Document:

Exhibit 10.17

As effective December 15, 2004

EATON VANCE CORP.

1998 STOCK OPTION PLAN

RESTATEMENT NO. 5

          1.          Definitions.  As used in this Eaton Vance Corp. 1998 Stock
Option Plan the following terms shall have the following meaning:

          Board
means the Company’s Board of Directors.

          Code
means the Internal Revenue Code of 1986, as amended from time to time.  References to any provision of the Code
shall be deemed to include successor provisions and regulations and other guidance
issued thereunder.

          Committee
means the Compensation Committee of the Board, or such other Board committee as
may be appointed by the Board to administer the Plan pursuant to Section 5.

          Company
means Eaton Vance Corp., a Maryland corporation, or any successor corporation.

          Director
Option means a nonqualified stock option granted to a director pursuant to
the formula plan set forth in Section 8.

          Exchange
Act means the Securities Exchange Act of 1934, as amended from time to
time.  References to any provision of
the Exchange Act shall be deemed to include successor provisions thereto and
regulations and other guidance issued thereunder.

          Grant
Date means the date on which an Option is granted.

          Incentive
Option means an Option that satisfies the requirements of Section 422 of
the Code.

          Market
Value means the closing price on the New York Stock Exchange for the Shares
for any date.

          Nonqualified
Option means an Option other than an Incentive Option granted to an
employee.

          Option
means an option to purchase Shares granted under the Plan.

          Option
Agreement means an agreement between the Company and an Optionee, setting
forth the terms and conditions of an Option.

          Option
Price means the price to be paid by an Optionee upon exercise of an Option.

         Optionee
means a person eligible to receive an Option to whom an Option shall have been
granted under the Plan.

          Plan
means this 1998 Stock Option Plan, as amended or restated from time to time.

          Qualified
Member means a member of the Committee who is a “non-employee director”
within the meaning of Rule 16b-3(b)(3) and an “outside director” within the
meaning of Treasury Regulation 1.162-27(e)(3) under Code Section 162(m).

          Rule
16b-3 means Rule 16b-3, as from time to time in effect and applicable to
the Plan and any Optionee, promulgated by the Securities and Exchange
Commission under Section 16 of the Exchange Act.

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Exhibit 10.17

          Shares
means shares of Non-Voting Common Stock of the Company or such other securities
as may be substituted or resubstituted therefor pursuant to Section 4.

          Subsidiary
means a subsidiary of the Company, as defined in Section 424(f) of the Code.

          2.          Purpose.  The purpose of the Plan is to advance the
interests of the Company by strengthening the ability of the Company and its
Subsidiaries to attract, retain and motivate directors and employees by
providing them with an opportunity to purchase Shares and thus participate in
the ownership of the Company, including the opportunity to share in any
appreciation in the value of such Shares. 
It is intended that the Plan will strengthen the mutuality of interest
between such persons and the stockholders of the Company.  Both Incentive Options and Nonqualified
Options may be granted under the Plan. 
This Plan is the successor to the Company’s 1995 Stock Option Plan –
Restatement No. 2.

          3.          Effective
Date.  The Plan became effective on
July 7, 1998, the date it was adopted by the Board and approved by the voting
stockholders of the Company.  This
Restatement No. 4 became effective on December 15, 2004, the date it was adopted
by the Board and approved by the voting stockholders of the Company.

          4.          Stock
Subject to the Plan; Adjustments.

                       (a)          Shares
Reserved.  Subject to adjustment as
hereinafter provided, the total number of Shares reserved for issuance in
connection with Options under the Plan shall be 29,400,000.  No Option may be granted if the number of
shares to which such Option relates, when added to the number of Shares
previously issued under the Plan, exceeds the number of shares reserved under
this Section 4(a).  Shares issued under
the Plan shall be counted against this limit in the manner specified in Section
4(b).

                       (b)          Manner
of Counting Shares.  If any Shares
subject to an Option are forfeited, canceled, exchanged, or surrendered or such
Option is settled in cash or otherwise terminates without a distribution of
Shares to the Participant, including (i) the number of Shares withheld in
payment of any Option Price or tax obligation relating to the exercise of such
Option and (ii) the number of Shares equal to the number surrendered in payment
of any Option Price or tax obligation relating to the exercise of such Option,
such number of Shares will again be available for Options under the Plan.  The Committee may make determinations and
adopt regulations for the counting of Shares relating to any Option to ensure
appropriate counting, avoid double counting (in the case of substitute
Options), and provide for adjustments in any case in which the number of Shares
actually distributed differs from the number of Shares previously counted in
connection with such Option.

                       (c)          Type
of Shares Distributable.  Any Shares
delivered upon exercise of an Option may consist, in whole or in part, of
authorized and unissued Shares or Shares reacquired by the Company through
purchase in the open market or in private transactions.

