Document:

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31

                                  EXHIBIT 10.21

                                EATON VANCE CORP.

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

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

         (b) The maximum term to maturity of the Note shall be seven years;
             provided, however, that the Note shall become immediately due and
             payable as of the date a Participant ceases to be employed by the
             Company for any reason other than age, disability or death.
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32

                            EXHIBIT 10.21 (CONTINUED)

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

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

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

33

                                  EXHIBIT 10.22

                                EATON VANCE CORP.
                           1999 RESTRICTED STOCK PLAN

      1. Definitions. As used in this Eaton Vance Corp. 1999 Restricted Stock
Plan the following terms shall have the following meaning:

         Affiliate means any corporation, partnership, limited liability
company, business trust or other entity controlling, controlled by or under
common control with the Company.

         Award means any grant or sale pursuant to the Plan of Restricted Stock.

         Award Agreement means an agreement between the Company and the
recipient of an Award, setting forth the terms and conditions of the Award.

          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. The Committee shall consist solely of two or more Directors of the
Company.

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

          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 Award is granted.

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

          Participant means any recipient of an Award.

          Plan means this 1999 Restricted Stock Plan, as amended or restated
from time to time.

          Qualified Performance-Based Award means an Award which the Committee
shall have designated at grant as intended to provide "performance-based
compensation" within the meaning of Code Section 162(m) or which, although not
so designated, the Committee believes provides "performance-based compensation"
as so defined and was granted to a person who is or the Committee determines is
reasonably likely to become a "covered employee" within the meaning of Code
Section 162(m).
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34

                            EXHIBIT 10.22 (CONTINUED)

         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).

         Restricted Stock means a grant or sale of Shares to a Participant
pursuant to this Plan which Shares are subject to a Risk of Forfeiture.

         Restriction Period means the period of time during which any grant or
sale of Restricted Stock, or portion thereof, remains subject to a Risk of
Forfeiture, as described in Section 8(d) and the applicable Award Agreement.

         Risk of Forfeiture means a limitation on the right of the Participant
to retain an Award of Shares, including a right in the Company to reacquire the
Shares at less than their then Market Value, arising because of the occurrence
or non-occurrence of specified events or conditions.

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

         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.

      2. Purpose. The purpose of the Plan is to advance the interests of the
Company by strengthening the ability of the Company and its Affiliates to
attract, retain and motivate key 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.

      3. Effective Date. The Plan is effective on October 13, 1999, the date it
was adopted by the Board, but subject to its eventual approval by the voting
stockholders of the Company. Awards granted prior to receipt of stockholder
approval are expressly conditioned upon voting stockholder approval, and shall
be void ab initio in the event such approval is not obtained within twelve (12)
months of October 13, 1999.

      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 Awards under the
Plan shall be 500,000. No Award may be granted if the number of Shares to which
such Award 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).
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35
                            EXHIBIT 10.22 (CONTINUED)

         (b) Manner of Counting Shares. If any Shares subject to an Award are
forfeited, canceled, exchanged, or surrendered or such Award is settled in cash
or otherwise terminates without the Participant's retention of the Shares
covered by the Award, including (i) the number of Shares withheld in payment of
any tax obligation relating to the grant of such Award and (ii) the number of
Shares equal to the number surrendered in payment of any tax obligation relating
to the lapse of the Restriction Period applicable to an Award, such number of
Shares will again be available for Awards under the Plan. The Committee may make
determinations and adopt regulations for the counting of Shares relating to any
Award to ensure appropriate counting, avoid double counting (in the case of a
substitute Award), 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 Award.

         (c) Type of Shares Distributable. Any Shares of Restricted Stock
delivered 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, then the Committee shall make such
equitable changes or adjustments as it deems appropriate and, in such manner as
it may deem equitable, adjust (i) any or all of the number and kind of Shares
which may thereafter be issued in connection with Awards and (ii) where the Risk
of Forfeiture applicable to any then outstanding Restricted Stock is a right to
repurchase such Restricted Stock, the price at which the Company may repurchase
such Restricted Stock. 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, Awards 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 Affiliate 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, an
Affiliate, or business unit thereof, performance of comparable organizations,
economic and business conditions, personal performance of a Participant, and any
other circumstances deemed relevant; provided that, unless otherwise determined
by the Committee, no such adjustment shall be made in respect of a Qualified
Performance-Based Award if and to the extent that such adjustment would cause
such Qualified Performance-Based Award to provide other than "performance-based
compensation" within the meaning of Code Section 162(m).

