Document:

USI Holdings Corporation Deferred Compensation Plan

  
 Exhibit 4.1 

 
 U.S.I. HOLDINGS CORPORATION 
  
 DEFERRED COMPENSATION PLAN 
  
 Effective January 1, 2005 
  

 ARTICLE 1 
 PURPOSE 
  
 In recognition
of the services provided by certain key employees, producers and directors, the Board of Directors of U.S.I. Holdings Corporation adopted the U.S.I. Holdings Corporation Deferred Compensation Plan to make additional retirement benefits and increased
financial security available on a tax-favored basis to those individuals. 
  
 ARTICLE 2 
 DEFINITIONS 
  
 “Affiliate” means: (a) any firm, partnership, or corporation that directly or indirectly through one or
more intermediaries, controls, is controlled by, or is under common control with the Company; (b) any other organization similarly related to the Company that is designated as such by the Board; and (c) any other entity 50% or more of the economic
interests in which are owned, directly or indirectly, by the Company. 
  
 “Beneficiary” means the person or persons designated as such in accordance with Section 8.3. 
  
 “Board” means the Board of Directors of U.S.I. Holdings Corporation. 
  
 “Bonus” means Compensation that is classified by the Company as bonus. 
  
 “Code” means the Internal Revenue Code of 1986, as amended.

  
 “Committee” means the U.S.I. Holdings
Corporation Benefits Committee. 
  
 “Company”
means U.S.I. Holdings Corporation and each of its subsidiaries, as well as each Affiliate identified in Appendix A as may from time to time participate in the Plan by or pursuant to authorization of the Board and the board of directors of such
Affiliate. 
  
 “Compensation” means, for any
Eligible Employee or Director, for any Plan Year, the Participant’s total taxable income received from the Company with respect to such Plan Year, including, but not limited to, base earnings, regular bonuses, commissions and overtime, expense
allowances, cash-based Board retainer fees, plus pre-tax contributions and elective contributions that are not includible in gross income under section 125, 402(a)(8) or 402(h) of the Code, and excluding income recognized in connection with
stock-related options and payments, reimbursements, fringe benefits (cash and noncash), moving expenses, deferred compensation and welfare benefits, and Board committee meeting fees, as determined pursuant to guidelines established and revised by
the Plan Administrator from time to time and communicated to Eligible Employees and Directors. 
  
 “Director” means a member of the Board who receives remuneration payable for services as a member of the Board. 
  

“Disability” means a disability as defined in Section 409A(2)(c) of the Code. 
  

 -2- 

 “Disabled” means having a Disability. The determination of whether a Participant is
Disabled shall be made by the Plan Administrator, whose determination shall be conclusive. 
  
 “Distribution Account(s)” means, with respect to a Participant, the bookkeeping accounts established on the books of account of the Company, pursuant to Section 5.1. A new Distribution Account shall
be established for each Plan Year. 
  
 “Earnings Crediting
Options” means the deemed investment options selected by the Participant from time to time pursuant to which deemed earnings or losses are credited or debited, as the case may be, to the Participant’s Distribution Accounts. 

 
 “Effective Date” means January 1, 2005. 
  
 “Eligible Employee” means an Employee from a group of
selected management and/or highly compensated Employees of the Company and who is designated by the Plan Administrator as eligible to participate in the Plan. 
  

“Employee” means any individual employed by the Company on a regular, full-time basis (in accordance with the personnel policies and
practices of the Company) as an Executive or a Producer, including citizens of the United States employed outside of their home country and resident aliens employed in the United States; provided, however, that to qualify as an
“Employee” for purposes of the Plan, the individual must be a member of a group of “key management or other highly compensated employees” within the meaning of Sections 201, 301 and 401 of the Employee Retirement Income Security
Act of 1974, as amended; provided further, that the following individuals shall not be eligible to participate in the Plan: (a) individuals who are not classified by the Company as its employees, even if they are retroactively recharacterized
as employees by a third party or the Company, (b) individuals for whom the Company does not report wages on Form W-2 or who are not on an employee payroll of the Company; and (c) individuals who have entered into an agreement with the Company which
excludes them from participation in employee benefit plans of the Company (whether or not they are treated or classified as employees for certain specified purposes that do not include eligibility in the Plan). 
  
 “Employer” means U.S.I. Holdings Corporation and its
Affiliates. 
  
 “Enrollment Agreement” means the
authorization form which an Eligible Employee or Director files with the Plan Administrator to participate in the Plan, including, without limitation, one that is completed and/or sent electronically in a manner specified by the Plan Administrator.

  
 “Executive” means an Eligible Employee who is
not a Producer. 
  
 “Key Employee” means a
“specified employee” as defined in Section 409A(2)(B)(i) of the Code. 
  

 -3- 

 “Participant” means an Eligible Employee or Director who has filed a completed and
executed Enrollment Agreement with the Plan Administrator or its designee and is participating in the Plan in accordance with the provisions of Article 4. In the event of the death or incompetency of a Participant, the term shall mean his or her
personal representative or guardian. An individual shall remain a Participant until that individual has received full distribution of any amount credited to the Participant’s Distribution Accounts. 
  
 “Plan” means the U.S.I. Holdings Corporation Deferred
Compensation Plan, as amended from time to time. 
  
 “Plan
Administrator” means the Committee. 
  
 “Plan
Year” means the 12-month period beginning on each January 1 and ending on the following December 31. 
  
 “Producer” means an Eligible Employee who receives sales-based compensation and is designated as a “producer” by the Plan
Administrator. 
  
 “Service” means the period of
time during which an employment relationship exists between an Employee and the Company, including any period during which the Employee is on an approved leave of absence, whether paid or unpaid. “Service” shall not be deemed to have
ceased if an Employee transfers directly between the Company and an Affiliate. With respect to Directors who are not Employees, “Service” means the period of time during which the Director is a member of the Board. 
  
 “Subsequent Election” means an election made by a
Participant in accordance with Section 4.1(d). 
  

 -4- 

 ARTICLE 3 
 ADMINISTRATION OF THE PLAN AND DISCRETION 
  
 3.1. The Committee, as Plan Administrator, shall have full power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper
administration of the Plan and to make any other determinations and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan. All action taken by the Plan Administrator arising out of, or in
connection with, the administration of the Plan or any rules adopted thereunder, shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon the Company, the Board, all Employees and Directors, all
Beneficiaries and all persons and entities having an interest therein. The Committee, may, however, delegate to any person or entity any of its powers or duties under the Plan. To the extent of any such delegation, the delegate shall become the Plan
Administrator responsible for administration of the Plan, and references to the Plan Administrator shall apply instead to the delegate. Any action by the Committee assigning any of its responsibilities to specific persons who are directors,
officers, or employees of the Company shall not constitute delegation of the Committee’s responsibility but rather shall be treated as the manner in which the Committee has determined internally to discharge such responsibility. 
  
 3.2. The Plan Administrator shall serve without compensation for its services
unless otherwise determined by the Board. All expenses of administering the Plan shall be paid by the Company. 
  
 3.3. The Company shall indemnify and hold harmless the Plan Administrator from any and all claims, losses, damages, expenses (including counsel fees) and
liability (including any amounts paid in settlement of any claim or any other matter with the consent of the Board) arising from any act or omission of such member, except when the same is due to gross negligence or willful misconduct. 

