Document:

Section 1

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

  (“you”): 

  	

  Robert

  Joseph

  
	

   

  
	

  Amount of

  Award: 

  	

  $

  	

  500,000

  
	

   

  
	

  Date of

  Grant: 

  	

  Dec. 31,

  2001

  
	

   

  
	

  Vesting

  Commencement Date: 

  	

  Jan. 31,

  2003

  
					

 

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.

 

1

 

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

Dec 31, 2001.

 

	

   

  	

  Alliance

  Capital Management L.P.

  
	

   

  	

  By:

  	

  Alliance

  Capital Management Corp., G.P

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Participant

  
	

   

  	

   

  
	

   

  	

  /s/ Robert

  Joseph

  
	

   

  	

  Signature

  

 

2ALLIANCE CAPITAL MANAGEMENT L

ALLIANCE CAPITAL MANAGEMENT L.P.

UNIT OPTION PLAN AGREEMENT

 

AGREEMENT, dated December 7, 2001 between Alliance

Capital Management L.P. (the “Partnership”), Alliance Capital Management

Holding L.P. (“Alliance Holding”) and Kathleen A. Corbet (the “Participant”),

an employee of the Partnership or a subsidiary of the Partnership (an “Employee

Participant”).

 

The 1997 Option Committee (the “Administrator”) of the

Board of the Board of Directors (the “Board”) of Alliance Capital Management

Corporation, the general partner of the Partnership and Alliance Holding,

pursuant to the 1997 Long Term Incentive Plan, a copy of which has been

delivered to the Participant (the “Plan”), has granted to the Participant an

option to purchase units representing assignments of beneficial ownership of

limited partnership interests in Alliance Holding  (the “Units”) as hereinafter

set forth, and authorized the execution and delivery of this Agreement.

 

In accordance with that grant, and as a condition

thereto, the Partnership, Alliance Holding and the Participant agree as

follows:

 

1.             Grant of Option.  Subject to and under the terms and

conditions set forth in this Agreement and the Plan, the Participant is the

owner of an option (the “Option”) to purchase the number of Units set forth in

Section 1 of Exhibit A attached hereto at the per Unit price set forth in

Section 2 of Exhibit A.

 

2.             Term

and Exercise Schedule.  This Option

shall not be exercisable to any extent prior to December 7, 2002 or after

December 7, 2011 (the “Expiration Date”). 

Subject to the terms and conditions of this Agreement and the Plan, the

Participant shall be entitled to exercise the Option prior to the Expiration

Date and to purchase Units hereunder in accordance with the schedule set forth

in Section 3 of Exhibit A.

 

The right to exercise this Option shall be cumulative

so that to the extent this Option is not exercised when it becomes initially

exercisable with respect to any Units, it shall be exercisable with respect to

such Units at any time thereafter until the Expiration Date and any Units

subject to this Option which have not then been purchased may not, thereafter,

be purchased hereunder.  A Unit shall be

considered to have been purchased on or before the Expiration Date if notice of

the purchase has been given and payment therefor has actually been received

pursuant to Sections 3 and 13, on or before the Expiration Date.

 

3.             Notice

of Exercise, Payment and Certificate. 

Exercise of this Option, in whole or in part, shall be by delivery of a

written notice to the Partnership and Alliance Holding pursuant to Section 14

which specifies the number of Units being purchased and is accompanied by

payment therefor in cash.  Promptly

after receipt of such notice and purchase price, the Partnership and Alliance Holding

shall deliver to the person exercising the Option a certificate for the number

of Units purchased.  Units to be issued

upon the exercise of this Option may be either authorized and unissued Units or

Units which have been reacquired by the Partnership, a subsidiary of the

Partnership, Alliance Holding or a subsidiary of Alliance Holding.

 

1

 

4.             Termination

of Employment.  This Option may be

exercised by an Employee Participant only while the Employee Participant is

employed full-time by the Partnership, except as follows:

 

(a)           Disability.  If the Employee Participant’s employment

with the Partnership terminates because of Disability, the Employee Participant

(or his personal representative) shall have the right to exercise this Option,

to the extent that the Employee Participant was entitled to do so on the date

of termination of his employment, for a period which ends not later than the

earlier of (i) three months after such termination, and (ii) the Expiration

Date. “Disability” shall mean a determination by the Administrator that the

Employee Participant 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 Employee Participant for

purposes of this paragraph (a), the Employee Participant 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 Employee Participant, 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.

