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                                                                   EXHIBIT 10.33

                           U.S.I. HOLDINGS CORPORATION
                           2002 EQUITY INCENTIVE PLAN

SECTION 1.   Establishment And Purpose.

The purposes of the Plan are to (i) attract and retain persons who are eligible
to participate in the Plan, (ii) motivate such persons, by means of appropriate
incentives, to contribute to the long-range growth and success of the Company,
(iii) provide incentive compensation opportunities that are competitive with
those of other similar companies and (iv) further associate the interests of the
Company's directors, executive officers, employees, and non-employee
contributors with those of its other stockholders through compensation that is
based on the performance of the Company's Stock; and thereby promote the
long-term financial interest of the Company and enhance stockholder return. The
Plan provides for the direct award of Shares or Stock Units, the sale of Shares
and for the grant of Options to purchase Shares. Options granted under the Plan
may be Nonstatutory Stock Options ("NSOs") or Incentive Stock Options ("ISOs").
Capitalized terms are defined in Section 12.

SECTION 2.   Administration.

             (a) Committee of the Board of Directors. The Plan shall be
administered by a Compensation Committee of the Board of Directors ("Committee")
or, if no Committee has been appointed, by the Board of Directors. The Committee
shall consist of two or more members of the Board of Directors who have been
appointed by the Board of Directors; provided that following the effectiveness
of a registration statement under Section 5 of the Securities Act of 1933, as
amended, each member of the Committee shall be a non-employee director as
defined in Rule 16b-3(b)(3)(i) promulgated under Section 16 of the Securities
Exchange Act of 1934, as amended. The Committee shall have such authority and be
responsible for such functions as the Board of Directors has assigned to it. Any
reference to the Board of Directors in the Plan shall be construed as a
reference to the Committee to the extent the Board of Directors has assigned a
particular function.

             (b) Authority of the Board of Directors. Subject to the provisions
of the Plan, the Board of Directors, acting through the Committee, shall have
full authority and discretion to take any actions it deems necessary or
advisable for the administration of the Plan. All decisions, interpretations and
other actions of the Committee or Board of Directors shall be final and binding
on Purchasers, Optionees and persons deriving rights from a Purchaser or
Optionee.

SECTION 3.   Eligibility.

             (a) General Rule. Subject to the terms and conditions of the Plan,
only Eligible Persons shall receive awards under the Plan. As used herein, the
term "Eligible Persons" means

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(i) key executive Employees or other significant Employees as established from
time to time by the Board of Directors and (ii) Directors or Consultants
providing key services to the Company or its Subsidiaries. In the discretion of
the Board of Directors, an Eligible Person may be granted any award permitted
under the provisions of the Plan, except that only Employees shall be eligible
to receive grants of ISOs. More than one award may be granted to an Eligible
Person. Awards may be granted as alternatives to, or replacements of, awards
outstanding under the Plan, or any other plan or arrangement of the Company or
its Subsidiaries.

             (b) Ten-Percent Stockholders. Notwithstanding anything to the
contrary herein, if an ISO is granted to an individual who owns more than 10% of
the total combined voting power of all classes of outstanding stock of the
Company, its Parent or any of its Subsidiaries (i) the Exercise Price shall be
not less than 110% of the Fair Market Value of a Share on the date of grant and
(ii) such ISO by its terms shall not be exercisable after the expiration of five
years from the date of grant. For purposes of this Subsection (b), in
determining stock ownership, the attribution rules of Section 424(d) of the Code
shall be applied.

SECTION 4.   Stock Subject To Plan.

             (a) Limitations. Shares offered under the Plan may be authorized
but unissued Shares or treasury Shares. The aggregate number of Shares that may
be issued under the Plan shall not exceed 10,269,515 Shares, subject to
adjustment pursuant to Section 8. The number of Shares that are subject to
Options, Stock Units or other rights outstanding at any time under the Plan
shall not exceed the number of Shares that then remain available for issuance
under the Plan. The Company, during the term of the Plan, shall at all times
reserve and keep available sufficient Shares to satisfy the requirements of the
Plan.

             (b) Additional Shares. In the event that any outstanding Option or
other right for any reason expires or is canceled or otherwise terminated, the
Shares allocable to the unexercised portion of such Option or other right shall
again be available for issuance under the Plan. In the event that Shares issued
under the Plan are reacquired by the Company pursuant to any forfeiture
provision, right of repurchase or right of first refusal, such Shares shall
again be available for issuance under the Plan.

SECTION 5.   Terms And Conditions Of Awards Or Sales.

            (a) Stock Purchase Agreement. Each award of Shares or Stock Units or
sale of Shares under the Plan (other than upon exercise of an Option) shall be
evidenced by a Stock Purchase Agreement between the Purchaser and the Company.
Such award or sale shall be subject to all applicable terms and conditions of
the Plan and may be subject to any other terms and conditions which are not
inconsistent with the Plan and which the Board of Directors deems appropriate
for inclusion in a Stock Purchase Agreement. The provisions of the various Stock
Purchase Agreements entered into under the Plan need not be identical.

             (b) Duration of Offers and Nontransferability of Rights. Any right
to acquire Shares under the Plan (other than an Option or Stock Unit) shall
automatically expire if not

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exercised by the Purchaser within thirty (30) days after the date of the grant
of such right to the Purchaser by the Company. Such right shall not be
transferable and shall be exercisable only by the Purchaser to whom such right
was granted.

