Document:

ex10_06.htm

    
      
        

      

    

    Exhibit
10.06

    Special
Option Program under the

    1997
Long Term Incentive Plan

    

    Initial
Option Award Agreement

    

    

    Agreement,
dated as of December 7, 2007, among AllianceBernstein L.P. (“Partnership”),
AllianceBernstein Holding L.P. (“Holding”) and
<PARTC_NAME> (“Participant”), an employee of the Partnership or a
subsidiary of the Partnership.

    

    Whereas,
The Compensation Committee (“Committee” or “Administrator”) of the Board
of Directors (“Board”) of AllianceBernstein Corporation (“Corporation”)­,
pursuant to the Partnership’s Amended and Restated 1997 Long Term Incentive Plan
(“Plan”), a copy of which has been delivered electronically to the Participant,
has granted to the Participant an award (“Award”) consisting of (i) options
(“Initial Options”) to purchase units representing assignments of the
benefi­cial ownership of limited partnership interests in Holding (“Units”)
that vest over the first five anniversaries of grant date, and (ii) options
(“Match Options”) to purchase Units that vest over the next five anniversaries
of grant date.

    

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

    

    1.           Grant.  Subject
to and under the terms and conditions set forth in this Agreement and the Plan,
the Committee hereby awards the Participant Initial Options, which permit the
Participant to purchase from the Partnership the number of Units set forth in
Section 1 of Schedule A, at the per Unit price set forth in Section 2 of
Schedule A, subject to the vesting schedule set forth in Section 3 of Schedule A
(Match Options are granted
pursuant to a Match Award Agreement, dated as of December 7, 2007, among the
parties hereto).

    

    2.           Term
and Vesting Schedule.  (a) The Initial Options
shall not be exercisable to any extent prior to December 7, 2008 or after
December 7, 2017 (“Initial Option Expiration Date”).  Subject
to the terms and condi­tions of this Agreement and the Plan, the Participant
shall be entitled to exercise the Initial Options prior to the Initial Option
Expiration Date and to purchase Units pursuant to the Initial Options in
accordance with the schedule set forth in Section 3 of Schedule A.

    

    (b) The right to exercise the Initial
Options shall be cumulative so that to the extent the Initial Options are not
exercised when they become initially exercisable with respect to any Units, they
shall be exercisable with respect to such Units at any time thereafter until the
Initial Option Expiration Date, subject to any guidelines or restrictions in the
Partnership’s Code of Business Conduct and Ethics or the U.S. federal securities
laws.  Options awarded hereunder may not be exercised after the
Initial Option Expiration Date (i.e., any Units subject to the Options that have
not been purchased on or before the Initial Option Expiration Date may no longer
be purchased).  A Unit shall be considered to have been purchased on
or before the Initial Option Expiration Date if the Partnership has been given
notice of the purchase and the Partnership has actually received payment
therefor, pursuant to Sections 3, 7 and 15, on or before the Initial Option
Expiration Date.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           Notice of Exercise, Payment,
Certificate and Account.  Exercise of the Initial Options, in
whole or in part, shall be by delivery of a written notice to the Partnership
and Holding pursuant to Section 15 which specifies the number of Units being
purchased and is accompanied by payment therefor in cash.  The
Participant may pay the Partnership as many as three business days subsequent to
exercise date and may pay the Partnership directly or through a financial
intermediary.  Promptly after receipt of such notice and purchase
price, the Partnership shall cause the Partnership’s transfer agent to deliver
the number of Units purchased.  Units to be issued upon the exercise
of Initial Options may be authorized and newly-issued Units or Units that have
been reacquired by the Partnership, a subsidiary of the Partnership, Holding, or
a subsidiary of Holding.

    

    4.          
Termination.The
Initial Options may be exer­cised by the Participant only while the
Participant is employed full-time by the Partnership, except as
follows:

    

    (a)           Disability.  If
the Participant’s employment with the Partnership terminates because of
Disability, the Participant (or the Participant’s personal representative) shall
have the right to exercise all outstanding Initial Options held by the
Participant (and not previously cancelled or expired) for a period which ends
not later than the earlier of (i) three months after such termination, and (ii)
the Initial Option Expi­ration Date. “Disability” shall mean a determination
by the Administrator that the Participant is physically or mentally
incapacitated and has been unable for a period of six con­secutive months to
perform the duties for which the Participant was responsible immediately before
the onset of incapacity.  In order to assist the Administrator in
making a determina­tion as to the Disability of the Participant for purposes
of this paragraph (a), the Participant shall, as reasonably re­quested by
the Administrator, (A) be available for medical examinations by one or more
physicians chosen by the Administrator and approved by the Participant, whose
approval shall not unreasonably be withheld, and (B) grant the
Admin­istrator and any such physicians access to all relevant medical
information concerning the Participant, arrange to furnish copies of medical
records to them, and use best efforts to cause the Participant’s own physicians
to be available to discuss the Participant’s health with them.

