Document:

Forms of Sr Mgt Performance-Based Option Award Agts

 Exhibit 10.32 
  
 Senior Management Performance-Based Option 
  

					
	 	 	 	 	Name:
	 	 	 	 	Number of Units:
	 	 	 	 	Price per Unit: $18.00
	 	 	 	 	Date of Grant: August 12, 2005

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”). 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 SENIOR MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option
granted by SunGard Capital Corp., a Delaware corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the
undersigned (the “Optionee”), pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges
receipt and the Executive Employment Agreement, dated August 11, 2005, between the Optionee and SunGard Data Systems Inc. (the “Employment Agreement”). Any exercise of discretionary authority granted under the Plan shall be
subject to the express terms of this Agreement, and the last sentence of Section 3 of the Plan shall not apply to determinations of the Administrator with respect to this Agreement or the provisions of the Plan as applied to this Agreement.

  
 1. Grant of Option. The Company and Lowerco (as
applicable) grant to the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common
shares, Class L Common shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below.

  
 The Option evidenced by this Agreement is intended to be a
non-qualified option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The following terms shall have the same meaning as set forth in the Optionee’s Employment Agreement: “Board,” “Cause,” “Change of
Control,” “Date of Termination,” “Disability,” “Employer,” “Good Reason,” “Investors,” “Retained Business,” “Sale of a
Business,” “Sold Business,” and “Year of Termination.” The term “Performance Period” is defined in Schedule A. The term “Principal Investor” shall have the same meaning as
set forth in the Stockholders Agreement. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“Beneficiary” means, in the event of Optionee’s death, Optionee’s legal representative, executor, administrator or designated beneficiary, as applicable;

  

	 	(c)	“Call Option” means an option in favor of Company or Lowerco to purchase for cash at a specified price the Shares received by Optionee (or Optionee’s
Beneficiary) upon any exercise of the Option with respect to one or more Units; 

  

	 	(d)	“Closing” means August 11, 2005; 

  

	 	(e)	“Extended Exercise Period” means the period ending on the later of (i) the 90th day following (as applicable) the Optionee’s Date of Termination or the Sale of a Business where the Optionee is employed by the Sold Business and is not
offered employment with a Retained Business on substantially similar terms and conditions (or the one year anniversary of the Optionee’s Date of Termination in the case of a termination resulting from Disability or death) and (ii) the
earlier of (A) a Change of Control or (B) the 30th day after an IPO (or, if Optionee is subject to an IPO
lock-up, the 30th day after the expiration of the lock-up); provided that in all cases the Extended Exercise Period
shall end no later than the Final Exercise Date; 

  

	 	(f)	 “Fair Market Value” means, as of any date, as to any Share, the Board’s good faith determination of the fair market value of such Share as of
the applicable reference date, taking into account the most recent annual valuation of the Company. The Company agrees to engage, no later than December 31, 2006, and at least annually thereafter, an independent third party appraiser to perform
such valuation, and to update each such 

  

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valuation on a quarterly basis. Upon the exercise of a Call Option pursuant to Section 5(a) or a Put Option, the Board will provide prompt written
notice of its determination of the Fair Market Value of the applicable Shares (the “Board Notice”) to Optionee. Optionee shall have the right to contest the Fair Market Value thereof by notice to the Company within fifteen
(15) business days of receipt of the Board Notice. If Optionee does so notify the Company of Optionee’s disagreement with the Fair Market Value set forth in the Board Notice within such time period, then the Company shall retain an
independent third party appraiser reasonably acceptable to Optionee and to the Company to determine the fair market value of such Shares, and the determination of such independent appraiser shall govern. For this purpose, the appraiser last used by
the Company in the ordinary course of business will be considered an independent appraiser. In the event that the Fair Market Value of the Shares as determined by such independent appraiser exceeds by the lesser of $200,000 or 10% the fair market
value determined by the Board, then the Company shall bear the full cost of the appraisal. Otherwise, the Optionee (or the Optionee’s Beneficiary, as applicable) shall bear the full cost of the appraisal; 

  

	 	(g)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(h)	“IPO” means the initial closing of a bona fide firm commitment underwritten public offering of equity shares of the Company, registered under the Securities Act of
1933, as amended, that results in such shares being traded on a liquid trading market; 

  

	 	(i)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(j)	 “Put Option” means the obligation of the Company or Lowerco, upon thirty (30) days notice from Optionee, to use commercially reasonable
efforts to repurchase for cash the Shares acquired by Optionee (or Optionee’s Beneficiary) upon exercise of the Option with respect to one or more Units at the then Fair Market Value of such Shares; provided, however, that any Shares subject to
the Put Option shall have been held by Optionee (or Optionee’s Beneficiary) for at least six months. If Company 

  

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or Lowerco (as the case may be) is not able to repurchase the Shares subject to the Put Option in cash as a result of any contractual or legal restriction,
Company or Lowerco (as the case may be) shall provide Optionee (or Optionee’s Beneficiary) with a promissory note that bears interest at the prime rate as published in The Wall Street Journal on the repurchase date plus 1% and will become
payable over the three year period from the date of the note; 

  

	 	(k)	“Registration Rights Agreement” means the Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005, by and among the Company,
Lowerco, SunGard Holding Corp., Solar Capital Corp. and certain stockholders of the Company and Lowerco; 

  

	 	(l)	“Restrictive Covenant” means any of the restrictive covenants set forth in Section 5 of Optionee’s Employment Agreement; 

  

	 	(m)	“Retirement” means retirement within the meaning of Section 2.2(b) of Optionee’s Employment Agreement; 

  

	 	(n)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; 

  

	 	(o)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units); and 

  

	 	(p)	 “Vest on a Return-on-Equity Basis” means that Optionee’s Option shall be subject to accelerated vesting at the time of a Change of Control as
follows: (i) if the Change of Control results in the Investors receiving an amount constituting at least 200% of the Investors’ initial equity investment in Company and any subsequent equity investments (the “Investment”),
then the maximum annual (but not cumulative) amount of Units that could have vested at the end of each unfinished year in the Performance Period, including the year during which the Change of Control is completed, shall become fully vested and
exercisable immediately before Change of Control; (ii) if the Change of Control results in the Investors receiving an amount constituting at least 300% of the Investment, then all remaining Units shall become fully vested and exercisable
immediately before the Change of Control; or (iii) if the 

  

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Change of Control results in the Investors receiving an amount constituting less than 200% of the Investment, there will be no acceleration of vesting. In
determining the amount that has been received, the gross value of all cash (including prior distributions the Investors or their Affiliates have received with respect to the Shares) and/or securities (with the fair value of such securities to be
determined by the Board, which shall be entitled to take into account any restrictions on transferability, liquidity or saleability of such securities) received by the Investors shall be taken into account, minus the amount of commissions, fees and
expenses payable by the Investors to the investment bankers and professional advisors in connection with the Change of Control. Management and transaction fees specified in the Management Agreement shall be excluded, provided that any increases in
such fees from the fees in effect as of the date of the Optionee’s Employment Agreement must be customary (on a percentage of equity basis or in the case of transaction fees as a percentage of transaction size) compared to fees charged by
private equity sponsors to their portfolio companies. In evaluating the amount of the transaction consideration, the Board may take into consideration amounts paid into escrow and contingent payments in connection with any transaction.

  
 As used herein with respect to the Option,
the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by the Employer without Cause, (ii) resignation by the Optionee for Good Reason
or (iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of termination by the Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of
the Date of Termination; 

  

	 	(c)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason, then the Option shall be deemed to have stopped vesting as of the
beginning of the year containing the Date of Termination of such Optionee; 

  

	 	(d)	if the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; and 

  

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	 	(e)	upon a Change of Control during the Performance Period or within the one-year period thereafter, the Option shall Vest on a Return-on-Equity Basis; provided that, upon such a Change
of Control following which Stock continues to be held by any of the Principal Investors, if the Change of Control would not result in full acceleration of vesting pursuant to this Section 3(e) without giving effect to this proviso, the
Administrator shall, as it considers appropriate in its sole discretion, either (i) cause the Option to Vest on a Return-on-Equity Basis treating the Fair Market Value of any retained Stock as an amount received by the Investors in connection
with the Change of Control, or (ii) permit the Option to Vest on a Return-on-Equity Basis in connection with any disposition by the Principal Investors of a material portion of their remaining Stock during the Performance Period or within the
one-year period thereafter. 

  
 4. Exercise of
Option. 
  

	 	(a)	In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to exercise this Option
shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided under the Plan and the Stockholders
Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise
this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date or upon a
Change of Control that terminates an Extended Exercise Period, after termination of Employment as a result of resignation by the Optionee other than for either Good Reason or Retirement and prior to the fifth anniversary of the Closing or as a
result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if such exercise would not adversely affect any of the Companies’ results of operations under Generally
Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to (i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the
case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly
approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option
Holder to exercise this Option. 

  

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	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The Option must also be
exercised by the termination of the Optionee’s Employment, and if not exercised by such date, will thereupon terminate, except as provided below: 

  

	 	(i)	upon termination of the Optionee’s Employment (i) by the Employer without Cause, (ii) by resignation by the Optionee for Good Reason, or (iii) as a result of a
Disability or death, or upon the Sale of a Business where the Optionee is employed by the Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions, the Option will remain exercisable through
the Extended Exercise Period, and will thereupon terminate; 

  

	 	(ii)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason and such Employment terminates (i) prior to the fifth
anniversary of the Closing, then the Option will remain exercisable until the earlier of (a) the 90th day after
the Date of Termination or (b) the Final Exercise Date, and will thereupon terminate, or (ii) on or after the fifth anniversary of the Closing, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  

	 	(iii)	if, the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  
 provided further that the
Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA (as defined in Schedule A)
for the year containing the Date of Termination (or for the preceding year, as applicable). 
  
 5. Certain Calls and Puts. 
  

	 	(a)	 Call on Resignation Without Good Reason. If the Optionee’s Employment terminates as a result of resignation by the Optionee other than for either Good
Reason or Retirement, for the period ending one hundred eighty-one (181) days following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at
the then Fair Market Value of such Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(a) shall cease to apply on the earlier of an IPO or the fifth anniversary of the Closing. For purposes of the 

  

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preceding sentence, the term resignation does not include the departure of Optionee by reason of the Sale of a Business where Optionee is employed by the
Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions. 

  

	 	(b)	Call on Termination For Cause. If the Optionee’s Employment is terminated by the Employer for Cause, for the period ending one hundred eighty-one (181) days
following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at the lower of (i) the exercise price paid by Optionee for such Shares (less any
distributions received with respect to such Shares under the SunGard Capital Corp. and SunGard Capital Corp. II Dividend Rights Plan or with respect to such Shares after the exercise of this Option), or (ii) the then Fair Market Value of such
Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(b) shall cease to apply on an IPO. 

  

	 	(c)	Put on Disability or Death. If the Optionee’s Employment terminates as a result of the Optionee’s Disability or death (and if and to the extent permitted by the
Code (including Section 409A thereof)) the Optionee (or, the Optionee’s Beneficiary) shall have a Put Option at any time after Optionee’s Date of Termination, but prior to an IPO. 

  

	 	(d)	The Company or Lowerco may assign its rights under this Section 5 to any of their subsidiaries or to the Investors. 

  

	 	(e)	The provisions of this Section 5 supersede Section 6 of the Stockholders Agreement with respect to the Options granted hereunder and the related Shares.

  
 6. Share Restrictions, etc. Except as
expressly provided herein, the Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment
Event, the per-Unit exercise price of this Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the
class of stock affected by the Adjustment Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit
exercise price of the Option to be reduced below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase,
the number of Shares of the class of stock redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the
redemption or repurchase. Optionee shall be entitled to receive 

  

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any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in
a Unit, as adjusted in accordance with this Section 7. 
  
 8.
Forfeiture. Upon exercise, payment or delivery pursuant to this Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and
the Company. If the Company determines that Optionee is not in compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may
cancel any unexercised portion. The Company shall also have the following additional remedies: 
  

	 	(a)	During the six months after any exercise, payment or delivery of shares pursuant to this Option, such exercise, payment or delivery may be rescinded at the Company’s option if
Optionee fails to comply in any material respect with the terms of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in writing of any such
rescission within one year after such exercise, payment or delivery. Within ten days after receiving such a notice from the Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the sale of any Shares
acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired upon the exercise of this Option (or the extent that such consideration was not received in the form of cash, the cash
equivalent thereof valued of the time of the exchange) and (ii) the number of Shares received in connection with the rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company 

  

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rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  
 9. Legends, etc. Shares issued upon exercise shall bear such legends
as may be required or provided for under the terms of the Stockholders Agreement. 
  
 10. Transfer of Option. This Option may only be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to no more than one Family
Member; provided that transfers to additional Family Members may be made with the consent of the Compensation Committee of the Board, such consent not to be unreasonably withheld. 
  
 11. Withholding. The exercise of the Option will give rise to “wages” subject to withholding. The Optionee
expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Companies in cash (or by such other means as may be acceptable to
the Administrator in its discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee and the Companies may so withhold as
provided in Section 4(a) above. 
  
 12. Effect on
Employment. Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the
Company, Lowerco or any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time. 
  
 13. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the
subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the
domestic substantive laws of any other jurisdiction. 
  
 By
acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the Stockholders Agreement and the Registration Rights Agreement, in each case treating the undersigned as a “Manager” as defined
therein. 
  
 [SIGNATURE PAGE FOLLOWS]

  

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 Executed as of the              day of
            , 2005. 
  

									
	SunGard Capital Corp. and	 	 	 	SUNGARD CAPITAL CORP.
	SunGard Capital Corp. II	 	 	 	SUNGARD CAPITAL CORP. II
					
	 	 	 	 	 	 	 By:
	 	 
				
	Optionee	 	 	 	 	 	 
	 	 	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For
the avoidance of doubt, year 2005 shall include EBITA accrued prior to the effective date of the Plan. 

 Senior Management Performance-Based Option-California Resident 
  

					
	 	  	 	 	 Name:

	 	  	 	 	 Number of Units:

	 	  	 	 	 Price per Unit: $18.00

	 	  	 	 	 Date of Grant: August 12, 2005

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”). 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 SENIOR MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option
granted by SunGard Capital Corp., a Delaware corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the
undersigned (the “Optionee”), pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges
receipt and the Executive Employment Agreement, dated August 11, 2005, between the Optionee and SunGard Data Systems Inc. (the “Employment Agreement”). Any exercise of discretionary authority granted under the Plan shall be
subject to the express terms of this Agreement, and the last sentence of Section 3 of the Plan shall not apply to determinations of the Administrator with respect to this Agreement or the provisions of the Plan as applied to this Agreement.

  
 1. Grant of Option. The Company and Lowerco (as
applicable) grant to the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common
shares, Class L Common shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below.