             (c) Withholding Taxes. As a condition to the purchase of Shares,
the Purchaser shall make such arrangements as the Board of Directors may require
or approve, including without limitation, withholding of Shares, for the
satisfaction of any federal, state, local or foreign withholding tax obligations
that may arise in connection with such purchase.

             (d) Restrictions on Transfer of Shares and Minimum Vesting. Any
Shares awarded or sold under the Plan may be subject to such special forfeiture
conditions, rights of repurchase, rights of first refusal and transfer
restrictions as the Board of Directors may determine. Such restrictions shall be
set forth in the applicable Stock Purchase Agreement and shall apply in addition
to any restrictions that may apply to holders of Shares generally.

             (e) Accelerated Vesting. Unless the applicable Stock Purchase
Agreement provides otherwise, any right to repurchase a Purchaser's Shares at
the original Purchase Price upon termination of the Purchaser's Service shall
lapse and all of such Shares shall become vested if the Company is subject to a
Change in Control before the Purchaser's Service terminates.

SECTION 6.   Terms And Conditions Of Options.

             (a) Stock Option Agreement. Each grant of an Option under the Plan
shall be evidenced by a Notice of Option Grant or a Stock Option Agreement
between the Optionee and the Company. Such Option shall be subject to all
applicable terms and conditions of the Plan and may be subject to any other
terms and conditions which are not inconsistent with the Plan and which the
Board of Directors deems appropriate for inclusion in a Notice of Option Grant
or a Stock Option Agreement. The provisions of the various Notice of Option
Grants or Stock Option Agreements entered into under the Plan need not be
identical.

             (b) Number of Shares. Each Notice of Option Grant or Stock Option
Agreement shall specify the number of Shares that are subject to the Option and
shall provide for the adjustment of such number in accordance with Section 8.
The Notice of Option Grant or Stock Option Agreement shall also specify whether
the Option is an ISO or a NSO.

             (c) Exercise Price. Each Notice of Option Grant or Stock Option
Agreement shall specify the Exercise Price. Subject to Section 3(b) herein, the
Exercise Price of any Option shall be determined by the Board of Directors in
its sole discretion and payable by the Purchaser in any manner set forth in
Section 7 hereof.

             (d) Withholding Taxes. As a condition to the exercise of an Option,
the Optionee shall make such arrangements as the Board of Directors may require
or approve, including without limitation, withholding of Shares, for the
satisfaction of any federal, state, local or foreign withholding tax obligations
that may arise in connection with such exercise.

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             (e) Exercisability. Each Notice of Option Grant or Stock Option
Agreement shall specify the date when all or any installment of the Option is to
become exercisable. The exercisability provisions of any Notice of Option Grant
or Stock Option Agreement shall be determined by the Board of Directors and set
forth in the applicable Stock Option Agreement.

             (f) Accelerated Vesting and Exercisability. Unless the applicable
Notice of Option Grant or Stock Option Agreement provides otherwise, all of an
Optionee's Options shall become vested and exercisable in full upon a Change in
Control of the Company.

             (g) Basic Term. The Board of Directors shall establish the term of
each Option and such term shall be set forth in the Notice of Option Grant or
Stock Option Agreement. No Option shall be granted for a term of more than ten
(10) years.

             (h) Nontransferability. No Option shall be transferable by the
Optionee other than by beneficiary designation, will or the laws of descent and
distribution. An Option may be exercised during the lifetime of the Optionee
only by the Optionee or by the Optionee's guardian or legal representative. No
Option or interest therein may be transferred, assigned, pledged or hypothecated
by the Optionee during the Optionee's lifetime, whether by operation of law or
otherwise, or be made subject to execution, attachment or similar process.

             (i) Termination of Service (Except by Death, Disability or
Retirement). If an Optionee's Service terminates for any reason other than the
Optionee's death, Disability or Retirement, then the Optionee's Options shall
expire on the earliest of the following occasions:

                 (i)   The termination date determined pursuant to subsection
(g) above; or

                 (ii)  The date thirty days after the termination of the
Optionee's Service for any reason other than Death, Disability, Retirement or
Cause, or such later date as the Board of Directors may determine; or

                 (iii) The date of the termination of the Optionee's Service for
Cause, or such later date as the Board of Directors may determine.

The Optionee may exercise all or part of the Optionee's Options at any time
before the expiration of such Options under the preceding sentence, but only to
the extent that such Options had vested and otherwise become exercisable before
the Optionee's Service terminated. The balance of such Options shall lapse when
the Optionee's Service terminates.

             (j) Termination of Service in the Event of Death, Disability or
Retirement. If an Optionee dies or becomes Disabled while the Optionee is in
Service, or upon Retirement of the Optionee, the Optionee's Options shall expire
on the earlier of the following dates:

                 (i)  The expiration date determined pursuant to subsection (g)
above; or

                 (ii) The date 12 months after the Optionee's termination of
Service.

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All or part of the Optionee's Options may be exercised at any time before the
expiration of such Options under the preceding sentence by the Optionee's legal
representative, executors or administrators of the Optionee's estate, or by any
person who has acquired such Options directly from the Optionee by beneficiary
designation, bequest or inheritance, but only to the extent that such Options
had become exercisable before the Optionee's termination of Service. The balance
of such Options shall lapse when the Service of the Optionee terminates.

