PSYCHIATRIC SOLUTIONS INC
2003 LONG TERM EQUITY PLAN
<DOCUMENT>
<TYPE>EX-10.33
<SEQUENCE>17
<FILENAME>g81395exv10w33.txt
<DESCRIPTION>2003 LONG TERM EQUITY PLAN
<TEXT>
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                                                                  EXHIBIT 10.33


                          PSYCHIATRIC SOLUTIONS, INC.

                    2003 LONG-TERM EQUITY COMPENSATION PLAN



         The 2003 Long-Term Equity Compensation Plan (the "Plan") of
Psychiatric Solutions, Inc. (the "Company") will be administered by the
Compensation Committee of the Board of Directors (the "Committee"). The
Company's executive officers and certain key employees (together, the "Eligible
Employees") will be eligible to participate in the Plan.

1.       Stock Option Grants.

         (a)      If the Company's EPS, as presented in the Company's audited
                  consolidated balance sheet for the fiscal year ended December
                  31, 2003 (the "2003 EPS"), does not exceed the Company's EPS,
                  as presented in the Company's audited consolidated balance
                  sheet for the fiscal year ended December 31, 2002 (the "2002
                  EPS"), by at least 20%, no stock options will be granted.

         (b)      If the Company's 2003 EPS exceeds the Company's 2002 EPS by
                  not less than 20%, and not more than 30%, the Company will
                  grant stock options to the Eligible Employees to purchase
                  that number of shares of Common Stock which is equal to not
                  less than 1.00%, and not more than 2.00%, of the Company's
                  issued and outstanding shares of Common Stock as of December
                  31, 2003, the exact number to be determined in the sole
                  discretion of the Committee.

         (c)      If the Company's 2003 EPS exceeds the Company's 2002 EPS by
                  more than 30%, the Company will grant stock options to the
                  Eligible Employees to purchase that number of shares of
                  Common Stock which is equal to 2.00% of the Company's issued
                  and outstanding shares of Common Stock as of December 31,
                  2003.

2.       Allocation of Stock Options. In the event stock options are granted
         under the Plan, the Committee shall meet with the Company's Chief
         Executive Officer on or before March 31, 2004 to determine the
         allocation of the stock options to the Eligible Employees.

3.       Vesting and Terms of Stock Options. Any stock options granted pursuant
         to the Plan shall be issued under the Company's Equity Incentive Plan
         and subject to all of the terms and conditions of the Company's Equity
         Incentive Plan. In addition, such stock options shall vest and become
         exercisable over three years, with 25% vesting on the date of grant
         and 25% vesting on the anniversary of the date of grant over the next
         three years.

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