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

             (i) to select key employees of the Company or any of its Affiliates
(including directors who are such employees) to whom Awards may be granted;

             (ii) to determine the number of Shares of Restricted Stock to be
granted to key employees, the terms and conditions of any Award granted
(including the Restriction Period and the conditions relating to transferability
and the applicable Risk of Forfeiture, and waivers or accelerations thereof,
based in each case on such considerations as the Committee shall determine), and
all other matters to be determined in connection with any Award granted to a key
employee; Exhibit 10.22 (continued)

             (iii) to determine the form, terms and conditions of each Award
Agreement;
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36

                            EXHIBIT 10.22 (CONTINUED)

             (iv) 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;

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

             (vi) 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.

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 Participants 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 Award to be granted to a key employee who is then subject to
Section 16 of the Exchange Act in respect of the Company, or relating to a
Qualified Performance-Based Award, 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 not a 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, Affiliates, Participants, any person claiming any rights under the
Plan from or through any Participant, 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 Affiliate 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 Participant 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
Affiliate, 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.
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                            EXHIBIT 10.22 (CONTINUED)

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
Awards may be granted thereafter.

7. Authorization and Eligibility. Pursuant and subject to the terms of this
Plan, the Committee may grant from time to time and at any time prior to the
termination of the Plan one or more Awards to any employee of one or more of the
Company and its Affiliates (including any director who is such an employee). No
employee shall have any claim to be granted an Award under the Plan, however,
and there is no obligation for uniformity of treatment of employees. Further, no
employee shall be granted Awards covering more than 100,000 Shares (subject to
adjustment as provided in Section 4(d)) in any fiscal year of the Company.

8. Terms and Conditions Applicable to All Awards.

         (a) Purchase Price. Shares of Restricted Stock shall be issued under
the Plan for such consideration, in cash, other property or services, as is
determined by the Committee.

         (b) Issuance of Certificates. Each Participant receiving an Award of
Restricted Stock, subject to subsection (c) below, shall be issued a stock
certificate in respect of such shares of Restricted Stock. Such certificate
shall be registered in the name of such Participant, and, if applicable, shall
bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Award substantially in the following form:

         The transferability of this certificate and the shares represented by
         this certificate are subject to the terms and conditions (including,
         without limitation, the right of Eaton Vance Corp. to repurchase the
         shares) of the Eaton Vance Corp. 1999 Restricted Stock Plan and an
         Award Agreement entered into by the registered owner and Eaton Vance
         Corp. Copies of such Plan and Agreement are on file in the offices of
         Eaton Vance Corp.

         (c) Escrow of Shares. The Committee may require that the stock
certificates evidencing shares of Restricted Stock be held in custody by a
designated escrow agent (which may but need not be the Company) until the
restrictions thereon shall have lapsed, and that the Participant deliver a stock
power, endorsed in blank, relating to the Shares covered by such Award.

         (d) Restrictions and Restriction Period. During the period or periods
established by the Committee and set forth in the Award Agreement, i.e., the
Restriction Period, each Award of Restricted Stock shall be subject to
limitations on transferability and a Risk of Forfeiture (which may take the form
of a right of the Company to repurchase the Restricted Stock for such
consideration, if any, as the Committee shall have determined at grant) arising
on the basis of such conditions related to the continuation of employment or the
attainment of performance goals or otherwise as the Committee may determine. Any
such Risk of Forfeiture may be waived, or the Restriction Period shortened, at
any time by the Committee on such basis as it deems appropriate.

         (e) Rights Pending Lapse of Risk of Forfeiture. Except as otherwise
provided in the Plan, at all times prior to lapse of the Risk of Forfeiture
applicable to, or forfeiture or repurchase of, an Award of Restricted Stock, the
Participant shall have all of the rights of a stockholder of the Company as to
such Shares, including the right to receive any dividends paid with respect to
the Shares. The Committee, as determined at the time of an Award, may permit or
require the payment of cash dividends to be deferred and, if the Committee so
determines, reinvested in additional Restricted Stock to the extent Shares are
available under Section 4.
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38
                            EXHIBIT 10.22 (CONTINUED)

         (f) Effect of Termination of Employment or Association. Unless
otherwise determined by the Committee at or after grant and subject to the
applicable provisions of the Award Agreement, upon termination of a
Participant's employment or other association with the Company and its
Affiliates for any reason during the Restriction Period, all shares of
Restricted Stock still subject to Risk of Forfeiture shall be forfeited or
subject to repurchase; provided, however, that military or sick leave shall not
be deemed a termination of employment or other association, if it does not
exceed the longer of ninety (90) days or the period during which the absent
Participant's reemployment rights, if any, are guaranteed by statute or by
contract.

