Document:

<PAGE>

                                                                 EXHIBIT 10.32.1

                           AVERY DENNISON CORPORATION
                            BENEFIT RESTORATION PLAN
                              amended and restated

Avery Dennison Corporation, a Delaware corporation, adopted the Benefit
Restoration Plan of Avery Dennison Corporation (the "Plan"), effective as of
December 1, 1994 (the "Effective Date"), for the benefit of its eligible
Employees. The Plan is amended and restated effective as of June 1, 2001.

The Plan constitutes an unfunded "excess benefit plan" within the meaning of
Section 3(36) of the Employee Retirement Income Security Act of 1974, as amended
("ERISA"). The Plan is maintained primarily for the purpose of providing
deferred Compensation for a select group of management or highly compensated
employees, within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1).

                             ARTICLE I - DEFINITIONS

Whenever the following terms are used in the Plan with the first letter
capitalized, they shall have the meaning specified below unless the context
clearly indicates to the contrary.

"Actuarial Equivalent" shall mean the equivalent of a given Benefit or a given
amount payable in another manner or by other means, determined by or under the
direction of the Administrator in accordance with actuarial principles, methods
and assumptions which are found to be appropriate by the Enrolled Actuary,
acting independently of the Administrator or the Company and in the exercise of
his sole professional judgment. Such principles, methods and assumptions,
however, shall be reasonable in the aggregate and shall constitute the Enrolled
Actuary's best estimate of anticipated experience under the Plan. Such
assumptions shall include at any time, those assumptions then in effect under
the Qualified Plan. For purposes of calculating lump sum amounts under Section
5.2, such assumptions shall be those set those set forth in Sections 1.2(a)(i)b
and 1.2(a)(ii)b of the Qualified Plan (or any successor thereto).

"Administrator" shall mean Avery Dennison Corporation, acting through its Board
or its delegates, except that if it appoints a Committee under Section 6.4, the
term "Administrator" shall mean the Committee as to those duties, powers and
responsibilities specifically conferred upon the Committee. Avery Dennison
Corporation shall have all duties and responsibilities imposed by ERISA, except
as specifically assigned to, delegated to or reserved to the Board, and the
Committee under the Plan

"Associate Plan" shall mean The Associate Retirement Plan for Employees of Avery
Dennison Corporation as in effect on or after June 1, 2002 and as set forth in
Appendix B to the Dennison Retirement Plan and as may be amended from time to
time.

"Beneficiary" shall mean a person or trust properly designated by a Participant
or Former Participant in the manner provided in the Qualified Plan.

"Benefit" of a Participant shall mean the benefit payable pursuant to Article
IV.

"Board" shall mean the Board of Directors of Avery Dennison Corporation. The
Board may delegate any power or duty otherwise allocated to the Administrator to
any other person or persons, including a Committee appointed under Section 6.4.

                                        1

<PAGE>

"CEO" shall mean the Chief Executive Officer of Avery Dennison Corporation.

"Code" shall mean the Internal Revenue Code of 1986, as amended from time to
time.

"Committee" shall mean the BRP Committee of Avery Dennison Corporation, as
appointed pursuant to Section 6.4, if any.

"Company" shall mean Avery Dennison Corporation, any other company which
subsequently adopts the Plan as a whole or as to any one or more divisions, in
accordance with Section 7.3(b), and any successor company which continues the
Plan under Section 7.3(a).

"Company Affiliate" shall mean any employer which, at the time of reference,
was, with the Company, a member of a controlled group of corporations or trades
or businesses under common control, or a member of an affiliated service group,
as determined under regulations issued by the Secretary under Code Sections
414(b), (c), (m) and 415(h) and any other entity required to be aggregated with
the Company pursuant to regulations issued under Code Section 414(o).

"Compensation Committee" shall mean the Compensation and Executive Personnel
Committee of the Board.

"Effective Date" shall mean the effective date of the Plan, which shall be
December 1, 1994.

"Employee" shall mean any person who renders services to the Company in the
status of an employee as the term is defined in Code Section 3121(d), excluding:
(i) any person retained to render services as an independent contractor; (ii)
leased Employees treated as Employees of the Company pursuant to Code Sections
414(n) and 414(o); (iii) employees of a Company Affiliate or (iv) any person
whose services with the Company are performed pursuant to a contract or an
arrangement that purports to treat the individual as an independent contractor
even if such individual is later determined (by judicial action or otherwise) to
have been a common law employee of the Company rather than an independent
contractor; provided, however, that "Employee" shall also mean any Included
Affiliate Employee.

For purposes of this Plan, a United States citizen shall be treated as an
employee of the Company if he is employed by a foreign subsidiary of the Company
or a Company Affiliate to which there applies an agreement under Section 3121(a)
of the Code and if no contributions to a funded plan of deferred compensation
(whether or not a plan described in Sections 401(a), 403(a) or 405(a) of the
Code) are provided by any other person with respect to the compensation paid to
such citizen by the foreign subsidiary, unless otherwise elected by the Vice
President, Compensation and Benefits of Avery Dennison Corporation

"Enrolled Actuary" shall mean the person enrolled by the Joint Board for the
Enrollment of Actuaries established under subtitle C of title III of ERISA who
has been engaged by the Administrator on behalf of all Participants to make and
render all necessary actuarial determinations, statements, opinions,
assumptions, reports and valuations under the Plan as required by law or
requested by the Administrator.

"ERISA" shall mean the Employee Retirement Income Security Act of 1974, as
amended from time to time.

                                        2

<PAGE>

"Former Participant" shall mean a Participant who has had a Separation from the
Service.

"Included Affiliate Employee" shall mean any person who is employed by a Company
Affiliate and would not be an Employee but for the fact that the Vice President,
Compensation and Benefits of Avery Dennison Corporation has determined that he
be so treated.

"Military Leave" shall mean leave subject to reemployment rights under the
Uniformed Services Employment and Reemployment Rights Act of 1994, as amended
from time to time. Any Employee who leaves the Company or a Company Affiliate
directly to perform service in the Armed Forces of the United States or in the
United States Public Health Service under conditions entitling him to such
reemployment rights shall, solely for the purposes of the Plan and irrespective
of whether he is compensated by the Company or such Company Affiliate during
such period of service, be presumed an Employee on Military Leave. An Employee's
Military Leave shall expire if such Employee voluntarily resigns from the
Company or such Company Affiliate during such period of service, or if he fails
to make application for reemployment within the period specified by such laws
for the preservation of his reemployment rights. For purposes of computing an
Employee's service, no more than 365 days of service shall be credited for any
Military Leave except as required by Treas. Reg. Section 1.410(a) - 7(b) (6)
(iii).

"Participant" means any person included in the Plan as provided in Article II.

"Plan" shall mean the Benefit Restoration Plan of Avery Dennison Corporation.

"Plan Year" shall be the twelve month period from December 1 through the last
day of the following November, including all such years prior to the adoption of
the Plan.