  
 The Option evidenced by this Agreement is intended to be a
non-qualified option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The following terms shall have the same meaning as set forth in the Optionee’s Employment Agreement: “Board,” “Cause,” “Change of
Control,” “Date of Termination,” “Disability,” “Employer,” “Good Reason,” “Investors,” “Retained Business,” “Sale of a
Business,” “Sold Business,” and “Year of Termination.” The term “Performance Period” is defined in Schedule A. The term “Principal Investor” shall have the same meaning as
set forth in the Stockholders Agreement. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“Beneficiary” means, in the event of Optionee’s death, Optionee’s legal representative, executor, administrator or designated beneficiary, as applicable;

  

	 	(c)	“Call Option” means an option in favor of Company or Lowerco to purchase for cash at a specified price the Shares received by Optionee (or Optionee’s
Beneficiary) upon any exercise of the Option with respect to one or more Units; 

  

	 	(d)	“Closing” means August 11, 2005; 

  

	 	(e)	“Extended Exercise Period” means the period ending on the later of (i) the 90th day following (as applicable) the Optionee’s Date of Termination or the Sale of a Business where the Optionee is employed by the Sold Business and is not
offered employment with a Retained Business on substantially similar terms and conditions (or the one year anniversary of the Optionee’s Date of Termination in the case of a termination resulting from Disability or death) and (ii) the
earlier of (A) a Change of Control or (B) the 30th day after an IPO (or, if Optionee is subject to an IPO
lock-up, the 30th day after the expiration of the lock-up); provided that in all cases the Extended Exercise Period
shall end no later than the Final Exercise Date; 

  

	 	(f)	 “Fair Market Value” means, as of any date, as to any Share, the Board’s good faith determination of the fair market value of such Share as of
the applicable reference date, taking into account the most recent annual valuation of the Company. The Company agrees to engage, no later than December 31, 2006, and at least annually thereafter, an independent third party appraiser to perform
such valuation, and to update each such 

  

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valuation on a quarterly basis. Upon the exercise of a Call Option pursuant to Section 5(a) or a Put Option, the Board will provide prompt written
notice of its determination of the Fair Market Value of the applicable Shares (the “Board Notice”) to Optionee. Optionee shall have the right to contest the Fair Market Value thereof by notice to the Company within fifteen
(15) business days of receipt of the Board Notice. If Optionee does so notify the Company of Optionee’s disagreement with the Fair Market Value set forth in the Board Notice within such time period, then the Company shall retain an
independent third party appraiser reasonably acceptable to Optionee and to the Company to determine the fair market value of such Shares, and the determination of such independent appraiser shall govern. For this purpose, the appraiser last used by
the Company in the ordinary course of business will be considered an independent appraiser. In the event that the Fair Market Value of the Shares as determined by such independent appraiser exceeds by the lesser of $200,000 or 10% the fair market
value determined by the Board, then the Company shall bear the full cost of the appraisal. Otherwise, the Optionee (or the Optionee’s Beneficiary, as applicable) shall bear the full cost of the appraisal; 

  

	 	(g)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(h)	“IPO” means the initial closing of a bona fide firm commitment underwritten public offering of equity shares of the Company, registered under the Securities Act of
1933, as amended, that results in such shares being traded on a liquid trading market; 

  

	 	(i)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(j)	 “Put Option” means the obligation of the Company or Lowerco, upon thirty (30) days notice from Optionee, to use commercially reasonable
efforts to repurchase for cash the Shares acquired by Optionee (or Optionee’s Beneficiary) upon exercise of the Option with respect to one or more Units at the then Fair Market Value of such Shares; provided, however, that any Shares subject to
the Put Option shall have been held by Optionee (or Optionee’s Beneficiary) for at least six months. If Company 

  

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or Lowerco (as the case may be) is not able to repurchase the Shares subject to the Put Option in cash as a result of any contractual or legal restriction,
Company or Lowerco (as the case may be) shall provide Optionee (or Optionee’s Beneficiary) with a promissory note that bears interest at the prime rate as published in The Wall Street Journal on the repurchase date plus 1% and will become
payable over the three year period from the date of the note; 

  

	 	(k)	“Registration Rights Agreement” means the Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005, by and among the Company,
Lowerco, SunGard Holding Corp., Solar Capital Corp. and certain stockholders of the Company and Lowerco; 

  

	 	(l)	“Restrictive Covenant” means any of the restrictive covenants set forth in Section 5 of Optionee’s Employment Agreement; 

  

	 	(m)	“Retirement” means retirement within the meaning of Section 2.2(b) of Optionee’s Employment Agreement; 

  

	 	(n)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; 

  

	 	(o)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units); and 

  

	 	(p)	 “Vest on a Return-on-Equity Basis” means that Optionee’s Option shall be subject to accelerated vesting at the time of a Change of Control as
follows: (i) if the Change of Control results in the Investors receiving an amount constituting at least 200% of the Investors’ initial equity investment in Company and any subsequent equity investments (the “Investment”),
then the maximum annual (but not cumulative) amount of Units that could have vested at the end of each unfinished year in the Performance Period, including the year during which the Change of Control is completed, shall become fully vested and
exercisable immediately before Change of Control; (ii) if the Change of Control results in the Investors receiving an amount constituting at least 300% of the Investment, then all remaining Units shall become fully vested and exercisable
immediately before the Change of Control; or (iii) if the 

  

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Change of Control results in the Investors receiving an amount constituting less than 200% of the Investment, there will be no acceleration of vesting. In
determining the amount that has been received, the gross value of all cash (including prior distributions the Investors or their Affiliates have received with respect to the Shares) and/or securities (with the fair value of such securities to be
determined by the Board, which shall be entitled to take into account any restrictions on transferability, liquidity or saleability of such securities) received by the Investors shall be taken into account, minus the amount of commissions, fees and
expenses payable by the Investors to the investment bankers and professional advisors in connection with the Change of Control. Management and transaction fees specified in the Management Agreement shall be excluded, provided that any increases in
such fees from the fees in effect as of the date of the Optionee’s Employment Agreement must be customary (on a percentage of equity basis or in the case of transaction fees as a percentage of transaction size) compared to fees charged by
private equity sponsors to their portfolio companies. In evaluating the amount of the transaction consideration, the Board may take into consideration amounts paid into escrow and contingent payments in connection with any transaction.

  
 As used herein with respect to the Option,
the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by the Employer without Cause, (ii) resignation by the Optionee for Good Reason
or (iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of termination by the Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of
the Date of Termination; 

  

	 	(c)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason, then the Option shall be deemed to have stopped vesting as of the
beginning of the year containing the Date of Termination of such Optionee; 

  

	 	(d)	if the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; and 

  

 -5- 

	 	(e)	upon a Change of Control during the Performance Period or within the one-year period thereafter, the Option shall Vest on a Return-on-Equity Basis; provided that, upon such a Change
of Control following which Stock continues to be held by any of the Principal Investors, if the Change of Control would not result in full acceleration of vesting pursuant to this Section 3(e) without giving effect to this proviso, the
Administrator shall, as it considers appropriate in its sole discretion, either (i) cause the Option to Vest on a Return-on-Equity Basis treating the Fair Market Value of any retained Stock as an amount received by the Investors in connection
with the Change of Control, or (ii) permit the Option to Vest on a Return-on-Equity Basis in connection with any disposition by the Principal Investors of a material portion of their remaining Stock during the Performance Period or within the
one-year period thereafter. 

  
 4. Exercise of
Option. 
  

	 	(a)	In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to exercise this Option
shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided under the Plan and the Stockholders
Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise
this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date or upon a
Change of Control that terminates an Extended Exercise Period, after termination of Employment as a result of resignation by the Optionee other than for either Good Reason or Retirement and prior to the fifth anniversary of the Closing or as a
result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if such exercise would not adversely affect any of the Companies’ results of operations under Generally
Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to (i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the
case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly
approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option
Holder to exercise this Option. 

  

 -6- 

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The Option must also be
exercised by the termination of the Optionee’s Employment, and if not exercised by such date, will thereupon terminate, except as provided below: 

  

	 	(i)	upon termination of the Optionee’s Employment (i) by the Employer without Cause, (ii) by resignation by the Optionee for Good Reason, or (iii) as a result of a
Disability or death, or upon the Sale of a Business where the Optionee is employed by the Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions, the Option will remain exercisable through
the Extended Exercise Period, and will thereupon terminate; 

  

	 	(ii)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason and such Employment terminates (i) prior to the fifth
anniversary of the Closing, then the Option will remain exercisable until the earlier of (a) the 90th day after
the Date of Termination or (b) the Final Exercise Date, and will thereupon terminate, or (ii) on or after the fifth anniversary of the Closing, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  

	 	(iii)	if, the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  
 provided further that the
Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA (as defined in Schedule A)
for the year containing the Date of Termination (or for the preceding year, as applicable). 
  
 5. Certain Calls and Puts. 
  

	 	(a)	 Call on Resignation Without Good Reason. If the Optionee’s Employment terminates as a result of resignation by the Optionee other than for either Good
Reason or Retirement, for the period ending one hundred eighty-one (181) days following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at
the then Fair Market Value of such Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(a) shall cease to apply on the earlier of an IPO or the fifth anniversary of the Closing. For purposes of the 

  

 -7- 

	 	 
preceding sentence, the term resignation does not include the departure of Optionee by reason of the Sale of a Business where Optionee is employed by the
Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions. 

  

	 	(b)	Call on Termination For Cause. If the Optionee’s Employment is terminated by the Employer for Cause, for the period ending one hundred eighty-one (181) days
following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at the lower of (i) the exercise price paid by Optionee for such Shares (less any
distributions received with respect to such Shares under the SunGard Capital Corp. and SunGard Capital Corp. II Dividend Rights Plan or with respect to such Shares after the exercise of this Option), or (ii) the then Fair Market Value of such
Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(b) shall cease to apply on an IPO. 

  

	 	(c)	Put on Disability or Death. If the Optionee’s Employment terminates as a result of the Optionee’s Disability or death (and if and to the extent permitted by the
Code (including Section 409A thereof)) the Optionee (or, the Optionee’s Beneficiary) shall have a Put Option at any time after Optionee’s Date of Termination, but prior to an IPO. 

  

	 	(d)	The Company or Lowerco may assign its rights under this Section 5 to any of their subsidiaries or to the Investors. 

  

	 	(e)	The provisions of this Section 5 supersede Section 6 of the Stockholders Agreement with respect to the Options granted hereunder and the related Shares.

  
 6. Share Restrictions, etc. Except as
expressly provided herein, the Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment
Event, the per-Unit exercise price of this Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the
class of stock affected by the Adjustment Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit
exercise price of the Option to be reduced below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase,
the number of Shares of the class of stock redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the
redemption or repurchase. Optionee shall be entitled to receive 

  

 -8- 

 
any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in
a Unit, as adjusted in accordance with this Section 7. 
  
 8.
Forfeiture. Upon exercise, payment or delivery pursuant to this Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and
the Company. If the Company determines that Optionee is not in compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may
cancel any unexercised portion. The Company shall also have the following additional remedies: 
  

	 	(a)	Any exercise, payment or delivery of shares pursuant to this Option may be rescinded at the Company’s option if Optionee fails to comply in any material respect with the terms
of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in writing of any such rescission. Within ten days after receiving such a notice from the
Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired
upon the exercise of this Option (or the extent that such consideration was not received in the form of cash, the cash equivalent thereof valued of the time of the exchange) and (ii) the number of Shares received in connection with the
rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  

 -9- 

 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or
provided for under the terms of the Stockholders Agreement. 
  
 10. Transfer of Option. This Option may only be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to no more than one Family Member; provided that
transfers to additional Family Members may be made with the consent of the Compensation Committee of the Board, such consent not to be unreasonably withheld. 
  
 11. Withholding. The exercise of the Option will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and
agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Companies in cash (or by such other means as may be acceptable to the Administrator in its
discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee and the Companies may so withhold as provided in
Section 4(a) above. 
  
 12. Effect on Employment.
Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or
any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time. 
  
 13. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the
subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the application of the
domestic substantive laws of any other jurisdiction. 
  
 By
acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the Stockholders Agreement and the Registration Rights Agreement, in each case treating the undersigned as a “Manager” as defined
therein. By accepting this Option, Optionee also irrevocably and unconditionally submits to the exclusive jurisdiction of any state or federal court sitting in Pennsylvania over any suit, action or proceeding arising out of or related to this
Agreement, and waives any objection to the laying of venue of any such suit, action or proceeding in any such court. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

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 Executed as of the              day of
                    , 2005. 
  

									
	SunGard Capital Corp. and	 	 	 	 SUNGARD CAPITAL CORP.

	SunGard Capital Corp. II	 	 	 	 SUNGARD CAPITAL CORP. II

				
	 	 	 	 	By:	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For the avoidance of doubt, year 2005
shall include EBITA accrued prior to the effective date of the Plan. 

 Senior Management Performance-Based Option-UK Resident 
  

					
	 	 	 	 	Name:
	 	 	 	 	Number of Units:
	 	 	 	 	Price per Unit:
	 	 	 	 	Date of Grant:

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”). 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 SENIOR MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option
granted by SunGard Capital Corp., a Delaware corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the
undersigned (the “Optionee”), pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges
receipt and the Executive Employment Agreement, dated August 11, 2005, between the Optionee and SunGard Data Systems Inc. (the “Employment Agreement”). Any exercise of discretionary authority granted under the Plan shall be
subject to the express terms of this Agreement, and the last sentence of Section 3 of the Plan shall not apply to determinations of the Administrator with respect to this Agreement or the provisions of the Plan as applied to this Agreement.

  
 1. Grant of Option. The Company and Lowerco (as
applicable) grant to the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common
shares, Class L Common shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below.

  
 The Option evidenced by this Agreement is intended to be a
non-qualified option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The following terms shall have the same meaning as set forth in the Optionee’s Employment Agreement: “Board,” “Cause,” “Change of
Control,” “Date of Termination,” “Disability,” “Employer,” “Good Reason,” “Investors,” “Retained Business,” “Sale of a
Business,” “Sold Business,” and “Year of Termination.” The term “Performance Period” is defined in Schedule A. The term “Principal Investor” shall have the same meaning as
set forth in the Stockholders Agreement. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“Beneficiary” means, in the event of Optionee’s death, Optionee’s legal representative, executor, administrator or designated beneficiary, as applicable;

  

	 	(c)	“Call Option” means an option in favor of Company or Lowerco to purchase for cash at a specified price the Shares received by Optionee (or Optionee’s
Beneficiary) upon any exercise of the Option with respect to one or more Units; 

  

	 	(d)	“Closing” means August 11, 2005; 

  

	 	(e)	“Extended Exercise Period” means the period ending on the later of (i) the 90th day following (as applicable) the Optionee’s Date of Termination or the Sale of a Business where the Optionee is employed by the Sold Business and is not
offered employment with a Retained Business on substantially similar terms and conditions (or the one year anniversary of the Optionee’s Date of Termination in the case of a termination resulting from Disability or death) and (ii) the
earlier of (A) a Change of Control or (B) the 30th day after an IPO (or, if Optionee is subject to an IPO
lock-up, the 30th day after the expiration of the lock-up); provided that in all cases the Extended Exercise Period
shall end no later than the Final Exercise Date; 

  

	 	(f)	 “Fair Market Value” means, as of any date, as to any Share, the Board’s good faith determination of the fair market value of such Share as of
the applicable reference date, taking into account the most recent annual valuation of the Company. The Company agrees to engage, no later than December 31, 2006, and at least annually thereafter, an independent third party appraiser to perform
such valuation, and to update each such 

  

 -2- 

	 	 
valuation on a quarterly basis. Upon the exercise of a Call Option pursuant to Section 5(a) or a Put Option, the Board will provide prompt written
notice of its determination of the Fair Market Value of the applicable Shares (the “Board Notice”) to Optionee. Optionee shall have the right to contest the Fair Market Value thereof by notice to the Company within fifteen
(15) business days of receipt of the Board Notice. If Optionee does so notify the Company of Optionee’s disagreement with the Fair Market Value set forth in the Board Notice within such time period, then the Company shall retain an
independent third party appraiser reasonably acceptable to Optionee and to the Company to determine the fair market value of such Shares, and the determination of such independent appraiser shall govern. For this purpose, the appraiser last used by
the Company in the ordinary course of business will be considered an independent appraiser. In the event that the Fair Market Value of the Shares as determined by such independent appraiser exceeds by the lesser of $200,000 or 10% the fair market
value determined by the Board, then the Company shall bear the full cost of the appraisal. Otherwise, the Optionee (or the Optionee’s Beneficiary, as applicable) shall bear the full cost of the appraisal; 

  

	 	(g)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(h)	“IPO” means the initial closing of a bona fide firm commitment underwritten public offering of equity shares of the Company, registered under the Securities Act of
1933, as amended, that results in such shares being traded on a liquid trading market; 

  

	 	(i)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(j)	 “Put Option” means the obligation of the Company or Lowerco, upon thirty (30) days notice from Optionee, to use commercially reasonable
efforts to repurchase for cash the Shares acquired by Optionee (or Optionee’s Beneficiary) upon exercise of the Option with respect to one or more Units at the then Fair Market Value of such Shares; provided, however, that any Shares subject to
the Put Option shall have been held by Optionee (or Optionee’s Beneficiary) for at least six months. If Company 

  

 -3- 

	 	 
or Lowerco (as the case may be) is not able to repurchase the Shares subject to the Put Option in cash as a result of any contractual or legal restriction,
Company or Lowerco (as the case may be) shall provide Optionee (or Optionee’s Beneficiary) with a promissory note that bears interest at the prime rate as published in The Wall Street Journal on the repurchase date plus 1% and will become
payable over the three year period from the date of the note; 

  

	 	(k)	“Registration Rights Agreement” means the Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005, by and among the Company,
Lowerco, SunGard Holding Corp., Solar Capital Corp. and certain stockholders of the Company and Lowerco; 

  

	 	(l)	“Restrictive Covenant” means any of the restrictive covenants set forth in Section 5 of Optionee’s Employment Agreement; 

  

	 	(m)	“Retirement” means retirement within the meaning of Section 2.2(b) of Optionee’s Employment Agreement; 

  

	 	(n)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; 

  

	 	(o)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units); and 

  

	 	(p)	 “Vest on a Return-on-Equity Basis” means that Optionee’s Option shall be subject to accelerated vesting at the time of a Change of Control as
follows: (i) if the Change of Control results in the Investors receiving an amount constituting at least 200% of the Investors’ initial equity investment in Company and any subsequent equity investments (the “Investment”),
then the maximum annual (but not cumulative) amount of Units that could have vested at the end of each unfinished year in the Performance Period, including the year during which the Change of Control is completed, shall become fully vested and
exercisable immediately before Change of Control; (ii) if the Change of Control results in the Investors receiving an amount constituting at least 300% of the Investment, then all remaining Units shall become fully vested and exercisable
immediately before the Change of Control; or (iii) if the 

  

 -4- 

	 	 
Change of Control results in the Investors receiving an amount constituting less than 200% of the Investment, there will be no acceleration of vesting. In
determining the amount that has been received, the gross value of all cash (including prior distributions the Investors or their Affiliates have received with respect to the Shares) and/or securities (with the fair value of such securities to be
determined by the Board, which shall be entitled to take into account any restrictions on transferability, liquidity or saleability of such securities) received by the Investors shall be taken into account, minus the amount of commissions, fees and
expenses payable by the Investors to the investment bankers and professional advisors in connection with the Change of Control. Management and transaction fees specified in the Management Agreement shall be excluded, provided that any increases in
such fees from the fees in effect as of the date of the Optionee’s Employment Agreement must be customary (on a percentage of equity basis or in the case of transaction fees as a percentage of transaction size) compared to fees charged by
private equity sponsors to their portfolio companies. In evaluating the amount of the transaction consideration, the Board may take into consideration amounts paid into escrow and contingent payments in connection with any transaction.

