsidiary either files or becomes obligated to file a report or a proxy statement under or in response to Schedule 13D, Schedule 14D-1, Form 8-K or Schedule 14A (or any
successor schedule, form or report or item therein) under the Act disclosing beneficial ownership by it of shares of Voting Stock of the Company, whether in excess of 50% or otherwise, or because the Company reports that a change in control of the
Company has occurred or will occur in the future by reason of such beneficial ownership or any increase or decrease thereof. For purposes of clauses (i), (ii) and (iii) above, for so long as the entity in question maintains two classes of
common stock substantially as currently maintained by the Company, the phrase “combined voting power of the then-outstanding Voting Stock” shall be calculated by allocating to each Class A Common Share one vote and by allocating to
each Class B Common Share three votes. 
  

	 	(d)	“Code” means the Internal Revenue Code of 1986, as in effect from time to time. 

  

	 	(e)	“Commencement Date” shall mean May 1, 2001 or the date the shareholders of the Company approve the Plan, whichever occurs later. 

  

	 	(f)	“Committee” shall refer to either the Stock Option Committee or the Special Stock Option Committee. 

  

	 	(g)	“Common Stock” means the Class A Common Shares, $.10 par value, of the Company or any security into which Class A Common Shares may be changed by reason of any
transaction or event of the type described in Section 9. 

  

	 	(h)	“Date of Grant” means the date specified by the Stock Option Committee or the Special Stock Option Committee, as applicable, on which a grant of Stock Options will become
effective (which date will not be earlier than the date on which such Committee takes action with respect thereto). 

  

	 	(i)	“Disability” means (i) with respect to a Grantee who is eligible to participate in the Company’s program of long-term disability insurance, a condition with
respect to which the Grantee is entitled to commence benefits under such program of long-term disability insurance, and (ii) with respect to all Grantees generally (including a Grantee who is eligible to participate in the Company’s
program of long-term disability insurance), a disability as determined under procedures established by the relevant Committee or in any Option Grant Agreement. 

  

 2 

	 	(j)	“Grantee” means a person who is selected by the Stock Option Committee or the Special Stock Option Committee, as applicable, to receive Stock Options and who is at that
time (i) an executive officer or other key employee of the Company or any Subsidiary, (ii) an advisor or consultant to the Company or any Subsidiary, or (iii) a member of the Board. 

  

	 	(k)	“Incentive Stock Option” means an Option granted in accordance with Section 422 of the Code. 

  

	 	(l)	“Market Value” means last sale price as reported on any national securities exchange or automated quotation system on which the Common Stock is listed on the Date of Grant
if such date is a trading day and, if such date is not a trading day, on the immediately preceding date which is a trading day. 

  

	 	(m)	“Nonemployee Director” means a member of the Board who is not an employee of the Company or any Subsidiary and who qualifies as a “Non-Employee Director” within
the meaning of Rule 16b-3. 

  

	 	(n)	“Nonqualified Stock Option” means an Option other than an Incentive Stock Option. 

  

	 	(o)	“Option Grant Agreement” means the instrument by which the Company grants an Option to a Grantee, which instrument contains the particular terms of such Option in addition
to the terms set forth in the Plan. 

  

	 	(p)	“Option Price” means the purchase price per share payable on exercise of an Option. 

  

	 	(q)	“Rule 16b-3” means Rule 16b-3 under Section 16 of the Act, as such Rule is in effect from time to time. 

  

	 	(r)	“Special Stock Option Committee” means a committee that at all times consists of at least two Nonemployee Directors and all of whose members qualify as “outside
directors” within the meaning of Section 162(m) of the Code, appointed by the Board to grant and administer Options granted under Section 5. 

  

	 	(s)	“Option” means the right to purchase shares of Common Stock upon exercise of Stock option granted pursuant to Section 4, Section 5 or Section 6.

  

	 	(t)	“Stock Option Committee” means the stock option committee appointed by the Board to grant and administer Options granted under Section 4. 

  

	 	(u)	“Subsidiary” means any corporation, partnership, joint venture or other entity in which the Company owns or controls, directly or indirectly, not less than 50% of the
total combined voting power or equity interests represented by all classes of stock issued by such corporation, partnership, joint venture or other entity. 

  

	 	(v)	“10-Percent Shareholder” means any person who at the time of the grant of an Option owns capital stock of the Company possessing more than 10% of the combined voting power
of all classes of capital stock of the Company. 

