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                                                                   EXHIBIT 10.15

                              EMPLOYMENT AGREEMENT
                            (As Amended and Restated)

            AGREEMENT by and between UnumProvident Corporation, a Delaware
corporation having its principal executive offices in Chattanooga, Tennessee,
and Portland, Maine, (the "Company") and J. Harold Chandler (the "Executive")
dated as of the 10th day of November, 2000 (the "Agreement").

            The Company has determined that it is in the best interests of its
shareholders to assure that the Company will have the continued dedication of
the Executive. Therefore, in order to accomplish this objective, the Executive
and the Company entered into an employment agreement dated November 22, 1998,
which was amended on May 25, 1999, and the parties desire to amend and restate
such agreement by entering into this Agreement.

            NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

            1. Effective Date. The "Effective Date" shall mean June 30, 1999 and
as of such date the prior Employment Agreement effective November 8, 1993
("Former Employment Agreement") between the Executive and Provident Companies,
Inc. was terminated and became null and void.

            2. Employment Period. The Company hereby agrees to continue to
employ the Executive, and the Executive hereby agrees to continue in the employ
of the Company subject to the terms and conditions of this Agreement, for the
period commencing on the Effective Date and ending on June 30, 2005 (the
"Employment Period"). Beginning on June 30, 2005, the Employment Period shall be
automatically extended for one year terms unless either the Company or the
Executive shall give the other party not less than ninety (90) days prior
written notice of the intention to terminate this Agreement.

            3. Terms of Employment.

                  (a) Position and Duties.

                        (i) During the Employment Period, the Executive shall
            serve as Chairman, President and Chief Executive Officer of the
            Company with the appropriate authority, duties and responsibilities
            attendant to such positions

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            including, when requested, serving in a comparable position with
            respect to any subsidiary of the Company. The Executive shall serve
            on the Company's Board of Directors (the "Board") during the
            Employment Period and shall be a member of committees as he shall be
            appointed to by the Board.

                        (ii) During the Employment Period, and excluding any
            periods of vacation and sick leave to which the Executive is
            entitled, the Executive agrees to devote substantially all of his
            attention and time during normal business hours to the business and
            affairs of the Company and its subsidiaries and, to the extent
            necessary to discharge the responsibilities assigned to the
            Executive hereunder, to use the Executive's reasonable best efforts
            to perform faithfully and efficiently such responsibilities. During
            the Employment Period it shall not be a violation of this Agreement
            for the Executive to (A) serve, with prior approval of the Board, on
            corporate, civic or charitable boards or committees (B) deliver
            lectures, fulfill speaking engagements or teach at educational
            institutions and (C) manage personal investments, so long as such
            activities do not significantly interfere with the performance of
            the Executive's responsibilities as an employee of the Company in
            accordance with this Agreement. It is expressly understood and
            agreed that to the extent that any such activities have been
            conducted by the Executive prior to the Effective Date, the
            continued conduct of such activities (or the conduct of activities
            similar in nature and scope thereto) subsequent to the Effective
            Date shall not thereafter be deemed to interfere with the
            performance of the Executive's responsibilities to the Company.

                  (b) Stock Ownership Goal.

            It is intended that the Executive have the opportunity to attain an
            ownership goal of approximately 1.25% of the outstanding voting
            common stock of the Company. The Executive currently owns .42% of
            outstanding voting common stock of the Company. The Board of
            Directors is supportive of the Executive's stock ownership goal as
            being an appropriate alignment of commitment and interest to that of
            the Company's stockholders in increasing stockholder value. In
            furtherance of this goal, the Compensation Committee of the
            Company's Board of Directors ("Compensation Committee") shall
            consider as a guideline for long-term incentive awards the granting
            of options annually over a ten- year period following 2000 which
            when added to the Executive's existing ownership, would facilitate
            the Executive's attaining the stock ownership goal. The Committee's
            consideration of any such award would take into account strategic
            performance objectives which will have been established for the
            Company and approved by the Board of Directors and progress toward
            meeting such objectives at the time an award is considered. It is
            understood that in any given year, the performance of the Executive
            in the context of the Company's performance shall be the principal
            consideration in determining the number of options to be granted. It
            is also

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            understood that performance may warrant a lower or higher long-term
            incentive award than suggested by the guideline referenced above and
            may warrant a different form of award payment, including other
            equity instruments or cash. Similarly, other incentive programs
            available to the Executive, such as the annual incentive plan, may
            enable him to make an election as to the form of award payment that
            will facilitate the Executive's attaining his stock ownership goal.

                  (c) Compensation

                              (i) Annual Base Salary. During the Employment
            Period, the Executive shall receive an annual base salary ("Annual
            Base Salary") of at least $900,000. Any increase in Annual Base
            Salary shall not serve to limit or reduce any other obligation to
            the Executive under this Agreement. Annual Base Salary shall not be
            reduced after any such increase and the term Annual Base Salary as
            utilized in this Agreement shall refer to Annual Base Salary as so
            increased.

                              (ii) Annual Bonus. During the Employment Period,
            the Executive shall be eligible to receive an annual bonus ("Annual
            Bonus") with a target level of not less than 100% of Annual Base
            Salary, or such greater amount as determined by the Compensation
            Committee. The Annual Bonus shall be paid in cash or in such other
            form of consideration as agreed to by Executive and the Compensation
            Committee from time to time.

                              (iii) Incentive Awards. Immediately after the
            Effective Date, the Company granted the Executive options to
            purchase 500,000 shares of the Company's common stock (the "Initial
            Option Grant") pursuant to the terms of the Company's Stock Plan of
            1999. Except as otherwise provided herein, the Initial Option Grant
            shall vest in four equal installments, on the first, second, third,
            and fourth anniversaries of the date of grant. Subsequent to the
            Initial Option Grant annual long-term incentive awards, generally in
            the form of equity grants but also using other forms of payment on
            occasion, will be made by the Compensation Committee based upon
            competitive market analyses and such other factors it may deem
            appropriate, including taking into account the stock ownership goal
            set forth in Section 3 (b).

                              (iv) Other Employee Benefit Plans. During the
            Employment Period, except as otherwise expressly provided herein,
            the Executive shall be entitled to participate in all employee
            benefit, welfare and other plans, practices, policies and programs
            (collectively, "Employee Benefit Plans") applicable to senior
            executive officers of the Company.

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            The Executive shall also be reimbursed for all reasonable costs
            associated with the purchase or rental of an additional residence in
            Portland, Maine, and all reasonable expenses for the Executive and
            his family in connection with locating and occupying such additional
            residence, but such reimbursement shall not include the principal
            costs of purchase or furnishing. Except for excluding principal
            costs of purchase and furnishing, these residence expenses shall
            include, but not be limited to: all costs of the physical move; use
            by Executive of Company owned or leased accommodations in Portland
            until a residence is located and occupied but no longer than
            December 31, 2001; closing costs and real estate commissions
            incurred in the purchase of a replacement residence in Chattanooga,
            Tennessee and in the purchase of a residence in the Portland, Maine
            area; an additional amount to cover federal, state and local income
            taxes incurred as a result of the relocation expenses paid
            hereunder; and any other expenses covered pursuant to the Company's
            normal relocation policy. During the period that Executive is
            seeking a replacement residence in Chattanooga, Tennessee, the
            Company agrees to rent to Executive his former Chattanooga residence
            on fair market terms established by a third party appraiser.

