Document:

ex10_04.htm

    
      
        

      

      Exhibit
10.04

       

      AllianceBernstein
l.p.

      Amended
and Restated Century Club Plan

      

      1. Purpose. The purpose of the
AllianceBernstein L.P. Century Club Plan (the “Plan”) is to provide an incentive
to employees (“Sales Employees”) of AllianceBernstein Investments, Inc.
(“AllianceBernstein Investments”) or another subsidiary of AllianceBernstein
L.P. (“AllianceBernstein”) whose primary responsibilities are to assist in the
distribution of shares of or interests in investment companies, including
business development companies, managed by AllianceBernstein or a subsidiary of
AllianceBernstein.  These purposes are to be furthered by
AllianceBernstein agreeing from time to time to award to such persons units
representing assignments of beneficial ownership of limited partnership
interests in AllianceBernstein Holding L.P. (the “Units”) on the condition that
such persons meet sales targets or other sales criteria.

      

      2. Administration.

      (a) The Plan shall be administered by
the Board Compensation Committee (“Compensation Committee”) of the Board of
Directors (the “Board”) of AllianceBernstein Corporation (the “General
Partner”), the general partner of AllianceBernstein, or another committee
designated by the Board (the “Designated Committee”).  If appointed,
the Designated Committee shall be comprised of two or more
members.  The Compensation Committee or the Designated Committee, as
applicable, shall hereinafter be referred to as the Administrator.

      

      (b) The Administrator shall have full
and complete authority in its discretion, but consistent with and subject to the
express provisions of the Plan, to (i) select the Sales Employees to whom Units
shall be awarded under the Plan upon the satisfaction by such Sales Employees of
sales targets or other sales criteria, (ii) specify the level of sales or other
criteria to be achieved as a condition to an award of Units, (iii) determine the
number of Units to be awarded, (iv) determine any vesting conditions to which an
award of Units may be subject (as more fully described in Section 6), and (v)
adopt such rules and regulations and make all other determinations deemed
necessary or desirable for the administration of the Plan.

      

      3. Eligibility. Sales Employees
eligible to participate in the Plan for a given year shall be those employees
who are selected by the Administrator whose primary responsibility is to assist
in the distribution of shares of or interests in investment companies, including
business development companies, managed by AllianceBernstein or a subsidiary of
AllianceBernstein. Such employees shall include, among others, those categories
of individuals employed by AllianceBernstein Investments customarily referred to
as “wholesalers” and “dealer marketers.” No member of the Board or any “officer”
of AllianceBernstein or the General Partner, as the term “officer” is defined in
Rule 16a-1(f) under the Securities Exchange Act of 1934, shall be eligible to
participate in the Plan. An eligible Sales Employee may be awarded Units under
the Plan upon more than one occasion.

      

      4. Units. Except as otherwise
provided in this Section 4, for any period, the aggregate number of Units that
may be awarded under the Plan (the “Plan Units”) shall in no event be in excess
of the number of Units that are available for award under the AllianceBernstein
Amended and Restated 1997 Long-Term Incentive Plan, as amended (“1997 Incentive
Plan”), for such period, subject to adjustment in accordance with the provisions
of Section 8 below.  The maximum number of Units that may otherwise be
awarded under the Century Club Plan is to be increased by the number of Units
tendered to Holding or the Partnership by an employee in payment of a
Withholding Amount (as defined below in Section 10).  In addition, the
maximum number of Units is subject to adjustment in the event of a change in the
Units or the units of limited partnership interest of AllianceBernstein, or an
incorporation of either Holding or AllianceBernstein.  Units awarded
under the Century Club Plan may be either authorized but previously unissued
Units or Units reacquired by Holding, AllianceBernstein or a subsidiary of
AllianceBernstein in open-market purchases.  Any Plan Unit which for
any reason is forfeited shall be treated for purposes of this Section 4 as if
the Plan Unit had never been awarded.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      5. Award of Plan Units. The
Administrator may award Plan Units under the Plan for any year which ends on or
after the Plan is approved by the Unitholders of AllianceBernstein.

       

      6. Vesting of Plan Units.

      (a) General.  In the
discretion of the Administrator, the rights and interests of a recipient of Plan
Units in all or a portion of any Plan Units awarded hereunder with be subject to
such vesting conditions as are specified by the Administrator at the time of the
award, which conditions shall be set forth in a schedule prepared by the
Administrator and provided to the recipient.

      

      (b) Termination of Employment.

