Document:

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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.

      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

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            (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.

      (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.

                                      -2-
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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
(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.

                                      -3-
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      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), 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.

                                      -4-
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                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 1
                                       TO
                         1996 DIRECTOR STOCK OPTION PLAN

      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.

                          Adopted by the Board of Directors on October 30, 1996.

                                      -5-
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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.

                                      -6-
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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.
                          Approved by the Stockholders on May 23, 2000.

                                      -7-
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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.

                                      -8-
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                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 5
                                       TO
                   1996 DIRECTOR STOCK OPTION PLAN, AS AMENDED

      The 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 meanings ascribed to such terms in the Plan):

      1. Subsection 4(a) of the Plan is deleted and replaced with the following:

            "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 675,000 shares (after giving effect to the Company's
            three-for-two stock split payable March 5, 2004 to stockholders of
            record February 20, 2004), subject to adjustment as provided in
            section 7."

      2. Except as amended hereby, the Plan remains in full force and effect.

                          Adopted by the Board of Directors on February 5, 2004.
                          Approved by the Stockholders on May 20, 2004.

                                      -9-
<PAGE>

                             SS&C TECHNOLOGIES, INC.
                         1996 DIRECTOR STOCK OPTION PLAN

                         DIRECTOR STOCK OPTION AGREEMENT

      1. Grant of Option. SS&C Technologies, Inc., a Delaware corporation (the
"Company"), hereby grants to [________________] (the "Optionee"), an option,
pursuant to the Company's 1996 Director Stock Option Plan, as amended (the
"Plan"), to purchase an aggregate of [_______] shares of Common Stock, $.01 par
value per share ("Common Stock"), of the Company at an exercise price of
$[_____] per share, purchasable as set forth in, and subject to the terms and
conditions of, this option and the Plan.

      2. Non-Statutory Stock Option. This option is not intended to qualify as
an incentive stock option within the meaning of Section 422 of the Internal
Revenue Code of 1986, as amended, and any regulations thereunder (the "Code").

      3. Vesting, Exercise of Option and Provisions for Termination.

            (a) Vesting Schedule. Except as otherwise provided in this
Agreement, this option may be exercised at any time, and from time to time, on
or after the date of grant but prior to the tenth anniversary of the date of
grant (hereinafter the "Expiration Date"). This option may not be exercised at
any time on or after the Expiration Date.

            (b) Exercise Procedure. Subject to the conditions set forth in this
Agreement, this option shall be exercised by the Optionee's delivery of written
notice of exercise to the Treasurer of the Company, specifying the number of
shares to be purchased and the purchase price to be paid therefor and
accompanied by payment in full in accordance with Section 4. Such exercise shall
be effective upon receipt by the Treasurer of the Company of such written notice
together with the required payment. The Optionee may purchase less than the
number of shares of Common Stock covered hereby.

            (c) Exercise by Representative Following Death of Director. The
Optionee, by written notice to the Treasurer of 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 this option. If the person or
persons so designated wish to exercise any portion of this option, they must do
so within the term of this option as provided herein. Any exercise by a
representative shall be subject to the provisions of the Plan.

            (d) Termination of Service as a Director. If the Optionee ceases to
serve as a director of the Company for any reason, then, except as provided in
Section 3(e), the right to exercise this option shall terminate 60 days after
such cessation (but in no event after the Expiration Date).

            (e) Exercise Period Upon Death or Disability. If the 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) prior to the
Expiration Date, then the exercisable portion of this 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 the Expiration Date), by the Optionee or
by the person to whom this option is transferred by will, by the laws of descent
and distribution, or by written notice pursuant to Section 3(c).

      4. Payment of Purchase Price. Payment of the purchase price for shares of
Common Stock purchased upon exercise of this option shall be made by delivery to
the Company of cash or a check to the order of the Company in an amount equal to
the purchase price of such shares.

<PAGE>

      5. Delivery of Shares; Compliance With Securities Laws, Etc.

            (a) General. The Company shall, upon payment of the option price for
the number of shares purchased and paid for, make prompt delivery of such shares
to the Optionee; provided that if any law or regulation requires the Company to
take any action with respect to such shares before the issuance thereof, then
the date of delivery of such shares shall be extended for the period necessary
to complete such action.

            (b) Listing, Qualification, Etc. This option shall be subject to the
requirement that if, at any time, counsel to the Company shall determine that
the listing, registration or qualification of the shares subject hereto upon any
securities exchange or under any state or federal law, or the consent or
approval of any governmental or regulatory body, or that the disclosure of
non-public information or the satisfaction of any other condition is necessary
as a condition of, or in connection with, the issuance or purchase of shares
hereunder, this option may not be exercised, in whole or in part, unless such
listing, registration, qualification, consent or approval, disclosure or
satisfaction of such other condition shall have been effected or obtained on
terms acceptable to the Board of Directors. Nothing herein shall be deemed to
require the Company to apply for, effect or obtain such listing, registration,
qualification or disclosure, or to satisfy such other condition.

