Document:

Unassociated Document

    
      

    

    Exhibit 10.03

     

    Incentive
Compensation Award Program and

    1997
Long Term Incentive Plan

    

    2009
Award Agreement

    

    Agreement,
dated as of December 7, 2009, among AllianceBernstein L.P. (together with its
subsidiaries, “Partnership”), AllianceBernstein Holding L.P. (“Holding”) and
<PARTC_NAME> (“Participant”), an employee of the Partnership.

    

    Whereas,
the Compensation Committee (“Committee” or “Administrator”) of the Board
of Directors (“Board”) of AllianceBernstein Corporation (“Corporation”),
pursuant to the Post December 1, 2009 Award Provisions (“Provisions”) under the
Partnership’s Amended and Restated Incentive Compensation Award Program
(“Incentive Compensation Program”) and the Partnership’s Amended and Restated
1997 Long Term Incentive Plan (“1997 Plan” and, together with the Provisions and
the Incentive Compensation Program, the “Plans”), copies of which have been
delivered electronically to the Participant, has granted to the Participant an
award (“Award”) consisting of units representing assignments of the
benefi­cial ownership of limited partnership interests in Holding (“Holding
Units”) subject to certain restrictions described herein (“Restricted Units”),
and authorized the execution and delivery of this Award Agreement;

    

    Now, Therefore, in accordance with the grant of the
Award, and as a condition thereto, the Partnership, Holding and the Participant
agree as follows:

    

    1.             Grant.  Subject
to and under the terms and conditions set forth in this Agreement and the Plans,
the Committee hereby awards to the Participant the number of Restricted Units
set forth in Section 2 of Schedule A, together with the right to receive regular
cash distributions with regard to the underlying Holding Units pursuant to
Section 2.03(a) of the Provisions.

    

    2.             Vesting
and Distribution.  The
Restricted Units shall vest in accordance with Section 4 of Schedule
A.  Once Restricted Units have vested, Holding Units shall be
distributed to the Participant as specified in Article 4 of the Provisions, as
modified herein.

    

    3.             Notice of
Resignation.  As a condition of receiving the Award, the
Participant agrees that in the event of the Participant’s resignation, the
Participant shall provide the Partnership with prior written notice of the
Participant’s intent to terminate employment with the Partnership based on the
schedule set forth below.  The Participant will continue to be
eligible for base compensation (salary and/or commissions) and benefits during
the notice period provided that the Partnership may, in its sole discretion,
require the Participant to discontinue regular duties, including prohibiting the
Participant from further entry to any of the Partnership’s
premises.  The notice period shall be as follows:

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	
              Senior
      Vice President or above:

            	
              90
      days

            
	
              Vice
      President:

            	
              60
      days

            
	
              Assistant
      Vice President or below:

            	
              30
      days

            

    

    

    4.     
       Covenants.  As
an additional condition of receiving the Award, the Participant agrees to the
following covenants and remedies for failure to comply:

    

    (a)           Competition.  At
no time while employed by the Partnership shall the Participant provide
services, in any capacity, whether as an employee, consultant, independent
contractor, owner, partner, shareholder, director, or otherwise, to any person
or entity that provides products or services that compete with any present or
planned business of the Partnership; provided, however,
that nothing herein shall prevent the Participant from being a passive owner of
not more than 5% of the outstanding equity of any class of securities of an
entity that is publicly traded and that owns or may acquire any corporation or
business that competes with the Partnership. A “planned business” for purposes
of the preceding sentence shall mean a business: (i) that the Participant is
aware that the Partnership plans to enter within six months after the
Participant’s last date of employment, (ii) that is material to the entity that
plans to enter such business, and (iii) in which such entity has invested
material resources (including time of senior management) in preparation for
launch.

    

    (b)           Client
Solicitation.  At no time while employed by the Partnership,
and except as may be requested by the Partnership, shall the Participant solicit
(whether directly or on the Participant’s behalf through instruction to any
other person or entity) the business of any client or prospective client of the
Partnership for any purpose other than to obtain, maintain and/or service the
client’s business for the Partnership.

