Document:

Exhibit 10.1

 

March 7, 2003

 

Mr. Bruce W. Calvert

Alliance Capital

Management Corporation

1345 Avenue of the Americas

New York, NY 10105

 

Dear Bruce:

 

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 new role and
responsibilities.

 

1.          Effectiveness and Employment.  You will resign as Chief
Executive Officer of the Company effective June 30, 2003.  From January 1, 2003 to March 31, 2009
(the “Expiration
Date”) or such earlier date that your employment terminates in
accordance with the terms of this agreement (the “Employment Term”), you will
devote your best efforts and energies to the performance of your duties hereunder;
provided,
however, that it shall not be a violation of this agreement for you to (a)
serve on corporate, civic or charitable boards or committees and (b) manage
your personal investments, so long as such activities described in clauses (a)
and (b) do not significantly interfere with the performance of your
responsibilities in accordance with this agreement and otherwise comply with
the Partnership’s policies and procedures.

 

2.          Position and Responsibilities.  You will serve as Chairman of the
Board of Directors of the Company (the “Board”) until December 31, 2004, in which
capacity you will report to the Board. 
During this period and for the remainder of the Employment Term you will
serve as an executive adviser to the Chief Executive Officer (“CEO”)
of the Partnership.  In addition, for so
long as you are willing during the Employment Term, you will report to the CEO
and advise on Strategic Business Unit matters, manage money and participate in
the resolution of various litigation matters and serve in such other capacities
as you and the Board may mutually agree.

 

 

3.          Compensation.

 

(a)   Base Salary.  From
January 1, 2003 through December 31, 2004, you will be entitled to receive
a minimum base salary of $275,000 per year. 
During the remainder of the Employment Term, you will receive a base
salary equal to the greater of $120,000 per year or an amount determined on an
annual basis by the Compensation Committee of the Board (“Compensation Committee”).  Your salary shall be payable in bi-weekly
installments or otherwise in accordance with the Partnership’s payroll
practices in effect from time to time.

 

(b)   Bonus.  For calendar year 2003, you will be entitled to receive an annual
bonus that is the greater of $1,000,000 or an amount determined by the Compensation
Committee and for calendar year 2004, you will be entitled to receive an annual
bonus that is the greater of $500,000 or an amount determined by the
Compensation Committee (collectively, “Guaranteed Bonuses”).  For the remainder of the Employment Term,
the amount and terms of your annual bonus will be subject to the discretion of
the Compensation Committee based upon the recommendation of the management
Finance Committee and consistent with your position and performance.

 

4.          Benefits.  During the Employment Term, you and your eligible
dependents shall continue to participate in the Partnership’s benefit plans and
programs, including group health, dental and life insurance.  You shall also continue to participate in,
contribute to or accrue benefits under the Partnership’s retirement and profit
sharing plans as generally available to other senior executives and under the
Alliance Capital Accumulation Plan.

 

5.          Equity.

 

(a)   Awards under the Partners Compensation Plan.  During the Employment Term, you shall
continue to participate in the Partners Compensation Plan.  For calendar year 2003, the Partnership will
make a contribution of the greater of $1,000,000 or an amount determined by the
management Finance Committee and for calendar year 2004, the Partnership will
make a contribution of the greater of $500,000 or an amount determined by the
management Finance Committee.  Awards
for subsequent years will be at the discretion of the management Finance
Committee consistent with your position and performance.

 

(b)   Awards under other Equity Plans.  During the Employment Term, you will be
eligible to receive grants and awards under the 1993 Unit Option Plan, the 1997
Long Term Incentive Plan and other newly adopted equity plans consistent with
your position and performance, as determined by the Board or the responsible
committee of the Board.

 

2

 

6           Perquisites
and Expenses.

 

(a)   During the Employment Term, any travel,
including use of the Partnership’s leased or owned aircraft, will be on the
same basis and manner as travel by the CEO and President of the Company.  You will be entitled to use the aircraft for
a minimum of 100 hours per year, unless the Partnership ceases to lease or own
an aircraft.

 

(b)   During the Employment Term, you will be
entitled to perquisites on the same terms and conditions as the CEO and
President.  Such perquisites currently
include club memberships and the use of a company-provided automobile.  During the period you remain as Chairman,
you will also be entitled to the services of a chauffeur in connection with
your services to the Company and the Partnership.

