Document:

FORM OF RESTRICTED SHARE UNIT AGREEMENT

 Exhibit 10.61 
  
 ALLMERICA FINANCIAL CORPORATION 
 RESTRICTED SHARE UNIT AGREEMENT 
  
 This Restricted Share Unit Agreement (the “Agreement”) is made as of this 1st day of March, 2004
by and between ALLMERICA FINANCIAL CORPORATION, a Delaware corporation (the “Company”), and                      (the
“Participant”). 
  
 P R E A M B L E 
  
 WHEREAS, pursuant to the terms of the Allmerica Financial Corporation Long
Term Stock Incentive Plan (the “Plan”), the Committee (as defined in the Plan) has agreed to give to the Participant, subject to the terms and conditions of the Plan and this Agreement, restricted share units. The number of units to be
awarded shall be determined by dividing $             by the closing price of the Company’s stock on March 5, 2004 rounded up to the next full share (the “Base Amount of
Restricted Share Units”). In addition, the Participant shall also receive Restricted Share Units equal to 15% of $             rounded up to the next full share (the
“Premium Restricted Share Units”). 
  
 WHEREAS, the Base
Amount of Restricted Share Units and the Premium Restricted Share Units will be subject to certain restrictions and other terms and conditions as set forth in this Agreement. 
  
 NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants and promises hereinafter set forth, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Grant of Restricted Share Units. The Company hereby grants to Participant Restricted Share Units in an amount equal to the Base Amount of Restricted Share Units and Premium
Restricted Share Units provided the Participant delivers to the Company a fully executed copy of this Agreement. 

  
 Upon vesting, each Base Amount of Restricted Share Unit and each Premium Restricted Share Unit shall be automatically converted into one (1) Share (as
defined in the Plan). 
  

	 	2.	Vesting and Company’s Right to a Return of the Base Amount of Restricted Share Units and Premium Restricted Share Units. 

  

	 	(a)	Vesting. The Base Amount of Restricted Share Units and the Premium Restricted Share Units shall be one hundred (100%) percent vested on the date the Participant has completed
three (3) additional years of active service with the Company or one of its subsidiaries or affiliates (the Company and its subsidiaries and affiliates hereinafter referred to as “Allmerica”). The three (3) years of additional active
service will commence on March 5, 2004 and be determined pursuant to the terms of this Agreement. 

	 	(b)	Termination. Upon the termination of Participant’s employment with Allmerica for whatever reason, whether with or without cause, for good reason or otherwise, the
non-vested Base Amount of Restricted Share Units and the Premium Restricted Share Units shall be returned to the Company for no consideration. 

  

	 	(c)	Retirement. In the event that the Participant retires prior to the Base Amount of Restricted Share Units and the Premium Restricted Share Units becoming vested, the said
Restricted Share Units shall be returned to the Company for no consideration. Retirement, for purposes of this Agreement, shall have the same meaning as it does in the Plan. However, the pro rata vesting provision in the event of retirement or early
retirement as set forth in Section 7(d) of the Plan is not applicable to the Base Amount of Restricted Share Units or the Premium Restricted Share Units. 

  

	 	(d)	Disability. In the event Participant is placed in a long term disability status (as such term is defined in the Plan) then any time during which Participant is in such status
shall not be counted in determining whether Participant has provided the required amount of active service for purpose of vesting of the Base Amount of Restricted Share Units or Premium Restricted Share Units. Notwithstanding any provision in the
Plan to the contrary, if the Participant’s employment with Allmerica is terminated due to disability before the Base Amount of Restricted Share Units and the Premium Restricted Share Units are fully vested, the Participant shall return to the
Company, for no consideration, the Base Amount of Restricted Share Units and the Premium Restricted Share Units. 

  

	 	(e)	Death. In the event Participant dies prior to the Base Amount of Restricted Share Units or the Premium Restricted Share Units becoming fully vested, the Participant shall
return to the Company, for no consideration, the Base Amount of Restricted Share Units and the Premium Restricted Share Units. 

