Document:

Exhibit 4.3

NEITHER THIS SECURITY NOR THE SECURITIES INTO WHICH THIS SECURITY IS EXERCISABLE
HAVE  BEEN  REGISTERED  WITH  THE  SECURITIES  AND  EXCHANGE  COMMISSION  OR THE
SECURITIES   COMMISSION  OF  ANY  STATE  IN  RELIANCE  UPON  AN  EXEMPTION  FROM
REGISTRATION  UNDER THE  SECURITIES  ACT OF 1933,  AS AMENDED  (THE  "SECURITIES
ACT"),  AND,  ACCORDINGLY,  MAY NOT BE OFFERED  OR SOLD  EXCEPT  PURSUANT  TO AN
EFFECTIVE  REGISTRATION  STATEMENT  UNDER THE  SECURITIES  ACT OR PURSUANT TO AN
AVAILABLE  EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE  REGISTRATION
REQUIREMENTS  OF THE  SECURITIES  ACT AND IN ACCORDANCE  WITH  APPLICABLE  STATE
SECURITIES  LAWS AS  EVIDENCED BY A LEGAL  OPINION OF COUNSEL TO THE  TRANSFEROR
REASONABLY  ACCEPTABLE  TO THE COMPANY TO SUCH  EFFECT,  THE  SUBSTANCE OF WHICH
SHALL BE REASONABLY  ACCEPTABLE TO THE COMPANY.  THIS SECURITY MAY BE PLEDGED IN
CONNECTION  WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED  BROKER-DEALER  OR
OTHER LOAN WITH A FINANCIAL  INSTITUTION  THAT IS AN  "ACCREDITED  INVESTOR"  AS
DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT.

                          COMMON STOCK PURCHASE WARRANT

                To Purchase __________ Shares of Common Stock of

                     UNITED NETWORK MARKETING SERVICES, INC.

         THIS COMMON STOCK PURCHASE WARRANT (the "Warrant")  CERTIFIES that, for
value received,  _________________________ (the "Holder"), is entitled, upon the
terms and subject to the limitations on exercise and the conditions  hereinafter
set forth,  at any time on or after the date of  issuance of this  Warrant  (the
"Initial  Exercise  Date") and on or prior to the five year  anniversary  of the
Initial Exercise Date (the "Termination Date") but not thereafter,  to subscribe
for and  purchase  from United  Network  Marketing  Services,  Inc.,  a Delaware
corporation (the "Company"), up to _______________ shares (the "Warrant Shares")
of Common  Stock,  par value  $0.001  per share,  of the  Company  (the  "Common
Stock").  The purchase price of one share of Common Stock (the "Exercise Price")
under this Warrant shall be $2.25, subject to adjustment hereunder.  CAPITALIZED
TERMS USED AND NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS SET FORTH IN
THAT CERTAIN  SECURITIES  PURCHASE AGREEMENT (THE "PURCHASE  AGREEMENT"),  DATED
JANUARY __, 2005 AMONG THE COMPANY AND THE PURCHASERS SIGNATORY THERETO.

         1.  Title to  Warrant.  Prior to the  Termination  Date and  subject to
compliance with applicable laws and Section 7 of this Warrant,  this Warrant and
all rights hereunder are  transferable,  in whole or in part, to up to three (3)
Persons in any 12 month  period,  at the office or agency of the  Company by the
Holder in person or by duly authorized attorney,  upon surrender of this Warrant
together  with  the  Assignment  Form  annexed  hereto  properly  endorsed.  The
transferee  shall sign an  investment  letter in form and  substance  reasonably
satisfactory to the Company.

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         2.  Authorization  of Shares.  The Company  covenants  that all Warrant
Shares which may be issued upon the exercise of the purchase rights  represented
by this Warrant will, upon exercise of the purchase  rights  represented by this
Warrant,  be duly authorized,  validly issued,  fully paid and nonassessable and
free from all taxes,  liens and charges in respect of the issue  thereof  (other
than taxes in  respect of any  transfer  occurring  contemporaneously  with such
issue).