 

(c)   The Partnership will reimburse you for all
reasonable business-related expenses incurred by you during the Employment Term,
in accordance with the Partnership’s policies and procedures.

 

7.          Office and Support Staff.

 

(a)   During the Employment Term, the Partnership
will make available to you at its New York headquarters such office space and
other assistance as is consistent with your position, responsibilities and
duties.  In addition to the foregoing,
the Partnership will provide you with a secretary with compensation and
abilities commensurate with your current secretary.

 

(b)   From September 30, 2003 through the remainder
of your Employment Term, the Partnership will provide a monthly allowance in an
amount not to exceed $15,000, which will be used to cover any costs incurred by
you in furnishing, equipping and operating an office at home or another
location of your choice.

 

8.          Termination of Employment.

 

(a)   Termination by the Partnership without Cause.  In the event of a termination of your
employment by the Partnership without Cause (as defined below), you shall be
entitled to receive (i) the base salary that would otherwise have been payable
to you pursuant to Section 3(a) had you remained employed through the
Expiration Date, to the extent not previously paid, (ii) the Guaranteed Bonuses
that would otherwise have been payable to you pursuant to Section 3(b) had you
remained employed through the payment date of the Partnership’s calendar year
2004 annual bonuses, to the extent not previously paid, (iii) payment of the
minimum amounts that would otherwise have been awarded to you under the
Partners Compensation Plan pursuant to Section 5(a) above had you remained
employed through the Expiration Date, to 

 

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the extent not
previously contributed on your behalf to the Partners Compensation Plan, (iv)
full vesting of all awards made to you or on your behalf under the
Partnership’s equity plans prior to the termination of your employment,
including your awards under the Partners Compensation Plan, (v) comparable
health and welfare benefits for yourself, your spouse and your dependents
through the Expiration Date, (vi) a lump sum cash payment equal to the sum of
(A) the product of $20,000 times the number of plan years for which you will
not receive a Partnership contribution to your account under the tax-qualified
Profit Sharing Plan for Employees of Alliance Capital Management L.P. as a
result of the your termination, through and including plan year 2008, but
reduced by the amount of any contributions made to your plan account with
respect to the plan year in which your termination occurs, if any and (B) the
actuarial equivalent of the additional benefit you would have accrued under the
tax-qualified Retirement Plan for Employees of Alliance Capital Management
L.P., in each case, had you remained employed through the Expiration Date, (vii)
any other benefits to which you may be entitled in accordance with the terms of
the plans, policies and arrangements referred to in Section 4 hereof upon or by
reason of such termination and (viii) continuation of the perquisites,
reimbursements and support provided under Section 6 and 7 hereof until the
Expiration Date.  The amounts payable
under clauses (i), (ii), (iii) and (vi) above and your awards under the
Partners Compensation Plan shall be distributed to you within 30 days after
your termination of employment.

 

(b)   Termination by the Partnership for Cause.  In the event of a termination of your
employment for Cause (as defined below), you shall be entitled to receive the
pro rata portion of your base salary for services rendered to the date of termination,
to the extent not previously paid, and you shall not be entitled to any further
benefits or payments hereunder.  The
benefits and awards to which you may be entitled pursuant to the plans,
policies and arrangements referred to in Sections 4 and 5 hereof shall be
determined upon such termination in accordance with the terms of such plans,
policies and arrangements.  For purposes
of this agreement, “Cause” means your conviction for a felony
under the laws of the United States or any state thereof or a breach of your
obligations set forth in Section 9(a) or (b) hereof, which breach is material
to the business of the Partnership.

 

(c)   Resignation.  In the event of your resignation, you shall be entitled to
receive the pro rata portion of your base salary for services rendered to the
date of termination, to the extent not previously paid, and you shall not be
entitled to any further benefits or payments hereunder.  The benefits and awards to which you may be
entitled pursuant to the plans, policies and arrangements referred to in
Sections 4 and 5 hereof shall be determined upon such termination in accordance
with the terms of such plans, policies and arrangements.  Your resignation will only be valid 

 

4

 

hereunder if
effected pursuant to a written notice signed by you and submitted to the
Secretary of the Company for delivery to the Board.

