Document:

ex10_03.htm

    
      

    

    EXHIBIT 10.03

    
 

    AMENDED
AND RESTATED

    ALLIANCEBERNSTEIN PARTNERS
COMPENSATION PLAN

    

    As
Amended and Restated Effective as of January
23, 2009

    

     

    AllianceBernstein
Holding L.P. (together with any successor to all or substantially all of its
business and assets, “Holding”) and its successor
and affiliate AllianceBernstein L.P. (together with any successor to all or
substantially all of its business and assets, “AllianceBernstein”) have
established this Amended and Restated AllianceBernstein Partners Compensation
Plan (the “Plan”) to (i)
create a compensation program to attract and retain eligible employees expected
to make a significant contribution to the future growth and success of Holding
and AllianceBernstein, including their respective subsidiaries and (ii) foster
the long-term commitment of these employees through the accumulation of capital
and increased ownership of equity interests in Holding.

     

    The right
to defer Awards hereunder shall be considered a separate plan within the
Plan.  Such separate plan shall be referred to as the “APCP Deferral
Plan.”  The APCP Deferral Plan is maintained primarily for the
purpose of providing deferred compensation to a select group of management or
highly compensated employees (a “Top Hat
Employee”).  No one who is not a Top Hat Employee may defer
compensation under the APCP Deferral Plan.

     

    The Plan
was amended and restated effective as of January 1, 2005 to clarify and reflect
administrative practices and to comply in good faith with Section 409A of the
Internal Revenue Code (the “Code”) and the guidance issued
thereunder (“Section
409A”).  The Plan was again  amended and restated
effective December 5, 2008 to incorporate prior amendments and additional
changes to clarify and reflect administrative practices and to comply with the
final regulations issued under Section 409A.   The Plan is hereby
amended and restated effective January 23, 2009 to incorporate changes relating
to the Committee’s discretion to apply alternative forfeiture provisions with
respect to any Post-2000 Award (as defined in Article 1) invested in Options (as
defined in Article 1).  Any deferral or payment hereunder is subject
to the terms of the Plan and compliance with Section 409A, as interpreted by the
Committee in its sole discretion.  Although none of the Company, the
Committee, their affiliates, and their agents make any guarantee with respect to
the treatment of payments under this Plan and shall not be responsible in any
event with regard to the Plan’s compliance with Section 409A, the payments
contained herein are intended to be exempt from Section 409A or otherwise comply
with the requirements of Section 409A, and the Plan shall be limited, construed
and interpreted in accordance with the foregoing.  None of the
Company, the Committee, any of their affiliates, and any of their agents shall
have any liability to any Participant or Beneficiary as a result of any tax,
interest, penalty or other payment required to be paid or due pursuant to, or
because of a violation of, Section 409A.

     

    ARTICLE
1

    Definitions

     

    Section
1.01           Definitions.  Whenever
used in the Plan, each of the following terms shall have the meaning for that
term set forth below:

    

    
      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    (a)           “Account” means a separate
bookkeeping account established for each Participant for each Award, with such
Award, as described in Article 2, credited to the Account maintained for such
Award together with Earnings credited thereon.

     

    (b)           “Affiliate” means (i) any
entity that, directly or indirectly, is controlled by AllianceBernstein and (ii)
any entity in which AllianceBernstein has a significant equity interest, in
either case as determined by the Board or, if so authorized by the Board, the
Committee.

     

    (c)           “Approved Fund” means any
money-market, debt or equity fund designated by the Committee from time to time
as an Approved Fund.

     

    (d)           “Award” means any Pre-1999
Award, 1999-2000 Award or Post-2000 Award.

     

    (e)           “Beneficiary” means one or more
Persons, trusts, estates or other entities, designated in accordance with
Section 8.04(a), that are entitled to receive, in the event of a Participant’s
death, any amount or property to which the Participant would otherwise have been
entitled under the Plan.

     

    (f)           “Beneficiary Designation Form”
means the form established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to designate one or more
Beneficiaries.

     

    (g)           “Board” means the Board of
Directors of the general partner of Holding and AllianceBernstein.

     

    (h)           “Code” means the Internal
Revenue Code of 1986, as amended from time to time.

     

    (i)           
“Committee” means the
Board or one or more committees of the Board designated by the Board to
administer the Plan.

     

    (j)           
“Company” means Holding,
AllianceBernstein and any corporation or other entity of which Holding or
AllianceBernstein (i) has sufficient voting power (not depending on the
happening of a contingency) to elect at least a majority of its board of
directors or other governing body, as the case may be, or (ii) otherwise has the
power to direct or cause the direction of its management and
policies.

     

    (k)          
“Deferral Election Form”
means the form(s) established from time to time by the Committee that a
Participant completes, signs and returns to the Committee to elect to defer the
distribution of an Award, including Earnings thereon, pursuant to Article
5.

     

    (l)            “Disability” means unable to
engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in
death or can be expected to last for a continuous period of not less than 12
months, as determined by the carrier of the long-term disability insurance
program maintained by the Company or its Affiliate that covers the Participant,
or such other person or entity designated by the Committee in its sole
discretion.

    

    
      
        
           

        

        
          2

          
            

          

        

        
           

        

      

    

     

    (m)           “Earnings” on any Account
during any period means the amounts of gain or loss that would have been
incurred with respect to such period if an amount equal to the balance of such
Account at the beginning of such period had been actually invested in accordance
with a Participant’s investment direction.

     

    (n)           “Effective Date” of an Award
means December 31 of the calendar year for which the Award is initially granted
under the Plan.

     

    (o)           “Eligible Employee” means, for
any calendar year commencing on and after January 1, 2005, an active employee of
a Company whom the Committee determines to be eligible for an
Award.  Notwithstanding the foregoing, no Eligible Employee whose
Total Compensation for a calendar year is less than such amount, if any, as
established by the Committee in writing shall be eligible to participate in the
APCP Deferral Plan for that calendar year and any advance deferral election made
by such Eligible Employee is made on the condition that such Eligible Employee
satisfies the Total Compensation requirement and, if not, such deferral election
shall be null and void ab
initio.

     

    (p)           “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to
time.

     

    (q)           “Fair Market Value” means, with
respect to a Holding Unit as of any given date and except as otherwise expressly
provided by the Board or the Committee, the closing price of a Holding Unit on
such date as published in the Wall Street Journal or, if no sale of Holding
Units occurs on the New York Stock Exchange on such date, the closing price of a
Holding Unit on such Exchange on the last preceding day on which such sale
occurred as published in the Wall Street Journal.

     

    (r)           “Holding Units” means units
representing assignments of beneficial ownership of limited partnership
interests in Holding.

     

    (s)           “Investment Election Form”
means the form established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to designate the percentage of
such Award to be treated as notionally invested in Restricted Units or Approved
Funds, pursuant to Section 2.03.

     

    (t)           “1999-2000 Award” means any
Award granted hereunder with respect to calendar years 1999 or 2000, as
applicable.  Special rules for 1999-2000 Awards are provided in
Article 7.

     

    (u)           “Option” means an option to buy
Holding Units; all Options shall be issued under AllianceBernstein’s Amended and
Restated 1997 Long Term Incentive Plan or any similar equity compensation plan
AllianceBernstein may provide for in the future.

     

    (v)           “Participant” means any
Eligible Employee of any Company who has been designated by the Committee to
receive an Award for any calendar year and who thereafter remains employed by a
Company.

    

    
      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    (w)          “Person” means any individual,
corporation, partnership, association, joint-stock company, trust,
unincorporated organization, government or political subdivision thereof or
other entity.

     

    (x)           “Plan” means the Amended and
Restated AllianceBernstein Partners Compensation Plan, as set forth herein and
as amended from time to time.

     

    (y)           “Post-2000 Award” means any
Award granted hereunder with respect to calendar years beginning after December
31, 2000.

     

    (z)           “Pre-1999 Award” means any
Award granted hereunder with respect to calendar years beginning before January
1, 1999.  Special rules for Pre-1999 Awards are provided in Article
6.

     

    (aa)         “Restricted Unit” means a right
to receive a Holding Unit in the future, as accounted for in an Account, subject
to vesting and any other terms and conditions established hereunder or by the
Committee.

     

    (bb)         “Retirement” with respect to a
Participant means that the employment of the Participant with the Company has
terminated either (i) on or after the Participant’s attaining age 65, or (ii) on
or after the Participant’s attaining age 55 at a time when the sum of the
Participant’s age and aggregate full calendar years of service with the Company,
including service prior to April 21, 1988 with the corporation then named
Alliance Capital Management Corporation, equals or exceeds 70.

     

    (cc)         “Special Program” means the granting of permission to
certain eligible employees of the Company to allocate a portion of their Awards
to Options.

     

    (dd)        “Termination of Employment”
means that the Participant involved is no longer performing services as an
employee of any Company, other than pursuant to a severance or special
termination arrangement, and has had a “separation from service” within the
meaning of Section 409A.

     

    (ee)         “Total Compensation” for a
calendar year means base salary paid during such calendar year, bonus paid for
such calendar year even if paid after the end of such calendar year or deferred,
commissions paid during such calendar year and the Award for such calendar
year.

     

    (ff)           “Unforeseeable Emergency” means
a severe financial hardship to a Participant or former Participant within the
meaning of Section 409A resulting from (i) an illness or accident of the
Participant or former Participant, the spouse of the Participant or former
Participant, or a dependent (as defined in Code Section 152, without regard to
Code Sections 152(b)(1), (b)(2), and (d)(1)(B)) of the Participant or former
Participant, (ii) loss of property of the Participant or former Participant due
to casualty or (iii) other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant or former
Participant, all as determined in the sole discretion of the
Committee.

     

    (gg)        “Vesting Period” means the
applicable vesting period with respect to an Award, as provided for in Section
3.01(a).

