Document:

Exhibit 10.12

                FORM OF NOTE FOR STOCK OWNERSHIP AND LOAN PROGRAM

                            CAPITALIZED INTEREST NOTE

                                           _________ ,200_               Boston,
                                        Massachusetts                 JHFS No. _

      FOR VALUE RECEIVED, the undersigned, _____________ (the "Borrower"),
hereby promises to pay to the order of John Hancock Financial Services, Inc.
("JHFS"), John Hancock Place, 200 Clarendon Street, Boston, MA 02117, the unpaid
principal amount of each Capitalized Interest Loan made pursuant to the JHFS
Stock Ownership Loan Program dated February 14, 2000, as amended (the "Program")
on the CapLoan Maturity Date; and subject to the proviso set forth below, to pay
interest (computed on the basis of actual days elapsed and a 360 day year), (a)
on the unpaid balance of such principal amount from time to time outstanding at
the CapLoan Interest Rate in effect from time to time from the date hereof,
payable quarterly in arrears, on the last day of January, April, July and
October in each year, commencing ____________ , 200_ until the principal hereof
shall have become due and payable, and (b) to the extent permitted by law on any
payment of principal or interest which has been overdue for thirty (30) days,
payable as aforesaid, at a rate per annum from time to time equal to 2% above
the CapLoan Interest Rate in effect (but in no event in excess of the maximum
rate permitted by law); provided, however, that so long as there shall be no
Event of Default then existing, the Borrower may, at his or her option in lieu
of paying cash, pay all or a portion of the interest due on this Capitalized
Interest Note by adding to the principal hereof an amount equal to the amount of
interest that would be payable with respect to this Capitalized Interest Note if
such interest were paid in cash, and all references herein to principal shall,
unless the context clearly requires otherwise, mean the principal amount as so
adjusted from time to time.

      The following capitalized terms shall have the meanings set forth below:

      "AFR RATE" means the rate of interest established from time to time by the
Secretary of the United States Department of the Treasury pursuant to section
724(d) of the Internal Revenue Code of 1986.

      "Capitalized Interest Loan" shall have the meaning ascribed thereto in the
Program.

      "CapLoan Interest Rate" means the greater of (i) the LIBOR RATE and (ii)
the AFR Rate.

      "CapLoan Maturity Date" means, with respect to each Capitalized Interest
Loan, the earlier of (i) ______ [a date not later than three (3) years from the
date of the first Capitalized Interest Loan by the Borrower, or if such date is
later than February 25, 2005, then February 25, 2005], or (ii) 180 days after
the termination of the employment or the death of the Borrower.

      "Interest Period" means, in the first instance, the period commencing on
the date hereof and ending on __________ , 200_, and in each subsequent and
successive Interest Period, the period commencing on the first day of a month
and ending on the last day of such month, in each case including the first and
last day of such Interest Period.

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      "LIBOR Rate" means, with respect to each Interest Period, the rate of
interest per annum equal to the sum of (i) the rate quoted on the Bloomberg
Money Market Index, British Bankers Association Official Libor Fixings page, or
its successor or other recognized financial reporting service reasonably
selected by JHFS, on the first business day of the relevant Interest Period, by
commercial banks for the offering to leading banks in the London interbank
market for deposits in United States dollars having a term of one month plus
(ii) 1.25%. Each determination of the LIBOR Rate as determined by JHFS shall be
conclusive and binding absent manifest error.

      JHFS shall record the date and amount of each Capitalized Interest Loan
made by it to the Borrower under the Program, each payment of principal made by
such Borrower with respect thereto, and each addition to principal made pursuant
to the proviso at the end of the first paragraph hereof. JHFS may endorse on one
or more schedules forming a part of this Capitalized Interest Note appropriate
notations to evidence the foregoing information with respect to each Capitalized
Interest Loan to such Borrower and any additions to principal hereof; provided,
that the failure of JHFS to make any such recordation or endorsement shall not
affect the obligations of the Borrower under this Capitalized Interest Note or
under the Program.

      Payment of all principal and interest shall be made in lawful money of the
United States of America at the offices of JHFS at John Hancock Place, 200
Clarendon Street, Boston, Massachusetts 02117, Attention: Treasurer, or to such
other address as may be designated by JHFS from time to time in writing.

      Whenever any payment to be made hereunder shall be stated to be on a
Saturday, Sunday or any other day on which commercial banks in the Commonwealth
of Massachusetts are authorized to be closed, such payment may be made on the
next succeeding business day.

