Document:

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                                                                EXHIBIT 10.32

                        DELPHI INFORMATION SYSTEMS, INC.
                           1996 STOCK INCENTIVE PLAN
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                        DELPHI INFORMATION SYSTEMS, INC.
                           1996 STOCK INCENTIVE PLAN
                               TABLE OF CONTENTS

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1.         Purpose.............................................................................................           1

2          Definitions.........................................................................................           1

3.         Shares and Performance Units Available under the Plan...............................................           2

4.         Option Rights.......................................................................................           3

5.         Appreciation Rights.................................................................................           4

6.         Restricted Shares...................................................................................           5

7.         Deferred Shares.....................................................................................           6

8.         Performance Shares and Performance Units............................................................           6

9.         Transferability.....................................................................................           7

10.        Adjustments.........................................................................................           7

11.        Fractional Shares...................................................................................           8

12.        Withholding Taxes...................................................................................           8

13.        Participation by Directors, Officers and Other Key Employees of or Consultants to a Less-
             Than-80-Percent Subsidiary........................................................................           8

14.        Certain Terminations of Employment, Hardship and Approved Leaves of Absence.........................           8

15.        Foreign Participants................................................................................           9

16.        Administration of the Plan..........................................................................           9

17.        Amendments and Other Matters........................................................................           9
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                        DELPHI INFORMATION SYSTEMS, INC.
                           1996 STOCK INCENTIVE PLAN

    1.  PURPOSE.  The purpose of this Plan is to attract and retain directors,
officers and other key employees of and consultants to Delphi Information
Systems, Inc. (the "Corporation") and its Subsidiaries and to provide such
persons with incentives and rewards for superior performance.

    2.  DEFINITIONS.  (a) As used in this Plan:

    "APPRECIATION RIGHT"  means a right granted pursuant to Section 5 of this
Plan, including a Free-Standing Appreciation Right and a Tandem Appreciation
Right.

    "BASE PRICE"  means the price to be used as the basis for determining the
Spread upon the exercise of a Free-Standing Appreciation Right.

    "BOARD"  means the Board of Directors of the Corporation.

    "CODE"  means the Internal Revenue Code of 1986, as amended from time to
time.

    "COMMITTEE"  means a committee of not less than two "Non-Employee Directors"
(as defined in Rule 16b-3(b)(3)(i) under Section 16(b) of the Exchange Act)
appointed by and serving at the pleasure of the Board.

    "COMMON SHARES"  means (i) shares of the Common Stock, par value $.10 per
share, of the Corporation and (ii) any security into which Common Shares may be
converted by reason of any transaction or event of the type referred to in
Section 10 of this Plan.

    "DATE OF GRANT"  means the date specified by the Board on which a grant of
Option Rights, Appreciation Rights or Performance Shares or Performance Units or
a grant or sale of Restricted Shares or Deferred Shares shall become effective,
which shall not be earlier than the date on which the Board takes action with
respect thereto.

    "DEFERRAL PERIOD"  means the period of time during which Deferred Shares are
subject to deferral limitations under Section 7 of this Plan.

    "DEFERRED SHARES"  means an award pursuant to Section 7 of this Plan of the
right to receive Common Shares at the end of a specified Deferral Period.

    "EXCHANGE ACT"  means the Securities Exchange Act of 1934, as amended from
time to time.

    "FREE-STANDING APPRECIATION RIGHT"  means an Appreciation Right granted
pursuant to Section 5 of this Plan that is not granted in tandem with an Option
Right or similar right.

    "INCENTIVE STOCK OPTION"  means an Option Right that is intended to qualify
as an "incentive stock option" under Section 422 of the Code or any successor
provision thereto.

    "LESS-THAN-80-PERCENT SUBSIDIARY"  means a Subsidiary with respect to which
the Corporation directly or indirectly owns or controls less than 80 percent of
the total combined voting or other decision-making power.

    "MANAGEMENT OBJECTIVES"  means the achievement or performance objectives
established pursuant to this Plan for Participants who have received grants of
Performance Shares or Performance Units or, when so determined by the Board,
Restricted Shares.

    "MARKET VALUE PER SHARE"  means the fair market value of the Common Shares
as determined by the Board from time to time.

    "NONQUALIFIED OPTION"  means an Option Right that is not intended to qualify
as a Tax-Qualified Option.
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    "OPTIONEE"  means the person so designated in an agreement evidencing an
outstanding Option Right.

    "OPTION PRICE"  means the purchase price payable upon the exercise of an
Option Right.

    "OPTION RIGHT"  means the right to purchase Common Shares from the
Corporation upon the exercise of a Nonqualified Option or a Tax-Qualified Option
granted pursuant to Section 4, or a Replacement Option Right granted pursuant to
Section 17(c), of this Plan.

    "PARTICIPANT"  means a person who is selected by the Board to receive
benefits under this Plan and (i) is at that time a director or an officer
(including officers who are also directors) or other key employee of or a
consultant to the Corporation or any Subsidiary or (ii) has agreed to commence
serving in any such capacity.

    "PERFORMANCE PERIOD"  means, in respect of a Performance Share or
Performance Unit, a period of time established pursuant to Section 8 of this
Plan within which the Management Objectives relating thereto are to be achieved.

    "PERFORMANCE SHARE"  means a bookkeeping entry that records the equivalent
of one Common Share awarded pursuant to Section 8 of this Plan.

    "PERFORMANCE UNIT"  means a bookkeeping entry that records a unit equivalent
to $1.00 awarded pursuant to Section of this Plan.

    "REPLACEMENT OPTION RIGHT"  means as Option Right granted pursuant to
Section 17(c) of this Plan in exchange for the surrender and cancellation of an
option to purchase shares of another corporation that is acquired by the
Corporation or a Subsidiary by merger or otherwise.

    "RESTRICTED SHARES"  means Common Shares granted or sold pursuant to Section
6 of this Plan as to which neither the substantial risk of forfeiture nor the
restrictions on transfer referred to in Section 6 hereof has expired.

    "SPREAD" MEANS,  in the case of a Free-Standing Appreciation Right, the
amount by which the Market Value per Share on the date when the Appreciation
Right is exercised exceeds the Base Price specified therein or, in the case of a
Tandem Appreciation Right, the amount by which the Market Value per Share on the
date when the Appreciation Right is exercised exceeds the Option Price specified
in the related Option Right.

    "SUBSIDIARY"  means a corporation, partnership, joint venture,
unincorporated association or other entity in which the Corporation has a direct
or indirect ownership or other equity interest; PROVIDED, HOWEVER, for purposes
of determining whether any person may be a Participant for purposes of any grant
of Incentive Stock Options, "Subsidiary" means any corporation in which the
Corporation owns or controls directly or indirectly more than 50 percent of the
total combined voting power represented by all classes of stock issued by such
corporation at the time of the grant.

    "TANDEM APPRECIATION RIGHT"  means an Appreciation Right granted pursuant to
Section 5 of this Plan that is granted in tandem with an Option Right or any
similar right granted under any other plan of the Corporation.

    "TAX-QUALIFIED OPTION"  means an Option Right that is intended to qualify
under particular provisions of the Code, including but not limited to an
Incentive Stock Option.

    3.  SHARES AND PERFORMANCE UNITS AVAILABLE UNDER THE PLAN.  (a) Subject to
adjustment as provided in Section 10 of this Plan, the aggregate number of
Common Shares covered by outstanding awards, except Replacement Option Rights,
granted under this Plan and issued or transferred upon the exercise

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or payment thereof, and the aggregate number of Performance Units granted under
this Plan, shall not exceed 6,000,000. Common Shares issued or transferred under
this Plan may be Common Shares of original issuance or Common Shares held in
treasury or a combination thereof.

        (b) Subject to adjustment as provided in Section 10 of this Plan, the
    aggregate number of Common Shares covered by Replacement Option Rights
    granted under this Plan during any calendar year shall not exceed five
    percent of the Common Shares outstanding on January 1 of that year.