                       (d)          Adjustments.  In the event that the Committee shall
determine that any dividend or other distribution (whether in the form of cash,
Shares, or other property) which is unusual and non-recurring, or any
recapitalization, stock split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase or share exchange, or other
similar corporate transaction or event affects the Shares such that an
adjustment is appropriate in order to prevent dilution or enlargement of the
rights of Optionees under the Plan, then the Committee shall make such
equitable changes or adjustments as it deems appropriate and, in such manner as
it may deem equitable, adjust any or all of (i) the number and kind of Shares
which may thereafter be issued in connection with Options, (ii) the number and
kind of Shares issued or issuable in respect of outstanding Options or, if
deemed appropriate, make provisions for payment of cash or other property with
respect to any outstanding Option, (iii) the Option Price relating to any
Option, and (iv) the number and kind of Shares set forth in Section 7(d) as the
per-person limitation for any three calendar
years; provided, however, in each case that, with respect to Incentive Options,
such adjustment shall be made in accordance with Section 424 of the Code,
unless the Committee determines otherwise. 
In addition, the Committee is authorized to make adjustments in the
terms and conditions of, and any criteria and performance objectives or goals
included in, Options in recognition of unusual or non-recurring events
(including events described in the preceding sentence, as well as acquisitions
and dispositions of assets or all or part of businesses) affecting the Company
or any Subsidiary or any business unit, or the financial statements thereof, or
in response to changes in applicable laws, regulations, accounting principles,
tax rates and regulations, or business conditions or in view of the Committee’s
assessment of the business strategy of the Company, a Subsidiary, or business
unit thereof, performance of comparable organizations, economic and business
conditions, personal performance of an Optionee, and any other circumstances
deemed relevant; provided that, unless otherwise determined by the Committee,
no such adjustment shall be made if and to the extent that such adjustment
would cause Options granted to employees who are “covered employees” within the
meaning of Code Section 162(m) to fail to qualify as “performance-based
compensation” under Code Section 162(m) and regulations thereunder.

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Exhibit 10.17

          5.          Administration.

                       (a)          Authority
of the Committee.  The Plan shall be
administered by the Committee.  The
Committee shall have full and final authority and discretion to take the
following actions, in each case subject to and consistent with the provisions
of the Plan:

                                     (i)  to select employees to whom Options may be
granted;

                                     (ii)  to determine the type and number of Options
to be granted to employees, the number of Shares to which such an Option may relate,
the terms and conditions of any Option granted to an employee under the Plan
(including the Option Price, any restriction or condition, any schedule for
lapse of restrictions or conditions relating to transferability or forfeiture,
exercisability, or settlement of such an Option, and waivers or accelerations
thereof, and waivers of performance conditions relating to such an option,
based in each case on such considerations as the Committee shall determine),
and all other matters to be determined in connection with any Option granted to
an employee;

                                     (iii)  to determine whether, to what extent, and
under what circumstances an Option may be settled, or the Option Price may be
paid, in cash, Shares or other property, or an Option may be canceled,
forfeited, exchanged, or surrendered;

                                     (iv)  to determine whether, to what extent, and
under what circumstances cash, Shares or other property payable with respect to
an Option will be deferred either automatically, at the election of the
Committee, or at the election of the Optionee, and whether to create trusts and
deposit Shares or other property therein;

                                     (v)  to prescribe the form of each Option
Agreement, which need not be identical for each Optionee;

                                     (vi)  to adopt, amend, suspend, waive, and rescind
such rules and regulations and appoint such agents as the Committee may deem
necessary or advisable to administer the Plan;

                                     (vii)  to correct any defect or supply any omission
or reconcile any inconsistency in the Plan and to construe and interpret the
Plan and any Option, rules and regulations, Option Agreement, or other
agreement or instrument hereunder; and

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Exhibit 10.17

                                     (viii)  to make all other decisions and
determinations as may be required under the terms of the Plan or as the
Committee may deem necessary or advisable for the administration of the Plan.
In its administration of the Plan, the Committee shall not take any action
which would result in a transaction involving a Director Option failing to be
exempt under Rule 16b-3(d).  Other
provisions of the Plan notwithstanding, the Board may perform any function of
the Committee under the Plan, including for the purpose of ensuring that
transactions under the Plan by Optionees who are then subject to Section 16 of
the Exchange Act in respect of the Company are exempt under Rule 16b-3. In any
case in which the Board is performing a function of the Committee under the
Plan, each reference to the Committee herein shall be deemed to refer to the
Board, except where the context otherwise requires.

                       (b)          Manner
of Exercise of Committee Authority. 
At any time that a member of the Committee is not a Qualified Member,
any action of the Committee relating to an Option to be granted to an employee
who is then subject to Section 16 of the Exchange Act in respect of the Company,
or relating to an Option intended to constitute “qualified performance-based
compensation” within the meaning of Code Section 162(m) and regulations
thereunder, may be taken either (i) by a subcommittee composed solely of two or
more Qualified Members, or (ii) by the Committee but with each such member who
is a not Qualified Member abstaining or recusing himself or herself from such
action, provided that, upon such abstention or recusal, the Committee remains
composed solely of two or more Qualified Members.  Such action, authorized by such a subcommittee or by the
Committee upon the abstention or recusal of such non-Qualified Member(s), shall
be the action of the Committee for purposes of the Plan.  Any action of the Committee with respect to
the Plan shall be final, conclusive, and binding on all persons, including the
Company, Subsidiaries, Optionees, any person claiming any rights under the Plan
from or through any Optionee, and stockholders of the Company.  The express grant of any specific power to the
Committee, and the taking of any action by the Committee, shall not be
construed as limiting any power or authority of the Committee.  The Committee may delegate to officers or
managers of the Company or any Subsidiary the authority, subject to such terms
as the Committee shall determine, to perform administrative functions and such
other functions as the Committee may determine, to the extent permitted under
applicable law and, with respect to any Optionee who is then subject to Section
16 of the Exchange Act in respect of the Company, to the extent performance of
such function will not result in a subsequent transaction failing to be exempt
under Rule 16b-3(d).

