HANCOCK JOHN FINANCIAL SERVICES INC
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>ex10-2.txt
<TEXT>
                                                                    Exhibit 10.2

                        EMPLOYMENT CONTINUATION AGREEMENT

            THIS AGREEMENT by and among John Hancock Life Insurance Company, a
Massachusetts corporation (the "Company"), John Hancock Financial Services,
Inc., a Delaware corporation ("JHFS") and James M. Benson (the "Executive"),
dated as of the 1st day of April, 2003.

W I T N E S S E T H :

WHEREAS, the Executive has been employed as an officer of the Company and/or
JHFS, and it has been determined that the Executive holds an important position
with the Company and/or JHFS;

WHEREAS, the Company and JHFS believe that, in the event of a situation that
could result in a change in ownership or control of the Company or JHFS,
continuity of management will be essential to their ability to evaluate and
respond to such a situation in the best interests of shareholders;

WHEREAS, the Company and JHFS understand that any such situation will present
significant concerns for the Executive with respect to his/her financial and job
security;

WHEREAS, to assure themselves of the Executive's services during the period in
which they are confronting such a situation, and to provide the Executive
certain financial assurances to enable the Executive to perform the
responsibilities of his/her position without undue distraction and to exercise
his/her judgment without bias due to his/her personal circumstances, the
Company, JHFS and the Executive, wish to enter into this Agreement to provide
the Executive with certain rights and obligations upon the occurrence of a
Change of Control or Potential Change of Control (as each such term is defined
in Section 2 hereof);

NOW, THEREFORE, in consideration of the premises and mutual covenants herein
contained, it is hereby agreed among the Company, JHFS and the Executive as
follows:

1. Operation of Agreement. (a) Effective Date. The effective date of this
Agreement shall be the date on which a Change of Control occurs (the "Effective
Date"), provided that, except as provided in Section 1(b), if the Executive is
not employed by the Company, JHFS or an Affiliate on the Effective Date, this
Agreement shall be void and without effect.

(b) Termination of Employment Following a Potential Change of Control.
Notwithstanding Section 1(a), if (i) the Executive's employment with the
Company, JHFS or an Affiliate is terminated without Cause (as defined in Section
6(c)) after the occurrence of a Potential Change of Control and prior to the
occurrence of a Change of Control and (ii) a Change of Control occurs within two
years of such termination, the Executive shall be deemed, solely for purposes of
determining his/her rights under this Agreement, to have remained employed until
the date such Change of Control occurs and to have been terminated by the
Company, JHFS or (if applicable) the Affiliate without Cause immediately after
this Agreement becomes effective, with any amounts payable hereunder reduced by
the amount of any other severance benefits provided to him in connection with
such termination.

2. Definitions.

(a) "Affiliate" shall mean any corporation, partnership, limited liability
company, trust or other entity which directly, or indirectly through one or more
intermediaries, controls, or is controlled by, the Company, or JHFS.

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

(c) "Company" means John Hancock Life Insurance Company.

(d) "Change of Control" shall be deemed to have occurred if:

(i) any Person (as defined below) has acquired, "beneficial ownership" (within
the meaning of Rule 13d-3, as promulgated under Section 13(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")), directly or indirectly,
of securities of the Company or JHFS representing 30% or more of the combined
Voting Power (as defined below) of the securities of the Company or JHFS;
provided, however, that the event described in this paragraph (i) shall not be
deemed to be a Change in Control by virtue of an acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Company, JHFS or
any Affiliate; or

(ii) within any 24-month period, the persons who, at the beginning of such
period, were members of the Board (the "Incumbent Company Directors") shall
cease to constitute at least a majority of the Board or the board of directors
of any successor to the Company; provided, however, that any director elected to
the Board, or nominated for election to the Board, by at least two-thirds (2/3)
of the Incumbent Company Directors then still in office shall be deemed to be an
Incumbent Company Director for purposes of this subclause (ii); provided,
however, that no individual initially elected or nominated for election to the
Board as a result of an actual or threatened election contest with respect to
directors or as a result of any other
<PAGE>

actual or threatened solicitation of proxies by or on behalf of any Person other
than the Board shall be deemed to be an Incumbent Company Director; or

(iii) within any 24-month period, the persons who, at the beginning of such
period, were members of the JHFS Board (the "Incumbent JHFS Directors") shall
cease to constitute at least a majority of the JHFS Board or the board of
directors of any successor to JHFS; provided, however, that any director elected
to the JHFS Board, or nominated for election to the JHFS Board, by at least
two-thirds (2/3) of the Incumbent JHFS Directors then still in office shall be
deemed to be an Incumbent JHFS Director for purposes of this subclause (iii);
provided, however, that no individual initially elected or nominated for
election to the JHFS Board as a result of an actual or threatened election
contest with respect to directors or as a result of any other actual or
threatened solicitation of proxies by or on behalf of any Person other than the
JHFS Board shall be deemed to be an Incumbent JHFS Director; or

(iv) upon the consummation of a merger, consolidation, share exchange, division,
sale or other disposition of all or substantially all of the assets of the
Company (a "Company Corporate Event") and immediately following the consummation
of which the stockholders of the Company, immediately prior to such Company
Corporate Event do not hold, directly or indirectly, a majority of the Voting
Power of

(A) in the case of a merger or consolidation, the surviving or resulting
corporation,