    

    (c)           Employee
Solicitation.  At no time while employed by the Partnership
shall the Participant (whether directly or indirectly through instruction to any
other person or entity) recruit, solicit or hire any employee of the Partnership
to work for the Participant or any other person or entity.

    

    (d)           Confidentiality.  From
the date hereof and continuing after the Participant’s last date of employment,
and except as otherwise required by law, the Participant shall not disclose or
make accessible to any business, person or entity, or make use of (other than in
the course of the business of the Partnership) any trade secrets, proprietary
knowledge or confidential information which the Participant shall have obtained
during his or her employment by the Partnership and which shall not be generally
known to or recognized by the general public.  All information
regarding or relating to any aspect of the business of the Partnership,
including but not limited to that relating to existing or contemplated business
plans, activities or procedures, current or prospective clients, current or
prospective contracts or other business arrangements, current or prospective
products, facilities and methods, manuals, intellectual property, price lists,
financial information (including the revenues, costs, or profits associated with
any of the products or services of the Partnership), or any other information
acquired because of the Participant’s employment by the Partnership, shall be
conclusively presumed to be confidential; provided, however, that confidential
information shall not include any information known generally to the public
(other than as a result of unauthorized disclosure by the
Participant).  The Participant’s obligations under this Section 4(d)
shall be in addition to any other confidentiality or nondisclosure obligations
the Participant has to the Partnership at law or under any other of the
Partnership’s policies or agreements.

    
      
         

      

      
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    (e)           Non-disparagement.  Participant
shall not make intentionally disparaging remarks about the Partnership, or issue
any communication, written or otherwise, that reflects adversely on or
encourages any adverse action against the Partnership, except if testifying
truthfully under oath pursuant to any subpoena, order, directive, request or
other legal process, or as may be otherwise required by law.

    

    (f)           Remedies.  If
the Participant fails to comply with the covenants set forth in this Section 4,
the Partnership shall have the following remedies:

    

    (i)           Without
intending to limit the remedies available to the Partnership, the Participant
acknowledges that a breach of any of the agreements or covenants contained in
this Section 4 or in Section 3 hereof shall result in material irreparable
injury to the Partnership for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in
the event of such a breach or threat thereof, the Partnership shall be entitled
to obtain a temporary restraining order and/or a preliminary or permanent
injunction restraining the Participant from engaging in activities prohibited by
this Award Agreement or such other relief as may be required to specifically
enforce any of the agreements or covenants in this Section 4 or Section 3
hereof.  The Participant acknowledges that the above restrictions are
part of a program of the Partnership covering employees in many jurisdictions
and that it is necessary to maintain consistency of administration and
interpretation with respect to such program, and accordingly, the Participant
consents to the applicability of New York law and jurisdiction in accordance
with Section 12 hereof.  In the event that any court or tribunal of
competent jurisdiction shall determine this Section to be unenforceable or
invalid for any reason, the Participant agrees that this Section shall be
interpreted to extend only over the maximum period of time for which it may be
enforceable, and/or over the maximum geographical area as to which it may be
enforceable, and/or to the maximum extent in any and all respects as to which it
may be enforceable, all as determined by such court or
tribunal.

    
      
         

      

      
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    (ii)           The
Participant agrees that in the event of a breach of any of the agreements or
covenants contained in this Section 4 or Section 3 hereof, any Restricted Units
which have not vested or have vested but have not been delivered (other than as
a result of a deferral election) shall be forfeited.

    

    (iii)           In
addition to the remedies set forth in clauses (i) and (ii) above), the
Partnership retains the right to seek damages and other relief for any breach by
the participant of any agreement or covenant contained this Award
Agreement.

     

    5.             Termination of
Employment.  The Restricted Units shall vest in accordance with
Section 4 of Schedule A only while the Participant is employed by the
Partnership, except as follows:

    

    (a)Disability.  Any
unvested Restricted Units shall fully vest immediately upon a Participant’s
Disability and shall be distributed to the Participant as specified in Article 4
of the Provisions.  The Participant shall be deemed to have incurred a
“Disability” if the Participant is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment
that 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 Partnership or its affiliate that covers the
Participant, or such other person or entity designated by the Administrator in
its sole discretion.  In order to assist in the process described in
this paragraph (a), the Participant shall, as reasonably re­quested by the
Administrator, (i) be available for medical examinations by one or more
physicians chosen by the long-term disability insurance provider or the
Administrator and approved by the Participant, whose approval shall not
unreasonably be withheld, and (ii) grant the long-term disability insurance
provider, the Admin­istrator and any such physicians access to all relevant
medical information concerning the Participant, arrange to furnish copies of
medical records to them, and use best efforts to cause the Participant’s own
physicians to be available to discuss the Participant’s health with
them.