      (i) The rights of a recipient of an
award of unvested Plan Units will vest with respect to such Plan Units (A) in
each particular instance as the conditions of vesting prescribed by the
Administrator are met, (B) as of the last day of the recipient’s employment with
the Partnership if the recipient ceases to be in the employ of the Partnership
by reason of the recipient’s (x) death, (y) Disability (as defined below), or
(z) termination of employment with the Partnership by the Partnership for any
reason other than for Cause (as defined below), and (C) immediately prior to the
sale of all or substantially all of the Partnership’s business or assets to a
person or entity (other than an Affiliate of the Partnership) which is in
connection with a liquidation of the Partnership other than in connection with
an Adverse Tax Determination (as the terms “Affiliate” and “Adverse Tax
Determination” are defined in the Agreement of Limited Partnership (As Amended
And Restated).

      

      (ii) A recipient with forfeit all of
his rights and interests in all then unvested Plan Units (i) as of the last day
of his employment with the Partnership if he ceases to be in the employ of the
Partnership other than under a circumstance in which his rights in the Plan
Units vest in accordance with paragraph (b) of this Section 6, or (ii) as of the
date of the written determination described in Section 15.1(a)(iv) of the
Agreement of Limited Partnership of Alliance Capital Management L.P. (in
connection with the reasonably contemplated insolvency of bankruptcy of the
Partnership), if the Partnership is, accordingly, then dissolved and liquidated.
Any unvested Plan Units which are forfeited shall be transferred to the
Partnership in accordance with the instructions of the Administrator. A
recipient shall receive no compensation in respect of the forfeiture of unvested
Plan Units.

      
        
           

        

        
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      (iii) “Disability” shall mean a
determination by the Administrator in good faith that a person is physically or
mentally incapacitated and has been unable for a period of six consecutive
months to perform the duties for which he was responsible immediately before the
onset of his incapacity.  In order to assist the Administrator in
making a determination as to the Disability of the person for purposes of this
paragraph (b), the person shall, as reasonably requested by the Administrator,
(A) make himself available for medical examinations by one or more physicians
chosen by the Administrator and approved by the recipient, whose approval shall
not unreasonably be withheld, and (B) grant the Administrator and any such
physicians access to all relevant medical information concerning him, arrange to
furnish copies of medical records to them and use his best efforts to cause his
own physicians to be available to discuss his health with them. “Cause” shall
mean (A) the person’s continuing willful failure to perform his duties as an
employee (other than as a result of his total or partial incapacity due to
physical or mental illness), (B) gross negligence or malfeasance in the
performance of the person’s duties, (C) a finding by a court or other
governmental body with proper jurisdiction that an act or acts by the recipient
constitutes (1) a felony under the laws of the United States or any state
thereof (or, in the case of a person whose place of employment is outside of the
United States, a serious crime under the laws of the foreign jurisdiction where
he is employed, which crime if committed in the United States would be a felony
under the laws of the United States or the laws of New York), or (2) a violation
of federal or state securities law (or, in the case of a person whose place of
employment is outside of the United States, of federal, state or foreign
securities law) by reason of which finding of violation described in this clause
(2) the Board determines in good faith that the continued employment of the
person by the Partnership would be seriously detrimental to the Partnership and
its business, (D) in the absence of such a finding by a court or other
governmental body with proper jurisdiction, such a determination in good faith
by the Board by reason of such act or acts constituting such a felony, serious
crime or violation, (E) any breach by the person of any obligation of
confidentiality or non-competition to the Partnership, or (F) any additional
circumstances set forth by the Administrator at the time of the
award.

      

      7. Nontransferability.  A
Plan Unit which is unvested at the time of award shall not be transferred,
unassigned, pledged or encumbered other than a transfer by will or the laws of
descent and distribution until the Plan Unit vests in accordance with Section
6.

      

      8. Adjustments. Neither the
existence of the Plan nor any designations or awards made under the Plan shall
impair the right of the Partnership or its partners to, among other things,
conduct, make or effect any change in the Partnership’s business, any issuance
of debt obligations or other securities by the Partnership, any grant of options
with respect to an interest in the Partnership or any adjustment,
recapitalization or other change in the partnership interests of the Partnership
(including, without limitation, any distribution, subdivision or combination of
limited partnership interests), or any incorporation of the Partnership,
provided that any such action is not in violation of the Partnership Agreement.
In the event of such a change in the partnership interests of the Partnership,
the Board shall make such adjustments as it deems appropriate and equitable in
the number and kind of Units subject to the Plan.

