Exhibit 10.66

 

ELECTION/DEFERRAL AGREEMENT

 

This Election/Deferral Agreement is entered into this      day of February,
2005, and is between                      (hereinafter referred to as
“        ”) and FIRST ALLMERICA FINANCIAL LIFE INSURANCE COMPANY, Worcester,
Massachusetts (hereinafter referred to as the “Company”). This Agreement is
entered into before              has any right, title or interest in a certain
incentive compensation award due pursuant to the terms of the Company’s 2004
Short Term Incentive Compensation Program (the “2004 IC Payment”) which is the
subject matter of this Election/Deferral Agreement.

 

NOW THEREFORE, for and in consideration of the foregoing and the mutual
covenants and promises hereinafter set forth, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereto agree as follows:

 

1. Election to Forego.              hereby elects to forego the receipt of $
             of his 2004 IC Payment (the “$              2004 IC Payment”) and
to have said payment covered by the terms and conditions of this
Election/Deferral Agreement. The $              2004 IC Payment will be reduced
by any applicable FICA and/or Medicare tax due (the “Net $              2004 IC
Payment”).

 

2. Restricted Share Units. The Net              2004 IC Payment shall be
exchanged for Restricted Share Units. A Restricted Share Unit is equivalent to
one (1) share of Allmerica Financial Corporation stock (a “Restricted Share
Unit”). The number of Restricted Share Units that              shall receive
shall be determined by using the closing price of Allmerica Financial
Corporation stock on February 25, 2005. The terms and conditions of the
Restricted Share Units shall be determined pursuant to the terms of a Restricted
Share Unit Agreement between              and the Company dated the      day of
February, 2005.

 

3. Lapse of Restricted Share Units. In the event the Restricted Share Units
lapse and are returned to the Company for no consideration,              shall
be entitled to receive back the Net              2004 IC Payment. The payment of
this amount, plus interest, shall be returned to              as soon as
possible after the lapse of the Restricted Share Units. The interest rate to be
applied to the Net              2004 IC Payment, solely for purposes of payment
under this section, shall be the so-called annual GATT Rate. The annual GATT
Rate is set by the Internal Revenue Service in December of each year for the
following year. The GATT Rate for 2005 is 4.89%.

 

4. Vesting of Restricted Share Units. Once the Restricted Share Units have been
held by              for a period of three (3) years and vest, all as pursuant
to the terms of the Restricted Share Unit Agreement,              shall have no
rights or interest under this Election/Deferral Agreement to the Net
             2004 IC Payment or any interest thereon.

 

5. Non-Assignable. It is agreed that neither              nor any other payee
hereunder shall have any right to commute, sell, assign, transfer or otherwise
convey the right to receive any payments hereunder, which payments and the right
thereto are expressly declared to be non-assignable and non-transferrable, and
in the event of any attempted assignment or transfer, the Company shall have no
liability for failure to recognize any such assignment.

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6. Successors and Assigns. This Agreement shall be binding upon the parties
hereto, their beneficiaries, heirs, executors, administrators or successors.

 

7. Counterparts. This Agreement shall be executed in duplicate counterparts, and
each copy shall serve as an original for all purposes, but both counterpart
copies shall constitute one and the same agreement.

 

8. Headings. All headings set forth in this Agreement are intended for
convenience only, and shall not control or affect the meaning, constructions, or
effect of this Agreement or of any of the provisions hereof.

 

9. General Creditor. It is understood and agreed that any sums hereunder are and
shall be owned by the Company and not by _____ or by any other payee who shall
be entitled to any payments under this Agreement. The Net _____ 2004 IC Payment
and any interest thereon shall belong to the Company as part of its funds and
for its own use and benefit. A trust is not created by this Agreement, nor shall
a constructive trust be imposed. All payments payable under this Agreement to
_____ or to any other payee shall be made by the Company, and both _____ and any
other payee always shall be general, unsecured creditors of the Company. All
references in this Agreement to the Net _____ 2004 IC Payment are made herein
solely as a means of measuring and determining the amount that the Company is to
pay under this Election/Deferral Agreement.

 

IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of
the date first above written.

 

Attest:   FIRST ALLMERICA FINANCIAL LIFE     INSURANCE COMPANY

 

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  By:  

 

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    Name:  

 

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    Title:  

 

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    Participant