    

    (b)           Death.  If
the Participant dies (i) while in the employ of the Partnership, (ii) within one
month after termination of employment with the Partnership because of Disability
(as determined in accordance with paragraph (a) above), or (iii) within one
month after the Partnership terminates the Participant’s employment for any
reason other than for Cause (as determined in accordance with paragraph (c)
be­low), all outstanding Initial Options held by the Participant (and not
previously cancelled or expired) may be exercised by the person or persons to
whom the Initial Options 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 Participant’s death, and (B) the Initial
Option Expi­ration Date.

    
      
         

      

      
        - 2
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    (c)           Other
Termination.  If the Partnership terminates the Participant's
employment for any reason other than death, Disability or for Cause, the
Participant shall have the right to exercise the Initial Options, to the extent
that the Participant was entitled to do so on the date of the termination of the
Participant’s employment, for a period which ends not later than the earlier of
(i) three months after such termination, and (ii) the Initial Option
Expi­ration Date.  “Cause” shall mean (A) the Participant’s
continuing willful failure to perform the Participant’s duties as an employee
(other than as a result of total or partial incapacity due to physical or mental
illness), (B) gross negligence or malfeasance in the performance of the
Participant’s duties, (c) a finding by a court or other governmental body with
proper jurisdiction that an act or acts by the Participant constitutes (1) a
felony under the laws of the United States or any state thereof (or, if the
Participant’s place of employment is outside of the United States, a serious
crime under the laws of the foreign jurisdiction where the Participant 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 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 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 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.   The Initial Options shall not confer upon
the Participant any right to continue in the employ of the Partnership or any
subsidiary of the Partnership, and shall not interfere in any way with the right
of the Partnership to terminate the service of the Participant at any time for
any reason.

    
      
         

      

      
        - 3
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    6.           Non-Transferability.  The
Initial Options are 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 the Initial Options are exercisable only by the
Participant; except that Participant may transfer the Initial Options, 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 children and grandchildren and step-children and
step-grandchildren) (each a “Permitted Transferee”).

    

    7.           Payment of Withholding
Tax.  In the event that the Partnership or 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 Initial Options, the Participant
shall, either directly or through a financial intermediary, promptly pay to the
Partnership, a subsidiary specified by the Partnership, Holding or a subsidiary
specified by Holding, no later than the third business day after exercise date,
an amount equal to such withholding tax or charge.  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 Holding regarding payment thereof, the Partnership, any
subsidiary of the Partnership, Holding or any subsidiary of Holding may withhold
the remaining amount thereof from any amount due the Participant from the
Partnership, its subsidiary, Holding or its subsidiary.

    

    8.           Dilution and Other
Adjustments.  The existence of the Award shall not impair the
right of the Partnership, Holding or their respective partners to, among other
things, conduct, make or effect any change in the Partnership’s or Holding’s
business, any distribution (whether in the form of cash, limited partnership
interests, other securities, or other property), recapitalization (including,
without limitation, any subdivision or combination of limited partnership
interests), reorganization, consolidation, combination,  repurchase or
exchange of limited partnership interests or other securities of the Partnership
or Holding, issuance of warrants or other rights to purchase limited partnership
interests or other securities of the Partnership or Holding, or any
incorporation (or other change in form) of the Partnership or
Holding.  In the event of such a change in the partnership interests
of the Partnership or Holding, the Board shall make such adjustments to the
Award, including the purchase price of the Units specified in Section 2 of
Schedule A, as it deems appropriate and equitable.  In the event of
incorpo­ra­tion (or other change of form) of the Partnership or Holding,
the Board shall make such arrangements as it deems appropriate and equitable
with respect to the Award for the Participant to purchase stock in the resulting
corporation in place of the Units subject to the Initial Options. Any such
adjust­ment or arrangement may provide for the elimination of any fractional
Unit or shares of stock that might otherwise become subject to the Initial
Options.  Any decision by the Board under this Section shall be final
and binding upon the Participant.

    
      
         

      

      
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    9.           Rights as an Owner of a
Unit. The Participant (or a transferee of the Initial Options pursuant to
Sections 4 and 6 hereof) shall have no rights as an owner of a Unit with respect
to any Unit covered by the Initial Options until the Participant 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 by the
Partnership and Holding under Sections 3, 7 and 15 of this
Agreement.  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 Holding and the then current
Amended and Restated Agreement of Limited Partnership of the Partnership
(“Partnership Agreement”).  Except as provided in Section 8 hereof, 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.         Electronic
Delivery.  The Plan contemplates that each award under the Plan
shall be evidenced by an Award Agreement which shall be delivered to the
Participant.  It is hereby understood that electronic delivery of this
Award Agreement constitutes delivery under the Plan.

    

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

    

    12.         Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York.

    

    13.         Sections and
Headings.  All section references in this Agreement are to
sections hereof for convenience of reference only and are not to affect the
meaning of any provision of this Agreement.

