Document:

ALLIANCE CAPITAL MANAGEMENT L

ALLIANCE

CAPITAL MANAGEMENT L.P.

UNIT OPTION PLAN AGREEMENT

 

AGREEMENT, dated

December 7, 2001 between Alliance Capital Management L.P. (the “Partnership”),

Alliance Capital Management Holding L.P. (“Alliance Holding”) and Robert H.

Joseph, Jr. (the “Participant”), an employee of the Partnership or a subsidiary

of the Partnership (an “Employee Participant”).

 

The 1997 Option

Committee (the “Administrator”) of the Board of the Board of Directors (the

“Board”) of Alliance Capital Management Corporation, the general partner of the

Partnership and Alliance Holding, pursuant to the 1997 Long Term Incentive

Plan, a copy of which has been delivered to the Participant (the “Plan”), has

granted to the Participant an option to purchase units representing assignments

of beneficial ownership of limited partnership interests in Alliance Holding  (the

“Units”) as hereinafter set forth, and authorized the execution and delivery of

this Agreement.

 

In accordance with that

grant, and as a condition thereto, the Partnership, Alliance Holding and the

Participant agree as follows:

 

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

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

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

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

Section 2 of Exhibit A.

 

2.             Term and Exercise Schedule.  This Option shall not be exercisable to any

extent prior to December 7, 2002 or after December 7, 2011 (the “Expiration

Date”).  Subject to the terms and

conditions of this Agreement and the Plan, the Participant shall be entitled to

exercise the Option prior to the Expiration Date and to purchase Units

hereunder in accordance with the schedule set forth in Section 3 of Exhibit A.

 

The right to exercise

this Option shall be cumulative so that to the extent this Option is not

exercised when it becomes initially exercisable with respect to any Units, it

shall be exercisable with respect to such Units at any time thereafter until

the Expiration Date and any Units subject to this Option which have not then

been purchased may not, thereafter, be purchased hereunder.  A Unit shall be considered to have been

purchased on or before the Expiration Date if notice of the purchase has been

given and payment therefor has actually been received pursuant to Sections 3

and 13, on or before the Expiration Date.

 

3.             Notice of Exercise, Payment and

Certificate.  Exercise of this

Option, in whole or in part, shall be by delivery of a written notice to the

Partnership and Alliance Holding pursuant to Section 14 which specifies the

number of Units being purchased and is accompanied by payment therefor in

cash.  Promptly after receipt of such

notice and purchase price, the Partnership and Alliance Holding shall deliver

to the person exercising the Option a certificate for the number of Units

purchased.  Units to be issued upon the

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

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

Alliance Holding or a subsidiary of Alliance Holding.

 

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4.             Termination of Employment.  This Option may be exercised by an Employee

Participant only while the Employee Participant is employed full-time by the

Partnership, except as follows:

 

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

with the Partnership terminates because of Disability, the Employee Participant

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

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

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

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

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

Employee Participant is physically or mentally incapacitated and has been

unable for a period of six consecutive months to perform the duties for which

he was responsible immediately before the onset of his incapacity.  In order to assist the Administrator in

making a determination as to the Disability of the Employee Participant for

purposes of this paragraph (a), the Employee Participant shall, as reasonably

requested by the Administrator, (A) make himself available for medical

examinations by one or more physicians chosen by the Administrator and approved

by the Employee Participant, whose approval shall not unreasonably be withheld,

and (B) grant the Administrator and any such physicians access to all relevant

medical information concerning him, arrange to furnish copies of medical

records to them, and use his best efforts to cause his own physicians to be

available to discuss his health with them.

 

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

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

Participant’s continuing willful failure to perform his duties as an employee

(other than as a result of his total or partial incapacity due to physical or

mental illness), (B) gross negligence or malfeasance in the performance of the

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

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

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

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

 

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employment is

outside of the United States, a serious crime under the laws of the foreign

jurisdiction where he is employed, which crime if committed in the United

States would be a felony under the laws of the United States or the laws of New

York), or (2) a violation of federal or state securities law (or, if the

Employee Participant’s place of employment is outside of the United States, of

federal, state or foreign securities law) by reason of which finding of

violation described in this clause (2) the Board determines in good faith that

the continued employment of the Employee Participant by the Partnership would

be seriously detrimental to the Partnership and its business, (D) in the

absence of such a finding by a court or other governmental body with proper

jurisdiction, such a determination in good faith by the Board by reason of such

act or acts constituting such a felony, serious crime or violation, or (E) any

breach by the Employee Participant of any obligation of confidentiality or

non-competition to the Partnership.