  

	 	(f)	Change of Control. As stated in the Plan, in the event of a Change of Control (as defined in the Plan), the Base Amount of Restricted Share Units and the Premium Restricted
Share Units shall be governed by the provisions of Section 8(f) of the Plan. 

  

	 	3.	Units Received in Certain Corporate Transactions. The terms of this Agreement shall apply to any units received by Participant in exchange for the Base Amount of Restricted
Share Units and the Premium Restricted Share Units pursuant to a plan of merger, consolidation, recapitalization or reorganization of the Company. The terms 

 of this Agreement shall also apply to any security received as a result of a unit split or unit dividend
with respect to the Base Amount of Restricted Share Units and the Premium Restricted Share Units and such securities shall become Restricted Share Units pursuant to the terms of this Agreement. 
  

	 	4.	Notices. Any notice required to be given hereunder will be deemed to be duly given on the date of delivery if delivered in person or, on the date of mailing if mailed by
registered or certified mail, postage prepaid, return receipt requested, to the party or parties that are to receive such notice at the addresses indicated on the signature page of this Agreement. The address of Participant or the Company may be
changed only by giving written notice to the other party of such change of address. 

  

	 	5.	Taxes. To the extent the lapse of restrictions results in the receipt of compensation by Participant for tax purposes, the Company shall withhold from the Base Amount of
Restricted Share Units and the Premium Restricted Share Units or any Shares received for said units, any tax required to be withheld by reason thereof. 

  

	 	6.	Entire Agreement; Counterparts. This Agreement contains the entire understanding between the parties concerning the subject contained in this Agreement. Except for the
Agreement, there are no representations, agreements, arrangements, or understandings, oral or written, between or among the parties hereto, relating to the subject matter of this Agreement, that are not fully expressed herein. This Agreement may be
signed in one or more counterparts, all of which shall be considered one and the same agreement. 

  

	 	7.	Further Assurances. Each party to this Agreement agrees to perform all further acts and to execute and deliver all further documents as may be reasonably necessary to carry
out the intent of this Agreement. 

  

	 	8.	Severability. In the event that any of the provisions, or portions thereof, of this Agreement are held to be unenforceable or invalid by any court of competent jurisdiction,
the validity and enforceability of the remaining provisions, or portions thereof, will not be affected, and such unenforceable provisions shall be automatically replaced by a provision as similar in terms as may be valid and enforceable.

  

	 	9.	Construction. Whenever used in this Agreement, the singular number will include the plural, and the plural number will include the singular, and the masculine or neuter
gender shall include the masculine, feminine, or neuter gender. The headings of the Sections of this Agreement have been inserted for purposes of convenience and shall not be used for interpretive purposes. 

  

	 	10.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

	 	11.	Successors. The provisions of this Agreement will benefit and will be binding upon the assigns, successors in interest, personal representatives, estates, heirs and legatees
of each of the parties hereto. 

  

	 	12.	Specific Performance. Each of the parties hereto acknowledges and agrees that in the event of any breach of this Agreement, the nonbreaching parties would be irreparably
harmed and could not be made whole by monetary damages. Each of the parties hereto accordingly agrees to waive the defense in any action for injunction or specific performance that a remedy at law would be adequate and that the parties hereto, in
addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to an injunction or to compel specific performance of this Agreement. 

  

	 	13.	Amendment. This Agreement may only be amended by the written consent of all of the parties to this Agreement at the time of such amendment. 

  

	 	14.	Facsimile Signature. The Company may execute this Agreement by means of a facsimile signature. 

  
 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the date first above written. 
  