                              (v) Retirement Benefit. Upon the Executive's
            termination of employment before June 30, 2001, without Cause (as
            hereinafter defined) or for Good Reason (as hereinafter defined), or
            for any reason after June 30, 2001, subject to the conditions set
            forth in Section 5(c) of this Agreement in the event of termination
            for Cause, the Executive shall be entitled to an annual retirement
            benefit payable monthly (the "Retirement Benefit") equal to (a) 50%
            (the "Replacement Percentage") of the average of his Base Salary and
            Annual Bonus for the five years in which such amounts were highest
            within the last ten years of employment less (b) any benefit payable
            pursuant to the Company's or any of its affiliated company's
            tax-qualified defined benefit retirement plan and any benefit to
            which he might be entitled under any nonqualified defined benefit
            retirement plan maintained by the Company or its affiliated
            companies. In calculating the Retirement Benefit, the Replacement
            Percentage shall increase by 1% for each full year the Executive is
            employed by the Company after his 55th birthday up to a maximum
            Replacement Percentage of 60%. As used in this Agreement, the term
            "affiliated companies" shall include any company controlled by,
            controlling or under common control with the Company. The Retirement
            Benefit shall be payable for the life of the Executive commencing
            the first of the month following the later of Executive's
            fifty-fifth birthday and Executive's termination of employment. Upon
            the Executive's death (whether prior to or after commencement of the
            Retirement Benefit), his surviving spouse shall be paid an annual
            benefit of 75% of the Retirement Benefit for her life provided that
            if such benefit commences before the Executive's 55th birthday, it
            shall be actuarially reduced.

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            4. Termination of Employment.

                        (a) Death or Disability. The Executive's employment
            shall terminate automatically upon the Executive's death or
            Disability during the Employment Period. If the Company determines
            in good faith that the Disability of the Executive has occurred
            during the Employment Period (pursuant to the definition of
            Disability set forth below), it may give to the Executive written
            notice in accordance with Section 11(b) of this Agreement of its
            intention to terminate the Executive's employment. In such event,
            the Executive's employment with the Company shall terminate
            effective on the 30th day after receipt of such notice by the
            Executive (the "Disability Effective Date"), provided that, within
            the 30 days after such receipt, the Executive shall not have
            returned to full-time performance of the Executive's duties. For
            purposes of this Agreement, "Disability" shall mean the absence of
            the Executive from the Executive's duties with the Company on a
            full-time basis for 180 business days during any consecutive twelve
            month period as a result of incapacity due to mental or physical
            illness which is determined to be total and permanent by a physician
            selected by the Company or its insurers and acceptable to the
            Executive or the Executive's legal representative.

                        (b) Cause. The Company may terminate the Executive's
            employment during the Employment Period for Cause. For purposes of
            this Agreement, "Cause" shall mean:

                              (i) the continued failure of the Executive to
            perform substantially the Executive's duties with the Company or one
            of its affiliates (other than any such failure resulting from
            incapacity due to physical or mental illness), after a written
            demand for substantial performance is delivered to the Executive by
            the Board which specifically identifies the manner in which the
            Board believes that the Executive has not substantially performed
            the Executive's duties, or

                              (ii) the willful engaging by the Executive in
            illegal conduct or gross misconduct which is materially and
            demonstrably injurious to the Company, or

                              (iii) conviction of a felony or guilty or nolo
            contendere plea by the Executive with respect thereto.

            For purposes of this provision, no act or failure to act, on the
            part of the Executive, shall be considered "willful" unless it is
            done, or omitted to be done, by the Executive in bad faith or
            without reasonable belief that the Executive's action or omission
            was in the best interests of the Company. Any act, or failure to

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            act, based upon authority given pursuant to a resolution duly
            adopted by the Board or based upon the advice of counsel for the
            Company shall be conclusively presumed to be done, or omitted to be
            done, by the Executive in good faith and in the best interests of
            the Company. The cessation of employment of the Executive shall not
            be deemed to be for Cause unless and until there shall have been
            delivered to the Executive a copy of a resolution duly adopted by
            the affirmative vote of not less than 75% through 2001, and
            thereafter two thirds of the entire membership of the Board at a
            meeting of the Board called and held for such purpose (after
            reasonable notice is provided to the Executive and the Executive is
            given an opportunity, together with counsel, to be heard before the
            Board) finding that, in the good faith opinion of the Board, the
            Executive is guilty of the conduct described in subparagraph (i) or
            (ii) above, and specifying the particulars thereof in detail.

                        (c) Good Reason. The Executive's employment may be
            terminated by the Executive for Good Reason. For purposes of this
            Agreement, "Good Reason" shall mean in the absence of a written
            consent of the Executive:

                              (i) the assignment to the Executive of any duties
            inconsistent with the Executive's position (including status,
            offices, titles and reporting requirements), authority, duties or
            responsibilities as contemplated by Section 3(a)(i) of this
            Agreement, or any other action by the Company which results in a
            diminution in such position, authority, duties or responsibilities,
            excluding for this purpose an isolated, insubstantial and
            inadvertent action not taken in bad faith and which is remedied by
            the Company promptly after receipt of notice thereof given by the
            Executive;

                              (ii) any failure by the Company to comply with any
            of the provisions of Section 3(c) of this Agreement, other than an
            isolated, insubstantial and inadvertent failure not occurring in bad
            faith and which is remedied by the Company promptly after receipt of
            notice thereof given by the Executive;

                              (iii) any purported termination by the Company of
            the Executive's employment otherwise than as expressly permitted by
            this Agreement, or any failure to renew this Agreement;

                              (iv) any failure by the Company to comply with and
            satisfy Section 10(c) of this Agreement; or

                              (v) failure of the Company to appoint the
            Executive to any of the positions as specified in Section 3(a)(i) as
            of the date specified therein.

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                        (d) Notice of Termination. Any termination by the
            Company or by the Executive shall be communicated by Notice of
            Termination to the other party hereto given in accordance with
            Section 11(b) of this Agreement. For purposes of this Agreement, a
            "Notice of Termination" means a written notice which (i) indicates
            the specific termination provision in this Agreement relied upon,
            (ii) to the extent applicable, sets forth in reasonable detail the
            facts and circumstances claimed to provide a basis for termination
            of the Executive's employment under the provision so indicated and
            (iii) if the Date of Termination (as defined below) is other than
            the date of receipt of such notice, specifies the termination date
            (which date shall be not more than thirty days after the giving of
            such notice). The failure by the Executive or the Company to set
            forth in the Notice of Termination any fact or circumstance which
            contributes to a showing of Good Reason or Cause shall not waive any
            right of the Executive or the Company, respectively, hereunder or
            preclude the Executive or the Company, respectively, from asserting
            such fact or circumstance in enforcing the Executive's or the
            Company's rights hereunder.

                        (e) Date of Termination. "Date of Termination" means if
            the Executive's employment is terminated by the Company other than
            for Disability, or by the Executive, the date of receipt of the
            Notice of Termination or any later date specified therein within 30
            days of such notice, and if the Executive's employment is terminated
            by reason of death or Disability, the Date of Termination shall be
            the date of death of the Executive or the Disability Effective Date,
            as the case may be.

