Document:

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                                                                Exhibit 10.35

                    SHARE APPRECIATION RIGHT AWARD AGREEMENT

(A)  Employee:
               ------------------

(B)  Grant Date: February 1, 1998

(C)  SARs:
               ------------------

     U.S.I. Holdings Corporation (the "Company") has granted ("the "Employee")
an incentive award (the "Award") of the number of share appreciation rights
shown in item (C) above (the "SARs"), in connection with his employment by USI
INSURANCE SERVICES CORP. or one of its affiliates (the "Employer"). This Award
is subject to the terms and conditions set forth in this Agreement.

     The details of the Award are as follows:

          1. Definitions. As used in this Agreement, the following terms shall
             -----------
have the meanings set forth below:

               "Affiliate" means, as to any Person, any other Person directly or
                ---------
indirectly Controlling, Controlled by or under direct or indirect common Control
with such Person.

               "Agreement" means this Share Appreciation Right Award Agreement.
                ---------

               "Base Reference Value" means, as to each SAR, $     .
                --------------------                          -----

               "Cause" shall have the meaning set forth in Employee's employment
                -----
agreement with Employer or one of its affiliates. To the extent Employee is not
under an employment agreement, cause shall have the meaning set forth in
Employer's Employee Policy Manual.

               "Common Stock" means the common stock of the Company, par value
                ------------
$.01 per share.

               "Control" means the possession, directly or indirectly, of the
                -------
power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of securities, partnership interests or by
contract, assignment or otherwise. The terms "Controlling" and "Controlled"
shall have meanings correlative to the foregoing.

               "Disability" means that Employee is incapacitated or disabled by
                ----------
reason of illness or physical or mental disability from performing his duties
for either (i) one continuous period of six months or (ii) a total of seven
months out of any twelve consecutive months, following 30 days' written notice
to Employee to that effect. The initial determination of Employee's incapacity
or disability shall be made by Employee's regular treating physician. If

<PAGE>

Employer disagrees with the conclusion of said physician, it may engage a second
physician to examine Employee. If these physicians disagree, then the parties
shall select a third physician, to examine Employee, in which event their
majority opinion shall be conclusive.

               "Fair Market Value" means, with respect to Common Stock, (i) if
                -----------------
any Common Stock constitute Public Stock, the average of the high and low
closing (or last) sale prices for the five business days preceding the date of
determination thereof, as reported on a national securities exchange or on
NASDAQ or other similar national overcounter market, and (ii) if no Common Stock
are Public Stock, the fair market value of such Common Stock (determined without
discount for the lack of a public market for the Common Stock, any restrictions
on resale of the Common Stock under state or federal securities laws or the
Company's shareholders' agreement and any minority discount) shall be either (A)
the value set by the Board of Directors of the Company as the fair market value
of its Common Stock from time to time and as in effect on the date giving rise
to the determination of value, which value per share was determined for an
independent business purpose within six months of the date of determination, or
(B) if the Board of Directors has not made a determination of value as provided
in (A), the value of such Common Stock as determined by an Independent Appraiser
selected by the Company.

               "Independent" means, at any time as to any Person, that such
                -----------
Person is not an Affiliate or an employee of the Company or the Employee or of
any Affiliate of either thereof.

               "Independent Appraiser" means a Person having at least 10 years'
                ---------------------
experience in appraising stocks, bonds or similar instruments (which Person may
be an investment bank) and which is Independent.

               "Person" means any individual, corporation, partnership, joint
                ------
venture, association, joint stock company, trust, unincorporated organization or
government or any agency or political subdivision thereof.

               "Public Stock" means any shares of Common Stock that is listed on
                ------------
a national securities exchange or that has been accepted for inclusion in NASDAQ
or any similar national over-the-counter market.

               "Qualification Event" means the occurrence of (i) the sale of all
                -------------------
or substantially all of the assets of the Company to a Person that is not an
Affiliate of the Company or of any stockholder of the Company as of the date of
this Agreement or (ii) the sale of more than fifty percent (50%) of the Common
Stock on a fully-diluted basis (assuming conversion or exercise of all
outstanding securities convertible into Common Stock and other rights to acquire
Common Stock) to a Person that is not an Affiliate of the Company or of any
stockholder of the Company as of the date of this Agreement, or (iii) the
consummation of an offering to the public by the Company of its Common Stock.

               "Qualified SARs" means, at any time, SARs as to which the
                --------------
Employee is entitled to retain the economic benefits of ownership, as determined
pursuant to subsection 6(a)

                                        2

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of this Agreement.

               "Unqualified SARs" means, at any time, all SARs that are not
                ----------------
Qualified SARs at such time.

               "USI Companies" means the Company, its subsidiaries (including
                -------------
Employer, its Affiliates, and any of their successors or assigns).

          2. Acquisition of SARs.
             -------------------

               a. Grant of SARs. The Company hereby grants the SARS to the
                  -------------
Employee. Upon exercise, as provided in Section 2(b) below, each SAR shall
entitle the Employee to receive, in the manner described in Section 2(c) below,
the excess, if any, of (i) the Fair Market Value of one share of Common Stock at
the Exercise Date (as hereinafter defined), over (ii) the Base Reference Value
(the "Exercise Value").

               b. Manner of Exercise. Upon the earlier of a Qualification Event
                  ------------------
or as otherwise provided in Section 6 hereof in the event of the Employee's
termination of employment (such date referred to as the "Exercise Date"), the
SARs shall be exercised and the Company shall pay to the Employee, in the manner
described in Section 2(c) below, the product of (i) the Exercise Value, and (ii)
the number of SARs that are Qualified SARs at such Exercise Date (the
"Settlement Amount").

               c. Form of Consideration; Manner of Settlement. The Settlement
                  -------------------------------------------
Amount shall be paid to the Employee in the following manner, less an amount
sufficient to satisfy any federal, state and/or local withholding tax
requirements:

                    (i) in the case of a Qualification Event, then in cash
within ninety (90) days of the Exercise Date, or, at the Company's sole option,
in such mix of consideration and in such proportions as would be payable to a
holder of the Company's Common Stock (on a per share basis) upon such
Qualification Event, it being understood and agreed that the Employee shall take
such actions and provide such documentation as shall be reasonably requested by
counsel to the Company to effect such a settlement;

                    (ii) in the case of Qualification Event resulting from the
consummation of an offering to the public by the Company of its Common Stock
then in shares of Common Stock based upon their Fair Market Value at the
Exercise Date for up to fifty percent (50%) of the Settlement Amount, and the
balance in cash, within ninety (90) days of the Exercise Date;

                    (iii) in the case of termination of Employee's employment as
described in Section 6 hereof, then, at the sole option of the Company, either
in cash within ninety (90) days of the Exercise Date, or in quarterly
installments over a period not greater than three (3) years, with interest
accruing at the Applicable Federal Interest Rate (determined under the Internal
Revenue Code of 1986, as amended).

                                        3

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               d. Blue Sky Compliance. Each of the Company and the Employee
                  -------------------
shall comply with all state or foreign securities or "blue sky" laws which might
be applicable to the grant of the Common Stock to the Employee hereunder. In no
event may any Common Stock be issued to the Employee unless such laws have been
complied with to the satisfaction of counsel to the Company.

          3. Representations and Warranties and Other Agreements of the
             ----------------------------------------------------------
Employee.
--------

               a. Representations and Warranties. The Employee represents and
                  ------------------------------
warrants with respect to himself or herself and the SARs that:

                    (i) He or she is acquiring the SARs for investment for his
or her own account and not as an agent or nominee for any other person.

                    (ii) He or she will not, directly or indirectly, offer,
transfer, sell, assign, pledge, hypothecate or otherwise dispose of any SARs
(each such action, a "Transfer") unless (A) such Transfer complies with the
provisions of this Agreement and the Plan, (B) either (1) the Transfer is
pursuant to an effective registration statement under the Securities Act of
1933, as amended, and the rules and regulations in effect thereunder (the "Act")
or (2) he or she shall have furnished the Company with an opinion of counsel,
which opinion of counsel shall be reasonably satisfactory to the Company, to the
effect that no such registration is required because of the availability of an
exemption from registration under the Act, and (C) such Transfer shall be in
compliance with any applicable state or foreign securities or "blue sky" laws.

                    (iii) He or she has been advised by the Company that: (A)
neither the offer nor sale of any SARs has been registered under the Act or any
state or foreign securities or "blue sky" laws; (B) the SARs are characterized
as a "restricted security" under the Act inasmuch as they are being acquired
from the Company in a transaction not involving a public offering and that the
SARs must be held indefinitely and he or she must continue to bear the economic
risk of the investment in the SARs unless the offer and sale of the SARs is
subsequently registered under the Act or an exemption from such registration is
available and all applicable state or foreign securities or "blue sky" laws are
complied with; (C) it is not anticipated that there will be any public market
for the SARs in the foreseeable future; (D) Rule 144 promulgated under the Act
is not presently available with respect to the offers or sales of any securities
of the Company, and the Company has made no covenant to make such Rule available
nor has it made any covenants with respect to other rules by which offers or
sales may be made; (E) when and if the SARs may be disposed of without
registration under the Act in reliance on Rule 144, such disposition may be made
only in limited amounts in accordance with the terms and conditions of such
Rule; and (F) if the Rule 144 exemption is not available, public offer or sale
of any SARs without registration will require the availability of another
exemption under the Act.

                    (iv) In the event that the Employee receives shares of
Common Stock pursuant to Section 2(c)(ii) of this Agreement, the Employee shall
make such representations and provide such information and documentation as
counsel to the Company may

                                        4

<PAGE>

request in order to allow the Company to discharge its responsibilities under
federal and state securities laws, and the Employee shall execute such
documents, including a joinder to the Company's shareholders' agreement, as are
requested by counsel to the Company.

          4. No Rights as a Shareholder.
             --------------------------

          Nothing in this Agreement will confer any rights upon the Employee as
a shareholder, including with respect to voting rights or rights to receive
dividends.

          5. No Employment or Consulting Contract.
             ------------------------------------

          Nothing in this Agreement will confer upon the Employee any right to
continue in the employ or service of any USI Company for any period of time.

          6. Qualification of SARs; Cancellation and Early Exercise of SARs
             --------------------------------------------------------------

               a. Qualification of SARs. The Employee acknowledges that the SARs
                  ---------------------
are to be issued to the Employee in consideration for future services to be
provided by the Employee to Employer. Accordingly, the Employee's rights to
retain the economic benefits of the SARs shall mature over time on a cumulative
basis at various measurement dates, as follows: (i) as of February 1, 1999, the
Employee shall have the right to retain the economic benefits of a number of
SARs equal to twenty percent (20%) of the SARs at Measurement; (ii) as of
February 1, 2000, the Employee shall have the right to retain the economic
benefits of a number of SARs equal to forty percent (40%) of the SARs; (iii) as
of February 1, 2001, the Employee shall have the right to retain the economic
benefits of a number of SARs equal to sixty percent (60%) of the SARs; (iv) as
of February 1, 2002, the Employee shall have the right to retain the economic
benefits of a number of SARs equal to eighty percent (80%) of the SARs; and (v)
as of February 1, 2003, the Employee shall have the right to retain the economic
benefits of a number of SARs equal to one hundred percent (100%) of the SARs;
provided, however, that upon occurrence of a Qualification Event, a number of
SARs equal to one hundred percent (100%) of the SARs shall immediately be
Qualified SARs. No SARs shall vest subsequent to the earlier of a Qualification
Event or February 1, 2003.

               b. Cancellation and Early Exercise in the Event of Death,
                  ------------------------------------------------------
Termination by a USI Company for Disability or Other than for Cause or
----------------------------------------------------------------------
Termination by Employee. In the event that the Employee's employment shall be
-----------------------
terminated by death, by Employer for Disability or other than for Cause, or by
Employee for any reason, the Exercise Date with respect to any Qualified SARs
shall be the effective date of such termination, and any Unqualified SARs at
such date shall be cancelled.

               c. Cancellation in the Event of Termination by Employer for
                  --------------------------------------------------------
Cause. In the event that the Employee's employment shall be terminated by
-----
Employer for Cause, the SARs (whether or not Qualified) shall be cancelled.

               d. In the event of any Exercise Date determined under the
provisions

                                        5

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of this Section 6, the SARs shall be exercised and the Company shall settle the
SARs in accordance with Section 2(c)(iii) of this Agreement. In the event of any
cancellation of SARs pursuant to this Section 6, such SARs shall be deemed
cancelled as of the effective date of the event giving rise to such
cancellation, and such SARs shall be of no force and effect.

          7. Binding Effect. The provisions of this agreement shall be binding
             --------------
upon and shall inure to the benefit of the parties hereto and the heirs, legal
representatives, successors and assigns of the parties hereto. No transfer of
any SARs shall be valid, except by will or by the laws of descent and
distribution.

          8. Adjustments. In the event that any dividend, recapitalization,
             -----------
share split, reverse split, reorganization, merger, consolidation, spin-off,
combination, repurchase, share exchange or other similar corporate transaction
or event affects the Common Stock to which each SAR relates, and the Company
determines that an adjustment is appropriate in order to prevent dilution or
enlargement of the rights of the Employee hereunder, then the Company shall make
such equitable changes or adjustments as it deems appropriate and adjust, in
such manner as it may deem equitable, (i) the number and kind of shares issued
or issuable in respect of the SAR's, and/or (ii) the Base Reference Value
relating to each SAR.

          9. Applicable Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
             --------------
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO
PRINCIPLES OF CONFLICTS OF LAW.

          10. Invalidity of Provisions. The invalidity or unenforceability of
              ------------------------
any provision of this agreement in any jurisdiction shall not affect the
validity or enforceability of the remainder of this agreement in that
jurisdiction or the validity or enforceability of this agreement, including that
provision, in any other jurisdiction.