(B) in the case of a statutory share exchange, the acquiring corporation,

(C) in the case of a division or a sale or other disposition of assets, each
surviving, resulting or acquiring corporation which, immediately following the
relevant Company Corporate Event, holds more than 25% of the consolidated assets
of the Company immediately prior to such Company Corporate Event, provided that
no Change of Control shall be deemed to have occurred if the Executive is
employed, immediately following such Company Corporate Event, by any entity in
which the stockholders of the Company immediately prior to such Company
Corporate Event hold, directly or indirectly, a majority of the Voting Power;

Provided that in each case such majority of the Voting Power is represented by
securities of the Company that were outstanding immediately prior to such
Company Corporate Event (or, if applicable, is represented by shares into which
such securities of the Company were converted pursuant to such Company Corporate
Event); or

(v) upon the consummation of a merger, consolidation, share exchange, division,
sale or other disposition of all or substantially all of the assets of JHFS
which has been approved by the stockholders of JHFS (a "JHFS Corporate Event"),
and immediately following the consummation of which the stockholders of JHFS
immediately prior to such JHFS Corporate Event do not hold, directly or
indirectly, a majority of the Voting Power of

(A) in the case of a merger or consolidation, the surviving or resulting
corporation,

(B) in the case of a statutory share exchange, the acquiring corporation, or

(C) in the case of a division or a sale or other disposition of assets, each
surviving, resulting or acquiring corporation which, immediately following the
relevant JHFS Corporate Event, holds more than 25% of the consolidated assets of
JHFS immediately prior to such JHFS Corporate Event, provided that no Change of
Control shall be deemed to have occurred if the Executive is employed,
immediately following such JHFS Corporate Event, by any entity in which the
stockholders of JHFS immediately prior to such JHFS Corporate Event hold,
directly or indirectly, a majority of the Voting Power;

Provided that in each case such majority of the Voting Power is represented by
securities of JHFS that were outstanding immediately prior to such JHFS
Corporate Event (or, if applicable, is represented by shares into which such
securities of JHFS were converted pursuant to such JHFS Corporate Event); or

(vi) any other event occurs which the Board or the JHFS Board declares to be a
Change of Control.

(e) "JHFS" means John Hancock Financial Services, Inc.

(f) "JHFS Board" means the Board of Directors of JHFS and, after a Change in
Control that constitutes a Company Corporate Event or a JHFS Corporate Event,
the Board Directors of the Parent.

(g) "Parent" shall mean any corporation, partnership, limited liability company,
business trust or other entity which owns, directly or indirectly, more than 50%
of the Voting Power in the Company or JHFS.

(h) "Person" shall have the meaning ascribed to such term in Section 3(a)(9) of
the Exchange Act, as supplemented by Section 13(d)(3) of the Exchange Act;
provided, however, that Person shall not include (i) the Company, JHFS, or any
Affiliate or (ii) any employee benefit plan sponsored by the entities described
in clause (i) of this definition.

(i) "Potential Change of Control" shall be deemed to have occurred if:

(i) a Person commences a tender offer (with adequate financing) for securities
representing at least 10% of the Voting Power of the JHFS's securities;

(ii) the Company or JHFS enters into an agreement the consummation of which
would constitute a Change of Control;

(iii) proxies for the election of directors of JHFS are solicited by anyone
other than JHFS; or

(iv) any other event occurs which is deemed to be a Potential Change of Control
by the JHFS Board.

(j) "Voting Power" shall mean such number of the Voting Securities as shall
enable the holders thereof to cast such percentage of all the votes which could
be cast in an annual election of directors.
<PAGE>

(k) "Voting Securities" shall mean all securities of a company entitling the
holders thereof to vote in an annual election of directors.

3. Employment Period. Subject to Section 6 of this Agreement, the Company (or if
applicable, JHFS) agrees to continue the Executive in its employ, and the
Executive agrees to remain in the employ of the Company or, if applicable, JHFS
for the period (the "Employment Period") commencing on the Effective Date and
ending on the third anniversary of the Effective Date. Notwithstanding the
foregoing, if, prior to the Effective Date, the Executive is demoted to a lower
position than the position held on the date first set forth above, the Board (or
if applicable, the JHFS Board) may declare that this Agreement shall be without
force and effect by written notice delivered to the Executive (i) within 30 days
following such demotion and (ii) prior to the occurrence of a Potential Change
of Control or a Change of Control.

4. Position and Duties. (a) No Reduction in Position. During the Employment
Period, the Executive's position (including titles), authority and
responsibilities with the Company, JHFS and each of the Affiliates shall be,
both individually and in the aggregate, at least commensurate with those held,
exercised and assigned immediately prior to the Effective Date. It is understood
that, for purposes of this Agreement, such position, authority and
responsibilities shall not be regarded as not commensurate merely by virtue of
the fact that a successor shall have acquired all or substantially all of the
business and/or assets of the Company as contemplated by Section 13(b) of this
Agreement. The Executive's services shall be performed at the location where the
Executive was employed immediately preceding the Effective Date.