    

    14.         Interpretation.  The
Participant accepts this Award subject to all the terms and provisions of the
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 Administrator or Board upon any questions
arising under the Plan and/or this Agreement.

    

    15.         Notices.  Any
notice under this Agreement shall be in writing and shall be deemed to have been
duly given when deliv­ered personally (whether by hand or by facsimile) or
when deposited in the United States mail, registered, postage prepaid, and
addressed, in the case of the Partnership and Holding, to the Secretary at 1345
Avenue of the Americas, New York, New York 10105, or if the Partnership should
move its principal office, to such principal office, and, in the case of the
Participant, to his or her last permanent address as shown on the Partnership's
records, subject to the right of either party to designate some other address at
any time hereafter in a notice satisfying the require­ments of this
Section.

    
      
         

      

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

    

     

    

    
      	 	 	AllianceBernstein
      l.p.	 
	 	 	
              AllianceBernstein
      Holding l.p.

            	 
	 	 	 	 
	 	 	 	 
	
               

            	
              By:

            	
              /s/ 
      Gerald
      M. Lieberman

            	 
	 
      	 
      	
              Gerald
      M. Lieberman

            	 
	 
      	 
      	
              President
      and Chief Operating Officer

            	 

    

    

    

    

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

    

    ACCEPT

    

    DECLINE

    
      
         

      

      
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    Schedule
A

    to

    Special
Option Program Agreement

    

    Initial
Options

    

    
      	
              1.

            	
              The
      number of Units that the Participant is entitled to purchase pursuant to
      the Initial Options granted under this Agreement is <OPTS_GRANTED>.

            

    

    

     

    
      	
              2.

            	
              The per Unit
      price to purchase Units pursuant to the Initial Options granted
      under this Agreement is $80.46 per
Unit.

            

    

    

     

    
      	
              3.

            	
              Percentage
      of Units With Respect to

            

    

    Which the
Initial Options First Become

    Exercisable on the Date
Indicated

    

    
      	
              1.
      December 7, 2008

            	
                20.0%

            
	
              2.
      December 7, 2009

            	
                40.0%

            
	
              3.
      December 7, 2010

            	
                60.0%

            
	
              4.
      December 7, 2011

            	
                80.0%

            
	
              5.
      December 7, 2012

            	
              100.0%

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Special
Option Program under the

    1997
Long Term Incentive Plan

    

    Match
Option Award Agreement

    

    

    Agreement,
dated as of December 7, 2007, among AllianceBernstein L.P. (“Partnership”),
AllianceBernstein Holding L.P. (“Holding”) and
<PARTC_NAME> (“Participant”), an employee of the Partnership or a
subsidiary of the Partnership.

    

    Whereas,
the Compensation Committee (“Committee” or “Administrator”) of the Board
of Directors (“Board”) of AllianceBernstein Corporation (“Corporation”)­,
pursuant to the Partnership’s Amended and Restated 1997 Long Term Incentive Plan
(“Plan”), a copy of which has been delivered electronically to the Participant,
has granted to the Participant an award (“Award”) consisting of (i) options
(“Initial Options”) to purchase units representing assignments of the
benefi­cial ownership of limited partnership interests in Holding (“Units”)
that vest over the first five anniversaries of grant date, and (ii) options
(“Match Options) to purchase Units that vest over the next five anniversaries of
grant date.

    

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

    

    1.           Grant.  Subject
to and under the terms and conditions set forth in this Agreement and the Plan,
the Committee hereby awards the Participant Match Options, which permit the
Participant to purchase from the Partnership the number of Units set forth in
Section 1 of Schedule A, at the per Unit price set forth in Section 2 of
Schedule A, subject to the vesting schedule set forth in Section 3 of Schedule A
(Initial Options are granted
pursuant to an Initial Award Agreement, dated as of December 7, 2007, among the
parties hereto).

    

    2.           Term
and Vesting Schedule.  (a)
The Match Options
shall not be exercisable to any extent prior to December 7, 2013 or after
December 7, 2018 (“Match Option Expiration Date”).  Subject to
the terms and condi­tions of this Agreement and the Plan, the Participant
shall be entitled to exercise the Match Options prior to the Match Option
Expiration Date and to purchase Units pursuant to the Match Options in
accordance with the schedule set forth in Section 3 of Schedule A.