 
 3.4. Any decisions, actions or interpretations to be made under the Plan
by the Company, the Board or the Plan Administrator shall be made in its respective sole discretion, not as a fiduciary, and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all persons
interested in the Plan. 
  

 -5- 

 ARTICLE 4 
 PARTICIPATION 
  
 4.1.
Election to Participate. 
  
 (a)
Eligibility and Timing of Election to Participate. Any Eligible Employee or Director may enroll in the Plan effective as of the first day of a Plan Year by filing a completed and fully executed Enrollment Agreement with the Plan Administrator
by a date set by the Plan Administrator. 
  
 (i)
Filing of Enrollment Agreement. An executed Enrollment Agreement must be filed by December 31 of the Plan Year preceding the Plan Year in which such Compensation is to be earned, or such earlier time as may be established by the Plan
Administrator. 
  
 (ii) Revocation of
Election. Once each Plan Year, a Participant may cancel his or her deferral election with respect to all Compensation, other than Compensation that is Bonus, provided that such cancellation is communicated to the Company in writing and shall be
effective for all Compensation (other than Bonus) earned for the remainder of the Plan Year. Elections with respect to Bonuses are irrevocable. 
  
 (b) Amount of Deferral. Pursuant to said Enrollment Agreement, the Eligible Employee or Director shall irrevocably elect the
percentages by which (as a result of payroll deduction) an amount equal to any whole percentage of the Participant’s Compensation will be deferred; provided that Participants may make a separate election as to Bonus. 
  
 (i) For Executives, between 2 percent and 50 percent of
Compensation (exclusive of Bonus) may be deferred and between 10 percent and 100 percent of Bonus may be deferred, provided that an Executive may designate a specific dollar amount to be deferred in lieu of a percentage of such Compensation.

  
 (ii) For Producers, between 2 percent and 50
percent of Compensation may be deferred. 
  
 (iii) For Directors, between 2 percent and 50 percent of Compensation may be deferred. 
  
 Deferrals will be made after required non-deferrable payroll tax deductions and any deductions elected by the Participant (including, but not limited to,
deductions for payment of health insurance premiums). The Plan Administrator may establish minimum dollar amounts that may be deferred under this Section 4.1 and may change such standards from time to time. Any such limit shall be communicated by
the Plan Administrator to the Participants prior to the commencement of a Plan Year. 
  
 (c) Timing and Form of Payment of Distribution from Accounts. The Enrollment Agreement filed by an Eligible Employee must also set
forth the Participant’s election as to the time and form of distribution. 
  

 -6- 

 (i) A Participant may elect to defer amounts credited to his or her Distribution Account
for: (a) a period of not less than three (3) years from the date such election is made; or (b) until the attainment of a specified age, which shall not be a period of less than three (3) years from the date such election is made. 
  
 (ii) Distribution of amounts credited to a
Participant’s Distribution Account may be distributed in one lump-sum payment or in annual installments over 3, 5 or 10 years. 
  
 (d) Subsequent Elections. Each Participant who has made an election to defer Compensation may make a Subsequent Election to further
defer the time of payment for any part or all of such Participant’s Distribution Account(s). A Subsequent Election shall not operate to change the form of payment originally elected by the Participant. No such Subsequent Election shall be valid
unless it is made twelve months prior to the originally scheduled payment date applicable to such Distribution Account and the payment commencement date is deferred for not less than five (5) years from the originally scheduled payment date. Each
Participant is limited to one Subsequent Election for each Distribution Account. In the event of the Participant’s Disability or death after a Subsequent Election has been made and prior to the rescheduled payment date, the distribution date
shall be accelerated in accordance with Section 6.2. In the event of the Participant’s termination of Service by the Company prior to the expiration of 12 months from the date the Subsequent Election is made, the Subsequent Election shall be of
no effect and distribution shall be accelerated in accordance with Section 6.2(a). 
  
 (e) Vesting. All Compensation deferred by Participants under the Plan are fully and immediately vested. 
  
 4.2. Filing of Elections by New Eligible Employees and New Directors.

  
 (a) New Eligible Employees. The Plan
Administrator may, in its discretion, permit an Employee who first becomes an Eligible Employee after the beginning of a Plan Year to enroll in the Plan for that Plan Year by filing a completed and fully executed Enrollment Agreement, in accordance
with Section 4.1, as soon as practicable following the date the Employee becomes an Eligible Employee but, in any event, not later than 30 days after such date. Notwithstanding the foregoing, however, any election by an Eligible Employee to defer
Compensation pursuant to this section 4.2 shall apply only to such amounts as are earned by the Eligible Employee after the date on which such Enrollment Agreement is filed. 
  
 (b) New Directors. A Director whose election as a member of the Board first becomes effective in a
Plan Year may enroll in the Plan for that Plan Year by filing a completed and fully executed Enrollment Agreement, in accordance with Section 4.1, as soon as practicable following the effective date of such Director’s election but, in any
event, not later than 30 days after the effective date of such election. Notwithstanding the foregoing, however, any election by a Director to defer Compensation pursuant to this Section 4.2 shall apply only to such Compensation earned by the
Director after the date on which such Enrollment Agreement is filed. 
  

 -7- 

 ARTICLE 5 
 DISTRIBUTION 
  
 5.1.
Distribution Accounts. The Plan Administrator shall establish and maintain separate Distribution Accounts for each Participant. The amount of Compensation deferred pursuant to Section 4.1 or Section 4.2 shall be credited by the Company to the
Participant’s Distribution Account, in accordance with the Participant’s Enrollment Agreement, as soon as reasonably practicable following the close of the payroll period or payment date for which the deferred Compensation would otherwise
be payable, as determined by the Plan Administrator in its sole discretion. Any amount once taken into account as Compensation for purposes of this Plan shall not be taken into account thereafter. The Participant’s Distribution Account(s) shall
be reduced by the amount of payments made by the Company to the Participant or the Participant’s Beneficiary pursuant to this Plan. 
  
 5.2. Earnings on Distribution Accounts. 
  
 (a) General. A Participant’s Distribution Account shall be credited with earnings in accordance with the Earnings Crediting
Options elected by the Participant from time to time. Participants may allocate their Distribution Accounts among the Earnings Crediting Options available under the Plan only in whole percentages of not less than two percent. 
  
 (b) Investment Options. The deemed rate of return,
positive or negative, credited or debited, as the case may be, under each Earnings Crediting Option is based upon the actual investment performance of the investment fund(s) as the Plan Administrator may designate from time to time, and shall equal
the total return of such investment fund net of asset based charges, including, without limitation and as the Plan Administrator determines from time to time, money management fees, fund expenses and mortality and expense risk insurance contract
charges. The Company reserves the right, on a prospective basis, to add or delete Earnings Crediting Options. 
  
 5.3. Earnings Crediting Options. Notwithstanding that the rates of return credited or debited to Participants’ Distribution Accounts under the
Earnings Crediting Options are based upon the actual performance of the investment options specified in Section 5.2, or such other investment funds as the Company may designate, the Company shall not be obligated to invest any Compensation deferred
by Participants under this Plan, or any other amounts, in such portfolios or in any other investment funds. 
  