                       (c)          Limitation
of Liability.  Each member of the
Committee shall be entitled in good faith to rely or act upon any report or
other information furnished to him or her by any officer or other employee of
the Company or any Subsidiary, the Company’s independent certified public
accountants, or other professional retained by the Company to assist in the
administration of the Plan.  No member
of the Committee, nor any officer or employee of the Company acting on behalf
of the Committee, shall be personally liable for any action, determination, or
interpretation taken or made in good faith with respect to the Plan, and all
members of the Committee and any officer or employee of the Company acting on
their behalf shall, to the extent permitted by law, be fully indemnified and
protected by the Company with respect to any such action, determination, or
interpretation.

          6.          Duration
of the Plan.  This Plan shall
terminate ten years from the original effective date hereof, unless terminated
earlier pursuant to Section 12, and no Options may be granted thereafter.

          7.          Options
for Employees.

                       (a)          Eligible
Employees.  Options may be granted
to those employees of the Company or of any of its Subsidiaries as are selected
by the Committee.

                       (b)          Restrictions
on Incentive Options.  Incentive
Options shall be subject to the following restrictions:

                                      (i)          Limitation
on Number of Shares.  To the extent
that the aggregate Market Value on the Grant Date of the Shares with respect to
which an Option that would otherwise constitute an Incentive Option (when
aggregated, if appropriate, with incentive stock options granted before the
Option under this Plan or any other plan maintained by the Company or any Subsidiary
of the Company) is exercisable for the first time by the Optionee during any
calendar year exceeds $100,000, the Option shall be treated as a Nonqualified
Option.

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Exhibit 10.17

                                      (ii)          10%
Stockholder.  If any Optionee to
whom an Incentive Option is granted is on the Grant Date the owner of stock (as
determined under Section 424(d) of the Code) possessing more than 10% of the
total combined voting power of all classes of stock of the Company or any of
its Subsidiaries, then the following special provisions shall be applicable to
that Incentive Option:

	
   
  	
            (A)     The
  Option Price per Share shall not be less than 110% of the Market Value on the
  Grant Date; and
  
	
   
  	
   
  
	
   
  	
            (B)     The
  Incentive Option shall expire not more than five years after the Grant Date.
  

                       (c)          Price.  Subject to the conditions on certain
Incentive Options in Section 7(b), the Option Price per Share payable upon the
exercise of each Incentive Option shall be not less than 100% of the Market
Value on the Grant Date.  The Option
Price per Share of stock payable upon exercise of each Nonqualified Option
shall be determined by the Committee, provided that the Option Price shall not
be less than 100% of the Market Value on the Grant Date.

                       (d)          Limitation
on Number of Shares to be Granted to Each Optionee.  Each Option Agreement shall specify the
number of Shares to which it pertains. 
No Optionee may receive, during any three calendar year period, Options
to purchase more than 7,200,000 Shares. 
If any Option granted to an employee is canceled, the canceled Option
continues to be counted against the maximum number of Shares for which Options
may be granted to that employee under the Plan.  If, after grant of an Option to an employee, the Option Price is
reduced, the transaction will be treated as a cancellation of the Option and
the grant of a new Option, and in such case both the Option that is deemed to
be canceled and the Option that is deemed to be granted reduce the maximum
number of Shares for which Options may be granted to that employee under the
Plan.  The preceding two sentences apply
only to calculating the maximum number of Shares available to an Optionee during
any three calendar year periods, and shall not apply to or affect the manner of
counting Shares pursuant to Section 4(b).

                       (e)          Exercise
of Options.  Subject to the terms and
conditions set forth in the Option Agreement, each Option shall be exercisable
for the full amount or for any part thereof and at such intervals or in such
installments as the Committee may determine at the time it grants the Option;
provided, however, that no Option shall be exercisable with respect to any
Shares later than ten years after the Grant Date.

          8.          Formula
Plan; Options for Directors.  Upon
first election to the Board of Directors of the Company of a person who was
not, within twelve months preceding election, either an officer of employee of
the Company or any Subsidiary, such person shall be granted a Director Option
to purchase 12,000 Shares.  On the third
Friday of December in each year, each director who is not an employee of the Company
and its Subsidiaries shall receive a Director Option to purchase 12,000
Shares.  In the event that on any Grant
Date there is not a sufficient number of Shares available to implement fully
the preceding sentences, then each such director shall receive a pro rata
portion of the Director Option contemplated by the preceding sentences.  The Option Price for each Director Option
shall be the Market Value on the Grant Date or, in the event there is no Market
Value available on the Grant Date, on the date next following the Grant Date
for which a Market Value is available. 
Each Director Option shall become exercisable in four equal installments
upon each of the first four anniversaries of the Grant Date.  No Director Option shall be exercisable
later than ten years after the Grant Date. 
It is intended that each Director Option automatically granted pursuant
to this Section 8 shall be made pursuant to a formula plan as defined in
Release No. 34-37260 of the Securities and Exchange Commission (adopting
restated Rule 16b-3).