  
 As used herein with respect to the Option,
the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by the Employer without Cause, (ii) resignation by the Optionee for Good Reason
or (iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of termination by the Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of
the Date of Termination; 

  

	 	(c)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason, then the Option shall be deemed to have stopped vesting as of the
beginning of the year containing the Date of Termination of such Optionee; 

  

	 	(d)	if the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; and 

  

 -5- 

	 	(e)	upon a Change of Control during the Performance Period or within the one-year period thereafter, the Option shall Vest on a Return-on-Equity Basis; provided that, upon such a Change
of Control following which Stock continues to be held by any of the Principal Investors, if the Change of Control would not result in full acceleration of vesting pursuant to this Section 3(e) without giving effect to this proviso, the
Administrator shall, as it considers appropriate in its sole discretion, either (i) cause the Option to Vest on a Return-on-Equity Basis treating the Fair Market Value of any retained Stock as an amount received by the Investors in connection
with the Change of Control, or (ii) permit the Option to Vest on a Return-on-Equity Basis in connection with any disposition by the Principal Investors of a material portion of their remaining Stock during the Performance Period or within the
one-year period thereafter. 

  
 4. Exercise of
Option. 
  

	 	(a)	In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to exercise this Option
shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided under the Plan and the Stockholders
Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise
this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date or upon a
Change of Control that terminates an Extended Exercise Period, after termination of Employment as a result of resignation by the Optionee other than for either Good Reason or Retirement and prior to the fifth anniversary of the Closing or as a
result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if such exercise would not adversely affect any of the Companies’ results of operations under Generally
Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to (i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the
case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly
approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option
Holder to exercise this Option. 

  

 -6- 

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The Option must also be
exercised by the termination of the Optionee’s Employment, and if not exercised by such date, will thereupon terminate, except as provided below: 

  

	 	(i)	upon termination of the Optionee’s Employment (i) by the Employer without Cause, (ii) by resignation by the Optionee for Good Reason, or (iii) as a result of a
Disability or death, or upon the Sale of a Business where the Optionee is employed by the Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions, the Option will remain exercisable through
the Extended Exercise Period, and will thereupon terminate; 

  

	 	(ii)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason and such Employment terminates (i) prior to the fifth
anniversary of the Closing, then the Option will remain exercisable until the earlier of (a) the 90th day after
the Date of Termination or (b) the Final Exercise Date, and will thereupon terminate, or (ii) on or after the fifth anniversary of the Closing, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  

	 	(iii)	if, the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  
 provided further that the
Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA (as defined in Schedule A)
for the year containing the Date of Termination (or for the preceding year, as applicable). 
  
 5. Certain Calls and Puts. 
  

	 	(a)	 Call on Resignation Without Good Reason. If the Optionee’s Employment terminates as a result of resignation by the Optionee other than for either Good
Reason or Retirement, for the period ending one hundred eighty-one (181) days following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at
the then Fair Market Value of such Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(a) shall cease to apply on the earlier of an IPO or the fifth anniversary of the Closing. For purposes of the 

  

 -7- 

	 	 
preceding sentence, the term resignation does not include the departure of Optionee by reason of the Sale of a Business where Optionee is employed by the
Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions. 

  

	 	(b)	Call on Termination For Cause. If the Optionee’s Employment is terminated by the Employer for Cause, for the period ending one hundred eighty-one (181) days
following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at the lower of (i) the exercise price paid by Optionee for such Shares (less any
distributions received with respect to such Shares under the SunGard Capital Corp. and SunGard Capital Corp. II Dividend Rights Plan or with respect to such Shares after the exercise of this Option), or (ii) the then Fair Market Value of such
Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(b) shall cease to apply on an IPO. 

  

	 	(c)	Put on Disability or Death. If the Optionee’s Employment terminates as a result of the Optionee’s Disability or death (and if and to the extent permitted by the
Code (including Section 409A thereof)) the Optionee (or, the Optionee’s Beneficiary) shall have a Put Option at any time after Optionee’s Date of Termination, but prior to an IPO. 

  

	 	(d)	The Company or Lowerco may assign its rights under this Section 5 to any of their subsidiaries or to the Investors. 

  

	 	(e)	The provisions of this Section 5 supersede Section 6 of the Stockholders Agreement with respect to the Options granted hereunder and the related Shares.

  
 6. Share Restrictions, etc. Except as
expressly provided herein, the Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment
Event, the per-Unit exercise price of this Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the
class of stock affected by the Adjustment Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit
exercise price of the Option to be reduced below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase,
the number of Shares of the class of stock redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the
redemption or repurchase. Optionee shall be entitled to receive 

  

 -8- 

 
any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in
a Unit, as adjusted in accordance with this Section 7. 
  
 8.
Forfeiture. Upon exercise, payment or delivery pursuant to this Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and
the Company. If the Company determines that Optionee is not in compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may
cancel any unexercised portion. The Company shall also have the following additional remedies: 
  

	 	(a)	Any exercise, payment or delivery of shares pursuant to this Option may be rescinded at the Company’s option if Optionee fails to comply in any material respect with the terms
of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in writing of any such rescission. Within ten days after receiving such a notice from the
Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired
upon the exercise of this Option (or the extent that such consideration was not received in the form of cash, the cash equivalent thereof valued of the time of the exchange) and (ii) the number of Shares received in connection with the
rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  

 -9- 

 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or
provided for under the terms of the Stockholders Agreement. 
  
 10. Transfer of Option. This Option may only be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to no more than one Family Member; provided that
transfers to additional Family Members may be made with the consent of the Compensation Committee of the Board, such consent not to be unreasonably withheld. 
  
 11. Withholding. The exercise of the Option will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and
agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Companies in cash (or by such other means as may be acceptable to the Administrator in its
discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee and the Companies may so withhold as provided in
Section 4(a) above. 
  
 12. Effect on Employment.
Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or
any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time. Optionee, in accepting this Option, represents and acknowledges that Optionee’s
participation in the Plan is voluntary; that participation in the Plan is discretionary; and that Optionee has not been induced to participate in the Plan by any expectation of employment or continued employment with the Company or any of its
subsidiaries. Optionee furthermore understands and acknowledges that the grant of this Stock Option is discretionary, does not constitute any portion of Optionee’s regular remuneration and is not intended to be taken into account in calculating
service-related benefits, and bears no guarantee or implication that any additional grant will be made in the future. 
  
 13. Personal Data. Optionee understands and acknowledges that in order to perform its obligations under the Plan, the Company and its subsidiaries
may process personal data and/or sensitive personal data relating to Optionee. Such data includes but is not limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data relating to
Optionee, and information about Optionee’s participation in the Plan and the Shares acquired from time to time pursuant to the Plan. Optionee, in accepting this Option, gives his or her explicit and voluntary consent to the Company and its
subsidiaries to process any such personal data and/or sensitive personal data. Optionee also hereby gives his or her explicit and voluntary consent to the Company and its subsidiaries to transfer any such personal data and/or sensitive personal data
outside the country in which Optionee works or is employed. The legal persons for whom Optionee’s personal data are intended include the Company and any of its subsidiaries, any outside plan administrator or service provider selected by the
Company or any of its subsidiaries from time to time, and any other person that the Administrator may find in its administration of the Plan to be appropriate. Optionee 

  

 -10- 

 
hereby acknowledges that he or she has been informed of his or her right of access and correction to his or her personal data by contacting his or her local
human resources representative. Optionee understands that the transfer of the information described herein is important to the administration of the Plan and that failure to consent to the transmission of such information may limit or prohibit his
or her participation in the Plan. 
  
 14. National Insurance
Contributions. By acceptance of this Option the Optionee agrees to indemnify the Company and its subsidiaries for any employer’s Class 1 national insurance contributions due on the exercise of the Option. 
  
 15. Governing Law. This Agreement and all claims arising out of or
based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware in the United States of America without giving effect to any choice or
conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
  
 By acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the Stockholders Agreement and the
Registration Rights Agreement, in each case treating the undersigned as a “Manager” as defined therein. By accepting this Option, Optionee also irrevocably and unconditionally submits to the exclusive jurisdiction of any state or federal
court sitting in the Commonwealth of Pennsylvania in the United States of America over any suit, action or proceeding arising out of or related to this Agreement, and waives any objection to the laying of venue of any such suit, action or proceeding
in any such court. 
  
 [SIGNATURE PAGE
FOLLOWS] 
  

 -11- 

 Executed as of the          day of
                    , 2005. 
  

									
	 SunGard Capital Corp. and
 SunGard
Capital Corp. II
	 	 	 	 SUNGARD CAPITAL CORP.
 SUNGARD CAPITAL CORP. II

					
	 	 	 	 	 	 	By:	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For the avoidance of doubt, year 2005
shall include EBITA accrued prior to the effective date of the Plan. 

 Senior Management Performance-Based Option-Other 
  

					
	 	 	 	 	Name:
	 	 	 	 	Number of Units:
	 	 	 	 	Price per Unit:
	 	 	 	 	Date of Grant:

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”). 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 SENIOR MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option
granted by SunGard Capital Corp., a Delaware corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the
undersigned (the “Optionee”), pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges
receipt and the Executive Employment Agreement, dated August 11, 2005, between the Optionee and SunGard Data Systems Inc. (the “Employment Agreement”). Any exercise of discretionary authority granted under the Plan shall be
subject to the express terms of this Agreement, and the last sentence of Section 3 of the Plan shall not apply to determinations of the Administrator with respect to this Agreement or the provisions of the Plan as applied to this Agreement.

  
 1. Grant of Option. The Company and Lowerco (as
applicable) grant to the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common
shares, Class L Common shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below.

  
 The Option evidenced by this Agreement is intended to be a
non-qualified option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The following terms shall have the same meaning as set forth in the Optionee’s Employment Agreement: “Board,” “Cause,” “Change of
Control,” “Date of Termination,” “Disability,” “Employer,” “Good Reason,” “Investors,” “Retained Business,” “Sale of a
Business,” “Sold Business,” and “Year of Termination.” The term “Performance Period” is defined in Schedule A. The term “Principal Investor” shall have the same meaning as
set forth in the Stockholders Agreement. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“Beneficiary” means, in the event of Optionee’s death, Optionee’s legal representative, executor, administrator or designated beneficiary, as applicable;

  

	 	(c)	“Call Option” means an option in favor of Company or Lowerco to purchase for cash at a specified price the Shares received by Optionee (or Optionee’s
Beneficiary) upon any exercise of the Option with respect to one or more Units; 

  

	 	(d)	“Closing” means August 11, 2005; 

  

	 	(e)	“Extended Exercise Period” means the period ending on the later of (i) the 90th day following (as applicable) the Optionee’s Date of Termination or the Sale of a Business where the Optionee is employed by the Sold Business and is not
offered employment with a Retained Business on substantially similar terms and conditions (or the one year anniversary of the Optionee’s Date of Termination in the case of a termination resulting from Disability or death) and (ii) the
earlier of (A) a Change of Control or (B) the 30th day after an IPO (or, if Optionee is subject to an IPO
lock-up, the 30th day after the expiration of the lock-up); provided that in all cases the Extended Exercise Period
shall end no later than the Final Exercise Date; 

  

	 	(f)	 “Fair Market Value” means, as of any date, as to any Share, the Board’s good faith determination of the fair market value of such Share as of
the applicable reference date, taking into account the most recent annual valuation of the Company. The Company agrees to engage, no later than December 31, 2006, and at least annually thereafter, an independent third party appraiser to perform
such valuation, and to update each such 

  

 -2- 

	 	 
valuation on a quarterly basis. Upon the exercise of a Call Option pursuant to Section 5(a) or a Put Option, the Board will provide prompt written
notice of its determination of the Fair Market Value of the applicable Shares (the “Board Notice”) to Optionee. Optionee shall have the right to contest the Fair Market Value thereof by notice to the Company within fifteen
(15) business days of receipt of the Board Notice. If Optionee does so notify the Company of Optionee’s disagreement with the Fair Market Value set forth in the Board Notice within such time period, then the Company shall retain an
independent third party appraiser reasonably acceptable to Optionee and to the Company to determine the fair market value of such Shares, and the determination of such independent appraiser shall govern. For this purpose, the appraiser last used by
the Company in the ordinary course of business will be considered an independent appraiser. In the event that the Fair Market Value of the Shares as determined by such independent appraiser exceeds by the lesser of $200,000 or 10% the fair market
value determined by the Board, then the Company shall bear the full cost of the appraisal. Otherwise, the Optionee (or the Optionee’s Beneficiary, as applicable) shall bear the full cost of the appraisal; 

  

	 	(g)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(h)	“IPO” means the initial closing of a bona fide firm commitment underwritten public offering of equity shares of the Company, registered under the Securities Act of
1933, as amended, that results in such shares being traded on a liquid trading market; 

  

	 	(i)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(j)	 “Put Option” means the obligation of the Company or Lowerco, upon thirty (30) days notice from Optionee, to use commercially reasonable
efforts to repurchase for cash the Shares acquired by Optionee (or Optionee’s Beneficiary) upon exercise of the Option with respect to one or more Units at the then Fair Market Value of such Shares; provided, however, that any Shares subject to
the Put Option shall have been held by Optionee (or Optionee’s Beneficiary) for at least six months. If Company 

  

 -3- 

	 	 
or Lowerco (as the case may be) is not able to repurchase the Shares subject to the Put Option in cash as a result of any contractual or legal restriction,
Company or Lowerco (as the case may be) shall provide Optionee (or Optionee’s Beneficiary) with a promissory note that bears interest at the prime rate as published in The Wall Street Journal on the repurchase date plus 1% and will become
payable over the three year period from the date of the note; 

  

	 	(k)	“Registration Rights Agreement” means the Participation, Registration Rights and Coordination Agreement, dated as of August 10, 2005, by and among the Company,
Lowerco, SunGard Holding Corp., Solar Capital Corp. and certain stockholders of the Company and Lowerco; 

  

	 	(l)	“Restrictive Covenant” means any of the restrictive covenants set forth in Section 5 of Optionee’s Employment Agreement; 

  

	 	(m)	“Retirement” means retirement within the meaning of Section 2.2(b) of Optionee’s Employment Agreement; 

  

	 	(n)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; 

  

	 	(o)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units); and 

  

	 	(p)	 “Vest on a Return-on-Equity Basis” means that Optionee’s Option shall be subject to accelerated vesting at the time of a Change of Control as
follows: (i) if the Change of Control results in the Investors receiving an amount constituting at least 200% of the Investors’ initial equity investment in Company and any subsequent equity investments (the “Investment”),
then the maximum annual (but not cumulative) amount of Units that could have vested at the end of each unfinished year in the Performance Period, including the year during which the Change of Control is completed, shall become fully vested and
exercisable immediately before Change of Control; (ii) if the Change of Control results in the Investors receiving an amount constituting at least 300% of the Investment, then all remaining Units shall become fully vested and exercisable
immediately before the Change of Control; or (iii) if the 

  

 -4- 

	 	 
Change of Control results in the Investors receiving an amount constituting less than 200% of the Investment, there will be no acceleration of vesting. In
determining the amount that has been received, the gross value of all cash (including prior distributions the Investors or their Affiliates have received with respect to the Shares) and/or securities (with the fair value of such securities to be
determined by the Board, which shall be entitled to take into account any restrictions on transferability, liquidity or saleability of such securities) received by the Investors shall be taken into account, minus the amount of commissions, fees and
expenses payable by the Investors to the investment bankers and professional advisors in connection with the Change of Control. Management and transaction fees specified in the Management Agreement shall be excluded, provided that any increases in
such fees from the fees in effect as of the date of the Optionee’s Employment Agreement must be customary (on a percentage of equity basis or in the case of transaction fees as a percentage of transaction size) compared to fees charged by
private equity sponsors to their portfolio companies. In evaluating the amount of the transaction consideration, the Board may take into consideration amounts paid into escrow and contingent payments in connection with any transaction.