         3. Exercise of Warrant.

                  (a)  Exercise  of the  purchase  rights  represented  by  this
         Warrant  may be made at any  time or  times  on or  after  the  Initial
         Exercise Date and on or before the Termination  Date by delivery to the
         Company of a duly  executed  facsimile  copy of the Notice of  Exercise
         Form annexed hereto, at the office of the Company (or such other office
         or agency of the  Company as it may  designate  by notice in writing to
         the  registered  Holder at the address of such Holder  appearing on the
         books of the Company);  provided, however, within five (5) Trading Days
         of the date said Notice of Exercise is delivered  to the  Company,  the
         Holder  shall have  surrendered  this  Warrant to the  Company  and the
         Company shall have received payment of the aggregate  Exercise Price of
         the shares thereby  purchased by wire transfer or cashier's check drawn
         on a United States bank.  Certificates for shares  purchased  hereunder
         shall be delivered to the Holder within three (3) Trading Days from the
         latest to occur of  delivery  to the  Company of the Notice of Exercise
         Form,  surrender of this Warrant and payment of the aggregate  Exercise
         Price as set forth above ("Warrant Share Delivery Date").  This Warrant
         shall be deemed to have been  exercised on the date the Exercise  Price
         is received by the Company.  The Warrant Shares shall be deemed to have
         been issued,  and Holder or any other person so  designated to be named
         therein  shall be  deemed  to have  become a holder  of  record of such
         shares for all purposes,  as of the date the Warrant has been exercised
         by payment to the Company of the Exercise  Price and all taxes required
         to be paid by the  Holder,  if any,  pursuant to Section 5 prior to the
         issuance  of such  shares,  have been  paid.  If the  Company  fails to
         deliver to the Holder a certificate or  certificates  representing  the
         Warrant  Shares  pursuant to this  Section  3(a) by the  Warrant  Share
         Delivery  Date,  then the Holder  will have the right to  rescind  such
         exercise.

                  (b) If this Warrant  shall have been  exercised  in part,  the
         Company  shall,   at  the  time  of  delivery  of  the  certificate  or
         certificates  representing  Warrant  Shares,  deliver  to  Holder a new
         Warrant  evidencing  the rights of Holder to purchase  the  unpurchased
         Warrant  Shares called for by this Warrant,  which new Warrant shall in
         all other respects be identical with this Warrant.

                  (c) Subject to the  provisions  of this Section 3, if there is
         i) an effective  Registration  Statement  registering the resale of the
         Warrant  Shares by the Holder,  ii) the closing bid price of the Common
         Stock for each of ten (10) consecutive  Trading Days (the  "Measurement
         Period",  which  period  shall  not have  commenced  until  after  such
         Effective  Date)  equals  or  exceeds  $3.50  (the  "Threshold  Price")
         (subject to  adjustment  for reverse and forward  stock  splits,  stock
         dividends,  stock  combinations  and other similar  transactions of the
         Common Stock that occur after the date of the Purchase  Agreement)  and

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         iii) the average daily trading volume for the Measurement Period equals
         or exceeds 100,000 shares, then the Company may, within two (2) Trading
         Days of such  period,  call for  cancellation  of all or any portion of
         this Warrant for which a Notice of Exercise has not yet been  delivered
         (such  right,  a "Call").  To  exercise  this right,  the Company  must
         deliver to the Holder an irrevocable  written notice (a "Call Notice"),
         indicating  therein the  unexercised  portion of this  Warrant to which
         such notice  applies.  If the  conditions set forth below for such Call
         are satisfied  from the period from the date of the Call Notice through
         and  including  the Call Date (as defined  below),  then any portion of
         this Warrant subject to such Call Notice for which a Notice of Exercise
         shall not have been received from and after the date of the Call Notice
         will be  cancelled at 6:30 p.m.  (New York City time) on the  fifteenth
         (15th)  Trading  Day after the date the Call  Notice is received by the
         Holder (such date, the "Call Date").  Any  unexercised  portion of this
         Warrant to which the Call Notice does not pertain will be unaffected by
         such Call Notice.  In furtherance  thereof,  the Company  covenants and
         agrees  that it will honor all  Notices  of  Exercise  with  respect to
         Warrant Shares subject to a Call Notice that are tendered from the time
         of delivery of the Call Notice  through 6:30 p.m.  (New York City time)
         on the Call  Date.  The  parties  agree  that any  Notice  of  Exercise
         delivered following a Call Notice shall first reduce to zero the number
         of Warrant  Shares  subject to such Call Notice  prior to reducing  the
         remaining Warrant Shares available for purchase under this Warrant. For
         example,  if (x) this  Warrant  then  permits the Holder to acquire 100
         Warrant Shares,  (y) a Call Notice  pertains to 75 Warrant Shares,  and
         (z) prior to 6:30 p.m. (New York City time) on the Call Date the Holder
         tenders a Notice of Exercise in respect of 50 Warrant Shares,  then (1)
         on the Call Date the right  under  this  Warrant  to acquire 25 Warrant
         Shares will be automatically  cancelled,  (2) the Company,  in the time
         and manner required under this Warrant,  will have issued and delivered
         to the Holder 50 Warrant  Shares in respect of the  exercise  following
         receipt  of the  Call  Notice,  and  (3)  the  Holder  may,  until  the
         Termination Date,  exercise this Warrant for 25 Warrant Shares (subject
         to  adjustment  as herein  provided  and  subject  to  subsequent  Call
         Notices).  Subject again to the  provisions  of this Section 3(c),  the
         Company may  deliver  subsequent  Call  Notices for any portion of this
         Warrant  for which the  Holder  shall  not have  delivered  a Notice of
         Exercise.  Notwithstanding  anything to the  contrary set forth in this
         Warrant,  the  Company  may not  deliver a Call  Notice or require  the
         cancellation  of this  Warrant  (and any  Call  Notice  will be  void),
         unless,  from the  beginning of the ten (10)  consecutive  Trading Days
         used to determine  whether the Common Stock has achieved the  Threshold
         Price  through  the Call Date,  (i) the Company  shall have  honored in
         accordance  with the terms of this  Warrant  all  Notices  of  Exercise
         delivered by 6:30 p.m. (New York City time) on the Call Date,  (ii) the
         Registration  Statement shall be effective as to all Warrant Shares and
         the  prospectus  thereunder  available  for use by the  Holder  for the
         resale of all such  Warrant  Shares and (iii) the Common Stock shall be
         listed or quoted for trading on the Trading Market. The Company's right
         to Call the Warrant  shall be exercised  ratably  among the  Purchasers
         based on each Purchaser's  initial purchase of Preferred Stock pursuant
         to the Purchase Agreement.