          11. Headings; Execution in Counterparts. The headings and captions
              -----------------------------------
contained herein are for convenience of reference only and shall not control or
affect the meaning or construction of any provision hereof. This agreement may
be executed in counterparts, each of which shall be deemed to be an original and
all of which together shall constitute but one and the same instrument.

          12. Notices. All notices and other communications provided for herein
              -------
shall be dated and in writing and shall be deemed to have been duly given when
delivered, if delivered personally or sent by registered or certified mail,
return receipt requested, postage prepaid and when received if delivered
otherwise, to the party to whom it is directed:

               If to the Company, to it at the following address:

               General Counsel
               USI Insurance Services Corp.
               50 California Street, 24th Floor
               San Francisco, CA 94111

                                        6

<PAGE>

               With a copy to:
               USI Insurance Services Corp.
               50 California Street, 24th Floor
               San Francisco, CA 94111

               If to the Employee, to him or her at the address listed on the
signature page, or at such other address as such party shall have specified by
notice in writing to the other party in accordance with this Section 12.

          13. Amendment. This agreement may not be amended, modified or
              ---------
supplemented and no waivers of or consents to departures from the provisions
hereof may be given unless consented to in writing by the Employee, on the one
hand, and the Company on the other hand. Unless otherwise specified in such
waiver or consent, a waiver or consent given hereunder shall be effective only
in the specific instance and for the specific purpose for which given.

          14. Third Party Beneficiaries. Nothing expressed or implied in this
              -------------------------
agreement is intended or shall be construed to confer upon or give to any third
party any rights or remedies against any party hereto.

          IN WITNESS WHEREOF, the Employee and the Company have executed this
agreement as of the date first above written.

                                                     U.S.I. HOLDINGS CORPORATION

                                                 By:
                                                     ---------------------------
                                                     Name: David Eslick
                                                     Title: President & CEO

                                                     ---------------------------
                                                     NAME

                                                     Registered address:

                                                     ---------------------------

                                                     ---------------------------

          I, as the Employee's spouse, also agree to be bound by the terms and
conditions of this Agreement.

                                                 By:
                                                     ---------------------------
                                                     Employee's Spouse

                                        7<PAGE>

                                                                   Exhibit 10.36

                                                          Draft: 25 November '97

                                    AGREEMENT
                                    ---------

     This Agreement (the "Agreement") is entered into as of the 30th day of
November, 1997, among CBC Holding (Delaware) Inc., a Delaware corporation
("CBC"); Chase Insurance Agency, Inc., a Delaware corporation ("CIA");
U.S.I. Holdings Corporation, a Delaware corporation ("USI"); and USI Insurance
Services Corp., a Delaware corporation ("USIS").

                                    RECITALS

     WHEREAS, CBC and CIA are both indirectly wholly-owned by The Chase
Manhattan Corporation ("CMC"); and

     WHEREAS, USIS is a wholly-owned subsidiary of USI; and

     WHEREAS, CBC wishes to purchase from USI certain shares of USI preferred
stock, as hereinafter described; and

     WHEREAS, USI wishes to issue and sell such shares to CBC, on terms and
conditions hereinafter set forth; and

     WHEREAS, CIA wishes to develop an insurance brokerage business specializing
in the insurance and employee benefits needs of certain of its Affiliates'
commercial customers; and

     WHEREAS, USI has the requisite expertise to develop such a brokerage
business for CIA, all as described below; and

     WHEREAS, CIA wishes to engage USI to develop such a business for CIA, and
USI is willing to accept such engagement, on the terms and conditions
hereinafter set forth;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

1. DEFINITIONS. As used herein, the following capitalized terms shall have the
   ------------
meanings indicated:

     1996 Audited Financial Statements: the financial statements of USI and its
     ----------------------------------
     consolidated Affiliates, as of December 31, 1996, audited by Deloitte &
     Touche, LLP, attached hereto as Exhibit A.

                                        1

<PAGE>

     Acquired Agency: an insurance agency described in Section 4.3.
     ---------------

     Adjustment Period: the period of six (6) calendar months following the
     -----------------
     Option Exercise Date or the USIS Put Exercise Date, as the case may be.

     Affiliate: as to any person or entity, any other person or entity
     ---------
     controlling, controlled by, or under direct or indirect common control
     with, such person or entity.

     Agency Acquisition: the acquisition by USI of any property and casualty
     ------------------
     insurance agency, in accordance with Section 4.3.

     Annualized Run Rate EBITDA: EBITDA, adjusted in accordance with Section
     --------------------------
     5.6.1.2.

     Arbiter: the party selected by USI and CIA, pursuant to Section 5.6.3, to
     -------
     determine the amount of the First Installment or the Second Installment, as
     the case may be.

     Business Day: any day on which banks in New York are neither required nor
     ------------
     permitted to close.

     Business Plan: the business plan for Newco's first three years of
     -------------
     operation, to be agreed between USI and CIA, as it may be amended from time
     to time (which amendment(s) shall require the written consent of both USI
     and CIA). A draft of the Business Plan is attached hereto as Exhibit C.

     Carriers: companies which have certificates of authority to underwrite
     --------
     insurance.

     Closing Date: the date on which the purchase of Shares by CBC takes place.
     ------------

     Closing: the closing of the purchase of Shares by CBC, pursuant to Section
     -------
     2.3.

     CBC: CBC Holding (Delaware) Inc., a Delaware corporation.
     ---

     CBC Put: CBC's right to cause USI to repurchase the Shares under certain
     -------
     circumstances, as described in Article III.

     CBC Put Exercise Notice: CBC's notice to USI that CBC wishes to exercise
     -----------------------
     the CBC Put.

                                        2

<PAGE>

     CBC Put Price: the price to be paid by USI to CBC in exchange for the
     -------------
     Shares, upon CBC's exercise of the CBC Put, as described in Section 3.2.

     CIA: Chase Insurance Agency, Inc., a Delaware corporation.
     ---

     CIA Indemnified Person: as defined in Section 11.1.
     ----------------------

     CMC: The Chase Manhattan Corporation, a Delaware corporation and the
     ---
     indirect parent company of CBC and CIA.

     Commission Revenue: that portion of the Customer Revenue paid by Carriers
     ------------------
     and Providers to Newco or an Affiliate, or retained by Newco or an
     Affiliate, in connection with the placement of insurance policies and
     employee benefits programs contemplated hereby.

     Confidential Information of any specified Party: all information provided
     -----------------------------------------------
     to a Party or any of its Affiliates (the "Receiving Party") by, or at the
     direction of, another Party or any of its Affiliates (the "Disclosing
     Party") in connection with the transactions contemplated hereby. (For the
     sake of clarity, it is understood that information obtained by USI
     Affiliates from their customers and prospective customers, outside the
     context of this Agreement and the transactions and activities contemplated
     hereby, shall not constitute Confidential Information for purposes hereof.)
     Such information may be in any form including, but not limited to, printed
     or oral communications and information stored in printed or electromagnetic
     format; it may relate to, among other things, the Disclosing Party's or its
     Affiliates' business relationships and methods of transacting business,
     their customers, and the terms and conditions of this Agreement and the
     Related Documents. The term "Confidential Information" shall not include
     information which (i) was or becomes generally available to the public
     other than as a result of the disclosure by the Receiving Party, its
     Affiliates, or any of their respective employees, agents or advisors, or
     (ii) was or becomes available to the Receiving Party or its employees,
     agents or advisors on a nonconfidential basis from a source other than the
     Disclosing Party, its Affiliates, or their respective employees, agents or
     advisors, provided that such source is not known by the Receiving Party to
     be prohibited by contractual, legal, or fiduciary obligation from
     disclosing such information.

     Control Transaction: any transaction contemplated by Section 3.1.
     -------------------

     Customer Revenue: commissions, fees and other revenues of Newco or an
     ----------------
     Affiliate, generated by the sales and Servicing of insurance policies

                                        3

<PAGE>

     and employee benefits programs, and related products and activities
     contemplated hereby.

     Disclosing Party: as defined in the definition of "Confidential
     ----------------
     Information," above.

     EBITDA: earnings of Newco, before deduction of interest, income and
     ------
     franchise taxes, depreciation, and amortization.

     EBITDA Exercise Price: the price (consisting of the First Installment and
     ---------------------
     the Second Installment) to be paid by CIA to USIS and the USI Partnership
     or to Newco, as the case may be, upon exercise of the Option pursuant to
     those Trigger Events specified in Sections 5.6 and 5.7, or upon exercise of
     the USIS Put, as the case may be.

     Employees: the employees of Newco.
     ---------

     Estimated Newco Value: the value of Newco calculated by reference to the
     ---------------------
     Annualized Run Rate EBITDA, from which the amount of the First Installment
     is to be calculated, as described in Section 5.6.1.3.

     Excluded Assets: the assets of Newco, if any, which CIA specifies as being
     ---------------
     excluded from CIA's purchase of the Newco Business, as described in Section
     5.8.2.

     Exercise Price: the price (either the EBITDA Exercise Price or the Fixed
     --------------
     Exercise Price) which CIA shall pay in exchange for the Newco Shares or the
     Newco Business, as the case may be, upon exercise of the Option, as
     described in Sections 5.5, 5.6 and 5.7.

     Fair Market Value: the fair market value of the Shares on the date
     -----------------
     specified, determined in accordance with the definition of "Fair Market
     Value" contained in Section 1 of the Subscription Agreement.

     Final Newco Value: The value of Newco calculated by reference to the
     -----------------
     Modified Run Rate EBITDA, from which the amount of the Second Installment
     is to be calculated, as described in Section 5.7.2.

     First Installment: the first installment of the EBITDA Exercise Price, as
     -----------------
     described in Section 5.6.1.3.

     Fixed Exercise Price: the price ($1,000,000) to be paid by CIA to USIS and
     --------------------
     the USI Partnership or to Newco, as the case may be, upon exercise of the
     Option pursuant to those Trigger Events specified in Sections 5.5 and 5.7.

                                        4

<PAGE>

     GAAP: generally accepted accounting principles in the United States, as in
     ----
     effect from time to time.

     Guarantee: USI's guarantee of Newco's obligations under the Loan Agreement
     ---------
     and the Notes, the form of which is attached to the Loan Agreement as
     Exhibit LA-C.

     Indemnified Losses: as defined in Section 11.1.
     ------------------

     Indemnity: the indemnity to be provided by USI to CIA pursuant to Section
     ---------
     5.9.1.3 or Section 5.9.2.3, the form of which is attached as Exhibit D.

     Interim Financial Statements: the financial statements of USI and its
     ----------------------------
     consolidated Affiliates as of September 30, 1997, attached as Exhibit B.

     Joinder Agreement: the Joinder Agreement to be executed by CBC in
     -----------------
     connection with the purchase of the Shares, as described in Section 2.3.4.

     Key Employees: those employees of USI and its Affiliates listed on the
     -------------
     attached Schedule 1.

     License Agreement: the License Agreement pursuant to which CMC will
     -----------------
     license to Newco the right to use the "Chase" name, as described in Section
     4.5.1.

     Licensing Requirements: all licenses, registrations, and qualifications
     ----------------------
     which are necessary, and all other legal, governmental and regulatory
     requirements which must be satisfied, either by Newco or by its Employees,
     for the conduct of Newco's business in any specific jurisdiction.

     Loans: the credit facilities to be made available to Newco by an Affiliate
     -----
     of CMC pursuant to Section 4.4.

     Loan Agreement: the Revolving Credit and Term Loan Agreement pursuant to
     --------------
     which an Affiliate of CMC will make the Loans to Newco, as described in
     Section 4.4.1.

     Marketing Agreement: the agreement pursuant to which CIA and certain of its
     -------------------
     Affiliates will refer certain customers to Newco, as described in Section
     4.6.

                                        5

<PAGE>

     Middle Market Customers: businesses having annual sales of between $3
     -----------------------
     million and $500 million.

     Modified Run Rate EBITDA: the Annualized Run Rate EBITDA adjusted as
     ------------------------
     described in Section 5.6.2.1.

     New Owner Price: the per share price paid for shares of USI in a
     ---------------
     transaction described in Section 3.2.3.

     Newco: collectively, Chase/USI Employee Benefits and Commercial Insurance
     -----
     Agency, LLC, a Delaware limited liability company to be formed by USI in
     accordance with Section 4.1, and the Newco Subsidiaries.

     Newco Business: at any specified date, the assets of Newco (other than the
     --------------
     Excluded Assets, if any), and the liabilities of Newco to the extent they
     are reflected on Newco's balance sheet or incurred in the ordinary course
     of its business in accordance with the Business Plan, as described in
     Section 5.1.

     Newco Pledge: Newco's pledge of all its assets to secure the Loans, the
     ------------
     form of which is attached to the Loan Agreement as Exhibit LA-E.

     Newco Shares: at any specified date, all outstanding membership interests
     ------------
     and/or other forms of equity ownership, of Newco.

     Newco Subsidiaries: the subsidiaries of Newco to be formed pursuant to
     ------------------
     Section 4.2.2.2 in order to comply with the Licensing Requirements of
     certain jurisdictions.

     Notes: the Revolving Credit Note and the Term Note.
     -----

     Operating Statement: the income statement for Newco for the Trailing Twelve
     -------------------
     Months, to be prepared by USI and Newco, pursuant to Section 5.6.1.1, upon
     exercise of the Option or the USIS Put, as the case may be.

     Option: CIA's option to purchase either the Newco Shares or the Newco
     ------
     Business, as described in Article V.

     Option Closing Date: the date, to be selected by USI and CIA in accordance
     -------------------
     with Section 5.4, on which CIA's purchase of the Newco Shares or the Newco
     Business pursuant to the Option is consummated.

     Option Exercise Date: the first day of the month in which CIA delivers the
     --------------------
     Option Exercise Notice to USI, as described in Section 5.6.

                                        6

<PAGE>

     Option Exercise Notice: the notice that CIA intends to exercise the Option,
     ----------------------
     to be delivered by CIA to USI pursuant to Section 5.3.