 5.4. Changes in Earnings Crediting Options. A Participant may change the Earnings Crediting Options to which his or her Distribution Accounts are
deemed to be allocated subject to such rules as may be determined by the Plan Administrator, provided that except as the Plan Administrator may otherwise determine in light of legal restrictions on changes, the frequency of permitted changes shall
not be less than four times per Plan Year. Each such change may include (a) reallocation of the Participant’s existing Distribution Accounts in whole percentages of not less than two percent, and/or (b) change in investment allocation of
amounts to be credited to the Participant’s Distribution Accounts in the future, as the Participant may 

  

 -8- 

 
elect. The effect of a Participant’s change in Earnings Crediting Options shall be reflected in the Participant’s Distribution Accounts as soon as
reasonably practicable following the Plan Administrator’s receipt of notice of such change, as determined by the Plan Administrator in its sole discretion. 
  

5.5. Valuation of Accounts. Except as otherwise provided in Section 5.7, the value of a Participant’s Distribution Accounts as of any date
shall equal the amounts theretofore credited or debited to such Distribution Accounts, including any earnings (positive or negative) deemed to be earned on such Distribution Accounts in accordance with Section 5.2 and Section 5.4 through the day
preceding such date, less the amounts theretofore deducted from such Distribution Accounts. 
  
 5.6. Statement of Accounts. The Plan Administrator shall provide to each Participant, not less frequently than annually, a statement in such form as the Plan Administrator deems desirable for setting forth the
balance standing to the credit of each Participant in each of his or her Distribution Accounts. 
  
 5.7. Distributions from Accounts. 
  
 (a) Except as otherwise required for distributions to Key Employees, distributions shall be made within 30 days after the end of the
calendar quarter in which the payment date, as determined in accordance with Articles 6 and 7, occurs. 
  
 (b) For purposes of any provision of the Plan relating to distribution of benefits to Participants or Beneficiaries, the value of a
Participant’s Distribution Accounts shall be determined as of a date as soon as reasonably practicable preceding the distribution date, as determined by the Plan Administrator in its sole discretion. In the case of any benefit payable in the
form of a single lump-sum payment, the value of a Participant’s Distribution Accounts, as determined pursuant to this Section 5.7, shall be distributed. In the case of any benefit payable in the form of annual installments, as of any payment
date, the amount of each installment payment shall be determined as the quotient of (x) the value of the Participant’s Distribution Account subject to distribution, as determined pursuant to this Section 5.7, divided by (y) the number of
remaining annual installments immediately preceding the payment date. 
  
 (c) Any distribution made to or on behalf of a Participant from his or her Distribution Account in an amount which is less than the entire balance of any such Distribution Account shall be made pro rata from each of
the Earnings Crediting Options to which such Distribution Account is then allocated. 
  

 -9- 

 ARTICLE 6 
 BENEFITS TO PARTICIPANTS 
  
 6.1. Distribution of Benefits. Benefits under the Plan shall be paid to a Participant as follows: 
  
 (a) Distribution of Benefits Generally. A Participant’s Distribution Account shall be paid or commence to be paid to the
Participant within 30 days after the end of the calendar quarter in which the payment date, as elected by the Participant in the Enrollment Agreement or in a Subsequent Election, occurs. 
  
 (b) Distribution Upon Voluntary Termination of Service. In the case of a Participant whose Service
terminates prior to the date on which the Participant’s Distribution Accounts would otherwise be distributed, other than a termination of such Participant’s Service by the Company for any reason, or on account of becoming Disabled or by
reason of death, such Distribution Accounts shall be distributed, subject to Section 5.7(a), on the date and in the manner such Distribution Accounts would otherwise have been distributed, all as elected by the Participant in the Enrollment
Agreement or pursuant to a Subsequent Election. 
  
 6.2.
Acceleration of Payment. 
  
 (a)
Involuntary Termination. In the case of a Participant whose Service with the Company is terminated by the Company for any reason prior to the date on which the Participant’s Distribution Accounts would otherwise be distributed, the
Participant’s right to make any further deferrals under this Plan shall terminate as of the date the Participant’s Service is terminated and the Participant’s Distribution Accounts shall be paid in a single lump-sum payment within 30
days after the end of the calendar quarter in which such termination occurs; provided, however, that the Distribution Accounts of Participants who are Key Employees shall not be distributed prior to the expiration of six (6) months
from the date of such termination, as determined by the Plan Administrator in its sole discretion; provided, further, that distribution shall be delayed in accordance with Section 4.1(d) as to any Distribution Account for which a Subsequent
Election was made more than 12 months prior to such Participant’s termination of Service. Prior to distribution, such Participants’ Distribution Accounts shall continue to be credited with earnings and/or losses in accordance with Section
5.2 until such Accounts are fully distributed. 
  
 (b) Disability or Death. In the case of a Participant who becomes Disabled or dies prior to the date on which the Participant’s Distribution Accounts would otherwise be distributed, the Participant’s Distribution Accounts
shall be paid in a single lump-sum payment within 30 days after the end of the calendar quarter in which such Disability or death occurs; provided, however, that the Distribution Accounts of Participants who are Key Employees and who
terminate Service due to Disability shall not be distributed prior to the expiration of six (6) months from the date of such termination, as determined by the Plan Administrator in its sole discretion. Prior to distribution, such Participants’
Distribution Accounts shall continue to be credited with earnings and/or losses in accordance with Section 5.2 until such Accounts are fully distributed. 
  

 -10- 

 ARTICLE 7 
 SURVIVOR BENEFITS 
  
 7.1.
Death of Participant Prior to the Commencement of Benefits. In the event of a Participant’s death prior to the commencement of benefits with respect to any Distribution Account in accordance with Article 6, benefits shall be paid to the
Participant’s Beneficiary pursuant to Section 6.2, in lieu of any benefits otherwise payable under the Plan to or on behalf of such Participant. The pre-commencement death benefit payable under this Section 7.1 shall be a single lump-sum
payment that is not less than the value of the Distribution Accounts and shall be paid within 30 days after the end of the calendar quarter in which the Participant’s death occurs. 
  
 7.2. Death of Participant After Benefits Have Commenced. In the event a Participant dies after annual installment
benefits payable under Section 6.1 from a Participant’s Distribution Account has commenced, but before the entire balance of such Account has been paid, the value of such Distribution Account shall be paid in a single lump-sum payment within 30
days after the end of the calendar quarter in which the Participant’s death occurs. 
  

 -11- 

 ARTICLE 8 
 MISCELLANEOUS 
  
 8.1.
Amendment and Termination. The Plan may be amended, suspended, discontinued or terminated at any time by the Plan Administrator; provided, however, that no such amendment, suspension, discontinuance or termination shall reduce or in any
manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Participant’s Accounts as of the effective date of such amendment, suspension,
discontinuance or termination. Notwithstanding the preceding provisions of this Section 8.1, the Plan Administrator reserves the right to amend the Plan, either retroactively or prospectively, in whatever manner as required to achieve compliance
with the requirements of the American Jobs Creation Act of 2004 and the regulations issued thereunder. 
  