    

    
      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    ARTICLE
2

    Participation

     

    Section
2.01           Eligibility.  The
Committee, in its sole discretion, will designate those Eligible Employees
employed by a Company who will receive Awards with respect to a calendar
year.  In making such designation, the Committee may consider any
criteria that it deems relevant, which may include an Eligible Employee’s
position with a Company and the manner in which the Eligible Employee is
expected to contribute to the future growth and success of the
Company.  The Committee may vary the amount of Awards to a particular
Participant from year to year and may determine that a Participant who received
an Award to a particular year is not eligible to receive any Award with respect
to any subsequent year.  An Eligible Employee who is a member of the
Committee during a particular year shall be eligible to receive an Award for
that year only if the Award is approved by the majority of the other members of
the Committee.

     

    Section
2.02   Grant of
Awards.  The nominal amount of an Award will be determined by
the Committee in its sole and absolute discretion, and such amount will be
credited to the Participant’s Account as of the Effective Date for such
Award.  An Award, including Earnings thereon, vests in accordance with
the terms of Article 3, and any such vested Award will be subject to the rules
on distributions and deferral elections under Articles 4 and 5,
respectively.

     

    Section
2.03           Investment
Elections.  Each Participant shall submit, in accordance with
deadlines and procedures established from time to time by the Committee, an
Investment Election Form with respect to each Award.  Such Investment
Election Form shall designate what percentage of such Participant’s Award shall
be treated for purposes of the Plan as (a) notionally invested in (i) Restricted
Units and (ii) each of the Approved Funds, and (b) invested in Options through
the Special Program; provided that with respect to a designation to invest in
Options through the Special Program, the Board reserves the absolute right, in
its sole discretion, to accept and reject such investment
election.  The Committee in its sole discretion may, but shall not be
obligated to, permit each Participant to reallocate notional investments in each
Account among Restricted Units and the various Approved Funds or just among the
Approved Funds, subject to, without limitation, restrictions as to the frequency
with which such reallocations may be made.  The Committee may
determine for each calendar year a minimum percentage and a maximum percentage
of each Award that may be treated as notionally invested in Restricted Units and
each Approved Fund.  The Committee may also determine for each
calendar year a minimum and a maximum percentage of each Award that may be
allocated to Options.  As soon as reasonably practicable after the end
of each calendar year, a statement shall be provided to each such Participant
indicating the current balance in each Account maintained for the Participant as
of the end of the calendar year, and the amounts in such Account notionally
allocated to Restricted Units and each of the Approved Funds, and the amount in
such Account allocated to Options.

     

    
      	
            	
              Section
      2.04

            	
              Earnings on an
      Account.

            

    

     

    (a)           Each
Award for which an Investment Election Form has been validly submitted shall be
credited to a separate Account in the proportions set forth in such Investment
Election Form or as directed by the Committee.  The amount of such
Account shall be treated as notionally invested in Restricted Units or Approved
Funds, as applicable, as of a date determined by the Committee (the “Earnings Date”), which shall
be no later than forty-five days after the Effective
Date.  Notwithstanding Sections 2.05 and 2.06, Earnings will be
credited or debited, as applicable, beginning from the Earnings Date but will
not be credited or debited for any period prior to the Earnings
Date.

    

    
      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    (b)           Not
less frequently than as of the end of each calendar year following the year
during which an Account is established in connection with an Award, each Account
maintained under the Plan will be credited or debited, as applicable, with the
amount, if any, necessary to reflect Earnings as of that date.

     

    
      	
            	
              Section
      2.05

            	
              Awards Invested in Approved
      Funds.

            

    

     

    (a)           To
the extent the Committee or an Investment Election Form validly directs the
notional investment of all or a part of any Award in Approved Funds, that
portion of such Award so designated shall, as of a date determined by the
Committee, be treated as notionally invested in such Approved
Funds.  If a cash dividend or other cash distribution is made with
respect to Approved Funds, as of a date determined and as calculated by the
Committee in its sole discretion, a Participant whose Account is notionally
invested in Approved Funds (whether vested or unvested) will have such notional
investment increased by an amount equal to the cash dividend or other cash
distribution that would have been due on the Account had there actually been an
investment in Approved Funds.  Such increase shall be proportionately
allocated by the Committee in its sole discretion between Approved Funds, as
applicable, and such increase shall be vested at all times.

     

    (b)           To
the extent any Approved Fund is terminated, liquidated, merged with another fund
or experiences a major change in investment strategy or other extraordinary
event, the Committee may, if so authorized by the Board, in such manner as it
may in its sole discretion deem equitable, reallocate or otherwise adjust the
amount of any Account under this Article 2 to reflect the occurrence of such
event.

     

    
      	
            	
              Section
      2.06

            	
              Awards Invested in Restricted
      Units.

            

    

     

    (a)           To
the extent the Committee or an Investment Election Form validly directs the
notional investment of all or part of any Award in Restricted Units, that
portion of such Award so designated shall, as of a date and based on a Fair
Market Value of a Holding Unit as determined by the Committee and pursuant to
procedures established by the Committee from time to time, be converted into a
whole number of Restricted Units.  From and after the date of such
conversion, that portion of an Award which has been validly made to notionally
invest in Restricted Units shall be denominated, and shall thereafter be treated
for all purposes as, a grant of that number of Restricted Units determined
pursuant to the preceding sentence.

     

    (b)           If
a cash dividend or other cash distribution is made with respect to Holding
Units, within 90 days thereafter, a distribution will be made to a Participant
whose Account is credited with Restricted Units (whether vested or unvested) in
an amount (the “Equivalent
Distribution Amount”) equal to the number of such Restricted Units
credited to the Participant’s Account, times the value of the cash dividend or
other cash distribution per Holding Unit; provided, however, if a
Participant defers distribution of his Award under Article 5, the Equivalent
Distribution Amount will be converted at such time or times and in accordance
with such procedures as shall be established by the Committee, into vested
Restricted Units based on the Fair Market Value of a Holding Unit as determined
by the Committee, and such converted benefit shall be distributed in accordance
with Section 4.03.

    

    
      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    (c)           Fractional
unit amounts remaining after conversion under this Section 2.06 may be used for
any purposes for the benefit of the Participant as determined by the Committee
in its sole discretion, including but not limited to the payment of taxes with
respect to an Award or deposit in the Approved Funds.

     

    (d)           In
the event that the Committee determines that any distribution (whether in the
form of cash, limited partnership interests, other securities, or other
property), recapitalization (including, without limitation, any subdivision or
combination of limited partnership interests), reorganization, consolidation,
combination, repurchase, or exchange of limited partnership interests or other
securities of Holding, issuance of warrants or other rights to purchase limited
partnership interests or other securities of Holding, any incorporation of
Holding, or other similar transaction or events affects Holding Units such that
an adjustment is determined by the Committee to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, then the Committee may, if so authorized by
the Board, in such manner as it may deem equitable, adjust the number of
Restricted Units or securities of Holding (or number and kind of other
securities) subject to outstanding Awards, or, if deemed appropriate, make
provision for a cash payment to the holder of an outstanding Award.

     

    
      	
            	
              Section
      2.07

            	
              Awards Invested in
      Options

            

    

     

    (a)           To
the extent the Committee or an Investment Election Form validly directs the
investment of all or part of any Award in Options, that portion of such Award so
designated shall, as of a date and as determined by the Committee, be used to
purchase Options having a value calculated in accordance with Black-Scholes
methodology (“Initial
Award”).  From and after the date of such conversion, that
portion of an Award which has been validly made to invest in Options shall be
denominated, and shall thereafter be treated for all purposes as, a grant of
that number of Options determined pursuant to the preceding
sentence.

     

    (b)           To
the extent an Award is validly invested in Options under the Special Program,
the Committee may authorize an additional award to a Participant, which may be
based on such Participant’s Initial Award (“Match”).

     

    

    ARTICLE
3

    Vesting,
Expiration and Forfeitures

     

    
      	
            	
              Section
      3.01

            	
              General.

            

    

     

    (a)           Subject
to Section 3.01(b) below, an Award, including Earnings thereon, shall vest in
equal annual installments during the vesting period (the “Vesting Period”) specified
below, as applicable, with respect to each such Award, with the first such
installment vesting on the first anniversary of the date determined for this
purpose by the Committee in connection with such Award (the “Grant Date”), and the
remaining installments vesting on subsequent anniversaries of the Grant Date,
provided in each case that the Participant is employed by a Company on such
anniversary.  For purposes of this Plan, the “vesting” of a Restricted Unit
shall mean the lapsing of the restrictions thereon with respect to such
Restricted Unit.  For purposes of this Plan and the Special Program,
the “vesting” of Options
shall mean the percentage of Holding Units subject to the Options with respect
to which the Options may be exercised by the Participant.

    

    
      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

    (i)           
Each Post-2000 Award, including Earnings thereon, but not including any portion
of a Post-2000 Award invested in Options, shall vest as set forth in the
following table, based on the Participant’s age as of the Effective Date with
respect to such Award, unless the Committee in its sole discretion determines
that an alternative Vesting Period should apply with respect to any Post-2000
Award, notwithstanding such table:

     

    
      
        
          
            
              	
                      Age
      of Participant

                    	 
      
	
                      As of Effective Date

                    	
                      Vesting Period

                    
	 	 
	
                      Up
      to and including 61

                    	
                      4
      years

                    
	
                      62

                    	
                      3
      years

                    
	
                      63

                    	
                      2
      years

                    
	
                      64

                    	
                      1
      year

                    
	
                      65
      or older

                    	
                      Fully
      vested at
grant

                    

            

          

        

      

    

    

     

    (ii)           The
portion of each Post-2000 Award that is invested in Options shall vest and
expire as set forth in the following tables, unless the Committee, in its sole
discretion, determines that an alternative Vesting Period or expiration date
should apply with respect to such portion of any Post-2000 Award,
notwithstanding such tables:

     

    
      
        
          
            
              	
                      Options

                    	
                      Vesting Period

                    
	
                      Initial
      Award

                    	
                      5
      years (20% in each year)

                    
	
                      Match

                    	
                      10
      years (20% in each of years 6 through
10)

                    

            

          

        

      

    

    

     

    
      
        
          
            
              
                
                  	
                          Options

                        	
                          Expiration Date

                        
	
                          Initial
      Award

                        	
                          10
      years from grant date

                        
	
                          Match

                        	
                          11
      years from grant
date

                        

                

              

            

          

        

      

    

    

     

    (iii)           Each
1999-2000 Award, including Earnings thereon, shall vest as set forth in the
following table, based on the Participant’s age as of the Effective Date with
respect to such Award:

     

    
      
        
          
            
              	
                      Age
      of Participant as of Effective
      Date

                    	
                      Vesting Period

                    
	 
      	 
      
	
                      Up
      to and including 47

                    	
                      8
      years

                    
	
                      48

                    	
                      7
      years

                    
	
                      49

                    	
                      6
      years

                    
	
                      50-57

                    	
                      5
      years

                    
	
                      58

                    	
                      4
      years

                    
	
                      59

                    	
                      3
      years

                    
	
                      60

                    	
                      2
      years

                    
	
                      61

                    	
                      1
      year

                    
	
                      62
      or older

                    	
                      Fully
      vested at
grant

                    

            

          

        

      

    

     

    
      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

    

    (iv)           The
Vesting Period of each Pre-1999 Award made for 1995, including Earnings thereon,
is three years.  The Vesting Period of each Pre-1999 Award made for a
calendar year after 1995, including Earnings thereon, is eight
years.