(b) Business Time. From and after the Effective Date, the Executive agrees to
devote substantially all of his/her attention during normal business hours to
the business and affairs of the Company, JHFS and the Affiliates and to use
his/her reasonable best efforts to perform the responsibilities assigned to him
hereunder, to the extent necessary to discharge such responsibilities, except
for (i) time spent in managing his/her personal, financial and legal affairs and
serving on corporate, civic or charitable boards or committees, in each case
only if and to the extent not substantially interfering with the performance of
such responsibilities, and (ii) periods of vacation and sick leave to which
he/she is entitled. It is expressly understood and agreed that the Executive's
continuing to serve on any boards and committees on which he/she is serving or
with which he/she is otherwise associated immediately preceding the Effective
Date shall not be deemed to interfere with the performance of the Executive's
services for the Company, JHFS or the Affiliates.

5. Compensation. (a) Base Salary. During the Employment Period, the Executive
shall receive a base salary at a monthly rate at least equal to the monthly
salary paid to the Executive by the Company, JHFS and any Affiliate immediately
prior to the Effective Date. The base salary shall be reviewed at least once
each year after the Effective Date, and may be increased (but not decreased) at
any time and from time to time by action of the Board or JHFS Board, as the case
may be, or any committee thereof or any individual having authority to take such
action in accordance with the Company's (or if applicable, JHFS's) regular
practices. The Executive's base salary, as it may be increased from time to
time, shall hereafter be referred to as "Base Salary". Neither the Base Salary
nor any increase in Base Salary after the Effective Date shall serve to limit or
reduce any other obligation of the Company or JHFS hereunder.

(b) Annual Bonus. During the Employment Period, in addition to the Base Salary,
for each fiscal year of the Company ending during the Employment Period, the
Executive shall be afforded the opportunity to receive an annual bonus on terms
and conditions no less favorable to the Executive (taking into account
reasonable changes in the applicable corporate goals and objectives and taking
into account actual performance) than the annual bonus opportunity that had been
made available to the Executive for the fiscal year ended immediately prior to
the Effective Date (the "Annual Bonus Opportunity"). Any amount payable in
respect of the Annual Bonus Opportunity shall be paid as soon as practicable
following the year for which the amount (or prorated portion) is earned or
awarded, unless electively deferred by the Executive pursuant to any deferral
programs or arrangements that the Company, JHFS or any of its Affiliates may
make available to the Executive.

(c) Long-term Incentive Compensation Programs. During the Employment Period, the
Executive shall participate in all long-term incentive compensation programs
(including, without limitation, programs providing for the grant of stock
options and other equity-based awards) for key executives at a level that is
commensurate with the Executive's participation in such plans immediately prior
to the Effective Date, or, if more favorable to the Executive, at the level made
available to the Executive or other similarly situated officers at any time
thereafter.

(d) Benefit Plans. During the Employment Period, the Company shall provide to
the Executive (and to the extent applicable, his/her dependents) pension,
retirement, deferred compensation, savings, medical, dental, health, disability,
life and accidental death coverages, both individual and group, at a level that
is commensurate with the coverage to which the Executive was entitled under
plans sponsored by the Company, JHFS or any affiliate immediately prior to the
Effective Date, or, if more favorable to the Executive, at the level made
available to the Executive or other similarly situated officers at any time
thereafter. The Executive shall be entitled to such benefits subject to the same
terms and conditions (including, without limitation, any requirement that the
Executive make contributions toward the cost of such coverage) that applied
immediately prior to the Effective Date, or, if more favorable to the Executive,
as are made applicable to the Executive or other similarly situated officers at
any time thereafter. To the extent such benefits cannot be provided under the
terms of a benefit plan, policy or program sponsored by the Company, JHFS or any
affiliate, as the case may be, the Company shall provide a comparable benefit
under another plan or from the Company's general assets.
<PAGE>

(e) Expenses. During the Employment Period, the Executive shall be entitled to
receive prompt reimbursement for all reasonable expenses incurred by the
Executive in accordance with the policies and procedures of the Company as in
effect immediately prior to the Effective Date. Notwithstanding the foregoing,
the Company may apply the policies and procedures in effect after the Effective
Date to the Executive, if such policies and procedures are not less favorable to
the Executive than those in effect immediately prior to the Effective Date.

(f) Vacation and Fringe Benefits. During the Employment Period, the Executive
shall be entitled to paid vacation and fringe benefits (including, without
limitation, any split-dollar life insurance arrangements) at a level that is
commensurate with the paid vacation and fringe benefits available to the
Executive immediately prior to the Effective Date, or, if more favorable to the
Executive, at the level made available from time to time to the Executive or
other similarly situated officers at any time thereafter.

(g) Indemnification. During and after the Employment Period, the Company and
JHFS shall indemnify the Executive and hold the Executive harmless from and
against any claim, loss or cause of action arising from or out of the
Executive's performance as an officer, director or employee of JHFS, the Company
or any of their Affiliates or in any other capacity, including any fiduciary
capacity, in which the Executive serves at the request of the Company to the
maximum extent permitted by applicable law and the Certificate of Incorporation
and By-Laws of JHFS or the Company, as the case may be (the "Governing
Documents"), provided that in no event shall the protection afforded to the
Executive hereunder be less than that afforded under the Governing Documents as
in effect immediately prior to the Effective Date.

(h) Office and Support Staff. The Executive shall be entitled to an office with
furnishings and other appointments, and to secretarial and other assistance, at
a level that is at least commensurate with the foregoing provided to the
Executive immediately prior to the Change of Control.