         4. No  Fractional  Shares  or  Scrip.  No  fractional  shares  or scrip
representing  fractional  shares  shall  be  issued  upon the  exercise  of this
Warrant.  As to any  fraction of a share  which the Holder  would  otherwise  be
entitled to purchase upon such exercise, the Company shall pay a cash adjustment

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in respect of such final fraction in an amount equal to such fraction multiplied
by the Exercise Price.

         5. Charges,  Taxes and Expenses.  Issuance of certificates  for Warrant
Shares shall be made without  charge to the Holder for any issue or transfer tax
or other incidental expense in respect of the issuance of such certificate,  all
of which taxes and expenses shall be paid by the Company,  and such certificates
shall be  issued  in the name of the  Holder  or in such name or names as may be
directed by the Holder;  provided,  however,  that in the event certificates for
Warrant  Shares are to be issued in a name  other  than the name of the  Holder,
this  Warrant  when  surrendered  for  exercise  shall  be  accompanied  by  the
Assignment Form attached hereto duly executed by the Holder; and the Company may
require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto.

         6. Closing of Books.  The Company will not close its stockholder  books
or records in any manner  which  prevents the timely  exercise of this  Warrant,
pursuant to the terms hereof.

         7. Transfer, Division and Combination.

                  (a) Subject to compliance with any applicable  securities laws
         and the  conditions  set forth in Sections 1 and 7(e) hereof and to the
         provisions of Section 4.1 of the Purchase  Agreement,  this Warrant and
         all  rights  hereunder  are  transferable,  in whole  or in part,  upon
         surrender  of this  Warrant  at the  principal  office of the  Company,
         together with a written assignment of this Warrant substantially in the
         form  attached  hereto  duly  executed  by the  Holder  or its agent or
         attorney and funds  sufficient  to pay any transfer  taxes payable upon
         the making of such transfer. Upon such surrender and, if required, such
         payment,  the  Company  shall  execute  and  deliver a new  Warrant  or
         Warrants  in  the  name  of  the  assignee  or  assignees  and  in  the
         denomination   or   denominations   specified  in  such  instrument  of
         assignment,  and shall issue to the  assignor a new Warrant  evidencing
         the portion of this  Warrant not so assigned,  and this  Warrant  shall
         promptly  be  cancelled.  A  Warrant,  if  properly  assigned,  may  be
         exercised  by a new holder for the purchase of Warrant  Shares  without
         having a new Warrant issued.

                  (b)  This  Warrant  may be  divided  or  combined  with  other
         Warrants  upon  presentation  hereof  at the  aforesaid  office  of the
         Company,  together  with a  written  notice  specifying  the  names and
         denominations  in which new  Warrants  are to be issued,  signed by the
         Holder or its agent or  attorney.  Subject to  compliance  with Section
         7(a),  as to any  transfer  which may be involved  in such  division or
         combination,  the  Company  shall  execute and deliver a new Warrant or
         Warrants  in  exchange  for the  Warrant or  Warrants  to be divided or
         combined in accordance with such notice.

                  (c) The Company  shall  prepare,  issue and deliver at its own
         expense  (other than transfer  taxes) the new Warrant or Warrants under
         this Section 7.

                  (d) The Company agrees to maintain,  at its aforesaid  office,
         books for the  registration  and the  registration  of  transfer of the
         Warrants.