     

    (b)           The
unvested portion of any Award held by such Participant shall become 100% vested
upon a Participant’s Termination of Employment due to death, upon a
Participant’s Disability, and with respect to a Pre-1999 Award only, upon a
Participant’s Termination of Employment due to Retirement.

     

    Section
3.02           Forfeitures.  A
Participant shall forfeit the balance of any Account maintained for him or her
which has not been vested in accordance with the applicable Vesting Period of
Section 3.01 on the effective date of the Participant’s Termination of
Employment for any reason other than death, and, only with respect to a Pre-1999
Award, the Participant’s Termination of Employment due to Retirement; provided, however, that, the
Committee may determine, in its sole discretion, and only if a Participant
executes a release of liability in favor of the Company in a form approved by
the Committee and satisfies such other conditions as established by the
Committee that such Participant who would otherwise forfeit all or part of his
Account following a Termination of Employment will nonetheless continue to vest
in the balance of such Account following his Termination of Employment at the
same time(s) that such balance would have otherwise vested under Section
3.01(a).  In addition, the Committee may, in its sole discretion,
determine that alternative forfeiture provisions will apply with respect to any
Post-2000 Award invested in Options which shall be reflected in the applicable
option award agreements.

     

    ARTICLE
4

    Distributions

     

    Section
4.01           General.  Subject
to Section 2.06(b), no Award will be distributed unless such distribution is
permitted under this Article 4.  The payment of the vested portion of
an Award, including Earnings thereon, shall be treated as drawn proportionately
from the investment alternative(s) in effect as of the relevant payment
date.  Any such payment shall be made in Holding Units to the extent
such payment is attributable to an Award notionally invested in Restricted
Units.  Any portion of an Award, including Earnings thereon, that is
not vested will not be distributed hereunder.

     

    
      	
            	
              Section
      4.02

            	
              Distributions If Deferral
      Election Is Not In Effect.

            

    

     

    (a)           Unless
a Participant elects otherwise on a Deferral Election Form under Sections 5.01
or 5.02 (if such election is permitted by the Committee), a Participant who has
not incurred a Disability or a Termination of Employment will have the vested
portion of his Award, including Earnings thereon, distributed to him annually in
the form of a lump sum within 70 days after such portion vests under the
applicable Vesting Period of Section 3.01.

    

    
      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    (b)           Unless
a Participant elects otherwise on a Deferral Election Form under Sections 5.01
or 5.02 (if such election is permitted by the Committee), a Participant who has
had a Disability or a Termination of Employment will have the balance of any
vested Award not paid under Section 4.02(a), including Earnings thereon,
distributed to him as follows:

     

    (i)           
In the event of a Participant’s Disability, such distribution will be made to
the Participant in a single lump sum payment within 90 days following the
Participant’s Disability.

     

    (ii)           In
the event of a Participant’s Termination of Employment due to the Participant’s
death, such distribution will be made to the Participant’s Beneficiary in a
single lump sum payment in the calendar year in which the 180th day anniversary
of the death occurs.

     

    (iii)          With
respect to Pre-1999 Awards, in the event of a Participant’s Termination of
Employment due to Retirement, such distribution will be made to the Participant
in a single lump sum payment within 90 days following the six month anniversary
of such Termination of Employment.

     

    (iv)          In
the event that the Committee determines in its sole discretion under Section
3.02 that a Participant shall continue to vest following his Termination of
Employment, payments with respect to the Award, including Earnings thereon, will
be made within 70 days after each portion vests; provided, however, that any
such payment that becomes payable prior to the six month anniversary of such
Termination of Employment shall be paid within 70 days following such
anniversary.

     

    
      	
            	
              Section
      4.03

            	
              Distributions If Deferral
      Election Is In Effect.

            

    

     

    (a)           Subject
to Section 4.03(b), in the event that a deferral election is in effect with
respect to a Participant pursuant to Sections 5.01 or 5.02 and the Participant
has not incurred a Disability but has a Termination of Employment for any reason
other than death, the vested portion of such Participant’s Award, including
Earnings thereon, will be distributed to him within 90 days following the
benefit commencement date specified on such Deferral Election Form and in the
form of payment elected on such form.

     

    (b)           In
the event that a Deferral Election Form is in effect with respect to a
Participant pursuant to Sections 5.01 or 5.02 and such Participant subsequently
incurs Termination of Employment due to death, the elections made by such
Participant on his Deferral Election Form shall be disregarded, and the
Participant’s Award, including Earnings thereon, will be distributed to his
Beneficiary in a single lump sum payment in the calendar year in which the
180th day
anniversary of the death occurs.

     

    In the
event that a Participant incurs a Disability on or after January 1, 2009,
payment will be made in accordance with such Participant’s election on his
Deferral Election Form.  Such an election may be made with regard to
awards granted on or after January 1, 2009 and, pursuant to transition guidance
issued by the Internal Revenue Service in connection with Section 409A,
including Internal Revenue Service Notice 2007-86, with regard to awards granted
prior to such date.  Notwithstanding the foregoing, in the event that
a Participant incurs a Disability prior to January 1, 2009, the Participant’s
Award, including Earnings thereon, will be distributed to him or his
Beneficiary, as applicable, in a
single lump sum payment within 90 days following the Participant’s
Disability.

    

    
      
        
           

        

        
          10

          
            

          

        

        
           

        

      

    

     

    Section
4.04           Unforeseeable
Emergency.  Notwithstanding the foregoing to the contrary, if a
Participant or former Participant experiences an Unforeseeable Emergency, such
individual may petition the Committee to (i) suspend any deferrals under a
Deferral Election Form submitted by such individual and/or (ii) receive a
partial or full distribution of a vested Award, including Earnings thereon,
deferred by such individual.  The Committee shall determine, in its
sole discretion, whether to accept or deny such petition, and the amount to be
distributed, if any, with respect to such Unforeseeable Emergency; provided, however, that such
amount may not exceed the amount necessary to satisfy such Unforeseeable
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result
of the distribution, after taking into account the extent to which such hardship
is or may be relieved through reimbursement or compensation by insurance or
otherwise, by liquidation of the individual’s assets (to the extent the
liquidation of such assets would not itself cause severe financial hardship),
and by suspension of the individual’s deferral(s) under the Plan.

     

    Section
4.05           Documentation.  Each
Participant and Beneficiary shall provide the Committee with any documentation
required by the Committee for purposes of administering this Plan.

     

    ARTICLE
5

    Deferrals
of Compensation

     

    Section
5.01           Initial Deferral
Election.  The Committee may permit deferral elections of
Pre-1999 Awards, 1999-2000 Awards and/or Post-2000 Awards in its sole and
absolute discretion in accordance with procedures established by the Committee
for this purpose from time to time (except to the extent that any such Award is
invested in Options).  If so permitted, a Participant may elect in
writing on a Deferral Election Form to have the portion of the Award which
vests, including Earnings thereon, distributed as of a distribution commencement
date elected by the Participant that occurs following the date that such Award
becomes or is scheduled to become 100% vested under the applicable Vesting
Period of Section 3.01(a), or if earlier and so permitted by the Committee, six
months following such Participant’s Termination of Employment.  Any
such distribution shall be made in such form(s) as permitted by the Committee at
the time of deferral (including, if permitted by the Committee, a single lump
sum or substantially equal annual installments over a period of up to ten years)
as elected by the Participant.  If the Participant has failed to
properly elect a distribution commencement date, the Participant will be deemed
to have elected to have the Award distributed as the Award vests, and if the
Participant has failed to properly elect a method of payment, the Participant
will be deemed to have elected to have the Award distributed in the form of a
lump sum.  If deferrals are permitted by the Committee, such Deferral
Election Form must submitted to the Committee (or its delegate) no later than
the last day of the calendar year prior to the Effective Date of an Award,
except that a Deferral Election Form may also be submitted to the Committee (or
its delegate) in accordance with the following:

    

    
      
        
           

        

        
          11

          
            

          

        

        
           

        

      

    

     

    (a)           In
the case of the first year in which a Participant becomes eligible to
participate in the Plan and with respect to services to be performed subsequent
to such deferral election, a Deferral Election Form may be submitted within 30
days after the date the Participant becomes eligible to participate in the
Plan.

     

    (b)           With
respect to the deferral of an Award subject to Section 409A of the Code that
relates all or in part to services performed between January 1, 2005 and
December 31, 2005, a Deferral Election Form may be submitted by March 15,
2005.

     

    (c)           A
Deferral Election Form may be submitted at such other time or times as permitted
by the Committee in accordance with Section 409A of the Code.