6. Termination. (a) Death, Disability or Retirement. Subject to the provisions
of Section 1 hereof, this Agreement shall terminate automatically upon the
Executive's death, termination due to "Disability" (as defined below) or
voluntary retirement under any of the retirement plans of the Company or JHFS
(or, if applicable, an Affiliate) has in effect from time to time. For purposes
of this Agreement, Disability shall mean the Executive has met the conditions to
qualify for long-term disability benefits under the long term disability plan or
policy the Company or JHFS (or, if applicable, an Affiliate), has in effect
immediately prior to the Effective Date.

(b) Voluntary Termination. Notwithstanding anything in this Agreement to the
contrary, following a Change of Control the Executive may, upon not less than 60
days' written notice to the Company (or, if applicable, JHFS), voluntarily
terminate employment for any reason (including early retirement under the terms
of any retirement plans maintained by the Company, JHFS or an Affiliate, as in
effect from time to time), provided that any termination by the Executive
pursuant to Section 6(d) on account of Good Reason (as defined therein) shall
not be treated as a voluntary termination under this Section 6(b).

(c) Cause. The Company, JHFS or an Affiliate that employs the Executive may
terminate the Executive's employment for Cause. For purposes of this Agreement,
"Cause" means (i) the Executive's conviction or plea of nolo contendere to a
felony related to fraud or dishonesty; (ii) an act or acts of dishonesty or
gross misconduct on the Executive's part which result or are intended to result
in material damage to the Company's, JHFS's or an Affiliate's business or
reputation; or (iii) repeated material violations by the Executive of his/her
obligations under Section 4 of this Agreement, which violations are demonstrably
willful and deliberate on the Executive's part and which result in material
damage to the Company's, JHFS's or an Affiliate's business or reputation.

(d) Good Reason. Following the occurrence of a Change of Control, the Executive
may terminate his/her employment for Good Reason. For purposes of this
Agreement, "Good Reason" means the occurrence of any of the following, without
the express written consent of the Executive, after the occurrence of a Change
of Control:

(i) the assignment to the Executive of any duties inconsistent in any material
adverse respect with the Executive's position, authority or responsibilities, as
contemplated by Section 4 of this Agreement, or any other material adverse
change in position, titles, reporting lines, authority or responsibilities,
including and without limiting the generality of the foregoing, the elimination
or substantial reduction of the Executive's duties with the Company, JHFS or any
Affiliate resulting in a significant reduction in her position, titles,
authority or responsibilities as in effect prior to the Change of Control;

(ii) any failure by the Company or JHFS to comply with any of the provisions of
Section 5 of this Agreement, other than an insubstantial or inadvertent failure
remedied by the Company or JHFS promptly after receipt of notice thereof given
by the Executive;

(iii) any requirement that the Executive (A) be based at any office or location
more than 35 miles (or any such shorter distance as shall be set forth in the
Company's (or if applicable, JHFS's) relocation policy as in effect on the
Effective Date) from that location at which he/she performed his/her services
specified under the provisions of Section 4 immediately prior to the Change of
Control, except for travel reasonably required in the performance of the
Executive's responsibilities or (B) travel on business on behalf of the Company,
JHFS or any Affiliate, as the case may be, to an extent substantially greater
than the travel obligations of the Executive immediately prior to the Change in
Control;
<PAGE>

(iv) any failure by the Company or JHFS to obtain the assumption and agreement
to perform this Agreement by a successor as contemplated by Section 13(b).

In no event shall the mere occurrence of a Change of Control, absent any further
impact on the Executive, be deemed to constitute Good Reason.

(e) Notice of Termination. Any termination by the Company, JHFS or an Affiliate
for Cause or by the Executive for Good Reason shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 14(e).
For purposes of this Agreement, a "Notice of Termination" means a written
notice, given in the case of termination for Cause within 10 business days of
the Company's or JHFS's (or if applicable, an Affiliate's) having actual
knowledge of the events giving rise to such termination, which (i) indicates the
specific termination provision in this Agreement relied upon, (ii) sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for
termination of the Executive's employment under the provision so indicated, and
(iii) if the termination date is other than the date of receipt of such notice,
specifies the termination date of this Agreement (which date shall be not more
than 15 days after the giving of such notice). In the case of a termination for
Good Reason, the Notice of Termination shall be given within 180 days of the
Executive's having actual knowledge of the events giving rise to such
termination which actual knowledge shall in no event be deemed to have occurred
any earlier than the Effective Date. The failure by the Executive to set forth
in the Notice of Termination any fact or circumstance which contributes to a
showing of Good Reason shall not waive any right of the Executive hereunder or
preclude the Executive from asserting such fact or circumstance in enforcing
his/her rights hereunder.

(f) Date of Termination. For the purpose of this Agreement, the term "Date of
Termination" means (i) in the case of a termination for which a Notice of
Termination is required, the date of receipt of such Notice of Termination or,
if later, the date specified therein, as the case may be, and (ii) in all other
cases, the actual date on which the Executive's employment terminates during the
Employment Period.