        (c) For the purposes of this Section 3:

           (i) Upon payment in cash of the benefit provided by any award granted
       under this Plan, any Common Shares that were covered by that award shall
       again be available for issuance or transfer hereunder.

           (ii) Common Shares covered by any award granted under this Plan shall
       be deemed to have been issued or transferred, and shall cease to be
       available for future issuance or transfer in respect of any other award
       granted hereunder, at the earlier of the time when they are actually
       issued or transferred or the time when dividends or dividend equivalents
       are paid thereon; PROVIDED, HOWEVER, that Restricted Shares shall be
       deemed to have been issued or transferred at the earlier of the time when
       they cease to be subject to a substantial risk of forfeiture or the time
       when dividends are paid thereon.

           (iii) Performance Units that are granted under this Plan, but are not
       earned by the Participant at the end of the Performance Period, shall be
       available for future grants of Performance Units hereunder.

    4.  OPTION RIGHTS.  The Board may from time to time authorize grants to
Participants of Option Rights upon such terms and conditions as the Board may
determine in accordance with the following provisions:

        (a) Each grant shall specify the number of Common Shares to which it
    pertains.

        (b) Each grant shall specify an Option Price per Common Share, which
    shall be equal to or greater than the Market Value per Share on the Date of
    Grant; PROVIDED, HOWEVER, that the Option Price per Common Share of a
    Replacement Option Right may be less that the Market Value per Share on the
    Date of Grant.

        (c) Each grant shall specify the form of consideration to be paid in
    satisfaction of the Option Price and the manner of payment of such
    consideration, which may include (i) cash in the form of currency or check
    or other cash equivalent acceptable to the Corporation,
    (ii) nonforfeitable, unrestricted Common Shares that are already owned by
    the optionee and have a value at the time of exercise that is equal to the
    Option Price, (iii) any other legal consideration that the Board may deem
    appropriate, including but not limited to any form of consideration
    authorized under Section 4(d) below, on such basis as the Board may
    determine in accordance with this Plan and (iv) any combination of the
    foregoing.

        (d) On or after the Date of Grant of any Nonqualified Option, the Board
    may determine that payment of the Option Price may also be made in whole or
    in part in the form of Restricted Shares or other Common Shares that are
    subject to risk of forfeiture or restrictions on transfer. Unless otherwise
    determined by the Board on or after the Date of Grant, whenever any Option
    Price is paid in whole or in part by means of any of the forms of
    consideration specified in this Section 4(d), the Common Shares received by
    the Optionee upon the exercise of the Nonqualified Option shall be subject
    to the same risks of forfeiture or restrictions on transfer as those that
    applied to the consideration surrendered by the optionee; PROVIDED, HOWEVER,
    that such risks of forfeiture and restrictions on transfer shall apply only
    to the same number of Common Shares

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    received by the optionee as applied to the forfeitable or restricted Common
    Shares surrendered by the Optionee.

        (e) Any grant may provide for deferred payment of the Option Price from
    the proceeds of sale through a broker on the date of exercise of some or all
    of the Common Shares to which the exercise relates.

        (f) Successive grants may be made to the same Participant regardless of
    whether any Option Rights previously granted to the Participant remain
    unexercised.

        (g) Each grant may specify a period or periods of continuous employment
    of the Optionee by the Corporation or any Subsidiary that are necessary
    before the Option Rights or installments thereof shall become exercisable,
    and any grant may provide for the earlier exercise of the Option Rights in
    the event of a change in control of the Corporation or other similar
    transaction or event.

        (h) Option Rights granted pursuant to this Section 4 may be Nonqualified
    Options or Tax-Qualified Options or combinations thereof.

        (i) On or after the Date of Grant of any Nonqualified Option, the Board
    may provide for the payment to the Optionee of dividend equivalents thereon
    in cash or Common Shares on a current, deferred or contingent basis, or the
    Board may provide that any dividend equivalents shall be credited against
    the Option Price.

        (j) No Option Right granted pursuant to this Section 4 may be exercised
    more than 10 years from the Date of Grant.

        (k) Each grant shall be evidenced by an agreement, which shall be
    executed on behalf of the Corporation by an officer thereof and delivered to
    and accepted by the Optionee and shall contain such terms and provisions as
    the Board may determine consistent with this Plan.

    5.  APPRECIATION RIGHTS.  The Board may also authorize grants to
Participants of Appreciation Rights. An Appreciation Right shall be a right of
the Participant to receive from the Corporation an amount, which shall be
determined by the Board and shall be expressed as a percentage (not exceeding
100 percent) of the Spread at the time of the exercise of an Appreciation Right.
Any grant of Appreciation Rights under this Plan shall be upon such terms and
conditions as the Board may determine in accordance with the following
provisions:

        (a) Any grant may specify that the amount payable upon the exercise of
    an Appreciation Right may be paid by the Corporation in cash, Common Shares
    or any combination thereof and may (i) either grant to the Participant or
    reserve to the Board the right to elect among those alternatives or
    (ii) preclude the right of the Participant to receive and the Corporation to
    issue Common Shares or other equity securities in lieu of cash.

        (b) Any grant may specify that the amount payable upon the exercise of
    an Appreciation Right shall not exceed a maximum specified by the Board on
    the Date of Grant.

        (c) Any grant may specify (i) a waiting period or periods before
    Appreciation Rights shall become exercisable and (ii) permissible dates or
    periods on or during which Appreciation Rights shall be exercisable.

        (d) Any grant may specify that an Appreciation Right may be exercised
    only in the event of a change in control of the Corporation or other similar
    transaction or event.

        (e) On or after the Date of Grant of any Appreciation Rights, the Board
    may provide for the payment to the Participant of dividend equivalents
    thereon in cash or Common Shares on a current, deferred or contingent basis.

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        (f) Each grant shall be evidenced by an agreement, which shall be
    executed on behalf of the Corporation by any officer thereof and delivered
    to and accepted by the Optionee and shall describe the subject Appreciation
    Rights, identify any related Option Rights, state that the Appreciation
    Rights are subject to all of the terms and conditions of this Plan and
    contain such other terms and provisions as the Board may determine
    consistent with this Plan.

        (g) Regarding Tandem Appreciation Rights only: Each grant shall provide
    that a Tandem Appreciation Right may be exercised only (i) at a time when
    the related Option Right (or any similar right granted under any other plan
    of the Corporation) is also exercisable and the Spread is positive and
    (ii) by surrender of the related Option Right (or such other right) for
    cancellation.

        (h) Regarding Free-Standing Appreciation Rights only:

           (i) Each grant shall specify in respect of each Free-Standing
       Appreciation Right a Base Price per Common Share, which shall be equal to
       or greater than the Market Value per Share on the Date of Grant;

           (ii) Successive grants may be made to the same Participant regardless
       of whether any Free-Standing Appreciation Rights previously granted to
       the Participant remain unexercised;

           (iii) Each grant shall specify the period or periods of continuous
       employment of the Participant by the Corporation or any Subsidiary that
       are necessary before the Free-Standing Appreciation Rights or
       installments thereof shall become exercisable, and any grant may provide
       for the earlier exercise of the Free-Standing Appreciation Rights in the
       event of a change in control of the Corporation or other similar
       transaction or event; and

           (iv) No Free-Standing Appreciation Right granted under this Plan may
       be exercised more than 10 years from the Date of Grant.

    6.  RESTRICTED SHARES.  The Board may also authorize grants or sales to
Participants of Restricted Shares upon such terms and conditions as the Board
may determine in accordance with the following provisions:

        (a) Each grant or sale shall constitute an immediate transfer of the
    ownership of Common Shares to the Participant in consideration of the
    performance of services, entitling the Participant to dividend, voting and
    other ownership rights, subject to the substantial risk of forfeiture and
    restrictions on transfer hereinafter referred to.

        (b) Each grant or sale may be made without additional consideration from
    the Participant or in consideration of a payment by the Participant that is
    less than the Market Value per Share on the Date of Grant.