      

      9. Amendment and Termination.
The Board may terminate, amend or modify the Plan at any time in any respect it
deems advisable, provided that no such action of the Board may without approval
of the holders of a majority of the outstanding Units entitled to vote thereon
materially (i) increase the benefits accruing to participants under the Plan,
(ii) increase the total number of Plan Units which may be awarded under the Plan
or (iii) modify the requirements for Plan eligibility.

      
        
           

        

        
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      10. Payment of Withholding Tax.
The Administrator shall require, as a condition to an award hereunder, that the
recipient of the award agree that (a) in the event that the Partnership
determines that any federal, state or local tax or any other charge is required
by law to be withheld with respect to the Plan Units awarded, the vesting Plan
Units, or an election under section 83(b) of the Internal Revenue Code of 1986,
as amended (a “Withholding Amount”) then, in the discretion of the
Administrator, either (i) prior to or contemporaneously with the delivery of
Plan Units to the recipient, the recipient shall pay the Withholding Amount to
the Partnership in cash or in vested Units already owned by the recipient (which
are not subject to a pledge or other security interest), or a combination of
cash and such Units, having a total fair market value, as determined by the
Administrator, equal to the Withholding Amount; (ii) the Partnership shall
retain from any vested Plan Units to be delivered to the recipient that number
of Plan Units having a fair market value, as determined by the Administrator,
equal to the Withholding Amount (or such portion of the Withholding Amount that
is not satisfied under (i)) as payment of the Withholding Amount; or (iii) if
Plan Units are delivered without the payment of the Withholding Amount pursuant
to either (i) or (ii), the recipient shall promptly pay the Withholding Amount
to the Partnership on at least seven business days notice from the Administrator
either in cash or in vested Units owned by the recipient (which are not subject
to a pledge or other security interest), or a combination of cash and such
Units, having a total fair market value, as determined by the Administrator,
equal to the Withholding Amount, and (b) in the event that the recipient does
not pay the Withholding Amount to the Partnership as required pursuant to (a) or
make arrangements satisfactory to the Partnership regarding payment thereof, the
Partnership may withhold any unpaid portion thereof from any amount otherwise
due to the recipient from the Partnership.

      

      11. Section 83(b) Election. A
recipient with not make an election under section 83(b) of the Internal Revenue
Code of 1986, as amended, with respect to an award of Plan Units unless, prior
to the date such election is filed with the Internal Revenue Service, the
recipient (i) notifies the Administrator of the recipient’s intention to file
such election, (ii) furnishes the Administrator with a copy of the election to
be filed, and (iii) pays (or makes arrangements for the payment thereof
satisfactory to the Administrator) the Withholding Amount to the Partnership in
accordance with Section 10.

      

      12. Investment Purpose and Legal
Requirements.

      (a) At the time of the award of Plan
Units, the Partnership may, if it shall deem it necessary or advisable for any
reason, require the recipient (i) to represent in writing to the Partnership
that it is the intention of the recipient to acquire the Plan Units for
investment and not with a view to the distribution thereof, or (ii) to postpone
the date of delivery of the Plan Units until such time as the Partnership has
available for delivery to the recipient a prospectus meeting the requirements of
all applicable securities laws.

      

      (b) No Plan Units shall be issued or
transferred to the recipient unless and until all legal requirements applicable
to the issuance or transfer of such Units have been complied with to the
satisfaction of the Partnership.  The Partnership shall have the right
to condition any issuance of Plan Units hereunder on the recipient’s undertaking
in writing to comply with such restrictions on the subsequent transfer of such
Units as the Partnership shall deem necessary or advisable as a result of any
applicable law, regulation or official interpretation thereof, and certificates
representing such Units may contain a legend to reflect any such
restrictions.

      
        
           

        

        
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      13. Legends on Plan Units
Certificates. Every certificate representing Plan Units with respect to
which restrictions pursuant to Sections 6 and 7 hereof remain in effect shall
bear a legend describing the restrictions to which the Units are subject. When
Plan Units cease to be subject to such restrictions, the owner thereof may
surrender to the Partnership the certificate or certificates representing such
Plan Units and receive in exchange therefore a new certificate or certificates
representing such Units free of the legend and a certificate or certificates
representing the remainder of the Units, if any, with the legend.