             (k) Leaves of Absence. For purposes of Subsection (i) above,
Service shall be deemed to continue while the Optionee is on a bona fide leave
of absence, if such leave was approved by the Company in writing and if
continued crediting of Service for this purpose is expressly required by the
terms of such leave (as determined by the Company) or by applicable law.

             (l) No Rights as a Stockholder. An Optionee, or a transferee of an
Optionee, shall have no rights as a stockholder with respect to any Shares
covered by the Optionee's Option until such person becomes entitled to receive
such Shares by filing a notice of exercise and paying the Exercise Price
pursuant to the terms of such Option.

             (m) Modification, Extension and Assumption of Options. Within the
limitations of the Plan, the Board of Directors may modify, extend or assume
outstanding Options or may accept the cancellation of outstanding Options
(whether granted by the Company or another issuer) in return for the grant of
new Options for the same or a different number of Shares and at the same or a
different Exercise Price. The foregoing notwithstanding, no modification of an
Option shall, without the consent of the Optionee, impair the Optionee's rights
or increase the Optionee's obligations under such Option.

             (n) Restrictions on Transfer of Shares and Minimum Vesting. Shares
issued upon exercise of an Option shall be subject to such vesting, special
forfeiture conditions, rights of repurchase, rights of first refusal and other
transfer restrictions as the Board of Directors may determine. Such restrictions
shall be set forth in the applicable Notice of Option Grant or Stock Option
Agreement and shall apply in addition to any restrictions that may apply to
holders of Shares generally.

SECTION 7.   Payment For Shares.

             (a) General Rule. Payment for Shares purchased pursuant to this
Plan may be in cash (check) or cash equivalents at the time of purchase, in any
manner set forth below and in any combination of the following:

                 (i) by surrender of shares that either (A) have been owned by
the Purchaser for more than six (6) months and have been paid for within the
meaning of Rule 144 promulgated under the Securities Act of 1933, as amended
(or, if such shares were purchased from the Company by use of a promissory note,
such note has been fully repaid with respect to such shares); or (B) were
acquired by the Purchaser in the public market;

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                 (ii)  if specifically approved by the Board of Directors, by
tender of a full recourse promissory note bearing interest at a rate sufficient
to avoid imputation of income under Sections 483 and 1274 of the Code, and
otherwise having such terms as may be approved by the Board of Directors;
provided, however, that Purchasers who are not Employees or Directors of the
Company shall not be entitled to purchase Shares with a promissory note unless
the note is adequately secured by collateral other than the Shares; or

                 (iii) with respect only to purchases upon exercise of an
Option, and provided that a public market for the Shares exists: (A) through a
"same day sale" commitment from the Purchaser and a broker-dealer that is a
member of the National Association of Securities Dealers (an "NASD Member")
whereby the Purchaser irrevocably elects to exercise the Option and to sell a
portion of the Shares thereby purchased to pay the Exercise Price, and whereby
the NASD Member irrevocably commits upon receipt of the proceeds of such sales
to forward the Exercise Price directly to the Company; or (B) through a "margin"
commitment from the Purchaser and a NASD Member whereby the Purchaser
irrevocably elects to exercise the Option and to pledge the Shares thereby
purchased to the NASD Member in a margin account as security for a loan from the
NASD Member in the amount of the Exercise Price and, whereby the NASD Member
irrevocably commits upon receipt of such Shares to forward the Exercise Price
directly to the Company.

SECTION 8.   Adjustment Of Shares.

             (a) General. In the event of a subdivision of the outstanding
Stock, a declaration of a dividend payable in Shares, a declaration of an
extraordinary dividend payable in a form other than Shares in an amount that has
a material effect on the Fair Market Value of the Stock, a combination or
consolidation of the outstanding Stock into a lesser number of Shares, a
recapitalization, a spin-off, a reclassification or a similar occurrence, the
Board of Directors shall make appropriate adjustments in (i) the number of
Shares available for future grants under Section 4, (ii) the number of Shares
covered by each outstanding Option and (iii) the Exercise Price under each
outstanding Option.

             (b) Mergers and Consolidations. In the event that the Company is a
party to a merger or consolidation, outstanding Options shall be subject to the
agreement of merger or consolidation. Such agreement, without the Optionees'
consent, may provide for:

                 (i)   The continuation of such outstanding Options by the
Company (if the Company is the surviving corporation);

                 (ii)  The assumption of the Plan and such outstanding Options
by the surviving corporation or its parent;

                 (iii) The substitution by the surviving corporation or its
parent of options with substantially the same terms for such outstanding
Options; or

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                 (iv) The cancellation of each outstanding Option after payment
to the Optionee of an amount in cash or cash equivalents equal to (A) the Fair
Market Value of the Shares subject to such Option at the time of the merger or
consolidation minus (B) the Exercise Price of the Shares subject to such Option.

             (c) Reservation of Rights. Except as provided in this Section 8, an
Optionee or Purchaser shall have no rights by reason of (i) any subdivision or
consolidation of shares of stock of any class, (ii) the payment of any dividend
or (iii) any other increase or decrease in the number of shares of stock of any
class. Any issuance by the Company of shares of stock of any class, or
securities convertible into shares of stock of any class, shall not affect, and
no adjustment by reason thereof shall be made with respect to, the number or
Exercise Price of Shares subject to an Option. The grant of an Option pursuant
to the Plan shall not affect in any way the right or power of the Company to
make adjustments, reclassifications, reorganizations or changes of its capital
or business structure, to merge or consolidate or to dissolve, liquidate, sell
or transfer all or any part of its business or assets.

