<PAGE>

31

                                  EXHIBIT 10.21

                                EATON VANCE CORP.

                           1998 EXECUTIVE LOAN PROGRAM
                          (AS REVISED OCTOBER 13, 1999)

         1. Purpose. The purpose of the Eaton Vance Corp. 1998 Executive Loan
Program (the "Program") is to benefit Eaton Vance Corp. and its present or
future subsidiaries (together, or separately, the "Company," as the context may
require) by enhancing the Company's ability to attract and retain those
directors, officers and other key employees of the Company who are in a position
to make substantial contributions to the ongoing success of the Company. The
Program is intended to complement the incentives now offered by the Company to
its executives which allow them to acquire shares of Eaton Vance Corp.
Non-Voting Common Stock ("Eaton Vance Stock"). To accomplish this purpose, the
Program provides loans to finance exercises of incentive stock options and
non-qualified stock options granted under various stock option plans maintained
by the Company, including those granted up to and through 1998, all as the
Compensation Committee of the Board of Directors of Eaton Vance Corp. (the
"Committee") determines.
         2. Participation. Participation in the Program shall be limited to
those directors, officers and key employees of the Company who are determined by
the Committee as being eligible to so participate (the "Participants").
         3. Administration. The Committee shall administer the Program and have
exclusive power to determine (a) which directors, officers and key employees
shall become Participants, (b) the time or times at which such offer shall be
made, and (c) the amount to be loaned to any Participant. The interpretation and
instruction by the Committee of any provision of the Program or of any agreement
or other matter related to the Program shall be final unless otherwise
determined by the Committee or the Board of Directors. The Committee may
delegate any of its powers and responsibilities under the Program to the
Treasurer of Eaton Vance Corp.
         4. Amount Available for Loans. The aggregate amount of loans under the
Program and under the Company's 1997, 1995 and 1984 Executive Loan Programs,
which may be outstanding at any one time, shall not exceed $10,000,000. All
loans under the Program must be made on or before October 31, 2005.
         5. Terms of Notes. Each loan made under the Program shall be evidenced
by a promissory note executed and delivered by the Participant to Eaton Vance
Management (the "Note"). Each Note shall be subject to the following terms and
conditions:
         (a) The participant shall be personally liable on the Note.

         (b) The maximum term to maturity of the Note shall be seven years;
             provided, however, that the Note shall become immediately due and
             payable as of the date a Participant ceases to be employed by the
             Company for any reason other than age, disability or death.
<PAGE>

32

                            EXHIBIT 10.21 (CONTINUED)

         (c) Each Note shall provide for the payment of interest at such annual
             rate as may be set by the Committee, which rate shall not be less
             than that necessary to avoid the loan being characterized as either
             (i) carrying "unstated interest" within the meaning of ss.483 of
             the Internal Revenue Code of 1986, as amended (the "Code") in the
             case of loans the proceeds of which are used to acquire shares of
             Eaton Vance Stock from the Company or (ii) a "below-market loan"
             within the meaning of ss.7872 of the Code in all other cases.

         (d) The Committee, in its discretion, may require that amounts payable
             with respect to the Note be secured by collateral of such nature
             and of such value as the Committee determines. Where the purpose of
             the loan is to finance the purchase of Eaton Vance Stock, and where
             the Note is secured, all or in part, by "margin securities" as
             defined in Regulation G promulgated by the Board of Governors of
             the Federal Reserve System, the Note shall contain such further
             terms and conditions as are required by said Regulation G.

         6. Effective Date. The effective date of the revised Program is October
13, 1999, the date on which it was approved by the Board.