    

    (b)Death.  If
the Participant dies (i) while in the employ of the Partnership, or (ii) while
the Participant otherwise holds outstanding unvested Restricted Units, all
unvested Restricted Units held by the Participant (and not previously forfeited
or cancelled) shall vest immediately and be distributed in accordance with
Article 4 of the Provisions.

    

    (c)Retirement. If the
Participant’s employment with the Partnership terminates because of the
Participant’s Retirement, any unvested Restricted Units held by the Participant
(and not previously forfeited or cancelled) on his or her Retirement date shall
continue to vest as specified in Section 4 of Schedule A and be distributed as
specified in Article 4 of the Provisions.  “Retirement” with respect
to a Participant means that the employment of the Participant with the
Partnership has terminated on or after the Participant’s attaining the age 55
and fulfilling 10 full years of service at a time when the sum of the
Participant’s age and years of service with the Partnership equals or exceeds
65.  The provisions in this paragraph (c) are conditioned upon the
retiring Participant’s continued compliance with the agreements and covenants
set forth in Sections 3 and 4 of this Award Agreement until the Restricted Units
have fully vested and been delivered, and executing and complying with a
standard release in favor of the Partnership in a form to be provided by the
Partnership; provided, however, that the only remedy for a retiring
Participant’s breach of Sections 3 and 4 available to the Partnership shall be
the forfeiture remedy described in Section 4(f)(ii).

    
      
         

      

      
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    (d)If the Partnership terminates the
Participant's employment for any reason other than death, Disability or
Retirement, or if the Participant resigns, the Participant shall forfeit all
unvested Restricted Units.  

    

    6.             No Right to Continued
Employment.   The Restricted Units shall not confer upon
the Participant any right to continue in the employ of the Partnership 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.

    

    7.             Non-Transferability.  The
Participant may not sell, assign, transfer, pledge or otherwise dispose of or
encumber any of the Restricted Units, or any interest therein, until the
Participant’s rights in such Units vest in accordance with this
Agreement.  Any purported sale, assignment, transfer, pledge or other
disposition or encumbrance in violation of this Agreement will be void and of no
effect.

    

    8.             Payment of Withholding
Tax.  The provisions set forth in Section 6.04(k) of the
Provisions shall apply 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 a vesting or distribution of Restricted
Units.

    

    9.             Dilution and Other
Adjustments.  The existence of the Award shall not impair the
right of the Partnership, Holding or their respective partners to, among other
things, conduct, make or effect any change in the Partnership’s or 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
Holding, issuance of warrants or other rights to purchase limited partnership
interests or other securities of the Partnership or Holding, or any
incorporation (or other change in form) of the Partnership or Holding. Holding Units shall be
subject to adjustment in accordance with Section 4(c) of the 1997 Plan (or such
applicable successor provision).

    
      
         

      

      
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    10.             Electronic
Delivery.  The Plans contemplate that each award shall be
evidenced by an Award Agreement which shall be delivered to the
Participant.  It is hereby understood that electronic delivery of this
Award Agreement constitutes delivery under the Plans.

     

    11.             Administrator.  If
at any time there shall be no Committee, the Board shall be the
Administrator.

    

    12.             Governing
Law.  This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York.  The Participant hereby consents
to the exclusive jurisdiction of any state or federal court located within the
State of New York, County of New York, with respect to any legal action, dispute
or otherwise, arising out of, related to, or in connection with this
Agreement.  The Participant hereby waives any objection in any such
action or proceeding based on forum non-conveniens, and any objection to venue
with respect to any such legal action, which may be instituted in any of the
aforementioned courts.

    

    13.             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.

