Document:

Exhibit 10.19

EATON VANCE CORP.

1992 Incentive Plan - Stock Alternative -
Restatement No. 5 
(effective January 18, 2005)

          1.          Definitions.  As used in this Eaton Vance Corp. 1992
Incentive Plan - Stock Alternative, the following terms shall have the
following meaning:

          Administrator
means the Board of Directors or any committee or persons to whom it delegates
its authority.

          Annual
Incentive means an annual cash incentive awarded by the Company, including
without limitation thereto the bonuses known as PIB and PROP.

          Annual
Incentive Recipient means any employee who receives an Annual Incentive.

          Board
means the Company’s Board of Directors.

          Company
means Eaton Vance Corp., a Maryland corporation, and its subsidiaries.

          Hardship
means an immediate and heavy financial need which may be met only by the sale
of Shares as determined by the Administrator in accordance with
nondiscriminatory standards.

          Monthly
Incentive means a monthly cash incentive bonus awarded by the Company.

          Monthly
Incentive Recipient means any employee who receives a Monthly Incentive.

          Option
means an option to convert a percentage of Annual Incentive or Monthly
Incentive into Shares pursuant to this Plan.

          Participant
means an Annual Incentive Recipient or a Monthly Incentive Recipient who has
elected to participate in the Plan.

          Plan
means this 1992 Incentive Plan - Stock Alternative.

          Shares
means shares of Non-Voting Common Stock of Eaton Vance Corp.

          2.          Purpose.  The purpose of the Plan is to provide
employees of the Company who are entitled to receive cash incentives the
opportunity to apply up to half their incentives to the purchase of Shares.

          3.          Effective
Date.  The Plan became effective
July 17, 1992.  This Restatement No. 6
shall be effective January 18, 2005.

          4.          Shares
Subject to the Plan.  The number of
Shares that may be made subject to the Plan shall not exceed 4,800,000  in the aggregate.  The Shares to be delivered pursuant to a purchase under the Plan
may consist, in whole or in part, of authorized but unissued Shares or treasury
Shares not reserved for any other purpose.

          5.          Options
for Annual Incentive Recipients.

          (a)         Persons
Eligible.  Each Annual Incentive
Recipient (including, without limitation, an officer or director of Eaton Vance
Corp.) shall be eligible to participate in the Plan.

106

Exhibit 10.19

          (b)          Price.  The price per share shall be 90% of the
average closing price of a Share during the first five trading days following
the tenth of November.

          (c)          Exercise
of Options.

          (1)          Each
Annual Incentive Recipient may elect to apply any whole percentage of his or
her Annual Incentive, from a minimum of 5% to a maximum of 50%, to the purchase
of Shares.

          (2)          The
election must be made by November tenth. 
Failure to make a timely election shall be deemed to be an election not
to participate for that year.

          (3)          The
Company shall apply each Participant’s elected amount of Annual Incentive to
the purchase of Shares at the specified price and shall deliver to the
Participant notice of issuance of the Shares before the end of November.

          6.          Options
for Monthly Incentive Recipients.

          (a)         Persons
Eligible.  Each Monthly Incentive
Recipient (including, without limitation, an officer or director of Eaton Vance
Corp.) shall be eligible to participate in the Plan.

          (b)         Price.

          (1)         For
incentives withheld during the November 1 to April 30 fiscal half year, the
price per Share shall be 90% of the average closing price of a Share during the
first five trading days following May tenth.

          (2)         For
incentives withheld during the May 1 to October 31 fiscal half year, the price per
Share shall be 90% of the average closing price of a Share during the first
five trading days following November tenth.

          (c)         Exercise
of Options.

          (1)         Each
Monthly Incentive Recipient may elect to have any whole percentage of his or
her Monthly Incentive, from a minimum of 5% to a maximum of 50%, withheld and
applied to the purchase of Shares.

          (2)         The
election must be made on or before the last business day of April for the
fiscal half year beginning May 1 and ending October 31 and on or before the
last business day of October for the fiscal half year beginning November 1 and
ending April 30.  Failure to make a
timely election shall be deemed an election not to participate for that fiscal
half year.

          (3)         The
Company will hold the money and in May and November apply each Participant’s
elected amount to the purchase of Shares at the specified price and shall deliver
notice to the Participant of issuance of the Shares before the end of May and
November.

          (d)         Opt
Out.  A Monthly Incentive Recipient
(except an officer or director of Eaton Vance Corp. who has made an irrevocable
election in the form of Schedule B hereto) who has elected to participate under
the Plan may opt out as to all (but not part) of the bonuses withheld for the
purchase of Shares by giving written notice to the Administrator prior to the
last business day of the fiscal half year. 
Any amounts withheld from a Participant’s Monthly Incentive through
deductions for the purchase of Shares and not used for the purchase of Shares
shall be returned without interest.