      Upon the occurrence of the following Events of Default: (a) the Borrower
fails to make any payment of principal or interest when due hereunder and such
failure continues for a period of thirty days after receipt of notice of
non-payment from JHFS; or (b) the Borrower shall commence a voluntary case under
any applicable bankruptcy, insolvency or other similar law, or shall consent to
the entry of an order for relief in an involuntary case under any such law, or
shall consent to the appointment of, or taking possession by, a receiver,
custodian, liquidator, assignee, trustee or sequestrator (or other similar
official) of the Borrower or any substantial part of the Borrower's property, or
shall make a general assignment for the benefit of creditors, or shall fail
generally to pay the Borrower's debts as they become due, or the Borrower shall
take any action in furtherance of the foregoing, or a court having jurisdiction
in the premises shall enter a decree or order for relief in respect of the
Borrower in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or appoint a receiver, custodian,
liquidator, assignee, trustee, sequestrator (or other similar official) of the
Borrower or of any substantial part of the Borrower's property, or order the
winding up or liquidation of the Borrower's affairs, and the continuance of such
decree or order unstayed and in effect for a period of 90 consecutive days,; or
(c) an event of default shall have occurred and be continuing under any note
issued pursuant to the Program, then the holder of this Note may, by notice in
writing to the Borrower at the notice address set forth below the Borrower's
signature hereon, or at such other address as the Borrower may specify to JHFS
in writing, declare the principal of this Capitalized Interest Note and all
interest accrued thereon to be forthwith due and payable, whereupon the same
shall become and shall be immediately due and payable. Forbearance to exercise
this option with respect to any failure or breach of the Borrower shall not
constitute a waiver of the right as to subsequent failure or breach.

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      This Capitalized Interest Note may be prepaid in whole or in part from
time to time, at the Borrower's option, without any prepayment penalty or
premium.

      The Borrower agrees to pay the reasonable costs and expenses, including
reasonable attorneys' fees, incurred by JHFS in collecting any sums due under
this Capitalized Interest Note or the Program or in otherwise enforcing any
rights or remedies that are or may be available to JHFS.

      The Borrower hereby waives presentment, demand, notice, protest and all
other demands and notices in connection with the delivery, acceptance,
performance and enforcement of this Capitalized Interest Note, and assents to
extensions of time of payment or forbearance or other indulgence without notice.

      THIS CAPITALIZED INTEREST NOTE HAS BEEN EXECUTED AND DELIVERED IN, AND ITS
TERMS AND PROVISIONS ARE TO BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF, THE COMMONWEALTH OF MASSACHUSETTS.

                                          BORROWER:

--------------------------                --------------------------------
Witness                                   [Name]

                                          Notice Address:

                                          --------------------------------

                                          --------------------------------

                                          --------------------------------

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Note (Continued)

                         LOANS AND PAYMENTS OF PRINCIPAL
                        UNDER CAPITALIZED INTEREST LOANS

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Date        Amount of Capitalized      Amount of             Notation made by
                  Interest Loan        Principal Repaid
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                                       4Exhibit 10.13

              DEFERRED COMPENSATION PLAN FOR NON-EMPLOYEE DIRECTORS
                                     OF THE
                      JOHN HANCOCK FINANCIAL SERVICES, INC.

                (As Amended and Restated as of February 5, 2001)

1.    Purpose:

      To permit an Eligible Director of John Hancock Financial Services, Inc.
("Company") and John Hancock Life Insurance Company to defer the receipt of
Compensation to some future date or dates.

2.    Eligible Director:

      The term Eligible Director shall mean any person serving on the Company's
or John Hancock Life Insurance Company's Board of Directors or any Committee
thereof who is not an employee of the Company.

3.    Election to Defer:

      A. Prior to the beginning of each calendar year, an Eligible Director
      wishing to defer receipt of Compensation shall make an irrevocable
      election on a form provided by the Company (and substantially in the form
      of Exhibit 2 attached hereto), to defer Compensation to be earned in the
      subsequent calendar year. Any person who becomes an Eligible Director
      during a calendar year may within 30 days of such event make an election
      to defer Compensation earned after the election.

      B. An election to defer the receipt of compensation may be made with
      respect to either the Director's entire annual retainer or all of his
      attendance fees, or to both the retainer and the attendance fees.

      C. Eligible Directors who do not file an election to defer shall be deemed
      to have elected to receive Compensation in the year earned.

5.    Payment of Deferred Compensation:

      A. Eligible Directors electing to defer Compensation shall specify that
      payment of Deferred Compensation shall be made:

            1.    As soon as practicable after the occurrence of one of the
                  following events:

                  a.    Termination of services as an Eligible Director for any
                        reason, or

                  b.    A specific date not less than 5 years from the date of
                        election, and,

            2.    In one of the following methods:

                  a.    Lump sum payment,

                  b.    Annual installments for no more than 20 years, or,

                  c.    Full cash refund annuity.

      B. If an Eligible Director dies before payment of all or any part of his
      or her Deferred Compensation, the balance owned will be paid in a lump sum
      as soon as practicable to the beneficiary designated for the purpose on a

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      form provided by the Company (and substantially in the form of Exhibit 2
      hereto), or if no beneficiary is so designated, to the Director's estate.

      C. If any Eligible Director becomes permanently disabled before payment of
      all or any part of his or her Deferred Compensation, the balance owned
      will be paid as soon as practicable in the manner elected unless, in the
      discretion of the Board, upon request of the Eligible Director, a
      different method is approved. The determination of permanent disability
      shall be made by a doctor selected by the Policy Committee of the Company.