      

      14. Subsidiaries of Partnership.
For purposes of the Plan, employment by a Subsidiary of the Partnership shall be
deemed to be employment by the Partnership, and, unless the context otherwise
requires, the term Partnership shall include the Partnership and each of its
Subsidiaries. A “Subsidiary” of the Partnership shall be any corporation or
other entity of which the Partnership and/or its Subsidiaries (a) have
sufficient voting power (not depending on the happening of a contingency) to
elect at least a majority of its board of directors, or (b) otherwise have the
power to direct or cause the direction of its management and
policies.

      

      15. Right to Terminate
Employment. Nothing contained in the Plan shall confer upon any person a
right to be employed by or to continue in the employ of the Partnership, or
interfere in any way with the right of the Partnership to terminate the
employment of a participant in the Plan at any time, with or without
cause.

      

      16. Finality of Determinations.
Each determination, interpretation or other action made or taken pursuant to the
provisions of the Plan by the Administrator shall be final and shall be binding
and conclusive for all purposes.

      

      17. Headings. Section headings
are used herein for convenience of reference only and shall not affect the
meaning of any provision of the Plan.

      

      18. Rules of Construction.
Whenever the context so requires, the use of the masculine gender shall be
deemed to include the feminine and vice versa, and the use of the singular shall
be deemed to include the plural and vice versa.

      

      19. Governing Law. The Plan shall
be governed by and constructed in accordance with the internal laws of the State
of New York.

      

      20. Expiration
Date.  No award shall be made hereunder after the expiration
date of the 1997 Incentive Plan.

      
      

       

       

      5ex10_05.htm

    
      

    

    Exhibit
10.05

     

    AWARD
AGREEMENT

     

    UNDER
THE AMENDED AND RESTATED

    ALLIANCE
PARTNERS COMPENSATION PLAN

     

    You have
been granted an award under the Amended and Restated Alliance Partners
Compensation Plan (the “Plan”), as specified below:

     

    Participant:

     

    Amount of
Award:

     

    
      	
               
      

            	
              Date
      of Grant:

            	
              December
      31, 2007

            

    

     

     

    In
connection with your award (the “Award”), you, AllianceBernstein Holding
L.P.(“Holding”) and AllianceBernstein L.P. (“Alliance”) agree as set forth in
this agreement (the “Agreement”).  The Plan provides a description of
the terms and conditions governing the Award.  If there is any
inconsistency between the terms of this Agreement and the terms of the Plan, the
Plan’s terms completely supersede and replace the conflicting terms of this
Agreement.  All capitalized terms have the meanings given them in the
Plan, unless specifically stated otherwise in the Agreement.

     

    You will
be asked to make an election with respect to the investment of your Award as
described in Section 3(b) of the Plan.  Once you have made this
election in accordance with the terms of the Plan and the election form, your
Award will be treated as invested in either restricted Units of Holding, or in
one or more designated money-market, debt or equity fund sponsored by Alliance
or its Affiliate in accordance with the terms of the Plan applicable to
Post-2000 Awards.

     

    It is
expressly understood that the Committee is authorized to administer, construe,
and make all determinations necessary or appropriate to the administration of
the Plan and this Agreement, all of which shall be binding upon
you.  The Committee is under no obligation to treat you or your award
consistently with the treatment provided for other participants in the
Plan.

     

    This
Agreement does not confer upon you any right to continuation of employment by a
Company, nor does this Agreement interfere in any way with a Company’s right to
terminate your employment at any time.

     

    This
Agreement is subject to all applicable laws, rules, and regulations, and to such
approvals by any governmental agencies or national securities exchanges as may
be required.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    This
Agreement is governed by, and construed in accordance with, the laws of the
state of New York (without regard to conflict of law provisions).

     

    This
Agreement and the Plan constitute the entire understanding between you and the
Companies regarding this award.  Any prior agreements, commitments or
negotiations concerning this award are superseded.  This Agreement may
be amended only by another written agreement, signed by both
parties.

     

    BY
SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND
IN THE PLAN.

     

    IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed
effective as of  .

     

     

    
      	 
      	
              AllianceBernstein
      L.P.

            
	 
      	
              By:

            	
              AllianceBernstein
      L.P., General

            
	 
      	 
      	
              Partner

            
	 
      	 
      	
              /s/
      Robert H. Joseph, Jr.

            
	 
      	 
      	
              Signature

            

    

     

     

    
      	 
      	
              Participant

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              Signature

            
	 
      	 
      	
              Name:

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