"Qualified Benefit" of a Participant for a Plan Year shall mean the benefit
calculated pursuant to Article IV of the Qualified Plan (as applicable based
upon the circumstances of the Participant's Separation from the Service).

"Qualified Plan" shall mean The Retirement Plan for Employees of Avery Dennison
Corporation and/or the Associate Plan, as appropriate for the context in
question and as may be amended from time to time except that for purposes of
Section 5.1, "Qualified Plan" shall mean The Retirement Plan for Employees of
Avery Dennison Corporation unless the Participant in question has never been a
participant thereunder, in which case "Qualified Plan" shall mean the Associate
Plan.

"Separation from the Service" of an Employee shall mean his resignation from or
discharge by the Company or a Company Affiliate, his death, or Early, Normal,
Late or Disability Retirement as defined under the Qualified Plan, but not his
transfer among the Company and Company Affiliates. A leave of absence or sick
leave authorized by the Company or a Company Affiliate in accordance with
established policies, a vacation period, a temporary layoff for lack of work or
a Military Leave shall not constitute a Separation from the Service; provided,
however, that (i) continuation upon a temporary layoff for lack of work for a
period in excess of twelve months shall be considered a discharge effective as
of the expiration of the twelfth month of such period, and (ii) failure to
return to work upon expiration of any leave of absence, sick leave, Military
Leave or vacation or within three days after recall from a temporary layoff for
lack of work shall be considered a resignation effective as of the date of
expiration of such leave of absence, sick leave, Military Leave, vacation, or
the expiration of the third day after recall from any such temporary layoff.

                                        3

<PAGE>

"Vested Benefit" of a Participant on a given date shall mean the Benefit
provided hereunder if the Participant were to have a Separation from the Service
on such date with a "Vested Retirement Benefit" under the Qualified Plan.

                             ARTICLE II -ELIGIBILITY

SECTION 2.1 - REQUIREMENTS FOR PARTICIPATION

Only those Employees of the Company who satisfy criteria set by the
Administrator from time to time, shall be Participants. Such criteria are set
forth in Appendix A, which may be updated from time to time without formal
amendment of the Plan. Each of the Administrator, the Board, the Compensation
Committee, the Committee or the CEO shall have the power to change or revoke
such criteria hereunder in its sole discretion on a prospective basis, and any
such change or revocation shall be binding and final on all Employees,
Beneficiaries and other interested persons.

                        ARTICLE III - FUNDING OF BENEFITS

SECTION 3.1 - SOURCE OF BENEFITS

The Plan shall be unfunded. All benefits payable under the Plan shall be paid
from the Company' general assets, and nothing contained in the Plan shall
require the Company to set aside or hold in trust any funds for the benefit of a
Participant or his Beneficiary, each of whom shall have the status of a general
unsecured creditor with respect to the Company's obligation to make payments
under the Plan. Any funds of the Company available to pay benefits under the
Plan shall be subject to the claims of general creditors of the Company and may
be used for any purpose by the Company.

                              ARTICLE IV - BENEFITS

SECTION 4.1 - DETERMINATION OF BENEFITS

(a)      Unless otherwise described in Appendix B, a Participant's Benefit shall
         be the excess of

         (i)      the total, for each Plan Year which commenced on or after the
                  Effective Date and for which the Participant was entitled to
                  accrue a benefit hereunder, of the Qualified Benefit, but

                  a    with "Compensation," as defined in the Qualified Plan,

                       1    determined without reference to the limitations of
                            Code Section 401(a)(17) ($150,000 annual limit
                            adjusted for increases in the cost of living), and

                       2    including the Participant's deferrals under the
                            Company's non-qualified deferred compensation
                            program earned on or after the Effective Date, and

                  b    without application of the limitation on benefits under
                       Code Section 415, over

                                        4

<PAGE>

         (ii)     the total of the actual Qualified Benefits for such years, but
                  not less than zero.

                         ARTICLE V - PAYMENT OF BENEFITS

SECTION 5.1 - BENEFICIARY; FORM OF BENEFITS

Each Participant shall designate his Beneficiary and elect the form and the
timing of his Benefits hereunder in accordance with the procedures set forth in
the Qualified Plan; provided, however, that any designations and/or elections
made by Participant under Article IV of the Qualified Plan with respect to his
"Benefits" thereunder shall be equally applicable to his Benefits under this
Plan. The intent of this Section is that each Participant shall make a single
set of elections applicable to both the Qualified Plan and this Plan.

SECTION 5.2 - PAYMENT OF BENEFITS

A Participant's Benefits shall be paid in accordance with Section 5.1, except
that a Participant will receive his Benefit in an Actuarially Equivalent lump
sum if it would otherwise have been paid in the form of an annuity with monthly
payments of less than $300.

SECTION 5.3 - FORFEITURES

If a Participant has a Separation from the Service while all or any portion of
his Benefit is not a Vested Benefit, such portion of his Benefit shall
immediately be forfeited.

                     ARTICLE VI - ADMINISTRATIVE PROVISIONS

SECTION 6.1 - ADMINISTRATOR'S DUTIES AND POWERS

(a)      The Administrator shall conduct the general administration of the Plan
         in accordance with the Plan and shall have all the necessary power and
         authority to carry out that function. Among its necessary powers and
         duties are the following:

         (i)      To delegate all or part of its function as Administrator to
                  others and to revoke any such delegation.

         (ii)     To determine questions of vesting of Participants and their
                  entitlement to benefits, subject to the provisions of Section
                  6.11.

         (iii)    To select and engage attorneys, accountants, actuaries,
                  appraisers, brokers, consultants, administrators, physicians,
                  the Committee under Section 6.4, or other persons to render
                  service or advice with regard to any responsibility the
                  Administrator or the Board has under the Plan, or otherwise,
                  to designate such persons to carry out fiduciary
                  responsibilities under the Plan, and (with the Committee, the
                  Companies, the Board and its officers, and Employees) to rely
                  upon the advice, opinions or valuations of any such persons,
                  to the extent permitted by law, being fully protected in
                  acting or relying thereon in good faith.

         (iv)     To interpret the Plan for purpose of the administration and
                  application of the Plan, in a manner not inconsistent with the
                  Plan or applicable law and to amend or revoke any such
                  interpretation.

                                        5

<PAGE>

         (v) To conduct claims procedures as provided in Section 6.11

(b)      Every finding, decision and determination made by the Administrator
         shall, to the full extent permitted by law, be final and binding upon
         all parties, except to the extent found by a court of competent
         jurisdiction to constitute an abuse of discretion.

SECTION 6.2 - LIMITATIONS UPON POWER

The Plan shall be uniformly and consistently administered, interpreted and
applied with regard to all Participants in similar circumstances. The Plan shall
be administered, interpreted and applied fairly and equitably and accordance
with the specified purposes of the Plan.