      6. Nontransferability of Option. Except as provided in Section 3(c), to
the extent required to qualify for the exemption provided by Rule 16b-3 under
the Securities Exchange Act of 1934, as amended, this option 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. Upon any attempt to
transfer, assign, pledge, hypothecate or otherwise dispose of this option or of
such rights contrary to the provisions hereof, or upon the levy of any
attachment or similar process upon this option or such rights, this option and
such rights shall, at the election of the Company, become null and void.

      7. No Right to Continue as a Director. Neither the Plan, nor the granting
of this 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.

      8. Rights as a Stockholder. The Optionee shall have no rights as a
stockholder with respect to any shares of Common Stock which may be purchased by
exercise of this option (including, without limitation, any rights to receive
dividends or non-cash distributions with respect to such shares) unless and
until a certificate representing such shares is duly issued and delivered to the
Optionee. No adjustment shall be made for dividends or other rights for which
the record date is prior to the date such stock certificate is issued.

      9. Adjustment Provisions.

            (a) General. 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 the price
for each share subject to this option (without changing the aggregate purchase
price for this option), to the end that this option shall be exercisable, for
the same aggregate exercise price, for such securities as the Optionee

                                      -2-
<PAGE>

would have held immediately following such event if he had exercised this option
immediately prior to such event. No fractional shares will be issued to the
Optionee on account of any such adjustments.

            (b) Limits on Adjustments. No adjustment shall be made under this
Section 9 which would (i) have the effect of altering or impairing any rights or
obligations of this option without the consent of the Optionee, or (ii) modify
the number of shares of Common Stock subject to this option (except as provided
in Section 9(a)).

      10. Withholding Taxes. The Company's obligation to deliver shares upon the
exercise of this option shall be subject to the Optionee's satisfaction of all
applicable federal, state and local income and employment tax withholding
requirements.

      11. Miscellaneous.

            (a) Except as provided herein, this option may not be amended or
otherwise modified unless evidenced in writing and signed by the Company and the
Optionee.

            (b) All notices under this option shall be mailed (including by
electronic mail) or delivered by hand to the parties at their respective
addresses set forth beneath their names below or at such other address as may be
designated in writing by either of the parties to one another.

            (c) This option shall be governed by and construed in accordance
with the laws of the State of Delaware.

Date of Grant:  ______________              SS&C TECHNOLOGIES, INC.

                                            By:________________________________

                                            Title:_____________________________

                                            Address:

                                            80 Lamberton Road
                                            Windsor, CT 06095

                                      -3-
<PAGE>

                              OPTIONEE'S ACCEPTANCE

      The undersigned hereby accepts the foregoing option and agrees to the
terms and conditions thereof. The undersigned hereby acknowledges receipt of a
copy of the Company's 1996 Director Stock Option Plan, as amended.

                                               OPTIONEE

                                               _________________________________
                                               [Name]

                                               Address:

                                               _________________________________

                                               _________________________________

                                      -4-<PAGE>

                                                                    EXHIBIT 10.2

                             SS&C TECHNOLOGIES, INC.
                            1998 STOCK INCENTIVE PLAN

1. Purpose.

            The purpose of this 1998 Stock Incentive Plan (the "Plan") of SS&C
Technologies, Inc., a Delaware corporation (the "Company"), is to advance the
interests of the Company's stockholders by enhancing the Company's ability to
attract, retain and motivate persons who make (or are expected to make)
important contributions to the Company by providing such persons with equity
ownership opportunities and performance-based incentives and thereby better
aligning the interests of such persons with those of the Company's stockholders.
Except where the context otherwise requires, the term "Company" shall include
any present or future subsidiary corporations of SS&C Technologies, Inc. as
defined in Section 424(f) of the Internal Revenue Code of 1986, as amended, and
any regulations promulgated thereunder (the "Code").

2. Eligibility.

            All of the Company's employees, officers, directors, consultants and
advisors are eligible to be granted options, restricted stock or other
stock-based awards (each, an "Award") under the Plan. Any person who has been
granted an Award under the Plan shall be deemed a "Participant."

3. Administration, Delegation.

      (a) Administration by Board of Directors. The Plan will be administered by
the Board of Directors of the Company (the "Board"). The Board shall have
authority to grant Awards and to adopt, amend and repeal such administrative
rules, guidelines and practices relating to the Plan as it shall deem advisable.
The Board may correct any defect, supply any omission or reconcile any
inconsistency in the Plan or any Award in the manner and to the extent it shall
deem expedient to carry the Plan into effect and it shall be the sole and final
judge of such expediency. All decisions by the Board shall be made in the
Board's sole discretion and shall be final and binding on all persons having or
claiming any interest in the Plan or in any Award. No director or person acting
pursuant to the authority delegated by the Board shall be liable for any action
or determination relating to or under the Plan made in good faith.