     Party: any party to this Agreement or any of the Related Documents.
     -----

     Preferred Stock: the Series N Preferred Stock of USI.
     ---------------

     Providers: companies (other than Carriers) involved in selling or servicing
     ---------
     commercial property and casualty insurance and employee benefits products
     and/or providing support services related thereto, including without
     limitation third party administrators and health maintenance organizations.

     Purchase Price: the Purchase Price which CBC will pay to USI for the
     --------------
     Shares, as described in Article II.

     Receiving Party: as defined in the definition of "Confidential
     ---------------
     Information," above.

     Related Documents: the Joinder Agreement, the License Agreement, the Loan
     -----------------
     Agreement, the Notes, the Guarantee, the USIS Pledge, the Newco Pledge, the
     Marketing Agreement, the Subscription Agreement, and all other documents to
     be delivered pursuant hereto or thereto.

     Repurchase Date: the date on which the repurchase of the Shares by USI
     ---------------
     pursuant to the CBC Put is consummated, as described in Section 3.3.4.

     Revolving Credit Note: the promissory note to be issued by Newco in
     ---------------------
     exchange for the Revolving Credit Loan, the form of which is attached to
     the Loan Agreement as Exhibit LA-A.

     Second Installment: the second installment of the EBITDA Exercise Price, as
     ------------------
     described in Section 5.6.2.2.

     Servicing: activities relating to the ongoing processing and administration
     ---------
     of Newco's business, including without limitation those activities listed
     on the attached Schedule 3, but excluding third party administration
     services.

     Shares: any shares of the Preferred Stock purchased by CBC.
     ------

     Share Purchase Notice: the notice that Newco has been formed and
     ---------------------
     capitalized, to be delivered by USI to CBC pursuant to Section 4.1.4.

     Subcontracts and Subcontractors: as defined in Schedule 6.
     -------------------------------

                                        7

<PAGE>

     Subscription Agreement: the Subscription Agreement to be executed by CBC
     ----------------------
     and USI in accordance with Section 2.3.1.

     Substitute Carriers/Providers: as defined in Section 5.11.
     -----------------------------

     Tax: any federal, state, local or foreign income, gross receipts, license,
     ---
     payroll, employment, excise, severance, stamp, occupation, premium,
     windfall profits, environmental, customs duties, capital stock, franchise,
     profits, withholding, social security (or similar), unemployment,
     disability, real property, personal property, sales use, transfer,
     registration, value added, alternative or add-on minimum, estimated, or
     other tax of any kind whatsoever, including any interest, penalty, or
     addition thereto, whether disputed or not.

     Term Note: the promissory note to be issued by Newco in exchange for the
     ---------
     Term Loan, the form of which is attached to the Loan Agreement as Exhibit
     LA-B.

     Termination Fee: the fee payable by CIA to USI under certain circumstances,
     ---------------
     as described in Section 6.3.

     Trailing Twelve Months: the period of twelve (12) calendar months prior to
     ----------------------
     the first day of the month in which the Option Exercise Notice or the USIS
     Put Exercise Notice, as the case may be, is received, as described in
     Section 5.6.

     Transfer Consents: written acknowledgments from Carriers and Providers
     -----------------
     that, after the Option Closing Date or the USIS Put Closing Date, as the
     case may be, their agreements with Newco will continue in force (if the
     Newco Shares are purchased) or will be freely transferred to CIA (if the
     Newco Business is purchased).

     Trigger Event: an event which gives CIA the immediate right to exercise the
     -------------
     Option, as set forth in Section 5.2.

     USI: U.S.I. Holdings Corporation, a Delaware corporation.
     ---

     USI Indemnified Person: as defined in Section 11.2.
     ----------------------

     USI Partnership: a limited partnership to be formed by USI and USIS, as
     ---------------
     described in Section 4.1.2, to own at least 99% of the equity interests in
     Newco.

                                        8

<PAGE>

     USIS: USI Insurance Services Corp., a Delaware corporation wholly-owned by
     ----
     USI.

     USIS Pledge: the pledge by USIS and the USI Partnership of their respective
     -----------
     ownership interests in Newco to secure the Loans, the form of which is
     attached to the Loan Agreement as Exhibit LA-D.

     USIS Put: the right of USIS and the USI Partnership to cause CIA to
     --------
     purchase the Newco Shares or the Newco Business under certain
     circumstances, as described in Article VII.

     USIS Put Closing Date: the date, to be selected by CIA in accordance with
     ---------------------
     Section 7.5, on which CIA's purchase of the Newco Shares or the Newco
     Business pursuant to the USIS Put is consummated.

     USIS Put Exercise Date: the date on which the USIS Put Exercise Notice is
     ----------------------
     delivered to CIA.

     USIS Put Exercise Notice: the notice that USIS intends to exercise the USIS
     ------------------------
     Put, to be delivered by USIS to CIA pursuant to Section 7.4.

II. CBC INVESTMENT IN USI. CBC agrees to purchase 923,000 Shares of Preferred
    ---------------------
Stock for an aggregate purchase price of US $5,999,500 (the "Purchase Price"),
as set forth below.

2.1 Terms of the Preferred Stock. The terms of the Preferred Stock shall be as
    ----------------------------
set forth in the attached Schedule 2.

2.2 Conditions Precedent.
    --------------------

     2.2.1 The obligations of CBC to purchase the Shares hereunder shall be
     subject to the satisfaction of the following conditions precedent:

          2.2.1.1 The Share Purchase Notice shall have been delivered to CBC by
          USI in accordance with Section 4.1.4.

          2.2.1.2 The representations and warranties of USI and USIS, set forth
          in Section 9.1 hereof, shall be true, complete, and correct on and as
          of the Closing Date.

          2.2.1.3 USI, USIS, and Newco shall be in full compliance with all the
          terms and conditions of this Agreement and the Related Documents, as
          of the Closing Date.

                                        9

<PAGE>

          2.2.1.4 CBC shall have received certificates of duly authorized
          officers of USI, dated the Closing Date, substantially in the form
          attached as Exhibits J and K.

          2.2.1.5 CBC shall have received an opinion of counsel to USI (which
          counsel must be reasonably satisfactory to CBC), dated the Closing
          Date, substantially in the form attached as Exhibit L.

     2.2.2 The obligations of USI to issue and sell the Shares to CBC hereunder
     shall be subject to the following conditions precedent:

          2.2.2.1 The representations and warranties of CBC, set forth in
          Section 9.2 hereof, shall be true, complete, and correct on and as of
          the Closing Date.

          2.2.2.2 CBC shall be in full compliance with all terms and conditions
          of the Agreement and all the Related Documents, as of the Closing
          Date.

          2.2.2.3 USI shall have received certificates of duly authorized
          officers of CBC, dated the Closing Date, substantially in the form
          attached as Exhibits M and N.

          2.2.2.4 USI shall have received an opinion of in-house counsel to CBC
          and/or its Affiliates, dated the Closing Date, substantially in the
          form attached as Exhibit O.

2.3 The Closing. The Closing of the purchase and sale of the Shares shall take
    -----------
place on a date (the "Closing Date"), to be agreed between USI and CBC, within
ten (10) Business Days after CBC's receipt of the Share Purchase Notice. On the
Closing Date, the following actions shall be taken in connection therewith:

     2.3.1 Each of USI and CBC shall execute, and deliver to the other, a
     Subscription Agreement substantially in the form attached as Exhibit I.

     2.3.2 USI shall deliver to CBC stock certificates representing the Shares.

     2.3.3 CBC shall deliver the amount of $5,999,500 to USI, by wire transfer
     of immediately available funds to Citibank F.S.B., Branch #303, 260
     California Street, San Francisco, California, ABA #321-171184 FAO USI
     Insurance Services Corp., Business IMMA #601194533.

     2.3.4 CBC shall execute and deliver to USI the Joinder Agreement
     substantially in the form attached as Exhibit E.

                                       10

<PAGE>

     2.3.5 Each of USI and CBC shall deliver to the other the certificates and
     opinions of counsel referred to in Sections 2.2.1.5 and 2.2.1.6, and
     2.2.2.4 and 2.2.2.5, respectively.

III. THE CBC PUT.
     ------------

3.1 Events Giving Rise to the CBC Put Option. USI agrees to re-purchase the
    ----------------------------------------
Shares from CBC, at CBC's option (the "CBC Put"), if, at any time after the
Closing-Date,

     3.1.1 any commercial bank, any investment bank, any bank holding company,
     or any Affiliate of any commercial or investment bank or bank holding
     company, acquires ownership of a 25% (or greater) equity interest in USI;
     or

     3.1.2 any other entity or Affiliated group, other than Zurich Centre
     Investments Limited and its Affiliates, acquires ownership of a 40% (or
     greater) equity interest in USI; or

     3.1.3 Zurich Centre Investments Limited and its Affiliates acquire
     ownership of a 51 % (or greater) equity interest in USI.

For purposes of this Section 3.1, ownership of the specified percentage equity
interest of USI means the right to determine, directly or indirectly, the votes
of that percentage of the voting shares (or other equity interest) of USI, or to
appoint or cause the appointment of that percentage of the members of the board
of directors of USI; and an investment bank means any registered broker/dealer
which engages in sales and underwriting of securities, except Dillon Read & Co.
Inc.

Any acquisition of ownership described in this Section 3.1 shall be considered a
"Control Transaction."

3.2  CBC Put Price: The per-Share repurchase price which USI shall pay for
     --------------
Shares repurchased hereunder (the "CBC Put Price") shall be the greater of:

     3.2.1 the Purchase Price; or

     3.2.2 95% of the Fair Market Value on the date on which CBC delivers the
     Put Exercise Notice to USI, as the term "Fair Market Value" is defined in
     the Subscription Agreement; or

     3.2.3 95% of the per-Share purchase price paid by the entity or group in
     the Control Transaction as a result of which CBC is exercising the CBC Put
     (the "New Owner Price").

                                       11

<PAGE>

3.3  The Repurchase. Any such repurchase shall take place as follows:
     ---------------

     3.3.1 USI shall notify CBC, in writing, of the occurrence of any Control
     Transaction no later than five (5) Business Days after the sooner of the
     date on which such Control Transaction becomes publicly known or the date
     on which it becomes effective.

     3.3.2 At any time within 180 days of receipt of such notice, CBC may notify
     USI, in writing, of its wish to cause USI to repurchase the Shares (the
     "CBC Put Exercise Notice").

     3.3.3 No later than ten (10) Business Days following its receipt of the CBC
     Put Exercise Notice, USI shall deliver to CBC a written statement
     indicating the Fair Market Value and the New Owner Price, together with
     documentation, reasonably satisfactory to CBC, evidencing the calculation
     thereof.

     3.3.4 The repurchase of the Shares by USI shall take place on a date (the
     "Repurchase Date") which shall be mutually agreed by CBC and USI, provided
     that the Repurchase Date shall be not more than thirty (30) Business Days
     following the date of the CBC Put Exercise Notice. On the Repurchase Date:

          3.3.4.1 USI shall deliver to CBC, by wire transfer of immediately
          available funds to the account specified by CBC, the aggregate CBC Put
          Price; and

          3.3.4.2 CBC shall deliver to USI the certificates for the Shares being
          repurchased, duly endorsed for transfer, free and clear of any liens,
          security interests or encumbrances of any type or kind.

3.4  Nonrecourse. CBC's sale of the Shares to USI pursuant to the CBC Put shall
     ------------
     be without recourse to CBC.

IV.  DEVELOPMENT OF BROKERAGE BUSINESS.
     ----------------------------------

4.1  Formation of Newco.
     -------------------

     4.1.1 USI and USIS shall establish a new Delaware limited liability company
     under the name Chase/USI Employee Benefits and Commercial Insurance Agency,
     LLC ("Newco"), to engage exclusively in the brokerage of (i) employee
     benefit programs, (ii) commercial property and casualty insurance and
     related individual insurance needs of commercial customers, and (iii)
     related consulting and Servicing activities. Newco's

                                       12

<PAGE>

     business activities may include, without limitation, the following: risk
     management and loss control, analysis of loss exposures and designs,
     insurance loss reserves and rate reviews, performance of cash flow studies,
     administration of risk funding and transfer techniques, captive company
     formation, self-insurance consulting, reinsurance placement, management of
     insurance programs, and the provision of third party administration, and
     such other activities as may be mutually agreed by CIA and USI. The
     Certificate of Formation and the Operating Agreement of Newco shall be
     substantially in the form attached as Exhibit P.

     4.1.2 Newco shall have two members: USIS (the sole manager, the sole voting
     member, and holder of up to 1 % of Newco's equity), and a limited
     partnership to be established by USI (the "USI Partnership"). USIS will be
     the general partner of the USI Partnership, and USI will be the limited
     partner of the USI Partnership.

     4.1.3 USI shall cause USIS and the USI Partnership to make capital
     contributions to Newco in the aggregate amount of $1,000,000 in cash.

     4.1.4 USI agrees that Newco shall be formed in accordance with this Section
     4.1 within ten (10) Business Days after execution of this Agreement. USI
     shall provide to CBC written evidence of Newco's organization (the "Share
     Purchase Notice") as soon as practicable thereafter, so that the Closing
     Date may be agreed between USI and CBC. USI further agrees that Newco shall
     be capitalized within one (1) Business Day after the Closing, and USI shall
     provide to CIA written evidence of such capitalization within two (2)
     Business Days thereafter.