7. Obligations of the Company upon Termination. (a) Death or Disability. If the
Executive's employment is terminated during the Employment Period by reason of
the Executive's death or Disability, this Agreement shall terminate without
further obligations to the Executive or the Executive's legal representatives
under this Agreement other than those obligations accrued hereunder at the Date
of Termination, and the Company shall pay to the Executive (or his/her
beneficiary or estate) (i) the Executive's full Base Salary through the Date of
Termination (the "Earned Salary"), (ii) any vested amounts or benefits owing to
the Executive under the otherwise applicable employee benefit plans and programs
of the Company, JHFS and the Affiliates, including any compensation previously
deferred by the Executive (together with any accrued earnings thereon) and not
yet paid by the Company, JHFS or an Affiliate and any accrued vacation pay not
yet paid by the Company, JHFS or an Affiliate (the "Accrued Obligations"), and
(iii) any other benefits payable due to the Executive's death or Disability
under the plans, policies or programs of the Company, JHFS and the Affiliates
(the "Additional Benefits").

The Earned Salary shall be paid in cash in a single lump sum as soon as
practicable, but in no event more than 10 days (or at such earlier date required
by law), following the Date of Termination. Accrued Obligations and Additional
Benefits shall be paid in accordance with the terms of the applicable plan,
program or arrangement.

(b-1) Cause and Voluntary Termination. If, during the Employment Period, the
Executive's employment shall be terminated for Cause or voluntarily terminated
by the Executive (other than on account of Good Reason following a Change of
Control), the Company shall pay the Executive (i) the Earned Salary in cash in a
single lump sum as soon as practicable, but in no event more than 10 days,
following the Date of Termination, and (ii) the Accrued Obligations in
accordance with the terms of the applicable plan, program or arrangement.

(b-2) Retirement Benefits. Notwithstanding anything else contained in this
Agreement to the contrary, if the Executive's employment is terminated other
than due to death, and he has attained age 62 or older on the Termination Date,
in addition to any other benefits to which he may be entitled under the
provisions of the John Hancock Financial Services, Inc. Pension Plan, he shall
be provided by the Company with a $200,000 annual annuity benefit for the
remainder of his lifetime, except that such annuity benefit shall be provided to
him without regard to his age on the Termination Date in the event of
termination by the Company other than for Cause or by the Executive for Good
Reason.

(c) Termination by the Company other than for Cause. If, during the Employment
Period, the Company or JHFS, terminates the Executive's employment other than
for Cause, the Company shall provide the Executive with the following benefits:

(i) Severance and Other Termination Payments. The Company shall pay the
Executive the following:

(A) the Executive's Earned Salary; and

(B) notwithstanding any plan provisions to the contrary, an amount (the
"Pro-Rated Annual Incentive") equal to the target annual bonus applicable to the
Executive for the fiscal year in which the Date of Termination occurs,
multiplied by a fraction, the numerator of which is the number of completed
months in such fiscal year which have elapsed on or before (and including) the
Date of Termination and the denominator of which is 12; and

(C) the Accrued Obligations; and

(D) a cash amount (the "Severance Amount") equal to three times the sum of
<PAGE>

(1) the Executive's annual Base Salary; and

(2) an amount equal to the target annual bonus applicable to the Executive for
the fiscal year in which the Change of Control occurs; and

(3) Notwithstanding anything in this Agreement or any plan to the contrary, a
long-term incentive award equivalent amount that is equal to two times the
Executive's annual Base Salary.

(ii) Continuation of Benefits. If, during the Employment Period, the Executive's
employment is terminated other than for Cause, the Executive (and, to the extent
applicable, his/her dependents) shall be entitled, after the Date of Termination
until the earlier of (A) the third anniversary of the Date of Termination (the
"End Date") and (B) the date the Executive becomes eligible for comparable
benefits under a similar plan, policy or program of a subsequent employer, to
continue participation in all of the individual and group health (including
without limitation medical, dental and disability) and life employee benefits
plans maintained by the Company, JHFS or an Affiliate and in which the Executive
had been participating prior to the Date of Termination (the "Benefit Plans").
In addition, to the extent that, prior to the Date of Termination, the Company
had been paying the premiums on any split-dollar life insurance policy with
respect to the Executive, the Company shall, as to any such policy, continue the
payment of such premiums until the later of the End Date or the date through
which the Company otherwise would have paid premiums on such policy in the
absence of a Change of Control. To the extent any such benefits cannot be
provided under the terms of the applicable plan, policy or program, the Company
shall provide a comparable benefit under another plan or from the Company's
general assets. The Executive's participation in the Benefit Plans will be on
the same terms and conditions (including, without limitation, any condition that
the Executive make contributions toward the cost of such coverage on the same
terms and conditions generally applicable to similarly situated employees) that
would have applied had the Executive continued to be employed by the Company
through the End Date.

(iii) Retirement Benefits. The Executive shall be entitled to retirement
benefits described in Section 7(b-2) without regard to his age on Date of
Termination.

(iv) Outplacement Services. The Executive shall be provided at the Company's
expense with outplacement services customary for executives at his/her level
(including, without limitation, office space and telephone support services)
provided by a qualified and experienced third party provider selected by the
Company.

(d) Termination by the Executive for Good Reason. If, during the Employment
Period, the Executive terminates his/her employment for Good Reason, the Company
shall pay to the Executive the same amounts as would be payable to the Executive
under Section 7(c) if such termination were a termination by the Company or JHFS
without Cause.