            5. Obligations of the Company upon Termination.

                        (a) Good Reason; Other Than for Cause, Death or
            Disability. If, during the Employment Period, the Company shall
            terminate the Executive's employment other than for Cause or
            Disability, or the Executive shall terminate employment for Good
            Reason:

                              (i) the Company shall pay to the Executive in a
            lump sum in cash within 30 days after the Date of Termination:

                                    A. the greater of the following amounts: (x)
                  the product of three (3) times the sum of (1) the highest
                  annual bonus paid to the Executive for any of the three years
                  prior to the Date of Termination (the "Recent Annual Bonus")
                  and (2) the Executive's Annual Base Salary; and (y) the amount
                  equal to the product of (1) the number of months and portions
                  thereof from the Date of Termination until the end of the
                  Employment Period divided by twelve and (2) the sum of the
                  Executive's Annual Base Salary and the Recent Annual Bonus;

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                                    B. the sum of (x) the Executive's Annual
                  Base Salary through the Date of Termination to the extent not
                  theretofore paid, and (y) the product of (1) the Recent Annual
                  Bonus and (2) a fraction, the numerator of which is the number
                  of days in the fiscal year in which the Date of Termination
                  occurs through the Date of Termination and the denominator of
                  which is 365, to the extent not theretofore paid (the sum of
                  the amounts described in clauses (x) and (y) shall be
                  hereinafter referred to as the "Accrued Obligations"); and

                                    C. the actuarial present value of the
                  Retirement Benefit determined using the actuarial assumptions
                  prescribed under the tax-qualified defined benefit plan under
                  which the Executive was eligible for participation at the time
                  of termination of employment, assuming the Executive had
                  accumulated the greater of (x) three additional years of
                  employment and (y) the number of years and portions thereof of
                  employment from the Date of Termination until the end of the
                  Employment Period. If any portion of the Retirement Benefit in
                  excess of the amount payable under any tax qualified defined
                  benefit plan maintained by the Company or its affiliated
                  companies is not payable in one lump sum, then the Executive
                  shall not receive a benefit under such plan but shall instead
                  receive payment pursuant to this paragraph C. The intent of
                  this provision is to preclude any duplication of benefits.

                              (ii) for the remainder of the Executive's life and
            that of his spouse, the Company shall continue to provide medical
            and dental benefits to the Executive and his spouse on substantially
            the same basis as such benefits are provided other senior executive
            officers of the Company from time to time ("Medical Benefits");
            provided that such Medical Benefits shall be secondary to any other
            coverage obtained by the Executive and further provided that the
            aggregate amount of premium payments for such coverage shall not
            exceed $1,000,000;

                              (iii) the Initial Option Grant shall vest and
            remain exercisable for the remainder of its term and all other stock
            options, restricted stock awards and other equity-based awards shall
            vest (and such other options shall remain exercisable for a period
            of, at least three years or the earlier expiration of their initial
            term); and

                              (iv) to the extent not theretofore paid or
            provided, the Company shall timely pay or provide to the Executive
            any other amounts or benefits required to be paid or provided or
            which the Executive is eligible to receive under any plan, program,
            policy or practice or contract or agreement of the

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            Company and its affiliated companies through the Date of Termination
            (such other amounts and benefits shall be hereinafter referred to as
            the "Other Benefits").

                        (b) Death or Disability. If the Executive's employment
            is terminated by reason of the Executive's death during the
            Employment Period, this Agreement shall terminate without further
            obligations to the Executive's legal representatives or to the
            Executive, as the case may be, under this Agreement, other than for
            payment of Accrued Obligations, the timely payment or provision of
            Other Benefits and Medical Benefits, and the Retirement Benefit. In
            addition, the Initial Option Grant shall vest immediately and remain
            exercisable for a period of at least three years or the earlier
            expiration of their initial term. Accrued Obligations shall be paid
            to the Executive, the Executive's estate or beneficiary, as
            applicable, in a lump sum in cash within 30 days of the Date of
            Termination.

                        (c) Cause; Other than for Good Reason.

                              (i) If the Executive's employment shall be
            terminated for Cause during the Employment Period, this Agreement
            shall terminate without further obligations to the Executive other
            than the obligation to pay to the Executive (x) his Annual Base
            Salary through the Date of Termination to the extent theretofore
            unpaid, (y) the Other Benefits through the Date of Termination, and
            (z) if the Date of Termination is after June 30, 2001, the
            Retirement Benefit; provided, however, if the reason for the Cause
            termination is the circumstances covered under either Section 4(b)
            (ii) or (iii), the Retirement Benefit in Section 3(c)(v) shall not
            be applicable.

                              (ii) If the Executive terminates his employment
            other than for Good Reason during the Employment Term, this
            Agreement shall terminate without further obligations to the
            Executive other than the obligation to pay to Executive (x) his
            Annual Base Salary through the Date of Termination to the extent
            theretofore unpaid, (y) the Other Benefits through the Date of
            Termination, and (z) if the Date of Termination is after June 30,
            2001, the Retirement Benefit; provided, however that the Medical
            Benefits shall be paid if the Executive's employment is terminated
            other than for Cause after he attains age 55.

            6. Non-exclusivity of Rights. Except as specifically provided,
nothing in this Agreement shall prevent or limit the Executive's continuing or
future participation in any plan, program, policy or practice provided by the
Company or any of its affiliated companies and for which the Executive may
qualify, nor, subject to Section 11(f), shall anything herein limit or otherwise
affect such rights as the Executive may have under any contract or agreement
with the Company or any of its affiliated companies. Amounts which are vested
benefits or which the

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Executive is otherwise entitled to receive under any plan, policy, practice or
program of or any contract or agreement with the Company or any of its
affiliated companies at or subsequent to the Date of Termination shall be
payable in accordance with such plan, policy, practice or program or contract or
agreement except as explicitly modified by this Agreement; provided that the
Executive shall not be eligible for severance benefits under any other program
or policy of the Company.

            7. Full Settlement. The Company's obligation to make the payments
provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense or other claim, right or action which the Company may have against the
Executive or others. In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not the Executive obtains other employment. The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and expenses which the Executive may reasonably incur as a result of
any contest (regardless of the outcome thereof) pursued or defended against in
good faith by the Executive regarding the validity or enforceability of, or
liability under, any provision of this Agreement or any guarantee of performance
thereof (including as a result of any contest by the Executive about the amount
of any payment pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section
7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code").

            8. Certain Additional Payments by the Company.

                        (a) Anything in this Agreement to the contrary
            notwithstanding and except as set forth below, in the event it shall
            be determined that any payment or distribution by the Company to or
            for the benefit of the Executive (whether paid or payable or
            distributed or distributable pursuant to the terms of this Agreement
            or otherwise, but determined without regard to any additional
            payments required under this Section 8) (a "Payment") would be
            subject to the excise tax imposed by Section 4999 of the Code or any
            interest or penalties are incurred by the Executive with respect to
            such excise tax (such excise tax, together with any such interest
            and penalties, are hereinafter collectively referred to as the
            "Excise Tax"), then the Executive shall be entitled to receive an
            additional payment (a "Gross-Up Payment") in an amount such that
            after payment by the Executive of all taxes (including any interest
            or penalties imposed with respect to such taxes), including, without
            limitation, any income taxes (and any interest and penalties imposed
            with respect thereto) and Excise Tax imposed upon the Gross-Up
            Payment, the Executive retains an amount of the Gross-Up Payment
            equal to the Excise Tax imposed upon the Payments. Notwithstanding
            the foregoing provisions of this Section 8(a), if it shall be
            determined that the Executive is entitled to a Gross-Up Payment, but
            that the Payments do not exceed

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            110% of the greatest amount (the "Reduced Amount") that could be
            paid to the Executive such that the receipt of Payments would not
            give rise to any Excise Tax, then no Gross-Up Payment shall be made
            to the Executive and the Payments, in the aggregate, shall be
            reduced to the Reduced Amount.

                        (b) Subject to the provisions of Section 8(c), all
            determinations required to be made under this Section 8, including
            whether and when a Gross-Up Payment is required and the amount of
            such Gross-Up Payment and the assumptions to be utilized in arriving
            at such determination, shall be made by the Company's independent
            auditors or such other certified public accounting firm reasonably
            acceptable to the Executive as may be designated by the Company (the
            "Accounting Firm") which shall provide detailed supporting
            calculations both to the Company and the Executive within 15
            business days of the receipt of notice from the Executive that there
            has been a Payment, or such earlier time as is requested by the
            Company. All fees and expenses of the Accounting Firm shall be borne
            solely by the Company. Any Gross-Up Payment, as determined pursuant
            to this Section 8, shall be paid by the Company to the Executive
            within five days of the later of (i) the due date for the payment of
            any Excise Tax, and (ii) the receipt of the Accounting Firm's
            determination. Any determination by the Accounting Firm shall be
            binding upon the Company and the Executive. As a result of the
            uncertainty in the application of Section 4999 of the Code at the
            time of the initial determination by the Accounting Firm hereunder,
            it is possible that Gross-Up Payments which will not have been made
            by the Company should have been made ("Underpayment"), consistent
            with the calculations required to be made hereunder. In the event
            that the Company exhausts its remedies pursuant to Section 8(c) and
            the Executive thereafter is required to make a payment of any Excise
            Tax, the Accounting Firm shall determine the amount of the
            Underpayment that has occurred and any such Underpayment shall be
            promptly paid by the Company to or for the benefit of the Executive.