      (b) Delegation to Executive Officers. To the extent permitted by
applicable law, the Board may delegate to one or more executive officers of the
Company the power to make Awards and exercise such other powers under the Plan
as the Board may determine, provided that the Board shall fix the maximum number
of shares subject to Awards and the maximum number of shares for any one
Participant to be made by such executive officers.

      (c) Appointment of Committees. To the extent permitted by applicable law,
the Board may delegate any or all of its powers under the Plan to one or more
committees or subcommittees of the Board (a "Committee"). If and when the common
stock, $.01 par value per share, of the Company (the "Common Stock") is
registered under the Securities Exchange Act of 1934 (the "Exchange Act"), the
Board shall appoint one such Committee of not less than two members, each member
of which shall be an "outside director" within the meaning of Section 162(m) of
the Code and a "non-employee director" as defined in Rule 16b-3 promulgated
under the Exchange Act. All references in the Plan to the "Board" shall mean the
Board or a Committee of the Board or the executive officer referred to in
Section 3(b) to the extent that the Board's powers or authority under the Plan
have been delegated to such Committee or executive officer.

4. Stock Available for Awards.

<PAGE>

      (a) Number of Shares. Subject to adjustment under Section 4(c), Awards may
be made under the Plan for up to 1,500,000 shares of Common Stock. If any Award
expires or is terminated, surrendered or canceled without having been fully
exercised or is forfeited in whole or in part or results in any Common Stock not
being issued, the unused Common Stock covered by such Award shall again be
available for the grant of Awards under the Plan, subject, however, in the case
of Incentive Stock Options (as hereinafter defined), to any limitation required
under the Code. Shares issued under the Plan may consist in whole or in part of
authorized but unissued shares or treasury shares.

      (b) Per-Participant Limit. Subject to adjustment under Section 4(c), the
maximum number of shares with respect to which an Award may be granted to any
Participant under the Plan shall be 750,000 per calendar year. The
per-participant limit described in this Section 4(b) shall be construed and
applied consistently with Section 162(m) of the Code.

      (c) Adjustment to Common Stock. In the event of any stock split, stock
dividend, recapitalization, reorganization, merger, consolidation, combination,
exchange of shares, liquidation, spin-off or other similar change in
capitalization or event, or any distribution to holders of Common Stock other
than a normal cash dividend, (i) the number and class of securities available
under the Plan, (ii) the number and class of security and exercise price per
share subject to each outstanding Option, (iii) the repurchase price per
security subject to each outstanding Restricted Stock Award, and (iv) the terms
of each other outstanding stock-based Award shall be appropriately adjusted by
the Company (or substituted Awards may be made, if applicable) to the extent the
Board shall determine, in good faith, that such an adjustment (or substitution)
is necessary and appropriate. If this Section 4(c) applies and Section 8(e)(1)
also applies to any event, Section 8(e)(1) shall be applicable to such event,
and this Section 4(c) shall not be applicable.

5. Stock Options.

      (a) General. The Board may grant options to purchase Common Stock (each,
an "Option") and determine the number of shares of Common Stock to be covered by
each Option, the exercise price of each Option and the conditions and
limitations applicable to the exercise of each Option, including conditions
relating to applicable federal or state securities laws, as it considers
necessary or advisable. An Option which is not intended to be an Incentive Stock
Option (as hereinafter defined) shall be designated a "Nonstatutory Stock
Option."

      (b) Incentive Stock Options. An Option that the Board intends to be an
"incentive stock option" as defined in Section 422 of the Code (an "Incentive
Stock Option") shall only be granted to employees of the Company and shall be
subject to and shall be construed consistently with the requirements of Section
422 of the Code. The Company shall have no liability to a Participant, or any
other party, if an Option (or any part thereof) which is intended to be an
Incentive Stock Option is not an Incentive Stock Option.

      (c) Exercise Price. The Board shall establish the exercise price at the
time each Option is granted and specify it in the applicable option agreement.

      (d) Duration of Options. Each Option shall be exercisable at such times
and subject to such terms and conditions as the Board may specify in the
applicable option agreement.

      (e) Exercise of Option. Options may be exercised only by delivery to the
Company of a written notice of exercise signed by the proper person together
with payment in full as specified in Section 5(f) for the number of shares for
which the Option is exercised.