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Exhibit 10.17

          9.          Terms
and Conditions Applicable to All Options.

                       (a)          Non-Transferability.  Except as otherwise expressly provided in an
Option Agreement, no Option shall be transferable by the Optionee, other than
by will or the laws of descent and distribution, and each Option shall be
exercisable, during the Optionee’s lifetime, only by him or her (i.e. if the
Option is exercised during the Optionee’s lifetime, it shall only be
exercisable by the Optionee).

                       (b)          Notice
of Exercise and Payment.  An Option
shall be exercisable only by delivery of a written notice to the Company’s
Treasurer or any other officer of the Company designated by the Committee to
accept such notices on its behalf, specifying the number of Shares for which it
is exercised.  If the Shares are not at
that time effectively registered under the Securities Act of 1933, as amended,
the Optionee shall include with such notice a letter, in form and substance
satisfactory to the Company, confirming that the Shares are being purchased for
the Optionee’s own account for investment and not with a view to
distribution.  Payment shall be made in
full at the time the Option is exercised. 
Payment shall be made by (i) cash or check, (ii) delivery and assignment
to the Company of Shares having been owned by the Optionee for such period as
the Company’s Treasurer may determine and having a Market Value as of the date
of exercise equal to the exercise price, (iii) if approved by the Committee,
delivery of the Optionee’s promissory note for the exercise price, or (iv) any
combination of (i), (ii) or (iii) above.

                       (c)          No
Rights to Options; No Stockholder Rights. 
No employee shall have any claim to be granted an Option under the Plan,
and there is no obligation for uniformity of treatment of employees.  No Option shall confer upon the Optionee any
rights as a stockholder or any claim to dividends paid with respect to any Shares
to which the Option relates unless and until such Shares are duly issued to him
or her in accordance with the terms of the Option.

                       (d)          Cancellation
and Rescission of Options.  The
Committee may provide in any Option Agreement that, in the event an Optionee
violates a term of the Option Agreement or other agreement with or policy of
the Company or a Subsidiary, takes or omits to take actions that are deemed to
be in competition with the Company or its Subsidiaries, an unauthorized
solicitation of customers, suppliers, or employees of the Company or its
Subsidiaries, or an unauthorized disclosure or misuse of proprietary or
confidential information of the Company or its Subsidiaries, or takes or omits
to take any other action as may be specified in the Option Agreement, the
Optionee shall be subject to forfeiture of such Option or portion, if any, of
the Option as may then remain outstanding and also to forfeiture of any amounts
of cash, Shares or other property received by the Optionee upon exercise or
settlement of such Option or in connection with such Option during such period
(as the Committee may provide in the Option Agreement) prior to the occurrence
which gives rise to the forfeiture.

                       (e)          Options
to Optionees Outside the United States. 
The Committee may modify the terms of any Option under the Plan granted
to an Optionee who is, at the time of grant or during the term of the Option,
resident or primarily employed outside of the United States in any manner
deemed by the Committee to be necessary or appropriate in order that such
Option shall conform to laws, regulations, and customs of the country in which
the Optionee is then resident or primarily employed, or so that the value and
other benefits of the Option to the Optionee, as affected by foreign tax laws
and other restrictions applicable as a result of the Optionee’s residence or
employment abroad, shall be comparable to the value of such an Option to an
Optionee who is resident or primarily employed in the United States. An Option
may be modified under this Section 9(f) in a manner that is inconsistent with
the express terms of the Plan, so long as such modifications will not
contravene any applicable law or regulation.

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Exhibit 10.17

          10.          Termination
of Options.  Each Option shall terminate
and may no longer be exercised if the Optionee ceases to perform services for
the Company or a Subsidiary, in accordance with the following provisions:

                       (i)          if
the Optionee’s services shall have been terminated by resignation or other
voluntary action, or if such services shall have been terminated involuntarily
for cause, all of the Optionee’s Options shall terminate and may no longer be
exercised;

                       (ii)          if
the Optionee’s services shall have been terminated for any reason other than
cause, resignation or other voluntary action before his or her eligibility  to retire, and before his or her disability
or death, he or she may at any time within a period of fifteen (15) months
after such termination of service exercise his or her Options to the extent
that the Options were exercisable on the date of termination of service;

                       (iii)          if
the Optionee’s service shall have been terminated because of disability within
the meaning of Section 22(e)(3) of the Code, he or she may at any time within a
period of fifteen (15) months after such termination of service exercise his or
her Options to the extent that such Options were exercisable on the date of
termination of service; and

                       (iv)          if
the Optionee dies at a time when he or she might have exercised an Option, then
his or her estate, personal representative or beneficiary to whom it has been
transferred pursuant to Section 9(a) hereof may at any time within a period of
fifteen (15) months after the Optionee’s death exercise the Option to the
extent the Optionee might have exercised it at the time of death;

provided,
however, that the Committee may, at its sole discretion, provide specifically
in an Option Agreement for such other period of time (shorter or longer than as
set forth above) during which an Optionee may exercise an Option after
termination of the Optionee’s services as the Committee may approve, subject to
the overriding limitation that no Option may be exercised to any extent by
anyone after the date of expiration of the Option.