                        (c) The Executive shall notify the Company in writing of
            any claim by the Internal Revenue Service that, if successful, would
            require the payment by the Company of the Gross-Up Payment. Such
            notification shall be given as soon as practicable but no later than
            ten business days after the Executive is informed in writing of such
            claim and shall apprise the Company of the nature of such claim and
            the date on which such claim is requested to be paid. The Executive
            shall not pay such claim prior to the expiration of the 30-day
            period following the date on which it gives such notice to the
            Company (or such shorter period ending on the date that any payment
            of taxes with respect to such claim is due). If the Company notifies
            the Executive in writing prior to the expiration of such period that
            it desires to contest such claim, the Executive shall:

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                              (i) give the Company any information reasonably
            requested by the Company relating to such claim,

                              (ii) take such action in connection with
            contesting such claim as the Company shall reasonably request in
            writing from time to time, including, without limitation, accepting
            legal representation with respect to such claim by an attorney
            reasonably selected by the Company,

                              (iii) cooperate with the Company in good faith in
            order effectively to contest such claim, and

                              (iv) permit the Company to participate in any
            proceedings relating to such claim; provided, however, that the
            Company shall bear and pay directly all costs and expenses
            (including additional interest and penalties) incurred in connection
            with such contest and shall indemnify and hold the Executive
            harmless, on an after-tax basis, for any Excise Tax or income tax
            (including interest and penalties with respect thereto) imposed as a
            result of such representation and payment of costs and expenses.
            Without limitation on the foregoing provisions of this Section 8(c),
            the Company shall control all proceedings taken in connection with
            such contest and, at its sole option, may pursue or forgo any and
            all administrative appeals, proceedings, hearings and conferences
            with the taxing authority in respect of such claim and may, at its
            sole option, either direct the Executive to pay the tax claimed and
            sue for a refund or contest the claim in any permissible manner, and
            the Executive agrees to prosecute such contest to a determination
            before any administrative tribunal, in a court of initial
            jurisdiction and in one or more appellate courts, as the Company
            shall determine; provided, however, that if the Company directs the
            Executive to pay such claim and sue for a refund, the Company shall
            advance the amount of such payment to the Executive, on an
            interest-free basis and shall indemnify and hold the Executive
            harmless, on an after-tax basis, from any Excise Tax or income tax
            (including interest or penalties with respect thereto) imposed with
            respect to such advance or with respect to any imputed income with
            respect to such advance; and further provided that any extension of
            the statute of limitations relating to payment of taxes for the
            taxable year of the Executive with respect to which such contested
            amount is claimed to be due is limited solely to such contested
            amount. Furthermore, the Company's control of the contest shall be
            limited to issues with respect to which a Gross-Up Payment would be
            payable hereunder and the Executive shall be entitled to settle or
            contest, as the case may be, any other issue raised by the Internal
            Revenue Service or any other taxing authority.

                        (d) If, after the receipt by the Executive of an amount
            advanced by the Company pursuant to Section 8(c), the Executive
            becomes entitled to receive any refund with respect to such claim,
            the Executive shall promptly pay to

                                      -12-
<PAGE>

            the Company the amount of such refund (together with any interest
            paid or credited thereon after taxes applicable thereto). If, after
            the receipt by the Executive of an amount advanced by the Company
            pursuant to Section 8(c), a determination is made that the Executive
            shall not be entitled to any refund with respect to such claim and
            the Company does not notify the Executive in writing of its intent
            to contest such denial of refund prior to the expiration of 30 days
            after such determination, then such advance shall be forgiven and
            shall not be required to be repaid and the amount of such advance
            shall offset, to the extent thereof, the amount of Gross-Up Payment
            required to be paid.

            9. Covenant Not to Compete; Confidential Information.

                         (a) During the term of this Agreement, and for a one
            year period after the Date of Termination, the Executive shall not
            directly or indirectly, own, manage, operate, join, control, or
            participate in the ownership, management, operation or control of,
            or be employed by or connected in any manner with, any competing
            business, whether for compensation or otherwise, without the prior
            written consent of the Company. For the purposes of this Agreement,
            a "competing business" shall be any business which is a significant
            competitor of the Company, or which the Company reasonably
            determines may become a significant competitor, unless the
            Executive's primary duties and responsibilities with respect to such
            business are not related to the management or operation of
            disability insurance or complementary special risk products and
            services in any country where the Company is conducting business.
            Should the Executive, directly or indirectly, own, manage, operate,
            join, control or participate in the ownership, management, operation
            or control of, or be employed by or connected in any manner with,
            any competing business, all payments under this Agreement shall
            cease.

                        (b) The Executive hereby acknowledges that, as an
            employee of the Company, he will be making use of, acquiring and
            adding to confidential information of a special and unique nature
            and value relating to the Company and its strategic plan and
            financial operations. The Executive further recognizes and
            acknowledges that all confidential information is the exclusive
            property of the Company, is material and confidential, and is
            critical to the successful conduct of the business of the Company.
            Accordingly, the Executive hereby covenants and agrees that he will
            use confidential information for the benefit of the Company only and
            shall not at any time, directly or indirectly, during the term of
            this Agreement, and thereafter for all periods during which
            severance or other amount is paid, divulge, reveal or communicate
            any confidential information to any person, firm, corporation or
            entity whatsoever, or use any confidential information for his own
            benefit or for the benefit of others. In no event shall an asserted
            violation of the provisions of this Section 9(b) constitute a basis
            for deferring or

                                      -13-
<PAGE>

            withholding any amounts otherwise payable to the Executive under
            this Agreement.

                        (c) Any termination of the Executive's employment or of
            this Agreement shall have no effect on the continuing operation of
            this Section 9.

                        (d) In addition to the cessation of payments set forth
            in Section 9(a), the Executive acknowledges and agrees that the
            Company will have no adequate remedy at law, and could be
            irreparably harmed, if the Executive breaches or threatens to breach
            any of the provisions of this Section 9. The Executive agrees that
            the Company shall be entitled to equitable and/or injunctive relief
            to prevent any breach or threatened breach of this Section 9, and to
            specific performance of each of the terms hereof in addition to any
            other legal or equitable remedies that the Company may have. The
            Executive further agrees that he shall not, in any equity proceeding
            relating to the enforcement of the terms of this Section 9, raise
            the defense that the Company has an adequate remedy at law.

                        (e) The terms and provisions of this Section 9 are
            intended to be separate and divisible provisions and if, for any
            reason, any one or more of them is held to be invalid or
            unenforceable, neither the validity nor the enforceability of any
            other provision of this Agreement shall thereby be affected. The
            parties hereto acknowledge that the potential restrictions on the
            Executive's future employment imposed by this Section 9 are
            reasonable in both duration and geographic scope and in all other
            respects. If for any reason any court of competent jurisdiction
            shall find any provisions of this Section 9 unreasonable in duration
            or geographic scope or otherwise, the Executive and the Company
            agree that the restrictions and prohibitions contained herein shall
            be effective to the fullest extent allowed under applicable law in
            such jurisdiction.

                        (f) The parties acknowledge that this Agreement would
            not have been entered into and the benefits described in Sections 3
            or 5 would not have been promised in the absence of the Executive's
            promises under this Section 9.