        (c) Each grant or sale shall provide that the Restricted Shares covered
    thereby shall be subject to a "substantial risk of forfeiture" within the
    meaning of Section 83 of the Code for a period to be determined by the Board
    on the Date of Grant, and any grant or sale may provide for the earlier
    termination of such period in the event of a change in control of the
    Corporation or other similar transaction or event.

        (d) Each grant or sale shall provide that, during the period for which
    such substantial risk of forfeiture is to continue, the transferability of
    the Restricted Shares shall be prohibited or restricted in the manner and to
    the extent prescribed by the Board on the Date of Grant. Such restrictions
    may include, but are not limited to, rights of repurchase or first refusal
    in the Corporation or provisions subjecting the Restricted Shares to a
    continuing substantial risk of forfeiture in the hands of any transferee.

        (e) Any grant or sale may require that any or all dividends or other
    distributions paid on the Restricted Shares during the period of such
    restrictions be automatically sequestered and

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    reinvested on an immediate or deferred basis in additional Common Shares,
    which may be subject to the same restrictions as the underlying award or
    such other restrictions as the Board may determine.

        (f) Each grant or sale shall be evidenced by an agreement, which shall
    be executed on behalf of the Corporation by any officer thereof and
    delivered to and accepted by the Participant and shall contain such terms
    and provisions as the Board may determine consistent with this Plan. Unless
    otherwise directed by the Board, all certificates representing Restricted
    Shares, together with a stock power that shall be endorsed in blank by the
    Participant with respect to the Restricted Shares, shall be held in custody
    by the Corporation until all restrictions thereon lapse.

    7.  DEFERRED SHARES.  The Board may also authorize grants or sales to
Participants of Deferred Shares upon such terms and conditions as the Board may
determine in accordance with the following provisions:

        (a) Each grant or sale shall constitute the agreement by the Corporation
    to issue or transfer Common Shares to the Participant in the future in
    consideration of the performance of services, subject to the fulfillment
    during the Deferral Period of such conditions as the Board may specify.

        (b) Each grant or sale may be made without additional consideration from
    the Participant or in consideration of a payment by the Participant that is
    less than the Market Value per Share on the Date of Grant.

        (c) Each grant or sale shall provide that the Deferred Shares covered
    thereby shall be subject to a Deferral Period, which shall be fixed by the
    Board on the Date of Grant, and any grant or sale may provide for the
    earlier termination of the Deferral Period in the event of a change in
    control of the Corporation or other similar transaction or event.

        (d) During the Deferral Period, the Participant shall not have any right
    to transfer any rights under the subject award, shall not have any rights of
    ownership in the Deferred Shares and shall not have any right to vote the
    Deferred Shares, but the Board may on or after the Date of Grant authorize
    the payment of dividend equivalents on the Deferred Shares in cash or
    additional Common Shares on a current, deferred or contingent basis.

        (e) Each grant or sale shall be evidenced by an agreement, which shall
    be executed on behalf of the Corporation by any officer thereof and
    delivered to and accepted by the Participant and shall contain such terms
    and provisions as the Board may determine consistent with this Plan.

    8.  PERFORMANCE SHARES AND PERFORMANCE UNITS.  The Board may also authorize
grants of Performance Shares and Performance Units, which shall become payable
to the Participant upon the achievement of specified Management Objectives, upon
such terms and conditions as the Board may determine in accordance with the
following provisions:

        (a) Each grant shall specify the number of Performance Shares or
    Performance Units to which it pertains, which may be subject to adjustment
    to reflect changes in compensation or other factors.

        (b) The Performance Period with respect to each Performance Share or
    Performance Unit shall be determined by the Board on the Date of Grant and
    may be subject to earlier termination in the event of a change in control of
    the Corporation or other similar transaction or event.

        (c) Each grant shall specify the Management Objectives that are to be
    achieved by the Participant, which may be described in terms of
    Corporation-wide objectives or objectives that are related to the
    performance of the individual Participant or the Subsidiary, division,
    department or function within the Corporation or Subsidiary in which the
    Participant is employed.

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        (d) Each grant shall specify in respect of the specified Management
    Objectives a minimum acceptable level of achievement below which no payment
    will be made and shall set forth a formula for determining the amount of any
    payment to be made if performance is at or above the minimum acceptable
    level but falls short of full achievement of the specified Management
    Objectives.

        (e) Each grant shall specify the time and manner of payment of
    Performance Shares or Performance Units that shall have been earned, and any
    grant may specify that any such amount may be paid by the Corporation in
    cash, Common Shares or any combination thereof and may either grant to the
    Participant or reserve to the Board the right to elect among those
    alternatives.

        (f) Any grant of Performance Shares may specify that the amount payable
    with respect thereto may not exceed a maximum specified by the Board on the
    Date of Grant. Any grant of Performance Units may specify that the amount
    payable, or the number of Common Shares issuable, with respect thereto may
    not exceed maximums specified by the Board on the Date of Grant.

        (g) On or after the Date of Grant of Performance Shares, the Board may
    provide for the payment to the Participant of dividend equivalents thereon
    in cash or additional Common Shares on a current, deferred or contingent
    basis.

        (h) The Board may adjust Management Objectives and the related minimum
    acceptable level of achievement if, in the sole judgment of the Board,
    events or transactions have occurred after the Date of Grant that are
    unrelated to the performance of the Participant and result in distortion of
    the Management Objectives or the related minimum acceptable level of
    achievement.

        (i) Each grant shall be evidenced by an agreement, which shall be
    executed on behalf of the Corporation by any officer thereof and delivered
    to and accepted by the Participant and shall contain such terms and
    provisions as the Board may determine consistent with this Plan.

    9.  TRANSFERABILITY.  (a) Any grant of an Option Right or other "derivative
security" (as defined in Rule 16a-1 (c) under Section 16(a) of the Exchange Act)
under this Plan may permit the transfer thereof by the Participant upon such
terms and conditions as the Board shall specify.

        (b) Any grant made under this Plan may provide that all or any part of
    the Common Shares that are to be issued or transferred by the Corporation
    upon the exercise of Option Rights or Appreciation Rights or upon the
    termination of the Deferral Period applicable to Deferred Shares or in
    payment of Performance Shares or Performance Units, or are no longer subject
    to the substantial risk of forfeiture and restrictions on transfer referred
    to in Section 6 of this Plan, shall be subject to further restrictions upon
    transfer.

    10.  ADJUSTMENTS.  The Board may make or provide for such adjustments in the
number of Common Shares covered by outstanding Option Rights, Appreciation
Rights, Deferred Shares and Performance Shares granted hereunder, the Option
Prices per Common Share or Base Prices per Common Share applicable to any such
Option Rights and Appreciation Rights, and the kind of shares (including shares
of another issuer) covered thereby, as the Board may in good faith determine to
be equitably required in order to prevent dilution or expansion of the rights of
Participants that otherwise would result from (a) any stock dividend, stock
split, combination of shares, recapitalization or other change in the capital
structure of the Corporation or (b) any merger, consolidation, spin-off,
spin-out, split-off, split-up, reorganization, partial or complete liquidation
or other distribution of assets, issuance of warrants or other rights to
purchase securities or any other corporate transaction or event having an effect
similar to any of the foregoing. In the event of any such transaction or event,
the Board may provide in substitution for any or all outstanding awards under
this Plan such alternative consideration as it may in good faith determine to be
equitable under the circumstances and may require in connection therewith the
surrender of all awards so replaced. Moreover, the Board may on or after the

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Date of Grant provide in the agreement evidencing any award under this Plan that
the holder of the award may elect to receive an equivalent award in respect of
securities of the surviving entity of any merger, consolidation or other
transaction or event having a similar effect, or the Board may provide that the
holder will automatically be entitled to receive such an equivalent award. The
Board may also make or provide for such adjustments in the numbers of Common
Shares specified in Sections 3(a)(i) and 3(a)(ii) of this Plan as the Board may
in good faith determine to be appropriate in order to reflect any transaction or
event described in this Section 10.