  
 As used herein with respect to the Option,
the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by the Employer without Cause, (ii) resignation by the Optionee for Good Reason
or (iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of termination by the Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of
the Date of Termination; 

  

	 	(c)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason, then the Option shall be deemed to have stopped vesting as of the
beginning of the year containing the Date of Termination of such Optionee; 

  

	 	(d)	if the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; and 

  

 -5- 

	 	(e)	upon a Change of Control during the Performance Period or within the one-year period thereafter, the Option shall Vest on a Return-on-Equity Basis; provided that, upon such a Change
of Control following which Stock continues to be held by any of the Principal Investors, if the Change of Control would not result in full acceleration of vesting pursuant to this Section 3(e) without giving effect to this proviso, the
Administrator shall, as it considers appropriate in its sole discretion, either (i) cause the Option to Vest on a Return-on-Equity Basis treating the Fair Market Value of any retained Stock as an amount received by the Investors in connection
with the Change of Control, or (ii) permit the Option to Vest on a Return-on-Equity Basis in connection with any disposition by the Principal Investors of a material portion of their remaining Stock during the Performance Period or within the
one-year period thereafter. 

  
 4. Exercise of
Option. 
  

	 	(a)	In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to exercise this Option
shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided under the Plan and the Stockholders
Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise
this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date or upon a
Change of Control that terminates an Extended Exercise Period, after termination of Employment as a result of resignation by the Optionee other than for either Good Reason or Retirement and prior to the fifth anniversary of the Closing or as a
result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if such exercise would not adversely affect any of the Companies’ results of operations under Generally
Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to (i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the
case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly
approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option
Holder to exercise this Option. 

  

 -6- 

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The Option must also be
exercised by the termination of the Optionee’s Employment, and if not exercised by such date, will thereupon terminate, except as provided below: 

  

	 	(i)	upon termination of the Optionee’s Employment (i) by the Employer without Cause, (ii) by resignation by the Optionee for Good Reason, or (iii) as a result of a
Disability or death, or upon the Sale of a Business where the Optionee is employed by the Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions, the Option will remain exercisable through
the Extended Exercise Period, and will thereupon terminate; 

  

	 	(ii)	if the Optionee’s Employment terminates as a result of resignation by the Optionee other than for Good Reason and such Employment terminates (i) prior to the fifth
anniversary of the Closing, then the Option will remain exercisable until the earlier of (a) the 90th day after
the Date of Termination or (b) the Final Exercise Date, and will thereupon terminate, or (ii) on or after the fifth anniversary of the Closing, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  

	 	(iii)	if, the Optionee’s Employment terminates as a result of the Optionee’s Retirement, then the Option will remain exercisable through the Extended Exercise Period, and will
thereupon terminate; 

  
 provided further that the
Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA (as defined in Schedule A)
for the year containing the Date of Termination (or for the preceding year, as applicable). 
  
 5. Certain Calls and Puts. 
  

	 	(a)	 Call on Resignation Without Good Reason. If the Optionee’s Employment terminates as a result of resignation by the Optionee other than for either Good
Reason or Retirement, for the period ending one hundred eighty-one (181) days following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at
the then Fair Market Value of such Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(a) shall cease to apply on the earlier of an IPO or the fifth anniversary of the Closing. For purposes of the 

  

 -7- 

	 	 
preceding sentence, the term resignation does not include the departure of Optionee by reason of the Sale of a Business where Optionee is employed by the
Sold Business and is not offered employment with a Retained Business on substantially similar terms and conditions. 

  

	 	(b)	Call on Termination For Cause. If the Optionee’s Employment is terminated by the Employer for Cause, for the period ending one hundred eighty-one (181) days
following the later of Optionee’s Date of Termination or the date on which this Option is exercised, each of the Company and Lowerco shall have a Call Option at the lower of (i) the exercise price paid by Optionee for such Shares (less any
distributions received with respect to such Shares under the SunGard Capital Corp. and SunGard Capital Corp. II Dividend Rights Plan or with respect to such Shares after the exercise of this Option), or (ii) the then Fair Market Value of such
Shares, provided, however, that the Companies’ Call Options pursuant to this Section 5(b) shall cease to apply on an IPO. 

  

	 	(c)	Put on Disability or Death. If the Optionee’s Employment terminates as a result of the Optionee’s Disability or death (and if and to the extent permitted by the
Code (including Section 409A thereof)) the Optionee (or, the Optionee’s Beneficiary) shall have a Put Option at any time after Optionee’s Date of Termination, but prior to an IPO. 

  

	 	(d)	The Company or Lowerco may assign its rights under this Section 5 to any of their subsidiaries or to the Investors. 

  

	 	(e)	The provisions of this Section 5 supersede Section 6 of the Stockholders Agreement with respect to the Options granted hereunder and the related Shares.

  
 6. Share Restrictions, etc. Except as
expressly provided herein, the Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment
Event, the per-Unit exercise price of this Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the
class of stock affected by the Adjustment Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit
exercise price of the Option to be reduced below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase,
the number of Shares of the class of stock redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the
redemption or repurchase. Optionee shall be entitled to receive 

  

 -8- 

 
any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in
a Unit, as adjusted in accordance with this Section 7. 
  
 8.
Forfeiture. Upon exercise, payment or delivery pursuant to this Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and
the Company. If the Company determines that Optionee is not in compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may
cancel any unexercised portion. The Company shall also have the following additional remedies: 
  

	 	(a)	Any exercise, payment or delivery of shares pursuant to this Option may be rescinded at the Company’s option if Optionee fails to comply in any material respect with the terms
of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in writing of any such rescission. Within ten days after receiving such a notice from the
Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired
upon the exercise of this Option (or the extent that such consideration was not received in the form of cash, the cash equivalent thereof valued of the time of the exchange) and (ii) the number of Shares received in connection with the
rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  

 -9- 

 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or
provided for under the terms of the Stockholders Agreement. 
  
 10. Transfer of Option. This Option may only be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to no more than one Family Member; provided that
transfers to additional Family Members may be made with the consent of the Compensation Committee of the Board, such consent not to be unreasonably withheld. 
  
 11. Withholding. The exercise of the Option will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and
agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying to the Companies in cash (or by such other means as may be acceptable to the Administrator in its
discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any amounts otherwise owed to the Optionee and the Companies may so withhold as provided in
Section 4(a) above. 
  
 12. Effect on Employment.
Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or
any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to terminate his or her Employment at any time. Optionee, in accepting this Option, represents and acknowledges that Optionee’s
participation in the Plan is voluntary; that participation in the Plan is discretionary; and that Optionee has not been induced to participate in the Plan by any expectation of employment or continued employment with the Company or any of its
subsidiaries. Optionee furthermore understands and acknowledges that the grant of this Stock Option is discretionary, does not constitute any portion of Optionee’s regular remuneration and is not intended to be taken into account in calculating
service-related benefits, and bears no guarantee or implication that any additional grant will be made in the future. 
  
 13. Personal Data. Optionee understands and acknowledges that in order to perform its obligations under the Plan, the Company and its subsidiaries
may process personal data and/or sensitive personal data relating to Optionee. Such data includes but is not limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data relating to
Optionee, and information about Optionee’s participation in the Plan and the Shares acquired from time to time pursuant to the Plan. Optionee, in accepting this Option, gives his or her explicit and voluntary consent to the Company and its
subsidiaries to process any such personal data and/or sensitive personal data. Optionee also hereby gives his or her explicit and voluntary consent to the Company and its subsidiaries to transfer any such personal data and/or sensitive personal data
outside the country in which Optionee works or is employed. The legal persons for whom Optionee’s personal data are intended include the Company and any of its subsidiaries, any outside plan administrator or service provider selected by the
Company or any of its subsidiaries from time to time, and any other person that the Administrator may find in its administration of the Plan to be appropriate. Optionee 

  

 -10- 

 
hereby acknowledges that he or she has been informed of his or her right of access and correction to his or her personal data by contacting his or her local
human resources representative. Optionee understands that the transfer of the information described herein is important to the administration of the Plan and that failure to consent to the transmission of such information may limit or prohibit his
or her participation in the Plan. 
  
 14. Governing Law.
This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware in the United States of
America without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction. 
  
 By acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the
Stockholders Agreement and the Registration Rights Agreement, in each case treating the undersigned as a “Manager” as defined therein. By accepting this Option, Optionee also irrevocably and unconditionally submits to the exclusive
jurisdiction of any state or federal court sitting in the Commonwealth of Pennsylvania in the United States of America over any suit, action or proceeding arising out of or related to this Agreement, and waives any objection to the laying of venue
of any such suit, action or proceeding in any such court. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 -11- 

 Executed as of the          day of
                    , 2005. 
  

									
	SunGard Capital Corp. and
SunGard Capital Corp. II	 	 	 	SUNGARD CAPITAL CORP.
SUNGARD CAPITAL CORP. II
					
	 	 	 	 	 	 	By:	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For the avoidance of doubt, year 2005
shall include EBITA accrued prior to the effective date of the Plan. 

 Management Performance-Based Option 
  

					
	 	 	 	 	Name:
	 	 	 	 	Number of Units:
	 	 	 	 	Price per Unit: $18.00
	 	 	 	 	Date of Grant: August 12, 2005

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”) 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option granted by SunGard Capital Corp., a Delaware
corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the undersigned (the “Optionee”),
pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges receipt. 
  
 1. Grant of Option. The Company and Lowerco (as applicable) grant to
the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common shares, Class L Common
shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below. 
  
 The Option evidenced by this Agreement is intended to be a non-qualified
option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The terms “Change of Control,” “Disability” and “Fair Market Value” shall have the same meaning as set forth in the Stockholders Agreement
as of the date hereof and without regard to any subsequent amendment thereof. The term “Performance Period” is defined in Schedule A. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“CEO” means the Chief Executive Officer of the Company. 

  

	 	(c)	“Closing” means August 11, 2005; 

  

	 	(d)	“Date of Termination” means the date that the termination of Optionee’s Employment with Employer is effective on account of Optionee’s death,
Optionee’s Disability, termination by Employer for Cause or without Cause, or by Optionee, as the case may be; and “Year of Termination” means the fiscal year for the applicable Performance Period during which Optionee’s
Date of Termination occurs; 

  

	 	(e)	“Employer” means the Company or, as the case may be, its Affiliate with whom the Optionee has entered into an Employment relationship; 

  

	 	(f)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(g)	“Investors” means investment funds advised by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts,
Providence Equity Partners and Texas Pacific Group that own capital stock of the Company; 

  

	 	(h)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(i)	“Restrictive Covenant” means any of the restrictive covenants set forth in Exhibit A, which is incorporated herein by reference; 

  

 -2- 

	 	(j)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; and 

  

	 	(k)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units). 

  
 As used herein with respect to the
Option, the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by Employer without Cause, (ii) the Optionee’s retirement or
(iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of resignation by the Optionee, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; 

  

	 	(c)	if the Optionee’s Employment as a result of termination by Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of the Date of
Termination; and 

  

	 	(d)	upon a Change of Control during the Performance Period, the Compensation Committee of the Board and the CEO will determine in mutual consultation the effect of such Change of
Control on the Option, which shall be treated in a manner they jointly consider equitable under the circumstances. 

  
 4. Exercise of Option. 
  

	 	(a)	 In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to
exercise this Option shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided 

  

 -3- 

	 	 
under the Plan and the Stockholders Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the
Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid
by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date, or after a Sale of a Business where the Optionee is employed by a Sold Business and is not offered employment with a Retained
Business on substantially similar terms and conditions or a termination of Employment without Cause or as a result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if
such exercise would not adversely affect any of the Companies’ results of operations under Generally Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to
(i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory
withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be
under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this Option. 

  

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The option must also be
exercised by the termination of the Optionee’s Employment and, if not exercised by such date, will thereupon terminate, provided that, upon termination of the Optionee’s Employment (i) by Employer without Cause, (ii) by
resignation by the Optionee, or (iii) as a result of a Disability or death, the Option will remain exercisable until the earlier of the 90th day after the Date of Termination (or the one-year anniversary thereof, in the case of a termination resulting from Disability or death) or the Final Exercise Date, and will thereupon terminate,
provided further that the Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA
(as defined in Schedule A) for the year containing the Date of Termination (or for the preceding year, as applicable). 

  
 5. Certain Calls and Puts. The Options granted hereunder and the related Shares are subject to the call and put rights contained in Section 6
of the Stockholders Agreement, except that such put rights shall be granted only if and to the extent permitted by the Code (including Section 409A thereof); provided, however, that the call rights 

  

 -4- 

 
contained in Section 6 of the Stockholders Agreement shall not apply in the event of a termination resulting from Disability or death. 
  
 6. Share Restrictions, etc. Except as expressly provided herein, the
Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment Event, the per-Unit exercise price of this
Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the class of stock affected by the Adjustment
Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit exercise price of the Option to be reduced
below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase, the number of Shares of the class of stock
redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the redemption or repurchase. Optionee shall be
entitled to receive any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in a Unit, as adjusted in accordance with this Section 7. 

 
 8. Forfeiture. Upon exercise, payment or delivery pursuant to this
Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and the Company. If the Company determines that Optionee is not in
compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may cancel any unexercised portion. The Company shall also have the
following (and only the following) additional remedies: 
  

	 	(a)	 During the six months after any exercise, payment or delivery of shares pursuant to this Option, such exercise, payment or delivery may be rescinded at the
Company’s option if Optionee fails to comply in any material respect with the terms of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in
writing of any such rescission within one year after such exercise, payment or delivery. Within ten days after receiving such a notice from the Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the
sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired upon the exercise of this Option (or the extent that such consideration was not received in the form of cash,
the cash equivalent thereof valued of the 

  

 -5- 

	 	 
time of the exchange) and (ii) the number of Shares received in connection with the rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  
 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or provided for under the terms of the Stockholders
Agreement. 
  
 10. Transfer of Option. This Option may only
be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to a Family Member with the consent of the Compensation Committee of the Board, such consent not to be unreasonably
withheld. 
  
 11. Withholding. The exercise of the Option
will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying
to the Companies in cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any
amounts otherwise owed to the Optionee and the Companies may so withhold as provided in Section 4(a) above. 
  
 12. Effect on Employment. Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any
right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to
terminate his or her Employment at any time. 
  

 -6- 

 13. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or
relating to the subject matter hereof shall be governed by and construed in accordance with the domestic substantive laws of the State of Delaware without giving effect to any choice or conflict of laws provision or rule that would cause the
application of the domestic substantive laws of any other jurisdiction. 
  
 By acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the Stockholders Agreement as a “Manager” as defined therein. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 -7- 

 Executed as of the          day of
                            , 2005. 
  

									
	SunGard Capital Corp. and	 	 	 	 SUNGARD CAPITAL CORP.

	SunGard Capital Corp. II	 	 	 	 SUNGARD CAPITAL CORP. II

					
	 	 	 	 	 	 	By:	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For the avoidance of doubt, year 2005
shall include EBITA accrued prior to the effective date of the Plan. 

  
 Exhibit A 

Restrictive Covenants 
  
 1. Optionee will not render services for any organization or engage directly or indirectly in any business which, in the judgment and sole determination
of the Chief Executive Officer of the Company or another senior officer designated by the Committee, is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or
becomes otherwise prejudicial to or in conflict with the interests of the Company. If Optionee’s employment or other service with the Company has terminated, the judgment of the Chief Executive Officer or other designated officer will be based
on Optionee’s position and responsibilities while employed by the Company, Optionee’s post-employment responsibilities and position with the other organization or business, the extent of past, current and potential competition or conflict
between the Company and the other organization or business, the effect on the Company’s customers, suppliers, employees and competitors of Optionee’s assuming the post-employment position and such other considerations as are deemed
relevant given the applicable facts and circumstances. 
  