          11.          Withholding
Taxes; Delivery of Shares.  The
Company’s obligation to deliver Shares upon exercise of an Option shall be
subject to the Optionee’s satisfaction of all applicable federal, state and
local income and employment tax withholding obligations.  The Optionee may satisfy the obligations by
electing (a) to make a cash payment to the Company, or (b) to have the Company
withhold Shares with a value equal to the amount required to be withheld, or
(c) to deliver to the Company Shares having been owned by the Optionee for such
period as the Company’s Treasurer may determine and having a value equal to the
amount required to be withheld.  The
value of Shares to be withheld or delivered shall be based on the Market Value
on the date the amount of tax to be withheld is to be determined.  The Optionee’s election to have Shares
withheld for this purpose will be subject to the following restrictions: (1)
the election must be made prior to the date the amount of tax is to be
determined, (2) the election must be irrevocable, and (3) the election will be
subject to the disapproval of the Committee.

          12.          Termination
or Amendment of Plan.  The Board may at
any time terminate the Plan or make such changes in or additions to the Plan as
it deems advisable without further action on the part of the shareholders of
the Company, provided:

                         (a)          that
no such termination or amendment shall adversely affect or impair any then
outstanding Option without the consent of the Optionee holding that Option; and

                         (b)          that
any such amendment which: (i) increases the maximum number of Shares subject to
this Plan, or (ii) changes the class of persons eligible to participate in this
Plan, or (iii) materially increases the benefits accruing to participants under
this Plan, shall be subject to approval by the voting stockholders of the
Company within one year from the effective date of such amendment and shall be
null and void if such approval is not obtained.

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Exhibit 10.17

          13.          Change
of Control - Automatic Vesting of Options. 
Notwithstanding anything to the contrary herein, the Board or the
Committee shall include in the Option Agreement for each unvested Option
granted under this Plan the following provision, and such inclusion may be
effected by incorporating this provision by reference to this Section 13: 

          This
Option shall be immediately exercisable and the Optionee shall become eligible
to purchase any and all shares covered by each Option at any time or from time
to time after the occurrence of a Change of Control of the Company.  A “Change of Control” shall mean: 

          (a)          The
acquisition, other than from the Company, by any individual, entity or group
(within the meaning of Section 13(d) (3) or 14(d) (2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 25% or more of either (i) the then outstanding non-voting
common stock of the Company (the “Non-Voting Stock”) or (ii) the combined
voting power of the then outstanding voting securities of the Company entitled
to vote generally in the election of directors (the “Company Voting
Securities”); provided, that any acquisition by (x) the Company or any of its
subsidiaries, or any employee benefit plan (or related trust) sponsored or
maintained by the Company or any of its subsidiaries or (y) any Person that is
eligible, pursuant to Rule 13d-1(b) under the Exchange Act, to file a statement
on Schedule 13G with respect to its beneficial ownership of Company Voting
Securities, whether or not such Person shall have filed a statement on Schedule
13G, unless such Person shall have filed a statement on Schedule 13D with
respect to beneficial ownership of 25% or more of the Company Voting Securities,
shall not constitute a Change of Control; and provided, further, that
the provisions of this subsection (a) shall apply whether or not the Company
Voting Securities or the Non-Voting Stock is registered or required to be
registered under the Exchange Act; or

          (b)          Individuals
who, as of the date hereof, constitute the Company’s Board of Directors (the
“Incumbent Board”) cease for any reason to constitute at least a majority of
the Board; provided, that any individual becoming a director of the
Company (“Director”) subsequent to the date of the Option whose election or
nomination for election by the Company’s shareholders was approved by at least
a majority of the Directors then comprising the Incumbent Board shall be
considered as though such individual were a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of
office is in connection with an actual or threatened election contest relating
to the election of the Directors of the Company (as such terms are used in Rule
14a-11 of the Regulation 14A promulgated under the Exchange Act); or

          (c)          Approval
by the shareholders of the Company of a reorganization, merger or consolidation
(a “Business Combination”), in each case with respect to which all or
substantially all of the individuals and entities who were the respective
beneficial owners of the Non-Voting Stock and of the Company Voting Securities
immediately prior to such Business Combination will not, following such
Business Combination, beneficially own, directly or indirectly, more than 60%
of, respectively, the then outstanding non-voting stock and the combined voting
power of the then outstanding voting securities entitled to vote generally in
the election of directors of the corporation or other entity resulting from the
Business Combination in substantially the same proportion as their ownership
immediately prior to such Business Combination of the Non-Voting Stock and
Company Voting Securities, as the case may be; or