 

(d)   Termination due to Death or Disability.  In the event that your employment is
terminated due to your death or Disability (as defined in the Partners
Compensation Plan as in effect as of the date hereof), you or your estate (as
applicable) shall be entitled to receive the benefits and payments that you
would have received under Section 8(a) above had your termination of employment
been a termination by the Partnership without Cause, and you, your spouse and
your dependents shall be entitled to continued health benefits as described in
clause (v) of Section 8(a), provided, however, that neither you, your estate
nor your survivors will be entitled to the payment described in clause (vi) of
Section 8(a) or the continuation of the perquisites, reimbursements and support
provided under Section 6 and 7 (and clause (viii) of Section 8(a)) hereof in
the event your employment is terminated due to your death or Disability.

 

9.          Covenants.

 

(a)   Confidentiality.  You acknowledge that you have acquired and will acquire
confidential information respecting the business of the Partnership.  Accordingly, you agree that you will not
disclose, at any time (during the Employment Term or thereafter) any such
confidential information to any unauthorized third party without the written
consent of the Partnership as authorized by the Board, except as required to
respond to a subpoena or other legal proceeding and except to consult with
legal or other advisors, provided that such advisors agree to be
bound by the provisions of this Section 9(a); provided, that in the event
you are requested pursuant a subpoena or other legal proceeding to disclose any
such confidential information, you shall promptly notify the Partnership of
such request and shall fully cooperate with the Partnership in any attempt to
contest such request.  For this purpose,
information shall be considered confidential only if such information is
proprietary to the Partnership and has not been made publicly available prior
to its disclosure by you.

 

(b)   Non-Competition.  From the date hereof through the first anniversary of any
termination of your employment hereunder, or in the case of a termination of
your employment by the Partnership without Cause, through the date of such
termination, you will not, without the consent of the Board, directly or
indirectly, engage or be interested in (whether as an owner, partner,
shareholder, employee, director, officer, agent, consultant or otherwise), with
or without compensation, any business that is in direct or indirect competition
with any active business of the Partnership, any successor to the Partnership’s
business, or any of their affiliates or subsidiaries and in which you
participated while you were employed by the Partnership, any successor to the
Partnership’s business or any of their affiliates or subsidiaries prior to the
date hereof or 

 

5

 

during the
Employment Term.  Nothing in this
Section 9(b) shall prohibit you from acquiring or holding, directly or
indirectly, any units in the Partnership or not more than 3% of any class of
publicly traded securities of any business. 
Notwithstanding anything to the contrary, your obligations under this
Section 9(b) shall in no event extend beyond the Expiration Date.

 

(c)   Remedy for Breach and Modification.  You acknowledge that the provisions of this
Section 9 are reasonable and necessary for the protection of the Partnership
and that the Partnership will be irrevocably damaged if such covenants are not
specifically enforced.  Accordingly, you
agree that, in addition to any other relief or remedies available to the
Partnership, the Partnership shall be entitled to seek and obtain an
appropriate injunction or other equitable remedy from a court with proper
jurisdiction for the purposes of restraining you from any actual or threatened
breach of such covenants, and no bond or security will be required in
connection therewith.  If any provision
of this Section 9 is deemed invalid or unenforceable, such provision shall be
deemed modified and limited to the extent necessary to make it valid and
enforceable.

 

(d)   Cooperation.  Following
any termination of your employment for any reason or upon the expiration of
this agreement, you agree that you will cooperate with the Company’s and the
Partnership’s reasonable requests relating to matters that pertain to your
employment by the Company and the transition of your duties to your
successor.  In addition, following
termination of your employment by either party, you will cooperate with the
Company or the Partnership’s reasonable requests relating to any legal proceedings
on behalf of the Company or the Partnership, or otherwise making yourself
reasonably available to the Company or the Partnership for other related
purposes.  Any such cooperation
hereunder will be performed at times scheduled taking into consideration your
other commitments and the Partnership will reimburse you for your reasonable
expenses incurred in connection with your cooperation.

