Document:

<PAGE>

                                                                  Exhibit 10.1.3

                                SECOND AMENDMENT

                            dated as of July 26, 2002

                                       to

                                 $1,000,000,000

                                CREDIT AGREEMENT

                                   dated as of

                           August 3, 2000, as amended,

                                      among

                      John Hancock Financial Services, Inc.

                      John Hancock Life Insurance Company,

                            The Banks Listed Herein,

                              Fleet National Bank,
                           as Co-Administrative Agent,

                              JPMorgan Chase Bank,
                           as Co-Administrative Agent,

                               Citicorp USA, Inc.,
                              as Syndication Agent,

                              The Bank of New York,
                  as Co-Documentation Agent (364-Day Revolver),

                                       and

                            The Bank of Nova Scotia,
                  as Co-Documentation Agent (364-Day Revolver)

                             Fleet Securities, Inc.,
                                       and
                           J.P. Morgan Securities Inc.
                                       as
                   Joint Bookrunners and Joint Lead Arrangers

<PAGE>

                      SECOND AMENDMENT TO CREDIT AGREEMENT

          SECOND AMENDMENT TO CREDIT AGREEMENT ("Second Amendment") dated as of
July 26, 2002, among JOHN HANCOCK FINANCIAL SERVICES, INC. ("JHFS"), JOHN
HANCOCK LIFE INSURANCE COMPANY ("JHLIC" and, collectively with JHFS, the
"Borrowers"), the BANKS listed on the signature pages hereof, FLEET NATIONAL
BANK, as co-administrative agent, and JPMORGAN CHASE BANK (f/k/a The Chase
Manhattan Bank), as co-administrative agent.

          WHEREAS, the Borrowers, John Hancock Capital Corporation ("JHCC"), the
Banks, and the Agent entered into to a Credit Agreement dated as of August 3,
2000 ("Original Credit Agreement") pursuant to which the Banks agreed, on the
terms and conditions stated therein, to extend credit to the Borrowers and JHCC
pursuant to a 364-Day Revolving Credit Facility ("364-Day Revolver") and a
Multi-Year Revolving Credit Facility ("Multi-Year Revolver");

          WHEREAS, the Borrowers, the Banks, and the Agent entered into a First
Amendment to Credit Agreement dated as of July 27, 2001 ("First Amendment")
pursuant to which the parties made certain amendments to the Original Credit
Agreement (as so amended, the "First Amended Credit Agreement") so as, among
other things, (i) to acknowledge the termination of JHCC as a Borrower
thereunder, (ii) to renew the 364-Day Revolver for an additional 364-day period
commencing on the date of the First Amendment, (iii) to reallocate the 364-Day
Commitment of BankOne, NA (Main Office Chicago), (iv) to clarify the Borrowers'
reporting obligations concerning their financial covenants, and (v) to eliminate
commercial paper ratings as a basis for determining pricing with respect to the
364-Day Revolver;

          WHEREAS, the Borrowers have requested that the Banks make certain
further amendments to the First Amended Credit Agreement so as, among other
things, (i) to renew the 364-Day Revolver for an additional 364-day period
commencing on the date of the Second Amendment, (ii) to amend the pricing for
the 364-Day Revolver to include a premium of 15 basis points in the event the
Borrowers exercise the one-year term-out option thereunder, (iii) to eliminate
the Adjusted Statutory Surplus covenant and JHLIC's reporting obligations with
respect thereto and to amend the remaining financial covenants applicable to
both the 364-Day Revolver and the Multi-Year Revolver, (iv) to amend the
conditions for optional increases in the aggregate Commitments under the 364-Day
Revolver or the Multi-Year Revolver, and (v) to reallocate the 364-Day
Commitments of Lehman Commercial Paper, Inc., The Northern Trust Company, and
Westdeutsche Landesbank Gerozentrale, New York Branch (each an "Exiting Bank"
and, collectively, the "Exiting Banks"); and

          WHEREAS, the Banks are willing to make such amendments on the terms
and conditions set forth in this Second Amendment;

                                       -1-

<PAGE>

          NOW, THEREFORE, in consideration of the premises and for other good
and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

            1. Definitions. All capitalized terms used but not defined herein
        shall have the same meanings herein as such terms have in the First
        Amended Credit Agreement.

     2.   Amendments to First Amended Credit Agreement. Upon the terms and
subject to the conditions of this Second Amendment, the First Amended Credit
Agreement is hereby amended in each of the following respects:

          (a)  The definition of "Expiration" in Section 1.01 of the First
     Amended Credit Agreement is amended to read in its entirety as follows:

               ""Expiration" means, with respect to the 364-Day Revolver, the
     364th day after the Second Amendment Effective Date or, if extended in
     accordance with Section 2.06(b), the 364th day after the immediately
     preceding Expiration."

          (b)  The definition of "364-Day Termination Date" in Section 1.01 of
     the First Amended Credit Agreement is amended to read in its entirety as
     follows:

               ""364-Day Termination Date" means the 364th day after the Second
     Amendment Effective Date, or if the maturity of the 364-Day Revolver shall
     have been extended pursuant to Section 2.06(b) hereof, the 364th day after
     the immediately preceding Expiration."

          (c)  The definition of "Permitted Collateralization Obligation" in
     Section 1.01 of the First Amended Credit Agreement is amended to read in
     its entirety as follows:

               ""Permitted Collateralization Obligation" means any obligation
     relating to REMICs, pass-through obligations, collateralized mortgage
     obligations, collateralized bond obligations or similar instruments, except
     an obligation of JHFS, JHLIC or any Subsidiary (excluding any Subsidiary
     that is the issuer of the REMIC, pass-through obligation, collateralized
     mortgage obligation, collateralized bond obligation or similar instrument)
     to the extent that such obligation requires a cash payment by JHFS, JHLIC
     or such Subsidiary, recourse for the payment of which is not limited to
     specific assets of JHFS, JHLIC or such Subsidiary (excluding any obligation
     of JHFS, JHLIC or such Subsidiary (i) to make advances in connection with
     the servicing of such REMIC, pass-through obligation, collateralized
     mortgage obligation, collateralized bond obligation or similar instrument,
     (ii) to repurchase collateral, or (iii) to provide indemnification for
     certain liabilities arising from misrepresentations in and omissions of
     material facts from offering materials for such obligations so long as
     claims for such misrepresentations or omissions remain inchoate and
     unasserted)."

                                       -2-

<PAGE>

          (d)  Section 1.01 of the First Amended Credit Agreement is amended by
     inserting the following new definitions:

               ""Second Amendment" means the Second Amendment to Credit
     Agreement dated as of July 26, 2002."