    

    (b) The right to exercise the Match
Options shall be cumulative so that to the extent the Match Options are not
exercised when they become initially exercisable with respect to any Units, they
shall be exercisable with respect to such Units at any time thereafter until the
Match Option Expiration Date, subject to any guidelines or restrictions in the
Partnership’s Code of Business Conduct and Ethics or the U.S. federal securities
laws.  Options awarded hereunder may not be exercised after the Match
Option Expiration Date (i.e., any Units subject to the Options that have not
been purchased on or before the Match Option Expiration Date may no longer be
purchased).  A Unit shall be considered to have been purchased on or
before the Match Option Expiration Date if the Partnership has been given notice
of the purchase and the Partnership has actually received payment therefor,
pursuant to Sections 3, 7 and 15, on or before the Match Option Expiration
Date.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3.           Notice of Exercise, Payment,
Certificate and Account.  Exercise of the Match Options, in
whole or in part, shall be by delivery of a written notice to the Partnership
and Holding pursuant to Section 15 which specifies the number of Units being
purchased and is accompanied by payment therefor in cash.  The
Participant may pay the Partnership as many as three business days subsequent to
exercise date and may pay the Partnership directly or through a financial
intermediary.  Promptly after receipt of such notice and purchase
price, the Partnership shall cause the Partnership’s transfer agent to deliver
the number of Units purchased.  Units to be issued upon the exercise
of Match Options may be authorized and newly-issued Units or Units that have
been reacquired by the Partnership, a subsidiary of the Partnership, Holding, or
a subsidiary of Holding.

    

    4.           Termination.  The
Match Options may be exer­cised by the Participant only while the
Participant is employed full-time by the Partnership, except as
follows:

    

    (a)           Disability.  If
the Participant’s employment with the Partnership terminates because of
Disability, the Participant (or the Participant’s personal representative) shall
have the right to exercise all outstanding Match Options held by the Participant
(and not previously cancelled or expired) for a period which ends not later than
the earlier of (i) three months after such termination, and (ii) the Match
Option Expi­ration Date. “Disability” shall mean a determination by the
Administrator that the Participant is physically or mentally incapacitated and
has been unable for a period of six con­secutive months to perform the
duties for which the Participant was responsible immediately before the onset of
incapacity.  In order to assist the Administrator in making a
determina­tion as to the Disability of the Participant for purposes of this
paragraph (a), the Participant shall, as reasonably re­quested by the
Administrator, (A) be available for medical examinations by one or more
physicians chosen by the Administrator and approved by the Participant, whose
approval shall not unreasonably be withheld, and (B) grant the
Admin­istrator and any such physicians access to all relevant medical
information concerning the Participant, arrange to furnish copies of medical
records to them, and use best efforts to cause the Participant’s own physicians
to be available to discuss the Participant’s health with them.

    

    (b)           Death.  If
the Participant dies (i) while in the employ of the Partnership, (ii) within one
month after termination of employment with the Partnership because of Disability
(as determined in accordance with paragraph (a) above), or (iii) within one
month after the Partnership terminates the Participant’s employment for any
reason other than for Cause (as determined in accordance with paragraph (c)
be­low), all outstanding Match Options held by the Participant (and not
previously cancelled or expired) may be exercised by the person or persons to
whom the Match Options 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 Participant’s death, and (B) the Match
Option Expiration Date.

    
      
         

      

      
        - 2
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    (c)           Other
Termination.  If the Partnership terminates the Participant's
employment for any reason other than death, Disability or for Cause, the
Participant shall have the right to exercise the Match Options, to the extent
that the Participant was entitled to do so on the date of the termination of the
Participant’s employment, for a period which ends not later than the earlier of
(i) three months after such termination, and (ii) the Match Option
Expi­ration Date.  “Cause” shall mean (A) the Participant’s
continuing willful failure to perform the Participant’s duties as an employee
(other than as a result of total or partial incapacity due to physical or mental
illness), (B) gross negligence or malfeasance in the performance of the
Participant’s duties, (c) a finding by a court or other governmental body with
proper jurisdiction that an act or acts by the Participant constitutes (1) a
felony under the laws of the United States or any state thereof (or, if the
Participant’s place of employment is outside of the United States, a serious
crime under the laws of the foreign jurisdiction where the Participant 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 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 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 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.   The Match Options shall not confer upon the
Participant any right to continue in the employ of the Partnership or any
subsidiary of the Partnership, and shall not interfere in any way with the right
of the Partnership to terminate the service of the Participant at any time for
any reason.

    
      
         

      

      
        - 3
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    6.           Non-Transferability.  The
Match Options are 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 the Match Options are exercisable only by the Participant;
except that Participant may transfer the Match Options, 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 children and
grandchildren and step-children and step-grandchildren) (each a “Permitted
Transferee”).

    

    7.           Payment of Withholding
Tax.  In the event that the Partnership or 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 Match Options, the Participant
shall, either directly or through a financial intermediary, promptly pay to the
Partnership, a subsidiary specified by the Partnership, Holding or a subsidiary
specified by Holding, no later than the third business day after exercise date,
an amount equal to such withholding tax or charge.  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 Holding regarding payment thereof, the Partnership, any
subsidiary of the Partnership, Holding or any subsidiary of Holding may withhold
the remaining amount thereof from any amount due the Participant from the
Partnership, its subsidiary, Holding or its subsidiary.