SECTION 9.   Securities Law Compliance.

             (a) General. Shares shall not be issued under the Plan unless the
issuance and delivery of such Shares comply with (or are exempt from) all
applicable requirements of law, including (without limitation) the Securities
Act of 1933, as amended, the rules and regulations promulgated thereunder, state
securities laws and regulations, and the regulations of any stock exchange or
other securities market on which the Company's securities may then be traded.

SECTION 10.  No Rights to Continued Employment.

Nothing in the Plan or in any right or Option granted under the Plan shall
confer upon the Purchaser or Optionee any right to continue in Service for any
period of specific duration or interfere with or otherwise restrict in any way
the rights of the Company (or any Parent or Subsidiary employing or retaining
the Purchaser or Optionee) or of the Purchaser or Optionee, which rights are
hereby expressly reserved by each, to terminate his or her Service at any time
and for any reason, with or without cause.

SECTION 11.  Duration and Amendments.

             (a) Term of the Plan. The Plan, as set forth herein, shall become
effective on the date of its adoption by the Board of Directors, subject to the
approval of the Company's stockholders. In the event that the stockholders fail
to approve the Plan within 12 months after its adoption by the Board of
Directors, any grants of Options or sales or awards of Shares that have already
occurred shall be rescinded, and no additional grants, sales or awards shall be
made thereafter under the Plan. The Plan shall terminate automatically 10 years
after its adoption by the Board of Directors and may be terminated on any
earlier date pursuant to Subsection (b) below.

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             (b) Right to Amend or Terminate the Plan. The Board of Directors
may amend, suspend or terminate the Plan at any time and for any reason;
provided, however, that any amendment of the Plan which increases the number of
Shares available for issuance under the Plan (except as provided in Section 8)
shall require the approval of the Company's stockholders. Stockholder approval
shall not be required for any other amendment of the Plan.

             (c) Effect of Amendment or Termination. No Shares shall be issued
or sold under the Plan after the termination thereof, except upon exercise of an
Option granted prior to such termination. The termination of the Plan, or any
amendment thereof, shall not affect any Share previously issued or any Option
previously granted under the Plan.

SECTION 12.  Definitions.

             (a) "Board of Directors" shall mean the Board of Directors of the
Company, as constituted from time to time.

             (b) "Cause" shall mean (unless a different definition exists in any
employment agreement between the Company and the Optionee or Purchaser) any of
the following with respect to the Optionee or Purchaser:

                 (i)   The unauthorized use or disclosure of the confidential
information or trade secrets of the Company, which use or disclosure causes
material harm to the Company;

                 (ii)  Conviction of, or a plea of "guilty" or "no contest" to,
a felony under the laws of the United States or any state thereof;

                 (iii) Gross negligence in connection with the performance of
Services;

                 (iv)  Continued failure to perform assigned duties after
receiving written notification from the supervisory representative of the
Company;

                 (v)   Fraud; or

                 (vi)  Willful misconduct resulting in economic harm to the
Company.

The foregoing definition of "Cause" shall not be deemed an exclusive list of all
acts or omissions that the Company (or a Parent or Subsidiary) may consider as
grounds for the discharge of an Optionee or Purchaser.

             (c) "Change in Control" shall mean (unless a different definition
exists in any employment agreement between the Company and the Optionee or
Purchaser):

                 (i)   a dissolution or liquidation of the Company;

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                 (ii)  a merger or consolidation in which the Company is not the
surviving corporation (other than a merger or consolidation with a wholly-owned
subsidiary, a reincorporation of the Company in a different jurisdiction, or
other transaction in which there is no substantial change in the stockholders of
the Company or their relative stock holdings, and the awards granted under this
Plan are assumed, converted or replaced by the successor corporation);

                 (iii) a merger in which the Company is the surviving
corporation and upon the effectiveness of which the stockholders of the Company
immediately prior to such merger cease to own at least 50% of the Company's
outstanding voting securities;

                 (iv)  the acquisition or transfer of more than 50% of the
Company's outstanding shares by tender offer or other similar transaction; or

                 (v)   The sale, transfer or other disposition of all or
substantially all of the Company's assets.

             (d) "Code" shall mean the Internal Revenue Code of 1986, as
amended.

             (e) "Committee" shall mean the Compensation Committee of the Board
of Directors, as described in Section 2(a).

             (f) "Company" shall mean U.S.I. Holdings Corporation, a Delaware
corporation.

             (g) "Consultant" shall mean a person or entity who performs bona
fide services for the Company, a Parent or a Subsidiary as a consultant or
advisor, excluding Employees and Directors.

             (h) "Disability" shall mean that the Optionee is unable to engage
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment for a continuous period of at least ninety (90)
days.

             (i) "Eligible Person" shall have the meaning set forth in Section 3
hereof.

             (j) "Employee" shall mean any individual who is a common-law
employee of the Company, a Parent or a Subsidiary.

             (k) "Exercise Price" shall mean the amount for which one Share may
be purchased upon exercise of an Option, as specified in the applicable Stock
Option Agreement.