         (g) Lapse of Restrictions. Subject to Section 11 below (relating to
satisfaction of withholding obligations), if and when the Risk of Forfeiture
expires without a prior forfeiture of the Restricted Stock, the certificates for
such shares shall be delivered to the Participant promptly if not theretofore so
delivered.

         (h) Non-Transferability. No Award shall be transferable by the
Participant otherwise than by will or the laws of descent and distribution.

         (i) Buyouts. The Committee or its delegate may at any time offer to buy
out any outstanding Award for a payment in cash, Shares or other property based
on such terms and conditions as the Committee shall determine.

      9. Awards to Participants Outside the United States. The Committee may
modify the terms of any Award under the Plan granted to a Participant who is, at
the time of grant or during the term of the Award, 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 Award shall conform to laws,
regulations, and customs of the country in which the Participant is then
resident or primarily employed, or so that the value and other benefits of the
Award to the Participant, as affected by foreign tax laws and other restrictions
applicable as a result of the Participant's residence or employment abroad,
shall be comparable to the value of such an Award to a Participant who is
resident or primarily employed in the United States. An Award may be modified
under this Section 9 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.

      10. Additional Requirements of Qualified Performance-Based Awards. In
addition to or in lieu of a Risk of Forfeiture based on the provisions of
Section 8(d) above, the retention of any Qualified Performance-Based Award shall
be contingent upon achievement of a pre-established performance goal or goals
and other terms set forth in this Section 10.

         (a) Performance Goals Generally. The performance goals for such Award
shall include one or more business criteria and may (but need not) include a
targeted level or levels of performance with respect to each such criterion, as
specified by the Committee consistent with this Section 10, which level may also
be expressed in terms of a specified increase or decrease in the particular
criteria compared to a past period. Performance goals shall be objective and
shall otherwise meet the requirements of Code Section 162(m), including the
requirement that the outcome of performance goals be "substantially uncertain"
at the time established. The Committee may determine that such Award shall be
granted upon achievement of any one performance goal or that two or more of the
performance goals must be attained as a condition to vesting or delivery of
Shares or retention or non-forfeiture of such Award. Performance goals may
differ for separate Awards granted to any one Participant or to different
Participants, and may be different for performance periods.
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39
                            EXHIBIT 10.22 (CONTINUED)

         (b) Business Criteria. One or more of the following business criteria
for the Company, on a consolidated basis, and/or for specified subsidiaries,
Affiliates, business units, funds or ventures of the Company (except with
respect to the total stockholder return and earnings per share criteria), shall
be used by the Committee in establishing performance goals for such Award: (1)
earnings per share; (2) revenues; (3) cash flow; (4) cash flow return on
investment; (5) return on assets, return on investment, return on capital, or
return on equity; (6) identification and/or consummation of investment
opportunities or completion of specified projects in accordance with corporate
business plans; (7) operating margin; (8) net income, net operating income,
pretax earnings, pretax earnings before interest and depreciation and
amortization, pretax operating earnings after interest expense and before
incentives and service fees and extraordinary or special items, or operating
earnings; (9) total stockholder return; (10) commissions paid or payable to
certain marketing personnel which are subjected to the Participant's customary
override commissions; (11) any of the above goals as compared to the performance
of a published or special index deemed applicable by the Committee including,
but not limited to, the Standard & Poor's 500 Stock Index or other indexes or
groups of comparable companies referenced in the Company's annual report on Form
10-K in respect to Item 401(l) of Regulation S-K; (12) new exchange fund assets
acquired during a performance period; (13) the value of all financial assets
resulting from an extraordinary acquisition of assets; and (14) the performance
of one or more of the Eaton Vance funds as compared to a peer group or index or
other benchmark deemed applicable by the Committee. The specific performance
goal or goals established by the Committee with respect to such Award or the
terms of the Award Agreement shall be subject to adjustment by the Committee for
any change in law, regulations and interpretations occurring after the grant
date of the Award so as to enable all compensation to a Covered Employee
attributable to the Award to constitute "performance-based compensation" within
the meaning of Code Section 162(m).