    

    8.           Dilution and Other
Adjustments.  The existence of the Award shall not impair the
right of the Partnership, Holding or their respective partners to, among other
things, conduct, make or effect any change in the Partnership’s or Holding’s
business, any distribution (whether in the form of cash, limited partnership
interests, other securities, or other property), recapitalization (including,
without limitation, any subdivision or combination of limited partnership
interests), reorganization, consolidation, combination,  repurchase or
exchange of limited partnership interests or other securities of the Partnership
or Holding, issuance of warrants or other rights to purchase limited partnership
interests or other securities of the Partnership or Holding, or any
incorporation (or other change in form) of the Partnership or
Holding.  In the event of such a change in the partnership interests
of the Partnership or Holding, the Board shall make such adjustments to the
Award, including the purchase price of the Units specified in Section 2 of
Schedule A, as it deems appropriate and equitable.  In the event of
incorpo­ra­tion (or other change of form) of the Partnership or Holding,
the Board shall make such arrangements as it deems appropriate and equitable
with respect to the Award for the Participant to purchase stock in the resulting
corporation in place of the Units subject to the Match Options. Any such
adjust­ment or arrangement may provide for the elimination of any fractional
Unit or shares of stock that might otherwise become subject to the Match
Options.  Any decision by the Board under this Section shall be final
and binding upon the Participant.

    
      
         

      

      
        - 4
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    9.           Rights as an Owner of a
Unit. The Participant (or a transferee of the Match Options pursuant to
Sections 4 and 6 hereof) shall have no rights as an owner of a Unit with respect
to any Unit covered by the Match Options until the Participant 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 by the
Partnership and Holding under Sections 3, 7 and 15 of this
Agreement.  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 Holding and the then current
Amended and Restated Agreement of Limited Partnership of the Partnership
(“Partnership Agreement”).  Except as provided in Section 8 hereof, 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.         Electronic
Delivery.  The Plan contemplates that each award under the Plan
shall be evidenced by an Award Agreement which shall be delivered to the
Participant.  It is hereby understood that electronic delivery of this
Award Agreement constitutes delivery under the Plan.

    

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

    

    12.         Governing
Law.  This Agreement shall be governed by and construed in
accordance with the internal laws of the State of New York.

    

    13.         Sections and
Headings.  All section references in this Agreement are to
sections hereof for convenience of reference only and are not to affect the
meaning of any provision of this Agreement.

     

    14.         Interpretation.  The
Participant accepts this Award subject to all the terms and provisions of the
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 Administrator or Board upon any questions
arising under the Plan and/or this Agreement.

    

    15.         Notices.  Any
notice under this Agreement shall be in writing and shall be deemed to have been
duly given when deliv­ered personally (whether by hand or by facsimile) or
when deposited in the United States mail, registered, postage prepaid, and
addressed, in the case of the Partnership and Holding, to the Secretary at 1345
Avenue of the Americas, New York, New York 10105, or if the Partnership should
move its principal office, to such principal office, and, in the case of the
Participant, to his or her last permanent address as shown on the Partnership's
records, subject to the right of either party to designate some other address at
any time hereafter in a notice satisfying the require­ments of this
Section.

    
      
         

      

      
        - 5
-

        
          

        

      

      
         

      

    

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

    

    

    

    
      	 
      	 
      	
              AllianceBernstein
      l.p.

            	 
	 
      	 
      	
              AllianceBernstein
      Holding l.p.

            	 
	 
      	 
      	 
      	 
	
               

            	
              By:

            	
              /s/ Gerald
      M. Lieberman

            	 
	 	 
      	
              Gerald
      M. Lieberman

            	 
	 
      	 
      	
              President
      and Chief Operating Officer

            	 

    

    

    

    

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

    

    ACCEPT

    

    DECLINE

    
      
         

      

      
        - 6
-

        
          

        

      

      
         

      

    

    Schedule
A

    to

    Special
Option Program Agreement

    

    Match
Options

    

    
      	
              1. 
      

            	
              The
      number of Units that the Participant is entitled to purchase pursuant to
      the Match Options granted under this Agreement is <OPTS_GRANTED>.

            

    

    

     

    
      	
              2.
      

            	
              The
      per Unit price to purchase Units pursuant to the Match Options granted
      under this Agreement is $80.46 per
      Unit.

            

    

    

     

    
      	
              3. 
      

            	
              Percentage
      of Units With Respect to

            

    

    Which the
Match Options First Become

    Exercisable on the Date
Indicated

    

    
      	
              1.
      December 7, 2013

            	
                20.0%

            
	
              2.
      December 7, 2014

            	
                40.0%

            
	
              3.
      December 7, 2015

            	
                60.0%

            
	
              4.
      December 7, 2016

            	
                80.0%

            
	
              5.
      December 7, 2017

            	
              100.0%Unassociated Document

    
      

    

    Exhibit
10.07

     

    ALLIANCEBERNSTEIN
L.P.

    FINANCIAL
ADVISOR WEALTH ACCUMULATION PLAN

    

    INCENTIVE
AWARD AGREEMENT

     

    THIS AGREEMENT, made as of the
1st day of December, 2006, by and between AllianceBernstein L.P., a Delaware
limited partnership (the “Company”), and (the “Participant”).