                                      -2-
<PAGE>

      (f) Payment Upon Exercise. Common Stock purchased upon the exercise of an
Option granted under the Plan shall be paid for as follows:

            (1) in cash or by check, payable to the order of the Company;

            (2) except as the Board may otherwise provide in an Option
Agreement, by delivery of an irrevocable and unconditional undertaking by a
creditworthy broker to deliver promptly to the Company sufficient funds to pay
the exercise price, or by delivery by the Participant to the Company of a copy
of irrevocable and unconditional instructions to a creditworthy broker to
deliver promptly to the Company cash or a check sufficient to pay the exercise
price;

            (3) to the extent permitted by the Board and explicitly provided in
an Option Agreement (i) by delivery of shares of Common Stock owned by the
Participant valued at their fair market value as determined by the Board in good
faith ("Fair Market Value"), which Common Stock was owned by the Participant at
least six months prior to such delivery, (ii) by delivery of a promissory note
of the Participant to the Company on terms determined by the Board or (iii) by
payment of such other lawful consideration as the Board may determine; or

            (4) by any combination of the above permitted forms of payment.

6. Restricted Stock.

      (a) Grants. The Board may grant Awards entitling recipients to acquire
shares of Common Stock, subject to the right of the Company to repurchase all or
part of such shares at their issue price or other stated or formula price (or to
require forfeiture of such shares if issued at no cost) from the recipient in
the event that conditions specified by the Board in the applicable Award are not
satisfied prior to the end of the applicable restriction period or periods
established by the Board for such Award (each, a "Restricted Stock Award").

      (b) Terms and Conditions. The Board shall determine the terms and
conditions of any such Restricted Stock Award, including the conditions for
repurchase (or forfeiture) and the issue price, if any. Any stock certificates
issued in respect of a Restricted Stock Award shall be registered in the name of
the Participant and, unless otherwise determined by the Board, deposited by the
Participant, together with a stock power endorsed in blank, with the Company (or
its designee). At the expiration of the applicable restriction periods, the
Company (or such designee) shall deliver the certificates no longer subject to
such restrictions to the Participant or if the Participant has died, to the
beneficiary designated, in a manner determined by the Board, by a Participant to
receive amounts due or exercise rights of the Participant in the event of the
Participant's death (the "Designated Beneficiary"). In the absence of an
effective designation by a Participant, Designated Beneficiary shall mean the
Participant's estate.

7. Other Stock-Based Awards.

            The Board shall have the right to grant other Awards based upon the
Common Stock having such terms and conditions as the Board may determine,
including the grant of shares based upon certain conditions, the grant of
securities convertible into Common Stock and the grant of stock appreciation
rights.

8. General Provisions Applicable to Awards.

      (a) Transferability of Awards. Except as the Board may otherwise determine
or provide in an Award, Awards shall not be sold, assigned, transferred, pledged
or otherwise encumbered by the person

                                      -3-
<PAGE>

to whom they are granted, either voluntarily or by operation of law, except by
will or the laws of descent and distribution, and, during the life of the
Participant, shall be exercisable only by the Participant. References to a
Participant, to the extent relevant in the context, shall include references to
authorized transferees.

      (b) Documentation. Each Award under the Plan shall be evidenced by a
written instrument in such form as the Board shall determine. Each Award may
contain terms and conditions in addition to those set forth in the Plan.

      (c) Board Discretion. Except as otherwise provided by the Plan, each type
of Award may be made alone or in addition or in relation to any other type of
Award. The terms of each type of Award need not be identical, and the Board need
not treat Participants uniformly.

      (d) Termination of Status. The Board shall determine the effect on an
Award of the disability, death, retirement, authorized leave of absence or other
change in the employment or other status of a Participant and the extent to
which, and the period during which, the Participant, the Participant's legal
representative, conservator, guardian or Designated Beneficiary may exercise
rights under the Award.

      (e) Acquisition Events.

            (1) Consequences of Acquisition Events. Upon the occurrence of an
Acquisition Event (as defined below), each outstanding Option or Award shall be
assumed or an equivalent option or award substituted by the successor
corporation or a parent or subsidiary of the successor corporation, provided
that any such Options substituted for Incentive Stock Options shall satisfy, in
the determination of the Board, the requirements of Section 424(a) of the Code,
unless the successor corporation refuses to assume or substitute for the Option
or Award, in which case (i) the Participant shall have the right to exercise the
Option in full, including with respect to shares of Common Stock as to which it
would not otherwise be exercisable, (ii) all Restricted Stock Awards then
outstanding shall become free of all restrictions prior to the consummation of
the Acquisition Event; and (iii) any other stock-based Awards outstanding shall
become exercisable, realizable or vested in full, or shall be free of all
conditions or restrictions, as applicable to each such Award, prior to the
consummation of the Acquisition Event. If an Option or Award is exercisable in
lieu of assumption or substitution in the event of an Acquisition Event, the
Board shall notify the Participant in writing or electronically that the Option
or Award shall be fully exercisable for a period of not less than forty-five
(45) days from the date of such notice, and the Option or Award shall terminate
upon the expiration of such period.