 2.
Optionee will not disclose to anyone outside the Company, or use other than in the Company’s business, any confidential or proprietary information or material relating to the business of the Company, acquired by Optionee either during or after
employment with the Company. Optionee understands that the Company’s proprietary and confidential information includes, by way of example: (a) the identity of customers and prospects, their specific requirements, and the names, addresses
and telephone numbers of individual contacts; (b) prices, renewal dates and other detailed terms of customer and supplier contracts and proposals; (c) pricing policies, information about costs, profits and sales, methods of delivering
software and services, marketing and sales strategies, and software and service development strategies; (d) source code, object code, specifications, user manuals, technical manuals and other documentation for software products; (e) screen
designs, report designs and other designs, concepts and visual expressions for software products; (f) employment and payroll records; (g) forecasts, budgets, acquisition models and other non-public financial information; and
(h) expansion plans, business or development plans, management policies, information about possible acquisitions or divestitures, potential new products, markets or market extensions, and other business and acquisition strategies and policies.

  
 3. Optionee will promptly communicate to the Company, in
writing, all marketing strategies, product ideas, software designs and concepts, software enhancement and improvement ideas, and other ideas and inventions (collectively, “works and ideas”) pertaining to the Company’s business,
whether or not patentable or copyrightable, that are made, written, developed, or conceived by Optionee, alone or with others, at any time (during or after business hours) while Optionee is employed by the Company or during the three months after
Optionee’s employment terminates. Optionee understands that all of those works and ideas will be the Company’s exclusive property, and by accepting this Option Optionee assigns and agrees to assign all Optionee’s right, title and
interest in those works and ideas to the Company. Optionee will sign all documents which the Company deems necessary to confirm its ownership of those works and ideas, and Optionee will cooperate fully with the Company to allow the Company to take
full advantage of those works and ideas, including the securing of patent and/or 

 
copyright protection and/or other similar rights in the United States and in foreign countries. 
  
 4. Optionee will not solicit or contact at any time, directly or through others, for the purpose or with the effect of
competing or interfering with or harming any part of the Company’s business: (a) any customer or acquisition target under contract with the Company at any time during the last two years of Optionee’s employment with the Company;
(b) any prospective customer or acquisition target that received or requested a proposal, offer or letter of intent from the Company at any time during the last two years of Optionee’s employment with the Company; (c) any affiliate of
any such customer or prospect; (d) any of the individual contacts established by the Company or Optionee or others at the Company during the period of Optionee’s employment with the Company; or (e) any individual who is an employee or
independent contractor of the Company at the time of the solicitation or contact or who has been an employee or independent contractor within three months before such solicitation or contact. 

 Management Performance-Based Option-UK Resident 
  

					
	 	  	 	 	Name:
	 	  	 	 	Number of Units:
	 	  	 	 	Price per Unit: $18.00
	 	  	 	 	Date of Grant: August 12, 2005

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”) 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option granted by SunGard Capital Corp., a Delaware
corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the undersigned (the “Optionee”),
pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges receipt. 
  
 1. Grant of Option. The Company and Lowerco (as applicable) grant to
the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common shares, Class L Common
shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below. 
  
 The Option evidenced by this Agreement is intended to be a non-qualified
option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The terms “Change of Control,” “Disability” and “Fair Market Value” shall have the same meaning as set forth in the Stockholders Agreement
as of the date hereof and without regard to any subsequent amendment thereof. The term “Performance Period” is defined in Schedule A. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“CEO” means the Chief Executive Officer of the Company. 

  

	 	(c)	“Closing” means August 11, 2005; 

  

	 	(d)	“Date of Termination” means the date that the termination of Optionee’s Employment with Employer is effective on account of Optionee’s death,
Optionee’s Disability, termination by Employer for Cause or without Cause, or by Optionee, as the case may be; and “Year of Termination” means the fiscal year for the applicable Performance Period during which Optionee’s
Date of Termination occurs; 

  

	 	(e)	“Employer” means the Company or, as the case may be, its Affiliate with whom the Optionee has entered into an Employment relationship; 

  

	 	(f)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(g)	“Investors” means investment funds advised by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts,
Providence Equity Partners and Texas Pacific Group that own capital stock of the Company; 

  

	 	(h)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(i)	“Restrictive Covenant” means any of the restrictive covenants set forth in Exhibit A, which is incorporated herein by reference; 

  

 -2- 

	 	(j)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; and 

  

	 	(k)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units). 

  
 As used herein with respect to the
Option, the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by Employer without Cause, (ii) the Optionee’s retirement or
(iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of resignation by the Optionee, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; 

  

	 	(c)	if the Optionee’s Employment as a result of termination by Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of the Date of
Termination; and 

  

	 	(d)	upon a Change of Control during the Performance Period, the Compensation Committee of the Board and the CEO will determine in mutual consultation the effect of such Change of
Control on the Option, which shall be treated in a manner they jointly consider equitable under the circumstances. 

  
 4. Exercise of Option. 
  

	 	(a)	 In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to
exercise this Option shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided 

  

 -3- 

	 	 
under the Plan and the Stockholders Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the
Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid
by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date, or after a Sale of a Business where the Optionee is employed by a Sold Business and is not offered employment with a Retained
Business on substantially similar terms and conditions or a termination of Employment without Cause or as a result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if
such exercise would not adversely affect any of the Companies’ results of operations under Generally Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to
(i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory
withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be
under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this Option. 

  

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The option must also be
exercised by the termination of the Optionee’s Employment and, if not exercised by such date, will thereupon terminate, provided that, upon termination of the Optionee’s Employment (i) by Employer without Cause, (ii) by
resignation by the Optionee, or (iii) as a result of a Disability or death, the Option will remain exercisable until the earlier of the 90th day after the Date of Termination (or the one-year anniversary thereof, in the case of a termination resulting from Disability or death) or the Final Exercise Date, and will thereupon terminate,
provided further that the Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA
(as defined in Schedule A) for the year containing the Date of Termination (or for the preceding year, as applicable). 

  
 5. Certain Calls and Puts. The Options granted hereunder and the related Shares are subject to the call and put rights contained in Section 6
of the Stockholders Agreement, except that such put rights shall be granted only if and to the extent permitted by the Code (including Section 409A thereof); provided, however, that the call rights 

  

 -4- 

 
contained in Section 6 of the Stockholders Agreement shall not apply in the event of a termination resulting from Disability or death. 
  
 6. Share Restrictions, etc. Except as expressly provided herein, the
Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment Event, the per-Unit exercise price of this
Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the class of stock affected by the Adjustment
Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit exercise price of the Option to be reduced
below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase, the number of Shares of the class of stock
redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the redemption or repurchase. Optionee shall be
entitled to receive any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in a Unit, as adjusted in accordance with this Section 7. 

 
 8. Forfeiture. Upon exercise, payment or delivery pursuant to this
Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and the Company. If the Company determines that Optionee is not in
compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may cancel any unexercised portion. The Company shall also have the
following (and only the following) additional remedies: 
  

	 	(a)	 During the six months after any exercise, payment or delivery of shares pursuant to this Option, such exercise, payment or delivery may be rescinded at the
Company’s option if Optionee fails to comply in any material respect with the terms of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in
writing of any such rescission within one year after such exercise, payment or delivery. Within ten days after receiving such a notice from the Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the
sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired upon the exercise of this Option (or the extent that such consideration was not received in the form of cash,
the cash equivalent thereof valued of the 

  

 -5- 

	 	 
time of the exchange) and (ii) the number of Shares received in connection with the rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  
 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or provided for under the terms of the Stockholders
Agreement. 
  
 10. Transfer of Option. This Option may only
be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to a Family Member with the consent of the Compensation Committee of the Board, such consent not to be unreasonably
withheld. 
  
 11. Withholding. The exercise of the Option
will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying
to the Companies in cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any
amounts otherwise owed to the Optionee and the Companies may so withhold as provided in Section 4(a) above. 
  
 12. Effect on Employment. Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any
right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to
terminate his or her Employment at any time. Optionee, in accepting this Option, represents and acknowledges that Optionee’s 

  

 -6- 

 
participation in the Plan is voluntary; that participation in the Plan is discretionary and does not form any part of Optionee’s contract of employment,
if any, with the Company or any of its subsidiaries; and that Optionee has not been induced to participate in the Plan by any expectation of employment or continued employment with the Company or any of its subsidiaries. Optionee furthermore
understands and acknowledges that the grant of this Stock Option is discretionary and a one-time occurrence, does not constitute any portion of Optionee’s regular remuneration and is not intended to be taken into account in calculating
service-related benefits, and bears no guarantee or implication that any additional grant will be made in the future. 
  
 13. Personal Data. Optionee understands and acknowledges that in order to perform its obligations under the Plan, the Company and its subsidiaries
may process personal data and/or sensitive personal data relating to Optionee. Such data includes but is not limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data relating to
Optionee, and information about Optionee’s participation in the Plan and the Shares acquired from time to time pursuant to the Plan. Optionee, in accepting this Option, gives his or her explicit and voluntary consent to the Company and its
subsidiaries to process any such personal data and/or sensitive personal data. Optionee also hereby gives his or her explicit and voluntary consent to the Company and its subsidiaries to transfer any such personal data and/or sensitive personal data
outside the country in which Optionee works or is employed. The legal persons for whom Optionee’s personal data are intended include the Company and any of its subsidiaries, any outside plan administrator or service provider selected by the
Company or any of its subsidiaries from time to time, and any other person that the Administrator may find in its administration of the Plan to be appropriate. Optionee hereby acknowledges that he or she has been informed of his or her right of
access and correction to his or her personal data by contacting his or her local human resources representative. Optionee understands that the transfer of the information described herein is important to the administration of the Plan and that
failure to consent to the transmission of such information may limit or prohibit his or her participation in the Plan. 
  
 14. National Insurance Contributions. By acceptance of this Option the Optionee agrees to indemnify the Company and its subsidiaries for any
employer’s Class 1 national insurance contributions due on the exercise of the Option. 
  
 15. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be governed by and construed in accordance with the domestic
substantive laws of the State of Delaware in the United States of America without giving effect to any choice or conflict of laws provision or rule that would cause the application of the domestic substantive laws of any other jurisdiction.

  
 By acceptance of this Option, the undersigned agrees hereby to
become a party to, and be bound by the terms of, the Stockholders Agreement as a “Manager” as defined therein. 
  

 -7- 

 Executed as of the              day of
                    , 2005. 
  

									
	SunGard Capital Corp. and	 	 	 	 SUNGARD CAPITAL CORP.

	SunGard Capital Corp. II	 	 	 	 SUNGARD CAPITAL CORP. II

				
	 	 	 	 	By:	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For the avoidance of doubt, year 2005
shall include EBITA accrued prior to the effective date of the Plan. 

  
 Exhibit A 

Restrictive Covenants 
  
 1. Optionee will not render services for any organization or engage directly or indirectly in any business which, in the judgment and sole determination
of the Chief Executive Officer of the Company or another senior officer designated by the Committee, is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or
becomes otherwise prejudicial to or in conflict with the interests of the Company. If Optionee’s employment or other service with the Company has terminated, the judgment of the Chief Executive Officer or other designated officer will be based
on Optionee’s position and responsibilities while employed by the Company, Optionee’s post-employment responsibilities and position with the other organization or business, the extent of past, current and potential competition or conflict
between the Company and the other organization or business, the effect on the Company’s customers, suppliers, employees and competitors of Optionee’s assuming the post-employment position and such other considerations as are deemed
relevant given the applicable facts and circumstances. 
  
 2.
Optionee will not disclose to anyone outside the Company, or use other than in the Company’s business, any confidential or proprietary information or material relating to the business of the Company, acquired by Optionee either during or after
employment with the Company. Optionee understands that the Company’s proprietary and confidential information includes, by way of example: (a) the identity of customers and prospects, their specific requirements, and the names, addresses
and telephone numbers of individual contacts; (b) prices, renewal dates and other detailed terms of customer and supplier contracts and proposals; (c) pricing policies, information about costs, profits and sales, methods of delivering
software and services, marketing and sales strategies, and software and service development strategies; (d) source code, object code, specifications, user manuals, technical manuals and other documentation for software products; (e) screen
designs, report designs and other designs, concepts and visual expressions for software products; (f) employment and payroll records; (g) forecasts, budgets, acquisition models and other non-public financial information; and
(h) expansion plans, business or development plans, management policies, information about possible acquisitions or divestitures, potential new products, markets or market extensions, and other business and acquisition strategies and policies.

  
 3. Optionee will promptly communicate to the Company, in
writing, all marketing strategies, product ideas, software designs and concepts, software enhancement and improvement ideas, and other ideas and inventions (collectively, “works and ideas”) pertaining to the Company’s business,
whether or not patentable or copyrightable, that are made, written, developed, or conceived by Optionee, alone or with others, at any time (during or after business hours) while Optionee is employed by the Company or during the three months after
Optionee’s employment terminates. Optionee understands that all of those works and ideas will be the Company’s exclusive property, and by accepting this Option Optionee assigns and agrees to assign all Optionee’s right, title and
interest in those works and ideas to the Company. Optionee will sign all documents which the Company deems necessary to confirm its ownership of those works and ideas, and Optionee will cooperate fully with the Company to allow the Company to take
full advantage of those works and ideas, including the securing of patent and/or 

 
copyright protection and/or other similar rights in the United States and in foreign countries. 
  
 4. Optionee will not solicit or contact at any time, directly or through others, for the purpose or with the effect of
competing or interfering with or harming any part of the Company’s business: (a) any customer or acquisition target under contract with the Company at any time during the last two years of Optionee’s employment with the Company;
(b) any prospective customer or acquisition target that received or requested a proposal, offer or letter of intent from the Company at any time during the last two years of Optionee’s employment with the Company; (c) any affiliate of
any such customer or prospect; (d) any of the individual contacts established by the Company or Optionee or others at the Company during the period of Optionee’s employment with the Company; or (e) any individual who is an employee or
independent contractor of the Company at the time of the solicitation or contact or who has been an employee or independent contractor within three months before such solicitation or contact. 

 Management Performance-Based Option-Non U.S. Resident 
  

					
	 	 	 	 	Name:
	 	 	 	 	Number of Units:
	 	 	 	 	Price per Unit: $18.00
	 	 	 	 	Date of Grant: August 12, 2005

  
 SUNGARD 2005 MANAGEMENT INCENTIVE PLAN 
  
 THIS AWARD AND ANY SECURITIES ISSUED UPON EXERCISE OF THIS OPTION ARE SUBJECT TO RESTRICTIONS ON VOTING AND TRANSFER AND REQUIREMENTS OF SALE AND OTHER
PROVISIONS AS SET FORTH IN THE STOCKHOLDERS AGREEMENT AMONG SUNGARD CAPITAL CORP., SUNGARD CAPITAL CORP. II, SUNGARD HOLDINGS CORP., SOLAR CAPITAL CORP. AND CERTAIN STOCKHOLDERS OF SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II, DATED AS OF
AUGUST 10, 2005 (AS IN EFFECT FROM TIME TO TIME, THE “STOCKHOLDERS AGREEMENT”) 
  
 SUNGARD CAPITAL CORP. AND SUNGARD CAPITAL CORP. II STRONGLY ENCOURAGE YOU TO SEEK THE ADVICE OF YOUR OWN LEGAL AND FINANCIAL ADVISORS WITH RESPECT TO YOUR AWARD AND ITS TAX CONSEQUENCES.

  
 SUNGARD
CAPITAL CORP. AND SUNGARD CAPITAL CORP. II 
 MANAGEMENT NON-QUALIFIED PERFORMANCE-BASED OPTION AGREEMENT 
  
 This agreement (the “Agreement”) evidences a stock option granted by SunGard Capital Corp., a Delaware
corporation (the “Company”) and SunGard Capital Corp. II, a Delaware corporation (“Lowerco” and together with the Company, the “Companies”), to the undersigned (the “Optionee”),
pursuant to, and subject to the terms of, the SunGard 2005 Management Incentive Plan (the “Plan”) which is incorporated herein by reference and of which the Optionee hereby acknowledges receipt. 
  