     

    Preliminary
Statement

     

    The
Participant has been authorized to receive the following Incentive Award under
the AllianceBernstein Financial Advisor Wealth Accumulation Plan (the
“Plan”).  Unless otherwise indicated, any capitalized term used but
not defined herein shall have the meaning ascribed to such term in the Plan and
the Administrative Guidelines attached hereto.  A copy of the Plan has
been delivered to the Participant.  By signing and returning this
Agreement, the Participant acknowledges having received and read a copy of the
Plan and agrees to comply with it and this Agreement, the attached
Administrative Guidelines and all applicable laws and regulations.

     

    Accordingly,
the Company and the Participant agree as follows:

     

    1.           Incentive
Award.  Subject to the restrictions, terms and conditions of
the Plan and this Agreement (including its attachments), the Company hereby
awards an Incentive Award to the Participant of $.

     

    2.           Vesting.

     

    (a)           Except
as set forth in subsection (b) below, the Incentive Award shall become vested
and cease to be forfeitable (but shall remain subject to the other terms of this
Agreement) as follows if the Participant has been continuously employed by the
Company or an Affiliate until such date:

     

    
      
        	
                Vesting
      Date

              	
                Vested
      Percentage

              
	
                January
      1, 2008

              	
                14.3%

              
	
                January
      1, 2009

              	
                14.3%

              
	
                January
      1, 2010

              	
                14.3%

              
	
                January
      1, 2011

              	
                14.3%

              
	
                January
      1, 2012

              	
                14.3%

              
	
                January
      1, 2013

              	
                14.3%

              
	
                January
      1, 2014

              	
                14.2%

              

      

    

    

      
        
           

        

        
          
          

          
            

          

        

        
           

        

      

    

     

    There
shall be no proportionate or partial vesting in the periods prior to the
applicable vesting dates and all vesting shall occur only on the appropriate
vesting date.

     

    (b)           Notwithstanding
Paragraph (a), a Participant’s Incentive Benefit shall become immediately vested
and cease to be forfeitable upon the Participant’s death or when the participant
becomes Disabled or upon Termination
of Employment by the Company without Cause.  For purposes of
this Section, “Cause” shall mean a termination of employment due to the
Participant’s insubordination, dishonesty, fraud, moral turpitude, misconduct,
refusal to perform his or her duties or responsibilities for any reason other
than illness or incapacity or materially unsatisfactory performance of his or
her duties for the Company or its Affiliates; the failure to remain licensed (to
the extent required by applicable law) to perform his employment duties or the
failure of the Participant to obtain all relevant licenses to perform such
duties; the violation of any employment rules, policies or procedures of the
Company (including internal compliance rules); an act or acts constituting a
felony under the laws of the United States or any state thereof; or a violation
of the federal or state securities laws.

     

    3.           Forfeiture.  If
the Participant’s employment with the Company or any Affiliate is terminated for
any reason, other than as described in Section 2(b) above, prior to becoming
vested in accordance with Section 2(a) above, the Participant shall forfeit to
the Company, without compensation, any and all unvested Incentive
Benefits.

     

    4.           Replacement
of Certain Eligible Revenues.   If during the first year
of participation in the Plan, the revenues from a single client
relationship previously used to calculate the Eligible Revenues decrease
due to net asset withdrawals of more than $25 million, the Participant shall
replace the lost assets in excess of $25 million with client assets
from client relationships not previously used to calculate Eligible
Revenues.  If in any year of participation any client
relationship whose revenues were used to calculate the Eligible Revenues is
reassigned to another employee, the Participant shall replace
the reassigned client relationships with relationships having equivalent
revenues that were not previously used to calculate Eligible
Revenues.  The Company also shall have the right, in the foregoing
circumstances, to deem revenues from other client relationships serviced by
the Participant as Eligible Revenues.  The Company shall define client
relationships in its sole discretion.

     

    5.           Payment.  The
Participant may make an election using the form attached hereto to elect when
and how his or her vested Incentive Benefits will be paid in lieu of the default
payment method provided under the Plan.

     

    6.           Post-Termination
Obligations.  The Participant
agrees that the Plan and the Incentive Award being made thereunder are in
further consideration of the Participant’s confidentiality and non-solicitation
obligations, which are set forth in Paragraphs 3, 4 and 5 of the Participant’s
employment agreement with AllianceBenstein L.P.  Accordingly,
Participant agrees that the provisions of those Paragraphs 3, 4 and 5 are
incorporated in this Agreement by reference as if fully set forth.

     

    
      
        
           

        

        
          -2-

          
            

          

        

        
           

        

      

    

     

    7.           Death.  The
Participant’s Beneficiary shall be the persons designated pursuant to the form
attached hereto.  The Participant may change his designation of
beneficiary(ies) at any time prior to his death by submitting a new beneficiary
form to the Company.

     

    8.           Controlling
Law.  This Agreement shall be governed by and construed in
accordance with the laws of the State of New York without giving effect to
conflict of law provisions.