 

For purposes of

this Agreement, employment by a subsidiary of the Partnership shall be deemed

to be employment by the Partnership.  A

“subsidiary” of the Partnership shall be any corporation or other entity of

which the Partnership and/or its subsidiaries (a) have sufficient voting power

(not depending on the happening of a contingency) to elect at least a majority

of its board of directors, or (b) otherwise have the power to direct or cause

the direction of its management and policies.

 

5.             No Right to Continued Employment.  This Option shall not confer upon the

Participant any right to continue in the employ of the Partnership or any

subsidiary of the Partnership or to be retained as a Director, and shall not

interfere in any way with the right of the Partnership to terminate the service

of the Participant at any time for any reason.

 

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

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

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

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

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

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

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

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

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

“Permitted Transferee”).

 

7.             Payment of Withholding Tax.  (a) In the event that the Partnership or

Alliance Holding determines that any federal, state or local tax or any other

charge is required by law to be withheld with respect to the exercise of this

Option, the Participant shall promptly pay to the Partnership, a subsidiary

specified by the Partnership or Alliance Holding, on at least seven business

days’ notice, an amount equal to such withholding tax or charge or (b) if the

Participant does not promptly so pay the entire amount of such withholding tax

or charge in accordance with such notice, or make arrangements satisfactory to

the Partnership and Alliance Holding regarding payment thereof, the Partnership

or any subsidiary of the Partnership may withhold the remaining amount thereof

from any amount due the Participant from the Partnership or the subsidiary.

 

3

 

8.             Dilution and Other Adjustments.  The existence of this Option shall not

impair the right of the Partnership or Alliance Holding or their respective

partners to, among other things, conduct, make or effect any change in the

Partnership’s or Alliance Holding’s business, any distribution (whether in the

form of cash, limited partnership interests, other securities or other

property), recapitalization (including, without limitation, any subdivision or

combination of limited partnership interests), reorganization, consolidation,

combination, repurchase or exchange of limited partnership interests or other

securities of the Partnership or Alliance Holding, issuance of warrants or

other rights to purchase limited partnership interests or other securities of

the Partnership or Alliance Holding, or any incorporation of the Partnership or

Alliance Holding.  In the event of such

a change in the partnership interests of the Partnership or Alliance Holding,

the Board shall make such adjustments to this Option, including the purchase

price specified in Section 1, as it deems appropriate and equitable.  In the event of incorporation of the

Partnership or Alliance Holding, the Board shall make such arrangements as it

deems appropriate and equitable with respect to this Option for the Participant

to purchase stock in the resulting corporation in place of the Units subject to

this Option.  Any such adjustment or

arrangement may provide for the elimination of any fractional Unit or shares of

stock which might otherwise become subject to this Option.  Any decision by the Board under this Section

shall be final and binding upon the Participant.

 

9.             Rights as an Owner of a Unit.  The Participant (or a transferee of this

Option pursuant to Sections 4 and 6) shall have no rights as an owner of a Unit

with respect to any Unit covered by this Option until he becomes the holder of

record of such Unit, which shall be deemed to occur at the time that notice of

purchase is given and payment in full is received under Section 3 and 13.  By such actions, the Participant (or such

transferee) shall be deemed to have consented to, and agreed to be bound by,

all other terms, conditions, rights and obligations set forth in the then

current Amended and Restated Agreement of Limited Partnership of Alliance

Holding, and the then  current Amended and Restated Agreement of

Limited Partnership of the Partnership. 

Except as provided in Section 9, no adjustment shall be made with

respect to any Unit for any distribution for which the record date is prior to

the date on which the Participant becomes the holder of record of the Unit,

regardless of whether the distribution is ordinary or extraordinary, in cash,

securities or other property, or of any other rights.

 

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

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

 

11.           Governing Law.  This Agreement shall be governed by and

construed in accordance with the internal laws of the State of New York.

 

12.           Interpretation.  The Participant accepts this Option subject

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

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

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

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

this Agreement.

 

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

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

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

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

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

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

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

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

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

last permanent address as shown on the Partnership’s records, subject to the

right of either party to designate some other address at any time hereafter in

a notice satisfying the requirements of this Section.

