Document:

Exhibit 10.123

 

April 22, 2003

 

Mr. Alfred Harrison

Alliance Capital

Management Corporation

601 Second Avenue South

Suite 5000

Minneapolis, Minnesota 55402

 

Dear Alfred:

 

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.  From the
date hereof to December 31, 2004 (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 Vice Chairman of the Board of Directors of the Company (the “Board”)
until December 31, 2004, in which capacity you will report to the
Chairman.  During the Employment Term
you will serve as an executive adviser to the Chairman of the Partnership.

 

3.                       Compensation.

 

(a)                       Base Salary.  During the Employment Term, you will be entitled to
receive a minimum base salary of $275,000 per year. 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 of the Board (“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”).

 

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.                       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 Chief Executive Officer (“CEO”)
and President of the Company.  You will
be entitled to use the aircraft for a maximum of 100 hours in 2003 and a
maximum of 75 hours in 2004, 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.

 

(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.

 

6.                       Office and
Support Staff.  During the
Employment Term, the Partnership will make available to you at its Minneapolis
offices 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.

 

7.                       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

 

2

 

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) 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, that would have vested had your last date of employment been
December 31, 2004, (iv) comparable health and welfare benefits for yourself, your
spouse and your dependents through the Expiration Date, (v) 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 2004, 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, (vi) 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 (vii)
continuation of the perquisites and reimbursements provided under Section 5
hereof until the Expiration Date.  The
amounts payable under clauses (i), (ii), and (v) 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 to which you may be entitled
pursuant to the plans, policies and arrangements referred to in Section 4
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 8(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 to which you may be entitled
pursuant to the plans, policies and arrangements referred to in Section 4
hereof shall be determined upon such termination in accordance with the terms
of such plans, policies and

 

3

 

arrangements.  Your resignation
will only be valid 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 7(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 (iv) of Section 7(a), provided, however, that neither you, your estate
nor your survivors will be entitled to the payment described in clause (v) of
Section 7(a) or the continuation of the perquisites and reimbursements provided
under Section 5 (and clause (vii) of Section 7(a)) hereof in the event your
employment is terminated due to your death or Disability.

 

8.                       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 8(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

 

4

 

during the Employment Term. 
Nothing in this Section 8(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.

 

(c)                       Remedy for Breach and Modification.  You acknowledge that the provisions of this
Section 8 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 8 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.

 

9.                       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.

 

10.                 Legal
Rights, Fees and Expenses.  You
shall be responsible for all attorneys’ fees 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 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

 

5

 

damages to
which the parties may be entitled for any breach of this agreement either in
law or in equity.

 

11.                 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 8(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
auspices of the American Arbitration Association and the rulings of such
arbiters shall be enforceable by any court of competent jurisdiction.

 

6

 

(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/ Bruce W.
  Calvert

  	
   

  
	
   

  	
  Bruce W.
  Calvert, Chairman and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
  AGREED TO
  AND ACCEPTED BY

  
	
  /s/ Alfred
  Harrison

  	
   

  
	
  Alfred
  Harrison

  
	
   

  
	
  April 24,
  2003

  	
   

  
	
  Date

  
	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

7EXHIBIT 10.123

 

 

April 22, 2003

 

Mr. Alfred Harrison

Alliance Capital

Management Corporation

601 Second Avenue South

Suite 5000

Minneapolis, Minnesota  55402

 

Dear Alfred:

 

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.  From the
date hereof to December 31, 2004 (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 Vice Chairman of the Board of Directors of the Company (the “Board”)
until December 31, 2004, in which capacity you will report to the
Chairman.  During the Employment Term
you will serve as an executive adviser to the Chairman of the Partnership.

 

3.                                       Compensation.

 

(a)          Base Salary.  During
the Employment Term, you will be entitled to receive a minimum base salary of
$275,000 per year. 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 of the Board (“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”).

 

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.                                       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 Chief Executive Officer (“CEO”)
and President of the Company.  You will
be entitled to use the aircraft for a maximum of 100 hours in 2003 and a
maximum of 75 hours in 2004, 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.

 

(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.

 

6.                                       Office and
Support Staff.  During the
Employment Term, the Partnership will make available to you at its Minneapolis
offices 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.

 

7.                                       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

 

2

 

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) 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, that would have vested had your last date of employment been
December 31, 2004, (iv) comparable health and welfare benefits for yourself, your
spouse and your dependents through the Expiration Date, (v) 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 2004, 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, (vi) 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 (vii)
continuation of the perquisites and reimbursements provided under Section 5
hereof until the Expiration Date.  The
amounts payable under clauses (i), (ii), and (v) 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 to which you may be entitled pursuant to the plans,
policies and arrangements referred to in Section 4 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 8(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 to which you may be entitled
pursuant to the plans, policies and arrangements referred to in Section 4
hereof shall be determined upon such termination in accordance with the terms
of such plans, policies and

 

3

 

arrangements.  Your resignation
will only be valid 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 7(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 (iv) of Section 7(a), provided, however, that neither you, your estate
nor your survivors will be entitled to the payment described in clause (v) of
Section 7(a) or the continuation of the perquisites and reimbursements provided
under Section 5 (and clause (vii) of Section 7(a)) hereof in the event your
employment is terminated due to your death or Disability.

 

8.                                       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 8(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

 

4

 

during the Employment Term. 
Nothing in this Section 8(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.

 

(c)          Remedy for Breach and Modification.  You acknowledge that the provisions of this
Section 8 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 8 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.

 

9.                                       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.

 

10.                                 Legal
Rights, Fees and Expenses.  You
shall be responsible for all attorneys’ fees 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 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

 

5

 

damages to which the parties
may be entitled for any breach of this agreement either in law or in equity.

 

11.                                 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 8(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 auspices of the American
Arbitration Association and the rulings of such arbiters shall be enforceable
by any court of competent jurisdiction.

 

6

 

(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/ Bruce W.
  Calvert

  	
   

  
	
   

  	
  Bruce W. Calvert, Chairman and Chief
  Executive Officer

  

 

 

	
  AGREED TO
  AND ACCEPTED BY

  
	
   

  
	
  /s/ Alfred
  Harrison

  	
   

  
	
  Alfred
  Harrison

  
	
   

  
	
  April 24,
  2003

  	
   

  
	
  Date

  

 

	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

7

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