     

    Section
5.02           Changes in Time and Form of
Distribution.  The elections set forth in a Participant’s
Deferral Election Form governing the payment of the vested portion of an Award,
including Earnings thereon, pursuant to Section 5.01 shall be irrevocable as to
the Award covered by such election; provided, however, if
permitted by the Committee, a Participant shall be permitted to change the time
and form of distribution of such Award by making a subsequent election on a
Deferral Election Form supplied by the Committee for this purpose in accordance
with procedures established by the Committee from time to time, provided that
any such subsequent election does not take effect for at least 12 months, is
made at least 12 months prior to the scheduled distribution commencement date
for such Award and the subsequent election defers commencement of the
distribution for at least five years from the date such payment otherwise would
have been made.

     

    ARTICLE
6

    Special
Rules For Pre-1999 Awards

     

    Section
6.01           Generally.  Except
as otherwise provided in Section 6.02, Articles 1 through 5 hereunder shall
apply with respect to Pre-1999 Awards.

     

    
      	
            	
              Section
      6.02

            	
              Pre-1999 Award
      Election.

            

    

     

    (a)           Each
Participant whose Account is credited with a Pre-1999 Award may make a one-time
election, effective January 1, 2006, conditioned on the Participant’s being
employed by any of the Companies on such date, in accordance with procedures
established by the Committee and on an election form supplied by the Committee,
to have all of his Pre-1999 Award Accounts notionally invested in one or both of
(i) Restricted Units or (ii) any Approved Fund designated by the Committee from
time to time (a “Pre-1999 Award
Election”).  Each such notional investment shall be adjusted
for Earnings.  The deadline for properly submitting a Pre-1999 Award
Election to the Committee (or its delegate) is December 9, 2005.

     

    (b)           To
the extent that any Pre-1999 Award Election is not effective, such notional
investments are not permitted and such Pre-1999 Award is subject to the terms
and conditions applicable thereto as specified in the version of this Plan in
effect prior to January 1, 2005 which is hereby incorporated herein by
reference, including the method of adjusting such Award for “earnings” as
defined therein.

    

    
      
        
           

        

        
          12

          
            

          

        

        
           

        

      

    

     

    (c)           With
respect to any Pre-1999 Award Election designating a notional investment in
Restricted Units effective January 1, 2006, the Participant’s Pre-1999 Award
Account (or portion thereof) is converted into Restricted Units by dividing the
proportion of the closing balance of the Pre-1999 Award Account on December 31,
2005 so designated, by the closing price of a Holding Unit on the New York Stock
Exchange on December 31, 2005 as published in the Wall Street
Journal.

     

    (d)           To
the extent that a Pre-1999 Award subject to a Pre-1999 Award Election is not
vested on January 1, 2006, the notional investment in Restricted Units and
Approved Funds, as applicable, shall be subject to the vesting schedule
remaining on such Pre-1999 Awards.

     

    (e)           Any
Participant making a Pre-1999 Award Election shall contemporaneously also elect
a distribution commencement date, not earlier than January 31, 2007, for the
commencement of the distribution of his vested investment under such Pre-1999
Award Election, in accordance with procedures established by the
Committee.  Distributions shall commence as of the distribution
commencement date elected, or if earlier and so elected by the Participant at
the time the distribution commencement date is elected, the date of the
Participant’s “separation from service” (within the meaning of Section 409A),
subject to a six month delay following such separation from service in all cases
other than in the event of the Participant’s death.  If the
Participant has failed to properly elect a distribution commencement date, the
Committee will commence distribution in calendar year 2007.  A
Participant may elect to receive the distribution of the amounts deferred under
this section in (i) a single lump sum distribution, (ii) substantially equal
annual installments over a period of up to 10 years or (iii) a 50% lump sum with
the remainder in five annual installments, as elected by the Participant in
accordance with procedures established by the Committee.  If the
Participant has failed to properly elect a method of payment, the method of
payment shall be a lump sum.  A Participant who has made a Pre-1999
Award Election to utilize Restricted Units shall receive his distribution in the
form of Holding Units.

     

    ARTICLE
7

    Special
Rules For 1999-2000 Awards

     

    Section
7.01           Generally.  Except
as otherwise provided in Section 7.02, Articles 1 through 5 hereunder shall
apply with respect to 1999-2000 Awards.

     

    Section
7.02           Notional Investment in Restricted
Units.  1999-2000 Awards are notionally invested in Restricted
Units only.  Except as otherwise specified by the Committee,
Participants receiving such Awards are not permitted to elect to notionally
invest any such Award or part thereof in, or reallocate any notional investment
in Restricted Units to, any Approved Fund.  The use of an Investment
Election Form is not applicable with respect to 1999-2000 Awards, and the
Committee shall administer such 1999-2000 Awards, including the crediting of a
Participant’s Account with his Award, and the adjustment of Earnings thereon,
without the Participant’s submission of such an Investment Election Form; provided, however, that the
foregoing shall not limit the Committee from requiring such a Participant to
submit any other forms or documentation that the Committee requires in its sole
discretion.

    

    
      
        
           

        

        
          13

          
            

          

        

        
           

        

      

    

     

    ARTICLE
8

    Administration;
Miscellaneous

     

    Section
8.01           Administration of the
Plan.  The Plan is intended to be an unfunded, non-qualified
incentive plan and the APCP Deferral Plan is intended to be an unfunded,
non-qualified deferred compensation plan within the meaning of ERISA and shall
be administered by the Committee as such.  The right of any
Participant or Beneficiary to receive distributions under the Plan shall be as
an unsecured claim against the general assets of
AllianceBernstein.  Notwithstanding the foregoing, AllianceBernstein,
in its sole discretion, may establish a “rabbi trust” or separate custodial
account to pay benefits hereunder.  The Committee shall have the full
power and authority to administer and interpret the Plan and to take any and all
actions in connection with the Plan, including, but not limited to, the power
and authority to prescribe all applicable procedures, forms and
agreements.  The Committee’s interpretation and construction of the
Plan, including its computation of notional investment returns and Earnings,
shall be conclusive and binding on all Persons having an interest in the
Plan.

     

    Section
8.02           Authority to Vary Terms of
Awards.  The Committee shall have the authority to grant Awards
other than as described herein, subject to such terms and conditions as the
Committee shall determine in its discretion.

     

    Section
8.03           Amendment, Suspension and
Termination of the Plan.  The Committee reserves the right at
any time, without the consent of any Participant or Beneficiary and for any
reason, to amend, suspend or terminate the Plan in whole or in part in any
manner; provided that no such amendment, suspension or termination shall reduce
the balance in any Account prior to such amendment, suspension or termination or
impose additional conditions on the right to receive such balance, except as
required by law.

     

    
      	
            	
              Section
      8.04

            	
              General
      Provisions.

            

    

     

    (a)           To
the extent provided by the Committee, each Participant may file with the
Committee a written designation of one or more Persons, including a trust or the
Participant’s estate, as the Beneficiary entitled to receive, in the event of
the Participant’s death, any amount or property to which the Participant would
otherwise have been entitled under the Plan.  A Participant may, from
time to time, revoke or change his or her Beneficiary designation by filing a
new designation with the Committee. If (i) no such Beneficiary designation is in
effect at the time of a Participant’s death, (ii) no designated Beneficiary
survives the Participant, or (iii) a designation on file is not legally
effective for any reason, then the Participant’s estate shall be the
Participant’s Beneficiary.

     

    (b)           Neither
the establishment of the Plan nor the grant of any Award or any action of any
Company, the Board, or the Committee pursuant to the Plan, shall be held or
construed to confer upon any Participant any legal right to be continued in the
employ of any Company.  Each Company expressly reserves the right to
discharge any Participant without liability to the Participant or any
Beneficiary, except as to any rights which may expressly be conferred upon the
Participant under the Plan.

    

    
      
        
           

        

        
          14

          
            

          

        

        
           

        

      

    

     

    (c)           An
Award hereunder shall not be treated as compensation, whether upon such Award’s
grant, vesting, payment or otherwise, for purposes of calculating or accruing a
benefit under any other employee benefit plan except as specifically provided by
such other employee benefit plan.

     

    (d)           Nothing
contained in the Plan, and no action taken pursuant to the Plan, shall create or
be construed to create a fiduciary relationship between any Company and any
other person.

     

    (e)           Neither
the establishment of the Plan nor the granting of an Award hereunder shall be
held or construed to create any rights to any compensation, including salary,
bonus or commissions, nor the right to any other Award or the levels thereof
under the Plan.

     

    (f)           
No Award or right to receive any payment, including Restricted Units, under the
Plan may be transferred or assigned, pledged or otherwise encumbered by any
Participant or Beneficiary other than by will, by the applicable laws of descent
and distribution or by a court of competent jurisdiction.  Any other
attempted assignment or alienation of any payment hereunder shall be void and of
no force or effect.

     

    (g)           If
any provision of the Plan shall be held illegal or invalid, the illegality or
invalidity shall not affect the remaining provisions of the Plan, and the Plan
shall be construed and enforced as if the illegal or invalid provision had not
been included in the Plan.

     

    (h)           Any
notice to be given by the Committee under the Plan to any party shall be in
writing addressed to such party at the last address shown for the recipient on
the records of any Company or subsequently provided in writing to the
Committee.  Any notice to be given by a party to the Committee under
the Plan shall be in writing addressed to the Committee at the address of
AllianceBernstein.

     

    (i)           Section
headings herein are for convenience of reference only and shall not affect the
meaning of any provision of the Plan.

     

    (j)           The
provisions of the Plan shall be governed and construed in accordance with the
laws of the State of New York.

