Document:

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067809                                                               EXHIBIT 4.1

                        INCORPORATED UNDER THE LAWS OF
                                    BERMUDA

           NUMBER        [HARBOR GLOBAL COMPANY LTD. LOGO]         SHARES

THIS CERTIFICATE IS TRANSFERABLE IN                             COMMON SHARES
CANTON, MA OR NEW YORK, NY                                     $.0025 PAR VALUE

THIS CERTIFIES THAT                                          CUSIP   G4285W 10 0

is the owner of

       FULLY PAID AND NON-ASSESSABLE COMMON SHARES, $.0025 PAR VALUE, OF

HARBOR GLOBAL COMPANY LTD. transferable only on the books of the Company by the
holder hereof in person or by attorney duly authorized upon surrender of this
certificate duly endorsed or assigned. This certificate and the shares
represented hereby are subject to the laws of Bermuda and to the Memorandum of
Association and Bye-laws of the Company as now or hereafter amended.
     This certificate is not valid until countersigned by the Transfer Agent and
registered by the Registrar.
     IN WITNESS WHEREOF, HARBOR GLOBAL COMPANY LTD. has caused the facsimile
seal of the Company and the facsimile signatures of its duly authorized officers
to be hereunto affixed.

     Dated:

          /s/ John H. Valentine                          /s/ John D. Curtin Jr.

                       CHAIRMAN                               DEPUTY CHAIRMAN

COUNTERSIGNED AND REGISTERED:
     EQUISERVE TRUST COMPANY, N.A.
                                TRANSFER AGENT
                                 AND REGISTRAR
BY  Charles V. Rossi
                          AUTHORIZED SIGNATURE

                     [SEAL OF HARBOR GLOBAL COMPANY LTD.]

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                          HARBOR GLOBAL COMPANY LTD.

     The Company will furnish without charge to each shareholder who so requests
the powers, designations, preferences and relative participating, optional or
other special rights of each class of shares or series thereof and the
qualifications, limitations or restrictions of such preferences and/or rights.

     The following abbreviations, when used in the inscription on the face of
this certificate, shall be construed as though they were written out in full
according to applicable laws or regulations:

     TEN COM  -as tenants in common     UNIF GIFT MIN ACT-      Custodian
     TEN ENT  -as tenants by the                          ------         -------
               entireties                                 (Cust)         (Minor)
     JT TEN   -as joint tenants with                      under Uniform Gifts to
               right of survivorship                      Minors Act
               and not as tenants in                                -----------
               common                                                 (State)
     COM PROP -as community property

    Additional abbreviations may also be used though not in the above list.

For value received                        hereby sell, assign and transfer unto
                  ------------------------

PLEASE INSERT SOCIAL SECURITY
     OR OTHER IDENTIFYING
      NUMBER OF ASSIGNEE
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|                           |
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            PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

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                                                                          Shares
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of Harbor Global Company Ltd. and do hereby irrevocably constitute and appoint
                                                            Attorney to transfer
------------------------------------------------------------
the said shares on the books of the within named Company with full power of
substitution in the premises.

Dated
     ------------------------

                              -------------------------------------------------
                              NOTICE: THE SIGNATURE TO THIS ASSIGNMENT MUST
                              CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE
                              OF THE CERTIFICATE IN EVERY PARTICULAR, WITHOUT
                              ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

SIGNATURE(S) GUARANTEED:
                        -------------------------------------------
                        THE SIGNATURE(S) MUST BE GUARANTEED BY
                        AN ELIGIBLE GUARANTOR INSTITUTION (BANKS,
                        STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS
                        AND CREDIT UNIONS WITH MEMBERSHIP IN AN
                        APPROVED SIGNATURE GUARANTEE MEDALLION
                        PROGRAM), PURSUANT TO S.E.C. RULE 17Ad-15.<PAGE>

                                                                    EXHIBIT 10.1

                           HARBOR GLOBAL COMPANY LTD.
                        NON-EMPLOYEE DIRECTOR SHARE PLAN

1.   PURPOSES OF THE PLAN
     --------------------

          The purposes of the Non-employee Director Share Plan of Harbor Global
     Company Ltd. are (i) to provide Non-employee Directors with additional
     incentives to improve the Company's performance by increasing the level of
     share ownership by such directors, (ii) to reinforce the Non-employee
     Directors' role in enhancing shareholder value and (iii) to provide an
     additional means of attracting and retaining Non-employee Directors through
     the issuance of Common Shares as compensation for the future services of
     such Non-employee Directors.

2.   DEFINITIONS
     -----------

          When used herein, the following terms shall have the respective
     meanings set forth below:

          (a) "ANNUAL SHARE RETAINER" means the annual retainer payable to all
     Non- employee Directors as provided in Section 6 below.

          (b) "ANNIVERSARY OF THE DISTRIBUTION" means anniversary of the
     distribution of the common shares of the Company by The Pioneer Group, Inc.
     to its stockholders.