            Each Option or other Award assumed or substituted pursuant to the
immediately preceding paragraph shall include a provision to the effect that
such Option or Award shall become immediately exercisable (or vested) in full
if, on or prior to the first anniversary of the Acquisition Event, the
Participant terminates his or her employment for Good Reason or is terminated
without Cause by the surviving or acquiring corporation. "Good Reason" shall
mean any significant diminution in the optionee's title, authority, or
responsibilities from and after such Acquisition Event or any reduction in the
annual cash compensation payable to the Participant from and after such
Acquisition Event. "Cause" shall mean any willful misconduct by the Participant
which affects the business reputation of the Company or willful failure by the
Participant to perform his or her material responsibilities to the Company
(including, without limitation, breach by the Participant of any provision of
any employment, consulting, advisory, nondisclosure, non-competition or other
similar agreement between the Participant and the Company). The Participant
shall be considered to have been discharged for "Cause" if the Company
determines, within 30 days after the Participant's resignation, that discharge
for Cause was warranted.

                                      -4-
<PAGE>

            An "Acquisition Event" shall mean: (a) any merger or consolidation
which results in the voting securities of the Company outstanding immediately
prior thereto representing immediately thereafter (either by remaining
outstanding or by being converted into voting securities of the surviving or
acquiring entity) less than 50% of the combined voting power of the voting
securities of the Company or such surviving or acquiring entity outstanding
immediately after such merger or consolidation; (b) any sale of all or
substantially all of the assets of the Company; or (c) the complete liquidation
of the Company.

            (2) Assumption of Options Upon Certain Events. The Board may grant
Awards under the Plan in substitution for stock and stock-based awards held by
employees of another corporation who become employees of the Company as a result
of a merger or consolidation of the employing corporation with the Company or
the acquisition by the Company of property or stock of the employing
corporation. The substitute Awards shall be granted on such terms and conditions
as the Board considers appropriate in the circumstances.

      (f) Withholding. Each Participant shall pay to the Company, or make
provision satisfactory to the Board for payment of, any taxes required by law to
be withheld in connection with Awards to such Participant no later than the date
of the event creating the tax liability. The Board may allow Participants to
satisfy such tax obligations in whole or in part in shares of Common Stock,
including shares retained from the Award creating the tax obligation, valued at
their Fair Market Value. The Company may, to the extent permitted by law, deduct
any such tax obligations from any payment of any kind otherwise due to a
Participant.

      (g) Amendment of Award. The Board may amend, modify or terminate any
outstanding Award, including but not limited to, substituting therefor another
Award of the same or a different type, changing the date of exercise or
realization, and converting an Incentive Stock Option to a Nonstatutory Stock
Option, provided that the Participant's consent to such action shall be required
unless the Board determines that the action, taking into account any related
action, would not materially and adversely affect the Participant.

      (h) Conditions on Delivery of Stock. The Company will not be obligated to
deliver any shares of Common Stock pursuant to the Plan or to remove
restrictions from shares previously delivered under the Plan until (i) all
conditions of the Award have been met or removed to the satisfaction of the
Company; (ii) in the opinion of the Company's counsel, all other legal matters
in connection with the issuance and delivery of such shares have been satisfied,
including any applicable securities laws and any applicable stock exchange or
stock market rules and regulations; and (iii) the Participant has executed and
delivered to the Company such representations or agreements as the Company may
consider appropriate to satisfy the requirements of any applicable laws, rules
or regulations.

      (i) Acceleration. The Board may at any time provide that any Options shall
become immediately exercisable in full or in part, that any Restricted Stock
Awards shall be free of all restrictions or that any other stock-based Awards
may become exercisable in full or in part or free of some or all restrictions or
conditions, or otherwise realizable in full or in part, as the case may be.

9. Miscellaneous.

      (a) No Right To Employment or Other Status. No person shall have any claim
or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to continued employment or any other
relationship with the Company. The Company expressly reserves the right at any
time to dismiss or otherwise terminate its relationship with a Participant free
from any liability or claim under the Plan, except as expressly provided in the
applicable Award.

                                      -5-
<PAGE>

      (b) No Rights As Stockholder. Subject to the provisions of the applicable
Award, no Participant or Designated Beneficiary shall have any rights as a
stockholder with respect to any shares of Common Stock to be distributed with
respect to an Award until becoming the record holder of such shares.