    

    
      
        
           

        

        
          15

          
            

          

        

        
           

        

      

    

     

    (k)           There
shall be withheld from each payment made pursuant to the Plan any tax or other
charge required to be withheld therefrom pursuant to any federal, state or local
law.  A Company by whom a Participant is employed shall also be
entitled to withhold from any compensation payable to a Participant any tax
imposed by Section 3101 of the Code, or any successor provision, on any amount
credited to the Participant; provided, however, that if
for any reason the Company does not so withhold the entire amount of such tax on
a timely basis, the Participant shall be required to reimburse AllianceBernstein
for the amount of the tax not withheld promptly upon AllianceBernstein’s request
therefore.  With respect to Restricted Units: (i) in the event that
the Committee determines that any federal, state or local tax or any other
charge is required by law to be withheld with respect to the Restricted Units or
the vesting of Restricted Units (a “Withholding Amount”) then, in
the discretion of the Committee, either (X) prior to or contemporaneously
with the delivery of Holding Units to the recipient, the recipient shall pay the
Withholding Amount to AllianceBernstein in cash or in vested Holding Units
already owned by the recipient (which are not subject to a pledge or other
security interest), or a combination of cash and such Holding Units, having a
total fair market value, as determined by the Committee, equal to the
Withholding Amount; (Y) AllianceBernstein shall retain from any vested Holding
Units to be delivered to the recipient that number of Holding Units having a
fair market value, as determined by the Committee, equal to the Withholding
Amount (or such portion of the Withholding Amount that is not satisfied under
clause (X) as payment of the Withholding Amount; or (Z) if Holding Units are
delivered without the payment of the Withholding Amount pursuant to either
clause (X) or (Y), the recipient shall promptly pay the Withholding Amount to
AllianceBernstein on at least seven business days notice from the Committee
either in cash or in vested Holding Units owned by the recipient (which are not
subject to a pledge or other security interest), or a combination of cash and
such Holding Units, having a total fair market value, as determined by the
Committee, equal to the Withholding Amount, and (ii) in the event that the
recipient does not pay the Withholding Amount to AllianceBernstein as required
pursuant to clause (i) or make arrangements satisfactory to AllianceBernstein
regarding payment thereof, AllianceBernstein may withhold any unpaid portion
thereof from any amount otherwise due the recipient from
AllianceBernstein.

     

     

    16ex10_04.htm

    
      

    

    Exhibit
10.04

    

    AllianceBernstein
l.p.

    Financial
Advisor Wealth Accumulation Plan

     

    Effective
August 1, 2005

     

    As
Amended and Restated as of December 5, 2008

     

    
      
        
          
          

        

        
           

          
            

          

        

        
          
          

        

      

    

    

    TABLE OF
CONTENTS

     

    
      
        
          
            
              	 
      	 
      	
                      Page

                    
	 
      	 
      	 
      
	
                      Section
      1.

                    	
                      PURPOSE.

                    	
                      1

                    
	 
      	 
      	 
      
	
                      Section
      2.

                    	
                      DEFINITIONS.

                    	
                      1

                    
	 
      	 
      	 
      
	
                      Section
      3.

                    	
                      AWARD.

                    	
                      4

                    
	 
      	 
      	 
      
	
                      Section
      4.

                    	
                      VESTING.

                    	
                      4

                    
	 
      	 
      	 
      
	
                      Section
      5.

                    	
                      MEASUREMENT
      OF EARNINGS.

                    	
                      4

                    
	 
      	 
      	 
      
	
                      Section
      6.

                    	
                      DISTRIBUTION
      OF INCENTIVE BENEFIT.

                    	
                      6

                    
	 
      	 
      	 
      
	
                      Section
      7.

                    	
                      CLAIMS
      PROCEDURES.

                    	
                      8

                    
	 
      	 
      	 
      
	
                      Section
      8.

                    	
                      NO
      FUNDING OBLIGATION.

                    	
                      10

                    
	 
      	 
      	 
      
	
                      Section
      9.

                    	
                      NON-TRANSFERABILITY
      OF RIGHTS UNDER THE PLAN.

                    	
                      10

                    
	 
      	 
      	 
      
	
                      Section
      10.

                    	
                      MINORS
      AND INCOMPETENTS.

                    	
                      10

                    
	 
      	 
      	 
      
	
                      Section
      11.

                    	
                      WITHHOLDING
      TAXES.

                    	
                      11

                    
	 
      	 
      	 
      
	
                      Section
      12.

                    	
                      ASSIGNMENT.

                    	
                      11

                    
	 
      	 
      	 
      
	
                      Section
      13.

                    	
                      LIMITATION
      OF RIGHTS.

                    	
                      11

                    
	 
      	 
      	 
      
	
                      Section
      14.

                    	
                      ADMINISTRATION.

                    	
                      11

                    
	 
      	 
      	 
      
	
                      Section
      15.

                    	
                      AMENDMENT
      OR TERMINATION OF PLAN.

                    	
                      12

                    
	 
      	 
      	 
      
	
                      Section
      16.

                    	
                      SEVERABILITY
      OF PROVISIONS.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      17.

                    	
                      ENTIRE
      AGREEMENT.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      18.

                    	
                      HEADINGS
      AND CAPTIONS.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      19.

                    	
                      NON-EMPLOYMENT.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      20.

                    	
                      PAYMENT
      NOT SALARY.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      21.

                    	
                      GENDER
      AND NUMBER.

                    	
                      13

                    
	 
      	 
      	 
      
	
                      Section
      22.

                    	
                      CONTROLLING
      LAW.

                    	
                      13

                    

            

          

        

      

    

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

    AllianceBernstein
L.P.

    Financial
Advisor Wealth Accumulation Plan

    

    Effective
August 1, 2005

     

    As
Amended and Restated as of December 5, 2008

     

    

    
      	
              Section
      1.

            	
              PURPOSE.

            

    

     

    1.1           Purpose. AllianceBernstein Holding
L.P. (together with any successor to all or substantially all of its business
and assets, “Holding”)
and its affiliate, AllianceBernstein L.P. (together with any successor to all or
substantially all of its business and assets, “Company”) have established
this AllianceBernstein L.P. Financial Advisor Wealth Accumulation Plan to create
a compensation program to attract and retain eligible employees expected to make
a significant contribution to the future growth and success of Bernstein Global
Wealth Management, a unit of the Company.  The Plan was established
effective August 1, 2005 and is hereby amended and restated to reflect prior
amendments and certain administrative changes effective as of December 5,
2008.

     

    1.2           Compliance
With Section 409A.  The Plan is intended to conform to the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended,
and any regulations and guidance promulgated thereunder (“Section
409A”).  Any deferral or payment hereunder is subject to the terms of
the Plan and compliance with Section 409A, as interpreted by the Committee in
its sole discretion.  Although none of the Company, the Committee,
their affiliates, and their agents make any guarantee with respect to the
treatment of payments under this Plan and shall not be responsible in any event
with regard to the Plan’s compliance with Section 409A, the payments contained
herein are intended to be exempt from Section 409A or otherwise comply with the
requirements of Section 409A, and all provisions of the Plan shall be limited,
construed and interpreted in accordance with the foregoing.  None of
the Company, the Committee, any of their affiliates, and any of their agents
shall have any liability to any Participant or Beneficiary as a result of any
tax, interest, penalty or other payment or damages required to be paid or due
pursuant to, or because of a violation of, Section 409A.

     

    
      	
              Section
      2.

            	
              DEFINITIONS.

            

    

     

    Unless
the context requires otherwise, the following words, as used in the Plan, shall
have the meanings ascribed to each below:

     

    2.1           “Account” shall mean the book
entry-account which shall be credited with a Participant’s Incentive Award
pursuant to Section 3 herein and Earnings thereon.

     

    2.2           “Affiliate” shall mean any
entity affiliated with the Company within the meaning of Code Section 414(b)
with respect to a controlled group of corporations, Code Section 414(c) with
respect to trades or businesses under common control with the Company, Code
Section 414(m) with respect to affiliated service groups and any other
entity required to be aggregated with the Company under Code
Section 414(o).  No entity shall be treated as an Affiliate
for any period during which it is not part of the controlled group, under common
control or otherwise not required to be aggregated with the Company under Code
Section 414.

    
      
        
        

      

      
         

        
          

        

      

      
        
        

      

    

    2.3           “Available Fund” means any
money-market, debt or equity fund or pooled investment vehicle sponsored by the
Company or its Affiliate or other fund or security that is designated by the
Committee from time to time as an Available Fund.

     

    2.4           “Award Agreement” shall mean an
agreement entered into between a Participant and the Company which specifies the
terms of the Participant’s Incentive Compensation, including the amount of such
Incentive Award, the Elective Distribution Date and the Elective Distribution
Form.  An Award Agreement shall contain such provisions, consistent
with the provisions of the Plan, as may be established from time to time by the
Committee.  An Award Agreement may, to the extent permitted by the
Committee and by applicable law, be made by paper or electronic
means.

     

    2.5           “Beneficiary” shall mean the
person or trust designated by the Participant to receive benefits payable under
this Plan in the event of the Participant’s death.  If no Beneficiary
is designated, then the Participant’s Beneficiary shall be his
estate.  Upon the acceptance by the Committee of a new Beneficiary
designation, all Beneficiary designations previously filed shall be
canceled.  A Participant’s designation of a Beneficiary (or any
election to revoke or change a prior Beneficiary designation) must be made and
filed with the Committee, in writing, on such form(s) and in such manner
prescribed by the Committee.  The Committee shall be entitled to rely
on the last Beneficiary designation filed by the Participant and accepted by the
Committee prior to his death.

     

    2.6           “Board” shall mean the
Compensation Committee of the Board of Directors of AllianceBernstein
Corporation or a duly authorized committee thereof.

     

    2.7           “Code” shall mean the Internal
Revenue Code of 1986, as amended and as hereafter amended from time to time, and
any regulations promulgated thereunder.

     

    2.8           “Committee” shall mean the
committee or committees of management designated by the Board to administer the
Plan or a designee of any such committee or committees.

     

    2.9           “Company” shall mean
AllianceBernstein L.P. and any successor entity by merger, consolidation or
transfer of all or substantially all of its assets.

     

    2.10          “Disabled” shall mean that a
Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment which can be expected
to result in death or can be expected to last for a continuous period of not
less than 12 months, as determined by the carrier of the long-term
disability insurance program maintained by the Company or its Affiliate that
covers the Participant, or such other person or entity designated by the
Committee in its sole discretion.

     

    2.11          “Earnings” shall mean earnings
and/or losses on amounts credited to an Account in accordance with Section 5
hereof.