          (d)          Approval
by the shareholders of the Company of (i) a complete liquidation or dissolution
of the Company, or (ii) a sale or other disposition of all or substantially all
of the assets of the Company, or (iii) a sale or disposition of Eaton Vance
Management (or any successor thereto) or of all or substantially all of the
assets of Eaton Vance Management (or any successor thereto), or (iv) an
assignment by any direct or indirect investment adviser subsidiary of the
Company of investment advisory agreements pertaining to more than 50% of the
aggregate assets under management of all such subsidiaries of the Company, in
the case of (ii), (iii) or (iv) other than to a corporation or other entity
with respect to which, following such sale or disposition or assignment, more
than 60% of, respectively, the outstanding non-voting stock and the combined
voting power of the then outstanding voting securities entitled to vote
generally in the election of directors is then owned beneficially, directly or
indirectly, by all or substantially all of the individuals and entities who
were the beneficial owners of the Non-Voting Stock and Company Voting
Securities immediately prior to such sale, disposition or assignment in
substantially the same proportion as their ownership of the Non-Voting Stock
and Company Voting Securities, as the case may be, immediately prior to such
sale, disposition or assignment.

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Exhibit 10.17

          Notwithstanding
the foregoing, the following events shall not cause, or be deemed to cause, and
shall not constitute, or be deemed to constitute, a Change of Control:

                         (1)          The
acquisition, holding or disposition of Company Voting Securities deposited
under the Voting Trust Agreement dated as of October 30, 1997, as amended, or
of the voting trust receipts issued therefor, or any change in the persons who
are voting trustees thereunder, or the acquisition, holding or disposition of
Company Voting Securities deposited under any subsequent replacement voting
trust agreement or of the voting trust receipts issued therefor, or any change
in the persons who are voting trustees under any such subsequent replacement
voting trust agreement; provided, that any such acquisition, disposition or change
shall have resulted solely by reason of the death, incapacity, retirement,
resignation, election or replacement of one or more voting trustees.

                         (2)          Any
termination or expiration of a voting trust agreement under which Company
Voting Securities have been deposited or the withdrawal therefrom of any
Company Voting Securities deposited thereunder, if all Company Voting
Securities and/or the voting trust receipts issued therefor continue to be held
thereafter by the same persons in the same amounts, or if contemporaneously
there shall be a Business Combination or change in the capitalization of the
Company as described in clause (3) below.

                         (3)          A
Business Combination or change in the capitalization of the Company pursuant to
which the holders of the Non-Voting Stock of the Company become holders of
voting securities of the Company or of the corporation or other entity
resulting from such Business Combination, in substantially the same proportion
as their ownership of Non-Voting Stock immediately prior to such Business
Combination or change in capitalization.

          14.          General
Provisions. 

                         (a)          Compliance
with Legal and Exchange Requirements. 
The Plan, the granting and exercising of Options thereunder, and the
other obligations of the Company under the Plan and any Option Agreement, shall
be subject to all applicable federal and state laws, rules and regulations, and
to such approvals by any regulatory or governmental agency as may be
required.  The Company, in its
discretion, may postpone the issuance or delivery of Shares under any Option
until completion of such stock exchange listing or registration or qualification
of such Shares or other required action under any state, federal or foreign
law, rule or regulation as the Company may consider appropriate, and may
require any Optionee to make such representations and furnish such information
as it may consider appropriate in connection with the issuance or delivery of
Shares in compliance with applicable laws, rules and regulations.

                         (b)          Compliance
with Section 162(m) and Rule 16b-3. 
If any provision of the Plan or any Option Agreement relating to a
“covered employee” or a person subject to Section 16 of the Exchange Act does
not comply or is inconsistent with the requirements of Code Section 162(m) or
regulations thereunder or Rule 16b-3, such provision shall be construed or
deemed amended to the extent necessary to conform to such requirements.

                         (c)          No
Right to Continued Employment. 
Neither the Plan nor any action taken thereunder shall be construed as
giving any employee the right to be retained in the employ of the Company or
any of its Subsidiaries, nor shall it interfere in any way with the right of
the Company or any of its Subsidiaries to terminate any employee’s employment
at any time.

100

Exhibit 10.17

                         (d)          Taxes.  The Company or any Subsidiary is authorized
to withhold from any payment relating to an Option under the Plan, or any
distribution of Shares, or any payroll or other payment to an Optionee, amounts
of withholding and other taxes due in connection with any transaction involving
an Option, and to take such other action as the Committee may deem advisable to
enable the Company and Optionees to satisfy obligations for the payment of
withholding taxes and other tax obligations relating to any Option or exercise
thereof.  This authority shall include
authority to withhold or receive Shares or other property and to make cash
payments in respect thereof in satisfaction of an Optionee’s tax obligations.

                         (e)          Nonexclusivity
of the Plan.  Neither the adoption
of the Plan by the Board nor its submission to the voting stockholders of the
Company for approval shall be construed as creating any limitations on the
power of the Board to adopt such other incentive arrangements as it may deem
desirable, including the granting of stock options and other awards otherwise
than under the Plan, and such arrangements may be either applicable generally
or only in specific cases.