 8.2. Claims Procedure. 
  
 (a) Claim. A person who believes that he is being denied a benefit to which he is entitled under the Plan (hereinafter referred to
as a “Claimant”) may file a written request for such benefit with the Plan Administrator, setting forth the claim. 
  
 (b) Claim Decision. Upon receipt of a claim, the Plan Administrator shall advise the Claimant within ninety (90) days of receipt of
the claim whether the claim is denied. If special circumstances require more than ninety (90) days for processing, the Claimant will be notified in writing within ninety (90) days of filing the claim that the Plan Administrator requires up to an
additional ninety (90) days to reply. The notice will explain what special circumstances make an extension necessary and indicate the date a final decision is expected to be made. 
  
 If the claim is denied in whole or in part, the Claimant shall be provided a written opinion, using language calculated to
be understood by the Claimant, setting forth: 
  
 (i) The specific reason or reasons for such denial; 
  
 (ii) The specific reference to pertinent provisions of this Plan on which such denial is based; 
  
 (iii) A description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation
why such material or such information is necessary; 
  
 (iv) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; 
  
 (v) The time limits for requesting a review under subsection (c) and for review under subsection (d) hereof; and 
  

 -12- 

 (vi) The Claimant’s right to bring a civil action under Section 502(a) of the
Employee Retirement Income Security Act following an adverse benefit determination. 
  
 (c) Request for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the
Claimant may request in writing that the Plan Administrator review its determination. The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for
consideration by the Plan Administrator. If the Claimant does not request a review of the initial determination within such sixty (60) day period, the Claimant shall be barred and estopped from challenging the determination. 
  
 (d) Review of Decision. Within sixty (60) days after
the Plan Administrator’s receipt of a request for review, it will review the initial determination. After considering all materials presented by the Claimant, the Plan Administrator will render a written opinion, written in a manner calculated
to be understood by the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of the Plan on which the decision is based. If special circumstances require that the sixty (60) day
time period be extended, the Plan Administrator will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 
  
 8.3. Designation of Beneficiary. Each Participant may designate a
Beneficiary or Beneficiaries (which Beneficiary may be an entity other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the
consent of any such Beneficiary. Any such designation, change or cancellation must be made in a form approved by the Plan Administrator and shall not be effective until received by the Plan Administrator, or its designee. If no Beneficiary has been
named, or the designated Beneficiary or Beneficiaries shall have predeceased the Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be
paid in equal shares, unless the Participant has specifically designated otherwise. 
  
 8.4. Limitation of Participant’s Right. Nothing in this Plan shall be construed as conferring upon any Participant any right to continue in Service or to continue to serve as a Director, nor shall it
interfere with the rights of the Company to terminate the employment of any Participant and/or to take any personnel action affecting any Participant without regard to the effect which such action may have upon such Participant as a recipient or
prospective recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed salary or other compensation to a Participant for the purposes of computing benefits to which the Participant may be entitled under any other
arrangement established by the Employer for the benefit of its employees. 
  
 8.5. No Limitation on Company Actions. Nothing contained in the Plan shall be construed to prevent the Company from taking any action which is deemed by it to be 

  

 -13- 

 
appropriate or in its best interest. No Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action.

  
 8.6. Obligations to Company. If a Participant becomes
entitled to a distribution of benefits under the Plan, and if at such time the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Employer, then the Employer may offset such amount owed to it
against the amount of benefits otherwise distributable. Such determination shall be made by the Plan Administrator. 
  
 8.7. Nonalienation of Benefits. Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer
(otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s or Beneficiary’s interest under the Plan. The Company’s obligations under this Plan are not assignable or
transferable, except to (a) any corporation or partnership which acquires all or substantially all of the Company’s assets or (b) any corporation or partnership into which the Company may be merged or consolidated. The provisions of the Plan
shall inure to the benefit of each Participant and the Participant’s Beneficiaries, heirs, executors, administrators or successors in interest. 
  
 8.8. Protective Provisions. Each Participant shall cooperate with the Company by furnishing any and all information requested by the Company in
order to facilitate the payment of benefits hereunder, taking such physical examinations as the Company may deem necessary and taking such other relevant action as may be requested by the Company. If a Participant refuses to cooperate, the Company
shall have no further obligation to the Participant under the Plan, other than payment to such Participant of the then current balance of the Participant’s Distribution Account in accordance with his or her prior elections. 
  
 8.9. Taxes. The Company may make such provisions and take such action
as it may deem appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any benefits under the Plan, including,
but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his or her Beneficiary). Each Participant, however, shall be responsible for the payment of all individual tax liabilities relating to
any such benefits. 
  
 8.10. Unfunded Status of Plan. The
Plan is an “unfunded” plan for tax and Employee Retirement Income Security Act purposes. This means that the value of a Participant’s Distribution Accounts is based on the value assigned to a hypothetical bookkeeping account, which is
invested in hypothetical shares of investments funds available under the Plan. As the nature of the investment fund which forms the “index” or “meter” for the valuation of the bookkeeping account changes, the valuation of the
bookkeeping account changes as well. The amount owed to a Participant is based on the value assigned to the bookkeeping account. The Company may decide to use a “rabbi trust” to anticipate its potential Plan liabilities, and it may attempt
to have Plan investments mirror the hypothetical investments deemed credited to the bookkeeping accounts. However, the liability to pay the benefits is the Company’s, and the 

  

 -14- 

 
assets of the rabbi trust are potentially available to satisfy the claims of non-participant creditors of the Company. 
  
 8.11. Severability. If any provision of this Plan is held
unenforceable, the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 
  
 8.12. Governing Law. The Plan shall be construed in accordance with
and governed by the laws of the State of Delaware, without reference to the principles of conflict of laws. 
  
 8.13. Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in the construction of the provisions of
the Plan. 
  
 8.14. Gender, Singular and Plural. All
pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular.

  
 8.15. Notice. Any notice or filing required or
permitted to be given to the Plan Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or certified mail, to U.S.I. Holdings Corporation, 555 Pleasantville Road, Suite 160 South, Briarcliff Manor,
NY 10510, Attention: General Counsel, or to such other entity as the Plan Administrator may designate from time to time. Such notice shall be deemed given as to the date of delivery, or, if delivery is made by mail, as of the date shown on the
postmark on the receipt for registration or certification. 
  

