EATON VANCE CORP
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<TYPE>EX-10.15
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<FILENAME>ex10_15.htm
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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">As effective October 31, 2004</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>EATON VANCE CORP. <BR>
1998 STOCK OPTION PLAN <BR>
RESTATEMENT NO. 4</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Definitions</U>.&#160; As used in this Eaton Vance Corp. 1998 Stock
Option Plan the following terms shall have the following meaning: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board</U>
means the Company&#146;s Board of Directors. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Code</U>
means the Internal Revenue Code of 1986, as amended from time to time.&#160; References to any provision of the Code
shall be deemed to include successor provisions and regulations and other
guidance issued thereunder. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committee</U>
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.&#160;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Company</U>
means Eaton Vance Corp., a Maryland corporation, or any successor corporation. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Director
Option</U> means a nonqualified stock option granted to a director pursuant to
the formula plan set forth in Section 8. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exchange
Act</U> means the Securities Exchange Act of 1934, as amended from time to
time.&#160; References to any provision of
the Exchange Act shall be deemed to include successor provisions thereto and
regulations and other guidance issued thereunder. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Grant
Date</U> means the date on which an Option is granted. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Incentive
Option</U> means an Option that satisfies the requirements of Section 422 of
the Code. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Market
Value</U> means the closing price on the New York Stock Exchange for the Shares
for any date. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonqualified
Option</U> means an Option other than an Incentive Option granted to an employee. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option</U>
means an option to purchase Shares granted under the Plan. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Agreement</U> means an agreement between the Company and an Optionee, setting
forth the terms and conditions of an Option. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Option
Price</U> means the price to be paid by an Optionee upon exercise of an Option.
</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Optionee</U>
means a person eligible to receive an Option to whom an Option shall have been
granted under the Plan. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Plan</U>
means this 1998 Stock Option Plan, as amended or restated from time to time. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Qualified
Member</U> means a member of the Committee who is a &#147;non-employee director&#148;
within the meaning of Rule 16b-3(b)(3) and an &#147;outside director&#148; within the
meaning of Treasury Regulation 1.162-27(e)(3) under Code Section 162(m). </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">82</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Rule
16b-3</U> 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares</U>
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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Subsidiary</U>
means a subsidiary of the Company, as defined in Section 424(f) of the Code. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Purpose</U>.&#160; 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.&#160;
It is intended that the Plan will strengthen the mutuality of interest
between such persons and the stockholders of the Company.&#160; Both Incentive Options and Nonqualified
Options may be granted under the Plan.&#160;
This Plan is the successor to the Company&#146;s 1995 Stock Option Plan &#150;
Restatement No. 2. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective
Date</U>.&#160; 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.&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Stock
Subject to the Plan; Adjustments. </U></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Shares Reserved</U>.&#160; 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.&#160; 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).&#160;
Shares issued under the Plan shall be counted against this limit in the
manner specified in Section 4(b). </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Manner of Counting Shares</U>.&#160; 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.&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Type
of Shares Distributable</U>.&#160; 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. </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">83</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjustments</U>.&#160; 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.&#160; 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&#146;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 &#147;covered
employees&#148; within the meaning of Code Section 162(m) to fail to qualify as
&#147;performance-based compensation&#148; under Code Section 162(m) and regulations
thereunder. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Administration.
</U></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Authority
of the Committee</U>.&#160; The Plan shall be
administered by the Committee.&#160; 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: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&#160; to select employees to whom Options may be
granted; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&#160; 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; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&#160; 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; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&#160; 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; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&#160; to prescribe the form of each Option
Agreement, which need not be identical for each Optionee; </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&#160; 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; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&#160; 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 </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">84</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii)&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">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).&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Manner
of Exercise of Committee Authority</U>.&#160;
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 &#147;qualified
performance-based compensation&#148; 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.&#160; 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.&#160; 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.&#160; 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.&#160; 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). </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
of Liability</U>.&#160; 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&#146;s independent certified public
accountants, or other professional retained by the Company to assist in the
administration of the Plan.&#160; 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. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Duration
of the Plan</U>.&#160; 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. </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">85</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Options
for Employees.&#160; </U></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Eligible
Employees</U>.&#160; Options may be granted
to those employees of the Company or of any of its Subsidiaries as are selected
by the Committee. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Restrictions
on Incentive Options</U>.&#160; Incentive
Options shall be subject to the following restrictions: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation on Number of Shares</U>.&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>10%
Stockholder</U>.&#160; 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: </FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Option Price per Share shall not be less than 110% of the Market Value on the
  Grant Date; and </FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
  <TD WIDTH="10%" VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
  Incentive Option shall expire not more than five years after the Grant Date. </FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Price</U>.&#160; 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.&#160; 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.&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Limitation
on Number of Shares to be Granted to Each Optionee</U>.&#160; Each Option Agreement shall specify the
number of Shares to which it pertains.&#160;
No Optionee may receive, during any three calendar year period, Options
to purchase more than 3,600,000 Shares.&#160;
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.&#160; 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.&#160; 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). </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercise
of Options</U>.&#160; 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. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Formula
Plan; Options for Directors</U>.&#160; 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. &#160;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.&#160; 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.&#160; 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.&#160;
Each Director Option shall become exercisable in four equal installments
upon each of the first four anniversaries of the Grant Date.&#160; No Director Option shall be exercisable
later than ten years after the Grant Date.&#160;
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). </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">86</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>