(e) Discharge of the Company's and JHFS's Obligations. Except as expressly
provided in the last sentence of this Section 7(e), the amounts payable to the
Executive pursuant to this Section 7 following termination of his/her employment
shall be in full and complete satisfaction of the Executive's rights under this
Agreement and any other claims he/she may have in respect of his/her employment
by the Company, JHFS or the Affiliates. Such amounts shall constitute liquidated
damages with respect to any and all such rights and claims and, upon the
Executive's receipt of such amounts, the Company, JHFS and each of their
Affiliates shall be released and discharged from any and all liability to the
Executive in connection with this Agreement or otherwise in connection with the
Executive's employment with the Company, JHFS and their Affiliates. Nothing in
this Section 7(e) shall be construed to release the Company or JHFS, as
applicable, from its commitment to indemnify the Executive and hold the
Executive harmless from and against any claim, loss or cause of action arising
from or out of the Executive's performance as an officer, director or employee
of the Company, JHFS or any of their Affiliates or in any other capacity,
including any fiduciary capacity, in which the Executive served at the request
of the Company or JHFS to the maximum extent permitted by applicable law and the
Governing Documents.

(f) Certain Further Payments by the Company.

(i) In the event that any amount or benefit paid or distributed to the Executive
pursuant to this Agreement and/or any amounts or benefits otherwise paid or
distributed (whether or not paid or distributed pursuant to a plan or program
maintained by the Company or JHFS) to the Executive by the Company, JHFS or any
Affiliate, including without limitation, the present value of any amounts or
benefits that otherwise become payable to the Executive by the Company, JHFS or
any Affiliate or otherwise become nonforfeitable because of the lapse or
termination of any restrictions thereon as a result of a Change of Control
(collectively, the "Covered Payments"), are or become subject to the tax (the
"Excise Tax") imposed under Section 4999 of the Internal Revenue Code of 1986,
as amended (the "Code"), or any similar tax that may hereafter be imposed, the
Company shall pay to the Executive at the time specified in Section 7(f)(v)
below an additional amount ("Tax Reimbursement Payment") such that the net
amount retained by the Executive with respect to such Covered Payments, after
deduction of any Excise Tax on the Covered Payments and any Federal, state and
local income or employment tax and Excise Tax on the Tax Reimbursement Payment
provided for by this Section 7(f), but before deduction for any Federal, state
or local income or employment tax withholding on such Covered Payments, shall be
equal to the amount of the Covered Payments.

(ii) For purposes of determining whether any of the Covered Payments will be
subject to the Excise Tax and the amount of such Excise Tax,
<PAGE>

(A) such Covered Payments will be treated as "parachute payments" within the
meaning of Section 280G of the Code, and all "parachute payments" in excess of
the "base amount" (as defined under Section 280G(b)(3) of the Code) shall be
treated as subject to the Excise Tax, unless, and except to the extent that, in
the good faith judgment of the Company's independent certified public
accountants appointed prior to the Change of Control Date or tax counsel
selected by such accountants (the "Accountants"), the Company has a reasonable
basis to conclude that such Covered Payments (in whole or in part) either do not
constitute "parachute payments" or represent reasonable compensation for
personal services actually rendered (within the meaning of Section 280G(b)(4)(B)
of the Code) in excess of the "base amount," or such "parachute payments" are
otherwise not subject to such Excise Tax, and

(B) the value of any non cash benefits or any deferred payment or benefit shall
be determined by the Accountants in accordance with the principles of Section
280G of the Code.

(iii) For purposes of determining the amount of the Tax Reimbursement Payment,
the Executive shall be deemed to pay:

(A) Federal income taxes at the highest applicable marginal rate of Federal
income taxation for the calendar year in which the Tax Reimbursement Payment is
to be made, and

(B) any applicable state and local income taxes at the highest applicable
marginal rate of taxation for the calendar year in which the Tax Reimbursement
Payment is to be made, net of the maximum reduction in Federal income taxes
which could be obtained from the deduction of such state or local taxes if paid
in such year.

(iv) In the event that the Excise Tax is subsequently determined by the
Accountants or pursuant to any proceeding or negotiations with the Internal
Revenue Service to be less than the amount taken into account hereunder in
calculating the Tax Reimbursement Payment made, the Executive shall repay to the
Company, at the time that the amount of such reduction in the Excise Tax is
finally determined, the portion of such prior Tax Reimbursement Payment that
would not have been paid if such Excise Tax had been applied in initially
calculating such Tax Reimbursement Payment, plus interest on the amount of such
repayment at the rate provided in Section 1274(b)(2)(B) of the Code.
Notwithstanding the foregoing, in the event any portion of the Tax Reimbursement
Payment to be refunded to the Company has been paid to any Federal, state or
local tax authority, repayment thereof shall not be required until actual refund
or credit of such portion has been made to the Executive, and interest payable
to the Company shall not exceed interest received or credited to the Executive
by such tax authority for the period it held such portion. The Executive and the
Company shall mutually agree upon the course of action to be pursued (and the
method of allocating the expenses thereof) if the Executive's good faith claim
for refund or credit is denied.

In the event that the Excise Tax is later determined by the Accountants or
pursuant to any proceeding or negotiations with the Internal Revenue Service to
exceed the amount taken into account hereunder at the time the Tax Reimbursement
Payment is made (including, but not limited to, by reason of any payment the
existence or amount of which cannot be determined at the time of the Tax
Reimbursement Payment), the Company shall make an additional Tax Reimbursement
Payment in respect of such excess (plus any interest or penalty payable with
respect to such excess) at the time that the amount of such excess is finally
determined.