    

    14.             Interpretation.  The
Participant accepts this Award subject to all the terms and provisions of the
Provisions, which shall control in the event of any conflict between any clause
of the Provisions and this Agreement, and accepts as binding, conclusive and
final all decisions or interpretations of the Administrator or Board upon any
questions arising under the Plan and/or this Agreement.

    

    15.             Notices.  Any
notice under this Agreement shall be in writing and shall be deemed to have been
duly given when deliv­ered personally (whether by hand or by facsimile) or
when deposited in the United States mail, registered, postage prepaid, and
addressed, in the case of the Partnership and Holding, to the Corporate
Secretary at 1345 Avenue of the Americas, New York, New York 10105, or if the
Partnership should move its principal office, to such principal office, and, in
the case of the Participant, to his or her 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.

    
      
         

      

      
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    16.    
Entire Agreement;
Amendment.  This Agreement supersedes any and all existing
agreements between the Participant, the Partnership and Holding relating to the
Award.  It may not be amended except by a written agreement signed by
both parties.

    

    
      	 
      	
              AllianceBernstein
      l.p.

            
	 
      	
              AllianceBernstein
      Holding l.p.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	
              By:

            	
              /s/ David A. Steyn

            
	 
      	 
      	
              David
      A. Steyn

            
	 
      	 
      	
              Chief
      Operating Officer

            

    

    

    To accept
the terms of this Award Agreement, please click the “Accept” button
below:

    

    ACCEPT

    

    DECLINE

    
      
         

      

      
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    Schedule
A

    to

    Award
Agreement

     

    
      	
              1.

            	
              $___________
      2009 Award

            

    

    

    
      	
              2.

            	
              ____________
      Restricted Units have been awarded pursuant to this
    Agreement.

            

    

     

    
      	
              3.

            	
              The per Holding Unit
      price used to determine the number of Restricted Units awarded
      hereunder is $_____ per Holding Unit, which was the closing price of a
      Holding Unit as published for composite transactions on the New York Stock
      Exchange on December 7, 2009.

            

    

     

    
      	
              4.

            	
              Restrictions
      lapse with respect to the Holding Units in accordance with the following
      schedule:

            

    

    

    
      	
              Date

            	
              Percentage
      of Awarded Holding Units Vested on the Date
      Indicated

            
	 
      	 
      
	
              December
      1, 2010

            	
              25.0%

            
	
              December
      1, 2011

            	
              50.0%

            
	
              December
      1, 2012

            	
              75.0%

            
	
              December
      1, 2013

            	
              100.0%ex10_04.htm

    
      
Exhibit 10.04

     

    
      June 9,
2009

      

      Gerald M.
Lieberman

      AllianceBernstein
L.P.

      1345
Avenue of the Americas

      New York,
New York 10015

      

      

      Dear
Jerry:

      

      This
letter sets forth the terms of your Agreement with AllianceBernstein Corporation
(the “Company”) and AllianceBernstein L.P. (the “Partnership”).

      

      1.             Effective
as of July 31, 2009 (the “Retirement Date”), your employment as President and
Chief Operating Officer of the Company and as an employee of the Partnership
will terminate.

      

      2.             Payments/Benefits.  (a)   From
August 1, 2009 through January 31, 2010, your base salary shall continue to be
paid at the rate of $200,000, less applicable tax withholdings and other payroll
deductions. In addition, you shall receive a lump sum separation payment of
$2,600,000 less applicable tax withholdings and other payroll deductions, in the
payroll following the expiration of the revocation period set forth in paragraph
3. You acknowledge and agree that you will be receiving payments and benefits
under this paragraph of the Agreement which are in excess of those to which you
are now or in the future may be entitled and that such payments and benefits are
being provided in consideration for your acceptance and execution of and in
reliance upon your representations in this Agreement.