                         (f)          Governing
Law.  The validity, construction,
and effect of the Plan, any rules and regulations relating to the Plan, and any
Option Agreement shall be determined in accordance with the laws of the
Commonwealth of Massachusetts, without giving effect to principles of conflicts
of laws, and applicable federal law.

 

101Exhibit 10.18

EATON VANCE CORP.

1986 EMPLOYEE STOCK PURCHASE PLAN

RESTATEMENT NO. 10

          1.          Purpose.

          The purpose
of this 1986 Employee Stock Purchase Plan (the “Plan”) is to provide employees
of Eaton Vance Corp. (the “Company”) and its subsidiaries, who wish to become
shareholders of the Company an opportunity to purchase Non-Voting Common Stock
of the Company (the “Shares”).  The Plan
is intended to qualify as an “employee stock purchase plan” within the meaning
of Section 423 of the Internal Revenue Code of 1986, as it may be amended (the
“Code”).  In addition, the Plan provides
certain employees who are not eligible for favorable tax treatment under
Section 423 with the right to purchase Shares on a nonqualified basis.

          2.          Administration
of the Plan.

          The Board
of Directors or any committee or person(s) to whom it delegates its authority
(the “Administrator”) shall administer, interpret and apply all provisions of
the Plan. Nothing contained in this Section shall be deemed to authorize the
Administrator to alter or administer the provisions of the Plan in a manner
inconsistent with the terms of the Plan or the provisions of Section 423 of the
Code.

          3.          Eligible
Employees.

          Subject to
the provisions of Sections 7, 8 and 9 below, any individual who is a full-time
employee (as defined below) of the Company or any of its subsidiaries (as
defined in Section 424(f) of the Code) is eligible to participate in the
offering (as defined in Section 4 below) commencing on such Offering Date.  A full-time employee means any employee
other than an employee whose customary employment is: (a) 20 hours or less per
week, or (b) not more than five months per calendar year.

          4.          Offering
Dates and Offering Grants.

          From time
to time, the Company, by action of the Administrator, will grant rights to
purchase Shares to employees eligible to participate in the Plan pursuant to
one or more offerings (each of which is an “Offering”) on a date or series of
dates (each of which is an “Offering Date”) designated for this purpose by the
Administrator.  As of each Offering
Date, the Administrator will advise each eligible employee of the maximum number
of shares that the employee may purchase under the Offering (the “Offering
Grant”), which shall be calculated in accordance with the requirements of
Section 423 of the Code.

          5.          Prices.

          The price
per share for each Offering Grant shall be the lesser of:

                        (a)          ninety
percent (90%) of the fair market value of a Share on the Offering Date on which
such right was granted; or

                        (b)          ninety
percent (90%) of the fair market value of a Share on the date such right is
exercised; provided, that the Administrator, in its discretion, may substitute
a percentage in either subparagraph (a) or (b) of this Section 5 different from
ninety percent (90%), but in no event shall either such percentage be less than
eighty-five percent (85%).

102

Exhibit 10.18

          6.          Exercise
of Rights and Method of Payment.

                       (a)          Rights
granted under the Plan will be exercisable periodically on specified dates as
determined by the Administrator.

                       (b)          The
method of payment for Shares purchased upon exercise of rights granted
hereunder shall be through regular payroll deductions or by lump sum cash
payment, or both, as determined by the Administrator; provided, however, that
payment through regular payroll deductions may in no event commence before the
date on which a prospectus with respect to the Offering of the Shares covered
by the Plan is provided to each participating employee.  No interest shall be paid upon payroll
deductions unless specifically provided for by the Administrator.

                       (c)          Any
payments received by the Company from a participating employee and not utilized
for the purchase of Shares upon exercise of a right granted hereunder shall be,
at the employee’s discretion, either promptly returned to such employee by the
Company after termination of the offering to which the payment related, or
rolled over and credited to the employee’s account and used to purchase shares
in the next Offering Period (as defined below).

          7.          Term
of Rights.

          The total
period from an Offering Date to the last date on which rights granted on that
Offering Date are exercisable (the “Offering Period”) shall in no event be
longer than twenty-seven (27) months. 
The Administrator when it authorizes an Offering may designate one or
more exercise periods during the Offering Period; rights granted on an Offering
Date shall be exercisable on the last day of each exercise period (each of which
is an “Exercise Date”) in such proportion as the Administrator determines.

          8.          Shares
Subject to the Plan.

          No more
than 8,992,000 Shares may be sold pursuant to rights granted under the Plan.
Appropriate adjustments in the above figure, in the number of Shares covered by
outstanding rights granted hereunder, in the exercise price of the rights and
in the maximum number of Shares which an employee may purchase (pursuant to
Section 9 below) shall be made to give effect to any mergers, consolidations,
or other similar reorganizations as to which the Company is the surviving
entity, and any recapitalizations, stock splits, stock dividends or other
relevant changes in the capitalization of the Company occurring after the
effective date of the Plan, provided that no fractional Shares shall be subject
to a right and each right shall be adjusted downward to the nearest full
Share.  Any agreement providing for a
merger, consolidation or other similar reorganization which the Company does
not survive shall provide for an adjustment for any then existing rights of
participating employees under the Plan. 
Either authorized and unissued Shares or issued Shares heretofore or
hereafter reacquired by the Company may be made subject to rights under the
Plan.  If for any reason any right under
the Plan terminates in whole or in part, Shares subject to such terminated
right may again be subjected to a right under the Plan.