(v) Any Tax Reimbursement Payment (or portion thereof) payable in accordance
with Section 7(f)(i) above shall be paid to the Executive as of the date of the
payment (or acceleration of vesting or lapse of restrictions as a result of a
Change of Control, as the case may be) of the Covered Payments; provided,
however, that if the amount of such Tax Reimbursement Payment (or portion
thereof) cannot be finally determined on or before the date on which payment is
due, the Company shall pay to the Executive by such date an amount estimated in
good faith by the Accountants to be the minimum amount of such Tax Reimbursement
Payment and shall pay the remainder of such Tax Reimbursement Payment (together
with interest at the rate provided in Section 1274(b)(2)(B) of the Code) as soon
as the amount thereof can be determined, but in no event later than 45 calendar
days after payment of the related Covered Payment. In the event that the amount
of the estimated Tax Reimbursement Payment exceeds the amount subsequently
determined to have been due, such excess shall constitute a loan by the Company
to the Executive, payable on the fifth business day after written demand by the
Company for payment (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code).

8. Non exclusivity of Rights. Except as expressly provided herein, nothing in
this Agreement shall prevent or limit the Executive's continuing or future
participation in any benefit, bonus, incentive or other plan or program provided
by the Company, JHFS or any of its Affiliates and for which the Executive may
qualify, nor shall anything herein limit or otherwise prejudice such rights as
the Executive may have under any other agreements with the Company, JHFS or any
of its Affiliates, including employment agreements or stock option agreements.
Amounts which are vested benefits or which the Executive is otherwise entitled
to receive under any plan or program of the Company, JHFS or any of its
Affiliates at or subsequent to the Date of Termination shall be payable in
accordance with such plan or program.

9. No Offset. The Company's or JHFS's obligation to make the payments provided
for in this Agreement and otherwise to perform its obligations hereunder shall
not be affected by any circumstances, including, without limitation, any set
off, counterclaim, recoupment, defense or other right which the Company, JHFS or
any of their Affiliates may have against the Executive or others whether by
reason of the Executive's breach of this Agreement, subsequent employment of the
Executive, or otherwise.
<PAGE>

10. Legal Fees and Expenses. If the Executive asserts any claim in any contest
(whether initiated by the Executive or by the Company) as to the validity,
enforceability or interpretation of any provision of this Agreement, the Company
shall pay the Executive's legal expenses (or cause such expenses to be paid)
including, without limitation, his/her reasonable attorney's fees, on a
quarterly basis, upon presentation of proof of such expenses, provided that the
Executive shall reimburse the Company for such amounts, plus simple interest
thereon at the 90-day United States Treasury Bill rate as in effect from time to
time, compounded annually, if the arbitrator referred to in Section 14(b) or a
court of competent jurisdiction shall find that the Executive did not have a
good faith and reasonable basis to believe that he/she would prevail as to at
least one material issue presented to such arbitrator or court.

11. Confidential Information; Company Property. By and in consideration of the
salary and benefits to be provided by the Company, JHFS or an Affiliate
hereunder, including the severance arrangements set forth herein, the Executive
agrees that:

(a) Confidential Information. The Executive shall hold in a fiduciary capacity
for the benefit of the Company, JHFS and the Affiliates, all secret or
confidential information, knowledge or data relating to the Company, JHFS or the
Affiliates, and their respective businesses, (i) obtained by the Executive
during his/her employment by the Company, JHFS or the Affiliates and (ii) not
otherwise public knowledge (other than by reason of an unauthorized act by the
Executive). After termination of the Executive's employment, the Executive shall
not, without the prior written consent of the Company, unless compelled pursuant
to an order of a court or other body having jurisdiction over such matter,
communicate or divulge any such information, knowledge or data to anyone other
than the Company and those designated by it.

(b) Nonsolicitation of Employees. The Executive agrees that for two years after
the Date of Termination, he/she will not attempt, directly or indirectly, to
induce any employee of the Company, JHFS or an Affiliate to be employed or
perform services elsewhere or otherwise to cease providing services to the
Company, JHFS or the Affiliates.

(c) Return of Property. Except as expressly provided herein, promptly following
the Executive's termination of employment, the Executive shall return to the
Company, JHFS and the Affiliates all property of the Company, JHFS and the
Affiliates (as the case may be) and all copies thereof in the Executive's
possession or under his/her control.

(d) Injunctive Relief and Other Remedies with Respect to Covenants. The
Executive acknowledges and agrees that the covenants and obligations of the
Executive with respect to confidentiality and the return of property relate to
special, unique and extraordinary matters and that a violation of any of the
terms of such covenants and obligations will cause the Company, JHFS and/or
their Affiliates irreparable injury for which adequate remedies are not
available at law. Therefore, the Executive agrees that the Company, JHFS and the
Affiliates shall be entitled to an injunction, restraining order or such other
equitable relief (without the requirement to post bond) restraining Executive
from committing any violation of the covenants and obligations contained in this
Section 11. These remedies are cumulative and are in addition to any other
rights and remedies the Company, JHFS and/or the Affiliates may have at law or
in equity. In no event shall an asserted violation of the provisions of this
Section 11 constitute a basis for deferring or withholding any amounts otherwise
payable to the Executive under this Agreement.