             (l) "Fair Market Value" shall mean on any date (i) the closing sale
price of a Share during normal trading hours on the national securities exchange
on which the Stock is principally traded for such date or the last preceding
date on which there was a sale of such Stock on such exchange, or (ii) if the
Stock is then traded in an over-the-counter market, the average of the closing
bid and asked prices for a Share during normal trading hours in such
over-the-counter market for such date or thelast preceding date on which there
was a sale of such Stock in such

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market, or (iii) if the Stock is not then listed on a national securities
exchange or traded in an over-the-counter market, such value as the Board of
Directors, in its sole discretion, shall determine.

             (m) "ISO" shall mean an employee incentive stock option described
in Section 422(b) of the Code.

             (n) "Notice of Option Grant" shall mean an agreement between the
Company and an Optionee which contains the terms, conditions and restrictions
pertaining to an Optionee's option.

             (o) "NSO" shall mean a stock option not described in Sections
422(b) or 423(b) of the Code.

             (p) "Option" shall mean an ISO or NSO granted under the Plan and
entitling the holder to purchase Shares.

             (q) "Optionee" shall mean an individual who holds an Option.

             (r) "Director" shall mean a member of the Board of Directors who is
not an Employee.

             (s) "Parent" shall mean any corporation (other than the Company) in
an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the
total combined voting power of all classes of stock in one of the other
corporations in such chain. A corporation that attains the status of a Parent on
a date after the adoption of the Plan shall be considered a Parent commencing as
of such date.

             (t) "Plan" shall mean the U.S.I. Holdings Corporation 2002 Equity
Incentive Plan.

             (u) "Purchase Price" shall mean the consideration for which one
Share may be acquired under the Plan (other than upon exercise of an Option), as
specified by the Board of Directors.

             (v) "Purchaser" shall mean an individual to whom the Board of
Directors has offered the right to acquire Shares under the Plan (other than
upon exercise of an Option).

             (w) "Retirement" shall mean the voluntary termination of Service
upon or following the attainment of age 55.

             (x) "Service" shall mean service as an Employee, Outside Director
or Consultant.

             (y) "Share" shall mean one share of Stock.

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     (z)  "Stock" shall mean the Common Stock of the Company, par value $.01 per
Share.

     (aa) "Stock Unit" shall mean a promise of the Company to deliver a Share at
a specified future date.

     (bb) "Stock Option Agreement" shall mean an agreement between the Company
and an Optionee which contains the terms, conditions and restrictions pertaining
to an Optionee's Option.

     (cc) "Stock Purchase Agreement" shall mean the agreement between the
Company and a Purchaser which contains the terms, conditions and restrictions
pertaining to the purchase of such Shares.

     (dd) "Subsidiary" means any corporation (other than the Company) in an
unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken 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 such chain. A corporation that attains
the status of a Subsidiary on a date after the adoption of the Plan shall be
considered a Subsidiary commencing as of such date.

SECTION 13.  Execution.

To record the adoption of the Plan by the Board of Directors, the Company has
caused its authorized officer to execute the same.

                   U.S.I. HOLDINGS CORPORATION, a Delaware
                   Corporation

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

                   Title:
                          ------------------------------------------------------
                                       11<PAGE>
                                                                   EXHIBIT 10.34

                           U.S.I. HOLDINGS CORPORATION
                          EMPLOYEE STOCK PURCHASE PLAN

     1.  Purpose.

     The purpose of this Plan is to provide eligible employees the opportunity
to purchase U.S.I. Holdings Corporation Common Stock on a basis that qualifies
for the tax treatment prescribed by Section 423 of the Code.

     2.  Definitions.

     The following terms, when used in the Plan, shall have the following
meanings:

     (a) "Board" or "Board of Directors" means the Board of Directors of the
Company, as constituted from time to time.

     (b) "Code" means the Internal Revenue Code of 1986, as amended from time to
time. References to a particular section of the Code include any successor
provisions.

     (c) "Committee" means the Compensation Committee of the Board, or such
other committee appointed by the Board of Directors to administer the Plan
pursuant to the provisions of Section 3(a) below.

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

     (e) "Company" means U.S.I. Holdings Corporation, a Delaware corporation.

     (f) "Fair Market Value" on a particular date means the mean between the
highest and lowest sales prices of a share of Common Stock on the principal
stock exchange or stock market on which the Common Stock may be listed or
admitted to trading. If there were no sales on such date, the respective prices
on the most recent prior day on which sales were reported shall be used. If the
foregoing method of determining fair market value should be inconsistent with
Section 423 of the Code, "Fair Market Value" shall be determined by the
Committee in a manner consistent with Section 423 of the Code and shall mean the
value as so determined.

     (g) "Offering" means a period, designated by the Committee in accordance
with the provisions of Section 6 of the Plan, on the first day of which options
will

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be granted to eligible employees pursuant to Section 8(a) of the Plan and on the
last day of which such options will be deemed exercised or will expire, as
applicable, in accordance with Section 8(b) of the Plan.

     (h) "Participant" or "Participating Employee" means an employee of the
Company or a Participating Subsidiary who is eligible to participate in an
Offering under the Plan pursuant to Section 5 below and who elects to
participate in such Offering in accordance with Section 6 below.

     (i) "Participating Subsidiary" means, with respect to an Offering under the
Plan, a Subsidiary the employees of which are authorized by the Committee as
provided in Section 5 below to participate in such Offering.