 

10.        Indemnification.  During the Employment Term, you
shall be an “Indemnified Person” within the agreement of Limited Partnership of
the Partnership.  You shall also be
covered by the Partnership’s directors’ and officers’ liability policy.  The foregoing indemnity shall not apply to
claims against you that arise under the terms of this agreement and nothing
herein shall require indemnification for any conduct occurring after the
Employment Term.

 

11.        Legal Rights, Fees and Expenses.  The Partnership will reimburse
all reasonable attorneys’ and related fees and expenses incurred by you in
connection with the negotiation of this agreement.  In addition, the Partnership will reimburse all reasonable
attorneys’ and related fees and expenses incurred by 

 

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you in connection with any
dispute associated with the interpretation, enforcement or defense of your
rights under this agreement unless you have proceeded without substantial merit
or good faith.  Nothing contained herein
is intended to limit remedies or damages to which the parties may be entitled
for any breach of this agreement either in law or in equity.

 

12.        Miscellaneous.

 

(a)   Governing Law.  This agreement shall be governed by New York law, without
reference to principles of conflicts of law.

 

(b)   Entire Agreement; Amendments.  This agreement contains the entire
understanding of the parties with respect to the subject matter hereof,
including the terms and conditions of your continued employment with the
Company and the Partnership.  There are
no restrictions, agreements, promises, warranties, covenants or undertakings between
the parties with respect to the subject matter herein other than those
expressly set forth herein.  This
agreement may not be altered, modified, or amended except by written instrument
signed by the parties hereto.

 

(c)   Assignment.  This agreement shall not be assignable by you, and shall be
assignable by the Company or the Partnership only to any affiliate of the
Company or the Partnership or to any corporation or other entity resulting from
the reorganization, merger or consolidation of the Company or the Partnership
with any other corporation or entity or any corporation or entity to or with
which the Company’s or the Partnership’s business or substantially all of its
business or assets may be sold, exchanged or transferred.

 

(d)   Waiver. 
The failure of a party to insist upon strict adherence to any term of
this agreement on any occasion shall not be considered a waiver thereof or
deprive that party of the right thereafter to insist upon strict adherence to
that term or any other term of this agreement.

 

(e)   Severability.  In the event any provision of this agreement shall be held
illegal or invalid for any reason, the illegality or invalidity shall not
affect the remaining parts of the agreement and the agreement shall be
construed and enforced as if the illegal or invalid provision had not been
included.

 

(f)    Taxes. 
The Partnership shall have the right to deduct from all amounts paid to
you any taxes required by law to be withheld in respect of payments pursuant to
this agreement.

 

(g)   Arbitration.  Subject to Section 9(c), any dispute arising out of, or relating
to, this agreement shall be resolved by binding arbitration, to be held in the
Borough of Manhattan in New York City, under the 

 

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auspices of
the American Arbitration Association and the rulings of such arbiters shall be
enforceable by any court of competent jurisdiction.

 

(h)   Headings.  Section
headings are used herein for convenience of reference only and shall not affect
the meaning of any provision of this agreement.

 

(i)    Notice. 
Any notice, consent, request or other communication made or give in
connection with this agreement shall be in writing and shall be deemed to have
been duly given when delivered or mailed by registered or certified mail,
return receipt requested, to those listed below at their following respective
addresses or at such other address as each may specify by notice to the others:

 

To the
Executive:

 

At the address
set forth below

 

To the
Partnership:

 

Alliance Capital Management Corporation

1345 Avenue of the Americas

New York, New York 10105

Attention:     David Brewer

Senior Vice President and Secretary

 

Sincerely,

 

	
  ALLIANCE CAPITAL
  MANAGEMENT L.P.

  	
   

  
	
   

  	
   

  
	
  By:

  	
  ALLIANCE CAPITAL MANAGEMENT

  CORPORATION, its General Partner

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   /s/ John D. Carifa

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED TO AND ACCEPTED BY

  	
   

  
	
   

  	
   

  
	
  /s/ Bruce W. Calvert

  	
   

  
	
  Bruce W. Calvert

  	
   

  
	
   

  	
   

  
	
  March 7, 2003

  	
   

  
	
  Date

  	
   

  
	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

8Exhibit 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

 

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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.

 

5

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