SECTION 6.3 - FINAL EFFECT OF ADMINISTRATOR ACTION

Except as provided in Section 6.11, all actions taken and all determinations
made by the Administrator in good faith shall be final and binding upon all
Participants and any person interested in the Plan.

SECTION 6.4 - COMMITTEE

The Administrator may, but need not, appoint a BRP Committee consisting of three
or more members to hold office during the pleasure of the Administrator. The
Committee shall have such powers and duties as are delegated to it by the
Administrator. Committee members shall not receive payment for their services as
such.

SECTION 6.5 - RESIGNATION

A Committee member may resign at any time by delivering written notice to the
Administrator.

SECTION 6.6 - VACANCIES

Vacancies in the Committee shall be filled by the Administrator.

SECTION 6.7 - MAJORITY RULE

The Committee shall act by a majority of its members in office; provided,
however, that the Committee may appoint one of its members or a delegate to act
on behalf of the Committee on matters arising in the ordinary course of
administration of the Plan, or on specific matters.

SECTION 6.8 - INDEMNIFICATION BY THE COMPANY; LIABILITY INSURANCE

(a)      The Company shall pay or reimburse any of the Company's officers,
         directors, Committee members or Employees who are fiduciaries with
         respect to the Plan for all expenses incurred by such persons in, and
         shall indemnify and hold them harmless from, all claims, liability and
         costs (including reasonable attorneys' fees) arising out of the good
         faith performance of their fiduciary functions.

(b)      The Company may obtain and provide for any such person, at the
         Company's expense, liability insurance against liabilities imposed on
         him by law.

                                        6

<PAGE>

SECTION 6.9 - RECORDKEEPING

(a) The Administrator shall maintain suitable records as follows:

         (i) Records of each Participant's individual Benefit.

         (ii)     Records which show the operations of the Plan during each Plan
                  Year.

         (iii)    Records of the Administrator's deliberations and decisions.

(b)      The Administrator shall appoint a secretary, and at its discretion, an
         assistant secretary, to keep the record of proceedings, to transmit its
         decisions, instructions, consents or directions to any interested
         party, to execute and file, on behalf of the Committee, such documents,
         reports or other matters as may be necessary or appropriate to perform
         ministerial acts.

(c)      The Administrator shall not be required to maintain any records or
         accounts, which duplicate any records or accounts maintained by the
         Company.

SECTION 6.10 - INSPECTION OF RECORDS

Copies of the Plan and records of a Participant's Benefit shall be open to
inspection by him or his duly authorized representatives at the office of the
Administrator at any reasonable business hour.

SECTION 6.11 - CLAIMS PROCEDURE

The claims procedures hereunder shall be in accordance with the claims
procedures set forth in the Qualified Plan; provided that for purposes of the
claims procedure under this Plan, the review official described in the Qualified
Plan shall be the President of the Company.

SECTION 6.12 - CONFLICTING CLAIMS

The procedures for the resolution of conflicting claims by the Committee shall
be in accordance with the procedures set forth in the applicable section of the
Qualified Plan.

SECTION 6.13 - SERVICE OF PROCESS

The Secretary of the Avery Dennison Corporation is hereby designated as agent of
the Plan for the service of legal process.

                     ARTICLE VII - MISCELLANEOUS PROVISIONS

SECTION 7.1 - AMENDMENT, TERMINATION OR SUSPENSION OF THE PLAN

(a)      The Plan may be amended or terminated by the Board or the Compensation
         Committee at any time; the CEO may amend the Plan at any time. Such
         amendment or termination may modify or eliminate any benefit hereunder
         other than a benefit or a portion of a benefit that is a Vested
         Benefit.

                                        7

<PAGE>

(b)      If the Board determines that payments under the Plan would have a
         material adverse effect on the Company's ability to carry on its
         business, the Board may suspend such payments temporarily for such time
         as in its sole discretion it deems advisable, but in no event for a
         period in excess of one year. The Company shall pay such suspended
         payments immediately upon the expiration of the period of suspension.

(c)      The Plan is intended to provide benefits for a "select group of
         management or highly compensated employees" within the meaning of
         Sections 201, 301 and 401 of ERISA, and therefore to be exempt from the
         provisions of Parts 2, 3 and 4 of Title I of ERISA. Accordingly, the
         Plan shall terminate and, except for benefits or portions of benefits
         that have vested (which at the option of the Board, may be accelerated
         and the balance paid in a single, Actuarial Equivalent lump sum), no
         further benefits shall be paid hereunder in the event it is determined
         by a court of competent jurisdiction or by an opinion of the Company's
         regular outside employee benefits counsel that the Plan constitutes an
         employee pension benefit plan within the meaning of Section 3(2) of
         ERISA which is not so exempt.

SECTION 7.2 - LIMITATION ON RIGHTS OF EMPLOYEES

The Plan is strictly a voluntary undertaking on the part of the Company and
shall not constitute a contract between the Company and any Employee, or
consideration for, or an inducement or condition of, the employment of an
Employee. Nothing contained in the Plan shall give any Employee the right to be
retained in the service of the Company or to interfere with or restrict the
right of the Company, which is hereby expressly reserved, to discharge or retire
any Employee, except as provided by law, at any time without notice and with or
without cause. Inclusion under the Plan will not give any Employee any right or
claim to any benefit hereunder except to the extent such right has specifically
become fixed under the terms of the Plan and there are funds available therefor
in the hands of the Company. The doctrine of substantial performance shall have
no application to Employees, Participants or any other persons entitled to
payments under the Plan. Each condition and provision, including numerical
items, has been carefully considered and constitutes the minimum limit on
performance, which will give rise to the applicable right.

SECTION 7.3 - PLAN BINDING IN EVENT OF CONSOLIDATION OR MERGER; ADOPTION OF PLAN
              BY OTHER COMPANIES

(a)      In the event of the consolidation or merger of a Company with or into
         any other corporation, this Plan shall be binding on such new
         corporation.

(b)      Any Company or Company Affiliate may, with the approval of the Board,
         the Compensation Committee or the CEO, adopt the Plan as a whole
         company or as to any one or more divisions by resolution of its own
         board of directors or agreement of its partners. Such Company or
         Company Affiliate shall give written notice of such adoption to the
         Committee by its duly authorized officers.

SECTION 7.4 - ASSIGNMENTS, ETC.  PROHIBITED

Except for the withholding of any tax under the laws of the United States or any
state or locality, no part of a Participant's Benefit hereunder shall be liable
for the debts, contracts or engagements of any Participant, his Beneficiaries or
successors in interest, or be taken in execution by levy, attachment or
garnishment or by any other legal or equitable proceeding prior

                                        8

<PAGE>

to distribution, nor shall any such person have any rights to alienate,
anticipate, commute, pledge, encumber or assign any Benefits or payments
hereunder in any manner whatsoever except to designate a Beneficiary as provided
herein.