    11.  FRACTIONAL SHARES.  The Corporation shall not be required to issue any
fractional Common Shares pursuant to this Plan. The Board may provide for the
elimination of fractions or for the settlement thereof in cash.

    12.  WITHHOLDING TAXES.  To the extent that the Corporation is required to
withhold federal, state, local or foreign taxes in connection with any payment
made or benefit realized by a Participant or other person under this Plan, and
the amounts available to the Corporation for the withholding are insufficient,
it shall be a condition to the receipt of any such payment or the realization of
any such benefit that the Participant or such other person make arrangements
satisfactory to the Corporation for payment of the balance of any taxes required
to be withheld. At the discretion of the Board, any such arrangements may
include relinquishment of a portion of any such payment or benefit. The
Corporation and any Participant or such other person may also make similar
arrangements with respect to the payment of any taxes with respect to which
withholding is not required.

    13.  PARTICIPATION BY DIRECTORS, OFFICERS AND OTHER KEY EMPLOYEES OF OR
CONSULTANTS TO A LESS-THAN-80-PERCENT SUBSIDIARY.  As a condition to the
effectiveness of any grant or award to be made hereunder to a Participant who is
a director or an officer or other key employee of or a consultant to a
Less-Than-80-Percent Subsidiary, regardless of whether the Participant is also
employed by the Corporation or another Subsidiary, the Board may require the
Less-Than-80-Percent Subsidiary to agree to transfer to the Participant (as, if
and when provided for under this Plan and any applicable agreement entered into
between the Participant and the Less-Than-80-Percent Subsidiary pursuant to this
Plan) the Common Shares that would otherwise be delivered by the Corporation
upon receipt by the Less-Than 80-Percent Subsidiary of any consideration then
otherwise payable by the Participant to the Corporation. Any such award may be
evidenced by an agreement between the Participant and the Less-Than-80-Percent
Subsidiary, in lieu of the Corporation, on terms consistent with this Plan and
approved by the Board and the Less-Than-80-Percent Subsidiary. All Common Shares
so delivered by or to a Less-Than-80-Percent Subsidiary will be treated as if
they had been delivered by or to the Corporation for purposes of Section 3 of
this Plan, and all references to the Corporation in this Plan shall be deemed to
refer to the Less-Than-80-Percent Subsidiary except with respect to the
definitions of the Board and the Committee and in other cases where the context
otherwise requires.

    14.  CERTAIN TERMINATIONS OF EMPLOYMENT, HARDSHIP AND APPROVED LEAVES OF
ABSENCE. Notwithstanding any other provision of this Plan to the contrary, in
the event of termination of employment by reason of death, disability, normal
retirement, early retirement with the consent of the Corporation, termination of
employment to enter public service with the consent of the Corporation or leave
of absence approved by the Corporation, or in the event of hardship or other
special circumstances, of a Participant who holds an Option Right or
Appreciation Right that is not immediately and fully exercisable, any Restricted
Shares as to which the substantial risk of forfeiture or the prohibition or
restriction on transfer has not lapsed, any Deferred Shares as to which the
Deferral Period is not complete, any Performance Shares or Performance Units
that have not been fully earned, or any Common Shares that are subject to any
transfer restriction pursuant to Section 9[(b)] of this Plan, the Board may take
any action that it deems to be equitable under the circumstances or in the best
interests of the Corporation, including without limitation waiving or modifying
any limitation or requirement with respect to any award under this Plan.

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    15.  FOREIGN PARTICIPANTS.  In order to facilitate the making of any award
or combination of awards under this Plan, the Board may provide for such special
terms for awards to Participants who are foreign nationals, or who are employed
by the Corporation or any Subsidiary outside of the United States of America, as
the Board may consider necessary or appropriate to accommodate differences in
local law, tax policy or custom. Moreover, the Board may approve such
supplements to, or amendments, restatements or alternative versions of, this
Plan as it may consider necessary or appropriate for such purposes without
thereby affecting the terms of this Plan as in effect for any other purpose;
PROVIDED, HOWEVER that no such supplements, amendments, restatements or
alternative versions shall include any provisions that are inconsistent with the
terms of this Plan, as then in effect, unless this Plan could have been amended
to eliminate the inconsistency without further approval by the stockholders of
the Corporation.

    16.  ADMINISTRATION OF THE PLAN.  (a) This Plan shall be administered by the
Board, which may delegate any or all of its authority hereunder to the
Committee. To the extent of any such delegation, references in this Plan to the
Board shall be deemed to refer to the Committee, unless the context requires
otherwise. A majority of the Board shall constitute a quorum, and the acts of
the members of the Board who are present at any meeting thereof at which a
quorum is present, or acts unanimously approved by the members of the Board in
writing, shall be the acts of the Board.

        (b) The interpretation and construction by the Board of any provision of
    this Plan or any agreement, notification or document evidencing the grant of
    Option Rights, Appreciation Rights, Restricted Shares, Deferred Shares,
    Performance Shares or Performance Units, and any determination by the Board
    pursuant to any provision of this Plan or any such agreement, notification
    or document, shall be final and conclusive. No member of the Board shall be
    liable for any such action taken or determination made in good faith.

    17.  AMENDMENTS AND OTHER MATTERS.  (a) This Plan may be amended from time
to time by the Board; PROVIDED, HOWEVER except as expressly authorized by this
Plan, no such amendment shall increase the numbers of Common Shares specified in
Sections 3(a)(i) and 3(a)(ii) hereof or the number of Performance Units
specified in Section 3(b) hereof without the further approval of the
stockholders of the Corporation.

        (b) With the concurrence of the affected Participant, the Board may
    cancel any agreement evidencing Option Rights or any other award granted
    under this Plan. In the event of any such cancellation, the Board may
    authorize the granting of new Option Rights or other awards hereunder, which
    may or may not cover the same number of Common Shares as had been covered by
    the cancelled Option Rights or other award, at such Option Price, in such
    manner and subject to such other terms, conditions and discretion as would
    have been permitted under this Plan had the cancelled Option Rights or other
    award not been granted.

        (c) The Board may grant under this Plan any award or combination of
    awards authorized under this Plan, including but not limited to Replacement
    Option Rights, in exchange for the surrender and cancellation of an award
    that was not granted under this Plan, including but not limited to an award
    that was granted by the Corporation or a Subsidiary, or by another
    corporation that is acquired by the Corporation or a Subsidiary by merger or
    otherwise, prior to the adoption of this Plan by the Board, and any such
    award or combination of awards so granted under this Plan may or may not
    cover the same number of Common Shares as had been covered by the cancelled
    award and shall be subject to such other terms, conditions and discretion as
    would have been permitted under this Plan had the cancelled award not been
    granted.

        (d) This Plan shall not confer upon any Participant any right with
    respect to continuance of employment with the Corporation or any Subsidiary
    and shall not interfere in any way with any right that the Corporation or
    any Subsidiary would otherwise have to terminate any Participant's
    employment at any time.

                                       9
<PAGE>
        (e) To the extent that any provision of this Plan would prevent any
    Option Right that was intended to qualify as a Tax-Qualified Option from so
    qualifying, any such provision shall be null and void with respect to any
    such Option Right; PROVIDED, HOWEVER that any such provision shall remain in
    effect with respect to other Option Rights, and there shall be no further
    effect on any provision of this Plan.

