Document:

Exhibit 10.2

 

ALLIANCE CAPITAL PARTNERS PLAN OF REPURCHASE

 

Alliance Capital Management L.P. (together with any successor to all or
substantially all of its business and assets, “Alliance”) has established
this Alliance Capital Partners Plan of Repurchase to provide certain employees
of Alliance with the opportunity to sell their units of limited partnership
interest in Alliance in the manner, and under the circumstances, set forth
herein.

 

ARTICLE I

DEFINITIONS

 

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

 

“Alliance
Units” means units representing beneficial ownership
of limited partnership interests in Alliance.

 

“Beneficiary”
of an Eligible Employee means such Eligible Employee’s Beneficiary under the
Alliance Partners Compensation Plan, as amended from time to time.

 

“Disability”
means, with respect to an Eligible Employee, a good faith determination by the
General Partner that the Eligible Employee is physically or mentally
incapacitated and has been unable for a period of six consecutive months to
perform substantially all of the duties for which the Eligible Employee was
responsible immediately before the commencement of the incapacity.  In order to assist the General Partner in
making such a determination and as reasonably requested by the General Partner,
a Eligible Employee shall (i) make himself or herself available for medical
examinations by one or more physicians chosen by the General Partner and
approved by the Eligible Employee, whose approval shall not be unreasonably
withheld, (ii) grant the General Partner and any such physicians access to all
relevant medical information relating to the Eligible Employee, (iii) arrange
to furnish copies of medical records to the General Partner and such
physicians, and (iv) use his or her best efforts to cause the Eligible
Employee’s own physicians to be available to discuss the Eligible Employee’s
health with the General Partner and its chosen physicians.

 

“Eligible
Employee” shall mean, for any calendar year, an
individual who (i) actively participates in the management of, or performs
services on a full-time basis for, Alliance and (ii) is a “highly compensated
employee” within the meaning of sections 201(2), 301(a)(3) and 401(a)(1) of the
Employee Retirement Income Security Act of 1974, as amended from time to time,
as determined by the General Partner.

 

 

“Eligible
Purchaser” means Alliance, AXA Financial, Inc., or an
affiliate of AXA Financial, Inc. that is related to the General Partner within
the meaning of Section 267(b) or 707(b)(1) of the Internal Revenue Code of
1986, as amended.

 

“Fair
Market Value” means, with respect to a Holding Unit as
of any given date and except as otherwise expressly provided by the General
Partner, the closing price of a Holding Unit on the New York Stock Exchange on
such date 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.

 

“General
Partner” means Alliance Capital Management
Corporation, a Delaware corporation, in its capacity as general partner of
Alliance.

 

“Holding
Units” means units representing assignments of
beneficial ownership of limited partnership interests in Alliance Capital
Management Holding L.P.

 

“Plan”
means the Alliance Capital Partners Plan of
Repurchase, as set forth herein and as amended from time to time.

 

“Purchase
Date” means the date on which Alliance Units that are
tendered pursuant to the Plan are to be purchased by an Eligible Purchaser.

 

“Purchase
Price” has the meaning set forth in Section 2 of
Article II hereof.

 

“Response”
has the meaning set forth in Section 4 of Article II hereof.

 

“Retirement”
with respect to an Eligible Employee means (i) the termination of the Eligible
Employee’s employment with Alliance either (a) on or after the Eligible
Employee’s attaining age 65 or (b) on or after the Eligible Employee’s
attaining age 55 at a time when the sum of the Eligible Employee’s age and aggregate
full calendar years of service with Alliance, Alliance Capital Management
Holding L.P. or, prior to April 21, 1988, the corporation then named Alliance
Capital Management Corporation, equals or exceeds 70, or (ii) the Eligible
Employee’s delivery of an irrevocable written notice to the General Partner
stating that such Eligible Employee will retire, within the meaning of clause
(i) hereof, within the one-year period following the date on which such notice
is delivered, provided that no such notice may be delivered prior to the
date on which the Eligible Employee attains age 65.

 

“Tender
Notice” has the meaning set forth in Section 4 of
Article II hereof.

 

2

 

“Tender
Right” has the meaning set forth in Section 1 of
Article II hereof.

 

“Triggering
Event” has the meaning set forth in Section 1 of
Article II hereof.

 

ARTICLE II

RIGHT TO TENDER; PURCHASE PRICE;

CONDITIONS TO PURCHASE

 

1.             In the event of the death,
Disability or Retirement of an Eligible Employee (any such event, a “Triggering
Event”), such Eligible Employee shall have the right to tender, for
purchase by an Eligible Purchaser, all or any portion of the Alliance Units
beneficially owned by such Eligible Employee on the date of such Triggering
Event (the “Tender Right”).

 

2.             The
General Partner shall establish a procedure for determining the purchase price
of Alliance Units that are tendered pursuant to the Plan (the “Purchase
Price”), and may modify such procedure from time to time.  In determining the Purchase Price of any
Alliance Units, the General Partner may take into consideration the Fair Market
Value of Holding Units on the date on which the Eligible Employee exercises the
Tender Right, the number of Alliance Units tendered by the Eligible Employee,
the trading volume and liquidity of Holding Units and such other factors as the
General Partner deems appropriate.

 

3.             The
General Partner may establish, from time to time, such conditions as the
General Partner determines to be reasonably appropriate to the obligation of an
Eligible Purchaser to purchase Alliance Units that are tendered pursuant to the
Plan, including, but not limited to, such conditions as may be necessary to
ensure compliance with applicable securities laws.  The General Partner shall, in its discretion, select the Purchase
Date for any Alliance Units that are tendered pursuant to the Plan, provided
that the Purchase Date shall be at least fifteen (15) days but not more than
thirty (30) days after the delivery of the corresponding Response.  Prior to the delivery of a Response stating
that an Eligible Purchaser will purchase tendered Alliance Units, no Eligible
Purchaser shall be required to purchase any Alliance Units that are tendered
pursuant to the Plan.