 -15- 

 APPENDIX A 
  

PARTICIPATING AFFILIATES 
  
 Subsidiaries of U.S.I. Holdings Corporation 
  

			
	 USI Services Corporation
	 	Delaware
	 Association Growth Enterprises, Incorporated
	 	Maryland
	 Bertholon-Rowland, Inc.
	 	Pennsylvania
	 Signature Premium Finance, Inc.
	 	Pennsylvania
	 Dexter-Bertholon Rowland, Inc.
	 	Pennsylvania
	 Bertholon Rowland, Inc.
	 	New Jersey
	 Colburn Insurance Agency
	 	Ohio
	 USI Gulf Coast, Inc.
	 	Louisiana
	 USI Northeast, Inc.
	 	New York
	 Riverside Insurance Associates, Inc.
	 	Connecticut
	 USI Insurance Services of Northern California, Inc.
	 	California
	 Henderson & Phillips, Incorporated
	 	Virginia
	 USI of Georgia
	 	Georgia
	 Overstreet & Newell, Inc.
	 	Georgia
	 Colonial Premium Finance Company
	 	Virginia
	 Campbell, Galt & Newlands, Inc.
	 	Oregon
	 Hurley, Atkins & Stewart, Inc.
	 	Washington
	 The Insurance Exchange, Inc.
	 	New Hampshire
	 Roger Ryan & Company, Inc.
	 	New Hampshire
	 USI Insurance Services of Rhode Island, Inc.
	 	Rhode Island
	 Inex Alternative Programs, Inc.
	 	New Hampshire
	 Inex Alternative Program Administrators, Inc.
	 	New Hampshire
	 Bechard Insurance Agency, Inc.
	 	New Hampshire
	 USI Insurance Services of Florida, Inc.
	 	Florida
	 Strategic Asset Advisors, Inc.
	 	Florida
	 CICORP – USI, Inc.
	 	Florida
	 Commercial Broker Services, Inc.
	 	Florida
	 Employers Safety Council of Florida, Inc.
	 	Florida
	 USI MidAtlantic, Inc.
	 	Pennsylvania
	 Rental Industry Services, Inc.
	 	Pennsylvania
	 USI Insurance Services Corporation of Illinois, Inc.
	 	Illinois
	 (d/b/a USI Midwest)
	 	 
	 Diversified Insurance Services of Illinois, Inc.
	 	Illinois
	 Progressive Plan Administrators, Inc.
	 	New York
	 USI Retirement Services, Inc.
	 	New York
	 Emerson, Reid & Company, Inc.
	 	New York
	 Morrill Koslow & Associates Insurance Agency, Inc.
	 	Massachusetts
	 USI Consulting Group, Inc.
	 	Connecticut
	 USI Consulting Group of Massachusetts, Inc.
	 	Massachusetts
	 USI Advisors, Inc.
	 	Connecticut
	 USI Consulting Group of New York, Inc.
	 	New York
	 Benefit Strategies, Inc.
	 	New Hampshire
	 Benefit Strategies of Maine, Inc.
	 	New Hampshire

			
	 The Capital Planning Group, Inc.
	 	Georgia
	 USI Midwest, Inc.
	 	Ohio
	 USI of Southern California Insurance Services, Inc.
	 	California
	 Max Behm & Associates, Inc.
	 	California
	 United California Insurance Agency
	 	California
	 El Camino Insurance Agency
	 	California
	 USI Securities, Inc.
	 	Delaware
	 USI of Illinois, Inc.
	 	Delaware
	 WRIMS Corp.
	 	Pennsylvania
	 Insurance Risk Managers, Inc.
	 	Texas
	 ANCO Corporation
	 	Texas
	 MD Premium Finance Corporation
	 	Texas
	 Western Claims Services, Inc.
	 	Texas
	 Regional Insurance Management Services, Inc.
	 	Texas
	 ANCO Management Corporation
	 	Texas
	 ANCO Life & Benefits Services, Inc.
	 	Texas
	             Strategic Benefit Planning Corporation
	 	Texas
	 Anco Insurance Services of Houston, Inc.
	 	Texas
	             Commercial Insurance Concepts, Inc.
	 	Texas
	 Inter/National Rental Insurance Services, Inc.
	 	California
	 Inter/National Rental Insurance, Inc.
	 	Texas
	 Fleet and Equipment Rental Risk Purchasing Group
	 	California
	 Kisco Partners, Inc.
	 	New York
	 Acquisition Risk Management Services, Inc.
	 	New York
	 Custom Benefit Programs, Inc.
	 	New Jersey
	 Diversified Insurance Services, Inc.
	 	Illinois
	 Future Planning Associates, Inc.
	 	New York
	 U.S.I. Insurance Services of Massachusetts, Inc.
	 	Massachusetts
	 Governmental Entities Management Services, Inc.
	 	New York
	 Netcare Services, Inc.
	 	Massachusetts
	 Phoenix Insurance Agency, Inc.
	 	Massachusetts
	 O’Leary-Kientz, Inc.
	 	Ohio
	 Bertholon-Rowland Corp.
	 	New York
	 American Insurance Administrators, Inc.
	 	Ohio, Colorado
	 B-R Corp. of North Carolina
	 	North Carolina
	 BR Insurance Services Corp.
	 	California
	 DWP/USI of Southern California Insurance Agency, Inc.
	 	DelawareMillennium Chemicals Inc. Sharesave Scheme 1997

 Exhibit 4.13 
  
 MILLENNIUM CHEMICALS INC 
  
 SHARESAVE SCHEME 1997 
  
 TRAVERS SMITH BRAITHWAITE 
  
 10 SNOW HILL 
 LONDON EC1A 2AL

  
 TEL: 0171-248 9133 

 RULES OF THE MILLENNIUM CHEMICALS INC SHARESAVE SCHEME 1997 
 (approved by the Inland Revenue under Schedule 9, Income and Corporation Taxes Act 1988 on 11 February 1997 under Inland Revenue reference: SRS 1899/KG) 
  
 1. Definitions and Interpretation 
  
 1.1 The words and expressions set out below shall have the meanings specified against them:

  

			
	“Announcement Date”	  	the date on which the Company makes the announcement of its results for a Year or the announcement of its interim results for a Year;
		
	“Associated Company”	  	an associated company as defined in Section 416 of the Taxes Act (as modified by Section 187(2));
		
	“the Auditors”	  	the auditors for the time being of the Company or if there are joint auditors such one as the Board shall select acting as experts and not as arbitrators;
		
	“the Board”	  	the Board of Directors of the Company for the time being or a duly authorised committee thereof;
		
	“the Bonus Date”	  	(i) the earliest date on which the maximum bonus is payable (where pursuant to Rules 2 and 3 the repayment under a Relevant Savings Contract is taken as including the maximum bonus) and (ii)
in any other case the earliest date on which a bonus (the standard bonus”) is payable under a Relevant Savings Contract;
		
	“Business Day”	  	a day on which the New York Stock Exchange is open for business;
		
	“the Company”	  	Millennium Chemicals Inc.;
		
	“control”	  	as defined in Section 840 of the Taxes Act;
		
	“Date of Grant”	  	such date or dates in any Year as the Board may appoint for the grant of Options under Rule 2.3;

			
	“the due date”	  	the due date referred to in Rule 5 for repayment to be made under a Relevant Savings Contract;
		
	“employee”	  	an individual who is a director or employee of any company within the Group;
		
	“Eligible Employee”	  	(a) an employee:
		
	 	  	(i) who has been in the continuous service of a company (currently within the Group) for one day or such shorter period as the Board may determine, on the Announcement Date immediately
preceding the relevant Date of Grant; and
		
	 	  	(ii) whose remuneration is subject to United Kingdom Income Tax under Case I of Schedule E;
		
	 	  	(b) any other employee whom the Board shall have determined (in its absolute discretion) shall be eligible to participate in the Scheme;
		
	 	  	Provided that no person shall be an Eligible Employee in any year of assessment if he is ineligible to participate in the Scheme by virtue of paragraph 8 of Schedule 9 to the Taxes
Act;
		
	“Exercise Price”	  	the amount payable per Share on the exercise of an Option which amount shall be determined by the Board or the Relevant Grantor but shall not be less than the greater of:
		