               ""Second Amendment Effective Date" means the date on which the
     Second Amendment becomes effective in accordance with Section 5 thereof."

          (e)  The last sentence of Section 2.06(a) of the First Amended Credit
     Agreement is amended to read in its entirety as follows:

               "If the Borrowers choose the first anniversary of the last
     Expiration of the 364-Day Revolver as the Final Maturity Date, (x) no
     additional Borrowings shall be permitted under the 364-Day Revolver between
     such Expiration and the Final Maturity Date, and (y) with respect to all
     principal amounts outstanding under the 364-Day Revolver, the applicable
     interest rate shall be determined as otherwise provided herein plus a
     premium of 15 basis points until the earlier of payment in full or the
     Final Maturity Date."

          (f)  Section 2.09A(c)(iii) of the First Amended Credit Agreement is
     amended to read in its entirety as follows:

               "(iii)  on the Increased Commitment Date, JHFS's senior unsecured
     long-term debt ratings from S&P and Moody's are at least A and A3,
     respectively, and JHLIC's financial strength ratings from S&P and Moody's
     are at least AA and Aa3, respectively."

          (g)  Section 5.01(e) of the First Amended Credit Agreement is deleted
     in its entirety.

          (h)  Section 5.08 of the First Amended Credit Agreement is deleted in
     its entirety.

          (i)  Section 5.08A of the First Amended Credit Agreement is amended to
     read in its entirety as follows:

               "SECTION 5.08A. Shareholders' Equity. JHFS will not, at any time,
     permit GAAP total shareholders' equity as would be or is shown on JHFS'
     consolidated balance sheet as of such time prepared in accordance with GAAP
     (after excluding unrealized appreciation and depreciation on certain
     investments pursuant to FAS 115) to be less than $4,000,000,000."

          (j)  Section 5.09 of the First Amended Credit Agreement is amended to
     read in its entirety as follows:

                                       -3-

<PAGE>

               "SECTION 5.09. Capitalization Ratio. JHFS will not, at any time,
     permit the ratio of (a) total GAAP short- and long-term debt to (b) GAAP
     total shareholders' equity (after excluding unrealized appreciation and
     depreciation on certain investments pursuant to FAS 115) plus total GAAP
     short- and long-term debt, in each case as would be or is shown on JHFS'
     consolidated balance sheet as of such time prepared in accordance with
     GAAP, to be greater than 0.40:1:00; provided, that for purposes of
     calculating total GAAP short- and long-term debt, the following shall not
     be included: (w) obligations for which recourse for payment is limited to
     specified assets of such Person, (x) Permitted Collateralization
     Obligations, (y) obligations of a Person which is an insurance company (1)
     which arise in connection with policies or contracts of insurance, funding
     agreements and other similar contracts entered into in the ordinary conduct
     of such Person's insurance business or (2) to the extent that recourse for
     the payment of such obligations is limited to assets held in separate
     accounts of such Person, and (z) obligations issued under the John Hancock
     Life Insurance Company SignatureNotes(sm) program as from time to time in
     effect."

          (k)  Exhibit L to the First Amended Credit Agreement is amended to
     read in its entirety as set forth in Exhibit L attached hereto.

     3.   Amendments to 364-Day Revolver Notes. Each of the 364-Day Revolver
Notes (other than the Exiting Bank Notes (as defined below)) is amended by
changing the date at the top of such note to the date of the Second Amendment
Effective Date.

     4.   Amendments to 364-Day Commitments. The 364-Day Commitment of each
Exiting Bank under the 364-Day Revolver is hereby terminated as of the Second
Amendment Effective Date, and each Exiting Bank is hereby released from its
obligations under the First Amended Credit Agreement with respect to the 364-Day
Revolver (but not with respect to the Multi-Year Revolver) as of the Second
Amendment Effective Date. From and after the Second Amendment Effective Date,
the 364-Day Commitments shall be allocated among the Banks as reflected on the
signature pages hereof under the heading "364-Day Commitments."

     5.   Conditions Precedent. The amendments and agreements set forth in
Sections 2, 3, and 4 above shall become effective only upon the satisfaction of
the following conditions:

          (a)  receipt by the Agent of counterparts hereof signed by each of the
     parties hereto (or, in the case of any party as to which an executed
     counterpart shall not have been received, receipt by the Agent in form
     satisfactory to it of telegraphic, telex or other written confirmation from
     such party of the execution and delivery of a counterpart hereof by such
     party);

          (b)  receipt by the Agent of each Exiting Bank's 364-Day Revolver
     Notes (the "Exiting Bank Notes") for cancellation, and receipt by the
     Borrowers of the Exiting Bank Notes marked "Canceled" by the Agent;
     provided, that if any Exiting Bank shall be unable to produce one or more
     of its original Notes for cancellation, such Exiting Bank shall have
     delivered, and the Agent and Borrowers shall have received, an affidavit of
     an officer of such Exiting Bank as to the loss, theft, destruction or
     mutilation of such Note(s)

                                       -4-

<PAGE>

     and certifying that such Note(s) are satisfied in full and are to be
     canceled by the Agent, and such Exiting Bank's unsecured agreement of
     indemnity concerning any claim under such canceled Note(s);

          (c)  the fact that all amounts payable by the Borrowers on or before
     the Second Amendment Effective Date (including the fees then payable, if
     any, pursuant to Section 2.08 of the First Amended Credit Agreement) shall
     have been paid in full;

          (d)  receipt by the Agent of an opinion of Alan R. Seghezzi, Vice
     President and Counsel of JHLIC, addressed to the Agent and the Banks, in
     form and substance satisfactory to the Agent;

          (e)  receipt by the Agent of an opinion of Goulston & Storrs, P.C.,
     special counsel for the Agent, addressed to the Agent and the Banks, in
     form and substance satisfactory to the Agent; and

          (f)  receipt by the Agent of all documents it may reasonably request
     relating to the existence of each Borrower, the corporate authority for and
     the validity of this Second Amendment, and any other matters relevant
     hereto, all in form and substance satisfactory to the Agent;

provided that this Second Amendment shall not become effective or be binding on
any party hereto unless all of the foregoing conditions are satisfied not later
than July 26, 2002. At the closing, the Agent or its counsel shall deliver a
notice to the Borrowers and the Banks advising them of the Second Amendment
Effective Date, and such notice shall be conclusive and binding on all parties
hereto.