12. Obligations of the Company and JHFS. The obligations of the Company and JHFS
are intended to be joint and several. If for any reason, either the Company or
JHFS does not, or is unable to, honor its obligations under this Agreement, the
other party shall satisfy all obligations not honored by the other party.

13. Successors. (a) This Agreement is personal to the Executive and, without the
prior written consent of the Company and JHFS, shall not be assignable by the
Executive otherwise than by will or the laws of descent and distribution. This
Agreement shall inure to the benefit of and be enforceable by the Executive's
legal representatives.

(b) This Agreement shall inure to the benefit of and be binding upon JHFS, the
Company and each of its successors. The Company and JHFS, as applicable, shall
require any successor to all or substantially all of the business and/or assets
of the Company or JHFS, whether direct or indirect, by purchase, merger,
consolidation, acquisition of stock, or otherwise, by an agreement in form and
substance satisfactory to the Executive, expressly to assume and agree to
perform this Agreement in the same manner and to the same extent as the Company
and JHFS would be required to perform if no such succession had taken place.

14. Miscellaneous. (a) Applicable Law. This Agreement shall be governed by and
construed in accordance with the laws of the States of Delaware, applied without
reference to principles of conflict of laws.

(b) Arbitration. Except to the extent provided in Section 11(d), any dispute or
controversy arising under or in connection with this Agreement shall be resolved
by binding arbitration. The arbitration shall be held in the city of Boston,
Massachusetts and, except to the extent inconsistent with this Agreement, shall
be conducted in accordance with the Expedited Employment Arbitration Rules of
the American Arbitration Association then in effect at the time of the
arbitration (or such other rules as the parties may agree to in writing), and
otherwise in accordance with principles which would be applied by a court of law
or equity. The arbitrator shall be acceptable to all of the Company, JHFS and
the Executive. If the parties cannot agree on an acceptable arbitrator, the
dispute shall be heard by a panel of three arbitrators, one appointed by the
Company and JHFS, one appointed by the Executive, and the third appointed by the
other two arbitrators.
<PAGE>

(c) Amendments. This Agreement may not be amended or modified otherwise than by
a written agreement executed by the parties hereto or their respective
successors and legal representatives.

(d) Entire Agreement. Subject to Section 8 herein, this Agreement constitutes
the entire agreement between the parties hereto with respect to the matters
referred to herein. No other agreement relating to the terms of the Executive's
employment by the Company, JHFS or any Affiliate, oral or otherwise, shall be
binding among the parties unless it is in writing and signed by the party
against whom enforcement is sought. There are no promises, representations,
inducements or statements among the parties other than those that are expressly
contained herein. The Executive acknowledges that he/she is entering into this
Agreement of his/her own free will and accord, and with no duress, that he/she
has read this Agreement and that he/she understands it and its legal
consequences.

(e) Notices. All notices and other communications hereunder shall be in writing
and shall be given by hand delivery to the other parties or by registered or
certified mail, return receipt requested, postage prepaid, addressed as follows:

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

If to the Company:     200 Clarendon Street
                       Boston, Massachusetts
                       Attn.: Secretary

If to JHFS:            200 Clarendon Street
                       Boston, Massachusetts
                       Attn.: Secretary

or to such other address as any party shall have furnished to the others in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

(f) Tax Withholding. The Company shall withhold from any amounts payable under
this Agreement such Federal, state or local taxes as shall be required to be
withheld pursuant to any applicable law or regulation.

(g) Severability; Reformation. In the event that one or more of the provisions
of this Agreement shall become invalid, illegal or unenforceable in any respect,
the validity, legality and enforceability of the remaining provisions contained
herein shall not be affected thereby. In the event that any of the provisions of
Section 11(a) are not enforceable in accordance with its terms, the Executive
and the Company and JHFS agree that such Section shall be reformed to make such
Section enforceable in a manner which provides the Company and JHFS the maximum
rights permitted at law.

(h) Waiver. Waiver by any party hereto of any breach or default by any party of
any of the terms of this Agreement shall not operate as a waiver of any other
breach or default, whether similar to or different from the breach or default
waived. No waiver of any provision of this Agreement shall be implied from any
course of dealing among the parties hereto or from any failure by any party
hereto to assert its or his/her rights hereunder on any occasion or series of
occasions.

(i) Survival. The provisions of Section 5(g), 7(c), 7(d), 7(f), 12 and 13 shall
survive the termination of the Employment Period hereunder and shall be binding
upon and enforceable against the Company and JHFS in accordance with their
terms. The dispute resolutions provisions contained in Section 14(b) and the
legal fees provision contained in Section 10 shall also survive the end of the
Employment Period and shall be applied as though the dispute arose within the
Employment Period.

(j) Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.

(k) Captions. The captions of this Agreement are not part of the provisions
hereof and shall have no force or effect.

IN WITNESS WHEREOF, the Executive has hereunto set the Executive's hand and the
Company and JHFS have caused this Agreement to be executed in their respective
names and on their behalf, all as of the day and year first above written.

JOHN HANCOCK LIFE
INSURANCE COMPANY


By:
Name:  David F. D'Alessandro
Title: Chairman, President and
       Chief Executive Officer

JOHN HANCOCK FINANCIAL
SERVICES, INC.
<PAGE>


By:
Name:  David F. D'Alessandro
Title: Chairman, President and
       Chief Executive Officer
EXECUTIVE:

</TEXT>
</DOCUMENT>