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    2.12          “Elective Distribution Date” shall mean,
as elected by the Participant:

     

    
      	
               
      

            	
              (a)

            	
              The
      Participant’s Separation from Service or, with respect to each Participant
      who is a Key Employee, six (6) months following his Separation from
      Service, as defined under Section 409A;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to the requirements of Section 409A, a date elected by the Participant
      within a period permitted by the Committee as set forth in the
      Administrative Guidelines for the
Plan.

            

    

     

    2.13          “Elective Distribution Form”
means either a lump sum or substantially equal annual installments over a period
permitted by the Committee.

     

    2.14          “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended.

     

    2.15          “Holding Units” mean units
representing assignments of beneficial ownership of limited partnership
interests in Holding.

     

    2.16          “Incentive Award” shall mean
the amount credited to a Participant’s Account pursuant to Section
3.

     

    2.17          “Incentive Benefit” shall mean
the vested benefit payable under the Plan, which shall be payable in accordance
with Section 6 hereof.

     

    2.18          “Key Employee” shall mean a
“specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Code
(or any successor provision).

     

    2.19          “Participant” shall mean a
financial advisor employed by the Company or its Affiliates who is designated as
eligible to participate in this Plan by the Board, or if authorized by the
Board, the Chief Executive Officer of the Company, and who enters into an Award
Agreement with the Company.  Notwithstanding any other provision to
the contrary, a financial advisor who is designated as being eligible to
participate in the Plan must enter into an Award Agreement within thirty (30)
days of such designation.  If such financial advisor does not enter
into an Award Agreement within thirty (30) days of being designated as eligible
to participate in the Plan, such financial advisor shall not be eligible to
become a Participant until the first day of the following Plan Year provided
that such Award Agreement is entered into before the first day of such Plan Year
and the Participant’s eligibility to participate in the Plan has not been
rescinded.

     

    2.20          “Plan” shall mean the
AllianceBernstein L.P. Financial Advisor Wealth Accumulation Plan, as amended
from time to time.

     

    2.21          “Plan Year” shall mean the
calendar year.

     

    2.22          “Section 409A” shall mean Code
Section 409A and any regulations and guidance promulgated
thereunder.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    2.23          “Separation from Service” shall
mean separation from the employment of the Company and its Affiliates for any
reason, including, but not limited to, retirement, death, resignation,
dismissal, or the cessation of an entity as an Affiliate.  In the
event that all or substantially all of the assets of the Company or an Affiliate
are sold or transferred, any Participant who in connection with, or as a result
of, such sale becomes employed by the acquirer of such assets shall not be
deemed to have incurred a Separation from Service unless and until the earlier
of (i) the individual is no longer employed by such acquirer or any entity
thereafter acquiring the aforesaid assets or (ii) the Committee determines,
in its sole discretion, that such individual has incurred a Separation from
Service and when such Separation from Service is deemed to have
occurred.  For purposes of the foregoing sentence, and only for such
purposes, a sale or transfer of stock of the Company or Affiliate shall be
deemed to be a sale or transfer of “assets.”

     

    Notwithstanding
the foregoing, a Participant shall not be considered to have had a Separation
from Service if, for purposes of Section 409A, the Participant would not be
considered to have had a “separation from service.”

     

    
      	
              Section
      3.

            	
              AWARD.

            

    

     

    The
Company shall make a book entry contribution to the Account of a Participant in
an amount equal to the amount of the Participant’s Incentive Award as designated
in the Participant’s Award Agreement.  The Participant’s Award
Agreement shall evidence the Participant’s agreement to the terms of the
Plan.

     

    
      	
              Section
      4.

            	
              VESTING.

            

    

     

    A
Participant’s Account will vest or be forfeited in accordance with the terms and
conditions set forth in the Award Agreement.

     

    
      	
              Section
      5.

            	
              MEASUREMENT OF
      EARNINGS.

            

    

     

    5.1           Election
between Notional Investments.  Each Participant shall
designate, in accordance with deadlines and procedures established from time to
time by the Committee, in his Award Agreement, that percentage of such
Participant’s Incentive Award which shall be treated for purposes of the Plan as
notionally invested in (i) Holding Units or (ii) each of the Available Funds;
provided, that the Committee may establish a minimum percentage of each
Incentive Award that must be notionally invested in the Holding Units and a
maximum percentage of each Incentive Award that may be notionally invested in
Holding Units.  No more than fifty percent (50%) of a Participant’s
Incentive Award may be notionally invested in Holding
Units.  Following the Participant’s election between Holding Units and
Available Funds, the Participant shall not be permitted to elect to change the
percentage of his or her Incentive Award that may be notionally invested in
Holding Units.

     

    The
Participant’s Account shall be treated as notionally invested in the Available
Funds or Holding Units (in accordance with the Participant’s election) as of a
date as determined by the Committee (the “Earnings Date”) which shall be no
later than thirty days after the effective date of the Participant’s Award
Agreement (the “Effective Date”), in the proportions set forth in the
Participant’s Investment Election Form.  Notwithstanding the
foregoing, varying arrangements with respect to the crediting of earnings in
such notional investments may be made in connection with special programs as
determined by the Committee in its sole discretion.

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    5.2           Notional
Investment in Available Funds.  After the Earnings Date, the
portion of a Participant’s Account that is invested in Available Funds will be
credited or debited, as applicable, with notional investment earnings, gains and
losses, as though the amounts in such Account had been actually invested in the
Available Funds in the proportions reflected in the Account.  The
Committee in its sole discretion may permit each Participant to reallocate
notional investments in each Account among the various Available Funds, subject
to, without limitation, restrictions as to the frequency with which such
reallocations may be made.  As soon as reasonably practicable after
the end of each calendar year, a statement shall be provided to each such
Participant indicating the current balance in each Account maintained for the
Participant as of the end of the calendar year, and the amounts in such Account
notionally allocated to each of the Available Funds.

     

    5.3           Special
Rules Applicable to Notional Investments in Holding Units.

     

    
      	
               
      

            	
              (a)

            	
              Recapitalization.  In
      the event that the Committee determines that any distribution (whether in
      the form of cash, limited partnership interests, other securities, or
      other property), recapitalization (including, without limitation, any
      subdivision or combination of limited partnership interests),
      reorganization, consolidation, combination, repurchase, or exchange of
      limited partnership interests or other securities of Holding, issuance of
      warrants or other rights to purchase limited partnership interests or
      other securities of Holding, any incorporation of Holding, or other
      similar transaction or event affects the Holding Units such that an
      adjustment is determined by the Committee to be appropriate in order to
      prevent dilution or enlargement of the benefits or potential benefits
      intended to be made available under the Plan, then the Committee may, if
      so authorized by the Board, in such manner as it may deem equitable,
      adjust the number of Holding Units held in Participant’s
      Account.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Deferral
      of Holding Units.  Any Holding Units with respect to
      which a Participant has elected to notionally invest his or her Account
      shall be posted to the Participant’s Account.  Whenever
      quarterly or special distribution are paid with respect to Holding Units,
      an amount equal to the amount of such distribution per Holding Unit shall
      be deemed credited to the Participant’s Account with respect to each
      Holding Unit credited to the Participant’s Account and converted into
      additional Holding Units at such intervals as may be established by the
      Committee in such manner as determined by the Committee, but in any event
      no less frequently than annually, based on the fair market value of a
      Holding Unit on the date of such conversion, as determined by the
      Committee, in its sole discretion.  In no event shall any
      distributions be paid, or any Holding Units converted pursuant to this
      subsection be distributed, to the Participant before the date that the
      Participant’s Incentive Benefits are paid pursuant to Section 6
      hereof.

            

    

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
              Section
      6.

            	
              DISTRIBUTION OF
      INCENTIVE BENEFIT.

            

    

     

    6.1           Incentive
Benefits.  Subject to Sections 6.2, 6.3 and 6.4 below and the
remainder of this Section 6.1, a Participant’s vested Incentive Benefits shall
be paid to the Participant in installments as vesting occurs.  Each
installment shall consist of the vested portion of the Participant’s Incentive
Benefits not previously paid and be paid on or within seventy (70) days
following each date on which the Participant becomes vested in a portion of his
Incentive Benefits in accordance with the Plan and the Participant’s Award
Agreement; provided that in no event shall the first payment of the
Participant’s Incentive Benefit be made before the third anniversary of the
Effective Date.  Notwithstanding anything herein to the contrary,
including Section 6.3 hereof, the Committee in its sole discretion may elect to
modify the payment provisions described herein, subject to the requirements of
Section 409A and the applicable transition rules.

     

    6.2           Initial
Election of Elective Distribution Date.  If permitted by the
Committee, in its sole discretion, and subject to Section 409A, a Participant
may elect an Elective Distribution Date upon which to commence receiving his
Incentive Benefits and an Elective Distribution Form in which to receive his
Incentive Benefits; provided, however, that any such election to defer payment
of all or a portion of a Participant’s Incentive Award shall be made by the
Participant in accordance with Section 409A and rules of the Committee as in
effect from time to time.  If a Participant makes an election pursuant
to this Section 6.2, the payment of the Incentive Benefits to the Participant
shall commence within seventy (70) days following the Participant’s Elective
Distribution Date, if elected and in the Elective Distribution Form, if
elected.

     

    6.3           Changes
to Elective Distribution Date and/or Elective Distribution Form. Subject to any limitations
imposed by Section 409A, if permitted by the Committee, in its sole discretion,
a Participant may change his election regarding the Elective Distribution Date
on which his Incentive Benefit will commence to be paid and/or his Elective
Distribution Form in accordance with the following requirements to the extent
imposed by Section 409A:

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to subsections (b) and (c) of this Section, such election may not take
      effect until the twelve (12) month anniversary of the date the election is
      made and filed with the Committee (or a designee of the
      Committee);

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      connection with an election made by a Participant pursuant to this Section
      6.3, the Participant must elect a new Elective Distribution Date that is
      no earlier than the five year anniversary of the Participant’s previous
      Elective Distribution Date (regardless of whether the Participant’s new
      election was solely to change his Elective Distribution Form);
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              Any
      election related to a payment of Incentive Benefits at an Elective
      Distribution Date described in Section 2.12(b) shall not be effective
      unless made at least twelve (12) months prior to the Elective Distribution
      Date that such election is changing (regardless if the new election merely
      changes the Elective Distribution
Form).