            10. Successors.

                        (a) This Agreement is personal to the Executive and
            without the prior written consent of the Company shall not be
            assignable by the Executive otherwise than by will or the laws of
            descent and distribution. This Agreement shall inure to the benefit
            of and be enforceable by the Executive's legal representatives.

                                      -14-
<PAGE>

                        (b) This Agreement shall inure to the benefit of and be
            binding upon the Company and its successors and assigns.

                        (c) The Company will require any successor (whether
            direct or indirect, by purchase, merger, consolidation or otherwise)
            to all or substantially all of the business and/or assets of the
            Company to assume expressly and agree to perform this Agreement in
            the same manner and to the same extent that the Company would be
            required to perform it if no such succession had taken place. As
            used in this Agreement, "Company" shall mean the Company as
            hereinbefore defined and any successor to its business and/or assets
            as aforesaid which assumes and agrees to perform this Agreement by
            operation of law, or otherwise.

            11. Miscellaneous.

                        (a) This Agreement shall be governed by and construed in
            accordance with the laws of the State of Delaware, without reference
            to principles of conflict of laws. The captions of this Agreement
            are not part of the provisions hereof and shall have no force or
            effect. This Agreement may not be amended or modified otherwise than
            by a written agreement executed by the parties hereto or their
            respective successors and legal representatives.

                        (b) All notices and other communications hereunder shall
            be in writing and shall be given by hand delivery to the other party
            or by registered or certified mail, return receipt requested,
            postage prepaid, addressed as follows:

                  If to the Executive:

                  J. Harold Chandler
                  UnumProvident Corporation

                  1 Fountain Square                  2211 Congress Street
                  Chattanooga, Tennessee 37402       Portland, Maine 04122

                  If to the Company:

                  UnumProvident Corporation

                  1 Fountain Square                  2211 Congress Street
                  Chattanooga, Tennessee 37402       Portland, Maine 04122

                  Telecopy Number:  (423) 755-5036 or (207) 575-4377
                  Attention: F. Dean Copeland, EVP- Legal and Administrative
                  Affairs

                                      -15-
<PAGE>

            or to such other address as either party shall have furnished to the
            other in writing in accordance herewith. Notice and communications
            shall be effective when actually received by the addressee.

                        (c) The invalidity or unenforceability of any provision
            of this Agreement shall not affect the validity or enforceability of
            any other provision of this Agreement.

                        (d) The Company may withhold from any amounts payable
            under this Agreement such Federal, state, local or foreign taxes as
            shall be required to be withheld pursuant to any applicable law or
            regulation.

                        (e) The Executive's or the Company's failure to insist
            upon strict compliance with any provision of this Agreement or the
            failure to assert any right the Executive or the Company may have
            hereunder, including, without limitation, the right of the Executive
            to terminate employment for Good Reason pursuant to Section
            4(c)(i)-(iv) of this Agreement, shall not be deemed to be a waiver
            of such provision or right or any other provision or right of this
            Agreement.

                        (f) From and after the Effective Date this Agreement
            shall supersede any other employment, severance or change of control
            agreement between the parties with respect to the subject matter
            hereof.

            IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from its Board of Directors, the Company
has caused these presents to be executed in its name on its behalf, all as of
the day and year first above written.

                                        /s/ J. Harold Chandler
                                        -------------------------------
                                        J. Harold Chandler

                                        UnumProvident Corporation

                                        By /s/ F. Dean Copeland
                                           -------------------------------
                                           F. Dean Copeland
                                           EVP, Legal and Administrative Affairs
58587

                                      -16-<PAGE>

                                                                   EXHIBIT 10.17

                              EMPLOYMENT AGREEMENT

            AGREEMENT by and between UnumProvident Corporation, a Delaware
corporation having its principal executive offices in Chattanooga, Tennessee and
Portland, Maine (the "Company"), and Elaine D. Rosen (the "Special Advisor")
dated as of the 12th day of December, 2000.

            The Company has determined that it is in the best interests of their
shareholders to assure that the Company will have the continued dedication of
the Special Advisor under the terms of this amended and restated employment
agreement which amends the employment agreement between Unum Corporation and the
Special Advisor dated June 30, 1999 (the "Agreement" and the "Original
Agreement," respectively) to insure a smooth transition in preparation for the
Special Advisor's planned departure effective March 1, 2002, to pursue other
interests. Therefore, in order to accomplish these objectives, the Special
Advisor and the Company desire to enter into this Agreement.

            NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

            1. Effective Date. The "Effective Date" shall mean the effective
date of this Agreement which shall be January 1, 2001.

            2. Term of Agreement. The Company hereby agrees to continue to
employ the Special Advisor, and the Special Advisor hereby agrees to continue in
the employ of the Company subject to the terms and conditions of this Agreement,
for the period commencing on January 1, 2001 and ending on March 1, 2002 (the
"Term").

            3. Terms of Employment.

                  (a) Position and Duties.

                        (i) The Special Advisor shall serve as special advisor
to the Chairman and Chief Executive Officer of the Company ("CEO") reporting
solely to the CEO with the appropriate duties and responsibilities attendant to
such position as described below, it being understood that from time to time the
scope of such duties and responsibilities will vary depending upon
organizational structures and needs of the Company. Specifically, the Special
Advisor will have the following duties as an employee: (1) assisting with the
development and delivery of a curriculum for Company employees relating to
disability insurance trends and products, (2) assisting with development and
delivery of a management and leadership program, particularly as part of the
sales force training program, (3) participating in selected policy advocacy and
expert testimony assignments, (4) maintaining selected identified relationships
with producers or customers, (5) participating in selected finalist renewal
presentations, and (6) engaging in such other similar duties as may be
determined by the CEO and agreed to by the Special Advisor. The Special
Advisor's duties may be refined or changed from time to time by letter agreement
between the CEO and the Special Advisor. The Special Advisor will not, however,
have reporting or continuing management function duties with the field force.

                                       1
<PAGE>

                        (ii) Excluding any periods of vacation and sick leave to
which the Special Advisor is entitled, the Special Advisor agrees to devote
substantially all of her attention and time during normal business hours for
four days a week through June 30, 2001, for three days a week through December
31, 2001, and for two days a week through February 28, 2002, to the business and
affairs of the Company and, to the extent necessary to discharge the
responsibilities assigned to the Special Advisor hereunder, to use the Special
Advisor's reasonable best efforts to perform faithfully and efficiently such
responsibilities. It shall not be a violation of this Agreement for the Special
Advisor to (A) serve, with prior approval of the Board of Directors of the
Company (the "Board") or the CEO, on corporate, civic or charitable boards or
committees, (B) deliver lectures, fulfill speaking engagements or teach at
educational institutions and (C) manage personal investments, so long as such
activities do not significantly interfere with the performance of the Special
Advisor's responsibilities as an employee of the Company in accordance with this
Agreement. It is expressly understood and agreed that to the extent that any
such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

                  (b) Compensation.

                        (i) Base Compensation. The Special Advisor shall receive
base compensation for the Term of $366,666 (the "Base Compensation"). Any
increase in Base Compensation shall not serve to limit or reduce any other
obligation to the Special Advisor under this Agreement. Base Compensation shall
be payable in equal installments during the Term in accordance with the
Company's regular payroll practices.

                        (ii) Bonus. The Special Advisor shall be eligible to
receive a bonus for 2000 with a target level of 75% of annual base compensation
of $500,000 for 2000 (equal to $375,000) (the "Target Bonus Amount") under the
Company's 2000 Annual Cash Incentive Plan subject to the achievement of the
performance targets as determined by the Compensation Committee of the Board.

                        (iii) Incentive Awards. No long term incentive awards in
2001 or 2002 are contemplated by this Agreement.