      (c) Effective Date and Term of Plan. The Plan shall become effective on
the date on which it is adopted by the Board, but no Award granted to a
Participant designated as subject to Section 162(m) by the Board shall become
exercisable, vested or realizable, as applicable to such Award, unless and until
the Plan has been approved by the Company's stockholders. No Awards shall be
granted under the Plan after the completion of ten years from the earlier of (i)
the date on which the Plan was adopted by the Board or (ii) the date the Plan
was approved by the Company's stockholders, but Awards previously granted may
extend beyond that date.

      (d) Amendment of Plan. The Board may amend, suspend or terminate the Plan
or any portion thereof at any time, provided that no Award granted to a
Participant designated as subject to Section 162(m) by the Board after the date
of such amendment shall become exercisable, realizable or vested, as applicable
to such Award (to the extent that such amendment to the Plan was required to
grant such Award to a particular Participant), unless and until such amendment
shall have been approved by the Company's stockholders.

      (e) Stockholder Approval. For purposes of this Plan, stockholder approval
shall mean approval by a vote of the stockholders in accordance with the
requirements of Section 162(m) of the Code.

      (f) Governing Law. The provisions of the Plan and all Awards made
hereunder shall be governed by and interpreted in accordance with the laws of
the State of Delaware, without regard to any applicable conflicts of law.

                            Adopted by the Board of Directors on March 19, 1998.

                            Approved by the Stockholders on April 30, 1998.

                                      -6-
<PAGE>

                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 1
                                       TO
                            1998 STOCK INCENTIVE PLAN

      The 1998 Stock Incentive 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. Section 5(e) of the Plan shall be deleted in its entirety and replaced with
the following:

            "(e) Exercise of Option. Options may be exercised by delivery to the
            Company of a written notice of exercise signed by the proper person
            or by any other form of notice (including electronic notice)
            approved by the Board together with payment in full as specified in
            Section 5(f) for the number of shares for which the Option is
            exercised."

2. Section 8(b) of the Plan shall be deleted in its entirety and replaced with
the following:

            "(b) Documentation. Each Award shall be evidenced by a written
            instrument in such form as the Board shall determine, it being
            understood that an electronic form of Award shall be deemed to be a
            written instrument for purposes of the Plan. Each Award may contain
            terms and conditions in addition to those set forth in the Plan."

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

                          Adopted by the Board of Directors on October 19, 1999.

                                      -7-
<PAGE>

                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 2
                                       TO
                            1998 STOCK INCENTIVE PLAN

      The 1998 Stock Incentive 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. Section 4(a) of the Plan shall be deleted in its entirety and replaced with
the following:

            "(a) Number of Shares. Subject to adjustment under Section 4(c),
            Awards may be made under the Plan for up to 2,000,000 shares of
            Common Stock. If any Award expires or is terminated, surrendered or
            canceled without having been fully exercised or is forfeited in
            whole or in part or results in any Common Stock not being issued,
            the unused Common Stock covered by such Award shall again be
            available for the grant of Awards under the Plan, subject, however,
            in the case of Incentive Stock Options (as hereinafter defined), to
            any limitation required under the Code. Shares issued under the Plan
            may consist in whole or in part of authorized but unissued shares or
            treasury shares."

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

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

                          Approved by the Stockholders on May 23, 2000.

                                      -8-
<PAGE>

                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 3
                                       TO
                            1998 STOCK INCENTIVE PLAN

      The 1998 Stock Incentive 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. Section 4(a) of the Plan shall be deleted in its entirety and replaced with
the following:

            "(a) Number of Shares. Subject to adjustment under Section 4(c),
            Awards may be made under the Plan for up to 2,500,000 shares of
            Common Stock. If any Award expires or is terminated, surrendered or
            canceled without having been fully exercised or is forfeited in
            whole or in part or results in any Common Stock not being issued,
            the unused Common Stock covered by such Award shall again be
            available for the grant of Awards under the Plan, subject, however,
            in the case of Incentive Stock Options (as hereinafter defined), to
            any limitation required under the Code. Shares issued under the Plan
            may consist in whole or in part of authorized but unissued shares or
            treasury shares."

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

                          Adopted by the Board of Directors on February 8, 2001.

                          Approved by the Stockholders on May 24, 2001.

                                      -9-
<PAGE>

                             SS&C TECHNOLOGIES, INC.

                                 AMENDMENT NO. 4
                                       TO
                            1998 STOCK INCENTIVE PLAN

      The 1998 Stock Incentive 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. Section 4(a) of the Plan shall be deleted in its entirety and replaced with
the following:

            "(a) Number of Shares. Subject to adjustment under the Section 4(c),
            Awards may be made under the Plan for up to 3,500,000 shares of
            Common Stock. If any Award expires or is terminated, surrendered or
            canceled without having been fully exercised or is forfeited in
            whole or in part or results in any Common Stock not being issued,
            the unused Common Stock covered by such Award shall again be
            available for the grant of Awards under the Plan, subject, however,
            in the case of Incentive Stock Options (as hereinafter defined), to
            any limitation required under the Code. Shares issued under the Plan
            may consist in whole or in part of authorized but unissued shares or
            treasury shares."