					
	 ADDRESS:
	 	 ALLMERICA FINANCIAL CORPORATION

			
	 440 Lincoln Street
 Worcester, MA 01653
	 	 By:
	 	  

	 	 Name:
	 	  

	 	 	 Title:
	 	  

  

					
	 ADDRESS:
	 	  

	 	 	 Participant

  
  
  
  
 (Section 162(m)
Deferral Election to follow) 

 162(m) Deferral Election 
  
 Under Section 162(m) of the Internal Revenue Code of 1986, as amended (“Section 162(m)”), the Company is generally not entitled to
a tax deduction with respect to any calendar year in which non-performance based compensation (as defined in Section 162(m)) exceeds $1 million dollars paid to its Chief Executive Officer and its next four most highly paid executives. If it is
determined that compensation related to the Base Amount of Restricted Share Units and/or the Premium Restricted Share Units (in the aggregate the “Restricted Share Units”) would violate Section 162(m) when the Restricted Share Units vest
and you wish to defer receipt of the Restricted Share Units until such units can be distributed to you without a violation of Section 162(m), please sign below where indicated. Notwithstanding the foregoing, the Committee may, in its sole
discretion, eliminate in whole or in part this deferral election. 
  
 I hereby
agree to the above Section 162(m) Deferral Election. 
  

	
	  

	 ParticipantFORM OF PERFORMANCE BASED RESTRICTED SHARE UNIT AGREEMENT

 Exhibit 10.62 
  
 ALLMERICA FINANCIAL CORPORATION 
 RESTRICTED SHARE UNIT AGREEMENT 
 (Performance Based) 
  
 This Restricted Share Unit Agreement (the “Agreement”) is made as
of this 1st day of March, 2004 by and between ALLMERICA FINANCIAL CORPORATION, a Delaware corporation (the “Company”), and
                     (“the Participant”). 
  

P R E A M B L E 
  
 WHEREAS, pursuant to the terms of the Allmerica Financial Corporation Amended Long- Term Stock Incentive Plan (the “Plan”), the Committee (as
defined in the Plan) has agreed to give to the Participant subject to the terms and conditions of the Plan and this Agreement,              restricted share units (the
“Restricted Share Units”); and 
  
 WHEREAS, the
Restricted Share Units will be subject to certain restrictions, the attainment of certain performance criteria and other terms and conditions as set forth in this Agreement. 
  
 NOW, THEREFORE, for and in consideration of the foregoing and the mutual covenants and promises hereinafter set forth, and
for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  

	 	1.	Restricted Share Unit. The Company hereby construes this Agreement as the documentation representing Participant’s interest in the Restricted Share Units, provided the
Participant delivers to the Company an executed copy of this Agreement. 

  
 Based upon the foregoing, the Participant has an interest in              Restricted Share Units. Subject to the provisions of paragraph 7, each
Restricted Share Unit is equivalent to and automatically transferable into one Share (as defined in the Plan) on the date a Restricted Share Unit vests. 
  

	 	2.	Vesting. The Restricted Share Units shall be one hundred (100%) percent vested: 

  

	 	i)	on the date the Participant has completed three (3) additional years of active service with the Company or one of its subsidiaries or affiliates (the Company and its subsidiaries
and affiliates hereinafter referred to as “Allmerica”). The three (3) years of additional active service will commence on the date of this Agreement and be determined pursuant to the terms of this Agreement, and; 

 

	 	ii)	provided The Hanover Insurance Company and Citizens Insurance Company of America (hereinafter referred to as “P&C”) obtain, in the aggregate, a

 Levered Return on Equity on a Realized Equity basis (“ROE”) for the calendar year 2006 of 12%
or better. In the event P&C has a ROE for the calendar year 2006 of less than 12%, a portion of the Restricted Share Units will vest in accordance with Schedule A attached hereto. In the event P&C has an ROE for the calendar year 2006 of
greater than 12%, additional Restricted Share Units will vest in accordance with Schedule A. ROE shall be calculated as Return divided by Equity, where: 
  
 The “Return” is equal to the P&C business unit contribution, including the portion of corporate capacity expenses allocated
to the P&C business unit and the Company, and adjusted to reflect interest expense on the Company’s senior debentures and capital securities (mandatorily redeemable preferred securities of a subsidiary trust holding solely junior
subordinated securities of the Company). In addition, the P&C return is calculated net of taxes. 
  
 The “Equity” is equal to the P&C Consolidated shareholder’s equity excluding Other Comprehensive Income. In addition,
the equity is adjusted to include the Company’s senior debentures and capital securities. 
  