     6.   Representations and Warranties. Each Borrower severally represents and
warrants, but only with respect to itself, that:

          (a)  Representations in First Amended Credit Agreement. Each of the
     representations and warranties made by such Borrower in the First Amended
     Credit Agreement is true, correct and complete on and as of the date hereof
     with the same full force and effect as if each of such representations and
     warranties had been made by the Borrower on the date hereof and in this
     Second Amendment (except to the extent such representations and warranties
     expressly relate to an earlier date).

          (b)  No Defaults or Events of Default. No Default or Event of Default
     exists on the date of this Second Amendment (after giving effect to all of
     the arrangements and transactions contemplated by this Second Amendment).

          (c)  Binding Effect of Documents. This Second Amendment has been duly
     authorized, executed and delivered by such Borrower and is in full force
     and effect as of the date hereof, and the agreements and obligations of
     such Borrower contained herein constitute the legal, valid, and binding
     obligations of such Borrower enforceable against such Borrower in
     accordance with its terms.

                                       -5-

<PAGE>

     7.   Miscellaneous. This Second Amendment may be executed in any number of
counterparts, each of which when executed and delivered shall be deemed an
original, but all of which together shall constitute one instrument. In making
proof of this Second Amendment, it shall not be necessary to produce or account
for more than one counterpart thereof signed by each of the parties hereto.
Except to the extent specifically amended and supplemented hereby, all of the
terms, conditions and provisions of the First Amended Credit Agreement and the
Notes shall remain unmodified, and the First Amended Credit Agreement and the
Notes, as amended and supplemented by this Second Amendment, are confirmed as
being in full force and effect, and each Borrower hereby ratifies and confirms
all of its agreements and obligations contained therein. This Second Amendment
and the rights and obligations of each of the parties hereto shall be governed
by and interpreted in accordance with the laws of the Commonwealth of
Massachusetts without regard to conflicts of laws principles. This Second
Amendment shall be binding upon and inure to the benefit of each of the parties
hereto and their respective successors in title and assigns.

                         [Signatures begin on next page]

                                       -6-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to
be duly executed by their respective authorized officers as of the day and year
first above written.

JOHN HANCOCK FINANCIAL                     JOHN HANCOCK LIFE INSURANCE
SERVICES, INC                              COMPANY

By:    /s/ Gregory P. Winn                 By:    /s/ Gregory P. Winn
       -------------------------------            -------------------
Title: Vice President and Treasurer        Title: Vice President and Treasurer
       -------------------------------            ----------------------------

By:    /s/ Julie H. Indge                  By:    /s/ Julie H. Indge
       -------------------------------            ------------------
Title: Assistant Treasurer                 Title: Assistant Treasurer
       -------------------------------            -------------------

200 Clarendon Street, T-58                 200 Clarendon Street, T-58
Boston, Massachusetts  02117               Boston, Massachusetts 02117
Attention:  Treasurer                      Attention:  Treasurer
Fax:  (617) 572-0411                       Fax:  (617) 572-0411
Telex number: 62021772                     Telex number:     62021772
with a copy to:                            with a copy to:
John Hancock Financial Services, Inc.      John Hancock Financial Services, Inc.
200 Clarendon Street                       200 Clarendon Street
Boston, Massachusetts  02117               Boston, Massachusetts  02117
Attention:  Investment Law                 Attention:  Investment Law
Fax:  (617) 572-9269                       Fax:  (617) 572-9269

                                       -7-

<PAGE>

  364-Day             Multi-Year
Commitments          Commitments
-----------          -----------

$32,250,000          $80,000,000         FLEET NATIONAL BANK
                                         ("Co-Administrative Agent")

                                         By:  /s/ Lawrence C. Bigelow
                                            -------------------------------
                                         Title:  Managing Director
                                               ----------------------------

$32,250,000          $40,000,000         JPMORGAN CHASE BANK
                                         ("Co-Administrative Agent")

                                         By:  /s/ Heather Lindstrom
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$32,000,000          $40,000,000         CITICORP USA, INC.
                                         ("Syndication Agent")

                                         By:  /s/ David A. Dodge
                                            -------------------------------
                                         Title:  Managing Director
                                               ----------------------------

$32,000,000          $30,312,500         THE BANK OF NOVA SCOTIA
                                         ("Co-Documentation Agent" - 364-Day)

                                         By:  /s/ John W. Campbell
                                            -------------------------------
                                         Title:  Managing Director
                                               ----------------------------

$32,000,000          $10,000,000         THE BANK OF NEW YORK
                                         ("Co-Documentation Agent" - 364-Day)

                                         By:  /s/ Gary Overton
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$28,000,000          $30,312,500         BARCLAYS BANK PLC

                                         By:  /s/ Alison A. McGuigan
                                            -------------------------------
                                         Title:  Associate Director
                                               ----------------------------

<PAGE>

  364-Day            Multi-Year
Commitments         Commitments
-----------         -----------

$28,000,000         $30,312,500          BNP PARIBAS

                                         By:  /s/ Phil Truesdale
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

                                         By:  /s/ Laurent Vanderzyppe
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

$28,000,000         $30,312,500          CREDIT SUISSE FIRST BOSTON

                                         By: /s/ Jay Chall
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

                                         By:  /s/ Jeffrey Bernstein
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$28,000,000         $30,312,500          DEUTSCHE BANK AG, NEW YORK AND/OR
                                         CAYMAN ISLAND BRANCHES

                                         By:  /s/ John S. McGill
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

                                         By:  /s/ Clinton M. Johnson
                                            -------------------------------
                                         Title:  Managing Director
                                               ----------------------------

$28,000,000         $30,312,500          ROYAL BANK OF CANADA

                                         By:  /s/ Gabriella King
                                            -------------------------------
                                         Title:  Senior Manager
                                               ----------------------------

<PAGE>

  364-Day          Multi-Year
Commitments       Commitments
-----------       -----------

$28,000,000       $30,312,500            WACHOVIA BANK, N.A.

                                         By:  /s/ Lance P. Black
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

$24,500,000       $30,312,500            COMERICA BANK

                                         By:  /s/ Stacey V. Judd
                                            -------------------------------
                                         Title:  Account Officer
                                               ----------------------------

$24,500,000       $22,500,000            STATE STREET BANK AND TRUST COMPANY

                                         By:  /s/ Lise Anne Boutiette
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$         0       $22,500,000            WESTDEUTSCHE LANDESBANK GIROZENTRALE,
                                         NEW YORK BRANCH

                                         By:  /s/ Lillian Tung Lum
                                            -------------------------------
                                         Title:  Executive Director
                                               ----------------------------

                                         By:  /s/ Martin Clements
                                            -------------------------------
                                         Title: Director
                                               ----------------------------

$24,500,000       $22,500,000            BANK OF AMERICA, N.A.