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                  (e) If,  at the  time of the  surrender  of  this  Warrant  in
         connection  with any  transfer of this  Warrant,  the  transfer of this
         Warrant shall not be registered  pursuant to an effective  registration
         statement  under  the  Securities  Act  and  under   applicable   state
         securities or blue sky laws, the Company may require, as a condition of
         allowing  such  transfer  (i) that the  Holder  or  transferee  of this
         Warrant,  as the case may be, furnish to the Company a written  opinion
         of  counsel  (which  opinion  shall be in  form,  substance  and  scope
         customary  for opinions of counsel in comparable  transactions)  to the
         effect that such  transfer may be made without  registration  under the
         Securities Act and under  applicable state securities or blue sky laws,
         (ii) that the holder or  transferee  execute and deliver to the Company
         an investment  letter in form and  substance  acceptable to the Company
         and (iii) that the transferee be an "accredited investor" as defined in
         Rule  501   promulgated   under  the  Securities  Act  or  a  qualified
         institutional  buyer as defined in Rule  144A(a)  under the  Securities
         Act.

         8. No Rights as  Shareholder  until  Exercise.  This  Warrant  does not
entitle the Holder to any voting rights or other rights as a shareholder  of the
Company prior to the exercise hereof. Upon the surrender of this Warrant and the
payment of the aggregate  Exercise Price,  the Warrant Shares so purchased shall
be and be deemed to be issued to such Holder as the record  owner of such shares
as of the  close of  business  on the  later of the  date of such  surrender  or
payment.

         9. Loss,  Theft,  Destruction  or  Mutilation  of Warrant.  The Company
covenants that upon receipt by the Company of evidence  reasonably  satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock
certificate  relating  to the  Warrant  Shares,  and in case of  loss,  theft or
destruction,  of indemnity or security reasonably  satisfactory to it (which, in
the case of the  Warrant,  shall not include the posting of any bond),  and upon
surrender and cancellation of such Warrant or stock  certificate,  if mutilated,
the Company  will make and deliver a new  Warrant or stock  certificate  of like
tenor  and  dated  as of such  cancellation,  in lieu of such  Warrant  or stock
certificate.

         10. Saturdays, Sundays, Holidays, etc. If the last or appointed day for
the  taking of any action or the  expiration  of any right  required  or granted
herein shall be a Saturday,  Sunday or a legal holiday,  then such action may be
taken or such right may be exercised on the next  succeeding day not a Saturday,
Sunday or legal holiday.

         11.  Adjustments of Exercise Price and Number of Warrant Shares;  Stock
Splits, etc. The number and kind of securities  purchasable upon the exercise of
this Warrant and the Exercise Price shall be subject to adjustment  from time to
time upon the happening of any of the  following.  In case the Company shall (i)
pay a dividend  in shares of Common  Stock or make a  distribution  in shares of
Common Stock to holders of its  outstanding  Common  Stock,  (ii)  subdivide its
outstanding  shares  of Common  Stock  into a greater  number of  shares,  (iii)
combine its  outstanding  shares of Common Stock into a smaller number of shares
of  Common  Stock,  or  (iv)  issue  any  shares  of  its  capital  stock  in  a
reclassification  of the  Common  Stock,  then  the  number  of  Warrant  Shares
purchasable  upon  exercise of this Warrant  immediately  prior thereto shall be
adjusted so that the Holder  shall be entitled to receive the kind and number of
Warrant  Shares or other  securities of the Company which it would have owned or

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have been  entitled  to  receive  had such  Warrant  been  exercised  in advance
thereof.  Upon each such  adjustment of the kind and number of Warrant Shares or
other  securities of the Company  which are  purchasable  hereunder,  the Holder
shall  thereafter be entitled to purchase the number of Warrant  Shares or other
securities resulting from such adjustment at an Exercise Price per Warrant Share
or  other  security  obtained  by  multiplying  the  Exercise  Price  in  effect
immediately prior to such adjustment by the number of Warrant Shares purchasable
pursuant hereto  immediately prior to such adjustment and dividing by the number
of  Warrant  Shares or other  securities  of the  Company  that are  purchasable
pursuant hereto  immediately after such adjustment.  An adjustment made pursuant
to this paragraph shall become effective immediately after the effective date of
such event  retroactive to the record date, if any, for such event. For example,
if the Company  declared a 1-for-4  reverse  stock split and 400 Warrant  Shares
were  purchasable  hereunder,  then after such 1-for-4  reverse  stock split the
Warrant  Shares  purchasable  hereunder  would become 100 and the Exercise Price
would become $9.00 per share. Such Exercise Price is obtained by multiplying the
current  $2.25  Exercise  Price by 400  Warrant  Shares  purchasable  under this
example and dividing  the product by 100 Warrant  Shares  purchasable  after the
1-for-4 reverse stock split.