 

14.           Sections and Headings.  All section references in this Agreement are

to sections hereof for convenience of reference only and are not to affect the

meaning of any provision of this Agreement.

 

 

	

   

  	

   

  	

  ALLIANCE

  CAPITAL MANAGEMENT L.P.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  Alliance

  Capital Management

  
	

   

  	

   

  	

   

  	

  Corporation,

  its General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/

  John D. Carifa

  	

   

  
	

   

  	

   

  	

   

  	

  John

  D. Carifa 

  
	

   

  	

   

  	

   

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  Alliance Capital Management

  
	

   

  	

   

  	

   

  	

  Corporation, its General Partner

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

  By:

  	

  /s/ John D. Carifa

  	

   

  
	

   

  	

   

  	

   

  	

  John D. Carifa

  
	

   

  	

   

  	

   

  	

  President

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  	

  /s/ Robert H. Joseph, Jr.

  	

   

  
	

   

  	

   

  	

   

  	

  Robert H. Joseph, Jr.

  
						

 

5

 

Exhibit

A To Unit Option Plan Agreement Dated December 7, 2001

between Alliance Capital Management

L.P.,

Alliance Capital Management Holding

L.P. and Robert H. Joseph, Jr.

 

1.                                       The

number of Units that the Participant is entitled to purchase pursuant to the

Option granted under this Agreement is 15,000.

 

2.                                       The per Unit price to purchase Units

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

 

3.                                       Percentage of Units With Respect to

Which the Option

First Becomes

Exercisable on the

Date Indicated 

 

1.   December 7,

2002           20%

2.   December 7,

2003           20%

3.   December 7,

2004           20%

4.   December 7,

2005           20%

5.   December 7,

2006           20%DEFERRAL AGREEMENT

DEFERRAL AGREEMENT

UNDER

THE ALLIANCE CAPITAL MANAGEMENT L.P.

ANNUAL ELECTIVE DEFERRAL PLAN

FOR

YEAR 2001 BONUS OR YEAR END COMISSION PAYMENTS

 

This agreement (the “Plan Agreement”) is entered

into between David Brewer (“you”) and Alliance Capital Management L.P.

(the “Company”)

with respect to your elective deferral of a portion of your Bonus or Year End

Commission Payments for the year 2001 under the Alliance Capital Management

L.P. Annual Elective Deferral Plan (the “Plan”). 

You have elected to defer a portion of your year 2001 Bonus or Year End

Commission Payments as set forth in the Deferral Election signed by you and

submitted with this Plan Agreement (your “Elective Deferral”) and in connection with

that deferral you agree to the terms set forth in this Plan Agreement.  The Plan provides a description of the terms

and conditions governing your Elective Deferral and all other aspects of your

participation in the Plan.  If there is

any inconsistency between the terms of this Plan Agreement and the terms of the

Plan, the Plan’s terms completely supercede and replace the conflicting terms

of this Plan Agreement.  All capitalized

terms have the meanings given them in the Plan, unless specifically stated

otherwise in this Plan Agreement.

 

1.             Crediting

of Your Elective Deferral.  Your Elective Deferral will

be credited to you under the Plan as of the date such amount(s) would otherwise

have been paid to you absent your Deferral Election.

 

2.             Crediting

of Your Company Matching Contribution.  As of the

date that you are credited with the amount(s) constituting your Elective

Deferral, you shall also be credited with an additional amount equal to 20% of

those amount(s) (the “Company Matching Contribution”).

 

3.             Conversion

of Units.  Your Elective Deferral and related Company

Matching Contribution shall be converted into Units as soon as practicable

after such amounts are credited to you. 

The price per Unit used for such conversion shall be based on:

 

(i)                                     For Units purchased from one or more

holders of outstanding Units, the cost paid by the Company for such Units as

determined pursuant to the purchase and pricing methodologies generally used

under the Partners Plan, reduced, at the discretion of the Committee, by the

applicable commissions and purchase transaction fees; and

 

(ii)                                  For Units newly issued and acquired

directly from Holding, a price equal to the average regular session closing

price of the Units reflected on the NYSE composite tape for the December 31

following

 

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the relevant Deferral Election Date (or, if such date

is not a trading day on the NYSE, then the last preceding trading day).