          9.          Nonqualified
Feature.

          An employee
who, immediately after a right to purchase Shares is granted hereunder, would
own stock or rights to purchase stock possessing five percent (5%) or more of
the total combined voting power or value of all classes of stock of the
Company, or of any subsidiary, computed in accordance with Section 423(b)(3) of
the Code (“5% owner”), will not be eligible to be granted a right intended to
qualify under Section 423 of the Code. 
However, any employee who is a 5% Owner and who is otherwise eligible to
receive a grant under the Plan shall be eligible to receive a grant hereunder
that is in accordance with the terms of this Plan except that such right shall
not be a right intended to qualify under Code Section 423 but rather shall be a
nonqualified right that for federal income tax purposes is intended to be
taxable to the grantee under Code Section 83. 
The Company reserves the right to withhold the issuance of shares
pursuant to the exercise of any nonqualified right until the participating
employee makes appropriate arrangements with the Company for such tax
withholding as may be required of the Company under Federal, state or local law
on account of such exercise.

103

Exhibit 10.18

          10.          Limitations
on Grants.

                         (a)          No
Offering Grant may permit an employee to accrue the right to purchase shares
under all employee stock purchase plans of the Company and its subsidiaries at
a rate which exceeds twenty-five thousand dollars ($25,000) (or such other
maximum as may be prescribed from time to time by the Code) in the fair market
value of such shares (determined at the time such right is granted) for each
calendar year in which such right is outstanding at any time, as required by
the provisions of Section 423(b)(8) of the Code.

                         (b)          No
Offering Grant, when aggregated with rights granted under any other Offering
still exercisable by the participating employee, may permit any participating
employee to apply more than fifteen percent (15%) of the employee’s annual rate
of compensation on the date the employee elects to participate in the Offering
to the purchase of Shares.

          11.          Participation.

          Participation
in an Offering shall be limited to eligible employees who elect to participate
in such Offering in the manner, and within the time limitations, established by
the Administrator when it authorizes the Offering.  An employee’s election to participate in an Offering shall
constitute an election to participate in all subsequent Offerings, unless and
until such employee cancels his or her election to participate, as provided in
Section 12.  Participants are required
to hold the Shares purchased in each Offering for at least one year. 

          12.          Cancellation
of Election to Participate.

          An employee
who has elected to participate in an Offering may cancel such election as to
all (but not part) of the unexercised rights granted under such Offering by
giving written notice of such cancellation to the Company before the Exercise
Date for the Offering Period.  Any
amounts paid by the employee or withheld from the employee’s compensation
through payroll deductions for the purchase of Shares in such Offering shall be
paid to the employee, without interest, upon such cancellation.

          13.          Termination
of Employment.

          Upon the
termination of an employee’s employment for any reason, including the death of
the employee, before any Exercise Date on which any rights granted to the
employee under the Plan are exercisable, all such rights shall immediately
terminate and amounts paid by the employee or withheld from the employee’s
compensation through payroll deductions for the purchase of Shares shall be
paid to the employee or, if the employee has died, to such beneficiary or
beneficiaries as the employee has designated in writing during his or her
lifetime to the Company, or if the employee has not made such a designation, to
his or her surviving spouse, or if none to the employee’s estate, without interest.

          14.          Employees’
Rights as Shareholders.

          No
participating employee shall have any rights as a shareholder in the Shares
covered by a right granted hereunder until such right has been exercised, full
payment has been made for the corresponding Shares.

104

Exhibit 10.18

          15.          Rights
Not Transferable.

          Rights
under the Plan are not assignable or transferable by a participating employee
and are exercisable only by such employee.

          16.          Amendments
to or Discontinuation of the Plan.

          The Board
of Directors of the Company shall have the right to amend, modify or terminate
the Plan at any time without notice; provided, however, that the then existing
rights of all participating employees in any pending Offering shall not be
adversely affected thereby, and provided further that, subject to the
provisions of Section 8 above, no such amendment to the Plan shall, without the
approval of the shareholders of the Company entitled to vote, increase the
total number of Shares which may be offered under the Plan or change the class
of persons eligible to participate in the Plan.

          17.          Effective
Date and Approvals.

          The Plan
originally became effective on October 17, 1986, the date on which the Board of
Directors adopted the Plan.  This
Restatement No. 10 shall become effective on January 18, 2004.  The Company’s obligation to offer, sell and
deliver its Shares under the Plan is subject to the approval of any
governmental authority required in connection with the authorized issuance or
sale of such Shares and is further subject to the Company receiving the opinion
of its counsel that all applicable securities laws have been compiled with.

          18.          Term
of Plan.

          No rights
shall be granted under the Plan after November 1, 2006.

105

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