	 	  	(a) 80% of the Market Price on the day on which the Board makes the relevant invitation under Rule 2.1; and
		
	 	  	(b) except in the case of a Purchase Option, the nominal value of a Share;

  

 - 2 - 

			
	“Form of Application”	  	a form of application for the grant of Options in such form as the Board may from time to time require;
		
	“the Group”	  	the Company and any Subsidiary which the Board determines from time to time shall participate in the Scheme;
		
	“Market Price”	  	the average of the closing market quotations of a Share derived from the New York Stock Exchange for the three immediately preceding dealing days;
		
	“Option”	  	an option to acquire Shares granted pursuant to the Scheme or where applicable a Purchase Option;
		
	“Option Holder”	  	a person to whom an Option has been granted under the Scheme or, where appropriate, the personal representatives of such a person;
		
	“Purchase Option”	  	an Option to purchase existing Shares granted by Relevant Grantor under the Scheme;
		
	“Relevant Grantor”	  	the trustees of any trust which holds Shares and confirms to the Company that it will comply with the Scheme;
		
	“Relevant Savings Contract”	  	a certified contractual savings scheme within the meaning of Section 326 of the Taxes Act and approved by the Board of Inland Revenue for the purposes of Schedule 9 to the Taxes Act which has
been entered into in connection with the granting of options to acquire shares under any share option scheme approved under Schedule 9 to the Taxes Act (including the Scheme);
		
	“the Scheme”	  	the Millennium Chemicals Inc. Sharesave Scheme 1997;

  

 - 3 - 

			
	“Shares”	  	fully paid common stock in the capital of the Company which comply with the conditions in paragraphs 10 to 14 (inclusive, of Schedule 9 to the Taxes Act;
		
	“Subsidiary”	  	a company wheresoever incorporated which is for the time being under the control of the Company;
		
	“Taxes Act”	  	Income and Corporation Taxes Act 1988;
		
	“Year”	  	an accounting reference period of the Company under the Companies Act 1985;
		
	“Year of Assessment”	  	the year beginning on any 6th April and ending on the following 5th April.

  
 1.2 References in the Scheme to a
statute or a statutory provision shall include any modification re-enactment or extension thereof. 
  
 1.3 Words importing one gender shall include the other gender and words importing the singular shall (where appropriate) include the plural and vice versa. 
  
 2. Grant of Options 
  
 2.1 The Board having determined the number of Shares (if any) over which it is prepared to grant Options may invite each and every Eligible Employee to apply for Options
to acquire at the Exercise Price for up to such number of Shares as the Board may specify in the invitation and as may be permitted in accordance with Rules 3 and 4. Invitations may only be made: 
  
 2.1.1 within the period of not more than 30 days after the date of approval
of the Scheme by the Inland Revenue; 
  
 2.1.2 after the expiry
of the period set out in 2.1.1 above, within the period of 42 days after each Announcement Date; 
  
 2.1.3 within the period of 21 days after the occurrence, in the opinion of the Board, of exceptional circumstances relating to or affecting the Group.

  
 2.2 An invitation shall lapse unless within such period as the Board may
specify in the invitation (such period being not less than 14 days after the date on which the invitation is made): 
  
 2.2.1 the Company shall have received a duly completed Form of Application from the employee which shall (subject to Rule 3.1) state, inter alia, whether
for the purpose of determining the number of shares over which each Option is to be granted the repayment under the Relevant Savings Contract is to be taken as including the maximum bonus or the standard bonus; and 
  

 - 4 - 

 2.2.2 the employee shall have applied to enter into a Relevant Savings Contract in respect of each Option
complying with Rule 3.1 and shall have lodged such application with the Company. 
  
 2.3 The Board shall in respect of each occasion when invitations to apply for Options are made appoint a date to be the Date of Grant for that occasion which shall not be later than 30 days following the Business Day by reference to which
the Market Price for the relevant invitations was determined except where applications are scaled down in accordance with Rule 4.4 when it shall not be later than 42 days following such day. 
  
 2.4 Subject to Rules 3 and 4, on each Date of Grant the Board shall accept the applications
of, and thereby grant Options to, those Eligible Employees who have satisfied this requirement and who are Eligible Employees on that date. 
  
 2.5 A Relevant Grantor, after consultation with the Board and in accordance with Rules 2.1 to 2.4 above, may issue invitations and grant Purchase Options at the Option
Price to any Eligible Employees in respect of such number of Shares as it shall determine. The Board shall give to the Relevant Grantor such information as it may reasonably request in relation to Purchase Options including information required to
determine when Purchase Options will lapse following the cessation of an Option Holder’s employment. 
  
 2.6 As soon as practicable following the Date of Grant the Company or the Relevant Grantor shall issue to each Option Holder in respect of each Option an Option Certificate stating: 
  
 2.6.1 the Date of Grant on which the Option was granted; 
  
 2.6.2 the number of Shares comprised in the Option; 
  
 2.6.3 the Exercise Price in respect of those Shares; and 
  
 2.6.4 the earliest date of exercise in normal circumstances. 
  
 3. Conditions attaching to the grant of Options 
  
 3.1 Each Eligible Employee who wishes to apply for one or more Options shall first complete
an application to enter into a Relevant Savings Contract under which the amount of the repayments (which at the discretion of the Company shall include such of the maximum bonus or the standard bonus as the Company may permit and the Eligible
Employee shall have chosen) shall on the due date as nearly as practicable equal but not exceed the aggregate of the Exercise Price for the Shares comprised in the Options. 
  

 - 5 - 

 3.2 An Option shall be personal to the Option Holder and may not, save as herein otherwise specifically provided, be
transferred, assigned or charged and shall immediately become void and of no effect in the event of the bankruptcy of the Option Holder. 
  
 3.3 The Company shall have the power from time to time to determine with which savings institution Eligible Employees may enter Into Relevant Savings Contracts for the
purpose of financing Options. 
  
 4. Limit on Options 
  
 4.1.1 No Option may be granted to an Eligible Employee which would result in the aggregate
Exercise Prices of Shares comprised in outstanding Options granted to him under the Scheme exceeding the maximum amount repayable (inclusive of any bonuses applied under the Scheme) on the respective due dates to the employee under all his Relevant
Savings Contracts. 
  
 4.1.2 No employee shall make monthly contributions under
Relevant Savings Contracts exceeding, in aggregate, £250; or such lesser amount as the Board may decide. The monthly savings contributions under each Relevant Savings Contract shall not be less than £5 and shall be a multiple of £1
and for weekly paid employees shall be not less than £1.25 per week and shall be a multiple of £0.25. 
  
 4.2 If pursuant to any invitation made under Rule 2.1 valid applications are received for Options over more Shares than the aggregate number for which applications were
invited (or the limits referred to above are exceeded) the Board shall scale down applications by carrying out the following steps successively to the extent necessary to eliminate the excess: 
  
 4.2.1 the monthly contributions which each applicant has applied to make
under all Relevant Savings Contracts (and the number of Shares comprised in the Option) shall be aggregated and then scaled down as nearly as possible proportionately (contributions under each Relevant Savings Contract shall be rounded to the
nearest multiple of £1, or in the case of weekly paid employees £0.25, provided that in no case shall the monthly contributions be reduced below £5 (or £1.25 per week in the case of weekly paid employees); 
  
 4.2.2 each application where the applicant has elected to apply the maximum
bonus under the Relevant Savings Contract shall be treated as an application to apply the standard bonus; 
  
 4.2.3 each application shall be treated as exclusive of any bonus; and 
  

 - 6 - 

 4.2.4 applications will be selected by lot each based on monthly contributions of £5 and exclusive
of any bonus. 
  