 

4.             Distributions

on Units.  Any quarterly or special distribution paid

with respect to Units credited to you shall also be credited to you and shall

be converted into additional Units at such intervals as may be established by

the Committee, but in any event no less frequently than annually.  The price per Unit used for such conversion

shall be based on:

 

(i)                                     For Units purchased from one or more

holders of outstanding Units, the cost paid by the Company for such Units as

determined pursuant to the purchase and pricing methodologies generally used

under the Partners Plan, reduced, at the discretion of the Committee, by the applicable

commissions and purchase transaction fees; and

 

(ii)                                  For Units newly issued and acquired

directly from Holding, a price equal to the average regular session closing

price of the Units reflected on the NYSE composite tape for the date such

distributions are paid.

 

5.             Your

Account.  As of the date you are credited with cash

amounts in respect of your Elective Deferral, Company matching Contribution or

any distribution on Units credited to you in respect of your Elective Deferral

or Company Matching Contribution, those amounts shall be posted to a

bookkeeping account established under the Plan in your name (your “Plan Account”).  As of the date that any such amounts are

converted into Units, your Plan Account shall be amended to reflect such

conversation to Units.

 

6.                                      Vesting

 

(a)           Elective

Deferrals.  Your Elective

Deferral and all distributions credited with respect to Units into which your

Elective Deferral has been converted, shall be 100% vested and non-forfeitable

from and after the date such Elective Deferral and distributions are credited

to you.

 

(b)           Company

Match.  You shall become

vested in your Company Matching Contribution and all distributions credited

with respect to Units into which your Company Matching Contribution has been

converted, in installments of one-third of the amount of your Company Matching

Contribution and such distributions as of December 31 of each of 2002, 2003 and

2004, provided that you remain in the employ of the Company or an affiliate as

of each such December 31, except that the entire amount of your Company

Matching Contribution and the related distributions credited to you will fully

vest if, prior to your Termination of Employment, you die, incur a Disability

or attain age 62.  In the event of your

Termination of Employment prior to age 62 other than due to death or

Disability, to the extent that any portion of your Company Matching

Contribution and related distributions is not vested as of

 

2

 

 the date of your Termination of

Employment, such unvested portion shall be forfeited by you.

 

7.                                      Distribution.

 

(a)           Distribution

Election.  You are required

to complete the distribution section of your Deferral Election to designate the

time and method of distribution for the amounts covered by your Deferral

Election and the Company Matching Contribution and distributions relating to

such amounts.  The distribution

instructions set forth in your Deferral Election shall be irrevocable as to the

amounts covered by such election; provided, however, that, if you so request,

the Committee may, in its sole discretion, allow you to amend your distribution

instructions to extend the deferral of the amounts covered by your Deferral

Election and the Company Matching Contribution and related distributions, if

such amendment is made at least one year prior to the scheduled distribution

commencement date for such amounts and the amendment defers commencement of

such distribution for at least three years beyond the scheduled distribution

commencement date.

 

(b)           Uncertainty

as to Distribution Date.  If,

with respect to amounts covered by your Deferral Election, you have failed to

elect a distribution commencement date or there exists any ambiguity as to the

distribution commencement date you have elected, such amounts (including the

relevant vested Company matching Contribution) may be distributed to you after

the earlier of the date of your Termination of Employment or the third

anniversary of your Deferral Election Date, unless determined otherwise by the

Committee, in its sole discretion.

 

(c)           Uncertainty

as to Method of Payment.  If,

with respect to amounts covered by your Deferral Election, you have failed to

elect a method of payment or there exists any ambiguity as to the method of

payment you elected, the method of payment for such amounts (including the

relevant vested Company Matching Contribution) shall be lump sum, unless

determined otherwise by the Committee, in its sole discretion.

 

(d)           Form of

Distribution.  All

distributions shall be paid in-kind in the form of Units.

 

8.             Financial

Emergencies.  If you experience an Unforeseeable Financial

Emergency, you may petition the Committee to (i) suspend any deferrals required

but not yet made under your Deferral Election and/or (ii) receive a partial or

full payout of your Account Balance. 

The Committee shall have complete discretion to accept or reject your

petition and to determine the amounts, if any, which may be paid out to you;

provided, however, that the payout shall not exceed the lesser of your Account

Balance, or the amount reasonably needed to satisfy the Unforeseeable Financial

Emergency.