            

    

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    6.4           Death.  Notwithstanding
any provision of the Plan to the contrary, if a Participant dies prior to
receiving all of his Incentive Benefits, all unvested benefits will vest and the
unpaid portion of such vested Incentive Benefits shall be paid to the
Participant’s Beneficiary in the form of a lump sum distribution in the calendar
year during which the 180th day
anniversary of the death occurs.

     

    6.5           Disability.  Notwithstanding
any provision of the Plan to the contrary, if a Participant incurs a Disability
prior to receiving all of his Incentive Benefits, all unvested benefits will
immediately become vested.  The unpaid portion of such vested
Incentive Benefits shall be paid to the Participant in the form of a lump sum
distribution on or within ninety (90) days following the Participant’s
Disability; provided, however, that in the event that a Participant incurs a
Disability on or after January 1, 2009, payment will be made in accordance with
such Participant’s Elective Distribution Date, if elected, in the form of a lump
sum distribution.  Such an election may be made with regard to awards
granted on or after January 1, 2009, and pursuant to transition guidance issued
by the Internal Revenue Service in connection with Section 409A, including
Internal Revenue Service Notice 2007-86, with regard to awards granted prior to
such date.

     

    6.6           Severe
Financial Hardship Withdrawals.

     

    
      	
               
      

            	
              (a)

            	
              Upon
      the request of a Participant, the Committee, in its sole discretion, may
      approve, due to the Participant’s “Unforeseeable Emergency,” an immediate
      lump sum distribution to the Participant of all or a portion of a
      Participant’s unpaid vested Incentive Benefits.  For the
      purposes of this Section 6.6, an “Unforeseeable Emergency” means a severe
      financial hardship to a Participant or former Participant within the
      meaning of Section 409A resulting from (i) an illness or accident of the
      Participant, former Participant or spouse, or a dependent (as defined in
      Code Section 152 (without regard to Sections 152(b)(1), (b)(2), and
      (d)(1)(B)) of the Participant or former Participant, (ii) loss of property
      of the Participant or former Participant due to casualty or (iii) other
      similar extraordinary and unforeseeable circumstances arising as a result
      of events beyond the control of the Participant or former Participant, all
      as determined in the sole discretion of the
  Committee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      amount to be paid pursuant to Section 6.6(a) of the Plan shall not exceed
      the amount necessary to satisfy the applicable Unforeseeable Emergency
      plus amounts necessary to pay taxes reasonably anticipated as a result of
      the payment, after taking into account the extent to which such hardship
      is or may be relieved through reimbursement or compensation by insurance
      or otherwise or by liquidation of the Participant’s assets (to the extent
      such assets would not itself cause severe
  hardship).

            

    

     

    6.7           Form of
Payment.  Any payment of Incentive Benefits to the Participant
(or in the event of his or her death, to the Participant’s Beneficiary) shall
consist of (i) cash equal to the fair market value of the interest of the
Participant’s Account in the Available Funds and (ii) Holding Units equal to the
number of Holding Units notionally credited to the Participant’s
Account.  The number of fractional Holding Units shall be aggregated
to create a whole number of Holding Units, which shall be distributed in the
form of Holding Units.  Notwithstanding the foregoing, cash shall be
distributed in lieu of the excess number of fractional Holding
Units.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              Section
      7.

            	
              CLAIMS
      PROCEDURES.

            

    

     

    7.1           Initial
Claim.

     

    
      	
               
      

            	
              (a)

            	
              Any
      claim by any employee, Participant or Beneficiary (“Claimant”) with
      respect to eligibility, participation, vesting, contributions, benefits or
      other aspects of the operation of the Plan shall be made in writing to the
      Committee.  The Committee shall provide the Claimant with the
      necessary forms and make all determinations as to the right of any person
      to a disputed benefit.  If a Claimant is denied benefits under
      the Plan, the Committee or its designee shall give written or electronic
      notice to the Claimant of the denial of the claim within ninety (90) days
      after the Committee or its designee receives the claim, provided that in
      the event of special circumstances such period may be
      extended.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      the event of special circumstances, the ninety (90) day period may be
      extended for a period of up to ninety (90) days (for a total of one
      hundred eighty (180) days).  If the initial ninety (90) day
      period is extended, the Committee or its designee shall give written
      notice to the Claimant within ninety (90) days of receipt of the
      claim.  The notice of extension shall indicate the special
      circumstances requiring the extension of time and provide the date by
      which the Committee expects to make a determination with respect to the
      claim.  If the extension is required due to the Claimant’s
      failure to submit information necessary to decide the claim, the period
      for making the determination shall be tolled from the date on which the
      extension notice is sent to the Claimant until the earlier of (i) the
      date on which the Claimant responds to the Committee’s request for
      information, or (ii) expiration of the forty-five (45) day period
      commencing on the date that the Claimant is notified that the requested
      additional information must be
provided.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      notice of the denial of a claim is not furnished within the required time
      period described herein, the claim shall be deemed denied as of the last
      day of such period.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      a claim is wholly or partially denied, the notice to the Claimant shall
      set forth:

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      specific reason or reasons for the
denial;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Specific
      reference to the pertinent Plan provisions upon which the denial is
      based;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              A
      description of any additional material or information necessary for the
      Claimant to complete the claim request and an explanation of why such
      material or information is
necessary;

            

    

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (iv)

            	
              A
      description of the Plan’s review procedures and steps to be taken, as well
      as the applicable time limits if the Claimant wishes to submit the adverse
      determination for review; and

            

    

     

    
      	
               
      

            	
              (v)

            	
              A
      statement of the Claimant’s right to bring a civil action under Section
      502(a) of ERISA following an adverse benefit determination on
      review.

            

    

     

    7.2           Claim
Denial Review.

     

    
      	
               
      

            	
              (a)

            	
              If
      a claim has been wholly or partially denied, the Claimant may submit the
      claim for review by the Committee.  Any request for review of a
      claim must be made in writing to the Committee no later than sixty (60)
      days after the Claimant receives notification of denial or, if no
      notification was provided, the date the claim is deemed
      denied.  The Claimant or his duly authorized representative
      may:

            

    

     

    
      	
               
      

            	
              (i)

            	
              Upon
      written request and free of charge, be provided with reasonable access to,
      and copies of, relevant documents, records, and other information relevant
      to the Claimant’s claim; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              Submit
      written comments, documents, records, and other information relating to
      the claim.  The review of the claim determination shall take
      into account all comments, documents, records, and other information
      submitted by the Claimant relating to the claim, without regard to whether
      such information was submitted or considered in the initial claim
      determination.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      decision of the Committee upon review shall be made within sixty
      (60) days after receipt of the Claimant’s request for review, unless
      special circumstances (including, without limitation, the need to hold a
      hearing) require an extension.  In the event of special
      circumstances, the sixty (60) day period may be extended by the Committee
      in its sole discretion for a period of up to one hundred twenty (120)
      days.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      notice of the decision upon review is not furnished within the required
      time period described herein, the claim on review shall be deemed denied
      as of the last day of such period.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Committee, in its sole discretion, may hold a hearing regarding the claim
      and request that the Claimant attend.  If a hearing is held, the
      Claimant shall be entitled to be represented by
  counsel.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Committee’s decision upon review on the Claimant’s claim shall be
      communicated in writing or electronically to the Claimant.  If
      the claim upon review is denied, the notice to the Claimant shall set
      forth:

            

    

     

    
      	
               
      

            	
              (i)

            	
              The
      specific reason or reasons for the decision, with references to the
      specific Plan provisions on which the determination is
    based;

            

    

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
               
      

            	
              (ii)

            	
              A
      statement that the Claimant is entitled to receive, upon request and free
      of charge, reasonable access to, and copies of, all documents, records and
      other information relevant to the claim;
and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              A
      statement of the Claimant’s right to bring a civil action under
      Section 502(a) of ERISA.

            

    

     

    7.3           Discretion.  All
interpretations, determinations and decisions of the Committee with respect to
any claim, including without limitation the appeal of any claim, shall be made
by the Committee, in its sole discretion, based on the Plan and comments,
documents, records, and other information presented to it, and shall be final,
conclusive and binding.

     

    7.4           Regulation
§ 2560.503-1.  The claims procedures set forth in this
Section 7 are intended to comply with United States Department of Labor
Regulation § 2560.503-1 and should be construed in accordance with such
regulation.  In no event shall it be interpreted as expanding the
rights of Claimants beyond what is required by United States Department of Labor
Regulation § 2560.503-1.

     

    
      	
              Section
      8.

            	
              NO FUNDING
      OBLIGATION.

            

    

     

    The Plan
shall not be construed to require the Company to fund any of the benefits
payable under the Plan or to set aside or earmark any monies or other assets
specifically for payments under the Plan.  The Plan is “unfunded” and
Incentive Benefits shall be paid by the Company out of its general
assets.  Participants and their Beneficiaries shall not have any
interest in any specific asset of the Company as a result of this
Plan.  Nothing contained in this Plan and no action taken pursuant to
the provisions of this Plan shall create or be construed to create a trust of
any kind, or a fiduciary relationship amongst the Company, the Committee, and
the Participants, their Beneficiaries or any other person.  Any funds
which may be invested under the provisions of this Plan shall continue for all
purposes to be part of the general funds of the Company and no person other than
the Company shall by virtue of the provisions of this Plan have any interest in
such funds.  To the extent that any person acquires a right to receive
payments from the Company under this Plan, such right shall be no greater than
the right of any unsecured general creditor of the Company.  The
Company may, in its sole discretion, establish a “rabbi trust” to pay Incentive
Benefits hereunder.  If the Company decides to establish any accrued
reserve on its books against the future expense of benefits payable hereunder,
or if the Company establishes a rabbi trust under this Plan, such reserve or
trust shall not under any circumstances be deemed to be an asset of the Plan,
the Participants or their Beneficiaries.