4.2  Business and Operation of Newco.
     -------------------------------

     4.2.1 Subject in all cases to the terms of this Agreement and the Related
     Documents, USI and USIS shall be responsible for overseeing the operations
     of Newco and managing the development of its business, including without
     limitation the following:

          4.2.1.1 appointing all directors of Newco;

          4.2.1.2 recruiting, training, developing, and managing all Employees
          of Newco, including both sales and Servicing capabilities;

          4.2.1.3 developing internal accounting and control functions;

          4.2.1.4 maintaining the Newco books and financial records in
          accordance with GAAP, consistently applied;

                                       13

<PAGE>

          4.2.1.5 maintaining complete and adequate corporate records of Newco;

          4.2.1.6 establishing and maintaining management systems to record,
          monitor, and analyze (i) all material customer complaints; (ii) all
          complaints and inquiries from regulatory and law enforcement agencies
          which could reasonably be expected to affect Newco's ability to
          conduct its business in accordance with this Agreement, the Business
          Plan, and the other Related Documents; (iii) the occurrence of events
          which could give rise to claims-related losses or lead to litigation
          in connection with the insurance policies and employee benefits
          programs sold by Newco; (iv) substantive changes in Newco's
          relationships with Carriers and Providers; and (v) all such other data
          and information relevant to qualitative analysis of Newco's business
          activities as CIA may reasonably request.

          4.2.1.7 leasing and maintaining appropriate premises for Newco's
          operations and customer interaction;

          4.2.1.8 obtaining appropriate operating equipment, including computer
          hardware and software and telecommunications facilities;

          4.2.1.9 assuring regulatory compliance;

          4.2. 1.10 directing business development and customer solicitation;

          4.2.1.11 securing and maintaining agreements with the key Carriers and
          Providers listed on the attached Schedule 4, and with such other
          Carriers and Providers as USI and CIA may agree are appropriate to
          support the business referred to Newco under the Marketing Agreement;
          and

          4.2.1.12 developing, with the appropriate Carriers and Providers, a
          product range and expertise sufficient to support the business
          referred to Newco under the Marketing Agreement.

     4.2.2 USI and USIS shall be responsible for assuring that Newco (and its
     Employees, as necessary) complies with the Licensing Requirements of all
     relevant jurisdictions, as follows:

          4.2.2.1 USI and USIS shall use their best efforts to assure that, no
          later than thirty days after its formation, Newco (and its Employees)
          shall have complied with the Licensing Requirements of the states

                                       14

<PAGE>

          of New York, New Jersey and Connecticut. In any case, Newco and its
          Employees shall be in compliance with such Licensing Requirements as
          soon as possible thereafter.

          4.2.2.2 As soon as practicable following a written request by CIA,
          Newco (and its Employees) shall have complied with the Licensing
          Requirements of the states listed on the attached Schedule 5. To the
          extent that compliance with the Licensing Requirements of any
          jurisdiction(s) requires a locally incorporated entity, Newco shall
          form such subsidiaries in such jurisdictions (the "Newco
          Subsidiaries") and shall cause the Newco Subsidiaries to take all such
          actions as shall be necessary or appropriate to comply with such
          Licensing Requirements. USI agrees that, where possible, all Newco
          Subsidiaries shall be organized as limited liability companies.
          References to Newco in this Agreement and the Related Documents shall
          refer equally to the Newco Subsidiaries.

          4.2.2.3 To the extent that Newco is presented with new business
          opportunities requiring compliance with the Licensing Requirements of
          any other state or jurisdiction, Newco (and its Employees) shall, as
          soon as practicable thereafter, comply with such Licensing
          Requirements. To the extent necessary pending Newco's compliance with
          any such requirements, USI or USIS shall cause one of its Affiliates
          to engage in such new business, and, promptly upon Newco's compliance
          with such Licensing Requirements, USI or USIS shall cause such
          Affiliate to transfer such new business to Newco, without cost. The
          foregoing notwithstanding, it is understood that, if CIA confirms in
          writing that compliance with the Licensing Requirements of any
          specified jurisdiction is not commercially reasonable in view of the
          limited prospective business for Newco in such jurisdiction, then,
          until such time as CIA may reverse such determination, Newco shall not
          be compelled to comply with the Licensing Requirements of such
          jurisdiction. In any such case, USI or USIS shall cause one of its
          Affiliates to engage in the proposed new business in such
          jurisdiction. At any time up to and including the Option Closing Date
          or the USIS Put Closing Date, as the case may be, upon CIA's request,
          USI shall cause such Affiliate to transfer such new business to CIA,
          without cost.

          4.2.2.4 In any case where, pursuant to Section 4.2.2.3, USI or one of
          its Affiliates is engaging in business on behalf of Newco, USI or such
          Affiliate shall be entitled to 60% of the Commission Revenue paid by
          the relevant Carrier or Provider to, or retained by, US[ or such
          Affiliate, with the remainder of such Commission Revenue to

                                       15

<PAGE>

          be promptly paid by USI or such Affiliate to Newco (to the extent
          permitted by applicable Licensing Requirements).

     4.2.3 USI and USIS shall cause the development, within Newco, of an
     internal Servicing capability for Newco's property and casualty and
     employee benefits brokerage business. Such unit shall be a cohesive
     business unit, staffed by and reporting to Newco Employees, capable of
     functioning entirely independently of USI and its Affiliates and, on that
     basis, of Servicing all of Newco's existing and projected property and
     casualty and employee benefits business without reliance on external
     Servicing resources. Such capability shall be in place no later than two
     (2) years following the date hereof. (It is understood that, with respect
     to employee benefits business, internal Servicing capability shall be in
     place prior to the commencement of Newco's operations.) In the interim
     period between the formation of Newco and the implementation of a full
     Servicing capability for property and casualty business hereunder, USI
     shall, or shall cause its Affiliates to, perform such Servicing activities
     as Newco's business may require, to the extent Newco is unable to perform
     such activities internally. As compensation for the performance of such
     Servicing activities, USI or its Affiliate, as the case may be, shall be
     entitled to receive 60% of the Commission Revenue paid by the relevant
     Carrier or Provider to, or retained by, Newco or USI or such Affiliate with
     respect to the relevant Newco customers; the remainder of such Commission
     Revenue shall be payable to Newco.

     4.2.4 USI and USIS shall ensure that:

          4.2.4.1 the organizational and governing documents of Newco are not
          amended in any way inconsistent with the terms of this Agreement or
          any of the Related Documents;

          4.2.4.2 Newco is operated at all times substantially in accordance
          with all terms of this Agreement, the Business Plan, and the other
          Related Documents;

          4.2.4.3 USIS and the USI Partnership remain the sole members of Newco,
          and no other person or entity owns any equity interest in Newco;

          4.2.4.4 USIS remains wholly-owned by USI;

          4.2.4.5 USIS remains the sole general partner of the USI Partnership;

                                       16

<PAGE>

          4.2.4.6 USI remains the sole limited partner of the USI Partnership;

          4.2.4.7 Newco does not form or acquire any subsidiaries other than the
          Newco Subsidiaries;

          4.2.4.8 Newco is at all times in compliance with all material laws and
          regulations;

          4.2.4.9 Newco and its Employees remain in compliance with all material
          terms of the applicable Licensing Requirements of New York, New
          Jersey, Connecticut, Texas and all other jurisdictions in which
          Newco's business activities require such compliance;

          4.2.4.10 Newco's employment policies and practices conform to those
          set forth in the attached Schedule 6;

          4.2.4.11 Newco maintains insurance coverage in accordance with the
          attached Schedule 7;

          4.2.4.12 all of Newco's dealings with USI and its other Affiliates are
          conducted on an arms'-length basis; all such dealings relating to the
          provision of marketing and other services (except those referred to in
          the second sentence of Section 4.2.2.3, Section 4.2.2.4, and the last
          two sentences of Section 4.2.3, unless applicable Licensing
          Requirements or other laws and regulations provide otherwise) are
          documented in written agreements, which must be in form and substance
          satisfactory to CIA; and all such dealings are accurately recorded and
          readily identifiable on the books and records of USI, Newco, and their
          Affiliates;

          4.2.4.13 Newco delivers to CIA, on a timely basis, the financial
          statements and other reports listed on the attached Schedule 8;

          4.2.4.14 Newco delivers to CIA, promptly upon CIA's request, such
          qualitative or trending analyses of Newco's business as CIA may
          reasonably require;

          4.2.4.15 all of Newco's agreements with Carriers and Providers are
          documented in written contracts, which must be in form and substance
          reasonably satisfactory to CIA;

          4.2.4.16 to the extent possible, with the exertion of USI's best
          efforts, all of Newco's agreements with Carriers and Providers are on
          terms (including without limitation compensation, terms of

                                       17

<PAGE>

          coverage, and pricing) no less favorable than the terms offered by the
          relevant Carriers and Providers to other similarly situated USI
          Affiliates;

          4.2.4.17 except as otherwise specifically provided herein or in the
          Business Plan, Newco is the agent, or is recognized as the broker of
          record, on all agreements with Carriers and Providers involving
          commercial property and casualty insurance, life insurance, and
          employee benefits programs offered to customers of CIA or its
          Affiliates under the Marketing Agreement;

          4.2.4.18 Newco and the Newco Subsidiaries make all filings and
          payments related to Taxes in a timely and accurate fashion; and

          4.2.4.19 For federal, state and local income and franchise tax
          purposes, Newco and each of the Newco Subsidiaries do not elect to be
          classified as associations and either (i) will be classified as a
          partnership, or (ii) will not be regarded as entities separate from
          their owners pursuant to the default classification of Income Tax
          Regulation Section 1.7701-3(b)(i) and (ii).

4.3  Acquisition(s) and Expansion by USI.
     -----------------------------------

     4.3.1 USI acknowledges its intent, in the near term, to acquire one or more
     property and casualty insurance agencies in the Northeastern United States
     to supplement the capabilities of Carpenter and Pelton, Inc., one of USI's
     existing subsidiaries. USI and CIA agree that such acquisition(s) are
     crucial to Newco's success. Therefore, USI covenants and agrees with CIA
     that USI will, within 15 (fifteen) calendar months after the date hereof,
     complete the acquisition of one or more such agencies with an aggregate of
     at least $8 million in annual commission revenue, having broad capability
     in placing property and casualty insurance and focused primarily on Middle
     Market customers in New York, New Jersey, and Connecticut (each such
     acquisition, an "Agency Acquisition", and each agency so acquired, an
     "Acquired Agency"). To satisfy the requirement of this Section 4.3.1, the
     Acquired Agency/ies must be reasonably satisfactory to CIA, in view of
     Newco's anticipated business needs.

     4.3.2 In addition, USI shall develop, within such 15-month period,
     acceptable levels of expertise in all specialties necessary to conduct
     Newco's business properly, including without limitation those described on
     the attached Schedule 9.

                                       18

<PAGE>

4.4  Loans to Newco.
     ---------------

     4.4.1 An Affiliate of CMC shall make available to Newco, on terms and
     conditions set forth in the Revolving Credit and Term Loan Agreement, the
     form of which is attached as Exhibit G (the "Loan Agreement") and the
     Note(s), credit facilities (the "Loans") in an amount up to $4,000,000.

     4.4.2 USI agrees to guarantee Newco's obligations under the Loan Agreement
     and the Notes by executing and delivering the Guarantee to the CMC
     Affiliate acting as lender.

     4.4.3 As further security for the Loans, USI agrees to cause USIS, the USI
     Partnership, and Newco to execute and deliver the USIS Pledge and the Newco
     Pledge.

4.5 License of Chase and USI Name. Prior to or immediately upon the formation of
    -----------------------------
Newco, Newco, USI, and CMC shall enter into a License Agreement, substantially
in the form attached as Exhibit F-1, pursuant to which CMC will license to
Newco the right to use the "Chase" name, subject to the terms, conditions, and
restrictions set forth therein.

4.6 Marketing Agreement. Newco, USI, and CIA and/or its relevant Affiliates
    -------------------
shall enter into a Marketing Agreement, substantially in the form attached as
Exhibit H, pursuant to which CIA and/or such Affiliates would refer to Newco
certain of their commercial customers for their property and casualty insurance
and employee benefits program needs. The Marketing Agreement shall be executed
by the parties thereto no later than five (5) Business Days after the date of
the Share Purchase Notice.

V.   CIA'S PURCHASE OPTION.
     ---------------------

5.1 The Option. At any time after November 30, 2000, and at any time within 180
    ----------
days after CIA learns of the occurrence of any other Trigger Event, CIA shall
have the irrevocable option (the "Option") to purchase, in its sole discretion,
either (i) all the membership interests, or other forms of equity ownership, of
Newco (the "Newco Shares"), or (ii) the assets of Newco, and those liabilities
of Newco (including the Loans) which are reflected on the most recent balance
sheet delivered pursuant to Schedule 8, or which are incurred in the ordinary
course of its business in accordance with the Business Plan (collectively, the
"Newco Business").

5.2 Trigger Event: Any of the following shall be considered a Trigger Event
    -------------
hereunder:

     5.2.1 the date November 30, 2000;

                                       19

<PAGE>

     5.2.2 the exercise of the CBC Put;

     5.2.3 any breach by USI or any of its Affiliates of any provision of this
     Agreement or any of the Related Documents, which breach remains uncured for
     a period of ten (10) Business Days following receipt by USI from CIA of
     written notice of such breach (or, if such breach cannot be cured within
     such ten-day period, USI and its Affiliates do not continue in good faith
     to effect such cure, provided that such cure must be effected in any event
     within ninety (90) days following receipt by USI of such notice of breach);

     5.2.4 an Event of Default specified under Section 7.1 of the Loan
     Agreement;

     5.2.5 the delivery of the notice of termination by USI to CIA pursuant to
     Section 6.2;

     5.2.6 the termination of the Marketing Agreement by Newco/USI/USIS pursuant
     to Section 11.1.1, or by CIA pursuant to Section 11.1.3, of the Marketing
     Agreement; or

     5.2.7 the termination of the License Agreement.

5.3 Method of Exercise. If CIA determines to exercise the Option, it shall give
    ------------------
USI written notice (the "Option Exercise Notice") of its intention to do so.