SECTION 7.5 - ERRORS AND MISSTATEMENTS

In the event of any misstatement or omission of fact by a Participant to the
Committee or any clerical error resulting in payment of benefits in an incorrect
amount, the Committee shall promptly cause the amount of future payments to be
corrected upon discovery of the facts and shall cause the Company to pay the
Participant or any other person entitled to payment under the Plan any
underpayment in cash in a lump sum or to recoup any overpayment from future
payments to the Participant or any other person entitled to payment under the
Plan in such amounts as the Committee shall direct or to proceed against the
Participant or any other person entitled to payment under the Plan for recovery
of any such overpayment.

SECTION 7.6 - PAYMENT ON BEHALF OF MINOR, ETC.

In the event any amount becomes payable under the Plan to a minor or a person
who, in the sole judgment of the Committee is considered by reason of physical
or mental condition to be unable to give a valid receipt therefore, the
Committee may direct that such payment be made to any person found by the
Committee in its sole judgment, to have assumed the care of such minor or other
person. Any payment made pursuant to such determination shall constitute a full
release and discharge of the Company, the Board, the Committee and their
officers, directors and employees.

SECTION 7.7 - GOVERNING LAW

This Plan shall be construed, administered and governed in all respects under
and by applicable federal laws and, where, state law is applicable, the laws of
the State of California.

SECTION 7.8 - PRONOUNS AND PLURALITY

The masculine pronoun shall include the feminine pronoun, and the singular the
plural where the context so indicates.

SECTION 7.9 - TITLES

Titles are provided herein for convenience only and are not to serve as a basis
for interpretation or construction of the Plan.

SECTION 7.10 - REFERENCES

Unless the context clearly indicates to the contrary, a reference to a statute,
regulation or document shall be construed as referring to any subsequently
enacted, adopted or executed statute, regulation or document.

                                        9

<PAGE>

                                   APPENDIX A

                             PARTICIPATION CRITERIA

Participation in the Plan shall be limited to Employees of the Company, selected
by the Administrator, who satisfy the following criteria:

     1.   Employees whose Compensation, as determined under Section 4.1(a)(i) a
          1 and 2 of this Plan, exceeds the limitations of Code Section
          401(a)(17) (the $150,000 annual limit adjusted for increases in the
          cost of living) ($170,000 for the Plan Year beginning December 1,
          2001), and as amended thereafter.

     2.   Effective December 1, 1998, Employees who participate in the Company's
          non-qualified deferred compensation program, regardless of whether
          they satisfy criterion 1. above.

     3.   Present or former employees of the Company (or any present or former
          direct or indirect subsidiary) listed on Appendix B.

The criteria in this Appendix may be changed or revoked by the Administrator,
the Board, the Compensation Committee, the Committee or the CEO at any time and
without formal amendment, as provided under Section 2.1 of the Plan.

                                       10

<PAGE>

                      APPENDIX B - SPECIAL BENEFIT SCHEDULE

Notwithstanding any provisions of the Plan to the contrary, the following
individuals shall receive the following indicated benefits under the Plan:

      Recipient        Benefit

      --------------   ----------------------------------------------------
      Nelson Gifford   $3,858.57 per month for life, commencing June 1, 2001

                                       11<PAGE>

                                                                   EXHIBIT 10.45

                              EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT, effective as of November 1, 2002, by and between
USI INSURANCE SERVICES CORP. a Delaware corporation ("Company") and ROBERT S.
SCHNEIDER ("Executive"). Company and Executive are referred to hereinafter as
the "Parties".

                                R E C I T A L S :

          WHEREAS, the Company is a wholly owned subsidiary of U.S.I. Holdings
Corporation, a Delaware corporation ("USI") and;

          WHEREAS, the Company desires to employ the Executive on the terms and
subject to the conditions set forth herein, and Executive is willing to accept
such employment on such terms and conditions; and

          WHEREAS, by virtue of such employment, Executive will have access to
Confidential Information of the USI Companies; and

          WHEREAS, Executive acknowledges and agrees that the Company (on behalf
of itself and the USI Companies) has a reasonable, necessary and legitimate
business interest in protecting its own and the USI Companies' Confidential
Information, Client Accounts, relationships with Active Prospective Clients,
Goodwill and ongoing business, and that the terms and conditions set forth below
are reasonable and necessary in order to protect these legitimate business
interests.

          NOW THEREFORE, in consideration of the representations, warranties,
covenants, and agreements contained herein, and for other good and valuable
consideration, the receipt and adequacy of which are conclusively acknowledged,
the Parties, intending to become legally bound, agree as follows:

                               A G R E E M E N T :

1.        DEFINITIONS

          1.1    Specific Definitions. Capitalized terms not defined elsewhere
herein shall have the following meanings ascribed to them:

                                        1

<PAGE>

          "Active Prospective Acquisition" means any business or enterprise
engaged in providing USI Business, (i) with which a specified Person (or any of
its agents) had engaged in negotiations (whether or not successfully) within the
24 months preceding a specified date, regarding the acquisition of, sale of
assets by, or merger or joint venture with, such business or enterprise or (ii)
which had been identified by a specified Person (or any of its agents) in the
business records of such specified Person within the 24 months preceding a
specified date, and actively considered as a candidate, for possible
acquisition, merger, sale of assets or joint venture.

          "Active Prospective Client" means any Person, or a group of Persons,
(i) who or which had been identified with reasonable particularity by a
specified Person (or any of its agents) in the business records of such
specified Person within the 24 months preceding a specified date, with
reasonable particularity as a possible client or customer of such specified
Person, or (ii) to whom or which a specified Person (or any of its agents) had
communicated in the business records of such specified Person within the 24
months preceding a specified date, in writing or otherwise, with respect to the
provision of any services that such specified Person provides in the conduct of
its business.

          "Change of Control" means the occurrence of any of the following:

          (i)    any transaction, or series of related transactions (including
any merger or consolidation), the result of which is that any "person" or
"group" (as such terms are defined for purposes of the Securities Exchange Act
of 1934, as amended), becomes the "beneficial owner" (as so defined in Rule
13-d3 under such Act, except that a Person shall be deemed to have "beneficial
ownership" of all securities that such Person has the right to acquire, whether
such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition), directly or indirectly, of 50% or more of USI's
aggregate outstanding voting stock (measured by voting power rather than number
of shares);

          (ii)   USI consolidates with, or merges with or into, any Person, or
any Person consolidates with or merges with or into USI, in any such event
pursuant to a transaction in which any of the outstanding voting stock of USI is
converted into or exchanged for cash, securities or other property, other than
any such transaction where the voting stock of USI outstanding immediately prior
to such transaction is converted into or exchanged for voting stock of the
surviving or transferee Person constituting 50% or more (immediately after
giving effect to such conversion or exchange) of the aggregate outstanding
shares of such voting stock of such surviving or transferee Person or

          (iii)  substantially all of USI's assets or earnings power is sold in
any transaction or series of related transactions.