	 	3.	Termination. Upon the termination of Participant’s employment with Allmerica for whatever reason, whether with or without cause, for good reason or otherwise, any
non-vested Restricted Share Units shall be returned to the Company for no consideration. 

  

	 	4.	Disability. In the event Participant is placed in a long term disability status (as such term is defined in the Plan) then any time during which Participant is in such status
shall not be counted in determining whether Participant has provided the required amount of active service for purpose of vesting of the Restricted Share Units. Notwithstanding any provision in the Plan to the contrary, if the Participant’s
employment with Allmerica is terminated due to disability before the Restricted Share Units are fully vested, the Participant shall return to the Company, for no consideration, the Restricted Share Units. 

  

	 	5.	Retirement. In the event of Participant’s Normal Retirement (as said term is defined in the Plan) prior to the Restricted Share Units becoming fully vested, the
Participant shall receive a pro-rated portion of the Restricted Share Units if the ROE goals as set forth on Schedule A for calendar year 2006 are achieved. The actual number of shares that the Participant will receive is based upon the ROE achieved
by the Company and a pro-ration of the shares. For purposes of this section, the pro-ration of the Restricted Share Units shall be determined by dividing the number of days that the Participant was employed since the date the Restricted Share Unit
was granted by 1096 (the number of days included in the three year vesting period) and applying this percentage to the appropriate number of units earned. In the event of Participant’s Early Retirement (as said term is defined in the Plan)
prior to the Restricted Share Units becoming fully vested, the Participant shall return the Restricted Share Units to the Company for no consideration. 

	 	6.	Death. In the event Participant dies prior to the Restricted Share Units becoming fully vested, the Participant shall receive a pro-rated portion of the Restricted Share
Units if the ROE goals as set forth on Schedule A for calendar year 2006 are achieved. The actual number of units that the Participant will receive is based upon the ROE achieved by the Company and a pro-ration of the units. For purposes of this
section, the pro-ration of the Restricted Share Units shall be determined by dividing the number of days that the Participant was employed since the date the Restricted Share Units were granted by 1096 (the number of days included in the three year
vesting period) and applying this percentage to the appropriate number of units earned. 

  

	 	7.	Section 162(m). The Participant and the Company hereby agree to defer the Participant’s receipt of the Restricted Share Units (or some of the units) if, at the time the
restrictions on the Restricted Share Units lapse, the Participant is or, in the sole opinion of the Company, may be a Covered Employee as that term is or may be defined in Section 162(m) of the Internal Revenue Code of 1986, as amended
(“Section 162(m)). The receipt of the Restricted Share Units (or some of the units) will be deferred until Restricted Share Units (or some of the units) can be distributed to the Participant without violating the provisions of Section 162(m).
Notwithstanding the foregoing, the Committee may, in its sole discretion, reduce or eliminate the deferral of some or all of the Restricted Share Units. 

  

	 	8.	Change of Control. In the event of a Change of Control (as defined in the Plan), the Restricted Share Units shall be subject to the provisions of Section 8(f) of the Plan.

  

	 	9.	Shares Received in Certain Corporate Transactions. The terms of this Agreement shall apply to any units received by the Participant in exchange for the Restricted Share Units
pursuant to a plan of merger, consolidation, recapitalization or reorganization of the Company. The terms of this Agreement shall also apply to any security received as a result of a stock split or stock dividend with respect to the Restricted Share
Units and such securities shall become Restricted Share Units pursuant to the terms of this Agreement. 

  

	 	10.	Notices. Any notice required to be given hereunder will be deemed to be duly given on the date of delivery if delivered in person or three (3) days after the date of mailing
if mailed by registered or certified mail, postage prepaid, return receipt requested, to the party or parties that are to receive such notice at the addresses indicated on the signature page of this Agreement. The address of Participant or the
Company may be changed only by giving written notice to the other party of such change of address. 

	 	11.	Taxes. To the extent the lapse of restrictions results in the receipt of compensation by Participant for tax purposes, and the Company is required to withhold taxes on such
compensation, the Company shall at it’s option withhold from such units, or the Shares which such units represent, a sufficient number of units/Shares to satisfy the minimum Federal, State and local tax withholding due, if any, and remit the
balance of the units/Shares to the Participant. 

