Document:

Exhibit 10.25

 

AWARD AGREEMENT

FOR THE YEAR 2002 OFFERING

UNDER THE SCB DEFERRED COMPENSATION AWARD PLAN

 

You have been granted an Award under the SCB Deferred
Compensation Award Plan (the “Plan”) pursuant to the year 2002 offering under
the Plan, as specified below:

 

Participant (“you”): 
Hertog, Roger

 

Amount of Award: 
$2,100,000.00

 

Date of Grant   
10/2/02

 

In connection with your Award, you and Alliance
Capital Management L.P. agree as set forth in this agreement (the
“Agreement”).  The Plan provides a
description of the terms and conditions governing your Award.  If there is any inconsistency between the
terms of this Agreement and the terms of the Plan, the Plan’s terms completely
supersede and replace the conflicting terms of this Agreement.  All capitalized terms have the meanings
given them in the Plan, unless specifically stated otherwise in the Agreement.

 

1.             Award
Denomination. Although your Award is initially denominated in
cash, it will be converted into Holding Units, Money Market Shares or a
combination thereof.  You may elect the
percentage of your Award to be denominated in Holding Units and Money Market
Shares by timely completing and submitting a year 2002 offering Investment
Election Form.  Your election will be
subject to the approval of the Committee. 
If you fail to make a timely election your Award will be invested 100%
into Money Market Shares, unless the Committee determines otherwise, in its
sole discretion.

 

2.             Vesting
of Award. Your Award shall vest with respect to one-third of
the Holding Units and Money Market Shares representing the Award as of each of
the first, second and third anniversary of the Date of Grant of your Award, provided
that you remain in the employ of the Company as of each such anniversary,
except that your Award will fully vest:

 

(a)           upon your death, Disability or
attainment of age 65 prior to your Termination of Employment; or

 

(b)           as of the date that the employment of
all Committee members (after having exhausted all replacements) has either been
(i) terminated involuntarily other than for Cause or (ii) terminated by such
Committee members for Good Reason.

 

 

3.             Forfeitures.   To the extent that any portion of your
Award is not vested as of, or in connection with, your Termination of
Employment, the Holding Units and Money Market Shares comprising the unvested
portion of your Award shall be forfeited.

 

4.             Distribution
of Award. The Holding Units and Money Market Shares under
your Award will be distributed to you in accordance with your year 2002
offering Distribution Election Form.  If
you fail to submit a properly completed year 2002 offering Distribution
Election Form on a timely basis, the Holding Units and Money Market Shares
under your Award will be distributed in a lump sum on or about the third
anniversary of the Date of Grant of your Award, unless the Committee determines
otherwise, in its sole discretion.

 

5.             Beneficiary
Designation. By completing a Beneficiary Designation Form
provided to you by the Company under the Plan, you may select a beneficiary to
receive your Award in the event of your death. 
If you have previously completed a Beneficiary Designation Form under
the Plan, your designation under that form will apply with respect to this
Award.  If you do not submit a properly
completed Beneficiary Designation Form under the Plan, your Award will be
distributed to your estate in the event of your death.

 

6.             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 your Award, the payment of dividends or
distributions on any Holding Units and Money Market Shares under the Award and
the distribution of such Holding Units or Money Market Shares (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 of Withholding Amounts by the deduction of a portion of the
Holding Units or Money Market Shares under your Award.

 

7.             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 Agreement,
all of which shall be binding upon you. 
The Committee is under no obligation to treat you or your award
consistently with the treatment provided for other participants in the Plan.

 

2

 

8.             Miscellaneous.

 

(a)           This
Agreement does not confer upon you any right to continuation of employment by the
Company, nor does this Agreement interfere in any way with the Company’s right
to terminate your employment at any time.

 

(b)           This
Agreement will be subject to all applicable laws, rules, and regulations, and
to such approvals by any governmental agencies or national securities exchanges
as may be required.

 

(c)           This
Agreement will be governed by, and construed in accordance with, the laws of
the state of New York (without regard to conflict of law provisions).

 

(d)           This
Agreement and the Plan constitute the entire understanding between you and the
Company regarding this award.  Any prior
agreements, commitments or negotiations concerning your Award are
superseded.  This Agreement may be
amended only by another written agreement, signed by both parties.

 

BY SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND
CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed effective as of  
10/2/02.

 

 

	
   

  	
  Alliance Capital Management L.P.