     (j) "Plan" means the U.S.I. Holdings Corporation Employee Stock Purchase
Plan set forth herein, as amended from time to time.

     (k) "Parent" means a parent corporation as defined in Section 424(e) of the
Code, including a corporation which becomes such a parent in the future.

     (l) "Subsidiary" means a subsidiary corporation as defined in Section
424(f) of the Code, including a corporation which becomes such a subsidiary in
the future.

     (m) "Total Compensation" means, with respect to any Offering, all
remuneration, as defined in Section 3401(a) of the Code (for purposes of income
tax withholding at the source), but determined without regard to any rules that
limit remuneration included in wages based on the nature and location of
employment or the services performed, for services paid to an employee during,
or coincident with the end of, such Offering; provided, however, that "Total
Compensation" shall not include the following items (even if includable in gross
income): (1) reimbursement or other expense allowances; (2) fringe benefits
(cash and noncash); (3) moving expenses and gross up for taxes; (4) welfare
benefits (including disability income from insurance policies); (5) payments on
account of severance of the employee from employment; (6) payments on account of
early retirement of the employee; (7) income arising from the grant or exercise
of stock options; (8) restricted stock awards; and (9) distributions under this
Plan.

                                       -2-

<PAGE>

     3.  Administration.

     (a) The Plan shall be administered by the Compensation Committee of the
Board, or if designated by the Board such other committee of the Board
consisting of two or more directors.

     (b) Subject to the provisions of the Plan, the powers of the Committee
shall include having the authority, in its discretion, to:

         (i) define, prescribe, amend and rescind rules, regulations,
     procedures, terms and conditions relating to the Plan; and

         (ii) interpret, administer and construe the Plan and make all other
     determinations necessary or advisable for the administration of the Plan,
     including but not limited to correcting defects, reconciling
     inconsistencies and resolving ambiguities.

     (c) The interpretation by the Committee of the terms and conditions of the
Plan, and its administration of the Plan, and all action taken by the Committee,
shall be final, binding and conclusive on the Company, its stockholders,
Subsidiaries, all Participants and employees, and upon their respective
successors and assigns, and upon all other persons claiming under or through any
of them.

     (d) Members of the Board, members of the Committee and persons to whom
authority is delegated under Section 3(e) below acting under this Plan shall be
fully protected in relying in good faith upon the advice of counsel and shall
incur no liability except for gross or willful misconduct in the performance of
their duties.

     (e) The Committee may delegate its authority to administer the Plan to any
individuals as the Committee may determine and such individuals shall serve
solely at the pleasure of the Committee. Any individuals who are authorized by
the Committee to administer the Plan shall have the full power to act on behalf
of the Committee, but shall at all times be subordinate to the Committee and the
Committee shall retain ultimate authority for the administration of the Plan.

     4.  Stock Subject to the Plan.

     (a) Subject to paragraph (c) below, the aggregate number of shares of
Common Stock which may be sold under the Plan is 1,600,000 shares of Common
Stock.

                                       -3-

<PAGE>

     (b) If the number of shares of Common Stock that Participating Employees
become entitled to purchase is greater than the number of shares of Common Stock
that are offered in a particular Offering or that remain available under the
Plan, the available shares of Common Stock shall be allocated by the Committee
among such Participating Employees in such manner as it deems fair and
equitable.

     (c) In the event of any change in the Common Stock, through
recapitalization, merger, consolidation, stock dividend or split, combination or
exchange of shares, spinoff or otherwise, the Committee may make such equitable
adjustments in the Plan and the then outstanding Offerings as it deems necessary
and appropriate including, but not limited to, changing the number of shares of
Common Stock reserved under the Plan, and the purchase price of shares in the
current Offering; provided that any such adjustments shall be consistent with
Sections 423 and 424 of the Code.

     (d) Shares of Common Stock which are to be delivered under the Plan may be
obtained by the Company from its treasury, by purchasing such shares on the open
market or from private sources, or by issuing authorized but unissued shares of
its Common Stock. Shares of authorized but unissued Common Stock may not be
delivered under the Plan if the purchase price thereof is less than the par
value (if any) of the Common Stock at the time. The Committee may (but need not)
provide at any time or from time to time (including without limitation upon or
in contemplation of a change in control) for a number of shares of Common Stock
equal in number to the number of shares then subject to options under this Plan
to be issued or transferred to, or acquired by, a trust (including but not
limited to a grantor trust) for the purpose of satisfying the Company's
obligations under such options, and, unless prohibited by applicable law, such
shares held in trust shall be considered authorized and issued shares with full
dividend and voting rights, notwithstanding that the options to which such
shares relate might not be exercisable at the time.