      

      (b)  The
Company shall award to you restricted limited partnership units (“Restricted
Units”) in AllianceBernstein Holding L.P. (“Holding”) in an amount equal to
$3,400,000, which shall be determined by dividing $3,400,000 by the average
closing price on the New York Stock Exchange of a limited partnership unit in
Holding for the period covering the four (4) days immediately preceding the
Retirement Date, the Retirement Date and the five (5) trading days immediately
following the Retirement Date, and rounded up to the nearest whole number. The
Restricted Units shall vest ratably on July 31 of each of 2010, 2011 and 2012,
provided, with respect to each installment, you are in compliance with the terms
of paragraphs 5, 6, 7 and 8 hereof. The Restricted Units that have not vested
shall be retained by the Partnership and subject to forfeiture until July 31,
2012 if, at any time prior to that date, you are not in compliance with the
terms of paragraphs 5, 6, 7 and 8 hereof. For the avoidance of doubt, Restricted
Units that have vested shall not be subject to the restriction or forfeiture
provisions of this Agreement. You will not make an Internal Revenue Code Section
83(b) election with respect to the Restricted Units. Applicable U.S. federal,
state and local income and FICA tax withholding in respect of the Restricted
Units will be satisfied by the Company retaining a number of Restricted Units
having a fair market value (based on the closing price of a Holding unit on July
31, 2010, 2011 and 2012, as the case may be, or the trading date immediately
following that date in the event it is not a trading day) equal to the tax
withholding obligations on the installment of Restricted Units vesting on such
date. The vested Restricted Units, less applicable withholdings, will be
distributed to you in unrestricted registered NYSE – listed units of Holding
(one such unit for each one such vested Restricted Unit) as soon as practicable
(but not later than 30 days) after each vesting anniversary. The Company shall
pay to you the cash distributions, equivalent to quarterly distributions on
Holding Units, payable with respect to both unvested and undistributed vested
Restricted Units, as and when quarterly distributions are paid to unitholders of
Holding.

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      (c)  As
of the Retirement Date, your participation in and contributions to all welfare,
non-qualified and qualified plans of the Partnership and its affiliates,
including, but not limited to, the AllianceBernstein Partners Compensation Plan
and the Special Option Program under the AllianceBernstein 1997 Long Term
Incentive Compensation Plan, shall cease, and your rights to a distribution,
rollover, form of payment, exercise or deferral regarding your account balances
shall be determined in accordance with the terms and conditions of the
respective plans and associated agreements.

      

      (d)  From
August 1, 2009 through January 31, 2010, and in accordance with applicable
Company policy, as amended from time to time, the Partnership will continue in
effect your medical coverage under its group medical plan.  As of
February 1, 2010, and until July 31, 2012, the Company shall continue to provide
you and your spouse with access to comparable medical and dental coverage and
will reimburse you monthly for the cost of such coverage.

      

      (e)  Until
July 31, 2012, the Company will provide you with (i) a furnished and equipped
office at a location of your choice in New York City and the Company will pay
for the cost of the lease and operation expenses at a cost not to exceed $12,750
per month, (ii) a secretary with compensation and abilities commensurate with
your current secretary and (iii) the services of a company-provided car and
chauffer.  You may continue to use an office on the Company’s premises
in New York City while your office is being located, furnished and equipped for
up to six months following the Retirement Date.

      

      (f)  Following
the execution of this Agreement , and the expiration of the revocation period
set forth in paragraph 3, you shall receive outplacement support for a period of
six (6) months, which shall be provided by a third party company designated by
the Company. You must begin using the outplacement support no later than
December 31, 2010.

      

      (g)  Promptly
following the Retirement Date, the Company shall reimburse you for all business
expenses incurred by you on or prior to the Retirement Date in accordance with
Company policy.

      

      3.      
      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 consider the terms of this Agreement and have been advised by the Company to
seek the advice of legal counsel of your choice. You acknowledge that you have
been given a period of 21 days to consider this Agreement before signing it. To
the extent that you have elected to enter into this Agreement prior to such
time, you have done so voluntarily and have knowingly waived such 21 day review
period .  You may revoke this Agreement within seven 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.