         12.   Reorganization,   Reclassification,   Merger,   Consolidation  or
Disposition  of  Assets.  In case the  Company  shall  reorganize  its  capital,
reclassify  its  capital  stock,  consolidate  or  merge  with or  into  another
corporation  (where the Company is not the surviving  corporation or where there
is a change in or distribution with respect to the Common Stock of the Company),
or sell, transfer or otherwise dispose all or substantially all of its property,
assets or business  to another  corporation  and,  pursuant to the terms of such
reorganization,   reclassification,  merger,  consolidation  or  disposition  of
assets, shares of common stock of the successor or acquiring corporation, or any
cash,  shares of stock or other securities or property of any nature  whatsoever
(including  warrants or other subscription or purchase rights) in addition to or
in lieu of  common  stock of the  successor  or  acquiring  corporation  ("Other
Property"),  are to be received by or distributed to the holders of Common Stock
of the Company, then the Holder shall have the right thereafter to receive, upon
exercise of this Warrant,  the number of shares of Common Stock of the successor
or acquiring corporation or of the Company, if it is the surviving  corporation,
and  Other  Property  receivable  upon or as a  result  of such  reorganization,
reclassification,  merger, consolidation or disposition of assets by a Holder of
the  number of shares of Common  Stock for which  this  Warrant  is  exercisable
immediately   prior  to  such  event.  In  case  of  any  such   reorganization,
reclassification,  merger, consolidation or disposition of assets, the successor
or acquiring  corporation (if other than the Company) shall expressly assume the
due and  punctual  observance  and  performance  of each and every  covenant and
condition of this  Warrant to be  performed  and observed by the Company and all
the obligations and liabilities hereunder,  subject to such modifications as may
be deemed appropriate (as determined in good faith by resolution of the Board of
Directors of the Company) in order to provide for  adjustments of Warrant Shares
for which this Warrant is  exercisable  which shall be as nearly  equivalent  as
practicable to the adjustments  provided for in this Section 12. For purposes of
this Section 12, "common stock of the successor or acquiring  corporation" shall
include  stock of such  corporation  of any class which is not  preferred  as to
dividends or assets over any other class of stock of such  corporation and which
is  not  subject  to  redemption   and  shall  also  include  any  evidences  of
indebtedness,  shares of stock or other securities which are convertible into or
exchangeable  for any such stock,  either  immediately  or upon the arrival of a
specified  date or the happening of a specified  event and any warrants or other

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rights to subscribe for or purchase any such stock. The foregoing  provisions of
this  Section  12  shall   similarly   apply  to   successive   reorganizations,
reclassifications, mergers, consolidations or disposition of assets.

         13.  Voluntary  Adjustment by the Company.  The Company may at any time
during the term of this Warrant  reduce the then current  Exercise  Price to any
amount and for any period of time deemed  appropriate  by the Board of Directors
of the Company.

         14.  Notice of  Adjustment.  Whenever  the number of Warrant  Shares or
number or kind of securities or other property  purchasable upon the exercise of
this Warrant or the Exercise Price is adjusted, as herein provided,  the Company
shall give notice thereof to the Holder,  which notice shall state the number of
Warrant Shares (and other securities or property)  purchasable upon the exercise
of this  Warrant  and the  Exercise  Price of such  Warrant  Shares  (and  other
securities or property) after such  adjustment,  setting forth a brief statement
of the facts  requiring  such  adjustment  and setting forth the  computation by
which such adjustment was made.

         15. Notice of Corporate Action. If at any time:

                  (a) the  Company  shall  take a record of the  holders  of its
         Common Stock for the purpose of entitling them to receive a dividend or
         other  distribution,  or any right to  subscribe  for or  purchase  any
         evidences of its indebtedness,  any shares of stock of any class or any
         other securities or property, or to receive any other right, or

                  (b) there shall be any capital  reorganization of the Company,
         any  reclassification  or  recapitalization of the capital stock of the
         Company or any  consolidation or merger of the Company with (other than
         a  consolidation  or  merger  in which  the  Company  is the  surviving
         corporation),  or any sale,  transfer  or other  disposition  of all or
         substantially  all the property,  assets or business of the Company to,
         another corporation or,