                                       10<PAGE>
                                                                EXHIBIT 10.33

                        DELPHI INFORMATION SYSTEMS, INC.
                            1999 STOCK PURCHASE PLAN
<PAGE>
                               TABLE OF CONTENTS

<TABLE>
<C>        <S>                                                                                <C>
       I.  Purpose and Effective Date.......................................................          1

      II.  Definitions......................................................................          1

     III.  Administration...................................................................          3

      IV.  Number of Shares.................................................................          3

       V.  Eligibility Requirements.........................................................          4

      VI.  Enrollment.......................................................................          4

     VII.  Grant of Options on Enrollment...................................................          5

    VIII.  Payroll Deductions...............................................................          5

      IX.  Purchase of Shares...............................................................          6

       X.  Termination of Participation.....................................................          8

      XI.  Designation of Beneficiary.......................................................          8

     XII.  Miscellaneous....................................................................          9
</TABLE>

                                       i
<PAGE>
                        DELPHI INFORMATION SYSTEMS, INC.
                            1999 STOCK PURCHASE PLAN

                         I. PURPOSE AND EFFECTIVE DATE

    1.1 The purpose of the Delphi Information Systems, Inc. 1999 Stock Purchase
Plan (the "Plan") is to provide an opportunity for eligible employees to acquire
a proprietary interest in the Delphi Information Systems, Inc. (the "Company")
through the purchase of shares of common stock of the Company. By providing this
opportunity, the Company intends to increase the Company's ability to attract
and retain employees who have the ability to enhance the profitability of the
Company. It is the intent of the Company to have the Plan qualify as an
"employee stock purchase plan" under Section 423 of the Internal Revenue Code.
Except for the definition of "Employee", the provisions of the Plan shall be
construed to extend and limit participation in a manner consistent with the
requirements of Section 423 of the Internal Revenue Code.

    1.2 The Plan shall be effective on the Effective Date stated below, subject
to the approval of the Company's stockholders within one year before or one year
after the date the Plan is approved by the board of directors of the Company
(the "Board"). No option shall be granted under the Plan after the earlier of
(a) the day before the tenth (10th) anniversary of the Effective Date, or
(b) the date on which the Plan is terminated by the Board in accordance with
Section 12.6 of the Plan.

                                II. DEFINITIONS

    The following words and phrases, when used in this Plan, unless their
context clearly indicates otherwise, shall have the following respective
meanings:

    2.1  "ACCOUNT"  means a recordkeeping account maintained for a Participant
to which payroll deductions are credited in accordance with Article VIII of the
Plan.

    2.2  "ARTICLE"  means an Article of this Plan.

    2.3  "ACCUMULATION PERIOD"  means, as to the Company or a Participating
Subsidiary, a period of six months commencing with the first regular payroll
check issued on or after each successive April 1 and October 1 occurring after
the Effective Date; provided, however, that the first Accumulation Period shall
be a period of three months commencing with the first regular payroll check
issued on or after July 1, 1999. The Committee may modify (including increasing
or decreasing the length of time covered) or suspend Accumulation Periods at any
time and from time to time.

    2.4  "BASE EARNINGS"  means base salary and wages, and includes incentives,
annual bonus, and pre-tax contributions to qualified employee benefit plans,
dependent care plans, health care plans or other similar plans, which is
received by a Participant from the Company or a Participating Subsidiary, but
excluding overtime pay and commissions. The Committee may exclude, with respect
to all Employees, any other form of compensation from the definition of "Base
Earnings," provided such exclusion shall comply with Section 423(b)(5) of the
Code.

    2.5  "BOARD"  means the board of directors of the Company.

    2.6  "CODE"  means the Internal Revenue Code of 1986, as amended.

    2.7  "COMMITTEE"  means the committee of the Board described in Section 3.1
of the Plan.

    2.8  "COMMON STOCK"  means the Company's common stock, $.10 par value.

    2.9  "COMPANY"  means Delphi Information Systems, Inc., a Delaware
corporation.

    2.10  "CUT-OFF DATE"  means the date established by the Committee from time
to time by which enrollment forms must be received prior to an Enrollment Date.

    2.11  "EFFECTIVE DATE"  means July 1, 1999.
<PAGE>
    2.12  "ELIGIBLE EMPLOYEE"  means an Employee eligible to participate in the
Plan in accordance with Article V.

    2.13  "EMPLOYEE"  means an individual who performs services for the Company
or a Participating Subsidiary pursuant to an employment relationship determined
by the Company to be described in Treasury Regulations Section 31.3401(c)-1 or
any successor provision.

    2.14  "ENROLLMENT DATE"  means the first trading day of an Accumulation
Period.

    2.15  "EXCHANGE ACT"  means the Securities Exchange Act of 1934.

    2.16  "FAIR MARKET VALUE"  means, as of any applicable date:

        (a) if the security is listed for trading on the New York Stock
    Exchange, the closing price of the security as reported on the New York
    Stock Exchange Composite Tape, or if no such reported sale of the security
    shall have occurred on such date, on the latest preceding date on which
    there was such a reported sale, or

        (b) if the security is not so listed, but is listed on another national
    securities exchange or authorized for quotation on the National Association
    of Securities Dealers Inc.'s NASDAQ National Market ("NASDAQ/NMS"), the
    closing price, regular way, of the security on such exchange or NASDAQ/NMS,
    as the case may be, or if no such reported sale of the security shall have
    occurred on such date, on the latest preceding date on which there was such
    a reported sale, or

        (c) if the security is not listed for trading on a national securities
    exchange or authorized for quotation on NASDAQ/NMS, the average of the
    closing bid and asked prices as reported by the National Association of
    Securities Dealers Automated Quotation System ("NASDAQ") or, if no such
    prices shall have been so reported for such date, on the latest preceding
    date for which such prices were so reported, or

        (d) if the security is not listed for trading on a national securities
    exchange or is not authorized for quotation on NASDAQ/NMS or NASDAQ, the
    fair market value of the security as determined in good faith by the Board.

    2.17  "PARTICIPANT"  means an Eligible Employee who has enrolled in the Plan
pursuant to Article VI and whose participation has not terminated.

    2.18  "PARTICIPATING SUBSIDIARY"  means a Subsidiary which has been
designated by the Committee in accordance with Section 3.3 of the Plan as
covered by the Plan.

    2.19  "PLAN"  means the Delphi Information Systems, Inc. 1999 Stock Purchase
Plan as set forth herein and as from time to time amended.

    2.20  "PURCHASE DATE"  means the specific trading day with respect to an
Accumulation Period on which shares of Common Stock are purchased under the Plan
in accordance with Article IX. For each Accumulation Period, the Purchase Date
shall be the last day of such Accumulation Period, or, if such day is not a
trading date, the next day which is a trading day.

    2.21  "RULE 16b-3"  means Rule 16b-3 under the Exchange Act.

    2.22  "SECTION"  means a section of this Plan, unless indicated otherwise.

    2.23  "SECURITIES ACT"  means the Securities Act of 1933, as amended.

    2.24  "SUBSIDIARY"  means any corporation in an unbroken chain of
corporations beginning with the Company if, as of the applicable Enrollment
Date, each of the corporations other than the last corporation in the chain owns
stock possessing 50% or more of the total combined voting power of all classes
of stock in one of the other corporations in the chain.

                                       2
<PAGE>
                              III. ADMINISTRATION

    3.1 The Plan shall be administered by the a Committee of not less than three
Board members appointed by the Board. Membership on the Committee shall be
subject to such limitations as the Board deems appropriate. In the event that
the Board does not appoint a Committee, the Board shall be the Committee. The
members of the Committee shall be "non-employee directors" within the meaning of
Rule 16b-3.

    3.2 The Committee may select one of its members as chairman and may appoint
a secretary. The Committee shall make such rules and regulations for the conduct
of its business as it shall deem advisable; provided, however, that all
determinations of the Committee shall be made by a majority of its members when
a quorum, which is constituted by a majority of the Committee, is present. Any
acts approved of in writing must be unanimously approved.

    3.3 The Committee shall have the power, subject to and within the limits of
the express provisions of the Plan, to construe and interpret the Plan and
options granted under it; to establish, amend and revoke rules and regulations
for administration of the Plan; to determine all questions of fact and of policy
and expediency that may arise in the administration of the Plan; and, generally,
to exercise such powers and perform such acts as the Committee deems necessary
or expedient to promote the best interests of the Company, including, but not
limited to, designating from time to time which Subsidiaries of the Company
shall be Participating Subsidiaries. The Committee's determinations as to the
interpretation and operation of this Plan shall be final and conclusive. The
Committee may employ agents and delegate ministerial duties to them.