                                         By: /s/ Mehul D. Mehta
                                            -------------------------------
                                         Title: Principal
                                               ----------------------------

<PAGE>

  364-Day          Multi-Year
Commitments       Commitments
-----------       -----------

$         0       $20,000,000            THE NORTHERN TRUST COMPANY

                                         By:  /s/ Marcia Saper
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$24,500,000       $         0            ABN AMRO BANK N.V.

                                         By:  /s/ Neil R. Stein
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

                                         By:  /s/ Michael DeMarco
                                            -------------------------------
                                         Title:  Corporate Banking Officer
                                               ----------------------------

$         0       $         0            LEHMAN COMMERCIAL PAPER INC.

                                         By:  /s/ Michele Swanson
                                            -------------------------------
                                         Title:  Authorized Signatory
                                               ----------------------------

$24,500,000       $         0            LEHMAN BROTHERS BANK, FSB

                                         By: /s/ Gary Taylor
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

$24,500,000       $         0            MORGAN STANLEY BANK

                                         By:  /s/ Jaap L. Tonckens
                                            -------------------------------
                                         Title:  Vice President
                                               ----------------------------

<PAGE>

  364-Day          Multi-Year
Commitments       Commitments
-----------       -----------

$24,500,000       $          0           HSBC BANK USA

                                         By:  /s/ Anthony C. Valencourt
                                            -------------------------------
                                         Title:  Head of Insurance
                                               ----------------------------

----------------  ------------------
Total 364-Day     Total Multi-Year
Commitments       Commitments

$500,000,000      $500,000,000

                       FLEET NATIONAL BANK, as Agent

                       By:  /s/ Lawrence C. Bigelow
                          -------------------------
                       Title: Managing Director, Financial Institutions Division
                       100 Federal Street
                       Boston, Massachusetts 02110
                       Attention:  Lawrence C. Bigelow
                       Fax:  (617) 434-1096

                       JPMORGAN CHASE BANK, as Agent

                       By:  /s/ Heather Lindstrom
                          -----------------------
                       Title:  Vice President
                       270 Park Avenue, 15/th/ Floor
                       New York, New York 10017
                       Attention:  Heather Lindstrom
                       Fax:  (212) 270-0412

<PAGE>

                                                                       EXHIBIT L

<TABLE>
<CAPTION>
Senior Unsecured Long Term Debt Ratings - 364-Day Revolver
--------------------------------------------------------------------------------------------------------------------------
                                          Facility        Applicable       Drawn Cost       Applicable
                   S & P or Moody's      Fee (bps.)      Euro-Dollar     (***50% usage)        Usage           All-In
 Rating Level           Rating                          Margin (bps.)        (bps.)         Fee (bps.)       Drawn Cost
--------------------------------------------------------------------------------------------------------------------------
<S>                <C>                   <C>            <C>               <C>               <C>              <C>
 I                     ****AAA/****Aaa      4.0              13.5             17.5              5.0             22.5
--------------------------------------------------------------------------------------------------------------------------
 II                    ****AA-/****Aa3      5.0              15.0             20.0              5.0             25.0
--------------------------------------------------------------------------------------------------------------------------
 III                   ****A+/****A1        6.0              19.0             25.0              5.0             30.0
--------------------------------------------------------------------------------------------------------------------------
 IV                       *A+/*A1           7.0              23.0             30.0              5.0             35.0
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>

Senior Unsecured Long Term Debt Ratings - Multi-Year Revolver
--------------------------------------------------------------------------------------------------------------------------
                                          Facility        Applicable       Drawn Cost       Applicable
                   S & P or Moody's      Fee (bps.)      Euro-Dollar     (***50% usage)        Usage           All-In
 Rating Level           Rating                          Margin (bps.)        (bps.)         Fee (bps.)       Drawn Cost
--------------------------------------------------------------------------------------------------------------------------
<S>                <C>                   <C>            <C>               <C>               <C>              <C>
 I                    ****AAA/****Aaa       6.0              11.5             17.5              5.0             22.5
--------------------------------------------------------------------------------------------------------------------------
 II                   ****AA-/****Aa3       7.0              13.0             20.0              5.0             25.0
--------------------------------------------------------------------------------------------------------------------------
 III                   ****A+/****A1        8.0              17.0             25.0              5.0             30.0
--------------------------------------------------------------------------------------------------------------------------
 IV                       *A+/*A1           9.0              21.0             30.0              5.0             35.0
--------------------------------------------------------------------------------------------------------------------------

<CAPTION>

Commercial Paper Ratings - Multi-Year Revolver
---------------------------------------------------------------------------------------------------------------------------
                                          Facility         Applicable       Drawn Cost       Applicable
                   S & P or Moody's      Fee (bps.)       Euro-Dollar     (***50% usage)        Usage           All-In
 Rating Level           Rating                           Margin (bps.)        (bps.)         Fee (bps.)       Drawn Cost
---------------------------------------------------------------------------------------------------------------------------
<S>               <C>                    <C>             <C>               <C>               <C>              <C>
 I                A-1+/P-1                   7.0              10.5             17.5              5.0             22.5
---------------------------------------------------------------------------------------------------------------------------
 II               A-1/P-1                    7.0              18.0             25.0              5.0             30.0
---------------------------------------------------------------------------------------------------------------------------
 III              A-2/P-2                   10.0              25.0             35.0             10.0             45.0
---------------------------------------------------------------------------------------------------------------------------
 IV               *A-2/*P-2                 15.0              35.0             50.0             12.5             62.5
---------------------------------------------------------------------------------------------------------------------------
</TABLE>

*    Less than
***  less than or equal to
**** Greater than or equal to

The Rating Level of each Eligible Borrower shall be determined as follows: (a)
with respect to the 364-Day Revolver, the highest senior unsecured long term
debt rating of such Eligible Borrower as provided by S&P or Moody's, and (b)
with respect to the Multi-Year Revolver, (i) if S&P and/or Moody's has assigned
a rating to the senior unsecured long term debt of such Eligible Borrower, the
highest of such ratings, or (ii) if neither S&P nor Moody's has assigned a
rating to the senior unsecured debt of such Eligible Borrower, then the highest
short term Commercial Paper rating of such Eligible Borrower as provided by S&P
or Moody's.

Applicable Euro-Dollar Margins shall be determined first according to the
Ratings Level of the Eligible Borrower making the borrowing.

The Applicable Usage Fee shall be determined by Rating Level of the Eligible
Borrower which yields the highest Applicable Usage Fee. The Applicable Usage Fee
shall apply only to Euro-Dollar Loans.

The Facility Fee shall be determined by the Rating Level of the Eligible
Borrower which yields the highest Facility Fee.