     5.  Eligibility.

     All employees of the Company and any Subsidiaries designated by the
Committee from time to time will be eligible to participate in the Plan, in
accordance with and subject to such rules and regulations as the Committee may
prescribe; provided, however, that (a) such rules shall comply with the
requirements of the Code (including but not limited to Section 423(b)(3), (4)
and (8) thereof), (b) no employee shall be eligible to participate in the Plan
if his or her customary employment is 20 hours or less per week or for not more
than 5 months in any calendar year, unless the Committee determines otherwise on
a uniform and non-discriminatory basis, (c) the Committee may (but need not) in
its discretion exclude employees who have been employed by the Company or a
Participating Subsidiary less than two

                                       -4-

<PAGE>

years and/or highly compensated employees within the meaning of Section 414(q)
of the Code from being eligible to participate in the Plan or any Offering, but
unless and until otherwise determined by the Committee, only employees who have
been employed less than six months will be excluded, (d) no employee may be
granted an option under the Plan if such employee, immediately after the option
is granted, owns stock possessing 5% or more of the total combined voting power
or value of all classes of stock of his employer corporation or any Parent or
Subsidiary (with the rules of Section 424(d) of the Code applicable in
determining the stock ownership of an employee, and stock which the employee may
purchase under outstanding options, whether or not such options qualify for the
special tax treatment afforded by Section 421 (a) of the Code, shall be treated
as stock owned by the employee), and (e) all Participating Employees shall have
the same rights and privileges except as otherwise permitted by Section
423(b)(5) of the Code.

     6.  Offerings; Participation.

     The Company may make Offerings of up to 27 months' duration each, to
eligible employees to purchase shares of Common Stock under the Plan, until all
shares authorized to be delivered under the Plan have been exhausted or until
the Plan is sooner terminated by the Board. Subject to the preceding sentence,
the number, commencement date and duration of any Offerings shall be determined
by the Committee in its sole discretion; provided that, unless the Committee
determines otherwise, (a) the first Offering shall commence on the date of the
Company's initial public offering and shall terminate on the day which is three
months from that date, and (b) a new three-month Offering may commence
immediately after the end of the previous Offering. The duration of any Offering
need not be the same as the duration of any other Offering, and more than one
Offering may commence or terminate on the same date if the Committee so
provides. Subject to such rules and procedures as the Committee may prescribe,
an eligible employee may elect to participate in an Offering at such time(s) as
the Committee may permit by authorizing a payroll deduction for such purpose in
one percent increments of up to a maximum of ninety-nine percent (99%) of his or
her Total Compensation with respect to such Offering or such lesser amount as
the Committee may prescribe. Participant elections may be made in any manner
deemed appropriate by the Committee from time to time, including by voice
response or through the internet. The Committee may (but need not) permit
employee contributions to be made by means other than payroll deductions,
provided that in no event shall an employee's contributions (excluding interest,
if any, credited pursuant to Section 7(a) below) from all sources in any
Offering exceed ninety-nine percent (99%) of his or her Total Compensation with
respect to such Offering or such lesser amount as the Committee may prescribe.
The Committee may at any time suspend or accelerate the completion of an
Offering if required by law or deemed by the Committee to be in the best

                                       -5-

<PAGE>

interests of the Company, including in the event of a change in ownership or
control of the Company or any Subsidiary.

      7.  Payroll Deductions.

     (a) The Company will maintain payroll deduction accounts on its books for
all Participating Employees, and may (but need not) credit such accounts with
interest if (and only if) the Committee so directs at such rate (if any) as the
Committee may prescribe. All employee contributions and any interest thereon
which the Committee may authorize in accordance with the preceding sentence
shall be credited to such accounts. Employee contributions and any interest
credited to the payroll deduction accounts of Participating Employees need not
be segregated from other corporate funds and may be used for any corporate
purpose.

     (b) At such times as the Committee may permit and subject to such rules and
procedures as the Committee may prescribe, a Participating Employee may suspend
his or her payroll deduction during an Offering, or may withdraw the balance of
his or her payroll deduction account and thereby withdraw from participation in
an Offering.

     (c) Any balance remaining in an employee's payroll deduction account after
shares have been purchased in an Offering pursuant to Section 8(b) below will be
refunded to the Participating Employee. Upon termination of the Plan, all
amounts in the accounts of Participating Employees shall be carried forward into
their payroll deduction accounts under a successor plan, if any, or refunded to
them, as the Committee may decide.

     (d) In the event of the termination of a Participating Employee's
employment for any reason, his or her participation in any Offering under the
Plan shall cease, no further amounts shall be deducted pursuant to the Plan and
the balance in the employee's account shall be paid as soon as practicable
following such termination of employment to the employee, or, in the event of
the employee's death, to the employee's beneficiary designated under this Plan
or, in the absence of such a beneficiary designation, to the employee's estate.

      8.  Purchase; Limitations.

     (a) Subject to Section 5 above and within the limitations of Section 8(d)
below, each person who is an eligible employee of the Company or a Participating
Subsidiary on the first day of an Offering under the Plan is hereby granted an
option, on the first day of such Offering, to purchase a number of whole shares
of Common Stock at

                                       -6-

<PAGE>

the end of such Offering determined by dividing ninety-nine percent (or such
lesser percentage as may be specified by the Committee as the maximum employee
contribution percentage in such Offering) of such employee's Total Compensation
with respect to such Offering, plus such interest (if any) as the Committee may
authorize to be credited during such Offering in accordance with Section 7(a)
above, by 85 percent (or 100 percent for the Offering beginning on the date of
the Company's initial public offering) of the Fair Market Value of a share of
Common Stock on the first date of such Offering or on the last date of such
Offering, whichever is lower, provided that the Committee may specify in advance
of such Offering the maximum amount of stock which may be purchased by an
employee in such Offering. The purchase price of such shares under such options
shall be determined in accordance with Section 8(c) below. The Company's
obligation to sell and deliver Common Stock in any Offering or pursuant to any
such option shall be subject to the approval of any governmental authority whose
approval the Committee determines it is necessary or advisable to obtain in
connection with the authorization, issuance, offer or sale of such Common Stock.