      
        
           

        

        
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      4.       
     Release. (a) In consideration of the
payments and benefits to be provided to you pursuant to paragraph 2 above, you,
your heirs, executors, administrators, trustees, legal representatives,
successors and assigns (hereinafter referred to collectively as “Releasors”)
forever release and discharge the Company and the Partnership, and their past,
present and/or future parent entities, subsidiaries, divisions, affiliates and
related business entities, assets, employee benefit plans or funds, successors
or assigns and any and all of their past, present and/or future officers,
directors, fiduciaries, partners, attorneys, employees, agents, trustees,
administrators or assigns, whether acting as agents for the Company or the
Partnership or in their individual  capacities (hereinafter referred
to collectively as “Company Entities”) from any and all claims, demands, causes
of action, fees and liabilities of any kind whatsoever, whether known or
unknown, which Releasors  ever had, now have, or may have against any
of the Company Entities by reason of any act, omission, transaction, practice,
plan, policy, procedure, conduct, occurrence, or other matter up to an including
the Retirement Date; provided, however, that this Agreement shall not release
any claims for (i) the payments, benefits and obligations set forth herein; (ii)
vested benefits which you have as a participant in the AllianceBernstein
Partners Compensation Plan, the Special Option Program under the 1997 Long Term
Incentive Compensation Plan and the Profit Sharing Plan for Employees of
AllianceBernstein L.P. in accordance with the terms of each such plan, or (iii)
defense and indemnity under the Partnership’s partnership agreement and/or
applicable law.

      

      (b)  Without
limiting the generality of the foregoing, this Agreement is intended to and
shall release the Company Entities from any and all claims, whether known or
unknown, which Releasors ever had, now have, or may have against the Company
Entities arising out of your employment and/or your separation of employment
with the Company or Partnership, including, but not limited to: (i) any claim
under the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil
Rights Act of 1964, the Americans with Disabilities  Act, the Employee
Retirement Income Security Act of 1974, and the Family and Medical Leave Act;
(ii) any claim under the New York State Human Rights Law or the New York City
Administrative Code; (iii) any other claim (whether based on federal, state, or
local law, statutory or decisional) relating to or arising out of your
employment, the terms and conditions or such employment, the termination of such
employment, and/or any of the events relating directly or indirectly to or
surrounding the termination of that employment, including but not limited to
breach of contract (express or implied), wrongful discharge, detrimental
reliance, defamation, emotional distress or compensatory or punitive damages;
(iv) any claim for attorneys’ fees, costs, disbursements and/or the like; and
(v) any claim for remuneration of any type, including, without limitation, any
claim for any deferred or unvested compensation.

      

      (c)  You
represent and warrant that you have not commenced, maintained, prosecuted or
participated in any action, suit, charge, grievance, complaint or proceeding of
any kind against the Company Entities in any court or before any administrative
or legislative body or agency and/or that you are hereby withdrawing with
prejudice any such complaints, charges, or actions that you may have filed
against the Company Entities.  You further acknowledge and agree that
by virtue of the foregoing, you have waived all relief available to you
(including without limitation, monetary damages, equitable relief and
reinstatement) under any of the claims and/or causes of action waived in this
paragraph 4.

      
        
           

        

        
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      (d)  You
further covenant that you shall not sue, or otherwise consent to participate in
any action against, and shall not assist in the instigation, commencement,
maintenance, or prosecution of any action, suit, proceeding, or charge against
any of the Company Entities based upon any matter whatsoever (except to enforce
this Agreement or as otherwise required by law), nor shall you testify, assist,
or participate (except in response to subpoena or judicial order) in such
action, suit, proceeding or charge.  This agreement shall not prevent
you from filing a charge with the relevant federal, state or local
administrative agency, but you agree to waive your rights with respect to any
monetary or other financial relief arising from any such administrative
proceeding.  You further understand that the provision of this
paragraph shall not be effective with respect to, or adversely affect your
rights under, the ADEA with respect to any challenge you make under the ADEA to
the validity of this Agreement.

      

      (e)  In
consideration of the foregoing agreements by you, the Partnership and the
Company hereby agree to and do fully release, discharge and waive all known
claims, complaints, causes of action, action, suits, debts, sums of money,
contracts, controversies, agreements, promises or demands of whatever kind, in
law or equity, which they know they have, or which they and their subsidiaries,
affiliates, predecessors, successors and assigns, and each and all of their
officers, directors, partners, associates, agents, shareholders and employees
know they have against you by reason of any event, matter, cause or thing which
has occurred to the date of execution of this Agreement.