If the Borrowers exercise the one-year term-out-option with respect to Committed
Loans under the 364-Day Revolver, a premium of 15 basis points will be added to
the drawn cost thereunder.

                                      L-1<PAGE>

                                                                Exhibit 10.2.3.1

                         EXECUTIVE EMPLOYMENT AGREEMENT

      THIS EXECUTIVE EMPLOYMENT AGREEMENT (the "Agreement"), is made as of the
10th day of March, 2003 by and among John Hancock Life Insurance Company, a
Massachusetts corporation ("JHLI"), John Hancock Financial Services, Inc., a
Delaware corporation ("JHFS," and together with JHLI, the "Company"), and David
D'Alessandro ("Executive").

                              W I T N E S S E T H

WHEREAS, the Company desires to employ Executive and Executive desires to be
employed by the Company in accordance with the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties agree as follows:

1.    Definitions.

(a)   "Accrued Obligations" shall have the meaning set forth in Section 6(a)(i).

(b)   "Affiliate" shall mean any corporation, partnership, limited liability
company, trust or other entity which, directly or indirectly, through one or
more intermediaries, controls, or is controlled by, the Company. (c) "Base
Salary" shall mean the annual salary provided for in Section 4(a) below or any
increased salary granted to Executive pursuant to Section 4(a).

(d)   "Board" shall mean the Board of Directors of the Company.

(e)   "Cause" shall mean:

(i)   Executive's conviction or plea of nolo contendere to a felony related to
fraud or dishonesty; or

(ii)  in carrying out his duties, Executive (A) engages in conduct that
constitutes gross neglect or gross misconduct, (B) commits any material breach
of this Agreement, (C) engages in conduct that constitutes a material violation
of applicable Company rules or policies, which amounts to gross neglect or gross
misconduct, or (D) fails to abide or follow specific directives from the Board
of Directors of JHFS; provided that, in each instance, if such violation or
conduct is capable of cure, Executive has failed to cure the same within 30 days
after receipt of notice thereof from the Board of Directors of JHFS.

(f)   "Change of Control" shall mean an event or occurrence as set forth in
Section 2(d) of that certain Employment Continuation Agreement (as defined
below).

(g)   "Confidential Information" shall mean information belonging to the Company
which is of value to the Company in the course of conducting its business and
the disclosure of which could result in a competitive or other disadvantage to
the Company. Confidential Information includes, without limitation, financial
information, reports, and forecasts; inventions; improvements and other
intellectual property; trade secrets; know how; designs, processes or formulae;
software; market or sales information or plans; or customer lists and business
plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities) which have been discussed or
considered by the management of the Company. Confidential Information includes
information developed by Executive in the course of Executive's employment by
the Company as well as other information to which Executive may have access in
connection with Executive's employment. Confidential Information also includes
the confidential information of others with which the Company has a business
relationship. Notwithstanding the foregoing, Confidential Information does not
include information in the public domain, unless due to breach of Executive's
duties under Section 7(a).

(h)   "Disability" shall be defined and determined as set forth in the
supplemental executive disability plan made available to senior officers of the
Company.

(i)   "Effective Date" shall mean March 10, 2003.

(j)   "Employment Continuation Agreement" shall mean that certain Second Amended
and Restated Employment Continuation Agreement by and among John Hancock Life
Insurance Company, John Hancock Financial Services, Inc. and Executive, dated as
of October 15, 2001, attached hereto as Exhibit A, as amended.

(k)   "Good Reason" shall mean termination of Executive's employment, after
written notice to the Company within 30 days following the occurrence of any of
the following events without his consent:

(i)   a reduction in Executive's then current Base Salary or target annual bonus
under the Company's incentive compensation program;

(ii)  the removal of Executive from his position as Chief Executive Officer or
Chairman of the Board or from any position described in Section 3 of this
Agreement;

(iii) a material diminution in Executive's duties or responsibilities; (iv) a
change in the reporting structure so that Executive reports to any other person
or entity other than the

                                       L-1

<PAGE>

Board;

(v)  the failure of the Company to obtain the assumption in writing of its
obligation to perform the Employment Continuation Agreement by any successor to
all or substantially all of the assets of the Company prior to a merger,
consolidation, sale or similar transaction; or

(vi) a material breach of this Agreement by the Company.

Following written notice from Executive, as described above, the Company shall
have 15 days in which to cure. If the Company fails to cure, Executive's
termination shall become effective on the 16th day following the written notice.

(l)  "Noncompetition Period" shall have the meaning set forth in Section 8(b).

(m)  "Potential Change of Control" shall mean an event or occurrence as set
forth in Section 2(i) of the Employment Continuation Agreement.

(n)  "Related Entity" shall have the meaning set forth in Section 8(b).

(o)  "Restricted Activity" shall have the meaning set forth in Section 8(b).

(p)  "Severance Bonus" shall have the meaning set forth in Section 6(a)(i).

(q)  "Stock" shall mean the common stock of the Company.

(r)  "Termination Date" shall mean in the case of either a voluntary or
involuntary termination, the last day upon which Executive works. In the event
of Executive's death, the Termination Date is the date of death. In the case of
a Disability, the Termination Date is the date upon which Executive receives
written notice from the Board that it has deemed him to have a Disability, but
in no event before Executive is determined to have a Disability (as the term is
defined in Section 1(h)).

(s)  "Voluntary Retirement" shall mean the voluntary termination of employment
by the Executive when the Executive (i) is entitled to commence receipt of a
retirement annuity pursuant to the provisions of the JHFS Pension Plan in effect
prior to such Plan's conversion to a cash balance formula (the "Pre-Conversion
Plan") or (ii) would have been entitled by reason of age and service to a
retirement annuity under the provisions of the Pre-Conversion Plan if the
conversion to a cash balance formula had not occurred.

2.   Term of Employment.

(a)  Subject to the provisions of Section 6, the term of employment pursuant to
this Agreement (the "Term") shall be for a period of four (4) years from the
Effective Date, and shall be extended automatically for periods of one (1) year
commencing at the first anniversary of the Effective Date and on each subsequent
anniversary thereafter.

3.   Position, Duties and Responsibilities.

(a)  During the Term, Executive shall work for the Company, as and with the
title of Chief Executive Officer and Chairman of the Board of JHFS and JHLI.

(b)  Executive, in carrying out his duties under this Agreement, shall report
directly to the Board.

(c)  In the event Executive's employment terminates during the Term for any
reason, Executive shall immediately resign as an officer and director of the
Company and as an officer and director, as the case may be, of each of the
Company's Affiliates.