          "Client Account" means the account of any client (including, without
limitation, any retail insurance agent or broker, individual insured,
association and any member thereof, and any insurance carrier or other entity to
the extent third party administration claims processing or underwriting is
performed by such specified Person for such carrier or other entity) who or
which is serviced, as of a specified date, by a specified Person in connection
with such specified

                                        2

<PAGE>

Person's business, regardless of whether such services are provided by, or
through the licenses of, such specified Person or any shareholder, employee or
agent of such specified Person.

          "Confidential Information" means any information of a specified
Person, determined as of a specified date, that is not already generally
available to the public (unless such information has entered the public domain
and become available to the public through fault on the part of the Party to be
charged hereunder), all of which the Parties agree constitute trade secrets
under the governing trade secrets law, including but not limited to:

          (i)    the identity of any client (including, without limitation, any
                 retail insurance agent or broker, individual insured,
                 association and any member thereof, and any insurance carrier
                 or other entity to the extent third party administration claims
                 processing or underwriting is performed by such specified
                 Person for such carrier or other entity) whose account
                 constituted a Client Account of such specified Person at any
                 time within the 24 months preceding such specified date, as
                 well as the identity of any Active Prospective Client of such
                 specified Person as of such date;
          (ii)   the identity, authority and responsibilities of key contacts at
                 each such client and Active Prospective Client;
          (iii)  the service cost burden with respect to each such client and
                 Active Prospective Client;
          (iv)   the identities of markets or companies (including, but not
                 limited to, managed care programs, physician networks and the
                 surgical review board) from which insurance coverages or other
                 commitments, benefits or services for clients are obtained, the
                 surgical review boards of such companies and the commission
                 rates and/or fees with respect thereto;
          (v)    the types of consulting, third-party administration, employee
                 communication, investment management, managed care, human
                 resource and other services, and insurance coverages, provided
                 or to be provided specifically to any such client or Active
                 Prospective Client, and the internal corporate policies
                 relating thereto;
          (vi)   the specific insurance policies purchased by or for such
                 clients or Active Prospective Clients;
          (vii)  the expiration dates, commission rates, fees, premiums and
                 other terms and conditions of such policies;
          (viii) the risk specifications and other characteristics, and claims
                 loss histories of such clients or Active Prospective Clients;
          (ix)   the nature of programs and plans, including their design,
                 funding and administration, demographic characteristics and any
                 other information supplied by, or developed for, such clients
                 or Active Prospective Clients;
          (x)    operations manuals, prospecting manuals and guidelines, pricing
                 policies and related information, marketing manuals and plans,
                 and business strategies, techniques and methodologies;
          (xi)   financial information, including information set forth in
                 internal records, files and ledgers, or incorporated in profit
                 and loss statements, fiscal reports and business plans;

                                        3

<PAGE>

          (xii)  Active Prospective Acquisitions of such specified Person as of
                 such date, and all financial data, pricing terms, information
                 memoranda and due diligence reports relating thereto;
          (xiii) Technology and e-commerce strategies, business plans and
                 implementations, inventions, algorithms, computer hardware,
                 software and applications (including but not limited to any
                 source code, object code, documentation, diagrams, flow charts,
                 associated with the development or use of the foregoing
                 computer software);
          (xiv)  all internal memoranda and other office records, including
                 electronic and data processing files and records; and (xv) any
                 other information constituting a trade secret under the
                 governing trade secrets law.

          "Goodwill" means the expectation of continued patronage from Client
Accounts and new patronage from prospective clients.

          "Person" means an individual, a partnership, a corporation, an
association, a joint stock company, a trust, a joint venture, an unincorporated
organization, a limited liability company, or a governmental entity (or any
department, agency, or political subdivision thereof).

          "USI Company" means any USI Company to which Executive provides
services on behalf of the Company during the term of this Agreement.

          "USI Business" means the businesses provided by any of the USI
Companies (including, without limitation, the providing of (i) insurance agency
and brokerage, and related insurance services, including, without limitation,
risk management and loss control, medical bill review, utilization review, cost
containment, analysis of loss exposures and designs, catastrophic case
management, loss reserves and rate reviews, performance of cash flow studies,
administration of risk funding and transfer techniques, captive company
formation, self-insurance consulting, reinsurance and excess stop loss (both
specific and aggregate) placement, management of insurance programs (including
programs with respect to membership associations and congregations), third party
administration, actuarial and administrative services for pension and health
plans, compensation programs and employee communications; (ii) managed care
consulting services and related legal assistance; (iii) human resource and
employee compensation consulting services and related legal assistance; and (iv)
any insurance or financial services relating to any of the foregoing).

          "USI Companies" means USI, its subsidiaries (including the Company),
its "affiliates" and "associates" (as defined in Rule 12b-2 of the regulations
promulgated under the Exchange Act, without regard to whether any party is a
"registrant" under such Act), and any of their successors or assigns.

                                        4

<PAGE>

2.        POSITION, RESPONSIBILITIES AND TERM

          2.1.   Executive's Position. On the terms and subject to the
conditions set forth in this Agreement, the Company shall employ Executive to
serve as Executive Vice President of Finance and Administration of the Company
and USI. Executive shall report to the CEO of USI (the "USI CEO").

          2.2    Executive's Responsibilities. The Executive shall perform all
duties customarily attendant to these positions and shall perform such services
and duties commensurate with such positions as may from time to time be
reasonably prescribed by the USI CEO.

          2.3    No Conflicts of Interest. Executive further agrees that
throughout the period of his employment hereunder, he will not perform any
activities or services, or accept such other employment which would be
inconsistent with this Agreement, the employment relationship between the
Parties, or would interfere with or present a conflict of interest concerning
Executive's employment with USI or the Company; provided, that Executive shall
be permitted to serve on the boards of directors of such other companies as the
USI CEO shall approve, such approval not to be unreasonably withheld, and that
Executive may make personal investments and may act as a director and engage in
other activities for any charitable, educational, or other nonprofit
institution, as long as such investments and activities do not materially
interfere with the performance of Executive's duties hereunder. Executive agrees
to adhere to and comply with any and all business practices and requirements of
ethical conduct set forth in writing from time to time by the Company in its
employee manual or similar publication.

          2.4.   Term. Executive shall be employed for a five-year term
commencing on November 1, 2002, and ending on October 31, 2007, unless sooner
terminated in accordance with the provisions of Section 8 of this Agreement;
provided however that such employment shall be automatically extended on the
same terms and conditions as contained herein, unless the Company provides
Executive written notice, no later than 120 days prior to the then scheduled
termination of employment, of its intent not to extend such employment. The
foregoing term of employment shall be referred to hereinafter as the "Term".

3.        ACCEPTANCE

          3.1    Executive hereby accepts such employment and agrees that
throughout the period of employment hereunder, Executive will devote his full
business time, attention, knowledge and skills faithfully, diligently and to the
best of his ability, in the furtherance of the business of the USI Companies.