  

	 	12.	Dividend and Voting Rights. Due to the fact that the Restricted Share Units are subject to forfeitability contingencies based upon continued employment with Allmerica, and on
meeting the performance criteria all as set forth in Section 2 above and are not issued shares, the Participant will not be entitled to any dividends upon the Restricted Share Units or have any voting rights until and to the extent the Restricted
Share Units vest and are exchanged for Shares. 

  

	 	13.	Non-Hire/Solicitation. As a condition of your eligibility to receive stock options or other awards under the Plan (“Stock Awards”), you agree that you will not,
directly or indirectly, during the term of your employment with Allmerica, and for a period of one year thereafter, hire, solicit, entice away or in any way interfere with Allmerica’s relationship with, any of its then current officer or
employees, or in any way participate with, assist or encourage a third party to do so. 

  

	 	14.	Entire Agreement; Counterparts. This Agreement contains the entire understanding between the parties concerning the subject contained in this Agreement. Except for the
Agreement, there are no representations, agreements, arrangements, or understandings, oral or written, between or among the parties hereto, relating to the subject matter of this Agreement, that are not fully expressed herein. This Agreement may be
signed in one or more counterparts, all of which shall be considered one and the same agreement. 

  

	 	15.	Further Assurances. Each party to this Agreement agrees to perform all further acts and to execute and deliver all further documents as may be reasonably necessary to carry
out the intent of this Agreement. 

  

	 	16.	Severability. In the event that any of the provisions, or portions thereof, of this Agreement are held to be unenforceable or invalid by any court of competent jurisdiction,
the validity and enforceability of the remaining provisions, or portions thereof, will not be affected, and such unenforceable provisions shall be automatically replaced by a provision as similar in terms as may be valid and enforceable.

  

	 	17.	Construction. Whenever used in this Agreement, the singular number will include the plural, and the plural number will include the singular, and the masculine or neuter
gender shall include the masculine, feminine, or neuter gender. The headings of the Sections of this Agreement have been inserted for purposes of convenience and shall not be used for interpretive purposes. 

	 	18.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 

  

	 	19.	Successors. The provisions of this Agreement will benefit and will be binding upon the assigns, successors in interest, personal representatives, estates, heirs and legatees
of each of the parties hereto. 

  

	 	20.	Specific Performance. Each of the parties hereto acknowledges and agrees that in the event of any breach of this Agreement, the nonbreaching parties would be irreparably
harmed and could not be made whole by monetary damages. Each of the parties hereto accordingly agrees to waive the defense in any action for injunction or specific performance that a remedy at law would be adequate and that the parties hereto, in
addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to an injunction or to compel specific performance of this Agreement. 

  

	 	21.	Amendment. This Agreement may only be amended by the written consent of both of the parties to this Agreement at the time of such amendment. 

  

	 	22.	Facsimile Signature. The Company may execute this Agreement by means of a facsimile signature. 

  
 IN WITNESS WHEREOF, the parties hereto have entered into this Agreement as of the date first above written. 
  

					
	 ADDRESS:
	 	 ALLMERICA FINANCIAL CORPORATION

			
	 440 Lincoln Street
 Worcester, MA 01653
	 	 By:
	 	  

	 	 Name:
	 	  

	 	 	 Title:
	 	  

  

					
	 ADDRESS:
	 	  

	 	 	 Participant

 Schedule A 
  

			
	 ROE for 2006

	 	 % OF RESTRICTED SHARE
 UNITS THAT VEST AFTER
 THREE YEARS OF ACTIVE
 SERVICE

	 Less than 10%
	 	 0

		
	 10%
	 	 25%

		
	 11%
	 	 50%

		
	 12%
	 	 100%

		
	 13%
	 	 125%

		
	 14%
	 	 150%

		
	 Greater than 14%
	 	 150%

  
 A ROE between any two consecutive
returns shall receive a pro rata amount of the relevant percentages.

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