                        (iv) Other Employee Benefit Plans. Except as otherwise
expressly provided herein, the Special Advisor shall be entitled to participate
in all employee benefit, welfare and other plans, practices, policies and
programs (collectively, "Employee Benefit Plans") applicable to executive vice
presidents of the Company.

                        (v) Retirement Benefit. The Special Advisor shall be
entitled to an annual retirement benefit payable monthly (the "Retirement
Benefit") pursuant to the terms of and under the current formula contained in
the Senior Executive Retirement Plan (the "Plan"); provided, however, in no
event shall the Special Advisor's accrued Retirement Benefit be

                                       2
<PAGE>

retroactively reduced. In calculating this Retirement Benefit, the Special
Advisor shall receive full credit for all of her years of service with the
Company for all purposes.

            4. Termination of Employment.

                  (a) Death or Disability. The Special Advisor's employment
shall terminate automatically upon the Special Advisor's death. If the Company
determines in good faith that the Disability of the Special Advisor has occurred
(pursuant to the definition of Disability set forth below), it may give to the
Special Advisor written notice in accordance with Section 11(b) of this
Agreement of its intention to terminate the Special Advisor's employment. In
such event, the Special Advisor's employment with the Company shall terminate
effective on the 30th day after receipt of such notice by the Special Advisor
(the "Disability Effective Date"), provided that, within the 30 days after such
receipt, the Special Advisor shall not have returned to full-time performance of
the Special Advisor's duties. For purposes of this Agreement, "Disability" shall
mean the absence of the Special Advisor from the Special Advisor's duties with
the Company on a full-time basis for any twelve month period as a result of
incapacity due to mental or physical illness which is determined to be total and
permanent by a physician selected by the Company or its insurers and acceptable
to the Special Advisor or the Special Advisor's legal representative.

                  (b) Cause. The Company may terminate the Special Advisor's
employment for Cause. For purposes of this Agreement, "Cause" shall mean:

                        (i) the continued failure of the Special Advisor to
perform substantially the Special Advisor's duties with the Company or one of
its affiliates (other than any such failure resulting from incapacity due to
physical or mental illness), after a written demand for substantial performance
is delivered to the Special Advisor by the CEO which specifically identifies the
manner in which the CEO believes that the Special Advisor has not substantially
performed the Special Advisor's duties, or

                        (ii) the willful engaging by the Special Advisor in
illegal conduct or gross misconduct which is materially and demonstrably
injurious to the Company, or

                        (iii) conviction of a felony or guilty or nolo
contendere plea by the Special Advisor with respect thereto.

For purposes of this provision, no act or failure to act, on the part of the
Special Advisor, shall be considered "willful" unless it is done, or omitted to
be done, by the Special Advisor in bad faith or without reasonable belief that
the Special Advisor's action or omission was in the best interests of the
Company. Any act, or failure to act, based upon authority given pursuant to a
resolution duly adopted by the Board or upon the instructions of the CEO or
based upon the advice of counsel for the Company shall be conclusively presumed
to be done, or omitted to be done, by the Special Advisor in good faith and in
the best interests of the Company. The cessation of employment of the Special
Advisor shall not be deemed to be for Cause unless and until there shall have
been delivered to the Special Advisor a copy of a resolution duly adopted

                                       3
<PAGE>

by the affirmative vote of not less than two thirds of the entire membership of
the Board at a meeting of the Board called and held for such purpose (after
reasonable notice is provided to the Special Advisor and the Special Advisor is
given an opportunity, together with counsel, to be heard before the Board)
finding that, in the good faith opinion of the Board, the Special Advisor is
guilty of the conduct described in subparagraph (i) or (ii) above, and
specifying the particulars thereof in detail.

                  (c) Good Reason. The Special Advisor's employment may be
terminated by the Special Advisor for Good Reason. For purposes of this
Agreement, "Good Reason" shall mean the following events, provided, however,
that clauses (i) through (v) shall constitute Good Reason only in the absence of
the written consent of the Special Advisor:

                        (i) the assignment to the Special Advisor of any duties
materially inconsistent with the Special Advisor's duties set forth in Section
3(a)(i), excluding for this purpose an action not taken in bad faith and which
is remedied by the Company promptly after receipt of written notice thereof
given by the Special Advisor to the CEO;

                        (ii) any failure by the Company to comply with any of
the provisions of Section 3(b) of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and which is
remedied by the Company promptly after receipt of notice thereof given by the
Special Advisor;

                        (iii) any purported termination by the Company of the
Special Advisor's employment otherwise than as expressly permitted by this
Agreement;

                        (iv) any failure by the Company to comply with and
satisfy Section 10(c) of this Agreement; or

                        (v) any required relocation of the Special Advisor.

                  (d) Notice of Termination. Any termination by the Company or
by the Special Advisor shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 11(b) of this Agreement. For
purposes of this Agreement, a "Notice of Termination" means a written notice
which (i) indicates the specific termination provision in this Agreement relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of the Special
Advisor's employment under the provision so indicated and (iii) specifies the
Date of Termination (as defined below). The failure by the Special Advisor or
the Company to set forth in the Notice of Termination any fact or circumstance
which contributes to a showing of Good Reason or Cause shall not waive any right
of the Special Advisor or the Company, respectively, hereunder or preclude the
Special Advisor or the Company, respectively, from asserting such fact or
circumstance in enforcing the Special Advisor's or the Company's rights
hereunder.

                                       4
<PAGE>

                  (e) Date of Termination. "Date of Termination" means (i) if
the Special Advisor's employment is terminated by the Company other than for
Disability, the date of receipt of the Notice of Termination or any later date
specified therein within 30 days of such notice, (ii) if the Special Advisor's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Special Advisor or the Disability
Effective Date, as the case may be, and (iii) if the Special Advisor's
employment is terminated by the Special Advisor the Date of Termination shall be
thirty days after the giving of such notice by the Special Advisor provided that
the Company may elect to place the Special Advisor on paid leave for all or any
part of such 30-day period, and (iv) if the Special Advisor shall remain in the
employ of the Company until the end of the Term, then February 28, 2002.

            5. Obligations of the Company upon Termination

                  (a) Termination at the end of the Term; termination by the
Company other than for Cause or Disability prior to the end of the Term;
termination by Special Advisor for Good Reason. If the Special Advisor remains
in the employ of the Company until the end of the Term or is terminated by the
Company other than for Cause or Disability prior to the end of the Term, or the
Special Advisor terminates for Good Reason,

                        (i) the Company shall pay to the Special Advisor in a
lump sum in cash within 10 days after the Date of Termination the sum of
$756,000 plus 1.5 times the Target Bonus Amount (the "Severance Lump Sum"),

                        (ii) the Company shall pay to the Special Advisor the
sum of $1,150,000 ("the Covenant Payment"), payable ratably during the Covenant
Period specified in Section 9(a) provided the Special Advisor is in compliance
with Section 9,

                        (iii) to the extent not theretofore paid or provided,
the Company shall timely pay or provide to the Special Advisor any other amounts
or benefits required to be paid or provided or which the Special Advisor is
eligible to receive under any plan, program, policy or practice or contract or
agreement of the Company and its affiliated companies through the Date of
Termination (such other amounts and benefits shall be hereinafter referred to as
the "Other Benefits"),

                        (iv) all outstanding stock options and other
equity-based awards shall be governed by their respective terms and, unless
expressly provided otherwise, all such options and awards shall terminate on
March 1, 2002 or the Special Advisor's earlier Date of Termination,

                  (b) Death or Disability. If the Special Advisor's employment
is terminated by reason of the Special Advisor's death or Disability, this
Agreement shall terminate without further obligations to the Special Advisor's
legal representatives or to the Special Advisor, as the case may be, under this
Agreement, other than the payment of the Severance Lump Sum and the timely
payment or provision of Other Benefits and the Retirement Benefit. Payments
shall be made to the Special Advisor, the Special Advisor's estate or
beneficiary, as applicable, in a lump sum in cash within 30 days of the Date of
Termination.