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

                          Adopted by the Board of Directors on February 6, 2003.

                          Approved by the Stockholders on May 22, 2003.

<PAGE>

                             SS&C TECHNOLOGIES, INC.
                            1998 STOCK INCENTIVE PLAN

                             STOCK OPTION AGREEMENT

1. Grant of Option. On [______] (the "Grant Date"), SS&C Technologies, Inc., a
Delaware corporation (the "Company"), hereby grants to [________________] (the
"Optionee"), an option ("Option"), pursuant to the Company's 1998 Stock
Incentive Plan, as amended (the "Plan"), to purchase an aggregate of [_______]
shares (the "Shares") of common stock, $.01 par value per share, of the Company
at an exercise price of $[_____] per share (the "Exercise Price"), purchasable
as set forth in, and subject to the terms and conditions of, this Option and the
Plan, which is incorporated herein by reference. Unless earlier terminated, this
Option shall expire on [________] (the "Final Exercise Date"). Unless otherwise
defined herein, the terms defined in the Plan shall have the same defined
meanings in this Option.

[ ]   It is intended that this Option shall be an Incentive Stock Option
      ("ISO"), as defined in Section 422 of the Internal Revenue Code of 1986,
      as amended, and any regulations promulgated thereunder (the "Code"). To
      the extent that this Option is not an ISO it shall be treated as a
      nonstatutory stock option.

[ ]   It is intended that this Option shall not be an incentive stock option as
      defined in Section 422 of the Code.

2. Vesting Schedule.

      This Option will become exercisable ("vest") as to 25% of the original
number of Shares on the first anniversary of the Grant Date and as to an
additional 2.0833% of the original number of Shares on the day of the month of
the Grant Date for each successive month following the first anniversary of the
Grant Date until the fourth anniversary of the Grant Date.

      The right of exercise shall be cumulative so that to the extent this
Option is not exercised in any period to the maximum extent permissible it shall
continue to be exercisable, in whole or in part, with respect to all Shares for
which it is vested until the earlier of the Final Exercise Date or the
termination of this Option under the provisions hereof or the Plan.

3. Exercise of Option. This Option shall be exercisable during its term in
accordance with the Vesting Schedule as follows:

      (i) Right to Exercise.

            (a) This Option may not be exercised for a fraction of a Share.

            (b) In the event of the Optionee's death or disability or if the
Optionee ceases to be an Eligible Participant (as defined below), the
exercisability of this Option is governed by Sections 6 and 7 below, subject to
the limitation contained in subsection 3(i)(c).

            (c) In no event may this Option be exercised after the Final
Exercise Date.

      (ii) Method of Exercise. Unless the Company or its agents notify the
Optionee of alternate exercise procedures, each election to exercise this Option
shall be in writing and shall state the election to exercise this Option and the
number of Shares with respect to which this Option is being exercised. Such

<PAGE>

written notice shall be signed by the Optionee and shall be delivered to the
Secretary of the Company in person, by certified mail or by such other means
acceptable to the Company. The written notice shall be accompanied by payment of
the Exercise Price. This Option shall be deemed to be exercised upon receipt by
the Company of such written notice accompanied by the Exercise Price.

      No Shares will be issued pursuant to the exercise of this Option unless
such issuance and such exercise shall comply with all relevant provisions of law
and the requirements of any stock exchange or stock market upon which the Shares
may then be listed.

4. Method of Payment. Payment of the Exercise Price shall be by any of the
following, or a combination thereof at the election of the Optionee:

      (i) cash; or

      (ii) check; or

      (iii) by delivery of an irrevocable and unconditional undertaking by a
creditworthy broker to deliver promptly to the Company sufficient funds to pay
the Exercise Price, or by delivery by the Optionee to the Company of a copy of
irrevocable and unconditional instructions to a creditworthy broker to deliver
promptly to the Company cash or a check sufficient to pay the Exercise Price; or

      (iv) surrender of other shares of common stock of the Company which (A)
have been owned by the Optionee for more than six (6) months on the date of
surrender, and (B) have a Fair Market Value on the date of surrender equal to
the Exercise Price of the Shares as to which the Option is being exercised.

5. Continuous Relationship with the Company Required. Except as otherwise
provided in Section 7 below, this Option may not be exercised unless the
Optionee, at the time he or she exercises this Option, is, and has been at all
times since the Grant Date of this Option, an employee, officer or director of,
or consultant or advisor to, the Company or any parent or subsidiary of the
Company as defined in Section 424(e) or (f) of the Code (an "Eligible
Participant").