4.        COMPENSATION

          4.1. Base Salary. As compensation for the services to be rendered by
Executive hereunder, the Company agrees to pay Executive, and Executive agrees
to accept, a base salary ("Base Salary") during employment hereunder at the
annual rate of not less than $250,000; provided, however, that the USI CEO may
determine to increase but not decrease the

                                        5

<PAGE>

Executive's Base Salary in such amount as the USI CEO may determine. The Base
Salary shall be payable in equal installments by the Company according to its
normal payroll practices.

          4.2    Performance Bonus. As additional compensation for the services
to be rendered by Executive hereunder, Executive shall be eligible to receive
from time to time during the term hereof, a bonus under the USI Management
Incentive Plan, as may be amended from time to time at the sole discretion of
the Board or Compensation Committee of the Board (the "USI Plan"). As Executive
Vice President of Finance and Administration of the Company, Executive is
entitled to a percentage of Base Salary award which is in turn based upon the
USI Companies performance criteria set forth in the USI Plan. At no time during
the Term hereof will Executive's "target" award opportunity be any less than 60%
of Executive's then Base Salary and will Executive's "threshold" award
opportunity be any less than 48% of Executive's then Base Salary. Any awards
under the USI Plan which exceed target performance will be in such amount as the
USI CEO may determine, and any decision of USI CEO shall be in his sole and
unreviewable discretion. Any award under the USI Plan will be paid to the
Executive no later than 90 days following the end of the performance year.

          4.3    2002 Equity Incentive Plan. As additional compensation for the
services to be rendered by Executive hereunder, Executive shall be eligible to
receive from time to time during the Term hereof, stock based compensation
awards under the 2002 Equity Incentive Plan, as may be amended from time to time
at the sole discretion of the Board or Compensation Committee of the Board.

          4.4    Benefits. In addition to such compensation, Executive shall be
entitled to the benefits which are afforded generally, from time to time to USI
executive employees. Notwithstanding the foregoing, nothing contained in this
Agreement shall require the USI Companies to establish, maintain or continue any
of the group benefits plans already in existence or hereafter adopted for the
employees of the USI Companies, or restrict the right of the USI Companies to
amend, modify or terminate such group benefit plans in a manner which does not
discriminate against Executive as compared to other executive employees of USI
Companies.

          4.5    Vacation. Executive shall be entitled to vacation time and
holidays as are provided in general to executive employees of the USI Companies,
in accordance with usual practices and procedures, but shall in any event, be
entitled to no less than four weeks of vacation per year. Without limiting the
foregoing, Executive shall not be entitled to any additional compensation for
any unused vacation time.

5.        EXPENSES

          5.1    The Company shall reimburse Executive, in accordance with
Company policy, for all expenses reasonably and properly incurred by Executive
in connection with the performance of Executive's duties hereunder and the
conduct of the business of the Company, upon the submission to the Company (or
its designee) of appropriate vouchers therefor.

                                        6

<PAGE>

6.        CONFIDENTIAL INFORMATION AND PROPERTY

          6.1.   Property of the Company. Executive acknowledges and agrees that
all premiums, commissions, fees and other forms of compensation, and all
Confidential Information of the USI Companies relating thereto, which Executive
generates in the course of providing, directly or indirectly, any USI Business
during the Term hereof (including such items resulting from or relating to
services provided by Executive to the USI Companies), shall be the sole property
of the USI Companies, as the case may be.

          6.2.   Confidentiality during Term. During the Term hereof, Executive
will not use, or disclose to any Person, any Confidential Information
(determined as of any date during the Term hereof) of any USI Company, except
(a) in the normal course of business on behalf of such USI Company (b) with the
prior written consent of such USI Company or (c) to the extent necessary to
comply with law or the valid order of a court of competent jurisdiction, in
which event Executive shall notify such USI Company as promptly as practicable
(and, if possible, prior to the making of such disclosure). In addition,
Executive will use reasonable efforts to prevent any such prohibited use or
disclosure by any other person.

          6.3.   Confidentiality following Term. Following the Term hereof,
Executive will not use, or disclose to any Person, any Confidential Information
(determined as of the date of termination of Executive's employment with the
Company) of any USI Company, except (a) with the prior written consent of such
USI Company or (b) to the extent necessary to comply with law or the valid order
of a court of competent jurisdiction, in which event Executive shall notify such
USI Company as promptly as practicable (and, if possible, prior to the making of
such disclosure). In addition, Executive will use reasonable efforts to prevent
any such prohibited use or disclosure by any other person.

7.        NON-SOLICITATION, NON-COMPETITION AND CONFLICTS OF INTEREST

          7.1.   Non-Solicitation. Except in the normal course of business on
behalf of any USI Company, Executive agrees that he will not, directly or
indirectly, (a) solicit, sell, provide or accept any request to provide, or
induce the termination, cancellation or non-renewal of, any USI Business from or
by any person, corporation, firm or other entity whose account constituted a
Client Account of such USI Company, at any time within the 24 months preceding
the earlier of the date of such act or the date of termination of Executive's
employment with USI and the Company or (b) solicit, offer, negotiate or
otherwise seek to acquire any interest in any Active Prospective Acquisition of
such USI Company, determined as of the earlier of the date of such act or the
effective date of termination of Executive's employment with USI and the
Company. The restrictions contained in this Section 7.1 shall apply throughout
the Term hereof and thereafter until two (2) years after the effective date on
which Executive's employment with USI and the Company, or there respective
successors in interest, terminates.

          7.2.   Non-Competition. In consideration of the payments and benefits
to be received by Executive under this Agreement and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged by
Executive, Executive agrees that, during the Non-Competition Period (as
hereinafter defined), Executive will refrain from carrying on any

                                        7

<PAGE>

business, directly or indirectly, which provides any USI Business, except (i) in
the normal course of business on behalf of any USI Company during the term of
Executive's employment under this Agreement or (ii) with the Company's prior
written consent. The term "carrying on any business" shall mean to act as a sole
proprietor, partner, member of a limited liability company, stockholder,
officer, director, employee, manager, trustee, agent, advisor, joint venturer,
or consultant of, with or to, any business, or otherwise to own, manage,
operate, control or participate in the ownership, management, operation or
control of, or engage in, any business. The Non-Competition Period shall mean
the period beginning on the effective date of this Agreement and ending on the
first anniversary of the date of Executive's termination of employment. It is
expressly agreed that this Section 7.2 is not intended to restrict or prohibit
the ownership by Executive of stock or other securities of a publicly-held
corporation in which Executive does not (a) possess beneficial ownership of more
than 5% of the voting capital stock of such corporation or (b) participate in
any management or advisory capacity. In addition, it is also agreed that this
Section 7.2 shall not prohibit Executive from serving as a director pursuant to
the terms of Section 2.3 during the term of his employment under this Agreement.
It is the desire and intent of the parties that the provisions of this Section
7.2 shall be enforced under the laws and public polices applied in each
jurisdiction in which enforcement is sought. Accordingly, if any particular
provision of this Section 7.2 is adjudicated to be invalid or unenforceable or
shall for any reason be held to be excessively broad as to duration, geographic
scope, activity or subject, it shall be construed by limiting and reducing it,
so as to be enforceable to the extent compatible with applicable laws and such
provision shall be deemed modified and amended to the extent necessary to render
such provision enforceable in such jurisdiction. If Executive challenges the
enforceability of the provisions of this Section 7.2 in whole or in part,
Executive shall, immediately upon such challenge, forfeit any right to any
payments and benefits under this Agreement that he has not already received