 1. Grant of Option. The Company and Lowerco (as applicable) grant to
the Optionee as of August 12, 2005, an option (the “Option”) to purchase, in whole or in part, on the terms provided herein and in the Plan, that total number of Units, consisting of Class A Common shares, Class L Common
shares and Lowerco Preferred shares as set forth in Schedule A (the “Shares”) at the aggregate price per Unit of $18.00. The Option will vest and become exercisable in accordance with Section 3 below. 
  
 The Option evidenced by this Agreement is intended to be a non-qualified
option and is granted to the Optionee in an Employment capacity as an employee. 

 2. Meaning of Certain Terms. Except as otherwise defined herein, all capitalized terms used in
this Agreement shall have the same meaning as in the Plan. The terms “Change of Control,” “Disability” and “Fair Market Value” shall have the same meaning as set forth in the Stockholders Agreement
as of the date hereof and without regard to any subsequent amendment thereof. The term “Performance Period” is defined in Schedule A. The following terms shall have the following meanings: 
  

	 	(a)	“Adjustment Event” means (i) a cash distribution with respect to Shares paid to all or substantially all holders of Shares, other than cash dividends in
respect of Shares declared by the Board as part of a regular dividend payment practice or stated cash dividend policy of the Company following an IPO, or (ii) a substantially pro rata redemption or substantially pro rata repurchase (in each
case, as applicable, by the Company, Lowerco or any of their subsidiaries) of all or part of any class of Shares; 

  

	 	(b)	“CEO” means the Chief Executive Officer of the Company. 

  

	 	(c)	“Closing” means August 11, 2005; 

  

	 	(d)	“Date of Termination” means the date that the termination of Optionee’s Employment with Employer is effective on account of Optionee’s death,
Optionee’s Disability, termination by Employer for Cause or without Cause, or by Optionee, as the case may be; and “Year of Termination” means the fiscal year for the applicable Performance Period during which Optionee’s
Date of Termination occurs; 

  

	 	(e)	“Employer” means the Company or, as the case may be, its Affiliate with whom the Optionee has entered into an Employment relationship; 

  

	 	(f)	“Family Member” means, with respect to Optionee, any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew,
mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these
persons have more than fifty percent of the beneficial interest, a foundation in which one or more of these persons (or Optionee) control the management of assets, or any other entity in which one or more of these persons (or Optionee) own more than
fifty percent of the voting interests; 

  

	 	(g)	“Investors” means investment funds advised by Silver Lake Partners, Bain Capital, The Blackstone Group, Goldman, Sachs & Co., Kohlberg Kravis Roberts,
Providence Equity Partners and Texas Pacific Group that own capital stock of the Company; 

  

	 	(h)	“Management Agreement” means the management agreement entered into as of the Closing between the Company and certain affiliates of the Investors, as it may be
amended from time to time; 

  

	 	(i)	“Restrictive Covenant” means any of the restrictive covenants set forth in Exhibit A, which is incorporated herein by reference; 

  

 -2- 

	 	(j)	“Unit” means an undivided interest in 1.3 Class A shares, 0.1444 Class L shares and 0.05 Lowerco Preferred shares, determined at the date of grant, as it may
be adjusted as provided herein; and 

  

	 	(k)	“Vest on a Pro Rata Basis” means that the vesting of Optionee’s Option shall continue through the end of the Year of Termination (but not thereafter), provided
that only a portion of the Option that otherwise would have vested at the end of such year shall vest, such portion being determined by multiplying (i) the number of Units subject to the Option that otherwise would have vested at the end of
such year based upon attainment of pre-determined performance goals, by (ii) (A) the number of days in which Optionee was employed by Employer during the Year of Termination divided by (B) 365 (rounded to the nearest whole number of
Units). 

  
 As used herein with respect to the
Option, the term “vest” means to become exercisable in whole or in specified part. 
  
 3. Vesting of Option. The Option shall vest in accordance with Schedule A; provided, however, that: 
  

	 	(a)	if the Optionee’s Employment terminates as a result of (i) termination of the Optionee by Employer without Cause, (ii) the Optionee’s retirement or
(iii) the Optionee’s Disability or death, then the Option shall Vest on a Pro Rata Basis; 

  

	 	(b)	if the Optionee’s Employment terminates as a result of resignation by the Optionee, then the Option shall be deemed to have stopped vesting as of the beginning of the year
containing the Date of Termination of such Optionee; 

  

	 	(c)	if the Optionee’s Employment as a result of termination by Employer for Cause, then the Option will be immediately forfeited by the Optionee and terminate as of the Date of
Termination; and 

  

	 	(d)	upon a Change of Control during the Performance Period, the Compensation Committee of the Board and the CEO will determine in mutual consultation the effect of such Change of
Control on the Option, which shall be treated in a manner they jointly consider equitable under the circumstances. 

  
 4. Exercise of Option. 
  

	 	(a)	 In General. The latest date on which this Option may be exercised is August 11, 2015, (the “Final Exercise Date”). Each election to
exercise this Option shall be subject to the terms and conditions of the Plan and shall be in writing, signed by the Optionee or by his or her executor, administrator, or permitted transferee (subject to any restrictions provided 

  

 -3- 

	 	 
under the Plan and the Stockholders Agreement), made pursuant to and in accordance with the terms and conditions set forth in the Plan and received by the
Companies at their principal offices, accompanied by payment in full as provided in the Plan. The Optionee shall not exercise this Option as to Shares of a single class but must exercise this Option as to Units. The purchase price may be paid
by delivery of cash or check acceptable to the Administrator or, in case of an exercise on the Final Exercise Date, or after a Sale of a Business where the Optionee is employed by a Sold Business and is not offered employment with a Retained
Business on substantially similar terms and conditions or a termination of Employment without Cause or as a result of the Optionee’s Disability or death, if and to the extent permitted by the Code (including Section 409A thereof) and if
such exercise would not adversely affect any of the Companies’ results of operations under Generally Accepted Accounting Principles, by means of withholding of Units subject to the Option with an aggregate Fair Market Value equal to
(i) the aggregate exercise price and (ii) if commercially reasonable for the Company or Lowerco, as the case may be, to so permit (taking into account its cash position in light of any contractual or legal restrictions) minimum statutory
withholding taxes with respect to such exercise, or by such other method provided under the Plan and explicitly approved by the Administrator. In the event that this Option is exercised by a person other than the Optionee, the Companies will be
under no obligation to deliver Shares hereunder unless and until it is satisfied as to the authority of the Option Holder to exercise this Option. 

  

	 	(b)	Time To Exercise. The Option must be exercised no later than the Final Exercise Date, and if not exercised by such date, will thereupon terminate. The option must also be
exercised by the termination of the Optionee’s Employment and, if not exercised by such date, will thereupon terminate, provided that, upon termination of the Optionee’s Employment (i) by Employer without Cause, (ii) by
resignation by the Optionee, or (iii) as a result of a Disability or death, the Option will remain exercisable until the earlier of the 90th day after the Date of Termination (or the one-year anniversary thereof, in the case of a termination resulting from Disability or death) or the Final Exercise Date, and will thereupon terminate,
provided further that the Administrator shall extend the period to exercise the portion of the Option that vests after termination of Employment (but not beyond the Final Exercise Date) to the extent necessary to determine the Actual Internal EBITA
(as defined in Schedule A) for the year containing the Date of Termination (or for the preceding year, as applicable). 

  
 5. Certain Calls and Puts. The Options granted hereunder and the related Shares are subject to the call and put rights contained in Section 6
of the Stockholders Agreement, except that such put rights shall be granted only if and to the extent permitted by the Code (including Section 409A thereof); provided, however, that the call rights 

  

 -4- 

 
contained in Section 6 of the Stockholders Agreement shall not apply in the event of a termination resulting from Disability or death. 
  
 6. Share Restrictions, etc. Except as expressly provided herein, the
Optionee’s rights hereunder and with respect to Shares received upon exercise are subject to the restrictions and other provisions contained in the Stockholders Agreement. 
  
 7. Distributions, Redemptions, etc. On the occurrence of an Adjustment Event, the per-Unit exercise price of this
Option, whether vested or unvested, shall be reduced by an amount equal to the product of (a) the per-share amount paid in connection with the Adjustment Event and (b) the number of shares of the class of stock affected by the Adjustment
Event that were included in each Unit immediately prior to the Adjustment Event; provided, however, that any such reduction shall be limited to that portion of such amount which would not cause the per-Unit exercise price of the Option to be reduced
below 25% of the fair market value, as of the date the Option was granted, of the Shares that are included in each Unit immediately following the Adjustment Event. In the case of a redemption or repurchase, the number of Shares of the class of stock
redeemed or repurchased that are subject to the Option will be automatically reduced by an amount proportionate to the percentage reduction in outstanding shares of the affected class resulting from the redemption or repurchase. Optionee shall be
entitled to receive any information reasonably requested regarding the composition of a Unit and the allocation of the Option’s exercise price among the Shares included in a Unit, as adjusted in accordance with this Section 7. 

 
 8. Forfeiture. Upon exercise, payment or delivery pursuant to this
Option, Optionee shall certify on a form acceptable to the Committee that Optionee is in compliance with the Restrictive Covenants and all other agreements between Optionee and the Company. If the Company determines that Optionee is not in
compliance with one or more of the Restrictive Covenants, and such non-compliance has not been authorized in advance in a specific written waiver from the Company, the Committee may cancel any unexercised portion. The Company shall also have the
following (and only the following) additional remedies: 
  

	 	(a)	 During the six months after any exercise, payment or delivery of shares pursuant to this Option, such exercise, payment or delivery may be rescinded at the
Company’s option if Optionee fails to comply in any material respect with the terms of the Restrictive Covenants or of any other agreement with the Company or if Optionee breaches any duty to the Company. The Company shall notify Optionee in
writing of any such rescission within one year after such exercise, payment or delivery. Within ten days after receiving such a notice from the Company, Optionee shall remit or deliver to the Company (i) the amount of any gain realized upon the
sale of any Shares acquired upon the exercise of this Option, (ii) any consideration received upon the exchange of any Shares acquired upon the exercise of this Option (or the extent that such consideration was not received in the form of cash,
the cash equivalent thereof valued of the 

  

 -5- 

	 	 
time of the exchange) and (ii) the number of Shares received in connection with the rescinded exercise. 

  

	 	(b)	The Company shall have the right to offset, against any Shares and any cash amounts due to Optionee under or by reason of Optionee’s holding this Option, any amounts to which
the Company is entitled as a result of Optionee’s violation of the Restrictive Covenants or of any other agreement with the Company or Optionee’s breach of any duty to the Company. Accordingly, Optionee acknowledges that (i) the
Company may delay exercise of this Option or withhold delivery of Shares, (ii) the Company may place the proceeds of any sale or other disposition of Shares in an escrow account of the Company’s choosing pending resolution of any dispute
with the Company, and (iii) the Company has no liability for any attendant market risk caused by any such delay, withholding, or escrow. 

  
 Optionee acknowledges and agrees that the calculation of damages from a breach of any of the Restrictive Covenants or of any other agreement with the Company or of any
duty to the Company would be difficult to calculate accurately and that the right to offset or other remedy provided for herein is reasonable and not a penalty. Optionee further agrees not to challenge the reasonableness of such provisions even
where the Company rescinds, delays, withholds or escrows Shares or proceeds or uses those Shares or proceeds as a setoff. 
  
 9. Legends, etc. Shares issued upon exercise shall bear such legends as may be required or provided for under the terms of the Stockholders
Agreement. 
  
 10. Transfer of Option. This Option may only
be transferred by the laws of descent and distribution, to a legal representative in the event of the Optionee’s incapacity, or to a Family Member with the consent of the Compensation Committee of the Board, such consent not to be unreasonably
withheld. 
  
 11. Withholding. The exercise of the Option
will give rise to “wages” subject to withholding. The Optionee expressly acknowledges and agrees that the Optionee’s rights hereunder, including the right to be issued Shares upon exercise, are subject to the Optionee promptly paying
to the Companies in cash (or by such other means as may be acceptable to the Administrator in its discretion) all taxes required to be withheld. The Optionee also authorizes the Companies and their subsidiaries to withhold such amount from any
amounts otherwise owed to the Optionee and the Companies may so withhold as provided in Section 4(a) above. 
  
 12. Effect on Employment. Neither the grant of this Option, nor the issuance of Shares upon exercise of this Option, shall give the Optionee any
right to be retained in the employ of the Company, Lowerco or any of their Affiliates, affect the right of the Company, Lowerco or any of their Affiliates to discharge or discipline such Optionee at any time, or affect any right of such Optionee to
terminate his or her Employment at any time. Optionee, in accepting this Option, represents and acknowledges that Optionee’s 

  

 -6- 

 
participation in the Plan is voluntary; that participation in the Plan is discretionary and does not form any part of Optionee’s contract of employment,
if any, with the Company or any of its subsidiaries; and that Optionee has not been induced to participate in the Plan by any expectation of employment or continued employment with the Company or any of its subsidiaries. Optionee furthermore
understands and acknowledges that the grant of this Stock Option is discretionary and a one-time occurrence, does not constitute any portion of Optionee’s regular remuneration and is not intended to be taken into account in calculating
service-related benefits, and bears no guarantee or implication that any additional grant will be made in the future. 
  
 13. Personal Data. Optionee understands and acknowledges that in order to perform its obligations under the Plan, the Company and its subsidiaries
may process personal data and/or sensitive personal data relating to Optionee. Such data includes but is not limited to the information provided in this Agreement and any changes thereto, other appropriate personal and financial data relating to
Optionee, and information about Optionee’s participation in the Plan and the Shares acquired from time to time pursuant to the Plan. Optionee, in accepting this Option, gives his or her explicit and voluntary consent to the Company and its
subsidiaries to process any such personal data and/or sensitive personal data. Optionee also hereby gives his or her explicit and voluntary consent to the Company and its subsidiaries to transfer any such personal data and/or sensitive personal data
outside the country in which Optionee works or is employed. The legal persons for whom Optionee’s personal data are intended include the Company and any of its subsidiaries, any outside plan administrator or service provider selected by the
Company or any of its subsidiaries from time to time, and any other person that the Administrator may find in its administration of the Plan to be appropriate. Optionee hereby acknowledges that he or she has been informed of his or her right of
access and correction to his or her personal data by contacting his or her local human resources representative. Optionee understands that the transfer of the information described herein is important to the administration of the Plan and that
failure to consent to the transmission of such information may limit or prohibit his or her participation in the Plan. 
  
 14. Governing Law. This Agreement and all claims arising out of or based upon this Agreement or relating to the subject matter hereof shall be
governed by and construed in accordance with the domestic substantive laws of the State of Delaware in the United States of America without giving effect to any choice or conflict of laws provision or rule that would cause the application of the
domestic substantive laws of any other jurisdiction. 
  
 By
acceptance of this Option, the undersigned agrees hereby to become a party to, and be bound by the terms of, the Stockholders Agreement as a “Manager” as defined therein. 
  
 [SIGNATURE PAGE FOLLOWS] 
  

 -7- 

 Executed as of the          day of
                            , 2005. 
  

									
	SunGard Capital Corp. and	 	 	 	 SUNGARD CAPITAL CORP.

	SunGard Capital Corp. II	 	 	 	SUNGARD CAPITAL CORP. II
					
	 	 	 	 	 	 	 By:
	 	 
			
	Optionee	 	 	 	 
	 	 	 	 	 	 	 Name:

  
 Schedule A 

Vesting Schedule 
  
 With respect to each calendar year within the Performance Period, the Option shall be exercisable to the extent that the Base Case is achieved during such period as
follows: 
  
 (a) if Actual Internal EBITA for such calendar year is less than
or equal to 95% of the Base Case for that year, the Option will not become exercisable for any Units at the end of that year; 
  
 (b) if Actual Internal EBITA for such calendar year is equal to or greater than 106.25% of the Base Case for that year, the Option shall become exercisable for 1/6
of the Units (rounded to the nearest .0001 of a Unit) at the end of that year; and 
  
 (c) if Actual Internal EBITA for such calendar year is between 95% and 106.25% of the Base Case for that year, the number of Units that vest will be determined by interpolation at the linear rate of 1/67.5 of the Units per one
percentage point of Actual Internal EBITA (rounded to the nearest .0001 of a Unit); 
  
 provided that any Units that do not vest at the end of a particular calendar year may vest at the end of a subsequent calendar year based on the cumulative Actual Internal EBITA as a percent of the cumulative Base Case. For example, if
Actual Internal EBITA in 2005 is 100% of the Base Case, then approximately 7.41% of the Units vest on December 31, 2005 (1/67.5 x 5 Actual Internal EBITA percentage points), and if cumulative Actual Internal EBITA for 2005 and 2006 is 105% of
the cumulative Base Case, then approximately 22.23% of the Units vest on December 31, 2006 ([1/67.5 x 10 Internal EBITA percentage points x 2 years] – 7.41%). For purposes of this Vesting Schedule: 
  
 “Performance Period” means the six (6) year period beginning
on January 1, 2005. 
  