6. Termination of Relationship with the Company. In the event the Optionee
ceases to be an Eligible Participant, the Optionee may, to the extent otherwise
so entitled at the date of such termination (the "Termination Date"), exercise
this Option for a period of three months following the Termination Date. To the
extent that the Optionee was not entitled to exercise this Option at the date of
such termination, or if the Optionee does not exercise this Option within the
time specified herein, this Option shall terminate. Notwithstanding the
foregoing, if the Optionee, during the term of this Option, violates the
non-competition or confidentiality provisions of any employment contract,
confidentiality and nondisclosure agreement or other agreement between the
Optionee and the Company, the right to exercise this Option shall terminate
immediately upon such violation.

7. Exercise Period Upon Death or Disability. If the Optionee dies or becomes
disabled (within the meaning of Section 22(e)(3) of the Code) prior to the date
of expiration of this Option while he or she is an Eligible Participant and the
Company has not terminated such relationship for "Cause" as specified in Section
8 below, this Option shall be exercisable, within the period of twelve (12)
months following the date of death or disability of the Optionee by the Optionee
(or in the case of death by an authorized transferee), provided that this Option
shall be exercisable only to the extent that this Option was exercisable by the
Optionee on the date of his or her death or disability, and further provided
that this Option shall not be exercisable after the Final Exercise Date.

8. Discharge for Cause. If the Optionee, prior to the date of expiration of this
Option, is discharged by the Company for "Cause" (as defined below), the right
to exercise this Option shall terminate

                                      -2-
<PAGE>

immediately upon the effective date of such discharge. "Cause" shall mean
willful misconduct by the Optionee or willful failure by the Optionee to perform
his or her responsibilities to the Company (including, without limitation,
breach by the Optionee of any provision of any employment, consulting, advisory,
nondisclosure, non-competition or other similar agreement between the Optionee
and the Company), as determined by the Company, which determination shall be
conclusive. The Optionee shall be considered to have been discharged for Cause
if the Company determines, within 30 days after the Optionee's resignation, that
discharge for Cause was warranted.

9. Non-Transferability of Option. This Option may not be transferred in any
manner otherwise than by will or by the laws of descent or distribution and may
be exercised during the lifetime of Optionee only by Optionee. The terms of this
Option shall be binding upon the executors, administrators, heirs, successors
and assigns of the Optionee.

10. Term of Option. This Option may be exercised only within the term expiring
on the Final Exercise Date, and may be exercised during such term only in
accordance with the Plan and the terms of this Option.

11. Withholding. No Shares will be issued pursuant to the exercise of this
Option unless and until the Optionee pays to the Company, or makes provision
satisfactory to the Company for payment of, any federal, state or local
withholding taxes required by law to be withheld in respect of this Option.

12. Acquisition Events. This Option shall become immediately exercisable in full
if, on or prior to the first anniversary of an Acquisition Event, the Optionee
terminates his or her employment for Good Reason or is terminated without Cause
(for purposes of this Section 12, as defined in the Plan) by the surviving or
acquiring corporation.

                                               SS&C TECHNOLOGIES, INC.

                                               By: _____________________________

                                                   Name:
                                                   Title:

      OPTIONEE ACKNOWLEDGES AND AGREES THAT NOTHING IN THIS AGREEMENT, NOR IN
THE COMPANY'S 1998 STOCK INCENTIVE PLAN WHICH IS INCORPORATED HEREIN BY
REFERENCE, SHALL CONFER UPON OPTIONEE ANY RIGHT WITH RESPECT TO CONTINUATION OF
EMPLOYMENT, DIRECTORSHIP, CONSULTANCY OR OTHER RELATIONSHIP WITH THE COMPANY,
NOR SHALL IT INTERFERE IN ANY WAY WITH OPTIONEE'S RIGHT OR THE COMPANY'S RIGHT
TO TERMINATE OPTIONEE'S EMPLOYMENT OR CONSULTANCY OR OTHER RELATIONSHIP ANY
TIME, WITH OR WITHOUT CAUSE.

      The Optionee acknowledges receipt of a copy of the Plan and represents
that he or she is familiar with the terms and provisions thereof, and hereby
accepts this Option subject to all of the terms and

                                      -3-
<PAGE>

provisions thereof. The Optionee has reviewed the Plan and this Option in their
entirety, has had an opportunity to obtain the advice of counsel prior to
executing this Option and fully understands all provisions of this Option. The
Optionee hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Board of Directors of the Company upon any questions
arising under the Plan or this Option. The Optionee further agrees to notify
the Company upon any change in the residence address indicated below.

Dated: ____________                              _______________________________

                                                 [Name of Employee]

                                                 Residence Address:
                                                 [Insert Employee Address]

                                      -4-

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