      

      5.     
       Non-competition and
Non-solicitation.  You shall receive the Restricted Units in
accordance with paragraph 2 above, provided that, for the entire three (3) year
period from the Retirement Date through July 31, 2012, you shall not, on your
own behalf or on behalf of anyone else, directly or indirectly, (a) provide
services, in any capacity, whether as an employee, consultant, independent
contractor, owner, partner, shareholder, director, or otherwise, to any person
or entity that provides products or services that compete with any financial
services business of the Company or the Partnership or any of their controlled
affiliates; (b) solicit the business of any customer of the Company or the
Partnership or any of their controlled affiliates, or otherwise seek to
encourage or induce any such customer to cease doing business with, or reduce
the extent of its business dealings with, the Company, the Partnership or any of
their controlled affiliates; and (c) recruit, solicit or hire any employees of
the Company, the partnership or any of their controlled affiliates to work for
you or any other person or entity. It is understood and agreed that forfeiture
of your Restricted Units shall be the Company’s and the Partnership’s exclusive
remedy for your non-compliance with the requirements of this paragraph
5.

      

      6.      
      Confidentiality.  As
an employee of the Partnership, you have had access to confidential and
proprietary information of the Partnership and/or its employees (the
“Confidential Information”).  You acknowledge and agree that the
Confidential Information is confidential and proprietary to the Partnership and
its employees and that disclosure or use of any of the Confidential Information
would be detrimental to the Partnership and/or its clients.  You agree
that any and all Confidential Information shall be kept confidential and you
further agree that you shall not furnish or disclose to any third party or use,
directly or indirectly, for your own use or benefit or that of any other person
or entity any Confidential Information of the Partnership, nor shall you attempt
to access any Confidential Information.  In the event that you are:
(i) threatened or served with an action or motion to force disclosure of
Confidential Information, or (ii) compelled to disclose Confidential Information
by valid order of a court or other government entity with the authority to
compel the disclosure of such information, you will notify the Partnership in
writing, as promptly as possible (and prior to making any disclosure if
possible), in order to provide the Partnership the opportunity to intervene and
object to, or seek restrictions on, the disclosure of such Confidential
Information.  If, nevertheless, the Confidential Information is
ordered to be disclosed, you will furnish only that portion of the Confidential
Information as to which you receive a reasonable opinion of counsel that such
portion of the Confidential Information is legally required to be
disclosed.  You will notify the Partnership immediately upon discovery
of any unauthorized use or disclosure of Confidential Information or any other
breach of this paragraph.  You agree to cooperate with the Partnership
in every reasonable way to help the Partnership regain possession of such
Confidential Information and prevent its further unauthorized
use.

      
        
           

        

        
          - 4
-

          
            

          

        

        
           

        

      

      The
parties agree to keep the terms, amount, and existence of this Agreement
completely confidential.  You may disclose the terms, amount and
existence of this Agreement to your immediate family, and the parties may
disclose the terms, amount and existence of this Agreement to their respective
legal counsel, accountants or as required by law or legal
process.  If, as anticipated, this Agreement becomes publicly
available as a result of the Partnership filing it with the Securities and
Exchange Commission, these confidentiality restrictions regarding this agreement
shall no longer apply.

      

      7.       
     Nondisparagement.  You agree not
to make intentionally disparaging remarks about the Company or the Partnership,
or their parents, officers, directors, employees or agents.  The
Company and the Partnership agree not to intentionally authorize any public
statements intended to disparage or defame your reputation.

      

      8.      
      Cooperation. You agree that
you will reasonably assist and cooperate with the Company and the Partnership in
connection with the defense or prosecution of any claim that may  be
made against or by the Company or the Partnership, or in connection with any
ongoing or future investigation or dispute or claim of any kind involving the
Company or the Partnership, including any proceeding before any arbitral,
administrative, judicial, legislative or other body or agency, including
preparing for and testifying in any proceeding to the extent such claims,
investigations or proceedings relate to services performed or required to be
performed by you, pertinent knowledge possessed by you, or any act or omission
by you. You further agree to perform all acts and execute and deliver any
documents that may be reasonably necessary to carry out the provisions of this
paragraph. The Company or the Partnership will reimburse you for all reasonable
expenses incurred in connection with such assistance and cooperation, including,
without limitation, travel, lodging and meals, in a level of comfort akin to the
level of comfort applicable to your business travel as of the date
hereof.