 “Actual Internal EBITA”
means the Company’s actual earnings before interest, taxes and amortization for a year, determined based on the Company’s audited financials. Actual Internal EBITA shall not be reduced by costs of the acquisition of the Company by the
Investors or the Company’s proposed spin-off of its availability services business or related items, management and transaction fees payable to the Investors or their affiliates, extraordinary items (as determined by the Compensation Committee
in consultation with the CEO) or non-cash equity incentive expenses. Actual Internal EBITA shall be calculated without giving effect to purchase accounting and shall be adjusted in good faith by the Compensation Committee in consultation with the
CEO to reflect the consequences of acquisitions and dispositions. Unless otherwise determined by the Board or Compensation Committee and agreed to by the CEO, the adjustment for acquisitions and dispositions shall be based on a cost of funds used
for acquisitions and released by dispositions at a rate of 11%, compounded at the rate of 7.5% per annum, provided that transactions with a purchase price in excess of $50 million may merit an alternative adjustment, in which case the rate will
be as mutually agreed by the CEO and the Board or Compensation Committee. Actual Internal EBITA targets shall be appropriately adjusted by the Compensation Committee in consultation with the CEO in case of changes in GAAP promulgated by FASB or the
SEC or changes in depreciation methodology. 
  
 “Base
Case” means the Actual Internal EBITA targets for the Company during each calendar year in the Performance Period, as set forth below: 
  

													
	 Base Case

	  	2005

	  	2006

	  	2007

	  	2008

	  	2009

	  	2010

	 Actual Internal EBITA (in millions)
	  	 	  	 	  	 	  	 	  	 	  	 

  
 For
the avoidance of doubt, year 2005 shall include EBITA accrued prior to the effective date of the Plan. 

  
 Exhibit A 

Restrictive Covenants 
  
 1. Optionee will not render services for any organization or engage directly or indirectly in any business which, in the judgment and sole determination
of the Chief Executive Officer of the Company or another senior officer designated by the Committee, is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or
becomes otherwise prejudicial to or in conflict with the interests of the Company. If Optionee’s employment or other service with the Company has terminated, the judgment of the Chief Executive Officer or other designated officer will be based
on Optionee’s position and responsibilities while employed by the Company, Optionee’s post-employment responsibilities and position with the other organization or business, the extent of past, current and potential competition or conflict
between the Company and the other organization or business, the effect on the Company’s customers, suppliers, employees and competitors of Optionee’s assuming the post-employment position and such other considerations as are deemed
relevant given the applicable facts and circumstances. 
  
 2.
Optionee will not disclose to anyone outside the Company, or use other than in the Company’s business, any confidential or proprietary information or material relating to the business of the Company, acquired by Optionee either during or after
employment with the Company. Optionee understands that the Company’s proprietary and confidential information includes, by way of example: (a) the identity of customers and prospects, their specific requirements, and the names, addresses
and telephone numbers of individual contacts; (b) prices, renewal dates and other detailed terms of customer and supplier contracts and proposals; (c) pricing policies, information about costs, profits and sales, methods of delivering
software and services, marketing and sales strategies, and software and service development strategies; (d) source code, object code, specifications, user manuals, technical manuals and other documentation for software products; (e) screen
designs, report designs and other designs, concepts and visual expressions for software products; (f) employment and payroll records; (g) forecasts, budgets, acquisition models and other non-public financial information; and
(h) expansion plans, business or development plans, management policies, information about possible acquisitions or divestitures, potential new products, markets or market extensions, and other business and acquisition strategies and policies.

  
 3. Optionee will promptly communicate to the Company, in
writing, all marketing strategies, product ideas, software designs and concepts, software enhancement and improvement ideas, and other ideas and inventions (collectively, “works and ideas”) pertaining to the Company’s business,
whether or not patentable or copyrightable, that are made, written, developed, or conceived by Optionee, alone or with others, at any time (during or after business hours) while Optionee is employed by the Company or during the three months after
Optionee’s employment terminates. Optionee understands that all of those works and ideas will be the Company’s exclusive property, and by accepting this Option Optionee assigns and agrees to assign all Optionee’s right, title and
interest in those works and ideas to the Company. Optionee will sign all documents which the Company deems necessary to confirm its ownership of those works and ideas, and Optionee will cooperate fully with the Company to allow the Company to take
full advantage of those works and ideas, including the securing of patent and/or 

 
copyright protection and/or other similar rights in the United States and in foreign countries. 
  
 4. Optionee will not solicit or contact at any time, directly or through others, for the purpose or with the effect of
competing or interfering with or harming any part of the Company’s business: (a) any customer or acquisition target under contract with the Company at any time during the last two years of Optionee’s employment with the Company;
(b) any prospective customer or acquisition target that received or requested a proposal, offer or letter of intent from the Company at any time during the last two years of Optionee’s employment with the Company; (c) any affiliate of
any such customer or prospect; (d) any of the individual contacts established by the Company or Optionee or others at the Company during the period of Optionee’s employment with the Company; or (e) any individual who is an employee or
independent contractor of the Company at the time of the solicitation or contact or who has been an employee or independent contractor within three months before such solicitation or contact.Memorandum of Agreement

 Exhibit 10.1 
  
 *** indicates material has been omitted pursuant to a Confidential Treatment Request filed with the Securities and Exchange Commission. A complete copy of this agreement
has been filed with the Securities and Exchange Commission. 
  
 MEMORANDUM OF AGREEMENT 
  
 THIS MEMORANDUM OF AGREEMENT
(“MOA”) is entered into and effective as of the 15th day of August, 2005 (the “Effective
Date”) between: 
  

	 	1)	Linc Energy, Ltd ABN 60 076 157 045., a corporation organized in the state of Queensland, Commonwealth of Australia with offices at AMP Plaza, Level 7, 10 Eagle Street, Brisbane,
Queensland, Australia (“Linc Energy”) and 

  

	 	2)	Syntroleum International Corporation, a corporation organized in the State of Delaware, United States of America with offices at 4322 South 49th West Avenue, Tulsa, Oklahoma 74107 (Syntroleum International and Syntroleum Corporation, its parent company, hereinafter referred to jointly as
“Syntroleum”); 

  
 herein collectively referred to as the
“Parties” and individually as a “Party”. 
  
 WHEREAS, Syntroleum has developed proprietary technology encompassing the conversion of carbonaceous substances into a mixture of hydrocarbons comprising one or more of the processes of syngas production, Fischer-Tropsch catalytic reactions
to produce a product stream, and upgrading the Fischer-Tropsch hydrocarbon product stream into finished synthetic hydrocarbon products, as well as the internal processes and catalysts required for the reactions, which forms the core for the
Syntroleum® Process that produces liquid transportation fuels, lubricants and other
specialty chemicals (the “Syntroleum Technology”). 
  
 WHEREAS, Syntroleum has made significant expenditures over the last twenty years critical to the success of developing commercial gas-to-liquids (“GTL”) plants utilizing Syntroleum Technology, including the engineering and
construction of pilot plant facilities for the Autothermal Reformer (ATR) and the multi-stage advanced Fischer-Tropsch reactor unit (FTR), product refining unit (RPU/ Synfining®) and the 100 barrel per day Catoosa Demonstration Facility (CDF) which contains all three technology components (ATR, FTR and
Synfining®), to demonstrate and support the design basis for the Syntroleum Technology,
which cumulative research and development, project development and administrative expenses are estimated to exceed $200 million. 
  
 WHEREAS, Syntroleum is pursuing further development and demonstration of its FTR and Synfining® technology integrated with third party coal gasification technology or integrated with underground coal gasification
(“UCG”) processes and syngas clean-up technology to convert coal into liquid transportation fuels, lubricants and other specialty chemicals, and commonly known as coal-to-liquids (“CTL”). 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

 WHEREAS, Syntroleum has or is developing relationships within the international financial community,
including Ex-Im banks of the United States, Australia, China and Japan and other governmental agencies in these countries that have expressed interest in supporting Syntroleum CTL plants. 
  
 WHEREAS, Linc Energy has acquired exploration license rights to major coal deposits in Queensland, Australia with a
potential of 3.9 billion tons in place that are expected to be suitable for UCG development. 
  
 WHEREAS, Linc Energy has operated a commercial scale UCG facility in Queensland, Australia producing a nitrogen-diluted mixture of hydrogen and carbon monoxide gases (“Syngas”) at a ratio of approximately
2:1 hydrogen to carbon (the “Linc Energy Technology”) and furthermore intends to build a 30 MW independent power plant with a GE Frame 5 gas turbine that uses this Linc Energy Technology (hereinafter the “Chinchilla Phase One
Project”). 
  
 WHEREAS, Linc Energy believes that the UCG
facility at Queensland could be expanded to produce additional UCG Syngas that may be suitable as feedstock for a 17,000 barrel per day UGC-CTL plant using Syntroleum Fischer-Tropsch and Synfining® technologies (hereinafter the “Chinchilla Phase Two
Project”). 
  
 WHEREAS, Syntroleum and Linc Energy
wish to work together to develop and demonstrate UCG-CTL technology based upon integrating Linc Energy UCG technology, Syntroleum FTR and Synfining® technology and appropriate third party Syngas clean-up technology
for use at the Chinchilla Phase Two Project as well as other UCG-CTL projects. 
  
 WHEREAS, Syntroleum and Linc Energy wish to share the relevant expenses of the technology development and demonstration with Syntroleum contributing its expected funding from third parties and Linc Energy contributing
cash including funds from expected public offerings. 
  
 WHEREAS,
Syntroleum and Linc Energy desire to work together to develop the Chinchilla Phase One Project and Chinchilla Phase Two Project with potential expansion of these projects to produce power from additional UCG Syngas production and tail gas and heat
recovery from the Chinchilla Phase Two Project and further expand the UCG-CTL plant in the future to 34,000 barrels per day (hereinafter the “Chinchilla Phase Three Project”). 
  
 WHEREAS, Linc Energy desires to immediately raise A$***-A$*** million in equity capital from private investors
(“Cornerstone Investors”) as well as raise additional capital in an initial public offering (“IPO”) for Linc Energy common stock on the Australian stock market for the Chinchilla Phase Project and eventually other UCG-CTL
projects in Queensland and other locations. 
  

 2 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

 WHEREAS, Syntroleum and Linc Energy wish to work together to develop other UCG-CTL projects in
Queensland and other locations similar to the Chinchilla Project with public equity funding from the Australian stock market and other third party sources. 
  
 NOW, THEREFORE, in consideration of the foregoing and of the covenants and promises contained in this MOA, Syntroleum and Linc Energy agree as follows:

  
 1. Agreements. The Parties shall negotiate in good
faith the definitive agreements for the technology demonstration, commercial project development, construction and operation of a CTL plant based upon in-situ gasification of coal utilizing Linc Energy Technology, Syntroleum Technology and other
third party technology (“Definitive Agreements”). Such agreements shall define the contributions, obligations, and participation of each individual Party and may include, but not be limited to a Technology Development Agreement
(“TDA”), Site License Agreement (“SLA”), Project Development Participation Agreement (“PDPA”) and Equity Purchase Agreement (“EPA”). The Parties agree that the Definitive Agreements will contain terms and
conditions generally found in similar agreements in the international petroleum refining industry. 
  
 2. Current Costs and Expenses. Except as provided in this MOA, each Party shall bear its own costs and expenses of negotiating, entering into and
performing its obligations under this MOA until such time as the Definitive Agreements are executed. 
  
 3. Technology Demonstration, Phase 1a. Syntroleum intends to initiate a first phase program to demonstrate certain aspects of the Syntroleum
Technology under conditions expected in a commercial CTL project (“Demonstration 1 Program”). The general scope of work for the Demonstration 1 Program is expected to be as follows: 
  

	 	a.	Laboratory testing of FT catalyst at the University of Kentucky and Syntroleum Tulsa laboratories. 

  

	 	b.	Other testing as required and identified by Syntroleum. 

  
 It is expected that total expenditure will be US$*** to execute this work or related or expanded work utilizing third party contractors and Syntroleum staff. The expenses
for this work and any additional scope of work, including extended testing runs as may be determined to be necessary by Syntroleum, will be paid by Syntroleum. Linc Energy’s participation in the Demonstration 1a Program shall be either
(1) paying Syntroleum an amount equal to half of the total expenses as incurred by Syntroleum up to a maximum of US$***; or (2) providing Syntroleum with a detailed report, including raw data, in a form acceptable to Syntroleum on a
similar CTL technology demonstration program, such demonstration program being equivalent in cost and scope to the Demonstration 1a Program and being funded independently by Linc Energy or as the Parties may otherwise agree. Expenditures for such
demonstration programs shall be reported to the Parties in terms of Generally Accepted 

  

 3 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

 
Accounting Principles (“GAAP”). Under the terms of a Definitive Agreement containing appropriate intellectual property protection procedures, Linc
Energy employees will work along side Syntroleum employees to gain knowledge and experience in CTL operations. If Linc Energy chooses to participate in the Demonstration 1a Program, Syntroleum will provide a summary report to Linc Energy on the
results of that testing program. 
  
 4. Technology
Demonstration Program, Phase 1b. Syntroleum intends to initiate a supplemental program to demonstrate the Syntroleum Technology at the bench scale level. The Parties agree to collectively approach Tennessee Eastman to utilize coal derived syngas
from its facility in Kingsport, Tennessee for this activity (the “Phase 1b Program”). The expenses for the Phase 1b Program, including any extended testing runs that may be identified and required by Syntroleum and Tennessee Eastman, will
initially be funded by Syntroleum. As part of Linc Energy’s public offering which would be supported by Syntroleum (See Paragraph 14 Chinchilla Public Offering) Linc Energy agrees to consider including up to an amount of US$*** as explicit use
of funds to reimburse Syntroleum for the Phase 1b Program or as the Parties may otherwise agree. Alternatively, the Parties will work together to obtain alternative funding from either internal or third-party funds to support the Phase 1b Program.
The general scope of work for the Phase 1b Program is expected to include: 
  

	 	a.	Laboratory testing of FT catalyst at the Tennessee Eastman’s Kingport facility at using bench scale Continuous Stirred Tank Reactors (CSTR’s) supervised by Syntroleum and
Tennessee Eastman staff; 

  

	 	b.	Utilization of actual coal syngas from the Kingsport facility; and 

  

	 	c.	Other testing as required and identified by Syntroleum and Tennessee Eastman. 

  

If Linc Energy participates in the funding of the Phase 1b Program, Syntroleum will provide a detailed report to Linc Energy on the results of this testing program,
once the program is completed and Syntroleum has received payment from Linc Energy. 
  
 5. Technology Demonstration, Phase 2. The Parties agree to jointly evaluate the need for a second phase program to demonstrate the Syntroleum Technology at the bench scale level using Syngas produced at the
Chinchilla Project facility (“Demonstration 2 Program”). The general scope of work for the Demonstration 2 Program is expected to be as follows: 
  

	 	a.	Building of a Syntroleum designed Fischer-Tropsch CSTR mobile lab; 

  

	 	b.	Shipping of lab to Chinchilla Project facility; and 

  

	 	c.	Operating lab for a period of at least 90 days of uninterrupted production. 

  

 4 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

 If the Parties jointly determine the need for this Demonstration 2 Program, Linc Energy agrees to pay Syntroleum ***%
of the total costs of the program provided that Linc Energy’s contribution to costs will be no more than US$***. A detailed description of the lab and scope of work with appropriate budget breakdown and each Party’s liability in relation
to costs will be set out in a Definitive Agreement. Amounts contributed by Linc Energy to the Demonstration 2 Program will be used to fund third party contractors and Syntroleum staff, the engineering, procurement and construction of the mini mobile
laboratory, transport of the lab unit to Queensland and operation of the lab unit. Expenditures incurred in relation to the Demonstration 2 Program will be reported to the Parties using GAAP. Expenses for the remaining portion of the scope of work,
including any extended testing runs as may be identified and required by Syntroleum (expected to be an additional US$***), will be paid by Syntroleum. 
  
 If the Demonstration 2 Program is able to be executed for less than currently budgeted, then Linc Energy and Syntroleum will share the expenses equally. Under the terms
of a Definitive Agreement containing appropriate intellectual property protection procedures, Linc Energy employees will work along side Syntroleum employees to gain knowledge and experience in CTL operations. Syntroleum will provide a detailed
report to Linc Energy on the results of the Demonstration 2 Program. 
  