          7.3.   No Hiring. Executive further agrees that he will not, directly
or indirectly, solicit the employment, consulting or other services of any other
employee or independent producer of any USI Company or otherwise induce any of
such employees to leave such USI Company's employment or to breach an employment
or independent producer agreement therewith. The restrictions contained in this
Section 7.3 shall apply throughout the Term hereof and thereafter until two (2)
years following the date on which Executive's employment with USI and the
Company or their respective successors in interest terminates.

          7.4    Non-disparagement. Subject to obligations under applicable laws
and regulations, in the event of a termination of this Agreement, neither the
Executive nor any of the USI Companies or their senior officers or directors,
shall publicly make any statements or comments that disparage the reputation of
the Executive, or any of the USI Companies or their senior officers or
directors.

          7.5.   Miscellaneous. Without limiting the provisions of Section 16,
in the event of any assignment by the Company permitted under such section, the
restrictive periods contained in this Section 7 shall be determined by reference
to the termination of Executive's employment with any permitted assignee of the
Company.

                                        8

<PAGE>

8.        TERMINATION

          8.1    Termination by the Company Without Cause; Failure to Extend.
Company shall have the right to terminate Executive's employment hereunder
"without cause" by giving Executive written notice to that effect. Any such
termination of employment shall be effective on the date specified in such
notice. The Company may also give notice of its election not to extend
Executive's employment hereunder for an additional Term. In the event of such
termination, or in the event of a failure to extend Executive's employment
hereunder for an additional Term under the same terms and conditions, the
Company shall (i) pay Executive his unpaid Base Salary through the effective
date of termination and any business expenses remaining unpaid on the effective
date of the termination for which Executive is entitled to be reimbursed under
Section 5 of this Agreement, (ii) pay Executive an amount per month equal to
one-twelfth the sum of (1) his then adjusted Base Salary plus (2) an amount
equal to Executive's target bonus set by the Board that he would have otherwise
received (but for such termination) for the year in which such termination
occurred for the period commencing on the date following the date of termination
and ending on the date which is twelve (12) months following the effective date
of termination; and (iii) either continue to provide Executive with healthcare
coverage under the plan in which Executive participates immediately prior to the
effective date of such termination (where Executive remains eligible to
participate, and in accordance with the terms thereof) or in the event Executive
no longer remains eligible to participate under such healthcare plan, to
reimburse Executive for the amount of the premium Company would have paid for
Executive's healthcare coverage had Executive remained employed hereunder, in
each case until (A) the date which is twelve (12) months following the effective
date of termination or (B) the commencement of Executive's coverage under
another employer's healthcare plan; provided, however, that without limiting any
other remedy available hereunder, all payments described in the Section 8.1
shall immediately terminate upon an arbitrator's or judge's determination that
Executive has breached the provisions of Section 6 or 7 hereof.

          8.2    Termination by the Company for Cause. The Company shall have
the right to terminate this Agreement and Executive's employment hereunder "for
cause" by giving Executive written notice to that effect. Any such termination
of employment shall be effective on the date specified in such notice. In the
event of such termination, the Company shall pay to Executive (a) his unpaid
Base Salary through the effective date of the termination, and (b) any business
expenses remaining unpaid on the effective date of the termination for which
Executive is entitled to be reimbursed under Section 5 of this Agreement. For
the purpose of this Agreement, "for cause" shall mean (i) commission of a
willful and material act of dishonesty in the course of Executive's duties
hereunder, (ii) conviction by a court of competent jurisdiction of a crime
constituting a felony or conviction in respect of any act involving fraud,
dishonesty or moral turpitude, (iii) Executive's performance under the influence
of controlled substances, or continued habitual intoxication, during working
hours, after the Company shall have provided written notice to Executive and
given Executive 30 days within which to commence rehabilitation with respect
thereto, and Executive shall have failed to commence such rehabilitation or
continued to perform under the influence after such rehabilitation, (iv)
frequent or extended, and unjustifiable (not as a result of incapacity or
disability) absenteeism which shall not have been cured within 90 days after the
Company shall have advised Executive in writing of its intention to terminate
Executive's employment in accordance with the provisions of this

                                        9

<PAGE>

Section 8.2, in the event such condition shall not have been cured, (v)
Executive's personal, willful and continuing misconduct or refusal to perform
duties and responsibilities described in Section 1 above, or to carry out
directives of the USI CEO, which, if capable of being cured, shall not have been
cured within 90 days after the Company shall have advised Executive in writing
of its intention to terminate Executive's employment in accordance with the
provision of this Section 8.2 or (iv) material non-compliance with the terms of
this Agreement, including but not limited to any breach of Section 6 or Section
7 of this Agreement.

          8.3    Termination by Executive for Good Reason. Executive shall have
the right to terminate this Agreement and his employment hereunder for "good
reason," if (i) there is a Change of Control, and, within one year following
such Change of Control, Executive terminates his employment hereunder due to the
material diminution of his duties and responsibilities, as set forth herein, or
(ii) default by the Company in the payment of or otherwise failure by the
Company to pay in a timely fashion after demand therefor any material sum due to
the Executive pursuant to this Agreement; provided that Executive shall give the
Company prior written notice of the reason therefore and a period of 30 days
following receipt by the Company of such notice shall have lapsed and the
matters which constitute or give rise to such "good reason" shall not have been
cured or eliminated by the Company. In the event of such termination, Executive
shall be entitled to receive the same payments and benefits as would be provided
under Section 8.1 in the event of a termination without cause.

          8.4    Termination by Executive Without Good Reason. Executive shall
have the right to terminate this Agreement and his employment hereunder by
giving the Company not less than ninety (90) days prior written notice to that
effect. The termination of employment shall be effective on the date specified
in such notice. In the event that such notice is given, the Company may require
Executive to leave immediately, in which event, Executive must be compensated
under this Agreement for the notice period in a manner commensurate to the
compensation Executive would have received during the notice period had his
employment not been terminated by him. In the event of such termination,
Executive shall be entitled to receive the same payments as would be provided
under Section 8.2 in the event of termination for cause.