5.4 Option Closing Date. The closing of CIA's acquisition of the Newco Shares or
    -------------------
the Newco Business pursuant to the Option shall take place on a date (the
"Option Closing Date") to be mutually agreed by USI and CIA, which date shall
be:

     5.4.1 if the applicable Exercise Price is the Fixed Exercise Price, not
     more than ninety (90) days following USI's receipt of the Option Exercise
     Notice; or

     5.4.2 if the applicable Exercise Price is the EBITDA Exercise Price, not
     more than ninety (90) days following determination of the amount of the
     First Installment by USI pursuant to Section 5.6.1.3 or, if CIA objects to
     USI's calculation of the First Installment pursuant to Section 5.6.3.1,
     then not more than ten (10) days following the decision of the Arbiter
     pursuant to Section 5.6.3.3.

                                       20

<PAGE>

5.5 Fixed Exercise Price. If CIA exercises the Option pursuant to a Trigger
    --------------------
Event described in Sections 5.2.3 or 5.2.4, the Exercise Price shall be
$1,000,000 (the "Fixed Exercise Price").

5.6 EBITDA Exercise Price. If CIA exercises the Option pursuant to a Trigger
    ---------------------
Event described in Sections 5.2.1, 5.2.5, 5.2.6, or 5.2.7 the Exercise Price
shall be the EBITDA Exercise Price, which shall be calculated by reference to
Newco's financial results for the period of twelve (12) calendar months prior to
the first day of the month in which the Option Exercise Notice is given (the
"Option Exercise Date"), adjusted as provided below. (For purposes hereof such
twelve month period (preceding the Option Exercise Date) is referred to as the
"Trailing Twelve Months.") The EBITDA Exercise Price shall be comprised of two
successive payments, a "First Installment" and a "Second Installment."

     5.6.1 The First Installment shall be payable on the Option Closing Date and
     shall be calculated as follows:

          5.6.1.1 Promptly upon receipt of the Option Exercise Notice (and in
          any event no later than thirty (30) days thereafter), USI and Newco
          shall prepare an income statement (the "Operating Statement") for
          Newco for the Trailing Twelve Months. The Operating Statement is to be
          prepared in accordance with GAAP, showing the actual EBITDA for the
          Trailing Twelve Months.

          5.6.1.2 The Operating Statement and calculation of EBITDA will then be
          adjusted by USI/Newco as follows:

          (i) To the extent the Customer Revenue for any account which is not in
          lapse or terminated for non-payment by a Carrier or Provider has been
          recognized by Newco in the Trailing Twelve Months at less than the
          annual income from the related account, the income reflected on the
          Operating Statement will be adjusted upward to reflect the annual
          Customer Revenue for such account.

          (ii) Any Customer Revenue from an account which has been canceled as
          of the Option Exercise Date (or which Newco knows will be canceled
          during the six month period following the Option Exercise Date), or
          which is in lapse or has been terminated for nonpayment by a Carrier
          or Provider as of the Option Exercise Date, will be deducted from the
          annual income reflected on the Operating Statement for such account.

          (iii) If any account(s) with effective dates on or prior to the Option
          Exercise Date have been placed with a Carrier or Provider, but
          Customer Revenue from such account(s) has not yet been

                                       21

<PAGE>

          recorded as income on the Operating Statement, the income reflected on
          the Operating Statement will be adjusted upward in an amount equal to
          the annual Customer Revenue to be received from such account(s).

          (iv) The expense reflected on the Operating Statement will be adjusted
          upward or downward, as the case may be, to reflect the appropriate
          annual commission and bonus expense for the increases and decreases in
          Customer Revenue determined in accordance with (i), (ii), and (iii)
          above.

          (v) Expense reflected on the Operating Statement for salary, payroll
          taxes, and employee benefits will be adjusted upward or downward, as
          the case may be, to reflect all Employees on the then most current
          payroll register (except those whose employment has been terminated
          prior to the Option Exercise Date), plus those positions which are
          then vacant but are expected to be filled, as if such Employees were
          employed, and such positions were filled, during the entire Trailing
          Twelve Months.

          (vi) All fees paid to CIA or its Affiliates pursuant to the License
          Agreement or the Marketing Agreement will be deducted from the expense
          reflected on the Operating Statement.

          (vii) Income and expense reflected in the Operating Statement will be
          adjusted downward to reflect the deduction of non-recurring income and
          expense items not directly related to the sales and Servicing of
          Newco's customer accounts.

          (viii) The amount of expense reflected in the Operating Statement will
          be adjusted upward to reflect annual expenses related to all
          contractual commitments which exist at the Option Exercise Date.

          (ix) The amount of expense reflected in the Operating Statement will
          be adjusted downward to reflect the reduction of annual expenses
          attributable to contractual commitments, if any, which existed during
          a part of the Trailing Twelve Months but which (a) are no longer in
          force as of the day after Option Exercise Date, or which Newco knows
          will be terminated during the Adjustment Period (as defined below), or
          (b) which have been amended, as of the day after the Option Exercise
          Date, to reflect terms more favorable than those by reference to which
          the Annualized Run Rate EBITDA was calculated, or which Newco knows
          are to be so amended during the Adjustment Period.

                                       22

<PAGE>

          For purposes hereof, EBITDA adjusted in accordance with this Section
          5.6.1.2 is referred to as the "Annualized Run Rate EBITDA."

          5.6.1.3 The Estimated Newco Value shall be (i) the Annualized Run Rate
          EBITDA, (ii) times 5.1; and the First Installment shall be equal to
          75% of the Estimated Newco Value, less the amount of principal and
          accrued unpaid interest outstanding under the Loan Agreement as of the
          Option Closing Date.

          5.6.1.4 USI and Newco shall be responsible for the calculation of the
          Estimated Newco Value and the First Installment, and shall notify CIA
          of the results of such calculation no later than sixty (60) days
          following the Option Exercise Date. Such notice shall be accompanied
          by a written explanation of such calculation, including itemized
          reconciliation and support documentation reasonably satisfactory to
          CIA. It is understood, further, that CIA may participate in
          USI's/Newco's calculations hereunder to the extent CIA shall deem it
          appropriate or expedient.

     5.6.2 The Second Installment shall be calculated based on adjustments to
     the Annualized Run Rate EBITDA, as described below, as necessary to reflect
     certain customer cancellations or nonpayments during the period of six (6)
     calendar months following the Option Exercise Date (the "Adjustment
     Period").

          5.6.2.1 Promptly after the end of the Adjustment Period (and in any
          case no later than ten (10) Business Days thereafter), CIA (or its
          successor in interest or assignee) shall calculate a revised
          Annualized Run Rate EBITDA (the "Modified Run Rate EBITDA"), which
          reflects deletion of annualized income and expense amounts related to
          accounts which are in lapse or which have been terminated for
          non-payment by a Carrier or Provider during the Adjustment Period, and
          for which adjustments were made in the calculation of the Annualized
          Run Rate EBITDA pursuant to Section 5.6.1.2(i), (iii), and/or (iv).

          5.6.2.2 For purposes of determining the Second Installment, the Final
          Newco Value shall be (i) the Modified Run Rate EBITDA, (ii) less
          accounts receivable which are overdue by ninety (90) days or more
          (after applying applicable reserves), to the extent such accounts
          receivable were not deducted pursuant to Section 5.6.2.1, (iii) times
          5.1; and the Second Installment shall be an amount equal to (a) the
          Final Newco Value, (b) less the First Installment, (c) less the amount
          of principal and accrued interest outstanding under the

                                       23

<PAGE>

          Loan Agreement as of the Option Closing Date, (d) less the amount of
          any nonrecurring liabilities which have not been paid for which a
          reserve was taken or should have been taken in accordance with GAAP,
          as of the day immediately preceding the Option Closing Date, (e) less
          accounts payable which are overdue, as of the day immediately
          preceding the Option Closing Date.

          5.6.2.3 CIA shall be responsible for the calculation of the Final
          Newco Value and the amount of the Second Installment, and shall notify
          USI of the results of such calculation no later than thirty (30) days
          following the end of the Adjustment Period. Such notice shall be
          accompanied by a written explanation of such calculation, including
          itemized reconciliation and support documentation reasonably
          satisfactory to USI.

          5.6.2.4 The Second Installment shall be payable by CIA to USIS and the
          USI Partnership or to Newco, as the case may be (or, if the amount of
          the Second Installment is a negative number, by USIS and the USI
          Partnership or by Newco, as the case may be, to CIA) no later than ten
          (10) Business Days following USI's receipt of CIA's calculation
          thereof in accordance with Section 5.6.2.3, subject in all cases to
          the provisions of Section 5.6.3, below.

     5.6.3 Each of CIA or USI shall have the right to review and challenge the
     calculation made by the other hereunder, as follows:

          5.6.3.1 From the date of USI's receipt of the Option Exercise Notice,
          CIA shall be granted full access to the books and records of Newco
          and, as relevant, to those of USI and its other Affiliates providing
          services to Newco. CIA shall have thirty (30) days after receipt of
          USI's calculation of the First Installment to give USI written notice
          of any objection CIA may have to such calculation.

          5.6.3.2 Following the Option Closing Date, CIA shall inform USI of all
          accounts which have lapsed or been canceled for non-payment and which
          are to be reflected in CIA's calculation of the Second Installment,
          and USI shall have thirty (30) days after receipt of such calculation
          to give CIA written notice of any objection USI may have thereto.

          5.6.3.3 If during either such 30-day period, either Party receives
          such an objection from the other, then USI and CIA shall endeavor to
          agree upon the amount of the First Installment or the Second
          Installment, as the case may be. If they are unable, within thirty
          (30) days, to so agree, then the issue shall be submitted for

                                       24

<PAGE>

          resolution to a qualified independent Arbiter in accordance with the
          procedures set forth in the attached Schedule 10.

5.7 Exercise Price When CBC Put Exercise is Trigger Event. If CIA exercises the
    -----------------------------------------------------
Option pursuant to a Trigger Event described in Section 5.2.2, the Exercise
Price shall be the greater of the Fixed Exercise Price or the EBITDA Exercise
Price.

5.8 Election of Newco Shares or Newco Business: Exclusion of Certain Assets.
    -----------------------------------------------------------------------

     5.8.1 Not less than 45 (forty-five) days prior to the Option Closing Date,
     CIA shall notify USI, in writing, whether CIA will purchase the Newco
     Shares or the Newco Business.

     5.8.2. It is understood that, if CIA elects to purchase the Newco Business
     pursuant to the Option, CIA may, at any time up to and including the day
     ten (10) Business Days prior to the Option Closing Date, give Newco written
     notice specifying any assets of Newco as being excluded from CIA's purchase
     of the Newco Business, in which case such specified assets (the "Excluded
     Assets") shall not be transferred to CIA on the Option Closing Date and
     shall be retained by Newco. It is understood that CIA may designate as
     Excluded Assets only those assets of Newco which CIA is prohibited from
     owning by laws, regulations, orders, rulings, or judgments of legislative,
     regulatory, or judicial bodies having jurisdiction over CIA.

5.9 The Option Closing.
    ------------------

     5.9.1 If the Exercise Price is the Fixed Exercise Price, then, on the
     Option Closing Date:

          5.9.1.1 CIA shall pay to USIS and the USIS Partnership (in the event
          of a purchase of the Newco Shares) or Newco (in the event of a
          purchase of the Newco Business) the Exercise Price, by wire transfer
          of immediately available funds to the account specified by USI or
          Newco, as the case may be, at least three (3) Business Days prior to
          the Option Closing Date;

          5.9.1.2 USI, USIS, the USI Partnership, and/or Newco shall deliver to
          CIA such documents, instruments, and other items, in form and
          substance reasonably satisfactory to CIA, as CIA may determine are
          necessary or appropriate in connection with the transfer to CIA of
          good title to the Newco Shares or the Newco Business, as the case may
          be, including without limitation evidence

                                       25

<PAGE>

          of membership in Newco, bills of sale, assignments, liability
          assumption agreements, representations and warranties, opinions of
          counsel, officers' certificates, etc., and items related to the tax
          deductibility for CIA of the Exercise Price (including any principal
          and interest under the Loan Agreement applied to the Exercise Price)
          and any election under Internal Revenue Code Sections 338(h)(10) or
          754 or comparable state and local provisions;

          5.9.1.3 USI shall deliver to CIA an Indemnity, substantially in the
          form attached as Exhibit D, pursuant to which USI will indemnify CIA,
          its designee (if any), and their respective Affiliates for (i) any
          loss, damage, or expense (including without limitation fees and
          expenses of legal counsel) arising out of any actual or alleged
          malfeasance, bad faith, or negligence of USI, Newco, any other USI
          Affiliate, or any of their respective employees, directors, officers,
          or agents, in the conduct of Newco's business prior to the Option
          Closing Date, and (ii) any obligations of Newco, including without
          limitation obligations for the payment of Taxes, incurred prior to, or
          arising out of Newco's activities prior to, the Option Closing Date
          (other than those liabilities reflected on the most recent balance
          sheet of Newco delivered pursuant to Schedule 8 and incurred in the
          ordinary course of business in accordance with the Business Plan);

          5.9.1.4 USI and Newco shall use their best efforts to deliver to CIA
          written acknowledgment, from each Carrier and Provider with which
          Newco has an agreement, that such agreement will continue in force (if
          the Newco Shares are purchased), or be freely transferred to CIA (if
          the Newco Business is purchased), after the Option Closing Date (such
          acknowledgments hereinafter referred to as the "Transfer Consents");

          5.9.1.5 In the case of a purchase of the Newco Business, CIA shall
          deliver to Newco such documents as may be necessary to evidence the
          assumption by CIA of those liabilities of Newco which are included in
          the Newco Business (as described in Section 5.1); and

          5.9.1.6 USI shall receive a release of the Guarantee from the lender
          under the Loan Agreement.

     5.9.2 If the Exercise Price is the EBITDA Exercise Price, then:

          5.9.2.1 on the Option Closing Date, CIA shall pay to USIS and the USI
          Partnership (in the event of a purchase of the Newco Shares)

                                       26

<PAGE>

          or to Newco (in the event of a purchase of Newco Business) the First
          Installment, by wire transfer of immediately available funds to the
          account specified by USIS or Newco, as the case may be, at least three
          (3) Business Days prior to the Option Closing Date;