 6. Technology Demonstration, Phase 3. The Parties agree to jointly evaluate the need for a third phase program to demonstrate the Syntroleum Technology at the pilot plant scale of nominally two barrels per day (“Demonstration 3
Program”). Linc Energy agrees to earmark up to AUD$*** from its upcoming equity raising to cover the cost of constructing and operating this pilot plant for a period of one year. In return for Linc Energy funding the budgeted and reasonable
construction and operating expense of this pilot plant, Syntroleum will contribute the use of its detailed engineering designs that were used for the Tulsa pilot plant at no cost to Linc Energy, the ownership of such designs remaining with
Syntroleum and the protection of the intellectual property being strictly enforced under the terms of a Technology Development Agreement. For this program, the Parties agree to prepare a detailed description of the scope of work with appropriate
budget breakdown of costs of this work that is expected to utilize third party contractors and Syntroleum staff, and also include engineering, procurement and construction of the pilot plant with all such expenditures being reported to the Parties
using GAAP. Under a Definitive Agreement, Syntroleum will work with Linc Energy to provide training to Linc Energy employees who will jointly operate any such pilot plant in preparation for Linc Energy’s future operation of a commercial CTL
plant. 
  
 7. Credits Against License Fees. In
consideration for early contribution by Linc Energy of up to US$*** funding for the Demonstration 1a Program, Demonstration Phase 1b Program, Demonstration 2 and Demonstration 3 Program, Syntroleum will provide Linc Energy up to a US$*** credit
against the payment required for a Site License to use the Syntroleum Technology for the Chinchilla Phase Two Project. Such credit will be applied to license fees due to Syntroleum at the 

  

 5 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

 
start of construction of the plant, but no later than *** years from the completion of Demonstration 2 or 3 Program, unless an extension is agreed in writing
by Syntroleum following receipt of request from Linc Energy containing reasonable justification. The Parties agree to negotiate for additional credits that would be provided in return for any further technology demonstration as the Parties may
agree. 
  
 8. Site Reservation Fee. At the time of
execution of the Site License agreement for the Chinchilla Phase Two Project, Syntroleum will grant Linc Energy rights to use the Syntroleum Technology in developing a single UCG-CTL project to produce transportation fuels, with unlimited capacity
expansion at the designated site at the same volume-based fee structure included in the Site License. By execution of this MOA Syntroleum grants Linc Energy a period until December 31, 2005 to execute a Site License for the Chinchilla Phase Two
Project. If a Site License is not executed within such specified period, this MOA shall terminate. The Site License Agreement is intended to include terms to maintain the exclusive site reservation for Chinchilla Phase Two Project for up to two
years provided that (1) Linc Energy is funding ongoing technology demonstration programs or (2) paying a minimum fee of US$*** per year (“Site Reservation Fee”) for up to a total of *** years extension. 
  
 9. Syntroleum CTL Site License. The Site License fee shall be
calculated as discussed in subclause “a” below, and payable, as discussed in subclause “b” below, in installments as the Chinchilla Phase Two Project progresses through first production. The 
  

	 	a.	The Site License fee is calculated as follows for the first plant: 

  

	 	 	*** 

  
 For Example: *** 
  

	 	b.	Progress payments shall be made to Syntroleum in accordance with the following schedule: 

  

	 	 	*** 

  
 10. ExxonMobil Sub-License Agreement. An ancillary technology sub license from ExxonMobil that provides certain enhancements to the Syntroleum Technology will be included with the Syntroleum Site License.

  

	 	a.	The additional license fee to be paid by Linc Energy to ExxonMobil is based upon diesel production (approximately 75% of total capacity) and will be as follows:

  

	 	 	*** 

  
 For Example: *** 
  

	 	 	*** 

  

	 	 	*** 

  

 6 

			
	 Memorandum of Agreement
	 	CONFIDENTIAL

  

	 	b.	Payments are made quarterly to ExxonMobil after start-up of the CTL plant and any capacity expansion will incur additional fees at the same per barrel rate.

  
 11. Fees for Technical Services. Under a
separate Technical Services Agreement, Syntroleum will provide engineering and other project related services on a time and material basis. This includes any support required for preparation of detailed feasibility studies, process design packages
and front end engineering design. Syntroleum will utilize both its own staff and the Syntroleum pre-qualified engineering contractors (the “Tier 1 Engineering Contractors”) in such scope of work. Third-party contracts will be billed at
cost plus 10%. The current Syntroleum staff hourly billing rate for these technical services, which may change from time to time due to market conditions, are as follows: 
  

				
	 a.      Project Manager
	  	US$	240
	 b.      Sr. Engineer/Scientist
	  	US$	200
	 c.      Engineer/Scientist
	  	US$	140
	 d.      Technical/Draftsman
	  	US$	120
	 e.      Administrative Assistant
	  	US$	35

  
 12. Catalyst
Purchase Agreement. Under a separate Catalyst Purchase Agreement, Syntroleum will supply its proprietary FT catalyst, utilizing a pre-qualified catalyst manufacturer operating under the direction of Syntroleum. 
  

	 	a.	The price of the catalyst to Linc Energy and payable to Syntroleum shall be based on actual Cost plus a Syntroleum Mark-up, wherein: 

  

	 	i.	Cost shall be the ***, and 

  

	 	ii.	Mark-up shall be the ***. 

  

	 	b.	Linc Energy may propose one or more Australian catalyst manufacturers as candidates (each a “Candidate”) for certification to help assure competitiveness of the catalyst
bids. Syntroleum will use commercially reasonable efforts in working with each Candidate to achieve certification as a Syntroleum-approved catalyst manufacturer. 

  
 13. Equity Participation in Chinchilla Project. Linc Energy will grant Syntroleum a right of first offer option to
invest in at least ***%, and up to maximum of ***%, of the equity of the Chinchilla Phase One Project and Chinchilla Phase Two Project, such total percentages above ***% being a) subject to Linc Energy’s discretion to hold greater than ***%
equity itself and b) limited by the total options that may be exercised by third parties up to the time of the equity investment option 

  

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decision by Syntroleum. At such time that Linc Energy elects to offer any equity interest in the Chinchilla Phase One Project or Chinchilla Phase Two
Project, Linc Energy shall give written notice to Syntroleum which notice shall include all the terms reasonably necessary for a party to make a decision on whether to invest in the CTL project. Syntroleum shall have thirty (30) days after
receipt of that notice and all the necessary terms to elect to acquire such equity interest. Such terms shall be on the same terms as offered to other third party investors. In the event that Syntroleum declines to acquire such equity interest, and
Linc Energy subsequently changes the terms which it is offering to third party investors, then Linc Energy will re-offer the equity interest to Syntroleum on the new terms. This same right of first offer option will apply to any subsequent
expansions of the plant covered by the Site License, such decision being required by Syntroleum prior to the start of the PDP for the plant expansion. The provisions of this Paragraph 13 do not provide Syntroleum any rights to purchase the equity of
Linc Energy. 
  
 14. Chinchilla Public Offering. If Linc
Energy participates in the Demonstration 1a Program, and/or Phase 1(b) Program and/or Demonstration 2 Program, Syntroleum agrees to support Linc Energy in its initial and secondary public offerings for the Chinchilla Phase One Project and Chinchilla
Phase Two Project by accompanying Linc Energy on the “road show” to market the offering to private and public investors in the Australian market to answer questions about the Syntroleum Technology. Linc Energy agrees to set a minimum
amount of capital to be raised in the initial public offering equal to the amount they believe will be needed to get the Chinchilla Phase One Project to first revenue and a minimum of AUD$*** for development of Chinchilla Phase Two Program that
would include the use of funds to perform technology demonstration programs, a Detailed Feasibility Study (that includes a +/- 25% cost estimate) and thereafter execute a Syntroleum Site License, if the results of the study show acceptable economic
returns. 
  
 15. Subsequent Projects. Syntroleum
Corporation will commit to issue additional site licenses to Linc Energy to use the Syntroleum Technology for multiple UCG- CTL projects, excluding China (other than as may be granted for China under conditions of Paragraph 17), with a primary focus
on Queensland, Australia locations, under the same general terms of the Site License and Equity Participation Agreement for the Chinchilla Project. Under Equity Participation Agreements for subsequent projects, Linc Energy will grant Syntroleum a
right of first offer to invest in at least ***% up to a maximum of ***% of the equity for these projects, such total percentages above ***% being a) subject to Linc Energy’s discretion to hold greater than ***% equity itself and b) limited by
the total options that may be exercised by third parties up to the time of the equity investment option decision by Syntroleum. The Syntroleum Site License fee for subsequent projects, including future expansion of the first site licensed plant will
be calculated in the same manner as Paragraph 9b above, except that ***. There will be no limit on the number of expansions to existing plants under the single-project site license. Issuance of subsequent new site licenses (and exclusive site
reservation) 

  

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for an additional *** projects (***) will be contingent upon development activity measured by specified project milestones as follows: 
  
 *** 
  
 16. Upon successful operation of the first UCG-CTL project in Queensland, Syntroleum and Linc Energy will negotiate in good
faith for changes in the installment payment schedule in Paragraph 9b, for those projects in which Syntroleum has at least ***% equity ownership with such possible license fee schedule changes including but not limited to reduced, upfront payments
in exchange for payments made on actual production after start-up of the plant. 
  
 17. Licensed Territory. The licensed territory for the Chinchilla Project shall be Queensland, Australia (the “Licensed Territory”). For the first two site licenses issued by Syntroleum to Linc Energy
(“SLA#1” and “SLA#2” respectively) in the Licensed Territory, Syntroleum grants Linc Energy exclusive rights to develop UCG-CTL projects in the Licensed Territory, and Syntroleum shall extend this right thereafter for a period of
5 years following the successful operation of each subsequent project in Queensland. Upon successful operation of the first two UCG-CTL projects in Queensland, Syntroleum and Linc Energy will negotiate in good faith for restricted joint development
of UCG-CTL projects in China to the extent that then existing agreements do not preclude Syntroleum from providing Linc Energy rights to SLA’s in China. 
  
 18. License Rights from Linc Energy. Linc Energy represents and warrants that it owns or has license rights to UCG technology, proprietary know-how
and other intellectual property currently being utilized or planned to be used in the Chinchilla Phase Two Project, including, but not limited to, Ergo Exergy technologies. Other than rights to equity participation in projects described herein,
nothing in this MOA confers any technology licenses to Syntroleum from Linc Energy or Ergo Exergy regarding underground coal gasification. 
  
 19. Fiscal Incentives. Linc Energy agrees to work with Syntroleum to obtain from the Commonwealth of Australia and State of Queensland a package of
investment incentives that may include, but not be limited to, tax holiday, federal fuel excise tax exemption, exemption from import duties on equipment and materials, and relaxation of royalties on incremental gas. 
  
 20. International Financial Support. Syntroleum will endeavor to use
its relationships with the United States Government, Government of the Commonwealth of Australia, and Ex-Im Banks of Japan and China to gain international financial support for the Chinchilla Phase Two Project. 
  
 21. Employee Solicitation and Hiring. Neither party shall, during the
term of this MOA and for 2 years after its expiration or termination, directly solicit or hire an employee or contract employee (who had direct involvement with the Chinchilla Project or other UCG-CTL project initiated by Linc Energy provided
hereunder, including Dr. Michael Blinderman or an individual that has a pre-existing 

  

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strategic relationship with Linc Energy or Syntroleum) of the other Party without such Party’s written consent. 
  
 22. Foreign Corrupt Practices Act. The Parties represent that they are
familiar with and understand the United States Foreign Corrupt Practices Act of 1977 and its prohibitions of offers, payments, gifts of money or anything else of value to any person for the purpose of influencing any act or decision of any
government or government official, and that the Parties, their agents and representatives have complied and will comply with said Act. 
  
 23. Confidentiality. The Parties agree that this MOA and information exchanged between the Parties, both technical and commercial, will remain
strictly confidential, subject to that certain Confidentiality Agreement dated 7 December 2004 (the “Confidentiality Agreement”). Subject to paragraph 24, any required disclosure will be reviewed and approved in writing by both
Parties prior to the disclosure of such information. 
  
 24.
Publication. Each Party agrees to refrain from disclosing the terms of this MOA, except as required by applicable law, regulation, or public securities exchange, except that the parties may disclose this MOA in connection with their
solicitation of investment funding for an initial public offering or private placement. Linc Energy recognizes that public announcements regarding the material terms of this MOA and project description may be necessary upon signing of this MOA in
order for Syntroleum to comply with the rules of the United States Securities Exchange Commission. Syntroleum recognizes that Linc Energy may need to make public disclosures of a general nature regarding this MOA and project description may be
necessary for its private placement and initial public offering. When necessary during negotiations with potential third party participants in the Projects, the Parties recognize that additional disclosures may be necessary to encourage
participation by those third parties. In such instance, each Party agrees to consult with the other Party, providing notice of the content of any press release or other announcement relating to this MOA or the project at least forty-eight
(48) hours prior to the intended release of such information and that written approval be obtained from the other Party prior to release of such information. 
  
 25. Obligations and Commitments. The Parties represent that the signatories of this MOA have obtained the necessary
approvals of their respective Board of Directors or other decision-making authority to allow the Parties to move forward on executing the terms of this MOA. Neither Party shall have the authority to obligate or commit the other Party in any manner
whatsoever. Neither Party shall represent or hold itself out to have authority over the other, unless agreed to in writing by the other Party. Neither Party shall have the authority to obligate or commit the other Party in any manner whatsoever.

  
 26. Liabilities. Neither party shall be liable to the
other for any indirect, incidental, special, or consequential loss or damage, (including but not limited to, loss of use, loss of profit or interest, or 

  

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business interruption), incurred by the other party, whether based on contract, negligence or other tort, statute, strict liability, or otherwise arising out
of this MOA. 
  
 27. Governing Law & Arbitration.
This MOA is governed by and shall be construed in accordance with New South Wales law. Any disputes arising out of or in connection with this MOA shall be referred to the senior management of the Parties for resolution. Unless settled by the senior
management of the Parties in accordance with the previous sentence, all disputes arising out of or in connection with this MOA shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce by a panel of three
arbitrators appointed in accordance with the said Rules. The seat of any reference to arbitration shall be Singapore. The substantive and procedural law of reference to arbitration shall be New South Wales law. Judgment upon any award rendered
pursuant to this Paragraph 24 may be entered and execution had in any court having jurisdiction or application may be made to such court for a judicial enforcement and application, as applicable. The prevailing party in any arbitration or legal
action arising out of or related to this MOA shall be entitled, in addition to any other rights and remedies it may have, to reimbursement for its expenses incurred in such arbitration or action, including court costs and legal fees, on a solicitor
and his own client basis 
  
 28. Assignment. This MOA shall
not be assigned by either Party without the prior written consent of the other Party, except that Syntroleum shall be allowed to assign this MOA to a new entity that is being contemplated by Syntroleum to focus on its CTL business. 
  
 29. Successors in Title. This MOA shall be binding on the new owners
or successors in title of the respective parties, should such situation arise. 
  
 30. Term of Agreement. The initial term of this MOA shall be through December 31, 2005. This MOA may be otherwise extended upon written agreement of the Parties as necessary. 
  
 31. Entire Agreement. This MOA constitutes the entire and only
agreement between these Parties at the time of its execution with respect to the subject matter hereof except for that certain Confidentiality Agreement. There are no undertakings or representations of any kind, expressed, implied, oral, written,
statutory or otherwise not expressly set forth herein. No alteration or modification of the MOA shall be binding unless agreed in writing. Nothing in this MOA shall be construed as granting either Party a license or any other right to any
Confidential Information (as defined in the Confidentiality Agreement”) or to any other intellectual property or resource of the other Party, except as expressly provided in this MOA. 
  
 32. Miscellaneous. This MOA may be executed in one or more
counterparts, each of which shall be an original and together which will form one and the same instrument. 
  

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 IN WITNESS WHEREOF, Syntroleum and the Linc Energy have duly executed this MOA as of the date and year first above
written. 
  
 EXECUTED AS AN AGREEMENT 
  

					
	By and For	 	 	 	By and For
			
	SYNTROLEUM INTERNATIONAL CORPORATION	 	 	 	LINC ENERGY LTD
			
	  	 	 	 	  
	Kenneth R. Roberts	 	 	 	Peter A. Bond
	Vice President	 	 	 	Managing Director

  

 12

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