    In exercising the powers described in the foregoing paragraph, the Committee
may adopt special or different rules for the operation of the Plan including,
but not limited to, rules which allow employees of any foreign Subsidiary to
participate in, and enjoy the tax benefits offered by, the Plan; provided that
such rules shall not result in any grantees of options having different rights
and/or privileges under the Plan nor otherwise cause the Plan to fail to satisfy
the requirements of Section 423 of the Internal Revenue Code and the regulations
thereunder.

    3.4 This Article III relating to the administration of the Plan may be
amended by the Board from time to time as may be desirable to satisfy any
requirements of or under the federal securities and/or other applicable laws of
the United States, or to obtain any exemption under such laws.

    3.5 No member of the Board or the Committee or any other agent to which
either may have delegated authority under the Plan shall be liable for any
action or determination made in good faith with respect to the Plan or any
option granted under it.

                              IV. NUMBER OF SHARES

    4.1 Two million (2,000,000) shares of the Company's Common Stock are
reserved for sales and authorized for issuance pursuant to the Plan. Shares sold
under the Plan may be newly-issued shares, outstanding shares reacquired in
private transactions or open market purchases, or both. If any option granted
under the Plan shall for any reason terminate without having been exercised, the
shares not purchased under such option shall again become available for the
Plan.

    4.2 In the event of any reorganization, recapitalization, stock split,
reverse stock split, stock dividend, combination of shares, merger,
consolidation, acquisition of property or shares, separation, asset spin-off,
stock rights offering, liquidation or other similar change in the capital
structure of the Company, the Committee shall make such adjustment, if any, as
it deems appropriate in the number, kind and purchase price of the shares
available for purchase under the Plan. In the event that, at a time when options
are outstanding hereunder, there occurs a dissolution or liquidation of the
Company, except pursuant to a transaction to which Section 424(a) of the Code
applies, each option to

                                       3
<PAGE>
purchase Common Stock of the Company shall terminate, but the Participant
holding such option shall have the right to exercise his option prior to such
dissolution or liquidation.

                          V. ELIGIBILITY REQUIREMENTS

    5.1 Except as provided in Section 5.2, each individual who is an Employee of
the Company or a Participating Subsidiary shall become eligible to participate
in the Plan in accordance with Article VI on the first Enrollment Date following
the individual's completion of one (1) calendar month of employment by the
Company or a Subsidiary, provided that the individual is an Employee on such
Enrollment Date. Participation in the Plan is entirely voluntary.

    5.2 The following Employees are not Eligible Employees:

        (a) Employees who, immediately upon enrollment in the Plan or
    immediately upon an option grant would own directly or indirectly, or hold
    options or rights to acquire, an aggregate of 5% or more of the total
    combined voting power or value of all outstanding shares of all classes of
    stock of the Company or any Subsidiary (and for purposes of this paragraph,
    the rules of Code Section 424(d) shall apply, and stock which the Employee
    may purchase under outstanding options shall be treated as stock owned by
    the Employee); and

        (b) Employees who are customarily employed by the Company or a
    Participating Subsidiary for less than 20 hours per week.

    5.3 Notwithstanding anything to the contrary in Section 5.1, Employees who
are directors or "officers" of the Company (as defined in Rule 16a-1(f) under
the Exchange Act, as such rule may be amended from time to time) may participate
in the plan only in accordance with the requirements of Rule 16b-3 under the
Exchange Act. The Plan is intended to conform to the extent necessary with all
provisions of the Securities Act and the Exchange Act and any and all
regulations and rules promulgated by the Securities and Exchange Commission
thereunder, including without limitation Rule 16b-3. Notwithstanding anything
herein to the contrary, the Plan shall be administered, and the options shall be
granted and may be exercised, only in such a manner as to conform to such laws,
rules and regulations. To the extent permitted by applicable law, the Plan and
the options granted hereunder shall be deemed amended to the extent necessary to
conform to such laws, rules and regulations.

                                 VI. ENROLLMENT

    6.1 Any Eligible Employee may enroll in the Plan for an Accumulation Period
by completing and signing an enrollment form (which authorizes payroll
deductions during such Accumulation Period in accordance with Section 8.1) and
submitting such enrollment form to the Company on or before the Cut-Off Date
immediately preceding the commencement of the Accumulation Period. Such
enrollment form (and the authorization therein) shall be effective as of the
Enrollment Date occurring within the first Accumulation Period to which the
enrollment form relates, and shall continue in effect until the earliest of:

        (a) the end of the last payroll period ending in the last Accumulation
    Period before the Plan expires, in which case such enrollment and
    authorization shall automatically be deemed renewed for successive
    Accumulation Periods, unless the Committee adopts a different rule providing
    for renewal for a different period (or prohibiting such deemed renewal);

        (b) the date during an Accumulation Period that the Employee elects to
    change his enrollment in accordance with Section 8.3;

        (c) the date during an Accumulation Period that the Employee ceases to
    be an Eligible Employee; and

                                       4
<PAGE>
        (d) the date during an Accumulation Period that the Employee withdraws
    from the Plan or has a termination of employment in accordance with
    Article X.

                      VII. GRANT OF OPTIONS ON ENROLLMENT

    7.1 Enrollment by an Eligible Employee in the Plan as of an Enrollment Date
will constitute the grant by the Company to such Participant on each Enrollment
Date for which the enrollment continues in effect of an option to purchase
shares of Common Stock from the Company pursuant to the Plan. Such option shall
be evidenced in such form and with such terms (consistent with the Plan) as the
Committee shall from time to time approve and shall be subject to Section 12.9.

    7.2 An option granted to a Participant pursuant to this Plan shall expire,
if not terminated for any reason first, on the earliest to occur of (a) the end
of the Purchase Date with respect to the Accumulation Period in which such
option was granted; (b) the completion of the purchase of Common Stock under the
option under Article IX; or (c) the date on which participation of such
Participant in the Plan terminates for any reason.

    7.3 An option granted to a Participant under the Plan shall give the
Participant a right to purchase on a Purchase Date any number of whole shares
(if the number of shares computed below includes a fraction, such number shall
be rounded down to the next whole number) of Common Stock, and shall specify
such number prior to the Enrollment Date, which is not more than whichever of
the amounts described in (a) or (b) is applicable:

        (a) an amount equal to the lesser of (i) the percentage designated in
    the Participant's enrollment form of the Participant's annualized Base
    Earnings at the rate in effect on the applicable Enrollment Date, divided by
    85% of the Fair Market Value of a share of Common Stock as of (A) the
    Enrollment Date on which the option is granted or (B) as of the Purchase
    Date for the Accumulation Period, whichever is lower, or (ii) two times the
    amount equal to the percentage designated in the Participant's enrollment
    form of the Participant's annualized Base Earnings at the rate in effect on
    the applicable Enrollment Date, divided by the Fair Market Value of a share
    of Common Stock as of the Enrollment Date; provided that, if the Committee
    specifies the purchase price under Section 9.4(b) applies with respect to
    the Accumulation Period, then such percentage of annualized Base Earnings
    shall be divided by 85% of the Fair Market Value of a share of Common Stock
    as of the Purchase Date for the Accumulation Period; or

        (b) a maximum number of shares as set by the Committee for an Enrollment
    Period subject to Section 4.1.

    Notwithstanding any other provision of this Plan, no Employee may be granted
an option which permits his rights to purchase shares of Common Stock under the
Plan and any other similar employee stock purchase plan of the Company or any of
its subsidiaries to accrue at a rate which exceeds $25,000 of Fair Market Value
of such Common Stock (determined at the time such option is granted) for each
calendar year in which such option is outstanding at any time.