 

(b)           Death.  If the Employee Participant dies (i) while

in the employ of the Partnership, or (ii) within one month after termination of

his employment with the Partnership because of Disability (as determined in

accordance with paragraph (a) above), or (iii) within one month after the

Partnership terminates his employment for any reason other than for Cause (as

determined in accordance with paragraph (c) below), this Option may be

exercised, to the extent that the Employee Participant was entitled to do so on

the date of his death, by the person or persons to whom the Option shall have

been transferred by will or by the laws of descent and distribution, for a

period which ends not later than the earlier of (A) six months from the date of

the Employee Participant’s death, and (B) the Expiration Date.

 

(c)           Other Termination.  If the Partnership terminates the Employee

Participant’s employment for any reason other than death, Disability or for

Cause, the Employee Participant shall have the right to exercise this Option,

to the extent that he was entitled to do so on the date of the termination of

his employment, for a period which ends not later than the earlier of (i) three

months after such termination, and (ii) the Expiration Date.  “Cause” shall mean (A) the Employee

Participant’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

Employee Participant’s duties, (c) a finding by a court or other governmental

body with proper jurisdiction that an act or acts by the Employee Participant

constitutes (1) a felony under the laws of the United States or any state

thereof (or, if the Employee Participant’s place of 

 

2

 

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, if the Employee Participant’s 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 Employee

Participant 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, or (E) any breach by the Employee

Participant of any obligation of confidentiality or non-competition to the

Partnership.

 

For purposes of this Agreement, employment by a

subsidiary of the Partnership shall be deemed to be employment by the

Partnership.  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.

 

5.             No

Right to Continued Employment.  This

Option shall not confer upon the Participant any right to continue in the

employ of the Partnership or any subsidiary of the Partnership or to be

retained as a Director, and shall not interfere in any way with the right of

the Partnership to terminate the service of the Participant at any time for any

reason.

 

6.             Non-Transferability.  This Option is not transferable other than

by will or the laws of descent and distribution and, except as otherwise

provided in Section 4, during the lifetime of the Participant this Option is

exercisable only by the Participant; except that a Participant may transfer

this Option, without consideration, subject to such rules as the Committee may

adopt to preserve the purposes of the Plan (including limiting such transfers

to transfers by Participants who are senior executives), to a trust solely for

the benefit of the Participant and the Participant’s spouse, children or

grandchildren (including adopted and stepchildren and grandchildren) (each a

“Permitted Transferee”).

 

7.             Payment

of Withholding Tax.  (a) In the

event that the Partnership or Alliance Holding determines that any federal,

state or local tax or any other charge is required by law to be withheld with

respect to the exercise of this Option, the Participant shall promptly pay to

the Partnership, a subsidiary specified by the Partnership or Alliance Holding,

on at least seven business days’ notice, an amount equal to such withholding

tax or charge or (b) if the Participant does not promptly so pay the entire

amount of such withholding tax or charge in accordance with such notice, or

make arrangements satisfactory to the Partnership and Alliance Holding

regarding payment thereof, the Partnership or any subsidiary of the Partnership

may withhold the remaining amount thereof from any amount due the Participant

from the Partnership or the subsidiary.

 

3

 

8.             Dilution

and Other Adjustments.  The

existence of this Option shall not impair the right of the Partnership or

Alliance Holding or their respective partners to, among other things, conduct,

make or effect any change in the Partnership’s or Alliance Holding’s business,

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 the Partnership or Alliance

Holding, issuance of warrants or other rights to purchase limited partnership

interests or other securities of the Partnership or Alliance Holding, or any

incorporation of the Partnership or Alliance Holding.  In the event of such a change in the partnership interests of the

Partnership or Alliance Holding, the Board shall make such adjustments to this

Option, including the purchase price specified in Section 1, as it deems

appropriate and equitable.  In the event

of incorporation of the Partnership or Alliance Holding, the Board shall make

such arrangements as it deems appropriate and equitable with respect to this

Option for the Participant to purchase stock in the resulting corporation in

place of the Units subject to this Option. 