      D. In the best interests of the financial integrity and administration of
      the Plan, the Board may at any time accelerate the election made by an
      Eligible Director as to distribution with the result that a term of years
      may be shortened, or a lump sum may be substituted for a term of years, or
      an annuity option prior to the annuity purchase date.

6.    Interest on Deferred Compensation:

      A. The amount of Deferred Compensation owned by an Eligible Director in
      any year, including amounts not yet paid under an election to receive
      annual installment payments, shall be increased on December 31 of each
      year by an amount equal to: (a) the annual rate of interest for that year
      for ten-year Treasury Constant Maturities, multiplied by (b) one-half the
      sum of the balance owing on January 1 and on December 31 of such year
      prior to adding such interest.

      B. The amount added in accordance with Paragraph A above shall become part
      of the balance owing on each successive January 1.

      C. At the time of the lump sum payment of Deferred Compensation, whether
      by reason of an election or an acceleration pursuant to Section 5D, an
      Eligible Director shall be entitled to receive interest at a rate equal to
      the annual rate for ten-year Treasury Constant Maturities for that portion
      of the calendar year preceding the distribution multiplied by one-half the
      sum of the balance owing on January 1 and on the last day of the month
      preceding the distribution.

      D. Notwithstanding the above, effective as of February 5, 2001, an
      Eligible Director may elect (in increments of 25%, 50%, 75%, or 100%) to
      invest his Deferred Compensation in the form of deferred stock units of
      the Company. Deferred stock units are not actual shares of stock and
      cannot be settled in or surrendered for shares of stock. Instead, they are
      distinct investments administered by the Company under this Plan that
      provide a return on the deferred amount equal to the return that would
      occur if the deferred amount were actually used to purchase shares of the
      Company's common stock ("JHFS Stock"), including the immediate
      reinvestment of cash dividends when paid into shares of JHFS Stock.
      Holders of deferred stock units have no voting rights or any attributes of
      stock ownership other than such equivalent economic return. The number of
      deferred stock units received by each Eligible Director electing under
      this paragraph upon each deferral shall be equal to the amount of each
      deferral divided by the per share Fair Market Value (as then defined in
      the Company's 1999 Long-Term Stock Incentive Plan) of JHFS Stock on the
      effective date of the deferral.

7.    Plan Obligations:

      A. The obligations of this Plan will be unfunded and constitute a mere
      promise by the Company to pay Deferred Compensation to Eligible Directors
      or their beneficiaries who shall have the status of general unsecured
      creditors.

      B. The Company shall not be required to reserve or otherwise set aside
      funds to meet the obligations under this Plan and such obligations shall
      neither be subject to anticipation, alienation, sale, transfer,
      assignment, ledge or encumbrance by an Eligible Director or Beneficiary,
      nor subject to attachment or garnishment by creditors thereof.

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      C. The obligations of the Plan shall be binding upon the Company and its
      successors and upon the Eligible Directors and their personal
      representatives, next of kin and beneficiaries.

8.    Amendment:

      This Plan may be amended or terminated by the Board at any time.

      Notwithstanding the above, for two years after a Change of Control occurs,
      the Plan may not be terminated, nor may the Plan be amended if such
      amendment would serve to reduce the amount of benefits provided under this
      Deferred Equity Rights Program below the amount that would have been
      payable on the date immediately preceding the date the Change of Control
      occurred or in any way adversely affect the rate or amount of benefit
      vesting or benefit accrual as compared to the rate or amount of benefit
      vesting or benefit accrual in effect on the date immediately preceding the
      date the Change of Control occurred.

      A "Change of Control" shall be deemed to have occurred if:

             (i) any Person (as defined below) has acquired "beneficial
             ownership" (within the meaning of Rule 13d-3, as promulgated under
             Section 13(d) of the Securities Exchange Act of 1934, as amended
             (the "Exchange Act")) of securities of the Company representing 30%
             or more of the combined Voting Power (as defined below) of the
             Company's securities;

             (ii) as a result of a solicitation subject to Rule 14a-11 under the
             Exchange Act (or any successor rule thereto), the persons who were
             directors of the Company immediately before such solicitation shall
             cease to constitute at least a majority of the Board or the Board
             of Directors of any successor to the Company; or

             (iii) the stockholders of the Company approve a merger,
             consolidation, share exchange, division, sale or other disposition
             of substantially all of the assets of the Company (a "Corporate
             Event"), as a result of which the shareholders of the Company
             immediately prior to such Corporate Event (the "Company
             Shareholders") shall not hold, directly or indirectly, immediately
             following such Corporate Event a majority of the Voting Power of
             (x) in the case of a merger or consolidation, the surviving or
             resulting corporation, (y) in the case of a share exchange, the
             acquiring corporation or (z) in the case of a division or a sale or
             other disposition of substantially all of the Company's assets,
             each surviving, resulting or acquiring corporation.

      A specified percentage of "Voting Power" of a company shall mean such
number of the Voting Securities as shall enable the holders thereof to cast such
percentage of all the votes which could be cast in an annual election of
directors and "Voting Securities" shall mean all securities of a company
entitling the holders thereof to vote in an annual election of directors.

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