(d)  Nothing herein shall be deemed to prevent or limit Executive from (i)
serving on the boards of directors of a reasonable number of other non-competing
corporations, (ii) serving on the boards of a reasonable number of trade
associations and/or charitable organizations, (iii) engaging in charitable
activities, community affairs, or other non-profit activities, and (iv) managing
his personal investments and affairs; provided that, such activities set forth
in this Section 3(d) do not materially interfere with the proper performance of
his duties and responsibilities hereunder.

4.   Compensation and Benefits. In consideration of Executive's services
hereunder, the Company shall provide Executive the following benefits during the
Term:

(a)  Base Salary. The Company shall pay Executive an annual Base Salary of
one million dollars ($1,000,000), subject to annual upward (but not downward)
adjustments in the sole discretion of the Compensation Committee. Such Base
Salary shall be subject to applicable withholding, shall be payable in
accordance with the policies and practices of the Company in the payment of
salaries to its salaried employees and shall be pro-rated for partial months.

(b)  Bonus. Executive shall be entitled to participate in an annual incentive
program established by the Compensation Committee with such terms as may be
determined annually in the sole discretion of the Compensation Committee.

(c)  Restricted Stock and Stock Option Awards. Executive shall be entitled to
participate in the 1999 Long-Term Stock Incentive Plan, and such successor
and/or complementary plans which may be established by the Company from time to
time, upon such terms and conditions as may be determined annually in the sole
discretion of the Compensation Committee.

                                       L-2

<PAGE>

(d)   Regular Benefits. Executive shall also be entitled to participate in any
employee benefit plans, medical insurance plans, life insurance plans,
disability income plans, retirements plans, vacation plans, expense
reimbursement plans, post-retirement benefit plans and other benefit plans,
including, without limitation, but not limited to, any split-dollar life
insurance arrangements, which the Company may from time to time have in effect
for its Chief Executive Officer. Such participation shall be subject to the
terms of the applicable plan documents, applicable policies of the Company,
applicable law or the reasonable interpretation of applicable law and the
discretion of the Board, the Compensation Committee or any administrative or
other committee provided for in or contemplated by any such plan. Nothing
contained in this Agreement shall be construed to create any obligation on the
part of the Company to establish any such plan or to maintain the effectiveness
of any such plan which may be in effect from time to time.

(e)   Additional Benefits. The Company shall provide the following additional
benefits to Executive:

(i)   Perquisites. During the Term, Executive shall be entitled to participate
in all of the Company's executive perquisites in accordance with the terms and
conditions of such arrangements as are in effect from time to time for the
Company's Chief Executive Officer, subject to any necessary limitation to such
perquisites or requirement to discontinue any such perquisite as a result of a
reasonable interpretation of applicable law.

(ii)  Reimbursement of Business and Other Expenses. Executive is authorized to
incur reasonable expenses in carrying out his duties and responsibilities under
this Agreement, and the Company shall promptly reimburse him for such expenses,
subject to documentation in accordance with the Company's policy.

5.    Change of Control. Notwithstanding any other provision of this Agreement,
in the event a Change of Control occurs during the Term, the terms and
provisions of the Employment Continuation Agreement shall apply in lieu of, and
shall expressly supersede, the terms and provisions of this Agreement as of the
effective date of the Employment Continuation Agreement; provided, however, if
Executive is terminated during the Term after a Potential Change of Control but
before a Change of Control occurs, the provisions of Section 8 of this Agreement
shall remain in full force and effect for a period of three (3) years following
the Termination Date.

6.    Termination of Employment.

(a)   Termination Due to Death. In the event that Executive's employment is
terminated due to his death, his estate or his beneficiaries, as the case may
be, shall be entitled to the following benefits:

(i)   the sum of (A) Executive's Base Salary through the end of the month during
which the Termination Date occurs, (B) a pro-rata annual cash incentive award
for the year in which the Termination Date occurs (the "Severance Bonus") and
(C) the amount of any accrued vacation pay through the Termination Date, in each
case to the extent not previously paid (the sum of the amounts described in
clauses (A), (B), and (C) shall be hereinafter referred to as the "Accrued
Obligations"); and

(ii)  such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents.

(b)   Termination Due to Voluntary Retirement. In the event that Executive's
employment is terminated due to his Voluntary Retirement (and other than
termination for Good Reason), he shall be entitled to the following benefits:

(i)   the Accrued Obligations; and

(ii)  such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents and all of the post-employment perquisites made
available to Executive's immediate predecessor as Chief Executive Officer of the
Company.

(c)   Termination Due to Disability. In the event that Executive's employment is
terminated by either party due to his Disability, he shall be entitled to the
following benefits:

(i)   disability benefits in accordance with the long-term disability program
then in effect for senior executives of the Company;

(ii)  the Accrued Obligations; and

(iii) such rights as are in effect at the time with respect to stock options,
restricted stock, retirement benefits and other benefits in accordance with
applicable plan documents, and all of the post-employment perquisites made
available to Executive's immediate predecessor as Chief Executive Officer of the
Company.

In no event shall a termination of Executive's employment for Disability occur
until the party terminating his employment gives written notice to the other
party in accordance with Section 19 below, and until Executive is determined to
have a Disability as defined in Section 1(h).

(d)   Termination by the Company for Cause. In the event the Company terminates
Executive's employment for Cause, he shall be entitled to the following
benefits:

(i)   the sum of the Base Salary through the Termination Date and any accrued
vacation payable through the

                                       L-3

<PAGE>

Termination Date; and

(ii)  such rights with respect to stock options, restricted stock, retirement
benefits and other benefits in accordance with applicable plan documents.

(e)   Termination for Good Reason or other than for Cause. In the event
Executive's employment is terminated by the Company other than for Cause or by
Executive with Good Reason, he shall be entitled to the following benefits:

(i)   the Company shall pay Executive in equal monthly installments, over the
period specified below, beginning 30 days after the Termination Date, the sum of
the following amounts the: (A) Severance Bonus and (B) Termination Payment
Amount; provided, however, if Executive so elects, such sum shall be payable in
a single lump sum payment on the 30th day following the Termination Date. The
Termination Payment Amount shall mean the sum of:

(A)   the Base Salary multiplied by the number of full years remaining in the
Term after the Termination Date plus the pro-rata amount of the Base Salary for
the remainder of the year during which the Termination Date occurred;

(B)   the average of the annual incentive bonus awarded to Executive for the
three (3) years preceding the Termination Date (not including the Severance
Bonus) multiplied by the number of full years remaining in the Term after the
Termination Date; and