 3. Shares Available Under Plan. The shares of Common Stock that may
be issued under the Plan will not exceed in the aggregate 5,275,000 shares, subject to adjustment as provided in Section 9. Such shares may be shares of original issuance or treasury shares or a combination of the foregoing. Any shares of
Common Stock that are subject to Stock Options that are terminated, expire unexercised, are forfeited or are surrendered will again be available for issuance under the Plan. 
  

 3 

 4. Stock Options for Grantees—Nonexempt Grants. The Stock Option Committee may from time to
time authorize Option grants to any Grantee to purchase shares of Common Stock upon such terms and conditions as such Committee may determine in accordance with the provisions set forth below. Grants made by the Stock Option Committee pursuant to
this Section 4 are not intended to comply with or otherwise satisfy the requirements of Rule 16b-3. 
  

	 	(a)	Each Option Grant Agreement shall specify the number of shares of Common Stock to which it pertains. 

  

	 	(b)	Each Option Grant Agreement shall specify the Option Price, which, in the case of an Incentive Stock Option, shall be not less than 100% of the Market Value per Share on the Date of
Grant or, in the case of an Incentive Stock Option granted to a 10% Shareholder, not less than 110% of the Market Value per Share on the Date of Grant. 

  

	 	(c)	Each Option Grant Agreement shall specify whether the Stock Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option. 

  

	 	(d)	Each Option Grant Agreement may specify whether the Option Price will be payable (i) in cash or by check acceptable to the Company, (ii) by the transfer to the Company of
shares of Common Stock owned by the Grantee for at least six months having an aggregate fair market value per share at the date of exercise equal to the aggregate Option Price, or (iii) by a combination of such methods of payment; provided,
however, that the payment method described in clause (ii) shall not be available at any time that the Company is prohibited from purchasing or acquiring such shares of Common Stock. In the absence of any such specification, only the payment
method in clause (i) shall be permitted. Any Option Grant Agreement may provide for deferred payment of the Option Price from the proceeds of sale through a bank or broker of some or all of the shares to which such exercise relates.

  

	 	(e)	Each Option Grant Agreement shall specify the term of the Stock Option, which in the case of an Incentive Stock Option granted to a 10% Shareholder shall not be greater than five
years and for all other Stock Options shall not be greater than ten years. 

  

	 	(f)	Each Option Grant Agreement shall specify the required period or periods (if any) of continuous service by the Grantee with the Company or any Subsidiary and any other conditions to
be satisfied before the Stock Option or installments thereof will become exercisable, and any Option Grant Agreement may provide, or may be amended to provide for the earlier exercise of the Stock Option in the event of a Change in Control.

  

	 	(g)	Each Stock Option granted pursuant to this Section 4 shall be subject to the transfer restrictions set forth in Section 8. 

  

	 	(h)	Each Option Grant Agreement shall be in the form of a written instrument executed on behalf of the Company by the Chief Executive Officer or Chief Financial Officer (or another
officer designated by the Board of Directors or by the Stock Option Committee) and delivered to the Grantee and containing such further terms and provisions, consistent with the Plan, as the Committee may approve. 

 5. Stock Options for Grantees—Exempt Grants. The Special Stock Option Committee may from time to time authorize grants to any Grantee of
options to purchase shares of Common Stock upon such terms and conditions as it may determine in accordance with the provisions set forth below. Grants made by the Special Stock Option Committee pursuant to this Section 5 are intended to comply
with and otherwise satisfy the requirements of Rule 16b-3. To the extent that (i) any provision of the Plan applicable to an Option granted pursuant to this Section 5, or (ii) any act of the Board, Stock Option Committee or Special
Stock Option Committee would cause such Option to fail to satisfy or comply with any requirements of Rule 16b-3, such provision or act will be deemed null and void for purposes of such Option. 
  

 4 

	 	(a)	Each Option Grant Agreement shall specify the number of shares of Common Stock to which it pertains. 

  

	 	(b)	Each Option Grant Agreement shall specify the Option Price, which, in the case of an Incentive Stock Option, shall be not less than 100% of the Market Value per Share on the Date of
Grant or, in the case of an Incentive Stock Option granted to a 10% Shareholder, not less than 110% of the Market Value per Share on the Date of Grant. 

  

	 	(c)	Each Option Grant Agreement shall specify whether the Option is intended to be an Incentive Stock Option or a Nonqualified Stock Option. 