          (c) "BOARD" means the Board of Directors of the Company.

          (d) "COMMITTEE" means any committee appointed by the Board to
     administer the Plan.

          (e) "COMMON SHARES" means the common shares of the Company, par value
     $.0025 per share.

          (f) "COMPANY" means Harbor Global Company Ltd., a Bermuda limited
     duration company.

          (g) "EMPLOYEE" means any officer or employee of the Company (other
     than an individual employed solely as a director), any of its direct or
     indirect subsidiaries or affiliates or of Calypso Management, LLC.

          (h) "NON-EMPLOYEE DIRECTOR" or "PARTICIPANT" means any person who is
     elected or appointed to the Board and who is not an Employee.

          (i) "PLAN" means the Company's Non-employee Director Share Plan, as
     set forth herein, as it may be amended from time to time.

                                     Page 1
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3.   COMMON SHARES SUBJECT TO THE PLAN
     ---------------------------------

          Subject to adjustment as provided in Section 8 below, the maximum
     aggregate number of Common Shares that may be issued under the Plan is
     25,000 shares. The Common Shares to be issued under the Plan will be made
     available from authorized but unissued Common Shares, and the Company shall
     set aside and reserve for issuance under the Plan said number of shares.

4.   ADMINISTRATION OF THE PLAN
     --------------------------

          (a) The Plan will be administered by the Board or a Committee, if a
     Committee has been appointed by the Board. Members of the Committee need
     not be members of the Board. Subject to the express provisions of the Plan,
     the Committee has and may exercise such powers and authority of the Board
     as may be necessary or appropriate for the Committee to carry out its
     functions under the Plan. The Company shall pay all costs of administration
     of the Plan.

          (b) The Board or Committee shall have full power and authority (i) to
     determine all questions of fact that may arise under the Plan, (ii) to
     interpret the Plan and to make all other determinations necessary or
     advisable for the administration of the Plan and (iii) to prescribe, amend,
     and rescind rules and regulations relating to the Plan, including any rules
     which the Board or Committee determines are necessary or appropriate to
     ensure that the Company and the Plan will be able to comply with all
     applicable provisions of any federal, state, local or foreign law,
     including securities laws and laws relating to the withholding of tax. All
     interpretations, determinations, and actions by the Board or Committee will
     be final, conclusive and binding upon all parties.

          (c) Neither the Company nor any member of the Board or Committee or
     designee thereof will be liable for any damages resulting from any action
     or determination made by the Board or the Committee with respect to the
     Plan or any transaction arising under the Plan or any omission in
     connection with the Plan, unless such damages result from willful
     misconduct or gross negligence.

5.   PARTICIPATION IN THE PLAN
     -------------------------

          Subject to the conditions and limitations of the Plan, during the term
     of the Plan all Non-employee Directors shall participate in the Plan for so
     long as they serve in the capacity of Non-employee Director.

6.   ANNUAL SHARE RETAINERS
     ----------------------

          Subject to Section 10 hereof, on each Anniversary of the Distribution
     during the term of the Plan, each Non-employee Director then serving on the
     Board shall automatically be granted an Annual Share Retainer of 1500
     Common

                                     Page 2
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     Shares, in consideration of such Non-employee Directors future services as
     a Non-employee Director. In the event that the number of Common Shares
     reserved for issuance pursuant to Section 3 hereof does not permit the full
     automatic grant specified in the preceding sentence to be made, the
     automatic grant to each Non-employee Director shall be proportionately
     reduced. No Non-employee Director shall be required to forfeit or otherwise
     return to the Company any Common Shares issued to him or her pursuant to
     the Plan notwithstanding any change in status of such Non-employee Director
     which renders him or her ineligible to continue as a Participant in the
     Plan.

7.   SHAREHOLDER RIGHTS
     ------------------

          Non-employee Directors shall not be deemed for any purpose to be or
     have rights as shareholders of the Company with respect to any Common
     Shares except as and when such shares are issued and then only from the
     date that the Non-employee Director is entered into the register of members
     of the Company as the holder of such shares. Except as provided in Section
     8 hereof, no adjustment shall be made for dividends or distributions or
     other rights for which the record date precedes the date of such entry.

8.   ADJUSTMENT FOR CHANGES IN CAPITALIZATION
     ----------------------------------------

          If the Common Shares are sub-divided, consolidated or exchanged for a
     different number or kind of shares or other securities or if additional
     shares or new or different shares or other securities are distributed with
     respect to such Common Shares or other securities, through merger,
     consolidation, sale of all or substantially all of the property of the
     Company, reorganization, recapitalization, reclassification, stock
     dividend, stock split, reverse stock split, combination of shares, rights
     offering or other change in corporate structure, the maximum number of
     shares and/or the kind of shares that may be issued under the Plan may be
     appropriately adjusted by the Committee. Any determination by the Committee
     as to any such adjustment will be final, binding and conclusive. The
     maximum number of shares issuable under the Plan as a result of any such
     adjustment shall be rounded to the nearest whole share.