<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Terms
and Conditions Applicable to All Options</U>. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Non-Transferability</U>.&#160; 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&#146;s lifetime, only by him or her (i.e. if the
Option is exercised during the Optionee&#146;s lifetime, it shall only be
exercisable by the Optionee). </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Notice
of Exercise and Payment</U>.&#160; An Option
shall be exercisable only by delivery of a written notice to the Company&#146;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.&#160; 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&#146;s own account for investment and not with a view to distribution.&#160; Payment shall be made in full at the time
the Option is exercised.&#160; 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&#146;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&#146;s promissory note for the exercise price, or (iv) any combination
of (i), (ii) or (iii) above. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Rights to Options; No Stockholder Rights</U>.&#160;
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.&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Cancellation
and Rescission of Options</U>.&#160; 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.
</FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Options
to Optionees Outside the United States</U>.&#160;
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&#146;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.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">87</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
of Options</U>.&#160; 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: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optionee&#146;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&#146;s Options shall terminate and may no longer be
exercised; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optionee&#146;s services shall have been terminated for any reason other than
cause, resignation or other voluntary action before his or her eligibility&#160; 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; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the Optionee&#146;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 </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#146;s death exercise the Option to the
extent the Optionee might have exercised it at the time of death;&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">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&#146;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. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Withholding
Taxes; Delivery of Shares</U>.&#160; The
Company&#146;s obligation to deliver Shares upon exercise of an Option shall be
subject to the Optionee&#146;s satisfaction of all applicable federal, state and
local income and employment tax withholding obligations.&#160; 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&#146;s Treasurer may determine and having a value equal to the
amount required to be withheld.&#160; 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.&#160; The Optionee&#146;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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Termination
or Amendment of Plan</U>.&#160; 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: </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">88</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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
</FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;<U>Change
of Control - Automatic Vesting of Options</U>.&#160;
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: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.&#160; A &#147;Change of Control&#148; shall mean: </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 &#147;Exchange Act&#148;)) (a &#147;Person&#148;) 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 &#147;Non-Voting Stock&#148;) 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 &#147;Company Voting
Securities&#148;); <U>provided</U>, 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 <U>provided, further</U>, 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&#160; </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Individuals
who, as of the date hereof, constitute the Company&#146;s Board of Directors (the
&#147;Incumbent Board&#148;) cease for any reason to constitute at least a majority of
the Board; <U>provided</U>, that any individual becoming a director of the Company
(&#147;Director&#148;) subsequent to the date of the Option whose election or nomination
for election by the Company&#146;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 </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval
by the shareholders of the Company of a reorganization, merger or consolidation
(a &#147;Business Combination&#148;), 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 </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">89</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>General
Provisions</U>. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Legal and Exchange Requirements</U>.&#160;
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.&#160; 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. </FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">90</FONT></P>

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<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN"><B>Exhibit 10.15</B></FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compliance
with Section 162(m) and Rule 16b-3</U>.&#160;
If any provision of the Plan or any Option Agreement relating to a
&#147;covered employee&#148; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>No
Right to Continued Employment</U>.&#160;
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&#146;s employment
at any time. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Taxes</U>.&#160; 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.&#160; 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&#146;s tax obligations. </FONT></P>

<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nonexclusivity
of the Plan</U>.&#160; 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. </FONT></P>
<P><FONT SIZE=2 FACE="TIMES NEW ROMAN">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing
Law</U>.&#160; 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.</FONT></P>
<P ALIGN=CENTER><FONT SIZE=2 FACE="TIMES NEW ROMAN">91</FONT></P>

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