         (c) Timing For Establishing Performance Goals. Achievement of
performance goals in respect of such Award shall be measured over the applicable
performance period. Performance goals shall be established not later than 90
days after the beginning of any performance period applicable to such Award, or
at such other date as may be required or permitted for "performance-based
compensation" under Code Section 162(m).

         (d) Special Definitions. For purposes of this Section: "performance
period" means the period over which an applicable performance goal or goals must
be met; "extraordinary acquisition of assets" means an unusual or nonrecurring
event affecting the Company or any Affiliate, or any business division or unit
or the financial statements of the Company or any Affiliate, involving the
acquisition of new financial assets to be managed or administered for advisory
or other fees by any Affiliate or any business division or unit, such as the
acquisition of investment companies or partnerships (or their assets) previously
managed by other persons, the acquisition of other investment advisory or
management firms (or their assets) or the formation of joint ventures,
partnerships or similar entities with other firms, provided that such fees shall
be based upon such assets and payable to the Affiliate or business division or
unit upon consummation of the transaction (but the formation of new investment
companies or partnerships by the Company or any Affiliate or the acquisition of
new private accounts to be managed by the Company or any Affiliate in the
ordinary course of its business shall not constitute an extraordinary
acquisition of assets); and "new exchange fund assets" means all financial
assets acquired during a performance period resulting from the private offering
of shares or units of one or more exchange funds offered and managed by any
Affiliate or Affiliates of the Company, including all qualifying assets acquired
by an exchange fund during a performance period to ensure the nontaxability of
the exchange of contributed securities for shares or units of the fund (with all
financial assets acquired by an exchange fund during a performance period valued
as at the close of business on the exchange date, using the valuation of such
assets employed by the fund at such date).
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40
                            EXHIBIT 10.22 (CONTINUED)

      11. Withholding Taxes, Delivery of Shares. Each Award, and the Company's
(and any escrow holder's) obligation to deliver Shares at any time at or after
the grant of an Award, shall be subject to the Participant's satisfaction of all
applicable federal, state and local income and employment tax withholding
obligations which may at grant or thereafter from time to time arise. The
Participant may satisfy the obligations by electing (a) to make a cash payment
to the Company, or (b) if authorized by the Committee in the Award Agreement, to
have the Company withhold Shares with a value equal to the minimum amount
required to be withheld, or (c) if authorized by the Committee in the Award
Agreement, to deliver to the Company Shares owned by the Participant for at
least six (6) months with a value equal to the minimum 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 Participant'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 withholding 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
that no such termination or amendment shall adversely affect or impair any then
outstanding Award without the consent of the Participant holding that Award.

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

This Award shall be fully and immediately vested, and the Shares covered hereby
no longer subject to any restriction or forfeiture, upon the occurrence of a
Change of Control of the Company; provided, however, that if this Award is a
Qualified Performance-Based Award, there shall be no such full vesting unless
and until the earlier of (A) the attainment of the performance goal or goals set
forth in the Award Agreement or (B) when the Participant is no longer a "covered
employee" within the meaning of Code Section 162(m). 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
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
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41
                            EXHIBIT 10.22 (CONTINUED)

         (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 Award 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 won 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.

 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 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.
<PAGE>
42
                            EXHIBIT 10.22 (CONTINUED)

         (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 of Awards thereunder, and the other obligations of the Company under
the Plan and any Award 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 Award 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
Participant 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 Code Section 162(m) and Rule 16b-3. If any
provision of the Plan or any Award Agreement relating to a Qualified
Performance-Based Award or to 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 Rule l6b-3, such provision shall be construed or deemed to be amended or to
be null and void to the extent necessary to conform to such requirements. The
foregoing shall not apply in the event of any noncompliance or inconsistency
between a provision of an Award Agreement relating to a Qualified
Performance-Based Award and the requirements of Code Section 162(m) if the Award
Agreement expressly so provides.

         (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 Affiliates, nor shall it
interfere in any way with the right of the Company or any of its Affiliates to
terminate any employee's employment at any time.

         (d) 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 other incentive arrangements as it may deem desirable, including the
granting of restricted stock, stock options and other awards otherwise than
under the Plan, and such arrangements may be either applicable generally or only
in specific cases.

         (e) Governing Law. The validity, construction, and effect of the Plan,
any rules and regulations relating to the Plan, and any Award 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.

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