  

	 	(d)	Each Option Grant Agreement shall specify whether the Option Price will be payable (i) in cash or by check acceptable to the Company, (ii) by the transfer to the Company
of shares of Common Stock owned by the Grantee for at least six months having an aggregate fair market value per share at the date of exercise equal to the aggregate Option Price, or (iii) by a combination of such methods of payment; provided,
however, that the payment method described in clause (ii) shall not be available at any time that the Company is prohibited from purchasing or acquiring such shares of Common Stock. In the absence of any such specification, only the payment
method in clause (i) shall be permitted. Any Option Grant Agreement may provide for deferred payment of the Option Price from the proceeds of sale through a bank or broker of some or all of the shares to which such exercise relates.

  

	 	(e)	Each Option Grant Agreement shall specify the term of the Option, which in the case of an Incentive Stock Option granted to a 10% Shareholder shall not be greater than five years
and for all other Options shall not be greater than ten years. 

  

	 	(f)	Each Option Grant Agreement shall specify the required period or periods (if any) of continuous service by the Grantee with the Company or any Subsidiary and any other conditions to
be satisfied before the Options or installments thereof will become exercisable, and any Option Grant Agreement may provide, or may be amended to provide for the earlier exercise of the Options in the event of a Change in Control.

  

	 	(g)	Each Option granted pursuant to this Section 5 shall be subject to the transfer restrictions set forth in Section 8. 

  

	 	(h)	Each Option Grant Agreement shall be in the form of a written instrument executed on behalf of the Company by the Chief Executive Officer or Chief Financial Officer (or another
officer designated by the Board of Directors or by the Special Stock Option Committee) and delivered to the Grantee and containing such further terms and provisions, consistent with the Plan, as the Special Stock Option Committee may approve.

 6. Options for Nonemployee Directors. 
  

	 	(a)	Each current Nonemployee Director will be granted a Nonqualified Stock Option to purchase 3,000 shares of Common Stock as of the last day of each fiscal quarter, provided that such
individual has served continuously as a Nonemployee Director during such quarter through the close of business on such date. Such Option grants shall commence as of the fiscal quarter-end immediately following the Commencement Date.

  

 5 

	 	(b)	Each Nonemployee Director newly elected or appointed to the Board on or subsequent to the date on which the Shareholders approve this Plan will be granted a Nonqualified Stock
Option, effective upon his or her initial election or other appointment to the Board, to purchase 5,000 shares of Common Stock, but issued not sooner than the Commencement Date. Consistent with paragraph 6(a), each such Nonemployee Director will
also be granted an additional Nonqualified Stock Option to purchase shares of Common Stock as of the last day of each fiscal quarter following his or her Initial Option grant in accordance with paragraph (a) of this Section 6, beginning on
the fiscal quarter-end immediately following the Commencement Date, provided that such individual has served continually as a Nonemployee Director during such quarter through the close of business on such date. 

  

	 	(c)	Each Option Grant Agreement shall specify the Option Price, which shall be equal to the Market Value on the Date of Grant. All Options granted pursuant to this Section 6 shall
contain the terms and conditions set forth in paragraphs (a), (d), (e), (f), (g) and (h) of Section 4. Options granted pursuant to this Section 6 are intended to comply with and otherwise satisfy the requirements of Rule 16b-3.
To the extent that (i) any provision of the Plan applicable to an Option granted pursuant to this Section 6 or (ii) any act of the Board, Stock Option Committee or Special Stock Option Committee would cause such Option to fail to
satisfy or comply with any requirements of Rule 16b-3, such provision or act will be deemed null and void for purposes of such Option. 

 7. Exercise of Options. 
  

	 	(a)	Any Option granted hereunder shall be exercisable according to the terms of the Plan and at such times and under such conditions as determined by the Committee and set forth in the
Option Grant Agreement. Unless the Committee provides otherwise, vesting of Options shall be tolled during any unpaid leave of absence. Options may not be exercised for a fraction of a share of Common Stock. 

  

	 	(b)	An Option shall be deemed exercised when the Company receives: 

  

	 	(i)	written or electronic notice of exercise (in accordance with the terms of the Option Grant Agreement) from the person entitled to exercise the Option, and 

 

	 	(ii)	full payment for the shares of Common Stock with respect to which the Option is exercised, in the form permitted by the Option Grant Agreement and the Plan.

  

	 	(c)	Shares issued upon exercise of an Option shall be issued in the name of the Grantee, or, if requested by the Grantee, in the name of the Grantee and his or her spouse. Until the
shares of Stock are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to vote or receive dividends or any other rights as a shareholder shall exist with respect
to the Stock acquired upon exercise of the Option, notwithstanding the exercise of the Option. The Company shall issue (or cause to be issued) such shares of Common Stock promptly after the Option is exercised. No adjustment will be made for a
dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 9. 