     

    

     

    IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the day and
year first above written.

     

    
      	 
      	
              ALLIANCEBERNSTEIN
      L.P.

            
	 
      	 
      
	 
      	 
      
	 
      	By
      	
              /s/ Robert H. Joseph,
Jr.

            
	 
      	 	
              Officer

            
	 
      	 
      
	 
      	 
      

    

    

      
        
           

        

        
          -3-

          
            

          

        

        
           

        

      

    

     

    ALLIANCEBERNSTEIN
L.P.

    FINANCIAL
ADVISOR WEALTH ACCUMULATION PLAN

    

    ELECTIVE
DISTRIBUTION DATE & ELECTION DISTRIBUTION FORM

    ELECTION
FORM

     

      
        

      

    

    
      

    

    

    The
undersigned hereby elects under the AllianceBernstein L.P. Financial Advisor
Wealth Accumulation Plan (the “Plan”) as follows:

    

    
      	
              1.

            	
              In
      lieu of receiving my Incentive Benefits in accordance with Section 6.1 of
      the Plan, I elect to receive (or commence receiving) my vested Incentive
      Benefits under the Plan on the following Elective Distribution
      Date:

            

    

    

    
      	
               
      

            	
               ̈

            	
              As
      soon as administratively possible following my Separation of Service, as
      defined in the Plan.

            

    

    

    
      	
               
      

            	
               ̈

            	
              January
      31,
      20____ (this
      date must be later than date on which the Incentive Benefits will become
      100% vested under Agreement).

            

    

    

    
      	
              2.

            	
              In
      lieu of receiving my Incentive Benefits in accordance with Section 6.1 of
      the Plan, I elect to receive my Incentive Benefits under the Plan in the
      following Elective Distribution
Form:

            

    

    

    
      	
               
      

            	
               ̈

            	
              Substantially
      equal annual installments paid over a period of _____ years (not exceeding
      10 years).

            

    

    

    
      	
               
      

            	
               ̈

            	
              A
      single lump sum.

            

    

    

    

    These
elections, upon becoming effective, shall revoke and supersede all prior
elections.

    

    
      	
              Signature
      of

              Participant:

            	 
      	 
      	
               Date:

            	 
      	 

    

    

    
      
         

      

      
        -4-

        
          

        

      

      
         

      

    

     

    ALLIANCEBERNSTEIN
L.P.

    FINANCIAL
ADVISOR WEALTH ACCUMULATION PLAN

    

    ADMINISTRATIVE
GUIDELINES

    _____________________________

    

    

    Plan
Eligibility

    

    Individuals
who have completed eight years of service as a Financial Advisor, have $500
million or more in assets under management, and service no more than 150
eligible client relationships, as defined by the firm, at the time of any
Incentive Award may be selected by the firm to participate in the
AllianceBernstein L.P. Financial Advisor Wealth Accumulation Plan (the
“Plan”).  Unless otherwise indicated, any capitalized term used but
not defined herein shall have the meaning ascribed to such term in the Plan and
the Award Agreement.

    

    Participation Is Not
Mandatory

    

    After
being selected, each eligible Financial Advisor may choose whether or not to
participate.

    

    Participation
Deadlines

    

    A
Financial Adviser selected by the firm to participate in the Plan will have 30
days from the notification of his or her selection to accept an Incentive Award,
but in all cases must accept the Incentive Award by December 31 prior to the
first year of participation.  Each Financial Advisor should analyze
his or her own circumstances when deciding to participate in the
Plan.  Incentive Awards are granted as of January 1 of each year.
Financial Advisors will be notified of their selection annually.

    

    Determining the Amount of
the Incentive Award

    

    The
amount of an Incentive Award is based upon the Financial Advisor’s Eligible
Revenues, which are selected from the new account and base servicing revenue for
the trailing four calendar quarters prior to the Incentive Award attributable to
eligible client relationships serviced by the Advisor.  Seven percent
(7%) of the Eligible Revenues are multiplied by the number of years the
Financial Advisor elects to be a participant in the Plan. The minimum term of
participation is five years and the maximum is seven years.  An
Incentive Award equal to the resulting amount will be granted and recorded as a
book entry in a Plan account on behalf of the Financial Advisor.

    

    The
Company determines, in its sole discretion, which revenues are Eligible
Revenues.  Accounts on which Base Level Servicing revenue is shared
among two or more Financial Advisors do not produce Eligible Revenues and may
not be included in the calculation of any Incentive Award.

    
      
         

      

      
        -5-

        
          

        

      

      
         

      

    

    

    Investment Of the Incentive
Award

    

    Investment
returns on the Incentive Award will be measured pursuant to the participating
Financial Advisor’s elections in a selected family of investment products. The
Financial Advisor will have the ability to change his or her investment
measurement allocation with a frequency consistent with firm
policies.  However, any investment election in AllianceBernstein
Holding Units cannot be changed after such election, and investment elections in
Hedge Fund products must meet minimum investment requirements and other
applicable qualifications, and abide by the Hedge Fund rules for
withdrawals.