 

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9.             Withdrawal

Election.  You (or, after your death, your Beneficiary)

may elect, at any time, to withdraw all of your Account Balance, less a

withdrawal penalty equal to 10% of such amount.  This election can be made at any time before or after your

Retirement, Disability, death or Termination of Employment, and whether or not

you (or your Beneficiary) is in the process of being paid pursuant to an

installment payment schedule.  No

partial withdrawals of your Account Balance shall be allowed.  You (or your Beneficiary) shall make this

election by giving the Committee advance written notice of the election in a

form determined from time to time by the Committee.  Once you have withdrawn your Account Balance your participation

in the Plan shall terminate and you shall not be eligible to participate in the

Plan in the future.

 

10.          Beneficiary

Designation.  You are encouraged to designate a

Beneficiary to receive your Account Balance under the Plan in the event of your

death.  You may do so by completing and

signing a Beneficiary Designation Form provided by the Committee and returning

it to the Committee.  You shall have the

right change a Beneficiary by completing, signing and otherwise complying with

the terms of the Beneficiary Designation Form and the Committee’s rules and

procedures, as in effect from time to time. 

Upon the acceptance by the Committee of a new Beneficiary Designation

Form, all Beneficiary designations previously filed shall be canceled.  The Committee shall be entitled to rely on

the last Beneficiary Designation Form filed by you and accepted by the

Committee prior to your death.  No

designation or change in designation of a Beneficiary shall be effective until

received, accepted and acknowledged in writing by the Committee or its

designated agent.  In the event of your

death, the amounts relating to your Elective Deferral and the related Company

Matching Contribution as well as all other amounts comprising your Account

Balance will be distributed in accordance with your last Beneficiary

Designation Form submitted to and acknowledged by the Committee.  If you fail to designate a Beneficiary by

way of a properly completed Beneficiary Designation Form acknowledged by the

Committee or if your designated Beneficiaries predecease you or die prior to

complete distribution of your Account Balance, then your designated Beneficiary

shall be deemed to be your estate.  If

the Committee has any doubt as to the proper Beneficiary to receive payments

pursuant to this Plan, the Committee shall have the right, exercisable in its

discretion, to withhold such payments until this matter is resolved to the

Committee’s satisfaction.

 

11.          Tax

Withholding.  As and when any Federal, state or local tax

or any other charge is required by law to be withheld with respect to the

vesting of amounts credited to you, the payment of distributions on any Units

credited to you and the distribution of Units or other amounts from your Plan

Account (a “Withholding Amount”), you agree promptly to pay the

Withholding Amount to the Company in cash. 

You agree that if you do not pay the Withholding Amount to the Company,

the Company may withhold any unpaid portion of the Withholding Amount from any

amount otherwise due to you. 

Notwithstanding the foregoing, the Company may, in its sole discretion,

establish and amend policies from time to time for the satisfaction

 

4

 

 of Withholding Amounts by the

deduction of a portion of the Units credited to you under the Plan.

 

12.          Administration. 

It is expressly understood that the Committee is authorized to

administer, construe, and make all determinations necessary or appropriate to

the administration of the Plan and this Plan Agreement, all of which shall be

binding upon you.  The Committee is

under no obligation to treat you or your interest under the Plan with the

treatment provided for other participants in the Plan.

 

13.                               Miscellaneous.

 

(a)           This

Plan Agreement does not confer upon you any right to continuation of employment

by the Company, nor does this Plan Agreement interfere in any way with the

Company’s right to terminate your employment at any time.

 

(b)           Nothing

in this Plan Agreement is intended or should be construed as a guarantee or

assurance that you will receive any amounts in respect of a Bonus or Year End

Commission Payments or any award under the Partners Plan, and all such

entitlements remain in the sole discretion of the Company.

 

(c)           This

Plan Agreement will be governed by, and construed in accordance with, the laws

of the State of New York (without regard to conflict law provisions).

 

(d)           This Plan Agreement and the Plan

constitute the entire understanding between you and the Company regarding your

year 2001 Elective Deferral and the related Company matching Contribution.  Any prior agreements, commitments or

negotiations concerning the same are superceded.  This Plan Agreement may be amended only by another written

agreement, signed by parties.

 

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BY

SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND

IN THE PLAN.

 

IN WITNESS WHEREOF, the parties hereto have caused

this Plan Agreement to be executed effective as of November 14, 2001.

 

 

	

   

  	

  Alliance Capital Management L.P.