          5.9.2.2 on the Option Closing Date, USI, USIS, the USI Partnership,
          and/or Newco shall deliver to CIA such documents, instruments, and
          other items, in form and substance satisfactory to CIA, as CIA may
          determine are necessary or appropriate in connection with the transfer
          to CIA of good title to the Newco Shares or the Newco Business, as the
          case may be, including without limitation evidence of membership in
          Newco, bills of sale, assignments, liability assumption agreements,
          representations and warranties, opinions of counsel, officers'
          certificates, etc., and items related to the tax deductibility for CIA
          of the Exercise Price (including any principal and interest under the
          Loan Agreement applied to the Exercise Price) and any election under
          Internal Revenue Code Sections 338(h)(10) or 754 or comparable state
          and local provisions;

          5.9.2.3 USI shall deliver to CIA an Indemnity, substantially in the
          form attached as Exhibit D, pursuant to which USI will indemnify CIA,
          its designee (if any), and their respective Affiliates for (i) any
          loss, damage, or expense (including without limitation fees and
          expenses of legal counsel) arising out of any actual or alleged
          malfeasance, bad faith, or negligence of USI, Newco, any other USI
          Affiliate, or any of their respective employees, directors, officers,
          or agents, in the conduct of Newco's business prior to the Option
          Closing Date, and (ii) any obligations of Newco, including without
          limitation obligations for the payment of Taxes, incurred prior to, or
          arising out of Newco's activities prior to, the Option Closing Date
          (other than those liabilities reflected on the most recent balance
          sheet of Newco delivered pursuant to Schedule 8 and incurred in the
          ordinary course of business in accordance with the Business Plan); and

          5.9.2.4 USI and Newco shall use their best efforts to deliver to CIA
          Transfer Consents from each Carrier and Provider with which Newco has
          an agreement;

          5.9.2.5 subject to the provisions of Section 5.6.3, on the date
          forty-five (45) days after the Adjustment Date (the "Second
          Installment Payment Date"), CIA shall pay the Second Installment to
          USIS and the USI Partnership or to Newco, as the case may be (or, if
          the amount of the Second Installment is a negative number,

                                       27

<PAGE>

          USIS and the USI Partnership or Newco, as the case may be, shall pay
          the Second Installment to CIA), by wire transfer of immediately
          available funds to the account specified by USI (or by CIA) at least
          three (3) Business Days prior to the Second Installment Payment Date;

          5.9.2.6 In the case of a purchase of the Newco Business, CIA shall
          deliver to Newco such documents as may be necessary to evidence the
          assumption by CIA of those liabilities of Newco which are included in
          the Newco Business (as described in Section 5.1); and

          5.9.2.7 USI shall receive a release of the Guarantee from the lender
          under the Loan Agreement.

5.10 Employees. The Parties agree to follow the procedures set forth in Section
     ---------
4 of Schedule 6.

5.11 Continued Access to Carriers and Providers. To the extent that USI and
     ------------------------------------------
Newco are unable to provide the Transfer Consents required by Section 5.9.1.4
and 5.9.2.4, USI shall use its best efforts to arrange for CIA to establish
appropriate relationships with other Carriers and Providers, of the same or
higher A.M. Best rating, which are capable of offering comparable products to
CIA customers (each, a "Substitute Carrier/Provider") provided that such
Carriers and Providers must be acceptable to CIA. To the extent USI is unable to
provide either the Transfer Consents or such relationships with Substitute
Carriers/Providers acceptable to CIA, USI shall, upon CIA's request, provide
access to such Carriers and Providers for the business activities of Newco (or
CIA, in the case where the Newco Business is acquired) for a period of five (5)
years following the Option Closing Date. In furtherance hereof, USI and Newco
(or CIA) shall enter into a sub-broker agreement, sub-contract, or other
agreement of similar purpose and effect whereby Newco (or CIA) shall have access
to such Carriers and Providers on terms no less favorable (including without
limitation, pricing, type of coverage, and compensation) as USI or its similarly
situated Affiliates enjoy from time to time. For providing such access, USI
shall be entitled to receive 60% of the Customer Revenue paid by the relevant
Carrier or Provider to, or retained by, USI or an Affiliate thereof, with the
remainder of such Customer Revenue to be promptly paid to Newco (or CIA)
pursuant to the sub-broker agreement, sub-contract or other agreement between
the parties contemplated hereby.

5.12 Use of USI Name. Promptly after the Option Closing Date, if CIA elects to
     ---------------
purchase the Newco Shares, Newco shall cease using the USI name, and CIA shall
cause the name of Newco to be changed to a name not including the name "USI".

                                       28

<PAGE>

5.13 Expenditures Following Option Exercise Date. USI agrees that, during the
     -------------------------------------------
period from the date of receipt of the Option Exercise Notice until the Option
Closing Date, Newco shall not make, or commit to make, any single expenditure
for physical assets in excess of $15,000 without CIA's prior written consent.

5.14 No Encumbrance: During the term hereof, USI agrees that it will not, nor
     ---------------
will it permit Newco to, sell, pledge, hypothecate, or otherwise transfer or
encumber, any of the Newco Shares or any of the assets included in the Newco
Business, nor will USI permit the attachment of any lien or other encumbrance
thereon, except as provided in the Newco Pledge. USI shall notify CIA promptly
upon the attachment of any lien or other encumbrance on any of the Newco Shares
or any of the assets included in the Newco Business. USI shall assure that the
Newco Shares and Newco Business are freely transferable to CIA without any
consent of, or action by, any other party, except as required by law.
Notwithstanding the foregoing, Newco may sell, transfer, or encumber its assets
in the ordinary course of its business in accordance with the Business Plan,
subject to the terms of the Newco Pledge.

VI. REVIEW DATES FOR NEWCO'S PERFORMANCE
    ------------------------------------

6.1 USI's Right to Terminate. USI shall have the right, upon sixty (60) days'
    ------------------------
prior written notice to CIA, to terminate this Agreement if Newco's cumulative
total revenue is less than 70% of the amount projected in the Business Plan for
the fiscal year ended on December 31, 1998, or for any semi-annual period ending
on any June 30 or December 31 thereafter, through and including December 31,
2000.

6.2 Notice of Termination. USI's notice of termination hereunder shall be
    ---------------------
delivered to CIA within thirty (30) days after the end of the relevant fiscal
period referred to in Section 6.1.

6.3 Termination Payment. On the day sixty (60) days following CIA's receipt of
    -------------------
USI's notice of termination hereunder, CIA shall pay to USI a termination fee
(the "Termination Fee") of $2.5 million; provided, however, that if, prior to
such date, CIA delivers the Option Exercise Notice pursuant to Section 5.3, then
no Termination Fee shall be due.

VII. USIS's PUT OPTION.
     -----------------

7.1 The USIS Put. At any time on or after May 31, 2002, USIS and the USI
    ------------
Partnership shall have the right to cause CIA, to purchase either the Newco
Shares or the Newco Business (at CIA's option), subject to the terms and
conditions hereinafter set forth.

                                       29

<PAGE>

7.2  Conditions to Exercise of the USIS Put.
     --------------------------------------

     7.2.1 USIS and the USI Partnership shall have the right to exercise the
     USIS Put only if USI is able to provide to CIA Transfer Consents, dated no
     earlier than ninety (90) days prior to the USIS Put Exercise Date, of
     Carriers and Providers accounting for at least (i) 80% of the annual
     Commission Revenue attributable to sales and Servicing of property and
     casualty insurance policies, and (ii) 80% of the annual Commission Revenue
     attributable to sales and Servicing of employee benefits programs,
     calculated in each case for the Trailing Twelve Months making the
     adjustments set forth in Section 5.6.1.2. It is understood that, to the
     extent USI is unable to provide Transfer Consents from the requisite
     Carriers and Providers hereunder, USI may arrange for CIA to establish
     appropriate relationships with Substitute Carriers/Providers acceptable to
     CIA.

     7.2.2 Anything herein to the contrary notwithstanding, it is understood
     that CIA shall have no obligation pursuant to the USIS Put to the extent
     that CIA's acquisition of the Newco Shares or the Newco Business is
     prohibited by any laws, regulations, orders, rulings, or judgments of any
     legislative, regulatory, or judicial bodies having jurisdiction over CIA.

7.3 USIS Put Price. The price to be paid by CIA for the Newco Shares or the
    --------------
Newco Business upon exercise of the USIS Put shall be calculated in accordance
with Section 5.6, provided that all references therein to the Option shall be
read, for purposes hereof, as references to the USIS Put (and accordingly,
references to the Option Exercise Notice, the Option Exercise Date, and the
Option Closing Date shall be read as references to the USIS Put Exercise Notice,
the USIS Put Exercise Date, and the USIS Put Closing Date, respectively).

7.4 Method of Exercise. If USIS and the USI Partnership determine to exercise
    ------------------
the USIS Put, USIS (on its own behalf and on behalf of the USI Partnership)
shall give CIA written notice (the "USIS Put Exercise Notice") of their
intention to do so. On the date of delivery of the USIS Put Exercise Notice (the
"USIS Put Exercise Date"), USI shall deliver to CIA the Transfer Consents
required pursuant to Section 7.2.1.

7.5 USIS Put Closing Date. The sale of the Newco Shares or the Newco Business
    ---------------------
pursuant to the USIS Put shall take place on a date (the "USIS Put Closing
Date") not more than 180 days after the date of the USIS Put Exercise Notice.
The USIS Put Closing Date shall be selected by CIA, and CIA shall notify USI of
the date selected, no later than ninety (90) days following CIA's receipt of the
USIS Put Exercise Notice. Not less than forty-five (45) days prior

                                       30

<PAGE>

to the USIS Put Closing Date, CIA shall inform USI whether it will purchase the
Newco Shares or the Newco Business.

7.6 The USIS Put Closing. The USIS Put Closing, and the payment of the First
    --------------------
Installment and the Second Installment, shall take place in accordance with
Sections 5.8.2 and 5.9.2, provided that all references therein to the option
shall be read, for purposes hereof, as references to the USIS Put (and
accordingly, references to the option Closing Date shall be read as references
to the USIS Put Closing Date).

7.7 Continued Access to Carriers and Providers. To the extent that USI and
    ------------------------------------------
Newco are unable to provide the Transfer Consents required by Sections 7.2.1 and
7.4, USI shall use its best efforts to arrange for CIA to establish appropriate
relationships with Substitute Carriers/Providers acceptable to CIA. To the
extent USI is unable to provide either the Transfer Consents or such
relationships with Substitute Carriers/Providers acceptable to CIA, USI shall,
upon CIA's request, provide access to such Carriers and Providers for the
business activities of Newco (or CIA, in the case where the Newco Business is
acquired) for a period of five (5) years following the USIS Put Closing Date. In
furtherance hereof, USI and Newco (or CIA) shall enter into a sub-broker
agreement, sub-contract, or other agreement of similar purpose and effect
whereby Newco (or CIA) shall have access to such Carriers and Providers on terms
no less favorable (including without limitation, pricing, type of coverage, and
compensation) as USI or its similarly situated Affiliates enjoy from time to
time. For providing such access, USI shall be entitled to receive 60% of the
Customer Revenue paid by the relevant Carrier or Provider to, or retained by,
USI or an Affiliate thereof, with the remainder of such Customer Revenue to be
promptly paid to Newco (or CIA) pursuant to the sub-broker agreement,
sub-contract or other agreement between the parties contemplated hereby.

7.8 Use of USI Name. Promptly after the USIS Put Closing Date, if CIA elects to
    ---------------
purchase the Newco Shares, Newco shall cease using the USI name, and CIA shall
cause the name of Newco to be changed to a name not including the name "USI".

7.9 Expenditures Following USIS Put Exercise Date. USI agrees that, during the
    ---------------------------------------------
period from the date of receipt of the USIS Put Exercise Notice until the USIS
Put Closing Date, Newco shall not make or commit to make any single expenditure
for physical assets in excess of $15,000 without CIA's prior written consent.

                                       31

<PAGE>

VIII. EXCLUSIVITY : NONCOMPETITION.
      ----------------------------

8.1  Provision of Similar Services.
     -----------------------------

     8.1.1 USI agrees that:

          8.1.1.1 for a period of thirty (30) weeks following the date of this
          Agreement, neither USI nor any of its Affiliates will enter into any
          agreement or arrangement pursuant to which it would develop, for or in
          conjunction with any commercial bank or bank holding company, a
          property and casualty insurance and/or employee benefits brokerage or
          other similar business; and

          8.1.1.2 during the term of this Agreement, neither USI nor any of its
          Affiliates will enter into any agreement or arrangement pursuant to
          which it would develop, for or in conjunction with any commercial bank
          or bank holding company, a property and casualty insurance and/or
          employee benefits brokerage or other similar business conducting
          substantial operations in New York, New Jersey, Connecticut, and/or
          Texas. The foregoing notwithstanding, it is understood that if Newco
          has not commenced operations (either directly or through Affiliates of
          USI pursuant to Sections 4.2.2.3 or 4.2.3) in Texas within twelve (12)
          months of Newco's organization, then the provisions of this Section
          8.1.1.2 shall no longer apply to Texas.

     8.1.2 USI further agrees that, during the term hereof, it will disclose to
     CIA the identity of any financial institution with which USI or any
     Affiliate proposes to enter into any agreement or arrangement to develop a
     property and casualty insurance or employee benefits brokerage or other
     similar business (to the extent permitted by Section 8.1.1) and will
     consult with CIA on the choice of any such financial institution.