                            VIII. PAYROLL DEDUCTIONS

    8.1 An Eligible Employee who files an enrollment form pursuant to
Article VI shall elect and authorize in such form to have deductions made from
his pay on each payday during the Accumulation Period(s) to which the enrollment
form relates, and he shall designate in such form the percentage (or, if the
Committee permits, the total amount) of Base Earnings to be deducted during such
Accumulation Period. An Employee may elect and authorize to have deducted up to
10% of his Base Earnings for such Accumulation Period, subject to the maximum
set forth in Section 7.3, (subject to such minimum dollar amount as the
Committee may designate from time to time). Any designated percentage shall be a
whole percentage of Base Earnings up to 10% or such smaller percentage as the

                                       5
<PAGE>
Committee specifies from time to time. For these purposes, the Base Earnings of
an hourly-paid Employee shall be determined by multiplying such Employee's
hourly rate of base pay as of the beginning of the Accumulation Period by the
number of regularly scheduled hours the Employee is expected to work during the
Accumulation Period, excluding overtime hours.

    8.2 Payroll deductions for a Participant shall commence as soon as
administratively practical after the Participant's authorization of such payroll
deductions in an enrollment form becomes effective in accordance with
Article VI, and shall continue until the date on which such authorization ceases
to be effective in accordance with Article VI. The amount of each payroll
deduction made for a Participant shall be credited to the Participant's Account
as soon as administratively practical after the Participant's pay is withheld.
No interest shall be paid on amounts held in Participant's Account. All payroll
deductions received or held by the Company or a Participating Subsidiary may be
used by the Company or Participating Subsidiary for any corporate purpose, and
the Company or Participating Subsidiary shall not be obligated to segregate such
payroll deductions.

    8.3 During an Accumulation Period, a Participant may elect to reduce or to
cease (but not to increase) payroll deductions made on his behalf for the
remainder of such Accumulation Period by delivering the applicable forms to the
Company in such manner and at such time as permitted by the Committee. A
Participant may elect to reduce payroll deductions or cease payroll deductions
at any time. A Participant who has ceased payroll deductions may voluntarily
withdraw from the Plan pursuant to Section 10.1.

    8.4 A Participant may not make any separate or additional contributions to
his Account under the Plan, except when on leave of absence and then only as
provided in Section 10.3. Neither the Company nor any Participating Subsidiary
shall make separate or additional contributions to any Participant's Account
under the Plan.

                             IX. PURCHASE OF SHARES

    9.1 Subject to Section 9.2, any option held by the Participant which was
granted under this Plan and which remains outstanding as of a Purchase Date
shall be deemed to have been exercised on such Purchase Date for the purchase of
the number of whole shares (fractional shares shall be rounded down to the
nearest whole number) of Common Stock which the funds accumulated in the
Participant's Account as of the Purchase Date will purchase at the applicable
purchase price (but not in excess of the number of shares for which options have
been granted to the Participant pursuant to Section 7.3).

    9.2 A Participant who holds an outstanding option as of a Purchase Date
shall not be deemed to have exercised such option if, no later than the time
prior to such Purchase Date required by the Committee, the Participant elected
not to exercise the option by withdrawing from the Plan in accordance with
Section 10.1. If the Participant withdraws as described in the preceding
sentence, then all funds accumulated in his Account as of the Purchase Date on
which his option would otherwise be exercisable shall be distributed to him as
soon as administratively feasible after such Purchase Date.

    9.3 If, after a Participant's exercise of an option under Section 9.1, an
amount remains credited to the Participant's Account as of a Purchase Date, then
the remaining amount shall be refunded to the Participant in cash as soon as
administratively practical after such Purchase Date. No interest shall accrue on
such amounts held by the Company.

    9.4 (a) The purchase price for each share of Common Stock purchased under an
option granted on the Enrollment Date for such Accumulation Period shall be 85%
of the lower of

           (i) the Fair Market Value of a share of Common Stock on the
       Enrollment Date on which such option is granted; or

           (ii) the Fair Market Value of a share of Common Stock on the Purchase
       Date.

                                       6
<PAGE>
        (b) Notwithstanding Section 9.4(a), if the Committee so specifies prior
    to the commencement of an Accumulation Period, the purchase price for each
    share of Common Stock purchased under any option shall be 85% of the Fair
    Market Value of a share of Common Stock on the Purchase Date.

    9.5 If shares of Common Stock are purchased by a Participant pursuant to
Section 9.1, then such shares shall be held in non-certificated form at a bank
or other appropriate institution selected by the Company until the earlier of
(i) such annual or other periodic date determined by the Committee, at which
time the Committee shall deliver certificates representing such shares to a
Participant or (ii) the time a Participant requests delivery of certificates
representing such shares as may be required by the laws of the jurisdiction in
which a Participant sells or otherwise disposes of the Participant's shares
acquired under the Plan or for another reason approved by the Committee. If any
law or applicable regulation of the Securities and Exchange Commission or other
body having jurisdiction shall require that the Company or the Participant take
any action in connection with the shares being purchased under the option,
delivery of the certificate or certificates for such shares shall be postponed
until the necessary action shall have been completed, which action shall be
taken by the Company at its own expense, without unreasonable delay.

    Any certificates delivered pursuant to this Section 9.5 shall be registered
in the name of the Participant or, if the Participant so elects, in the names of
the Participant and one or more such other persons as may be designated by the
Participant, as joint tenants with rights of survivorship or as tenants by the
entireties, to the extent permitted by law.

    9.6 In the case of Participants employed by a Participating Subsidiary, the
Committee may provide for Common Stock to be sold through the Subsidiary to such
Participants, to the extent consistent with Section 423 of the Code.

    9.7 If the total number of shares of Common Stock for which an option is
exercised on any Purchase Date in accordance with this Article IX, when
aggregated with all shares of Common Stock previously granted under this Plan,
exceeds the maximum number of shares reserved in Section 4.1, the Company shall
make a pro rata allocation of the shares available for delivery and distribution
in as nearly a uniform manner as shall be practicable and as it shall determine
to be equitable, and the balance of payroll deductions credited to the Account
of each Participant under the Plan shall be returned to him as promptly as
practical.

    9.8 If a Participant or former Participant sells, transfers, or otherwise
makes a disposition of Common Stock purchased pursuant to an option granted
under the Plan within two years after the date such option is granted or within
one year after the Purchase Date to which such option relates, and if such
Participant or former Participant is subject to U.S. federal income tax, then
such Participant or former Participant shall notify the Company or Participating
Subsidiary in writing of such sale, transfer or other disposition within
10 days of the consummation of such sale, transfer or other disposition, and
shall remit to the Company or Participating Subsidiary or authorize the Company
or Participating Subsidiary to withhold from other sources such amount as the
Company may determine to be necessary to satisfy any federal, state or local tax
withholding obligations of the Company or Participating Subsidiary.

    The Committee may from time to time establish rules and procedures
(including but not limited to postponing delivery of shares until the earlier of
the expiration of the two-year or one-year period or the disposition of such
shares by the Participant) to cause the withholding requirements to be
satisfied.

                                       7
<PAGE>
                        X. TERMINATION OF PARTICIPATION

    10.1  WITHDRAWAL FROM THE PLAN.  A Participant may withdraw from the Plan in
full (but not in part) during any Accumulation Period by delivering a notice of
withdrawal to the Company (in a manner prescribed by the Committee) at any time
up to but not including the number of days prior to the Purchase Date occurring
in such Accumulation Period as the Committee shall require. If notice of
withdrawal is timely received, the funds then accumulated in the Participant's
Account shall not be used to purchase Common Stock, but shall instead be
distributed to the Participant as soon as administratively feasible after the
end of the Accumulation Period. An Employee who has withdrawn during an
Accumulation Period may not return funds to the Company or a Participating
Subsidiary during the same Accumulation Period and require the Company or
Participating Subsidiary to apply those funds to the purchase of Common Stock.
Any Eligible Employee who has withdrawn from the Plan may, however, re-enroll in
the Plan on the next subsequent Enrollment Date following such withdrawal in
accordance with the provisions of Article VI.