                  (c) there shall be a  voluntary  or  involuntary  dissolution,
         liquidation or winding up of the Company;

then, in any one or more of such cases,  the Company shall give to Holder (i) at
least twenty (20) days' prior written  notice of the date on which a record date
shall be selected for such dividend,  distribution  or right or for  determining
rights to vote in respect of any such reorganization,  reclassification, merger,
consolidation, sale, transfer, disposition,  liquidation or winding up, and (ii)
in the case of any such reorganization, reclassification, merger, consolidation,
sale, transfer,  disposition,  dissolution,  liquidation or winding up, at least
twenty  (20)  days'  prior  written  notice of the date when the same shall take
place.  Such notice in accordance  with the foregoing  clause also shall specify
(i) the date on which any such  record is to be taken  for the  purpose  of such
dividend,  distribution or right,  the date on which the holders of Common Stock
shall be entitled to any such dividend,  distribution  or right,  and the amount
and  character  thereof,  and (ii) the  date on which  any such  reorganization,
reclassification,    merger,   consolidation,   sale,   transfer,   disposition,
dissolution,  liquidation  or winding  up is to take place and the time,  if any
such  time is to be fixed,  as of which the  holders  of Common  Stock  shall be
entitled to exchange  their  Warrant  Shares for  securities  or other  property

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deliverable upon such disposition,  dissolution, liquidation or winding up. Each
such written  notice shall be  sufficiently  given if addressed to Holder at the
last address of Holder  appearing  on the books of the Company and  delivered in
accordance with Section 17(d).

         16. Authorized Shares. The Company covenants that during the period the
Warrant is outstanding,  it will reserve from its authorized and unissued Common
Stock a  sufficient  number of shares to provide for the issuance of the Warrant
Shares  upon the  exercise  of any  purchase  rights  under  this  Warrant  (the
"Required Minimum"). If, on any date, the number of authorized but unissued (and
otherwise  unreserved)  shares of Common Stock is less than the Required Minimum
on such date, then the Board of Directors of the Company shall use  commercially
reasonable   efforts  to  amend  the  Company's   certificate   or  articles  of
incorporation to increase the number of authorized but unissued shares of Common
Stock to at least the number of shares of Common  Stock that would  result  from
the full exercise of the Warrant Shares at such time, as soon as possible and in
any event not later  than the 75th day after  such  date.  The  Company  further
covenants that its issuance of this Warrant shall  constitute  full authority to
its officers who are charged with the duty of executing  stock  certificates  to
execute and issue the  necessary  certificates  for the Warrant  Shares upon the
exercise of the purchase  rights under this  Warrant.  The Company will take all
such  reasonable  action as may be necessary to assure that such Warrant  Shares
may be issued as provided  herein  without  violation of any  applicable  law or
regulation,  or of any  requirements of the Trading Market upon which the Common
Stock may be listed.

         Except and to the extent as waived or consented  to by the Holder,  the
Company shall not by any action,  including,  without  limitation,  amending its
certificate of incorporation or through any reorganization,  transfer of assets,
consolidation,  merger,  dissolution,  issue or sale of  securities or any other
voluntary action, avoid or seek to avoid the observance or performance of any of
the terms of this  Warrant,  but will at all times in good  faith  assist in the
carrying  out of all such terms and in the taking of all such  actions as may be
necessary  or  appropriate  to protect the rights of Holder as set forth in this
Warrant against  impairment.  Without  limiting the generality of the foregoing,
the Company will (a) not increase the par value of any Warrant  Shares above the
amount payable therefor upon such exercise immediately prior to such increase in
par value,  (b) take all such action as may be necessary or appropriate in order
that the Company may  validly  and  legally  issue fully paid and  nonassessable
Warrant  Shares upon the  exercise  of this  Warrant,  and (c) use  commercially
reasonable  efforts to obtain all such  authorizations,  exemptions  or consents
from any public regulatory body having jurisdiction  thereof as may be necessary
to enable the Company to perform its obligations under this Warrant.

         Before  taking any action  which would result in an  adjustment  in the
number of  Warrant  Shares  for which  this  Warrant  is  exercisable  or in the
Exercise Price, the Company shall obtain all such  authorizations  or exemptions
thereof,  or consents  thereto,  as may be necessary from any public  regulatory
body or bodies having jurisdiction thereof.

         17. Miscellaneous.

                                       8
<PAGE>

                  (a) Jurisdiction.  All questions  concerning the construction,
validity,  enforcement and interpretation of this Warrant shall be determined in
accordance with the provisions of the Purchase Agreement.

                  (b)  Restrictions.  The Holder  acknowledges  that the Warrant
Shares acquired upon the exercise of this Warrant, if not registered,  will have
restrictions upon resale imposed by state and federal securities laws.