8.2  Employment.
     ----------

     8.2.1 USI agrees that, during the term hereof and for a period of two (2)
     years thereafter, neither USI, nor any of the Key Employees, nor any of
     USI's Affiliates (including Newco, after the exercise of the Option or the
     USIS Put if the Newco Business is purchased pursuant to such exercise) will
     solicit, endeavor to entice away, employ, offer to employ, or arrange
     employment for any person who is at any time during such period employed by
     Newco, excluding clerical Employees, whether or not such person would
     thereby commit any breach of his contract of service with Newco. USI agrees
     to procure that each of the Key Employees undertakes in writing to abide by
     the provisions of this Section 8.2,

                                       32

<PAGE>

     specifying that CIA (and/or its designee, if any, in the purchase of the
     Newco Shares or the Newco Business pursuant to the Option or the USIS Put)
     is intended to be a beneficiary of such undertaking.

     8.2.2 CIA agrees that during the term hereof and for a period of two (2)
     years thereafter, neither CIA nor any of its Affiliates will actively
     solicit for employment or endeavor to entice away any person who is at any
     time during such period employed by USI and its Affiliates (except Newco)
     in New York, New Jersey, or Connecticut, excluding clerical Employees.
     (Nothing herein shall be interpreted to prevent CIA and its Affiliates from
     engaging in their normal recruitment practices through advertisement or
     other general solicitation, or from interviewing and employing employees of
     USI, provided that neither CIA nor any of its Affiliates initially seeks
     out such employees to solicit them for employment.)

IX.  REPRESENTATIONS AND WARRANTIES.
     ------------------------------

9.1 Representations and Warranties of USI and USIS. USI and USIS hereby
    ----------------------------------------------
represent and warrant to CIA, and covenant and agree with CIA, that:

     9.1.1 Each of USI and USIS is a corporation duly organized and validly
     existing under the laws of the state of Delaware, with all requisite
     corporate power and authority to own (or lease and enjoy undisturbed) its
     assets and conduct its business as currently conducted. Each of USI and
     USIS is duly qualified, licensed, and in good standing in every
     jurisdiction in which it presently engages in business and in which such
     qualification is required.

     9.1.2 Each of USI and USIS has the corporate power and authority to enter
     into and perform its obligations under this Agreement and the Related
     Documents and to perform the activities and effect the transactions
     contemplated hereby and thereby. The execution, delivery and performance of
     this Agreement and the Related Documents has been approved by all requisite
     corporate action on the part of USI and USIS, and this Agreement and the
     Related Documents constitute valid and binding obligations of USI and USIS
     enforceable in accordance with their terms, except as such enforceability
     may be limited by (i) applicable bankruptcy, insolvency, reorganization,
     moratorium or other laws relating to or affecting creditors' rights
     generally, (ii) general principles of equity (regardless of whether such
     enforceability is considered in a proceeding in equity or at law), and
     (iii) considerations of public policy by a court of competent jurisdiction.

     9.1.3 The execution, delivery and performance by USI and USIS, and, where
     applicable, their Affiliates, of this Agreement and the Related

                                       33

<PAGE>

     Documents will not (i) violate, conflict with, result in a breach of, or
     constitute (with or without notice or lapse of time or both) a default or
     result in the creation of a lien under, any material agreement, indenture,
     mortgage or lease to which USI, USIS, or any such Affiliate is a party or
     by which it or its properties are bound; (ii) constitute a violation by
     USI, USIS, or any such Affiliate of any laws or regulations applicable to
     it; (iii) violate any provision of its articles of incorporation or by laws
     (or similar governing documents); or (iv) violate any order, judgment,
     injunction or decree of any court, arbitrator or governmental body against
     or binding upon USI, USIS, or any such Affiliate.

     9.1.4 Neither USI, USIS, nor any of their Affiliates requires any consent,
     approval, authorization or permit of, or filing with or notification to,
     any governmental or regulatory authority in connection with this Agreement,
     the Related Documents, or the transactions and activities contemplated
     hereby and thereby, except the Licensing Requirements referred to in
     Section 4.2.2.

     9.1.5 There are no actions, suits or proceedings pending or, to the best of
     their knowledge, threatened against or affecting USI, USIS, or any of their
     Affiliates that, if adversely determined, would have a material adverse
     effect on USI's, USIS's, or any such Affiliate's ability to perform its
     obligations under this Agreement and the Related Documents.

     9.1.6 Each of USI, USIS, and their Affiliates which are or will be engaged
     in any activities related to this Agreement or any of the Related
     Documents, has complied with, and none of them is in default in any
     material respect under, any laws, ordinances, requirements, regulations,
     orders, or decrees of any court, commission, board, or other
     administrative, legislative, or judicial body or governmental agency having
     jurisdiction over it, or any of its assets, which could materially and
     adversely affect its ability to enter into this Agreement and the Related
     Documents and to perform its obligations hereunder or thereunder.

     9.1.7 USI, USIS, and all their Affiliates which are or will be engaged in
     any activities related to this Agreement or any of the Related Documents
     shall comply with all applicable federal, state and local laws and
     regulations including, without limitation, compliance with all registration
     and licensing requirements of any governmental or industry regulatory body
     having jurisdiction over USI, USIS, and such Affiliates.

     9.1.8 The Shareholders' Agreement and the Controlling Shareholders'
     Agreement attached hereto as Exhibits Q and R are in full force and effect
     and have not been amended or modified in any respect. The Shareholders'
     Agreement and the Controlling Shareholders' Agreement

                                       34

<PAGE>

     constitute valid and binding obligations of the parties thereto (including,
     as applicable, USI, each of the Investors, and each of Bellwether, Dillon
     Read, and Saratoga, as those terms are therein defined), enforceable in
     accordance with their terms, except as such enforceability may be limited
     by (i) applicable bankruptcy, insolvency, reorganization, moratorium or
     other laws relating to or affecting creditors' rights generally, (ii)
     general principles of equity (regardless-of-whether such enforceability is
     considered in a proceeding in equity or at law), and (iii) considerations
     of public policy by a court of competent jurisdiction. Upon CIA's
     execution of the Joinder Agreement, CIA will be entitled to all benefits of
     an Investor under the Shareholders' Agreement.

     9.1.9 No person, entity, or Affiliated group currently holds (directly or
     indirectly) 25% ownership of USI (as the concept of "ownership" is defined
     in Section 3.1), except Saratoga (as defined in the Controlling
     Shareholders' Agreement).

     9.1.10 Each of the Key Employees listed on Schedule 1 is employed by USI or
     one of its Affiliates, and each such person is contractually committed to
     continue in the employment of USI or its Affiliates in such capacity at
     least through November 30, 2000.

     9.1.11 The 1996 Audited Financial Statements, copies of which are attached
     as Exhibit A, (i) were prepared in accordance with GAAP, applied on a
     consistent basis (except as expressly stated otherwise), and (ii) are
     unqualified and fairly present the financial position and results of USI
     and its consolidated Affiliates as at 31 December, 1996. The Interim
     Financial Statements, copies of which are attached as Exhibit B, (i) were
     prepared in accordance with GAAP applied on a consistent basis (except that
     they do not contain notes and are subject to usual and customary year-end
     audit adjustments, and as otherwise expressly stated therein), and (ii)
     fairly present the financial position and results of USI and its
     consolidated Affiliates as at September 30, 1997.

     9.1.12 The current financial position of USI and its consolidated
     Affiliates is fundamentally reflected by the Interim Financial Statements
     and no material change has occurred in the financial position of USI and
     its consolidated Affiliates since the date thereof. Specifically, since
     September 30, 1997, neither USI nor any of its consolidated Affiliates has:

          9.1.12.1 declared or paid any dividends or other distributions in
          respect of any of its shares;

          9.1.12.2 entered into any material transaction not at arms length or
          any material transaction not in the ordinary course of business;

                                       35

<PAGE>

          9.1.12.3 incurred any material damage, destruction, or loss to any
          physical property owned or used in its business not covered by
          insurance;

          9.1.12.4 given any material discharge or release of any obligations of
          third parties to it, for which no substantially equal benefit was
          received by it;

          9.1.12.5 made any material acquisition or disposition of assets or
          properties, other than in the ordinary course of business;

          9.1.12.6 made any change in its accounting methods or practices;

          9.1.12.7 made any increase in, or commitment to increase, the
          compensation payable or to become payable to any of its directors,
          employees or commercial agents, other than routine increases for
          employees in accordance with normal practice; or

          9.1.12.8 entered into any agreement to do any of the items described
          in this Section 9.1.12 except as contemplated by this Agreement or any
          Related Document.

     9.1.13 USIS is a direct wholly-owned subsidiary of USI.

     9.1.14 USI and USIS, jointly and severally, shall indemnify and hold
     harmless CIA and its Affiliates from and against any cost, liability, or
     expense arising out of or attributable to the claims of any person or
     entity that such person or entity acted as broker or finder for USI, USIS,
     or any of their Affiliates in connection with the transactions contemplated
     hereby.

9.2 Representations and Warranties of CBC and CIA. Each of CBC and CIA hereby
    ----------------------------------------------
represents and warrants to USI and USIS, with respect to itself, that:

     9.2.1 It is a corporation duly organized and validly existing under the
     laws of the state of Delaware with all requisite corporate power and
     authority to conduct its businesses as currently conducted.

     9.2.2 It has the corporate power and authority to enter into and perform
     its obligations under this Agreement and the Related Documents and to
     perform the activities and effect the transactions contemplated hereby and
     thereby. The execution, delivery and performance of this Agreement and the
     Related Documents has been approved by all requisite corporate action on
     its part, and this Agreement and the Related Documents constitute valid and
     binding obligations of CBC or CIA, as the case may

                                       36

<PAGE>

     be, enforceable in accordance with their terms, except as such
     enforceability may be limited by (i) applicable bankruptcy, insolvency,
     reorganization, moratorium or other laws relating to or affecting
     creditors' rights generally, (ii) general principles of equity (regardless
     of whether such enforceability is considered in a proceeding in equity or
     at law), and (iii) considerations of public policy by a court of competent
     jurisdiction.

     9.2.3 The execution, delivery and performance of this Agreement and the
     Related Documents by CBC or CIA, as the case may be, will not (i) violate,
     conflict with, result in a breach of or constitute (with or without notice
     or lapse of time or both) a default under, any material agreement,
     indenture, mortgage or lease to which it is a party or by which it or its
     properties are bound; (ii) constitute a violation by CBC or CIA, as the
     case may be, of any laws or regulations applicable to it; (iii) violate any
     provision of its articles of incorporation or bylaws (or similar governing
     documents); or (iv) violate any order, judgment, injunction or decree of
     any court, arbitrator or governmental body against or binding upon it.

     9.2.4 It does not require any consent, approval, authorization or permit
     of, or filing with or notification to, any governmental or regulatory
     authority in connection with this Agreement, the Related Documents, or the
     transactions and activities contemplated hereby and thereby.

     9.2.5 There are no actions, suits or proceedings pending or, to its
     knowledge, threatened against or affecting it that, if adversely
     determined, would have a material adverse effect on its ability to perform
     its obligations under this Agreement and the Related Documents.

     9.2.6 No person has acted as broker or finder on behalf of CBC or CIA, as
     the case may be, in connection with the transactions contemplated by this
     Agreement.

X.   CONFIDENTIALITY.
     ----------------

10.1 Use and Disclosure. All Confidential Information shall be treated as
     -------------------
confidential business information of the Disclosing Party and/or its Affiliates,
and shall be accorded the same treatment as the Receiving Party accords its own
most confidential business information. Specifically (but without limiting the
generality of the foregoing), except as required by law:

     10.1.1 The Receiving Party shall disclose Confidential Information only to
     those of its employees, agents, advisors, Carriers, and Providers who need
     to know such information in connection with the transactions contemplated
     hereby and by the Related Documents, and no other person shall have access
     to any Confidential Information.

                                       37

<PAGE>

     10.1.2 The Confidential Information shall be used by the Receiving Party
     and its employees, agents and advisors only in connection with the
     transactions contemplated by this Agreement or any Related Document.

     10.1.3 The Receiving Party shall assure that each of its employees, agents,
     subcontractors, and advisors having access to any of the Confidential
     Information undertakes in writing to abide by the provisions of this
     Article X, specifying that CIA (and/or its designee, if any, in the
     purchase of the Newco Shares or the Newco Business pursuant to the Option
     or the USIS Put) is intended to be a beneficiary of such undertaking.

     10.1.4 The Disclosing Party shall be advised of all sub-contractors,
     consultants and others not employed by the Receiving Party who have access
     to any Confidential Information, and the Receiving Party shall not grant
     such access, or shall terminate access if it has been already granted, to
     anyone to whom the Disclosing Party objects based upon a good faith
     analysis of its business needs and, where appropriate, the Receiving Party
     shall obtain promptly from that person all Confidential Information.

     10.1.5 In the event that the Receiving Party, or anyone to whom the
     Receiving Party makes disclosure in accordance with this Section 10.1,
     becomes legally compelled to disclose any Confidential Information, the
     Receiving Party shall, to the extent permitted by law, provide the
     Disclosing Party with prompt notice so that the Disclosing Party may seek a
     protective order or other appropriate remedy and/or waive compliance with
     the provisions of this Section 10.1.5; provided, however, that the
     provisions of this Section 10.1.5 shall not apply to disclosure by any
     Receiving Party or any or its Affiliates to any regulatory agency having
     jurisdiction over such Receiving Party or such Affiliates, to the extent
     that such Receiving Party or such Affiliates determine in good faith that
     failure to disclose to such regulatory agency would adversely affect such
     party's relationship with such regulatory agency.

It is understood that all materials that are developed by USI, its agents,
subcontractors or employees which use Confidential Information of Newco, shall
be the property of Newco, subject to acquisition by CIA upon exercise of the
Option; and any such materials which use Confidential Information of CIA or any
CIA Affiliate shall be the property of CIA or such CIA Affiliate, as the case
may be.

10.2 Remedies. Each party hereto recognizes that the Confidential information of
     ---------
the other parties is a valuable, special, and unique asset of such other party,

                                       38

<PAGE>

that a breach of this Article X may cause irreparable harm to such other party,
and that actual damages may be difficult to ascertain and in any event may be
inadequate. Accordingly, each Party hereto agrees that in the event of such
breach, the Disclosing Party shall be entitled to injunctive relief in addition
to such other legal or equitable remedies as may be available.