 4.3 Each application shall be deemed to be modified or withdrawn
in accordance with the foregoing and the Board shall grant Options accordingly. 
  
 4.4 To the extent that the Board consider that the exercise of Options can be satisfied by the transfer of Shares already in issue those Options shall not be treated as granted over unissued Shares. 
  
 5. Exercise of Options 
  
 5.1 Subject to the provisions of Rules 6 and 7 an Option may only be exercised within the six months commencing on the due date for
repayment under the Option Holder’s Relevant Savings Contract. Where an Option Holder has elected to receive the maximum bonus (and Rule 4.2.2 has not been applied to reduce such bonus to the standard bonus) the due date shall be the earliest
date on which the maximum bonus is payable. Where an Option Holder has elected to receive the standard bonus the due date shall be the earliest date on which the standard bonus is payable. 
  
 5.2 An Option shall be exercised by notice in writing (in the form prescribed by the Company)
given by the Option Holder to the Company (or, in the case of Purchase Options to the Relevant Grantor) in respect of all or some of the Shares comprised in the Option and such notice shall be accompanied by the relevant Option Certificate and a
remittance for the aggregate of the Exercise Prices payable, such payment to be made only out of the proceeds of the Relevant Savings Contract. No Option may be exercised in respect of a number of Shares the aggregate of the Exercise Prices for
which exceeds the amount (including any bonus and/or interest) repaid under the Relevant Savings Contract. Any repayment under the Relevant Savings Contract shall exclude the repayment of any contribution the due date of which falls more than one
month after the date on which repayment is made. 
  
 5.3 As soon as reasonably
practicable and within 30 days after the receipt of notice of exercise of an Option and of the Option Certificate and the appropriate payment 
  
 Either 
  

	1)	The Board shall procure that the Option Holder acquires the Shares in respect of which the Option has been validly exercised by either (i) allotting Shares to the Option Holder; or
(ii) procuring the transfer of Shares to the Option Holder 

  
 OR

  

	2)	the Relevant Grantor shall procure the transfer of Shares to the Option Holder and shall issue a definitive certificate in respect of the Shares allotted or transferred. Such Shares
shall rank for all distributions declared, made or paid to 

  

 - 7 - 

 shareholders on the register on the immediately following record date occurring after the date on which
the notice of exercise is given to the Company in accordance with Rule 5.2 and otherwise pari passu with the other fully-paid issued Shares. 
  
 5.4 The Company shall make application to the New York Stock Exchange for admission of all Shares issued under the Scheme. 
  
 5.5 If an Option Holder obtains repayment of his contributions under a Relevant Savings
Contract prior to having made the maximum number of contributions thereunder the relevant Option shall thereupon lapse unless such Option is exercisable at the time of such repayment under Rule 6 or 7. 
  
 6. Rights to exercise Options 
  
 6.1 Save as provided in this Rule 6 an Option shall lapse if the Participant fails to make
more than six monthly contributions under the Relevant Savings Contract or forthwith upon the Option Holder ceasing to be an employee, or on the date of receipt by the body administering the Relevant Savings Contract of a repayment notice requesting
repayment prior to the due date provided that such Option is not then capable of being exercised. No Option may be exercised by any person who is (or by the personal representatives of a person who at the date of his death was) precluded from
participating in the Scheme by paragraph 8 of Schedule 9 to the Taxes Act. 
  
 6.2
For the purposes of these Rules, where an Option Holder ceases to be an employee because his employment is terminated by his employer without notice or where he terminates his employment with or without notice, his employment shall be deemed to
cease on the date on which the termination takes effect or, if earlier, the date of giving such notice. If the Option Holder’s employment is terminated by his employer with notice his employment shall be deemed to cease on the date when such
notice expires. 
  
 6.3 Where the holder of an unexercised Option ceases to be an
employee by reason of his death prior to the due date, the Option may be exercised by his personal representatives within twelve months of the date of death but shall lapse if it has not been exercised at the end of such period. Where the holder of
an unexercised Option dies on or within 6 months after the due date the Option must be exercised (if at all) by his personal representatives within 12 months of the due date. 
  
 6.4 Where the holder of an unexercised Option ceases to be an employee by reason of: 
  
 6.4.1 injury, disability, or redundancy (within the meaning of the
Employment Rights Act 1996); or 
  
 6.4.2 retirement either on
reaching 65 years of age (which shall be the specified age for the purposes of paragraph 8A of Schedule 9, Taxes Act) or at any other age at which he is bound to retire in accordance with the terms of his contract of employment; or 
  

 - 8 - 

 6.4.3 a company ceasing to be under the control of the Company, or a business or a part of a business
being transferred to a person who is neither an Associated Company of the Company nor a company of which the Company has control 
  
 any such Option must be exercised (if at all) within six months of his so ceasing or, if earlier, within 6 months after the due date, but (subject to Rule 6.8) shall
lapse if it has not been exercised at the end of such period. 
  
 6.5 If at the
due date the holder of an unexercised Option has ceased to be an employee of the Company, but holds an office or employment in a company which is not a participating company but which is at the due date an Associated Company or a company of which
the Company has control, then any such Option may be exercised within six months of the due date, but shall lapse if it has not been exercised at the end of such period. 
  
 6.6 Where the holder of an unexercised Option ceases to be an employee after the expiry of a period of three years from the relevant Date of
Grant by reason of retirement with the consent of the Company before the age at which he is bound to retire in accordance with the terms of his contract of employment he may exercise any such Option within 6 months of the date of his so ceasing or,
if earlier, within 6 months after the due date. 
  
 6.7 An Option Holder who
continues to hold the office or employment by virtue of which he is eligible to participate in the Scheme after the date on which he reaches 65 years of age may exercise his Option or Options within 6 months after that date or, if earlier, within 6
months after the due date. 
  
 6.8 No person shall be treated for the purposes of
this Rule 6 as ceasing to be employed by a member of the Group until he is no longer employed by the Company, any Associated Company or a company of which the Company has control. 
  
 7. Changes in control 
  
 7.1 For the purposes of the Scheme a change in control shall be deemed to have occurred where: 
  

	7.1.1	a person or group of persons acting in concert obtains control of the Company as a result of making: 

  

	 	(a)	a general offer to acquire the whole of the issued ordinary share capital of the Company which is made on a condition such that it is satisfied that the person making the offer will
have control of the Company; or 

  

 - 9 - 

	 	(b)	a general offer to acquire all the issued Shares 

  
 (subject to any condition on which the offer is made being satisfied and excluding in each case any shares already owned or controlled by that person or
group); or 
  

	7.1.2	the members of the Company pass a resolution for the voluntary winding up of the Company. 

  

	7.1.3	the Court sanctions a compromise or arrangement proposed for the purposes of or in connection with a scheme for the reconstruction of the Company or its amalgamation with any other
company or companies, under Section 425 of the Companies Act 1985. 