                  (c) Nonwaiver and Expenses.  No course of dealing or any delay
or failure to exercise any right  hereunder on the part of Holder shall  operate
as a waiver of such right or  otherwise  prejudice  Holder's  rights,  powers or
remedies,  notwithstanding  the fact that all rights hereunder  terminate on the
Termination  Date. If the Company  willfully and knowingly  fails to comply with
any  provision of this  Warrant,  which  results in any material  damages to the
Holder,  the Company  shall pay to Holder such amounts as shall be sufficient to
cover  any  costs  and  expenses  including,  but  not  limited  to,  reasonable
attorneys' fees, including those of appellate proceedings, incurred by Holder in
collecting any amounts due pursuant hereto or in otherwise  enforcing any of its
rights, powers or remedies hereunder.

                  (d) Notices. Any notice, request or other document required or
permitted  to be  given or  delivered  to the  Holder  by the  Company  shall be
delivered in accordance  with the notice  provisions of the Purchase  Agreement;
provided that upon any permitted  assignment of this Warrant, the assignee shall
promptly provide the Company with its contact information.

                  (e)  Limitation  of  Liability.  No provision  hereof,  in the
absence of any affirmative action by Holder to exercise this Warrant or purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder,
shall give rise to any liability of Holder for the purchase  price of any Common
Stock or as a stockholder of the Company,  whether such liability is asserted by
the Company or by creditors of the Company.

                  (f)  Remedies.  Holder,  in  addition  to  being  entitled  to
exercise  all rights  granted by law,  including  recovery of  damages,  will be
entitled to specific  performance of its rights under this Warrant.  The Company
agrees that  monetary  damages would not be adequate  compensation  for any loss
incurred  by reason  of a breach by it of the  provisions  of this  Warrant  and
hereby agrees to waive the defense in any action for specific performance that a
remedy at law would be adequate.

                  (g) Successors and Assigns.  Subject to applicable  securities
laws, this Warrant and the rights and obligations  evidenced  hereby shall inure
to the  benefit of and be binding  upon the  successors  of the  Company and the
successors and permitted  assigns of Holder.  The provisions of this Warrant are
intended to be for the benefit of all Holders  from time to time of this Warrant
and shall be enforceable by any such Holder or holder of Warrant Shares.

                  (h) Amendment.  This Warrant may be modified or amended or the
provisions hereof waived with the written consent of the Company and the Holder.

                                       9
<PAGE>

                  (i) Severability.  Wherever  possible,  each provision of this
Warrant shall be  interpreted  in such manner as to be effective and valid under
applicable  law, but if any  provision of this Warrant shall be prohibited by or
invalid under  applicable law, such provision shall be ineffective to the extent
of such  prohibition or invalidity,  without  invalidating the remainder of such
provisions or the remaining provisions of this Warrant.

                  (j)  Headings.  The headings  used in this Warrant are for the
convenience of reference  only and shall not, for any purpose,  be deemed a part
of this Warrant.

                              ********************

                                       10
<PAGE>

                  IN WITNESS WHEREOF,  the Company has caused this Warrant to be
executed by its officer thereunto duly authorized.

Dated:  January ___, 2005

                                        UNITED NETWORK MARKETING SERVICES, INC.

                                        By:____________________________________
                                           Name:
                                           Title:

                                       11
<PAGE>

                               NOTICE OF EXERCISE

To:  United Network Marketing Services, Inc.

         (1) The undersigned  hereby elects to purchase  ________ Warrant Shares
of the Company  pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders  herewith payment of the exercise price in full,  together
with all applicable transfer taxes, if any.

         (2) Payment shall take the form of (check applicable box):

                  [ ] in lawful money of the United States; or

                  [ ] the  cancellation  of such number of Warrant  Shares as is
                  necessary,  in  accordance  with  the  formula  set  forth  in
                  subsection  3(d), to exercise this Warrant with respect to the
                  maximum number of Warrant Shares  purchasable  pursuant to the
                  cashless exercise procedure set forth in subsection 3(d).

         (3)  Please  issue a  certificate  or  certificates  representing  said
Warrant  Shares  in the  name of the  undersigned  or in such  other  name as is
specified below:

                           -------------------------------

The Warrant Shares shall be delivered to the following:

                           -------------------------------

                           -------------------------------

                           -------------------------------

         (4) Accredited Investor. The undersigned is an "accredited investor" as
defined in Regulation D under the Securities Act of 1933, as amended.

                                              [PURCHASER]

                                              By: ______________________________
                                              Name:
                                              Title:

                                              Dated:____________________________

<PAGE>

                                 ASSIGNMENT FORM

                    (To assign the foregoing warrant, execute
                   this form and supply required information.
                 Do not use this form to exercise the warrant.)