    

    Available Investment
Elections

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Holding Units

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Small Cap Growth Portfolio

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Small/Mid-Cap Value Fund

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Real Estate Investment Fund

            

    

    
      	
               
      

            	
              ·

            	
              Federated
      Prime Obligation Fund

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Strategic Value Portfolio

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Strategic Growth Portfolio

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      International Portfolio

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Emerging Markets Fund

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Intermediate Duration Fund

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Short Duration Fund

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Global Style Blend DBT

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Advanced Value Hedge Fund

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Global Opportunities Hedge Fund

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Global Diversified Hedge Fund

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Global Diversified Strategies L.P. Hedge Fund
A

            

    

    
      	
               
      

            	
              ·

            	
              AllianceBernstein
      Global Diversified Strategies L.P. Hedge Fund
B

            

    

    
      	
               
      

            	
              ·

            	
              Bernstein
      Multi-Strategy Fixed Income Hedge
Fund

            

    

    

    

    Incentive Award Vesting
Schedule

    

    Each
Incentive Award will vest annually on January 1 on a pro-rata basis in equal
installments over the term of the Incentive Award. All Incentive Awards shall
vest immediately, however, upon the participant’s death or if the participant
becomes Disabled as defined by the Plan.  If the participant’s
employment is terminated for any reason other than those set forth in the Award
Agreement, any portion of the award that has not vested will be
forfeited.

    
      
         

      

      
        -6-

        
          

        

      

      
         

      

    

     

    Incentive Award
Distributions

    

    The
vested portion of the Incentive Award will be paid in cash, except portions
elected to be invested in AllianceBernstein Holding Units, which will be paid in
Holding Units.  Payments will be made in the first calendar quarter
following the end of the third year and annually thereafter.  Subject
to the following paragraph, the Financial Advisor may also elect, at the time of
the Incentive Award, to defer payments, once 100% vested, until termination of
their employment or some date certain in the future. Additionally, they may
elect to receive annual payments over an extended period of up to 10 years.
Further deferrals are available as described in the plan document.

    

    Any
change in either the Elective Distribution Date or form of the distribution
requires the Financial Advisor to elect a new distribution date that is no
earlier than the fifth anniversary of the Participant’s previous Elective
Distribution Date (regardless of whether the Participant’s new election was
solely to change the Elective Distribution Form). Any change in the Elective
Distribution Date must be made at least twelve months prior to the Elective
Distribution Date that is changing.

    

    Effect of Plan Participation
on Commissions

    

    The
future Base Level Servicing commissions on client relationships used in the
Eligible Revenues calculation will be 3% of Base Servicing Revenue for the
period of the award.  Upon acceptance of an Incentive Award, Base
Level Servicing provisions in the Advisor’s employment agreement will be
superceded by the foregoing sentence.

    

    New
accounts which are opened in the same tax relationship as accounts whose revenue
was included in Eligible Revenues will be considered as additions to existing
accounts and will receive a Base Level Servicing commission of 3% on those
revenues during the vesting period. New accounts which are also new tax
relationships will receive a Base Level Servicing payout in accordance with the
compensation schedule attached to the Advisor’s employment contract, as amended
from time to time.  Full Production Bonus will be paid on all New
Accounts regardless of when the tax relationship was
established.  

    

    Adjustments To Incentive
Awards

    

    Subject
to the following paragraph, the firm bears the risk of poor markets or excessive
negative cash flow as it relates to the Incentive Award amount. Accordingly,
there is no downward adjustment to the Incentive Award due to those
reasons.  There also is no upward adjustment to the Award in those
periods when net asset growth is positive.

    

    If during
a Participant’s first year of participation in the Plan, the revenues
from a single client relationship previously used to calculate the
Eligible Revenues decrease due to net asset withdrawals of more than $25
million, the Participant shall replace the lost assets in excess of $25 million
with client assets from client relationships not previously used to
calculate Eligible Revenues.  If in any year of participation any
client relationship whose revenues were used to calculate the Eligible
Revenues is reassigned to another employee, the Participant shall replace
the reassigned client relationships with relationships having equivalent
revenues that were not previously used to calculate Eligible
Revenues.  The Company also shall have the right, in such
circumstances, to deem revenues from other client relationships serviced by
the Participant as Eligible Revenues.  The Company shall define client
relationships in its sole discretion.

     

    
      
        
           

        

        
          -7-

          
            

          

        

        
           

        

      

    

     

    The Base
Level Servicing payout on accounts used to replace Eligible Revenues will be
paid at the 3% rate set forth above.

     

    Plan
Adminsitration

    

    The
Newport Group initially will administer the recordkeeping for the plan and
provide monthly statements to each participant. Account access will be available
via the internet at any time, and changes in investment elections may be
initiated through www.plandestination.com.  The firm
will inform you of any change of plan administrator.

     

    
-8-

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