     (b) As of the last day of the Offering, the payroll deduction account of
each Participating Employee shall be totaled. Subject to the provisions of
Section 7(b) above and 8(d) below, if such account contains sufficient funds as
of that date to purchase one or more whole shares of Common Stock at the price
determined under Section 8(c) below, the Participating Employee shall be
conclusively deemed to have exercised the option granted pursuant to Section
8(a) above for as many whole shares of Common Stock as the amount of his or her
payroll deduction account (including any contributions made by means other than
payroll deductions and including any interest credited to the account) at the
end of the Offering can purchase (but in no event for more than the total number
of shares that are subject to the option); such employee's account will be
charged for the amount of the purchase and for all purposes under the Plan the
employee will be deemed to have acquired the shares on that date; and either a
stock certificate representing such shares will be issued to him or her, or the
Company's record keeper will make an entry on its books and records evidencing
that such shares have been duly issued or transferred as of that date, as the
Committee may direct. Any option granted pursuant to Section 8(a) above which is
not deemed exercised as of the last day of the Offering in accordance with the
foregoing provisions of this Section 8(b) shall expire on that date.

     (c) Unless the Committee determines before the first day of an Offering
that a higher price that complies with Section 423 of the Code shall apply, the
price at which shares of Common Stock may be purchased under each option granted
pursuant to Section 8(a) above shall be the lesser of (i) an amount equal to 85
percent of the Fair Market Value of the Common Stock at the time such option is
granted, or (ii) an amount

                                       -7-

<PAGE>

equal to 85 percent of the Fair Market Value of the Common Stock at the time
such option is exercised. However, it is the intention of the Committee that the
price at which shares of Common Stock may be purchased under each option in the
first Offering (i.e., the Offering beginning with the Company's initial public
offering) shall be the lesser of (i) an amount equal to 100 percent of the Fair
Market Value of the Common Stock at the time such option is granted, or (ii) an
amount equal to 85 percent of the Fair Market Value of the Common Stock at the
time such option is exercised.

     (d) In addition to any other limitations set forth in the Plan, no employee
may be granted an option under the Plan which permits his or her rights to
purchase stock under the Plan, and any other stock purchase plan of his or her
employer corporation and its Parent and Subsidiary that is qualified under
Section 423 of the Code, to accrue at a rate which exceeds $25,000 of the Fair
Market Value of such stock (determined at the time such option is granted) for
each calendar year in which the option is outstanding at any time. The Committee
may further limit the amount of Common Stock which may be purchased by any
employee during an Offering in accordance with Section 423(b)(5) of the Code.

     9.  Holding Period.

     Unless the Committee should determine otherwise, all Common Stock acquired
under the Plan is subject to a one year holding period. For purposes of
measuring a given one year holding period, the commencement date shall be the
date which is one day after the last day of an Offering. During the holding
period, no shares acquired through the Plan may be sold, transferred or
otherwise disposed, other than by will, the laws of descent and distribution, or
if Participant is no longer employed by the Company or its Subsidiary's.

     10. No Transfer.

     (a) No option, right or benefit under the Plan may be transferred by any
employee, whether by will, the laws of descent and distribution, or otherwise,
and all options, rights and benefits under the Plan may be exercised during an
employee's lifetime only by such employee.

     (b) Book entry accounts and certificates for shares of Common Stock
purchased under the Plan may be maintained or registered, as the case may be,
only in the name of the Participating Employee or, if such employee so indicates
on his or her payroll deduction authorization form, in his or her name jointly
with a member of his or her family, with right of survivorship.

                                       -8-

<PAGE>

     11. Effective Date and Duration of Plan.

     The Plan shall become effective when adopted by the Board, provided that
the stockholders of the Company approve it within 12 months thereafter. If not
so approved by shareholders, the Plan shall be null, void and of no force or
effect. If so approved, the Plan shall remain in effect until all shares
authorized to be issued or transferred hereunder have been exhausted or until
the Plan is sooner terminated by the Board of Directors, and may continue in
effect thereafter with respect to any options outstanding at the time of such
termination if the Board of Directors so provides.

     12. Amendment and Termination of the Plan.

     The Plan may be amended by the Board of Directors, without shareholder
approval, at any time and in any respect, unless shareholder approval of the
amendment in question is required under Section 423 of the Code. The Plan may
also be terminated at any time by the Board of Directors.

     13. General Provisions.

     (a) Nothing contained in this Plan shall be deemed to confer upon any
person any right to continue as an employee of or to be associated in any other
way with the Company for any period of time or at any particular rate of
compensation.

     (b) No person shall have any rights as a stockholder of the Company with
respect to any shares optioned under the Plan until such shares are issued or
transferred to him or her.

     (c) All expenses of adopting and administering the Plan shall be borne by
the Company, and none of such expenses shall be charged to any employee.

     (d) The Plan shall be governed by and construed under the laws of the State
of New York, without giving effect to the principles of conflict of laws of that
State.

     (e) The Plan and each Offering under the Plan is intended to qualify as an
"employee stock purchase plan" within the meaning of Section 423 of the Code.
Every provision of the Plan shall be administered, interpreted and construed to
carry out such intention.

                                       -9-

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