  

	 	(d)	Exercising an Option in any manner shall decrease the number of shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of shares as
to which the Option is exercised. 

  

	 	(e)	 If a Grantee received an Option as an employee or director of the Company and ceases to be an employee or director, as the case may be, of the Company, or if the
Grantee received an Option as an advisor or consultant to the Company and ceases to be such an advisor or consultant, other than 

  

 6 

	 	 
upon the Grantee’s death or Disability, the Grantee may exercise his or her Option within such period of time as is specified in the Option Grant
Agreement to the extent that the Option is vested on the date of termination. In the absence of a specified time in the Option Grant Agreement, the Option shall remain exercisable for three months following the Grantee’s termination (but in no
event later than the expiration of the term of such Option as set forth in the Option Grant Agreement). Notwithstanding the foregoing, except in the case of termination of employment in accordance with the retirement policies of the Company, if a
Grantee voluntarily terminates his employment or voluntarily terminates his status as an advisor or consultant, the Grantee may not exercise his or her Option following the date of termination. 

  

	 	(f)	If a Grantee ceases to be an employee, director, advisor or consultant as a result of the Grantee’s Disability, the Grantee may exercise his or her Option within such period of
time as is specified in the Option Grant Agreement to the extent the Option is vested on the date of exercise. In the absence of a specified time in the Option Grant Agreement relating to Disability, the Option shall remain exercisable and shall
continue to vest for 12 months following the Grantee’s termination (but in no event later than the expiration of the term of such Option as set forth in the Option Grant Agreement). 

  

	 	(g)	If a Grantee dies while he remains an employee, director, advisor or consultant of the Company, the Option may be exercised within such period of time as is specified in the Option
Grant Agreement to the extent that the Option is vested on the date of exercise (but in no event later than the expiration of the term of such Option as set forth in the Option Grant Agreement). In the absence of a specified time in the Option Grant
Agreement, the Option shall remain exercisable and shall continue to vest for 12 months following the Grantee’s death. The Option may be exercised by the executor or administrator of the Grantee’s estate or, if none, by the person(s)
entitled to exercise the Option under the Grantee’s Will or the laws of descent and distribution. 

  

	 	(h)	The Committee may at any time offer to buy out, for a payment in cash or shares of Common Stock, an Option previously granted based on such terms and conditions as the Committee
shall establish and communicate to the Grantee at the time that such offer is made. 

 8. Transferability. Except as
otherwise expressly provided in the Option Grant Agreement, or in any amendment to such agreement, no Option will be transferable by a Grantee other than by will or the laws of descent and distribution, and during the lifetime of the Grantee may be
exercised only by the Grantee. 
 9. Adjustments. The Board or the Stock Option Committee, with respect to Options granted under
Section 4, and the Board or the Special Stock Option Committee, with respect to Options granted under Section 5, shall make or provide for such adjustments in the maximum number of shares of Common Stock specified in Section 3, in the
number of shares of Common Stock covered by outstanding Options granted hereunder, in the Option exercise price applicable to any such Options or in the kind of shares covered thereby (including shares of another issuer), as the Board or such
Committee in its sole discretion, exercised in good faith, may determine is equitably required to prevent dilution or enlargement of the rights of Grantees that otherwise would result from any stock dividend, stock split, combination of shares,
recapitalization or other change in the capital structure of the Company, merger, consolidation, spin-off, reorganization, partial or complete liquidation, issuance of rights or warrants to purchase securities or any other corporate transaction or
event having an effect similar to any of the foregoing. Any fractional shares resulting from the foregoing adjustments may be eliminated. 
 10. Withholding of Taxes. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any benefit realized by a Grantee under the Plan, and the amounts available to the Company for
such withholding are insufficient, it will be a condition to the realization of such benefit that the Grantee make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld. In addition, if permitted
by the Stock Option Committee with respect to Options granted under Section 4, or by the Special Stock Option Committee with respect to Options granted under Section 5, a Grantee may elect to 

  

 7 

 
have any withholding obligation of the Company satisfied, in whole or in part, by (i) authorizing the Company to withhold from shares of Common Stock to
be issued pursuant to any Option a number of shares with an aggregate Market Value (as of the date the withholding is effected) that would satisfy the minimum withholding amount due, or (ii) transferring to the Company shares of Common Stock
owned by the Grantee with an aggregate Market Value (as of the date the withholding is effected) that would satisfy the minimum withholding amount due. 
 11. Administration of the Plan. 
  