  
	

   

  	

  By:

  	

  Alliance Capital Management

  
	

   

  	

   

  	

  Corporation, General Partner

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  Participant Signature:

  
	

   

  	

   

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  /s/ David Brewer

  	

   

  
	

   

  	

   

  	

  David Brewer

  
					

 

6

 

ALLIANCE ELECTIVE DEFERRAL PLAN

 

DEFERRAL ELECTION FORM

 

	

   

  	

  David

  Brewer

  	

   

  
	

   

  	

  Name

  of Participant

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  December 31, 2001

  	

   

  
	

   

  	

  Deferral

  Date

  	

   

  

 

I hereby make the

following irrevocable election regarding the deferral of my 2001 bonus/4Q2001

commission and the conversion of that amount into units of Alliance Capital

Management Holding L.P. (“Units”) under the provisions of the above-named plan

(the “Plan”).  I acknowledge that I have

received and reviewed the following documents: 

a Plan term sheet, a prospectus for the Plan (which contains the Plan

Document), an Alliance 2000 Annual Report, an Alliance 2000 Form 10-K and a

Plan Agreement that requires my signature.

 

Election of the Participant for this Deferral:

 

I hereby elect to defer a portion of my 2001

bonus/4Q2001 commission equal to 50% (increments of 10%- cannot exceed

50%) of my 2001 Alliance Partners Compensation Plan Award, if any, not to

exceed $250,000 and to have that amount converted into Units in

accordance with the provisions of the Plan.

 

 

	

  /s/ David Brewer

  	

   

  	

  November 14, 2001

  	

   

  
	

  Signature of Participant

  	

   

  	

  Date

  	

   

  
	

   

  	

   

  	

   

  	

   

  
	

  David Brewer

  	

   

  	

   

  	

   

  
	

  Print Name

  	

   

  	

   

  	

   

  

 

This

form must be faxed to Pete Swetz at (212) 969-6854 before 5:00 p.m. on

Wednesday, November 14, 2001.  You will

receive a confirmation via e-mail within 24 hours of receipt of your fax.  Please do not call Pete’s office unless you

do not receive this confirmation within 24 hours.  Forms received after 5:00 p.m. on Wednesday, November 14, 2001

will not be accepted.

 

7

 

ALLIANCE ANNUAL ELECTIVE DEFERRAL PLAN

 

DISTRIBUTION DATE ELECTION FORM

 

	

   

  	

  David

  Brewer

  	

   

  
	

   

  	

  Name

  of Participant

  	

   

  
	

   

  	

   

  	

   

  
	

   

  	

  December 31, 2001

  	

   

  
	

   

  	

  Deferral

  Date

  	

   

  

 

I hereby make the following

election regarding the distribution of my account balance in the above-named

plan (the “Plan”) relating to the above referenced deferral.  I understand that distributions will be made

in kind only – units of Alliance Capital Management Holding L.P. (“Units”) – as

further described in the Plan document.

 

Election of the Participant for

this Deferral:

 

ý            Lump sum

of Units on or about Jan. (must be Jan., April, July, or Oct.) of the year 2007

(no sooner than the third anniversary of the deferral date – January, 2005).

 

o            Equal

annual installments of Units over years       

(not to exceed 10 years) with the first distribution to be made on or

about          (must be Jan.,

April, July, or Oct.) of the year        

(no sooner than the third anniversary of the deferral date – January,

2005).

 

Election of the Participant for

this Deferral if Termination of Employment:

 

ý            In

addition to the above election, I hereby elect to receive a lump sum

distribution relating to this deferral upon termination of employment, if that

termination date occurs before the above lump sum date/termination commencement

date.

 

	

  /s/ David Brewer

  	

   

  	

  November 14, 2001

  	

   

  
	

  Signature of Participant

  	

  Date

  	

   

  
	

   

  	

   

  	

   

  
	

  David Brewer

  	

   

  	

   

  	

   

  
	

  Print Name

  	

   

  	

   

  

 

This

form must be faxed to Pete Swetz at (212) 969-6854 before 5:00 p.m. on

Wednesday, November 14, 2001.  You will

receive a confirmation via e-mail within 24 hours of receipt of your fax.  Please do not call Pete’s office unless you

do not receive this confirmation within 24 hours.  Forms received after 5:00 p.m. on Wednesday, November 14, 2001

will not be accepted.

 

8

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