  
	
   

  	
  By: Alliance Capital Management

  Corporation, General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Participant

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Roger Hertog

  	
   

  
	
   

  	
  ROGER HERTOG

  

 

3Exhibit 10.26

 

AWARD AGREEMENT

FOR THE YEAR 2002 OFFERING

UNDER THE SCB DEFERRED COMPENSATION AWARD PLAN

 

You have been granted an Award under the SCB Deferred
Compensation Award Plan (the “Plan”) pursuant to the year 2002 offering under
the Plan, as specified below:

 

Participant (“you”): 
Hexner, Thomas S.

 

Amount of Award: 
$4,833,000.00

 

Date of Grant  10/2/02

 

In connection with your Award, you and Alliance
Capital Management L.P. agree as set forth in this agreement (the
“Agreement”).  The Plan provides a
description of the terms and conditions governing your Award.  If there is any inconsistency between the
terms of this Agreement and the terms of the Plan, the Plan’s terms completely
supersede and replace the conflicting terms of this Agreement.  All capitalized terms have the meanings
given them in the Plan, unless specifically stated otherwise in the Agreement.

 

1.                                      Award
Denomination. Although your Award is initially denominated in cash, it will
be converted into Holding Units, Money Market Shares or a combination
thereof.  You may elect the percentage
of your Award to be denominated in Holding Units and Money Market Shares by
timely completing and submitting a year 2002 offering Investment Election Form.  Your election will be subject to the
approval of the Committee.  If you fail
to make a timely election your Award will be invested 100% into Money Market
Shares, unless the Committee determines otherwise, in its sole discretion.

 

2.                                      Vesting
of Award. Your Award shall vest with respect to one-third of the Holding
Units and Money Market Shares representing the Award as of each of the first,
second and third anniversary of the Date of Grant of your Award, provided
that you remain in the employ of the Company as of each such anniversary,
except that your Award will fully vest:

 

(a)                                  upon
your death, Disability or attainment of age 65 prior to your Termination of
Employment; or

 

(b)                                 as
of the date that the employment of all Committee members (after having
exhausted all replacements) has either been (i) terminated involuntarily other
than for Cause or (ii) terminated by such Committee members for Good Reason.

 

 

3.                                      Forfeitures.   To the extent that any portion of your
Award is not vested as of, or in connection with, your Termination of
Employment, the Holding Units and Money Market Shares comprising the unvested
portion of your Award shall be forfeited.

 

4.                                      Distribution
of Award. The Holding Units and Money Market Shares under your Award will
be distributed to you in accordance with your year 2002 offering Distribution
Election Form.  If you fail to submit a
properly completed year 2002 offering Distribution Election Form on a timely
basis, the Holding Units and Money Market Shares under your Award will be
distributed in a lump sum on or about the third anniversary of the Date of
Grant of your Award, unless the Committee determines otherwise, in its sole
discretion.

 

5.                                      Beneficiary
Designation. By completing a Beneficiary Designation Form provided to you
by the Company under the Plan, you may select a beneficiary to receive your
Award in the event of your death.  If
you have previously completed a Beneficiary Designation Form under the Plan,
your designation under that form will apply with respect to this Award.  If you do not submit a properly completed
Beneficiary Designation Form under the Plan, your Award will be distributed to
your estate in the event of your death.

 

6.                                      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 your Award, the payment of dividends or
distributions on any Holding Units and Money Market Shares under the Award and
the distribution of such Holding Units or Money Market Shares (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 of Withholding Amounts by the deduction of a portion of the
Holding Units or Money Market Shares under your Award.

 

7.                                      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 Agreement,
all of which shall be binding upon you. 
The Committee is under no obligation to treat you or your award
consistently with the treatment provided for other participants in the Plan.

 

2

 

8.                                       Miscellaneous.

 

(a)                                  This
Agreement does not confer upon you any right to continuation of employment by
the Company, nor does this Agreement interfere in any way with the Company’s
right to terminate your employment at any time.

 

(b)                                 This
Agreement will be subject to all applicable laws, rules, and regulations, and
to such approvals by any governmental agencies or national securities exchanges
as may be required.

 

(c)                                  This
Agreement will be governed by, and construed in accordance with, the laws of
the state of New York (without regard to conflict of law provisions).

 

(d)                                 This
Agreement and the Plan constitute the entire understanding between you and the
Company regarding this award.  Any prior
agreements, commitments or negotiations concerning your Award are
superseded.  This Agreement may be
amended only by another written agreement, signed by both parties.

 

BY SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND
CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed effective as of  
10/2/02.

 

 

	
   

  	
  Alliance Capital Management L.P.

  
	
   

  	
  By: Alliance Capital Management

  Corporation, General Partner

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Participant

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Thomas S. Hexner

  	
   

  
	
   

  	
  THOMAS S. HEXNER

  

 

3

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