      

      9.      
      Partnership Property.  No
later than the Retirement Date, you shall return to the Partnership all
documents, files and property belonging to the Partnership or the Company except
you shall return to the Partnership the leased Partnership automobile in your
possession on or before the expiration of the lease; and except that you may
keep your Blackberry and your laptop computer if all confidential information
and propriety data and software have been deleted.

      
        
           

        

        
          - 5
-

          
            

          

        

        
           

        

      

      10.    
       Successors; Assigns. 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. In the event of your death prior to the payment of
all amounts and benefits hereunder, the unpaid amounts (including unvested
Restricted Units, which upon your death shall fully vest) shall be paid to your
estate, as soon as practicable (but not later than 30 days) after your
death.

      

      11.     
      Severability.  If
any provision of this Agreement is held by a court of competent jurisdiction to
be illegal, void or unenforceable, such provision shall have no effect; however,
the remaining provisions shall be enforced to the maximum extent
possible.  Further, if a court should determine that any portion of
this Agreement is overbroad or unreasonable, such provision shall be given
effect to the maximum extent possible by narrowing or enforcing in part that
aspect of the provision found overbroad or
unreasonable.  Additionally, you agree that if you breach the terms of
paragraphs 4, 6, 7 or 8, it shall constitute a material breach of this Agreement
as to which the Company and/or the Partnership may seek all relief available
under the law.

      

      12.      
     Attorney’s
Fees.  The Company shall pay all reasonable attorneys’ and
related fees and expenses incurred by you in connection with your retirement as
provided herein.

      

      13.      
     Indemnification.  From
and after the Retirement Date, you shall continue to be an “Indemnified Person”
under the Agreement of Limited Partnership of the Partnership and shall continue
to be covered by the Partnership’s director’s and officer’s liability policies,
in each case in respect of conduct occurring on or prior to the Retirement
Date.

      

      14.     
      409A
Compliance.  The parties hereto intend that all benefits and
payments to be made to you hereunder will be provided or paid to you in
compliance with all applicable provisions of Section 409A of the Internal
Revenue Code of 1986 as amended, and the regulations issued hereunder, and the
rulings, notices, and other guidance issued by the Internal Revenue Service
interpreting the same (the “Code”).  This Agreement shall be construed
and administered in accordance with such intent; provided, however, that nothing
hereunder shall: (i) guarantee that the payments will not be subject to taxes,
interest and penalties under Section 409A of the Code; or (ii) entitle you to a
reimbursement on any tax liability incurred in connection with payments provided
hereunder.

      

      15.      
     Entire
Agreement.  Except as expressly provided herein, effective as
of the Retirement Date, all prior agreements relating to your employment by the
Partnership and its affiliates will terminate and be of no further
effect.  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.

      
        
           

        

        
          - 6
-

          
            

          

        

        
           

        

      

      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.

      

      
        	
                Sincerely,

              	 
      
	 
      	 
      	 
      
	
                ALLIANCEBERNSTEIN
      CORPORATION

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Laurence E. Cranch

              	 
      
	 
      	
                Laurence
      E. Cranch

              	 
      
	 
      	
                Executive
      Vice President and General Counsel

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                ALLIANCEBERNSTEIN
      L.P.

              	 
      
	 
      	 
      	 
      
	
                By:

              	
                ALLIANCEBERNSTEIN
      CORPORATION,

              	 
      
	 
      	
                its
      General Partner

              	 
      
	 
      	 
      	 
      
	 
      	 
      	 
      
	
                By:

              	
                /s/ Laurence E. Cranch

              	 
      
	 
      	
                Laurence
      E. Cranch

              	 
      
	 
      	
                Executive
      Vice President and General Counsel

              	 
      

      

      

      

      
        	
                AGREED
      TO AND ACCEPTED BY

              	 
      
	 
      	 
      
	
                /s/ Gerald M. Lieberman

              	 
      
	
                Gerald
      M. Lieberman

              	 
      
	 
      	 
      
	
                June 10, 2009

              	 
      
	
                Date

              	 
      

      

       

       

      - 7 -

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