Document:

AWARD AGREEMENT

AWARD AGREEMENT

FOR THE YEAR 2001 OFFERING

UNDER THE SCB DEFERRED COMPENSATION AWARD PLAN

 

You have been granted an

Award under the SCB Deferred Compensation Award Plan (the “Plan”) pursuant to

the year 2001 offering under the Plan, as specified below:

 

	

  Participant (“you”):

  	

  Jerry Lieberman

  
	

   

  
	

  Amount of Award:

  	

  $

  	

  2,667,000

  
	

   

  
	

  Date of Grant:

  	

  Oct. 2, 2001

  
				

 

In connection with your

Award, you and Alliance Capital Management L.P. agree as set forth in this

agreement (the “Agreement”).  The Plan

provides a description of the terms and conditions governing your 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.

 

1.             Award Denomination. Although your Award is

initially denominated in cash, it will be converted into Holding Units, Money

Market Shares or a combination thereof. 

You may elect the percentage of your Award to be denominated in Holding

Units and Money Market Shares by timely completing and submitting a year 2001

offering Investment Election Form.  Your

election will be subject to the approval of the Committee.  If you fail to make a timely election your

Award will be invested 100% into Money Market Shares, unless the Committee

determines otherwise, in its sole discretion.

 

2.             Vesting of Award. Your Award shall vest

with respect to one-third of the Holding Units and Money Market Shares

representing the Award as of each of the first, second and third anniversary of

the Date of Grant of your Award, provided that you remain in the employ of

the Company as of each such anniversary, except that your Award will fully

vest:

 

(a)           upon your death, Disability or attainment of age 65 prior

to your Termination of Employment; or

 

(b)           as of the date that the employment of

all Committee members (after having exhausted all replacements) has either been

(i) terminated involuntarily other than for Cause or (ii) terminated by such

Committee members for Good Reason.

 

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3.             Forfeitures.   To the extent that any portion of your Award is not vested as

of, or in connection with, your Termination of Employment, the Holding Units

and Money Market Shares comprising the unvested portion of your Award shall be

forfeited.

 

4.             Distribution

of Award. The Holding Units and Money Market Shares under

your Award will be distributed to you in accordance with your year 2001

offering Distribution Election Form.  If

you fail to submit a properly completed year 2001 offering Distribution

Election Form on a timely basis, the Holding Units and Money Market Shares under

your Award will be distributed in a lump sum on or about the third anniversary

of the Date of Grant of your Award, unless the Committee determines otherwise,

in its sole discretion.

 

5.             Beneficiary

Designation. By completing a Beneficiary Designation Form

provided to you by the Company under the Plan, you may select a beneficiary to

receive your Award in the event of your death. 

If you have previously completed a Beneficiary Designation Form under

the Plan, your designation under that form will apply with respect to this

Award.  If you do not submit a properly

completed Beneficiary Designation Form under the Plan, your Award will be

distributed to your estate in the event of your death.

 

6.             Tax

Withholding.  As and when

any federal, state or local tax or any other charge is required by law to be

withheld with respect to the vesting of your Award, the payment of dividends or

distributions on any Holding Units and Money Market Shares under the Award and

the distribution of such Holding Units or Money Market Shares (a “Withholding

Amount”), you agree promptly to pay the Withholding Amount to the Company in

cash.  You agree that if you do not pay

the Withholding Amount to the Company, the Company may withhold any unpaid

portion of the Withholding Amount from any amount otherwise due to you.  Notwithstanding the foregoing, the Company

may, in its sole discretion, establish and amend policies from time to time for

the satisfaction of Withholding Amounts by the deduction of a portion of the

Holding Units or Money Market Shares under your Award.

 

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7.             Administration.  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.

 

8.             Miscellaneous.

 

(a)           This Agreement does not confer upon

you any right to continuation of employment by the Company, nor does this

Agreement interfere in any way with the Company’s right to terminate your

employment at any time.

 

(b)           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.

 

(c)           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).

 

(d)           This Agreement and the Plan

constitute the entire understanding between you and the Company regarding this

award.  Any prior agreements,

commitments or negotiations concerning your 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  Oct. 2, 2001.

 

	

   

  	

  Alliance Capital

  Management L.P.