     

    
      	
              Section
      9.

            	
              NON-TRANSFERABILITY OF
      RIGHTS UNDER THE PLAN.

            

    

     

    The
benefits payable or other rights under the Plan shall not be subject to
alienation, transfer, assignment, garnishment, execution, or levy of any kind,
and any attempt to be so subjected shall not be recognized.

     

    
      	
              Section
      10.

            	
              MINORS AND
      INCOMPETENTS.

            

    

     

    In the
event that the Committee finds that a Participant is unable to care for his
affairs because of illness or accident, including as a result of a Disability,
then Incentive Benefits, unless claim has been made therefor by a duly appointed
guardian, committee, or other legal representative, may be paid in such manner
as the Committee in its sole and absolute discretion shall determine, and the
application thereof shall be a complete discharge of all liability for any
payments or benefits to which such Participant was or would have been otherwise
entitled under the Plan.

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Any
payments to a minor from this Plan may be paid by the Committee in its sole and
absolute discretion (a) directly to such minor; (b) to the legal or
natural guardian of such minor; or (c) to any other person, whether or not
appointed guardian of the minor, who shall have the care and custody of such
minor.  The receipt by such individual shall be a complete discharge
of all liability under the Plan therefor.

     

    
      	
              Section
      11.

            	
              WITHHOLDING
      TAXES.

            

    

     

    The
Company shall have the right to make such provisions as it deems necessary or
appropriate to satisfy any obligations it may have to withhold federal
(including without limitation, employment taxes imposed by the Federal Insurance
Contributions Act), state or local income or other taxes incurred by reason
of payments pursuant to the Plan.  In lieu thereof, the Company shall
have the right to withhold the amount of such taxes from any other sums due or
to become due from the Company to the Participant upon such terms and conditions
as the Company may prescribe.

     

    
      	
              Section
      12.

            	
              ASSIGNMENT.

            

    

     

    Subject
to Section 9 of the Plan, the Plan shall be binding upon and inure to the
benefit of the Company, its successors and assigns and the Participants and
their heirs, executors, administrators and legal representatives.  In
the event that the Company sells all or substantially all of the assets of its
business and the acquiror of such assets assumes the obligations hereunder, the
Company shall be released from any liability imposed herein and shall have no
obligation to provide any benefits payable hereunder.

     

    
      	
              Section
      13.

            	
              LIMITATION OF
      RIGHTS.

            

    

     

    Nothing
contained herein shall be construed as conferring upon any individual the right
to continue in the employ of the Company or its Affiliates as an executive or in
any other capacity or to interfere with the right of the Company or its
Affiliate to discharge him at any time for any reason whatsoever.

     

    
      	
              Section
      14.

            	
              ADMINISTRATION.

            

    

     

    On behalf
of the Company, the Plan shall be administered by the Board or, to the extent
specifically delegated by the Board and permitted under the terms of the Plan,
the Plan shall be administered  by the Committee.  The
Committee may, to the extent specifically permitted under the terms of the Plan,
delegate its authority to administer the Plan to a designee of the Committee;
provided that, if any
authority to administer the Plan is delegated by the Board, such administration
shall be subject to the oversight of the Board, and if any authority to
administer the Plan is delegated by the Committee, such administration shall be
subject to the oversight of the Committee.  The Committee (or its
designee) shall have the exclusive right, power, and authority, in its sole and
absolute discretion, to administer, apply and interpret the Plan and any other
Plan documents and to decide all matters arising in connection with the
operation or administration of the Plan.  Without limiting the
generality of the foregoing, the Committee shall have the sole and absolute
discretionary authority:  (a) to take all actions and make all
decisions with respect to the eligibility for, and the amount of, benefits
payable under the Plan; (b) to formulate, interpret and apply rules,
regulations and policies necessary to administer the Plan in accordance with its
terms; (c) to decide questions, including legal or factual questions,
relating to the calculation and payment of benefits under the Plan; (d) to
resolve and/or clarify any ambiguities, inconsistencies and omissions arising
under the Plan or other Plan documents; and (e) to process and approve or
deny benefit claims and rule on any benefit exclusions.  In the event
of a scrivener’s error that renders a Plan term inconsistent with the Company’s
intent, the Company’s intent controls, and any inconsistent Plan term is made
expressly subject to this requirement.  All determinations made by the
Committee (or any designee) with respect to any matter arising under the Plan
and any other Plan documents including, without limitation, any question
concerning eligibility and the interpretation and administration of the Plan
shall be final, binding and conclusive on all parties.  To the extent
that a form prescribed by the Committee to be used in the operation and
administration of the Plan does not conflict with the terms and provisions of
the Plan document, such form shall be evidence of (i) the Committee’s
interpretation, construction and administration of this Plan and
(ii) decisions or rules made by the Committee pursuant to the authority
granted to the Committee under the Plan.

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    Decisions
of the Committee shall be made by a majority of its members attending a meeting
at which a quorum is present (which meeting may be held telephonically), or by
unanimous written action in accordance with applicable law.

     

    No member
of the Committee and no officer, director or employee of the Company or any
other Affiliate shall be liable for any action or inaction with respect to his
functions under the Plan unless such action or inaction is adjudged to be due to
fraud.  Further, no such person shall be personally liable merely by
virtue of any instrument executed by him or on his behalf in connection with the
Plan.

     

    The
Company shall indemnify, to the fullest extent permitted by law and its
governing documents (but only to the extent not covered by insurance maintained
by the Company directly covering the individuals) its officers and directors
(and any employee involved in carrying out the functions of the Company under
the Plan) and each member of the Committee against any expenses, including
amounts paid in settlement of a liability, which are reasonably incurred in
connection with any legal action to which such person is a party by reason of
his duties or responsibilities with respect to the Plan (other than as a
Participant), except with regard to matters as to which he or she shall be
adjudged in such action to be liable for fraud in the performance of his
duties.

     

    
      	
              Section
      15.

            	
              AMENDMENT OR
      TERMINATION OF PLAN.

            

    

     

    On behalf
of the Company, the Board may, in its sole and absolute discretion, amend the
Plan from time to time and at any time in such manner as it deems appropriate or
desirable, and the Board may, in its sole and absolute discretion, terminate the
Plan for any reason from time to time and at any time in such manner as it deems
appropriate or desirable.  In the event the Board terminates or
freezes the Plan, there shall be no further accrual of Incentive Benefits
hereunder (other than the crediting of Earnings).

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    
      	
              Section
      16.

            	
              SEVERABILITY OF
      PROVISIONS.

            

    

     

    In case
any provision of this Plan shall be held invalid or unenforceable, such
invalidity or unenforceability shall not affect any other provisions hereof, and
the Plan shall be construed and enforced as if such provisions had not been
included.

     

    
      	
              Section
      17.

            	
              ENTIRE
      AGREEMENT.

            

    

     

    This
Plan, along with the Participant’s elections hereunder, constitutes the entire
agreement between the Company and the Participant pertaining to the subject
matter herein and supersedes any other plan or agreement, whether written or
oral, pertaining to the subject matter herein.  No agreements or
representations, other than as set forth herein, have been made by the Company
with respect to the subject matter herein.

     

    
      	
              Section
      18.

            	
              HEADINGS AND
      CAPTIONS.

            

    

     

    The
headings and captions herein are provided for reference and convenience
only.  They shall not be considered part of the Plan and shall not be
employed in the construction of the Plan.

     

    
      	
              Section
      19.

            	
              NON-EMPLOYMENT.

            

    

     

    The Plan
is not an agreement of employment and it shall not grant an employee any rights
of employment.

     

    
      	
              Section
      20.

            	
              PAYMENT NOT
      SALARY.

            

    

     

    Except to
the extent a plan otherwise provides, any amounts payable under this Plan shall
not be deemed salary or other compensation to the Participant or Beneficiary for
the purposes of computing benefits to which he or she may be entitled under any
pension plan or other arrangement of the Company.

     

    
      	
              Section
      21.

            	
              GENDER AND
      NUMBER.

            

    

     

    Wherever
used in this Plan, the masculine shall be deemed to include the feminine and the
singular shall be deemed to include the plural, unless the context clearly
indicates otherwise.

     

    
      	
              Section
      22.

            	
              CONTROLLING
      LAW.

            

    

     

    The Plan
is established in order to provide deferred compensation to a select group of
management and highly compensated employees within the meanings of Sections
201(2) and 301(a)(3) of ERISA.  The Plan is intended to comply with
the requirements imposed under Section 409A and the provisions of the Plan shall
be construed in a manner consistent with the requirements of such section of the
Code.  To the extent legally required, the Code and ERISA shall govern
the Plan and, if any provision hereof is in violation of any applicable
requirement thereof, the Company reserves the right to retroactively amend the
Plan to comply therewith.  To the extent not governed by the Code and
ERISA, the Plan shall be governed by the laws of the State of New York without
giving effect to conflict of law provisions.

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    
      	
              Section
      23.

            	
              SECTION
      409A.

            

    

     

    23.1          Six Month
Delay for Key Employee.  Notwithstanding
anything in the Plan to the contrary, if a Participant is deemed on the
Separation from Service to be a “Key Employee,” (i) with regard to any payment
or the provision of any benefit that is considered deferred compensation under
Section 409A payable on account of a Separation from Service, such payment or
benefit shall be delayed for a period of six (6) months following such
Separation from Service (or until death if earlier), and shall be paid on the
expiration of such six (6) month period or earlier death, and (ii) any payments
and benefits not required to be so delayed shall be paid or provided in
accordance with the Plan.

     

    23.2          Discretion
of Company to Pay Within Number of Days. Whenever a payment under the
Plan specifies a payment period with reference to a number of days (e.g.,
“payment shall be made within 30 days following the date of termination”), the
actual date of payment within the specified period shall be within the sole
discretion of the Company.

     

    23.3          Installments
Treated as Separate Payments.  If under the Plan, an amount is
to be paid in two or more installments, for purposes of Section 409A each
installment shall be treated as a separate payment.

     

     

    14

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