          8.5    DEATH, INCAPACITATION OR DISABILITY.

                 a.     Death. If Executive dies during his employment
hereunder, this Agreement shall terminate upon the date of Executive's death. In
the event of any such termination, the Company shall pay to Executive's
representative or his estate any unpaid Base Salary through the effective date
of termination and any business expenses remaining unpaid on the effective date
of the termination for which Executive is entitled to be reimbursed under
Section 5 of this Agreement.

                 b.     Incapacitation or Disability. In the event that
Executive is incapacitated or disabled by reason of illness or physical or
mental disability from performing Executive's duties hereunder (which shall be
deemed to have occurred (i) when Executive has receive total disability benefits
under the Company's long-term group disability policy for a continuous period of
six (6) months or, if no policy is then in effect, (ii) when such incapacity or
disability shall have existed for either (A) one continuous period of six months
or (B) a total of seven

                                       10

<PAGE>

months out of any twelve consecutive months), the Company shall have the right
to terminate Executive's employment hereunder by giving Executive 30 days prior
written notice to that effect. In the event of any such termination, the Company
shall pay to Executive any unpaid Base Salary through the effective date of
termination and any business expenses remaining unpaid on the effective date of
the termination for which Executive is entitled to be reimbursed under Section 5
of this Agreement.

9.        REMEDIES

          9.1.   Equitable Relief. Executive acknowledges that the services to
be rendered by him are of a special, unique and extraordinary character and that
it would be extremely difficult or impracticable to replace such services, that
the material provisions of this Agreement are of crucial importance to the
Company and that any damage caused by the breach of Sections 6 or 7 of this
Agreement would result in irreparable harm to the business of the Company for
which money damages alone would not be adequate compensation. Accordingly,
Executive agrees that if he violates Sections 6 or 7 of this Agreement, the
Company shall, in addition to any other rights or remedies of the Company
available at law, be entitled to equitable relief in any court of competent
jurisdiction, including, without limitation, temporary injunction and permanent
injunction.

          9.2    Arbitration. The Parties agree that any controversy, claim or
dispute arising out of or relating to Executive's employment hereunder, or the
termination of such employment, shall be settled by arbitration before a
mutually selected arbitrator to be held in the State of New York in accordance
with the Commercial Arbitration Rules of the American Arbitration Association
then in effect. The Parties agree that Executive's sole remedy for a breach of
this Agreement shall be monetary damages. Judgment may be entered on the
arbitrator's award in any court having jurisdiction, and the Parties consent to
the jurisdiction of the courts of the State of New York for this purpose. The
arbitrator shall determine which Party or Parties shall be entitled to costs and
expenses (including reasonable attorneys' fees) resulting from such dispute or
controversy. If such controversy, claim or dispute involves a claim (including,
without limitation, claims, arising under Section 6 or 7) for injunctive or
other equitable relief, and suit or cross-claim for such relief is filed in a
court of competent jurisdiction, the litigation shall be bifurcated to the
extent feasible, to the end that all issues other than those injunctive or
equitable issues required to be determined by the court shall be determined by
arbitration as hereinabove required.

10.       WITHHOLDING

          10.1   Each payment to Executive under this Agreement shall be reduced
by any amounts required to be withheld by the Company from time to time under
applicable laws and regulations then in effect.

11.       ENTIRE AGREEMENT; NO AMENDMENT

          11.1   No agreements or representations, oral or otherwise, express or
implied, have been made by either Party, with respect to Executive's employment
by any USI Company, that

                                       11

<PAGE>

are not set forth expressly in this Employment Agreement. Except as provided for
hereinafter, this Agreement supersedes and cancels any prior agreement entered
into between Executive and the Company or its predecessors relating to
Executive's employment by any USI Company. No amendment or modification of this
Agreement shall be valid or binding unless made in writing and signed by the
Party against whom enforcement thereof is sought.

12.       NOTICES

          12.1   All notices, demands and requests of any kind which either
Party may be required or may desire to serve upon the other Party hereto in
connection with this Agreement shall be delivered only by courier or other means
of personal service, which provides written verification of receipt, or by
registered or certified mail return receipt requested, or by telecopy, provided
that the telecopy is promptly followed by delivery of hard copy of such notice
which provides written verification of receipt (each, a "Notice"). Any such
Notice delivered by registered or certified mail shall be deposited in the
United States mail with postage thereon fully prepaid, or if by courier then
deposited with the courier. All Notices shall be addressed to the Parties to be
served as follows:

(a)       If to the Company, at
          USI Insurance Services Corp.
          50 California Street, 24th Floor
          San Francisco, CA 94111
          Attn: Chief Executive Officer
          Telephone: (415) 983-0100
          Facsimile:  (415) 983-0101

          Copy to:
          USI Insurance Services Corp.
          50 California Street, 24th Floor
          San Francisco, CA 94111
          Attn: General Counsel
          Telephone: (415) 983-0100
          Facsimile:  (415) 837-1650

(b)       If to Executive, at
          Robert S. Schneider
          11833 Sea Star Dr.
          Indianapolis IN 46256

          Either of the Parties hereto may at any time and from time to time
change the address to which notice shall be sent hereunder by notice to the
other Party given under this Section. All such notices, requests, demands, and
other communications shall be effective when received at the respective address
set forth above or as then in effect pursuant to any such change.

                                       12

<PAGE>

13.       WAIVERS

          13.1   No waiver of any default or breach of this Agreement shall be
deemed a continuing waiver or a waiver of any other breach or default.

14.       GOVERNING LAW

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

15.       SEVERABILITY

          15.1   The provisions of this Agreement are intended to be interpreted
in a manner which makes them valid, legal, and enforceable. In the event any
provision of this Agreement is found to be partially or wholly invalid, illegal
or unenforceable, such provision shall be modified or restricted to the extent
and in the manner necessary to render it valid, legal, and enforceable. It is
expressly understood and agreed between Executive and the Company that such
modification or restriction may be accomplished by mutual accord between the
Parties or, alternatively, by disposition of an arbitrator or a court of law. If
such provision cannot under any circumstances be so modified or restricted, it
shall be excised from this Agreement without affecting the validity, legality or
enforceability of any of the remaining provisions.

16.       ASSIGNMENT

          16.1   Executive may not assign any rights (other than the right to
receive income hereunder) under this Agreement without the prior written consent
of the Company. This Agreement may be assigned without the consent of Executive,
and the provisions of this Agreement shall be binding upon and shall inure to
the benefit of the assignee hereof.

          IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to
be duly executed as of the day and year first above written.

                                              USI INSURANCE SERVICES CORP.

                                        By:   /s/ David L. Eslick
                                              --------------------------------
                                              Name: David L. Eslick
                                                    --------------------------
                                              Title: Chairman, President & CEO
                                                     -------------------------

                                               /s/ Robert S. Schneider
                                              ------------------------------
                                              ROBERT S. SCHNEIDER

                                       13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00049-of-00352.parquet"}]]