  By: Alliance Capital Management 

  Corporation, General Partner

  
	

   

  	

   

  
	

   

  	

  Participant

  
	

   

  	

   

  
	

   

  	

   

  	

  /s/ Jerry Lieberman

  	

   

  
	

   

  	

   

  	

  Signature 

  

 

3July 31, 2001

July 31, 2001

 

Frank Savage

Alliance Capital

Management Corporation

1345 Avenue of the Americas

New York, NY 10105

 

Dear Frank:

 

This letter sets forth the

terms of your Agreement with Alliance Capital Management Corporation (the

“Company”) and Alliance Capital Management L.P. (the “Partnership”) in

connection with your retirement.

 

1. Retirement.  Effective as of July 31, 2001 (“Retirement

Date”), you shall retire as an employee of the Partnership and shall resign as

an officer of the Company and as an officer and director of all divisions and

subsidiaries of the Partnership.

 

You shall continue to serve

on the Board of Directors (“Board”) of the Company, subject to the election by

the Board and the shareholders as necessary. You shall also continue to serve

on the boards of directors of The Nile Growth Company and The Southern Africa

Fund  (collectively, the “Funds”),

subject in all cases to the election by the boards of directors and

shareholders of the Funds as necessary. 

For your service to the Company as a director, you shall be paid an

annual retainer equal to that paid to independent directors and fees for

attending meetings of the Board and Committees thereof on the same basis as

independent directors.

 

2.  Payments/Benefits. 

You shall be entitled to any accrued and unpaid compensation in the

amount of $6,153.84 earned through the Retirement Date.  A year-end bonus for the period ending

December 31, 2001 in the amount of Three Hundred Thousand Dollars ($300,000.00)

(less proper federal tax deductions) shall be paid to you at the time the

Partnership pays year-end bonuses to its employees.

 

                On

the Retirement Date, you shall return your current automobile to the

Partnership. Except as otherwise provided herein, as of the Retirement Date,

your participation in and contributions to all welfare, non-qualified and

qualified plans of the Partnership and its affiliates shall cease and your

rights to a distribution, rollover, form of payment or deferral regarding your

account balances shall be determined in accordance with the terms and

conditions of the respective plans. 

Until the Retirement Date, the Partnership will continue in effect your

current medical coverage under its group medical plan(s).  As of the Retirement Date,

 

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 you

will be given the option to continue in effect coverage under the Partnership’s

medical plans under the terms and conditions of the applicable plans at your

expense.

 

3.  Expenses.  The

Partnership or the Funds, as the case may be, shall reimburse you for expenses

that you incur in attending board meetings in accordance with the Partnership’s

or the Funds’ policies and procedures applicable to independent directors.

 

4.  Office and Support Staff. 

Until December 31, 2001, at the Partnership’s expense, you shall be

entitled to use two small exterior, executive offices at the Partnership’s New

York City office and your current secretary, Ms. Eva Evgenis, shall assist you

in the performance of your duties.

 

5. 

Acknowledgment. You hereby acknowledge that you have

carefully read this Agreement, fully understand and accept all of its

provisions and sign it voluntarily of your own free will. You further

acknowledge that you have been provided a full opportunity to review and

reflect on the terms of this Agreement and to seek the advice of legal counsel

of your choice. You acknowledge that you have been given a period of twenty-one

(21) days to consider this Agreement before signing it. You may revoke this

Agreement within seven (7) days of your signing it.  For such revocation to be effective, written notice must be

received by the Company no later than the close of business on the seventh day

after you sign this Agreement. If you revoke this Agreement it shall be of no

further force and effect.

 

6.  Release.  (a)  In consideration of the foregoing agreements

by the Partnership, you hereby agree to and do fully and completely release,

discharge and waive any and all claims, complaints, causes of action, actions,

suits, debts, sums of money, contracts, controversies, agreements, promises, or

demands of whatever kind, in law or in equity, which you ever had, now have or

which you, your heirs, executors or administrators may have against the

Partnership and its subsidiaries, affiliates, predecessors, successors and

assigns, and each and all of their officers, directors, partners, associates,

agents, shareholders and employees by reason of any event, matter, cause or

thing which has occurred prior to the date of execution of this Agreement (hereinafter

“Claims”). You understand and accept that this Agreement specifically covers,

but is not limited to, any and all Claims which you have or may otherwise have

against the Partnership relating in any way to compensation, or to any other

terms, conditions or circumstances of your employment with the Partnership and

to your termination of such employment as contemplated hereby, whether for

severance or based on statutory or common law claims for employment

discrimination (including any claims under the Age Discrimination in Employment

Act), wrongful discharge, breach of contract or any other theory, whether legal

or equitable. Notwithstanding the foregoing, in no event shall you be deemed by

this paragraph to have released any

 

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rights or claims you may have for payments or

benefits under this Agreement or to seek indemnification with respect to

liability incurred by you in your capacity as an officer or director of the

Company, the Partnership or their affiliated entities.