  

	7.2.1	Except in cases where Rule 7.3 is implemented in the event of a change in control of the Company as defined in paragraph 7.1 above, Options shall become immediately exercisable and
shall remain exercisable for a period of six months from the date of change in control. 

  

	7.2.2	Except as provided in Rule 6.3, Options exercisable under 7.1.1 or 7.1.3 above which are not exercised within six months from the date of change in control shall lapse. Options
exercisable under Rule 7.1.2 which are not exercised within six months from the date of change in control shall lapse notwithstanding Rule 6.3. 

  

	7.3.1	If any company (hereafter the “Acquiring Company”) obtains control of the Company in the circumstances described in Rules 7.1.1 or 7.1.3 then the Option Holder may
by agreement with the Acquiring Company within six months of the Acquiring Company obtaining control of the Company release his Options in consideration of the grant of New Options as defined in Rule 7.3.2. 

  

	7.3.2	New Options shall mean Options which are granted over shares in: 

  

	 	  (a)	the Acquiring Company or 

  

	 	  (b)	a company which has control of the Acquiring Company or 

  

	 	  (c)	a company which is, or has control of a company which is a member of a consortium which owns or has control of the Acquiring Company. 

  

	7.3.3	The grant of New Options may only take place on the following conditions: 

  
 (a) the shares over which the New Options are granted (the “New Scheme Shares”) comply with the provisions relating to scheme shares contained
in paragraphs 10 to 14 inclusive of Schedule 9 to the Taxes Act; 
  
 (b) the total market value, immediately before the Release, of the Shares which were subject to the Old Options is equal to the total market value, immediately after the Release, of the New Scheme Shares in respect of which the New Options
are granted to the Option Holder; 
  

 - 10 - 

 (c) the total amount payable by the Option Holder for the acquisition of New Scheme Shares on complete
exercise of the New Options is equal to the total amount that would have been payable for the acquisition of Ordinary Shares on complete exercise of the Old Options; and 
  
 (d) the New Options are otherwise identical in terms to the Old Options. 
  

	7.3.4	The New Options shall, for all the other purposes of this Scheme be treated as having been acquired at the same time as the Old Options were or were treated as acquired and
“Date of Grant” shall be construed accordingly. 

  

	7.3.5	Any agreement between the Acquiring Company and the Option Holder relating to the Release must be on terms that the Inland Revenue shall have previously approved and the conditions
set out in Rule 7.3.3 must have been satisfied in relation thereto with the result that the New Options are treated for the purposes of Section 185 of the Taxes Act, this Scheme, and the subsequent application of the provisions of this Scheme to the
New Options, as if such New Options had been granted at the same time as the Old Options. 

  
 7.3.6 Where the Option Holder releases his Options under Rule 7.3.1, the New Options granted to him on that Release shall not lapse, and nor shall the Option Holder be entitled to exercise the New Options early under
Rule 7.2, solely by virtue of the circumstances which entitled the Option Holder to effect the Release. 
  
 7.3.7 Where any New Options are granted pursuant to this Rule, Rules 5.1, 5.2, 5.3, 5.4, 6.4, 6.5, 7.8, and 9.1 shall in relation to the New Options be construed as if references to the Company, and the Shares were
references to the Acquiring Company or, as the case may be, to the other company to whose shares the New Options relate and to the shares in the Acquiring Company or in that other company, as the case may be but the Group shall continue to be
construed as if the Company was Millennium Chemicals Inc. 
  
 8. Adjustment of
Option Terms 
  
 8.1 With the prior approval of the Inland Revenue (and in
the case of Purchase Options after consultation with the Relevant Grantor) the number of Shares that are the subject of an Option and/or the Exercise Price in respect thereof may be adjusted in such manner as the Auditors confirm in writing to be in
their opinion fair and reasonable upon the occurrence of any capitalisation issue or offer by way of rights (including an open offer) or upon any sub-division, reduction or consolidation of the share capital of the Company after the date on which
the Option is granted provided that the Exercise Price payable on the exercise of an Option shall not be less than a sum equal to the nominal value of a Share. 
  

 - 11 - 

 8.2 If as a result of any issue the Exercise Price under any Option would (but for the proviso contained in Rule 8.1 fall
below the nominal value of a Share the Company may, to the extent it is lawful so to do, upon exercise of such Option capitalise reserves to be applied in paying up additional Shares to be allotted to the Option Holder to bring about a full
equitable adjustment hereunder. 
  
 9. General 
  
 9.1 The Company shall keep available a sufficient number of unissued Shares and/or have the
agreement of other shareholders of the Company to transfer sufficient numbers of the shares held by them to satisfy the exercise in full of all Options for the time being remaining capable of being exercised. 
  
 9.2 The Relevant Grantor shall at all times keep sufficient Shares to satisfy all Purchase
Options which remain capable of being exercised. 
  
 9.3 Participation in this
Scheme by an Eligible Employee is a matter entirely separate from any pension right or entitlement he may have and from his terms and conditions of employment and in particular (but without limiting the generality of the foregoing) any Eligible
Employee who leaves the employment of the Group or who otherwise ceases to be an Eligible Employee shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under the Scheme which he might
otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or other breach of contract or by way of compensation for loss of office or otherwise howsoever. 
  
 9.4 Any notice in writing to be given to any Option Holder under the Scheme shall be
sufficiently given if sent through the post in a prepaid cover addressed to him at his address last known to the Company. An Option Holder shall notify the Company in writing of any change of address. Any notice in writing to be given to the
Company shall be properly given if sent to or left at the registered office of the Company, addressed for the attention of the Company Secretary. 
  
 9.5 If any matter arises in connection with the Scheme or its operation for which provision is not made in these Rules such matter shall be resolved, dealt with or
provided for in such manner as the Board shall in its absolute discretion think fit. 
  
 9.6 The Scheme shall be governed by English law. 
  
 10. Modifications
to Scheme 
  
 10.1 The Board may from time to time make alterations to these
Rules provided always that: 
  
 10.1.1 no alteration shall have
effect until approved by the Board of Inland Revenue; and 
  

 - 12 - 

 10.1.2 no alteration shall be effective which would materially prejudice the interests of Option Holders
in relation to Options already granted to them unless the sanction of Option Holders has been obtained in accordance with the provisions for the alteration of class rights contained in the Articles of Association of the Company for the time being
for which purpose an Option Holder shall be regarded as holding the number of Shares comprised in Options granted to him remaining capable of being exercised. 
  

10.2 An Extraordinary Resolution of a meeting of Option Holders held in accordance with Rule 10.1.2 shall have the power to sanction any scheme, compromise or
arrangement affecting Options or the rights thereunder and shall be binding on all Option Holders. 
  
 10.3 The Board may at any time (without prejudice to the rights of Option Holders under subsisting Options) suspend or terminate the operation of this Scheme and, unless the Scheme is extended by a board resolution of
the Company no further Options shall be granted after 20 January 2007. 
  
 10.4
The Board’s decision on any matter concerning the Scheme shall (subject as expressly provided to the contrary in these Rules) be final and binding. 
  

 - 13 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00075-of-00352.parquet"}]]