107

Exhibit 10.19

          7.          Terms
and Conditions Applicable to All Options.

          (a)         Holding
Period.  Participants are required
to hold the Shares purchased pursuant to the exercise of options for a period
of at least one year from the date such Shares are issued to him or her.  

          (b)         Whole
Shares.  The Company will purchase
the maximum number of whole Shares with the bonuses to be applied.  Any amounts representing fractional share
interests shall be returned without interest.

          (c)         Limitation
on Participation.  Participation
shall be limited to Participants who comply with such administrative procedures
as the Administrator shall establish.

          (d)         Purchase
for Investment.  Each Participant
may be required to sign such agreement as the Administrator may require to the
effect the Participant is purchasing for investment and not with a view to
resale or other distribution.

          (e)         Options
Not Transferable.  Options under the
Plan are not assignable or transferable by a Participant and are exercisable
only by the Participant.

          8.          Administration.  The Plan shall be administered by the
Administrator.  The Administrator shall
have authority to interpret and apply all provisions of the Plan and to
prescribe, amend and rescind rules and regulations relating to the Plan.  Nothing in this section shall be deemed to
authorize the Administrator to alter or administer the provisions of the Plan
in a manner inconsistent with the terms of the Plan.

          9.          Amendments
to or Discontinuation of the Plan. 
The Board shall have the right to amend, modify or terminate the Plan at
any time without notice, provided, however, that the then existing rights of
all Participants shall not be adversely affected thereby.

108Exhibit 10.20

EATON VANCE CORP. 

1999 RESTRICTED STOCK PLAN 

Restatement No. 1 (effective January 18, 2005)

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). 

            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. 

109

Exhibit 10.20

            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, and was approved by the voting stockholders of the Company on
November 1, 1999.  This Restatement No.
1 was adopted by the Board and approved by the voting stockholders on December
15, 2004, and is effective on January 18, 2005.  Awards granted prior to receipt of stockholder approval are
expressly conditioned upon voting stockholder approval. 

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
2,000,000.  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). 

             (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. 

110

Exhibit 10.20

             (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; 

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

                           (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. 

111

Exhibit 10.20

             (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. 

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 400,000 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. 

112

Exhibit 10.20

                           (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. 

                           (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. 

113

Exhibit 10.20

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. 
  
	
   
  	
   
  	
   
  
	
   
  	
  (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).
  

114

Exhibit 10.20

	
   
  	
  (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).
  

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. 

115

Exhibit 10.20

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  
  
	
   
  	
   
  
	
   
  	
  (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.
  

116

Exhibit 10.20

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

  
	
   
  	
                 (1)     The
  acquisition, holding or disposition of Company Voting Securities deposited
  under the Voting Trust Agreement dated as of October 30, 1997, as amended, or
  of the voting trust receipts issued therefor, or any change in the persons
  who are voting trustees thereunder, or the acquisition, holding or
  disposition of Company Voting Securities deposited under any subsequent
  replacement voting trust agreement or of the voting trust receipts issued
  therefor, or any change in the persons who are voting trustees under any such
  subsequent replacement voting trust agreement; provided, that any such
  acquisition, disposition or change shall have resulted solely by reason of
  the death, incapacity, retirement, resignation, election or replacement of
  one or more voting trustees.
  
	
   
  	
   
  
	
   
  	
                 (2)     Any
  termination or expiration of a voting trust agreement under which Company
  Voting Securities have been deposited or the withdrawal therefrom of any
  Company Voting Securities deposited thereunder, if all Company Voting
  Securities and/or the voting trust receipts issued therefor continue to be
  held thereafter by the same persons in the same amounts, or if
  contemporaneously there shall be a Business Combination or change in the
  capitalization of the Company as described in clause (3) below.  
  
	
   
  	
   
  
	
   
  	
                 (3)     A
  Business Combination or change in the capitalization of the Company pursuant
  to which the holders of the Non-Voting Stock of the Company become holders of
  voting securities of the Company or of the corporation or other entity
  resulting from such Business Combination, in substantially the same
  proportion as their ownership of Non-Voting Stock immediately prior to such
  Business Combination or change in capitalization.
  

14.          General
Provisions. 

                    (a)          Compliance
with Legal and Exchange Requirements. 
The Plan, the granting 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 way 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.   

117

Exhibit 10.20

                    (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 each 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. 

118

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