 

(b)  In exchange for the benefits provided to

them under this Agreement, the Partnership, the Company and their subsidiaries,

divisions, affiliated entities, predecessors, successors and assigns hereby

agree to and do fully and completely release you and your heirs, successors and

assigns from any and all claims, causes of action, suits, demands and/or

controversies of whatever kind, in law or equity, which has occurred prior to

the date of the execution of this Agreement (hereinafter, “Company Claims”)

arising out of your former employment with the Company and the

Partnership.  The Company Claims that

are being released include for example, and without limitation, claims arising

under any federal, state, or common law, statute, regulation, or law of any

other type.  Furthermore, the releasers

herein acknowledge that there are no lawsuits, charges or demands currently

pending based on any claim released in this Section and that they promise never

to file or prosecute a lawsuit complaint or charge based on the claims released

in this Section.  Notwithstanding the

foregoing, the Company, the Partnership and their respective affiliates do not

waive any rights to which they may be entitled (i) to seek to enforce this

Agreement or (ii) pursuant to any Company Claims that are founded upon or

directly related to breach of fiduciary duty and/or willful or intentional

misconduct in your capacity as a director of the Company or the Funds.

 

7.  Indemnification; Successors and Assigns.  So long as you continue to be a director of

the Company, you shall be an “Indemnified Person” within the meaning of the

Agreement of Limited Partnership of the Partnership.  The foregoing indemnity shall not apply to claims by the Company

or the Partnership against you that arise under the terms of this Agreement and

nothing herein shall require indemnification for any conduct occurring after

the termination of your service as a director of the Company.

 

This Agreement shall be

binding upon and inure to the benefit of the parties and their respective

successors, heirs (in your case) and assigns. 

Any successor of the Company or the Partnership shall assume the

obligations of the Company or the Partnership, as the case may be, under this

Agreement and perform any duties and responsibilities in the same manner and to

the same extent that the Company or the Partnership would be required to

perform if no such succession had taken place.

 

8.  Entire Agreement. 

Effective as of the Retirement Date, all prior agreements relating to your

employment by the Partnership and your service as an officer, director,

consultant or other independent contractor to the Partnership and

 

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each of its affiliates will terminate and be

no further force or effect and you hereby waive all rights, benefits, claims

and causes of action under those agreements. This Agreement contains the entire

understanding with respect to the subject matter hereof, and supersedes any and

all prior agreements and understandings, whether written or oral, among you,

the Company, the Partnership or any affiliate thereof with respect to the

subject matter hereof.

 

9.  Miscellaneous.  This

Agreement may not be altered, modified or amended except by written instrument

signed by you, the Company and the Partnership.  This Agreement shall be governed by New York law, without

reference to principles of conflicts of law.

 

10. Counterparts.  This Agreement may be executed in

counterparts, each of which shall be binding on the parties and have the full

legal effect of the original.

 

Sincerely,

 

 

	

  ALLIANCE CAPITAL MANAGEMENT L.P.

  
	

   

  	

   

  
	

  By:  ALLIANCE CAPITAL MANAGEMENT

  
	

             CORPORATION, its General Partner

  
	

   

  	

   

  
	

  By:

  	

  /s/ Bruce W.  Calvert

  
	

   

  	

  Bruce W. Calvert

  
	

   

  	

  Chief Executive Officer

  
	

   

  	

   

  
	

  AGREED TO AND ACCEPTED BY

  
	

   

  	

   

  
	

  /s/ Frank Savage

  	

   

  
	

  Frank Savage

  	

   

  
	

   

  	

   

  
	

  August 7, 2001

  	

   

  
	

  Date

  	

   

  
				

 

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