 

4.             An Eligible Employee shall be
entitled to exercise the Tender Right at any time during the one-year period
following the date of a Triggering Event with respect to such Eligible
Employee.  To exercise a Tender Right,
an Eligible Employee shall deliver a written notice (a “Tender Notice”) to the
General Partner to such effect.  The
Tender Notice shall specify the Triggering Event, the date of the Triggering
Event, and the number of Alliance Units that the Eligible Employee is tendering
pursuant to the Plan.  Within thirty
(30) days following the

 

3

 

General Partner’s receipt of a
Tender Notice, either (i) the General Partner shall provide the tendering
Eligible Employee with a written notice stating that no Eligible Purchaser will
purchase the tendered Alliance Units or (ii) the Eligible Purchaser that will
purchase the tendered Alliance Units shall provide the tendering Eligible
Employee with a written notice, setting forth (A) the identity of such Eligible
Purchaser of the tendered Alliance Units, (B) the Purchase Price, if it has
been determined, and the form of consideration for the tendered Alliance Units,
(C) the Purchase Date and (D) a detailed description of any conditions to the
Eligible Purchaser’s obligation to purchase the tendered Alliance Units (any
such written notice, a “Response”).  The Eligible Employee may withdraw his or her Tender Notice by
delivering written notice to the General Partner at any time prior to receipt
of a Response or within ten (10) days following the receipt of a  Response. 
Assuming that all applicable conditions have been met, the Eligible
Purchaser shall, on the Purchase Date so specified, deliver to the Eligible
Employee the Purchase Price so specified in exchange for the applicable Alliance
Units with the relevant certificates therefor duly endorsed in blank.

 

ARTICLE III

MISCELLANEOUS

 

1.             Reference in Article II and this
Article III (other than Section 5 hereof) to an Eligible Employee shall include
the Beneficiary of a deceased Eligible Employee.

 

2.             The Plan is intended to comply with
the requirements of Treasury Regulations Section 1.7704-1(e)(l)(vii).  If, as a result of any amendment to Treasury
Regulations Section 1.7704-1(e)(l)(vii) or any successor regulation thereto,
the Plan fails to comply with such regulation, the Plan shall automatically be
suspended as of the effective date of such amendment until such time as the
Plan may be either terminated or modified to comply with such regulation.  The Plan shall automatically terminate upon
the repeal of Treasury Regulations Section 1.7704-1(e)(1)(vii) or any successor
regulation thereto.  The General Partner
shall promptly provide written notification of any such suspension, amendment
or termination of the Plan to all persons who are Eligible Employees at such
time.

 

3.             The
General Partner reserves the right at any time, without the consent of any
Eligible Employee 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 adversely affect any Eligible Employee who has
exercised a Tender Right prior to such amendment, suspension or
termination.  Within ten (10) days of
amending, suspending or terminating the Plan, or of modifying the Plan pursuant
to the provisions hereof, the General Partner shall provide written
notification of such amendment, suspension, termination or modification to all
persons who are Eligible Employees at such time.

 

4

 

4.             The right
of any Eligible Employee to receive the Purchase Price following the exercise
of a Tender Right shall be an unsecured claim against the general assets of the
relevant Eligible Purchaser.  The
Purchase Price shall be paid from the general funds of the Eligible Purchaser
and no special or separate fund shall be established and no segregation of
assets shall be made to assure payments of the Purchase Price.  No Eligible Employee shall have any right, title
or interest whatsoever in, or to, any investments that the Eligible Purchaser
may make to assist it in meeting its obligation to pay the Purchase Price.  Nothing contained in the Plan, and no action
taken pursuant to the Plan, shall create or be construed to create a trust of
any kind, or a fiduciary relationship between any Eligible Purchaser and any
other person.

 

5.             No Tender Right may be transferred
or assigned, pledged or otherwise encumbered by any Eligible Employee other
than by will or by the applicable laws of descent.

 

6.             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.

 

7.             Any notice to be given by the
General Partner under the Plan to an Eligible Employee shall be in writing
addressed to the Eligible Employee at the last address shown for him or her on
the records of Alliance or subsequently provided in writing to the General
Partner.  Any notice to be given by an
Eligible Employee under the Plan shall be in writing addressed to the Secretary
of the General Partner at the address of Alliance.

 

8.             There shall be withheld from the
payment of each Purchase Price any tax or other charge required to be withheld
therefrom pursuant to any federal, state, local or foreign law.

 

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

 

5Exhibit 10.3

 

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:

  	
  CALVERT, BRUCE

  
	
   

  	
   

  
	
  Amount of
  Award:

  	
  $1,500,000

  
	
   

  	
   

  
	
  Date of
  Grant:

  	
  12/31/02

  

 

In connection with your award (the “Award”),
you, Alliance Capital Management Holding L.P.(“Holding”) and Alliance Capital
Management 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 will be 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 will be 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  12/31/02.

 

	
   

  	
  Alliance Capital Management L.P. 

  
	
   

  	
  By:

  	
  Alliance Capital Management

  Corporation, General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ Robert Joseph

  
	
   

  	
   

  	
  Signature

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Participant

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/ Bruce Calvert

  
	
   

  	
   

  	
    Signature

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
      CALVERT, BRUCE

  
				

 

2

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