         FOR VALUE  RECEIVED,  the  foregoing  Warrant and all rights  evidenced
thereby are hereby assigned to

_______________________________________________ whose address is

________________________________________________________________ .

________________________________________________________________

                                         Dated:  ______________, _______

                Holder's Signature: _____________________________

                Holder's Address:________________________________

                                 ________________________________

Signature Guaranteed:  ___________________________________________

NOTE: The signature to this  Assignment Form must correspond with the name as it
appears on the face of the Warrant,  without  alteration or  enlargement  or any
change whatsoever,  and must be guaranteed by a bank or trust company.  Officers
of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.Exhibit 10.15

As effective October 31, 2004

EATON VANCE CORP. 

1998 STOCK OPTION PLAN 

RESTATEMENT NO. 4

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

          Board
means the Company’s Board of Directors. 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

82

Exhibit 10.15

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

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

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

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

          3.     Effective
Date.  The Plan became effective on
July 7, 1998, the date it was adopted by the Board and approved by the voting
stockholders of the Company.  This
Restatement No. 4 became effective on October 31, 2004, the date it was adopted
by the Board and approved by the voting stockholders of the Company. 

          4.     Stock
Subject to the Plan; Adjustments. 

                  (a)
     Shares Reserved.  Subject to adjustment as hereinafter provided, the total number
of Shares reserved for issuance in connection with Options under the Plan shall
be 14,700,000.  No Option may be granted
if the number of shares to which such Option relates, when added to the number
of Shares previously issued under the Plan, exceeds the number of shares
reserved under this Section 4(a). 
Shares issued under the Plan shall be counted against this limit in the
manner specified in Section 4(b). 

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

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

83

Exhibit 10.15

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

          5.     Administration.

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

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

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

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

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

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

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

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

84

Exhibit 10.15

                           (viii)  to make all other decisions and
determinations as may be required under the terms of the Plan or as the
Committee may deem necessary or advisable for the administration of the Plan. 

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

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

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

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

85

Exhibit 10.15

          7.     Options
for Employees.  

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

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

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

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

	
   
	
              (A)     The
  Option Price per Share shall not be less than 110% of the Market Value on the
  Grant Date; and 

	
   
	
   

	
   
	
              (B)     The
  Incentive Option shall expire not more than five years after the Grant Date. 

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

                  (d)     Limitation
on Number of Shares to be Granted to Each Optionee.  Each Option Agreement shall specify the
number of Shares to which it pertains. 
No Optionee may receive, during any three calendar year period, Options
to purchase more than 3,600,000 Shares. 
If any Option granted to an employee is canceled, the canceled Option
continues to be counted against the maximum number of Shares for which Options
may be granted to that employee under the Plan.  If, after grant of an Option to an employee, the Option Price is
reduced, the transaction will be treated as a cancellation of the Option and
the grant of a new Option, and in such case both the Option that is deemed to
be canceled and the Option that is deemed to be granted reduce the maximum
number of Shares for which Options may be granted to that employee under the
Plan.  The preceding two sentences apply
only to calculating the maximum number of Shares available to an Optionee
during any three calendar year periods, and shall not apply to or affect the
manner of counting Shares pursuant to Section 4(b). 

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

          8.     Formula
Plan; Options for Directors.  Upon first
election to the Board of Directors of the Company of a person who was not,
within twelve months preceding election, either an officer of employee of the
Company or any Subsidiary, such person shall be granted a Director Option to
purchase 6,000 Shares.  On the third
Friday of December in each year, each director who is not an employee of the
Company and its Subsidiaries shall receive a Director Option to purchase 6,000
Shares.  In the event that on any Grant
Date there is not a sufficient number of Shares available to implement fully
the preceding sentences, then each such director shall receive a pro rata
portion of the Director Option contemplated by the preceding sentences.  The Option Price for each Director Option
shall be the Market Value on the Grant Date or, in the event there is no Market
Value available on the Grant Date, on the date next following the Grant Date
for which a Market Value is available. 
Each Director Option shall become exercisable in four equal installments
upon each of the first four anniversaries of the Grant Date.  No Director Option shall be exercisable
later than ten years after the Grant Date. 
It is intended that each Director Option automatically granted pursuant
to this Section 8 shall be made pursuant to a formula plan as defined in
Release No. 34-37260 of the Securities and Exchange Commission (adopting
restated Rule 16b-3). 

86

Exhibit 10.15

          9.     Terms
and Conditions Applicable to All Options. 

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

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

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

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

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

87

Exhibit 10.15

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

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

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

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

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

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

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

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

88

Exhibit 10.15

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

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

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

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

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

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

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

89

Exhibit 10.15

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

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

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

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

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

          14.     General
Provisions. 

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

90

Exhibit 10.15

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

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

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

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

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

91

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