                                       5
<PAGE>

                  (c) Cause; Other than for Good Reason. If the Special
Advisor's employment shall be terminated for Cause or the Special Advisor
terminates her employment without Good Reason, this Agreement shall terminate
without further obligations to the Special Advisor other than the obligation to
pay to the Special Advisor (i) her Base Compensation, as applicable, through the
Date of Termination to the extent theretofore unpaid and, (ii) the Other
Benefits.

            6. Non-exclusivity of Rights. Except as specifically provided,
nothing in this Agreement shall prevent or limit the Special Advisor's
continuing or future participation in any plan, program, policy or practice
provided by the Company or any of its affiliated companies and for which the
Special Advisor may qualify, nor, subject to Sections 1 and 11(f), shall
anything herein limit or otherwise affect such rights as the Special Advisor may
have under any contract or agreement with the Company or any of its affiliated
companies. Amounts which are vested benefits or which the Special Advisor is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or any of its affiliated companies at
or subsequent to the Date of Termination shall be payable in accordance with
such plan, policy, practice or program or contract or agreement except as
explicitly modified by this Agreement; provided that the Special Advisor shall
not be eligible for severance benefits under any other program or policy of the
Company.

            7. Full Settlement. Except as provided in Section 9, the Company's
obligation to make the payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the
Company may have against the Special Advisor or others. In no event shall the
Special Advisor be obligated to seek other employment or take any other action
by way of mitigation of the amounts payable to the Special Advisor under any of
the provisions of this Agreement, and such amounts shall not be reduced whether
or not the Special Advisor obtains other employment. The Company agrees to pay
as incurred, to the full extent permitted by law, all legal fees and expenses
which the Special Advisor may reasonably incur as a result of any contest
(regardless of the outcome thereof) pursued or defended against in good faith by
the Special Advisor regarding the validity or enforceability of, or liability
under, any provision of this Agreement or any guarantee of performance thereof
(including as a result of any contest by the Special Advisor about the amount of
any payment pursuant to this Agreement), plus in each case interest on any
delayed payment at the applicable Federal rate provided for in Section
7872(f)(2)(A) of the Internal Revenue Code of 1986, as amended (the "Code").

            8. Certain Additional Payments by the Company.

                  (a) Anything in this Agreement to the contrary notwithstanding
and except as set forth below, in the event it shall be determined that any
payment or distribution by the Company to or for the benefit of the Special
Advisor (whether paid or payable or distributed or distributable pursuant to the
terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section 8) (a "Payment") would be
subject to the excise tax imposed by Section 4999 of the Code or any interest or
penalties are incurred by

                                       6
<PAGE>

the Special Advisor with respect to such excise tax (such excise tax, together
with any such interest and penalties, are hereinafter collectively referred to
as the "Excise Tax"), then the Special Advisor shall be entitled to receive an
additional payment (a "Gross-Up Payment") in an amount such that after payment
by the Special Advisor of all taxes (including any interest or penalties imposed
with respect to such taxes), including, without limitation, any income taxes
(and any interest and penalties imposed with respect thereto) and Excise Tax
imposed upon the Gross-Up Payment, the Special Advisor retains an amount of the
Gross-Up Payment equal to the Excise Tax imposed upon the Payments.
Notwithstanding the foregoing provisions of this Section 8(a), if it shall be
determined that the Special Advisor is entitled to a Gross-Up Payment, but that
the Payments do not exceed 110% of the greatest amount (the "Reduced Amount")
that could be paid to the Special Advisor such that the receipt of Payments
would not give rise to any Excise Tax, then no Gross-Up Payment shall be made to
the Special Advisor and the Payments, in the aggregate, shall be reduced to the
Reduced Amount.

                  (b) Subject to the provisions of Section 8(c), all
determinations required to be made under this Section 8, including whether and
when a Gross-Up Payment is required and the amount of such Gross-Up Payment and
the assumptions to be utilized in arriving at such determination, shall be made
by the Company's independent auditors or such other certified public accounting
firm reasonably acceptable to the Special Advisor as may be designated by the
Company (the "Accounting Firm") which shall provide detailed supporting
calculations both to the Company and the Special Advisor within 15 business days
of the receipt of notice from the Special Advisor that there has been a Payment,
or such earlier time as is requested by the Company. All fees and expenses of
the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment,
as determined pursuant to this Section 8, shall be paid by the Company to the
Special Advisor within five days of the later of (i) the due date for the
payment of any Excise Tax, and (ii) the receipt of the Accounting Firm's
determination. Any determination by the Accounting Firm shall be binding upon
the Company and the Special Advisor. As a result of the uncertainty in the
application of Section 4999 of the Code at the time of the initial determination
by the Accounting Firm hereunder, it is possible that Gross-Up Payments which
will not have been made by the Company should have been made ("Underpayment"),
consistent with the calculations required to be made hereunder. In the event
that the Company exhausts its remedies pursuant to Section 8(c) and the Special
Advisor thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred
and any such Underpayment shall be promptly paid by the Company to or for the
benefit of the Special Advisor.

                  (c) The Special Advisor shall notify the Company in writing of
any claim by the Internal Revenue Service that, if successful, would require the
payment by the Company of the Gross-Up Payment. Such notification shall be given
as soon as practicable but no later than ten business days after the Special
Advisor is informed in writing of such claim and shall apprise the Company of
the nature of such claim and the date on which such claim is requested to be
paid. The Special Advisor shall not pay such claim prior to the expiration of
the 30-day period following the date on which it gives such notice to the
Company (or such shorter period ending on the date that any payment of taxes
with respect to such claim is due). If the

                                       7
<PAGE>

Company notifies the Special Advisor in writing prior to the expiration of such
period that it desires to contest such claim, the Special Advisor shall:

                        (i) give the Company any information reasonably
requested by the Company relating to such claim,

                        (ii) take such action in connection with contesting such
claim as the Company shall reasonably request in writing from time to time,
including, without limitation, accepting legal representation with respect to
such claim by an attorney reasonably selected by the Company,

                        (iii) cooperate with the Company in good faith in order
effectively to contest such claim, and

                        (iv) permit the Company to participate in any
proceedings relating to such claim;

provided, however, that the Company shall bear and pay directly all costs and
expenses (including additional interest and penalties) incurred in connection
with such contest and shall indemnify and hold the Special Advisor harmless, on
an after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and
payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 8(c), the Company shall control all proceedings taken in connection
with such contest and, at its sole option, may pursue or forgo any and all
administrative appeals, proceedings, hearings and conferences with the taxing
authority in respect of such claim and may, at its sole option, either direct
the Special Advisor to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Special Advisor agrees to prosecute
such contest to a determination before any administrative tribunal, in a court
of initial jurisdiction and in one or more appellate courts, as the Company
shall determine; provided, however, that, if the Company directs the Special
Advisor to pay such claim and sue for a refund, the Company shall advance the
amount of such payment to the Special Advisor, on an interest-free basis and
shall indemnify and hold the Special Advisor harmless, on an after-tax basis,
from any Excise Tax or income tax (including interest or penalties with respect
thereto) imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further provided that any extension of
the statute of limitations relating to payment of taxes for the taxable year of
the Special Advisor with respect to which such contested amount is claimed to be
due is limited solely to such contested amount. Furthermore, the Company's
control of the contest shall be limited to issues with respect to which a
Gross-Up Payment would be payable hereunder and the Special Advisor shall be
entitled to settle or contest, as the case may be, any other issue raised by the
Internal Revenue Service or any other taxing authority.