(C)   an amount equal to the long term incentive award granted to Executive with
respect to the performance period commencing in the calendar year 2000, as
reflected in the Statement of Long Term Incentives maintained by the Company,
multiplied by the number of full years remaining in the Term after the
Termination Date less the value as of the date of grant of any restricted stock
(other than restricted stock issued as a restricted stock match under any
incentive plan) that has vested as of the Termination Date, as such value is
reflected in the Statement of Long Term Incentives maintained by the Company;
provided, however, that in determining the value of restricted stock that has
vested as of the Termination Date, restricted stock that has vested on an
accelerated basis in connection with the payment of amounts owed under the Stock
Ownership Loan Program shall not be taken into account until such time as the
restrictions on such stock would have lapsed in the absence of such
acceleration;

(ii)  for the full period remaining in the Term after the Termination Date, the
Company shall continue to provide medical and dental benefits to Executive and
Executive's family at least equal to those which would have been provided to
them if Executive's employment had not been terminated, in accordance with the
applicable medical and dental benefit plans in effect on the Termination Date
and in which Executive participated as of such date or, if more favorable to
Executive and his family, in effect generally at any time thereafter with
respect to other peer executives of the Company and its Affiliates; provided,
however, that if Executive becomes reemployed with another employer and is
eligible to receive medical and dental benefits from such employer on terms at
least as favorable to Executive and his family as those being provided by the
Company, then the Company shall no longer be required to provide those
particular benefits to Executive and his family;

(iii) such enhanced retirement benefits as set forth in Section 7(c)(iii) of the
Employment Continuation Agreement; and

(iv)  such rights as are in effect at the time with respect to stock options,
restricted stock and other benefits, including, but not limited to, any
split-dollar life insurance arrangement applicable to Executive, subject to any
necessary limitation to such benefits or requirement to discontinue any such
benefits as a result of a reasonable interpretation of applicable law, and all
of the post-employment perquisites made available to Executive's immediate
predecessor as Chief Executive Officer of the Company.

(f)   Other Benefits. To the extent not previously paid or provided, the Company
shall timely pay or provide to Executive any other amounts or benefits,
including, but not limited to any deferred compensation amounts, otherwise
required to be paid or provided or which Executive is eligible to receive
following Executive's termination of employment under any plan, program, policy,
practice, contract or agreement of the Company and its Affiliates.

(g)   Nature of Payments. Any amounts due under this Section 6 are in the nature
of severance payments considered to be reasonable by the Company and are not in
the nature of a penalty.

(h)   No Mitigation; No Offset. Executive shall not be required to mitigate the
amount of any payment or benefit provided in this Section 6 by seeking other
employment otherwise. Further, except as provided in Section 6(e)(ii), the
amount of any payment or benefits provided for in this Section 6 shall not be
reduced by any compensation earned by Executive as a result of employment by
another employer or be offset by any amount claimed to be owed by Executive to
the Company.

                                       L-4

<PAGE>

7.   Confidentiality and Cooperation.

(a)  Confidentiality. Executive understands and agrees that Executive's
employment creates a relationship of confidence and trust between Executive and
the Company with respect to all Confidential Information. At all times, both
during Executive's employment with the Company and after its termination,
Executive will keep in confidence and trust all such Confidential Information,
and will not use or disclose any such Confidential Information without the prior
written consent of the Company, except as may be necessary in the ordinary
course of performing Executive's duties to the Company.

(b)  Documents, Records, etc. All documents, records, data, apparatus, equipment
and other physical property, whether or not pertaining to Confidential
Information, which are furnished to Executive by the Company or are produced by
Executive in connection with Executive's employment will be and remain the sole
property of the Company. Executive will return to the Company all such materials
and property as and when requested by the Company. In any event, Executive will
return all such materials and property immediately upon termination of
Executive's employment for any reason. Executive will not retain any such
material or property or any copies thereof after such termination.

8.   Noncompetition; Nonsolicitation; Non-Disparagement.

(a)  Executive acknowledges (i) that in the course of his employment with the
Company he will become familiar with trade secrets and customer lists of, and
other confidential information concerning, the Company and its Affiliates,
customers, and clients and (ii) that his services will be of special, unique and
extraordinary value to the Company.

(b)  Executive agrees that for a period of three (3) years following the
Termination Date (the "Noncompetition Period") he shall not in any manner,
directly or indirectly, through any person, firm, corporation or enterprise,
alone or as a member of a partnership or as an officer, director, stockholder,
investor or employee of or advisor or consultant to any person, firm,
corporation or enterprise or otherwise, engage or be engaged, or assist any
other person, firm, corporation or enterprise in engaging or being engaged
(collectively, "Restricted Activity"), in any Competitive Activity, unless such
Competitive Activity has been previously approved by the Board in writing. A
Competitive Activity shall mean a business that (i) is being conducted by the
Company or any Affiliate at the time in question, including, without limitation,
but not limited to, insurance or financial services competitive with services
provided by the Company, and (ii) was being conducted, or was under active
consideration to be conducted, by the Company or any Affiliate, at the date of
the termination of Executive's employment; provided that Competitive Activity
shall not include a business of the Company contributing less than one percent
(1%) of the Company's revenues for the year in question and provided further
that an activity shall not be deemed to be a Competitive Activity if the
activity contributes less than one percent (1%) of the revenues for the year in
question of the business by which Executive is employed or with which he is
otherwise associated; and provided further that it is agreed and understood that
the prohibitions provided for in this Section 8(b) shall not restrict Executive
from engaging in Restricted Activity for any subsidiary, division or affiliate
or unit of a company (collectively a "Related Entity") if that Related Entity is
not engaged in Competitive Activity, irrespective of whether some other Related
Entity of that company engages in what would otherwise be considered to be
Competitive Activity (as long as Executive does not engage in Restricted
Activity for such other Related Entity).

(c)  Executive further agrees that during the Noncompetition Period, he shall
not, unless previously permitted by the Board in writing, (i) in any manner,
directly or indirectly, hire or cause to be hired any (A) employee in
classification E-2 or higher of the Company, (B) any officer of the Company, (C)
any member of the Policy Committee of the Company or (D) any employee of the
Company that is in a substantively similar or comparable position as those
provided in subparts (A), (B) or (C), or (ii) in connection with any business to
which Section 8(b) applies, call on, service, solicit or otherwise do business
with any customer of the Company or any of its Affiliates.

(d)  Executive further agrees that during the Noncompetition Period, he shall
not make or cause to be made, directly or indirectly, any statement to any
person criticizing or disparaging the Company or any of its Affiliates,
stockholders, directors, officers or employees or commenting unfavorably or
falsely on the character, business judgment, business practices or business
reputation of the Company or any of its Affiliates, stockholders, directors,
officers or employees.