Any such adjustment or arrangement may provide for the elimination of

any fractional Unit or shares of stock which might otherwise become subject to

this Option.  Any decision by the Board

under this Section shall be final and binding upon the Participant.

 

9.             Rights

as an Owner of a Unit.  The

Participant (or a transferee of this Option pursuant to Sections 4 and 6) shall

have no rights as an owner of a Unit with respect to any Unit covered by this

Option until he becomes the holder of record of such Unit, which shall be

deemed to occur at the time that notice of purchase is given and payment in

full is received under Section 3 and 13. 

By such actions, the Participant (or such transferee) shall be deemed to

have consented to, and agreed to be bound by, all other terms, conditions,

rights and obligations set forth in the then current Amended and Restated

Agreement of Limited Partnership of Alliance Holding, and the then  current

Amended and Restated Agreement of Limited Partnership of the Partnership.  Except as provided in Section 9, no

adjustment shall be made with respect to any Unit for any distribution for

which the record date is prior to the date on which the Participant becomes the

holder of record of the Unit, regardless of whether the distribution is

ordinary or extraordinary, in cash, securities or other property, or of any

other rights.

 

10.           Administrator.  If at any time there shall be no 1997 Option

Committee of the Board, the Board shall be the Administrator.

 

11.           Governing

Law.  This Agreement shall be

governed by and construed in accordance with the internal laws of the State of

New York.

 

12.           Interpretation.  The Participant accepts this Option subject

to all the terms and provisions of the Plan, which shall control in the event

of any conflict between any provision of the Plan and this Agreement, and

accepts as binding, conclusive and final all decisions or interpretations of

the Board or the Administrator upon any questions arising under the Plan and/or

this Agreement.

 

4

 

13.           Notices.  Any notice under this Agreement shall be in

writing and shall be deemed to have been duly given when delivered personally

or when deposited in the United States mail, registered, postage prepaid, and

addressed, in the case of the Partnership, to the Secretary of Alliance Capital

Management Corporation at 1345 Avenue of the Americas, New York, New York  10105, or if the Partnership should move its

principal office, to such principal office, in the case of Alliance Holding, to

the Secretary of Alliance Capital Management Corporation at 1345 Avenue of the

Americas, New York, New York 10105, or if Alliance Holding should move its

principal office, to such principal office, and, in the case of the

Participant, to his last permanent address as shown on the Partnership’s

records, subject to the right of either party to designate some other address

at any time hereafter in a notice satisfying the requirements of this Section.

 

14.           Sections

and Headings.  All section

references in this Agreement are to sections hereof for convenience of

reference only and are not to affect the meaning of any provision of this

Agreement.

 

 

	

   

  	

  ALLIANCE CAPITAL MANAGEMENT L.P.

  
	

   

  	

   

  
	

   

  	

  By:

  	

  Alliance Capital Management

  
	

   

  	

   

  	

  Corporation, its General Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ John D. Carifa

  	

   

  
	

   

  	

   

  	

  John D. Carifa

  
	

   

  	

   

  	

  President

  

 

	

   

  	

  ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.

  
	

   

  	

   

  
	

   

  	

  By:

  	

  Alliance Capital Management

  
	

   

  	

   

  	

  Corporation, its General Partner

  
	

   

  	

   

  	

   

  
	

   

  	

  By:

  	

  /s/ John D. Carifa

  	

   

  
	

   

  	

   

  	

  John D. Carifa

  
	

   

  	

   

  	

  President

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

  /s/ Kathleen A. Corbet

  	

   

  
	

   

  	

   

  	

  Kathleen A. Corbet

  
					

 

5

 

Exhibit

A To Unit Option Plan Agreement Dated December 7, 2001

between Alliance Capital Management L.P.,

Alliance Capital Management Holding L.P. and Kathleen A.

Corbet

 

1.                                       The number of Units that the Participant

is entitled to purchase pursuant to the Option granted under this Agreement is

30,000.

 

2.                                       The per Unit price to purchase Units

pursuant to the Option granted under this Agreement is $50.25 per Unit.

 

3.                                       Percentage of Units With Respect to

Which the Option First Becomes

Exercisable on the Date Indicated 

 

1.     December 7, 2002          20%

2.     December 7, 2003          20%

3.     December 7, 2004          20%

4.     December 7, 2005          20%

5.     December 7, 2006          20%

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