    10.2  TERMINATION OF EMPLOYMENT.  Participation in the Plan terminates
immediately when a Participant ceases to be employed by the Company or a
Participating Subsidiary for any reason other than death or otherwise ceases to
be an Eligible Employee, and such terminated Participant's outstanding options
shall thereupon terminate. As soon as administratively practical after
termination of participation, the Company or Participating Subsidiary shall pay
to the Participant all amounts accumulated in the Participant's Account at the
time of termination of participation. No interest shall accrue on such amount.

    10.3  LEAVE OF ABSENCE.  If a Participant takes a leave of absence without
terminating employment, such Participant may, at the commencement of the leave
of absence and in accordance with procedures prescribed by the Committee, to
elect: (a) to withdraw from the Plan in accordance with Section 10.1; (b) to
discontinue contributions to the Plan but remain a Participant in the Plan
through the balance of the Accumulation Period in which his leave of absence
begins; or (c) to remain a Participant in the Plan during such leave of absence,
authorizing deductions to be made from payments by the Company or a
Participating Subsidiary to the Participant during such leave of absence and
undertaking to make contributions to the Plan at the end of each payroll period
to the extent that amounts payable by the Company to such Participant are
insufficient to meet such Participant's authorized Plan deductions.

                         XI. DESIGNATION OF BENEFICIARY

    11.1  Each Participant may designate in writing one or more beneficiaries to
receive the amount in his Account in the event of death and may, in his sole
discretion, change such designation in writing at any time. Any such designation
shall be effective upon receipt by the Company and shall control over any
disposition by will or otherwise.

    11.2  As soon as administratively practical after the death of a
Participant, amounts accumulated in his Account shall be paid in cash to the
designated beneficiaries or, in the absence of a valid designation, to the
executor, administrator or other legal representative of the Participant's
estate. Such payment shall relieve the Company of further liability with respect
to the Plan on Account of the deceased Participant. If more than one beneficiary
is designated, each beneficiary shall receive an equal portion of the Account
unless the Participant has given express contrary instructions. No interest
shall be paid on such amounts.

    11.3  No beneficiary shall, prior to the death of the Participant by whom he
has been designated, acquire any interest in the amounts credited to the
Participant's Account under the Plan.

                                       8
<PAGE>
                               XII. MISCELLANEOUS

    12.1  RESTRICTIONS ON TRANSFER.  The rights of a Participant under the Plan
shall not be assignable or transferrable by such Participant, and an option
granted under the Plan may not be exercised during a Participant's lifetime
other than by the Participant.

    12.2  ADMINISTRATIVE ASSISTANCE.  If the Committee in its discretion so
elects, it may retain a brokerage firm, bank or other financial institution to
assist in the purchase of shares, delivery of reports or other administrative
aspects of the Plan. If the Committee so elects, each Participant shall (unless
prohibited by applicable law) be deemed upon enrollment in the Plan to have
authorized the establishment of an account on his behalf at such institution.
Shares purchased by a Participant under the Plan shall be held in the account in
the Participant's name, or if the Participant so indicates in the enrollment
form, in the Participant's name together with the name of one or more other
persons, in joint tenancy with right of survivorship or spousal community
property, or in certain forms of trusts approved by the Committee.

    12.3  COSTS AND EXPENSES.  All costs and expenses incurred in administering
the Plan shall be paid by the Company, including any stamp duties, transfer
taxes and any brokerage fees applicable to a Participant's acquisition of Stock
under the Plan, unless otherwise determined by the Committee and announced in
advance to Participants.

    12.4  EQUAL RIGHTS AND PRIVILEGES.  All Eligible Employees shall have equal
rights and privileges with respect to the Plan so that the Plan qualifies as an
"employee stock purchase plan" within the meaning of Section 423 or any
successor provision of the Code and the related regulations. Notwithstanding the
express terms of the Plan, any provision of the Plan which is inconsistent with
Section 423 or any successor provision of the Code shall without further act or
amendment by the Company or the Board be reformed to comply with the
requirements of Code Section 423. This Section shall take precedence over all
other provisions in the Plan.

    12.5  APPLICABLE LAW.  The Plan shall be governed by the substantive laws
(excluding the conflict of laws rules) of the State of Illinois.

    12.6  AMENDMENT AND TERMINATION.  The Board may amend, alter or terminate
the Plan at any time; provided, however, that no amendment which would amend or
modify the Plan in a manner requiring stockholder approval under Code
Section 423, the requirements of any securities exchange on which the Common
Stock is traded, or any rule or regulation promulgated by the Securities
Exchange Commission shall be effective unless, within one year after it is
adopted by the Board, it is approved by the holders of a majority of the voting
power of the Company's outstanding shares. In addition, the Committee may amend
the Plan as provided in Section 3.3, subject to the conditions set forth therein
and in this Section.

    If the Plan is terminated, the Board may elect to terminate all outstanding
options either prior to their expiration or upon completion of the purchase of
shares on the next Purchase Date, or may elect to permit options to expire in
accordance with their terms (and participation to continue through such
expiration dates). If the options are terminated prior to expiration, all funds
accumulated in Participants' Accounts as of the date the options are terminated
shall be returned to the Participants as soon as administratively practical,
without interest.

    12.7  RIGHTS AS A STOCKHOLDER.  A Participant shall have no rights as a
stockholder with respect to any Common Stock covered by his option until the
Purchase Date. No adjustment shall be made for dividends (ordinary or
extraordinary, whether in cash, securities or other property) or distributions
or other rights for which the record date is prior to the date of such exercise,
except as provided in Section 4.2 of the Plan.

                                       9
<PAGE>
    12.8  NO RIGHT OF EMPLOYMENT.  Neither the grant nor the exercise of any
rights to purchase shares under this Plan nor anything in this Plan shall impose
upon the Company any obligation to employ or continue to employ any employee.
The right of the Company or any Subsidiary to terminate any employee shall not
be diminished or affected because any rights to purchase shares have been
granted to such employee.

    12.9  REQUIREMENTS OF LAW.  The Company shall not be required to sell,
issue, or deliver any shares of Common Stock under this Plan if such sale,
issuance, or delivery might constitute a violation by the Company or the
Participant of any provision of law. Unless a registration statement under the
Securities Act is in effect with respect to the shares of Common Stock proposed
to be delivered under the Plan, the Company shall not be required to issue such
shares if, in the opinion of the Company or its counsel, such issuance would
violate the Securities Act. Regardless of whether such shares of Common Stock
have been registered under the Securities Act or registered or qualified under
the securities laws of any state, the Company may impose restrictions upon the
hypothecation or further sale or transfer of such shares (including the
placement of appropriate legends on stock certificates) if, in the judgment of
the Company or its counsel, such restrictions are necessary or desirable to
achieve compliance with the provisions of the Securities Act, the securities
laws of any state, or any other law or are otherwise in the best interests of
the Company. Any determination by the Company or its counsel in connection with
any of the foregoing shall be final and binding on all parties.

    If, in the opinion of the Company and its counsel, any legend placed on a
stock certificate representing shares of Common Stock issued under the Plan is
no longer required in order to comply with applicable securities or other laws,
the holder of such certificate shall be entitled to exchange such certificate
for a certificate representing a like number of shares lacking such legend.

    The Company may, but shall not be obligated to, register or qualify any
securities covered by the Plan. The Company shall not be obligated to take any
other affirmative action in order to cause the grant or exercise of any right or
the issuance, sale, or deliver of shares pursuant to the exercise of any right
to comply with any law.

    12.10  GENDER.  When used herein, masculine terms shall be deemed to include
the feminine, except when the context indicates to the contrary.

    Executed this             day of             , 1999.

                                DELPHI INFORMATION SYSTEMS, INC.

                                By:
                                      ----------------------------------------

                                Title:
                                      ----------------------------------------

                                       10

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