(e)  Nothing in this Section 8 shall prohibit Executive from being a
passive owner of not more than one percent (1%) of the outstanding common stock,
capital stock and equity of any firm, corporation or enterprise so long as
Executive has no active participation in the management of business of such
firm, corporation or enterprise.

(f)  If the restrictions stated herein are found by a court to be unreasonable,
the parties hereto agree that the maximum period, scope or geographical area
reasonable under such circumstances shall be substituted for the stated period,
scope or area and that the court shall revise the restrictions contained herein
to cover the maximum period,

                                       L-5

<PAGE>

scope and area permitted by law.

9.   Resolution of Disputes. In the event of any dispute or controversy arising
under or in connection with this Agreement, the parties shall first promptly try
in good faith to settle such dispute or controversy by mediation under the
applicable rules of the American Arbitration Association before resorting to
arbitration. In the event such dispute or controversy remains unresolved in
whole or in part for a period of 60 days after it arises, the parties will
settle any remaining dispute or controversy by binding arbitration, to be held
in Boston, Massachusetts, in accordance with the rules and procedures of the
American Arbitration Association. Judgment upon the award rendered by the
arbitrator(s) may be entered in any court having jurisdiction thereof. Costs of
the mediation, arbitration or litigation including, without limitation,
reasonable attorneys' fees of both parties, shall be borne by the Company.
Pending the resolution of the dispute, the Company shall continue payment of all
amounts due and provisions of all benefits to which Executive is entitled, which
amounts shall be subject to repayment to the Company if the Company prevails.

10.  Remedies. Each of the parties to this Agreement shall be entitled to
enforce its rights under this Agreement specifically, to recover damages and
costs (including reasonable attorneys' fees) caused by any breach of any
provision of this Agreement and to exercise all other rights existing in its
favor. The parties hereto agree and acknowledge that money damages would not be
an adequate remedy for any breach of the provisions of this Agreement and that
any party may in its sole discretion apply to any court of law or equity of
competent jurisdiction (without posting any bond or deposit) for specific
performance and/or other injunctive relief in order to enforce or prevent any
violations of the provisions of this Agreement. Nothing in this paragraph is
intended to prevent the parties from raising any and all defenses with respect
to the necessity for, and scope of, such injunctive or equitable relief.

11.  Indemnification. During and after the Term, the Company shall indemnify
Executive and hold Executive harmless from and against any claim, loss or cause
of action arising from or out of Executive's performance as an officer, director
or employee of the Company or any of its Affiliates or in any other capacity,
including any fiduciary capacity, in which Executive serves at the request of
the Company, to the maximum extent permitted by applicable law and the
Certificate of Incorporation and By-Laws of the Company, as the case may be.

12.  Assignability; Binding Nature. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors, heirs (in
the case of Executive) and assigns. No rights or obligations of Executive under
this Agreement may be assigned or transferred by Executive other than his rights
to compensation and benefits, which may be transferred only by will or operation
of law.

13.  Representations.

(a)  The Company represents and warrants that it is fully authorized and
empowered to enter into this Agreement and that the performance of its
obligations under this Agreement will not violate any agreement between it and
any other person, firm or organization. Executive represents that he knows of no
agreement between him and any other person, firm or organization that would be
violated by the performance of his obligations under this Agreement.

(b)  Executive hereby represents and warrants that he is not bound by the terms
of any agreement with any previous employer or other party to refrain from
competing, directly or indirectly, with the business of such previous employer
or any other party. Executive further represents and warrants that Executive's
performance of all the terms of this Agreement and as an employee of the Company
does not and will not breach any agreement to keep in confidence proprietary
information, knowledge or data acquired by Executive in confidence or in trust
prior to Executive's employment with the Company. Executive will not disclose to
the Company or induce the Company to use any confidential or proprietary
information or material belonging to any previous employer or others. Executive
will not hereafter grant anyone any rights inconsistent with the terms of this
Agreement.

14.  Entire Agreement. This Agreement and the Exhibits attached hereto contain
the entire understanding and agreement between the parties concerning the
subject matter hereof and supersedes all prior agreements, understandings,
discussions, negotiations and undertakings, whether written or oral, between the
parties with respect thereto. This is an integrated document.

15.  Amendment or Waiver. No provision in this Agreement may be amended unless
such amendment is agreed to in writing and signed by Executive and an authorized
officer of the Company. No waiver by either party of any breach by the other
party of any condition or provision contained in this Agreement to be performed
by such other party shall be deemed a waiver of a similar or dissimilar
condition or provision at the same or any prior or subsequent time. Any waiver
must be in writing and signed by Executive or an authorized officer of the
Company, as the case may be.

16.  Severability. In the event that any provision or portion of this Agreement
shall be determined to be invalid

                                       L-6

<PAGE>

or unenforceable for any reason, in whole or in part, the remaining provisions
of this Agreement shall be unaffected thereby and shall remain in full force and
effect to the fullest extent permitted by law so as to achieve the purposes of
this Agreement.

17.  References. In the event of Executive's death or a judicial
determination of his incompetence, reference in this Agreement to Executive
shall be deemed, where appropriate, to refer to his beneficiary, estate or other
legal representative.

18.  Governing Law/Jurisdiction. This Agreement shall be governed in accordance
with the laws of the Commonwealth of Massachusetts without reference to
principles of conflict of laws.

19. Notices. All notices and other communications required or permitted
hereunder shall be in writing and shall be deemed given when (a) delivered
personally, (b) sent by certified or registered mail, postage prepaid, return
receipt requested or (c) delivered by overnight courier (provided that a written
acknowledgment of receipt is obtained by the overnight courier) to the party
concerned at the address indicated below or to such changed address as such
party may subsequently give notice of:

If to the Company:  John Hancock Financial Services, Inc.
                    200 Clarendon Street
                    Boston, Massachusetts 02117
Attention:          Corporate Secretary Copy:
                    Chairman, Compensation Committee

If to Executive:    at the home address of Executive on the records of the
                    Company

20.  Headings. The headings of the sections contained in this Agreement are for
convenience only and shall not be deemed to control or affect the meaning or
construction of any provision of this Agreement.

21.  Counterparts. This Agreement may be executed in two or more counterparts.

[Remainder Intentionally Left Blank]
IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

JOHN HANCOCK FINANCIAL SERVICES, INC.

By:
         Name:
         Title:

JOHN HANCOCK LIFE INSURANCE COMPANY

By:
         Name:
         Title:

         EXECUTIVE

         David D'Alessandro

                                       L-7

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