9.   CONTINUATION OF DIRECTOR OR OTHER STATUS
     ----------------------------------------

          Nothing in the Plan or in any instrument executed pursuant to the Plan
     or any action taken pursuant to the Plan shall be construed as creating or
     constituting evidence of any agreement or understanding, express or
     implied, that the Company will retain a Non-employee Director as a director
     or in any other capacity for any period of time or at a particular retainer
     or other rate of compensation, as conferring upon any Non-employee Director
     any legal or other right to continue as a director or in any other
     capacity, or as limiting, interfering with or otherwise affecting the right
     of the Company to terminate a Non-employee

                                     Page 3
<PAGE>

     Director at any time for any reason, with or without cause, and without
     regard to the effect that such termination might have upon him or her as a
     Participant in the Plan.

10.  COMPLIANCE WITH GOVERNMENT REGULATIONS
     --------------------------------------

          The Company shall not be obligated to issue any Common Shares pursuant
     to the Plan at any time unless and until all applicable requirements
     imposed by any federal and state securities and other foreign or local
     laws, rules and regulations or by any regulatory agencies have been fully
     met. As a condition precedent to any issuance of shares of Common Shares
     and delivery of certificates evidencing such shares pursuant to the Plan,
     the Board or the Committee may require a Participant to take any such
     action and to make any such covenants, agreements and representations as
     the Board or the Committee, as the case may be, in its discretion deems
     necessary or advisable to ensure compliance with such requirements. The
     Company shall in no event be obligated to register the Common Shares issued
     or issuable under the Plan pursuant to the Securities Act of 1933, as now
     or hereafter amended, or to qualify or register such shares under any
     securities laws of any state or other jurisdiction upon their issuance
     under the Plan or at any time thereafter, or to take any other action in
     order to cause the issuance and delivery of such shares under the Plan or
     any subsequent offer, sale or other transfer of such shares to comply with
     any such law, regulation or requirement. Participants are responsible for
     complying with all applicable federal and state securities and other laws,
     rules and regulations in connection with any offer, sale or other transfer
     of the Common Shares issued under the Plan or any interest therein
     including compliance with the registration requirements of the Securities
     Act of 1933, as amended (unless an exemption therefrom is available) or
     with the provisions of Rule 144 promulgated thereunder, if available, or
     any successor provisions.

11.  NONTRANSFERABILITY OF RIGHTS
     ----------------------------

          No Participant shall have the right to assign or otherwise transfer
     the right to receive any Annual Share Retainer or any other right or
     interest under the Plan, contingent or otherwise, or to cause or permit any
     assignment, transfer, encumbrance, pledge or charge of any nature to be
     imposed on any such Annual Share Retainer or any such right or interest and
     any such purported assignment or transfer shall be void and of no force or
     effect.

12.  AMENDMENT AND TERMINATION OF PLAN
     ---------------------------------

          (a) The Board will have the power in its discretion, to amend, suspend
     or terminate the Plan at any time. No such amendment will, without approval
     of the shareholders of the Company:

                                     Page 4
<PAGE>

               (i) Change the class of persons eligible to receive Annual Share
          Retainers under the Plan or otherwise modify the requirements as to
          eligibility for participation in the Plan;

               (ii) Materially increase the benefits accruing to Non-employee
          Directors under the Plan; or

               (iii) Increase the number of Common Shares which may be issued
          under the Plan (except for adjustments as provided in Section 8
          hereof).

          (b) No amendment, suspension or termination of the Plan will, without
     the consent of the Participant, alter, terminate, impair or adversely
     affect any right or obligations under any Annual Share Retainer previously
     granted under the Plan to such Participant.

          (c) Notwithstanding the foregoing, the Board may, without further
     action by the shareholders of the Company, amend the Plan or modify Annual
     Share Retainers under the Plan in response to changes in securities or
     other laws, or rules, regulations or regulatory interpretations thereof,
     applicable to the Plan or such Annual Share Retainers.

13.  GOVERNING LAW
     -------------

          The laws of the State of Delaware shall govern and control the
     interpretation and application of the terms of the Plan.

14.  EFFECTIVE DATE AND DURATION OF THE PLAN
     ---------------------------------------

          This Plan will become effective upon its adoption by the Board. The
     Plan shall terminate upon the earliest of (i) the fifth anniversary of the
     distribution of the Common Shares by The Pioneer Group, Inc. to its
     stockholders (ii) the grant of all of the Common Shares reserved for
     issuance under the Plan (as set forth in Section 3 hereof) and (iii) the
     termination of the Plan by the Board pursuant to Section 12 hereof.

                                     Page 5

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