                  (d) If, after the receipt by the Special Advisor of an amount
advanced by the Company pursuant to Section 8(c), the Special Advisor becomes
entitled to receive any refund with respect to such claim, the Special Advisor
shall promptly pay to the Company the amount of such refund (together with any
interest paid or credited thereon after taxes applicable

                                       8
<PAGE>

thereto). If, after the receipt by the Special Advisor of an amount advanced by
the Company pursuant to Section 8(c), a determination is made that the Special
Advisor shall not be entitled to any refund with respect to such claim and the
Company does not notify the Special Advisor in writing of its intent to contest
such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to
be repaid and the amount of such advance shall offset, to the extent thereof,
the amount of Gross-Up Payment required to be paid.

            9. Covenant Not to Compete; Confidential Information.

                  (a) Through the period ending September 1, 2003 or, if
earlier, the period ending eighteen (18) months after either (i) the Special
Advisor is terminated by the Company other than for Cause or Disability or (ii)
the Special Advisor terminates for Good Reason (the applicable period herein
referred to as the "Covenant Period"), the Special Advisor shall not directly or
indirectly, own, manage, operate, join, control, or participate in the
ownership, management, operation or control of, or be employed by or connected
in any manner with, or solicit any employee of the Company to apply for or
accept employment with any competing business, whether for compensation or
otherwise, without the prior written consent of the Company. Notwithstanding the
preceding sentence, the Special Advisor shall not be prohibited from owning less
than one (1%) percent of any publicly traded corporation, whether or not such
corporation is deemed to be a competing business. For the purposes of this
Agreement, a "competing business" shall be any business which is a significant
competitor of the Company, or which the Company reasonably determines may become
a significant competitor, unless the Special Advisor's primary duties and
responsibilities with respect to such business are not related to the management
or operation of disability insurance or complementary special risk products and
services in any country where the Company is conducting business. For purposes
of this Agreement, the term "solicit" means any communication, regardless of by
whom initiated, inviting, advising, encouraging or requesting any person to take
or refrain from taking any action. Should the Special Advisor violate the
foregoing provisions of this Section 9(a), all payments under this Agreement
shall cease.

                  (b) The Special Advisor hereby acknowledges that, as an
employee of the Company, she will be making use of, acquiring and adding to
confidential information of a special and unique nature and value relating to
the Company and its strategic plan and financial operations. The Special Advisor
further recognizes and acknowledges that all confidential information is the
exclusive property of the Company, is material and confidential, and is critical
to the successful conduct of the business of the Company. Accordingly, the
Special Advisor hereby covenants and agrees that she will use confidential
information for the benefit of the Company only and shall not at any time,
directly or indirectly, during the Covenant Period, divulge, reveal or
communicate any confidential information to any person, firm, corporation or
entity whatsoever, or use any confidential information for her own benefit or
for the benefit of others. In no event shall an asserted violation of the
provisions of this Section 9(b) constitute a basis for deferring or withholding
any amounts otherwise payable to the Special Advisor under this Agreement except
for cessation of the Covenant Payment.

                                       9
<PAGE>

                  (c) Any termination of the Special Advisor's employment or of
this Agreement shall have no effect on the continuing operation of this Section
9.

                  (d) In addition to the cessation of payments as set forth in
this Section 9, the Special Advisor acknowledges and agrees that the Company
will have no adequate remedy at law, and could be irreparably harmed, if the
Special Advisor breaches or threatens to breach any of the provisions of this
Section 9. The Special Advisor agrees that the Company shall be entitled to
equitable and/or injunctive relief to prevent any breach or threatened breach of
this Section 9, and to specific performance of each of the terms hereof in
addition to any other legal or equitable remedies that the Company may have.
Prior to bringing any such action or ceasing payments as set forth in this
Section 9, the Company shall provide the Special Advisor with a ten (10) day
opportunity to cure a breach of this Section 9 which, in the CEO's good faith
judgment, is susceptible of being cured. The Special Advisor further agrees that
she shall not, in any equity proceeding relating to the enforcement of the terms
of this Section 9, raise the defense that the Company has an adequate remedy at
law.

                  (e) The terms and provisions of this Section 9 are intended to
be separate and divisible provisions and if, for any reason, any one or more of
them is held to be invalid or unenforceable, neither the validity nor the
enforceability of any other provision of this Agreement shall thereby be
affected. The parties hereto acknowledge that the potential restrictions on the
Special Advisor's future employment imposed by this Section 9 are reasonable in
both duration and geographic scope and in all other respects. If for any reason
any court of competent jurisdiction shall find any provisions of this Section 9
unreasonable in duration or geographic scope or otherwise, the Special Advisor
and the Company agree that the restrictions and prohibitions contained herein
shall be effective to the fullest extent allowed under applicable law in such
jurisdiction.

                  (f) The parties acknowledge that this Agreement would not have
been entered into and the benefits described in Sections 3 or 5 would not have
been promised in the absence of the Special Advisor's promises under this
Section 9.

            10. Successors.

                  (a) This Agreement is personal to the Special Advisor and
without the prior written consent of the Company shall not be assignable by the
Special Advisor otherwise than by will or the laws of descent and distribution.
This Agreement shall inure to the benefit of and be enforceable by the Special
Advisor's legal representatives.

                  (b) This Agreement shall inure to the benefit of and be
binding upon the Company and its successors and assigns.

                  (c) The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if

                                       10
<PAGE>

no such succession had taken place. As used in this Agreement, "Company" shall
mean the Company as hereinbefore defined and any successor to its business
and/or assets as aforesaid which assumes and agrees to perform this Agreement by
operation of law, or otherwise.

            11. Miscellaneous.

                  (a) This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to
principles of conflict of laws. The captions of this Agreement are not part of
the provisions hereof and shall have no force or effect. This Agreement may not
be amended or modified otherwise than by a written agreement executed by the
parties hereto or their respective successors and legal representatives.

                  (b) All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

                  If to the Special Advisor:        with a copy to:

                  One Hoylake Circle                Robert I. Bodian
                  Falmouth, Maine 04105             Mintz, Levin, Cohn, Ferris,
                                                    Glovsky and Popeo, P.C.
                                                    666 Third Avenue, 25th floor
                  If to the Company:                New York, New York 10017

                  2211 Congress Street
                  Portland, Maine 04122

                  Telecopy Number: (207) 575-4377
                  Attention: Chief Executive Officer

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

                  (c) The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

                  (d) The Company may withhold from any amounts payable under
this Agreement such Federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.

                  (e) The Special Advisor's or the Company's failure to insist
upon strict compliance with any provision of this Agreement or the failure to
assert any right the Special Advisor or the Company may have hereunder,
including, without limitation, the right of

                                       11
<PAGE>

the Special Advisor to terminate employment for Good Reason pursuant to Section
4(c)(i)-(iv) of this Agreement, shall not be deemed to be a waiver of such
provision or right or any other provision or right of this Agreement.

                  (f) From and after the Effective Date this Agreement shall
supersede any other employment, severance or change of control agreement between
the parties with respect to the subject matter hereof.

            12. General Release. All payments under this Agreement to be made in
connection with the Special Advisor's termination of employment will be
conditioned on the Special Advisor signing a general form of release, provided
that in no event shall the Special Advisor be required to release claims
relating to her rights under this Agreement.

            IN WITNESS WHEREOF, the Special Advisor has hereunto set the Special
Advisor's hand and, pursuant to the authorization from its Board of Directors,
the Company has caused these presents to be executed in its name on its behalf,
all as of the day and year first above written.

                                    SPECIAL ADVISOR

                                    /s/ Elaine D. Rosen
                                    -----------------------------------
                                    Elaine D. Rosen

                                    UNUMPROVIDENT CORPORATION

                                    /s/ F. Dean Copeland
                                    -----------------------------------
                                    Name: F. Dean Copeland
                                    Title: Executive Vice President
                                    Legal & Administration Affairs

                                       12

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