	 	(a)	The Plan will be administered by the Stock Option Committee with respect to Options granted under Section 4 and by the Special Stock Option Committee with respect to Options
granted under Section 5. For purposes of any action taken by either Committee, a majority of the members of that Committee will constitute a quorum, and the action of the members present at any meeting at which a quorum is present, or acts
unanimously approved in writing, will be the acts of such Committee. The Board of Directors as a whole shall administer the Plan with respect to Options granted under Section 6. 

  

	 	(b)	Subject to the allocation of administrative responsibilities set forth in Section 11(a), the Stock Option Committee and the Special Stock Option Committee have the full
authority and discretion to administer the Plan and to take any action that is necessary or advisable in connection with the administration of the Plan, including without limitation the authority and discretion to interpret and construe any
provision of the Plan or of any agreement, notification or document evidencing the grant of an Option. The interpretation and construction by the Stock Option Committee, the Special Stock Option Committee or the Board of Directors, as applicable, of
any such provision and any determination by the respective Committee pursuant to any provision of the Plan or of any such agreement, notification or document will be final and conclusive. No member of the Board or of either Committee will be liable
for any such action or determination made in good faith. 

  

	 	(c)	Notwithstanding the provisions of Section 11(b), if any authority, discretion or responsibility granted to the Special Stock Option Committee under the Plan would, if exercised
or discharged by the Special Stock Option Committee, cause the provisions of Section 5 or any Option granted under Section 5 to fail to satisfy the requirements of Rule 16b-3, such authority, discretion or responsibility may be exercised
by the Board to the same extent and with the same effect as if exercised by the Special Stock Option Committee; provided, however, that such act of the Board will not cause the provisions of Section 5 or any Option granted under Section 5
to fail to satisfy the requirements of Rule 16b-3 or cause any member of the Special Stock Option Committee to cease to be a Nonemployee Director for purposes of Rule 16b-3. 

 12. Amendments, Etc. 
  

	 	(a)	The Stock Option Committee, or the Special Stock Option Committee, as applicable, or the Board of Directors as to grants under Section 6, may, without the consent of the
Grantee, amend any agreement evidencing an Option granted under the Plan, or otherwise take action, to accelerate the time or times at which the Option may be exercised, to extend the expiration date of such Option, to waive any other condition or
restriction applicable to such Grantee or to the exercise of such Option, to reduce the exercise price of such Option, to amend the definition of a Change in Control to expand the events that would constitute a Change in Control, even if such
definition may be different from that contained in the Plan, and may amend any such agreement in any other respect with the consent of the Grantee. 

  

	 	(b)	 The Plan may be amended from time to time by the Stock Option Committee or the Board but may not be amended without further approval by the shareholders of the
Company if such Plan amendment would result in any grant or other transaction with respect to Options under Section 5 no longer satisfying the requirements of Rule 16b-3. Notwithstanding the foregoing, the 

  

 8 

	 	 
provisions of Section 6 that designate Nonemployee Directors eligible to receive Options and specify the amount, Option Price and timing of Option
grants may be amended only by the Board and may be amended no more than once every six months except to comply with changes in the Code, the Employee Retirement Income Security Act of 1974, as amended, or the rules and regulations thereunder. In the
event any law, or any rule or regulation issued or promulgated by the Internal Revenue Service, the Securities and Exchange Commission, the National Association of Securities Dealers, Inc., any stock exchange upon which the Common Stock is listed
for trading, or any other governmental or quasi-governmental agency having jurisdiction over the Company, the Common Stock or the Plan requires the Plan to be amended, or in the event Rule 16b-3 is amended or supplemented (e.g., by addition
of alternative rules) or any of the rules under Section 16 of the Act are amended or supplemented, in either event to permit the Company to remove or lessen any restrictions on or with respect to Options, the Board of Directors reserves the
right to amend the Plan to the extent of any such requirement, amendment or supplement, and all Options then outstanding will be subject to such amendment. 

  

	 	(c)	The Plan may be terminated at any time by action of the Board, but in any event will terminate on the tenth anniversary of the effective date of the Plan. The termination of the
Plan will not adversely affect the terms of any outstanding Option. 

  

	 	(d)	The Plan will not confer upon any Grantee any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way
with any right the Company or any Subsidiary would otherwise have to terminate a Grantee’s employment or other service at any time. 

  

	 	(e)	The Plan shall be governed by and construed in accordance with the internal laws of the State of Georgia. 

  

			
	AMERICAN SOFTWARE, INC.
		
	By:	 	  

		 	Secretary

  

 9

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