10.3 Return of Information. At the end of the term of this Agreement, each of
     ----------------------
the Parties hereto, or to any of the Related Documents, shall promptly return to
the other Parties all Confidential information of such other Party, and all
materials based on or incorporating any such Confidential Information.

XI.  INDEMNIFICATION.
     ----------------

11.1 USI's Indemnification of CIA. USI agrees to indemnify CIA, its Affiliates
     ----------------------------
and their directors, officers, employees and agents (each, a "CIA Indemnified
Person") for, and to hold each of them harmless against, any and all losses,
liabilities, claims, demands, actions, judgments, damages, costs and expenses,
including reasonable attorneys' fees and disbursements and other expenses,
incurred in connection with this Agreement or any Related Document
(collectively, "Indemnified Losses"), including the costs of investigating any
claim and defending any action and any amounts paid in settlement or compromise
(provided, that, USI shall have given its prior written approval of any
 --------
settlement or compromise, which approval shall not be unreasonably withheld) of
an action to which such CIA Indemnified Person is a party, arising out of or
relating to USI's activities in connection herewith or therewith, including, but
not limited to, a breach by USI, USIS, Newco, or any of their Affiliates, of any
terms or conditions of this Agreement or any Related Document, except for such
losses, liabilities, claims, demands, actions, judgments, damages, costs and
expenses incurred by reason of the sole negligence or willful misconduct of any
CIA Indemnified Person whose duties are directly related hereto. If any event
occurs for which indemnification to any CIA Indemnified Person is provided in
this Section, such CIA Indemnified Person must provide USI with written notice
of such event as soon as possible, but in no event later than thirty (30) days
after the earlier of: (i) such time as it has actual knowledge of the occurrence
of such event or (ii) such time as it receives notice that an action has been
filed in a court, or action has been taken by any administrative agency,
alleging the occurrence of an event that entitles a CIA Indemnified Person to
indemnification by USI hereunder. USI, at its own expense, shall be entitled to
participate in such action or proceeding, and, after written notice from USI to
CIA, to assume the defense of such action or proceeding with mutually acceptable
counsel, or, with such CIA Indemnified Person's consent (which shall not be
unreasonably withheld), compromise or settle such action or proceeding, at its
own expense. Notwithstanding USI's election to assume the defense of such action
or proceeding, such CIA Indemnified Person shall have the right to employ
separate counsel and to participate in the defense of such action or proceeding
at its own expense. It is understood that indemnification hereunder shall not be

                                       39

<PAGE>

available to the extent such losses, liabilities, claims, demands, actions,
judgments, damages, costs and expenses are reimbursed to the relevant CIA
Indemnified Person(s) pursuant to policies of insurance covering such CIA
Indemnified Person(s).

11.2 CIA's Indemnity of USI. CIA agrees to indemnify USI, its Affiliates and
     ----------------------
their directors, officers, employees and agents (each a "USI Indemnified
Person") from, and to hold each of them harmless against, any and all
Indemnified Losses, including the costs of investigating any claim and defending
any action and any amounts paid in settlement or compromise (provided, that, CIA
                                                             --------
shall have given its prior written approval of any settlement or compromise,
which approval shall not be unreasonably withheld) of an action to which such
USI Indemnified Person is a party arising out of or relating to CIA's activities
in connection with this Agreement or any Related Document, except for
Indemnified Losses incurred by reason of the sole negligence or willful
misconduct of USI or Newco in connection with this Agreement. If any event
occurs for which indemnification to any USI Indemnified Person is provided in
this Section, such USI Indemnified Person must provide CIA with written notice
of such event as soon as possible, but in no event later than thirty (30) days
after the earlier of: (i) such time as it has actual knowledge of the occurrence
of such event or (ii) such time as it receives notice that an action has been
filed in a court, or action has been taken by any administrative agency,
alleging the occurrence of an event that entitles a USI Indemnified Person to
indemnification by CIA hereunder. CIA, at its own expense, shall be entitled to
participate in such action or proceeding, and, after written notice from CIA to
such USI Indemnified Person, to assume the defense of such action or proceeding
with mutually acceptable counsel, or, with such USI Indemnified Person's consent
(which shall not be unreasonably withheld), compromise or settle such action or
proceeding. Notwithstanding CIA's election to assume the defense of such action
or proceeding, such USI Indemnified Person shall have the night to employ
separate counsel and to participate in the defense of such action or proceeding
at its own expense. It is understood that indemnification hereunder shall not be
available to the extent such losses, liabilities, claims, demands, actions,
judgments, damages, costs and expenses are reimbursed to the relevant USI
Indemnified Person(s) pursuant to policies of insurance covering such USI
Indemnified Person(s).

11.3 Sharing of Documents: Indemnification Payments. With respect to each
     ----------------------------------------------
indemnification matter, within ten (10) Business Days after the indemnitee
receives documents pertaining to any demand or proceeding constituting such
indemnification matter, or within such shorter period of time as may be
necessary under the circumstances to avoid prejudice to the indemnitor's rights,
the indemnitee shall give notice to the indemnitor of the nature of such
indemnification matter and shall deliver to the indemnitor copies of all such
documents. In addition, ten (10) Business Days after a final agreement is
reached or a final judgment is rendered with respect to such indemnification
matter, the indemnitor

                                       40

<PAGE>

shall pay to the indemnitee any amounts to which the indemnitee is entitled
under this Section.

11.4 Duration. All claims for indemnification under this Section XI must be made
     --------
(i) with respect to any Indemnified Losses related to Taxes, within ten (10)
Business Days after the end of the period of statutory limitations for such
claims, (ii) with respect to Indemnified Losses relating to or arising out of
the claims of any third party against any CIA Indemnified Person or USI
Indemnified Person, within ten (10) Business Days after the end of the statutory
period of limitations for such third party claim; and (iii) with respect to all
other claims, within 18 (eighteen) months following termination of this
Agreement.

XII. TERM AND TERMINATION.
     --------------------

12.1 Automatic Termination. This Agreement shall terminate automatically on the
     ---------------------
Option Closing Date or the USIS Put Closing Date, as the case may be.

12.2 Optional Termination. This Agreement may be terminated:
     --------------------

     12.2.1 by CIA, effective immediately, by the giving of written notice to
     USI, at any time within ninety (90) days following either (i) the
     Repurchase Date or (ii) the termination of the License Agreement or the
     Marketing Agreement.

     12.2.2 by USI, by the giving of sixty (60) days' prior written notice to
     CIA under the circumstances described in Section 6.1.

12.3 Survival. Provisions of Sections 5.11, 5.12, 7.7 and 7.8, and Articles III,
     --------
VIII, X, XI and XIII, shall survive termination hereof, except that Article VIII
shall not survive termination by USI pursuant to Section 6.1.

XIII. MISCELLANEOUS.

13.1 Cooperation. CIA and USI agree, and USI agrees to cause Newco, to execute,
     -----------
acknowledge, deliver, file, record and publish such further instruments and
documents, and to do such other acts and things, as may be necessary and proper
to carry out the intent and purposes of this Agreement and the Related
Documents.

13.2 Notices. All notices, demands and requests of any kind which either Party
     -------
may be required or may desire to serve upon any other Party hereto in connection
with this Agreement or any of the Related Documents shall be delivered only by
courier or other means of personal service which provides written verification
of receipt, or by registered or certified mail return receipt requested (a
"Notice").

                                       41

<PAGE>

     Any such Notice so delivered by registered or certified mail or courier
shall be deposited in the United States mail, or in the case of courier,
deposited with the courier, with postage thereon fully prepaid. All Notices
shall be addressed to the parties to be served as follows:

     (a) if to CBC:

         1201 N. Market Street
         9th Floor
         Wilmington, DE 19801
         Attention: Richard J. Nolan
                    President and CEO
         Facsimile No.: (302) 654-3008

               Copies to:

               Arthur T. Guja
               Vice President and Assistant General Counsel
               Legal Department
               The Chase Manhattan Bank
               New York, NY 10017
               Facsimile No.: (212) 270-1226

     (b) if to CIA:

         Chase Insurance Agency, Inc.
         380 Madison Avenue
         13th Floor
         New York, NY 10017
         Attention: Dennis Kosovac
                    President and CEO
         Facsimile No.: (212) 622-4470

               Copies to:

               Arthur T. Guja
               Vice President and Assistant General Counsel
               Legal Department
               The Chase Manhattan Bank
               New York, NY 10017
               Facsimile No.: (212) 270-1226

                                       42

<PAGE>

     (c) if to USI:

         U.S.I. Holdings Corporation
         c/o Progressive Plan Administrators
         470 Park Avenue South
         6th Floor
         New York, NY 10016
         Attention: John Addeo
                    Executive Vice President-Operations
         Facsimile No.: (212) 689-0409

               Copies to.

               Jay Scarborough, General Counsel
               USI Insurance Services Corp.
               235 Pine Street
               10th Floor
               San Francisco, CA 94104
               Facsimile No.: (415) 983-0101

     Any Parties hereto may at any time and from time to time change the address
to which Notice shall be sent hereunder by Notice to the other party given under
this Section. All such Notices shall be effective when received or when delivery
is refused at the respective address set forth above or as then in effect
pursuant to any such change.

13.3 Amendments, etc. No amendment or waiver of any provision of this Agreement
     ----------------
or any Related Document, and no consent to any departure by any party herefrom
or therefrom, shall in any event be effective unless the same shall be in
writing and signed by each party sought to be bound thereby. Any such waiver or
consent shall be effective only in the specific instance and for the specific
purpose for which given.

13.4 No Waiver: Remedies. No failure by any party to exercise, and no delay in
     -------------------
exercising, any right under this Agreement or any Related Document shall operate
as a waiver thereof; nor shall any single or partial exercise of any right under
this Agreement or any Related Document preclude any other or further exercise
thereof or the exercise of any other right. The remedies provided in this
Agreement or any Related Document are cumulative and not exclusive of any
remedies provided by law.

13.5 Binding Effect: Assignment. This Agreement and each Related Document shall
     --------------------------
be binding upon and inure to the benefit of the parties hereto and their
respective permitted assigns. Neither this Agreement nor any of the Related
Documents, nor any rights, privileges, duties and obligations of the parties
hereto

                                       43

<PAGE>

or thereto, may be assigned or delegated by any party unless such assignment or
delegation is consented to by the other parties in writing. Notwithstanding the
foregoing, CBC and/or CIA may assign any of their respective rights or
obligations under this Agreement or any Related Document to any of their
Affiliates, and CIA may assign its rights and obligations under Articles V and
VII to any other person regardless of affiliation, in each case without the
consent of USI or Newco.

13.6 Governing Law. This Agreement and the Related Documents, and the
     --------------
interpretation of their respective terms, shall be governed by the laws of the
State of New York without giving effect to its principles of conflicts of law.
Any actions to enforce this Agreement or any Related Document shall be brought
only in the federal or state courts of New York, with a venue in New York
County, New York. In the event of a lawsuit, both parties consent to personal
jurisdiction and venue in New York and waive any defense based upon improper
venue. THE PARTIES WAIVE THEIR RIGHTS TO A JURY TRIAL.

13.7 Schedules and Exhibits; Captions. The Schedules and Exhibits attached
     ---------------------------------
hereto, or to any Related Document, are hereby incorporated and made a part
hereof or thereof (as the case may be) as if fully set forth herein. All
captions and titles included herein and in the Related Documents are inserted
only for convenience and in no way define, limit, extend or describe the scope
or intent of this Agreement.

13.8 Independent Contractor. Nothing contained herein or in any Related Document
     -----------------------
is intended to create or shall be deemed or construed to create a relationship
of employer and employee, or principal and agent, or partnership or joint
venture between or among any of the parties hereto or thereto. The actions of
USI and its Affiliates (including Newco) are and will be those of an independent
contractor and shall not be those of agent, employee, or partner of CBC, CIA, or
any of their Affiliates, and neither USI nor any of its Affiliates (including
Newco) shall hold themselves out as, nor otherwise represent themselves to be,
agents, employees, or partners of CBC, CIA, or any of their Affiliates.

13.9 Severability. Whenever possible, each provision of this Agreement and the
     -------------
Related Documents will be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Agreement is held to be
prohibited by or invalid under applicable law, such provision will be
ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Agreement.

13.10 Entire Agreement. This Agreement and the Related Documents constitute the
      -----------------
entire Agreement between the parties with respect to the subject

                                       44

<PAGE>

matter hereof, and they supersede any and all prior written or oral agreements
as to the subject matter of this Agreement.

13.11 Execution in Countenparts. This Agreement, and any Related Document, may
      --------------------------
be executed by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together
shall constitute but one and the same agreement.

13.12 Consent/Approval by CIA. Any consent or approval required to be given by
      ------------------------
CIA hereunder or under any Related Document shall be deemed sufficiently given
if given in writing signed by Dennis Kosovac (or such other person as he may
designate by notice in accordance with Section 13.2).

13.13 USI Responsibility. Anything herein to the contrary notwithstanding, it is
      -------------------
understood that USI shall cause its Affiliates, including USIS, the USI
Partnership, and Newco, to comply with the provisions of this Agreement and the
Related Documents.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to
be executed by its duly authorized representative, as of the day and year first
written above.

                                                     CBC HOLDING (DELAWARE) INC.

                                                     By:/s/ Richard J Nolan, Jr.
                                                        ------------------------
                                                            Richard J Nolan, Jr.

                                                     CHASE INSURANCE AGENCY,INC.

                                                     By:/s/Illegible
                                                        ------------------------

                                                     U.S.I. HOLDINGS CORPORATION

                                                     By:/s/ John Addeo
                                                        ------------------------

                                                     USI INSURANCE SERVICE CORP.

                                                     By:/s/ John Addeo
                                                        ------------------------

                                       45

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