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    Exhibit
10.02

     

    Amended
and Restated

    1997
Long Term Incentive Plan

    As Amended and
Restated Effective as of January
1, 2005

    (as amended through November 28,
2007)

    

    Section
1.  Purpose.

    

               The
purposes of AllianceBernstein L.P.’s 1997 Long Term Incentive Plan (the “Plan”) are to promote the
interest of AllianceBernstein L.P. (together with any successor thereto, the
“Partnership”) and its
partners by (i) attracting and retaining officers, key employees or directors of
the Partnership and its Affiliates, (ii) motivating such employees or directors
by means of performance-related incentives to achieve longer-range performance
goals, and (iii) enabling such employees or directors to participate in the
long-term growth and financial success of the Partnership.

    

               The Plan has been amended and restated effective as of
January 1, 2005 to clarify and reflect administrative practices and to comply in
good faith with Section 409A of the Internal Revenue Code (the “Code”) and the guidance issued thereunder (“Section 409A”).  The Plan has been amended through
November 28, 2007 in order to comply with the final regulations issued under
Section 409A.  

    

    Section
2.  Definitions.

    

               As
used in the Plan, the following terms shall have the meanings set forth
below:

    

               “Affiliate” shall mean (i) any
entity that, directly or indirectly, is controlled by the Partnership and (ii)
any entity in which the Partnership has a significant equity interest, in either
case as determined by the Board or, if so authorized by the Board, the
Committee.

    

               “Award” shall mean any Option,
Restricted Unit, Phantom Restricted Unit, Performance Award or Other Unit-Based
Award.

    

               “Award Agreement” shall mean
any written agreement, contract or other instrument or document evidencing any
Award, which may, but need not, be executed or acknowledged by a
Participant.

    

               “Board” shall mean the Board
of Directors of the general partner of the Partnership.

    

               “Committee” shall mean the
Board or one or more committees of the Board designated by the Board to
administer the Plan.

    

               “Director” shall mean any
member of the Board.

    

               “Employee” shall mean (i) an
officer or employee of the Partnership of any Affiliate, or (ii) an advisor or
consultant to the Partnership or to any Affiliate, in each case as determined by
the Committee.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

               “Exchange Act” shall mean the
U.S. Securities Exchange Act of 1934, as amended.

    

               “Fair Market Value” shall
mean, as of any given date and except as otherwise expressly provided by the
Board in accordance with Section 409A: (i)
with respect to a Unit, the closing price of a Unit on the New York Stock
Exchange on such date or, if no sale of Units occurs on the New York Stock
Exchange on such a date, the closing price of a Unit on such Exchange on the
last preceding day on which such sale occurred; and (ii) with respect to any
other property, the fair market value of such a property as determined by the
Board in its sole discretion.

    

               “Non-Employee Director” shall
mean a member of the Board who is not an officer or employee of the Partnership
or of any of its subsidiaries.

    

               “Option” shall mean an option
granted under Section 6(a) of the Plan.

    

               “Other Unit-Based Award” shall
mean any right granted under Section 6(d) of the Plan.

    

               “Participant” shall mean any
Employee or Director granted an Award under the Plan.

    

               “Performance Award” shall mean
any right granted under Section 6(c) of the Plan.

    

               “Person” shall mean any
individual, corporation, partnership, association, joint-stock company, trust,
unincorporated organization, government or political subdivision thereof or
other entity.

    

               “Phantom Restricted Unit”
shall mean any Award granted under Section 6(b) of the Plan and
designated as a Phantom Restricted Unit.

    

               “Restricted Unit” shall mean
any Unit granted under Section 6(b) of the Plan and designated as a Restricted
Unit.

    

               “Restoration Option” shall
mean an Option granted under Section 6(a)(iv) of the Plan.

    

               “Substitute Awards” shall mean
Awards granted in assumption of, or in substitution for, outstanding awards
previously granted by a company acquired by the Partnership or its affiliate, or
with which the Partnership or its Affiliate combines.

    

               “Units” means units
representing assignments of beneficial ownership of limited partnership
interests in AllianceBernstein Holding L.P. (“Holding”).

    

    Section
3.  Administration.

    

               (a)
Authority of
Committee.  The Plan shall be administered by the Committee.
Subject to the terms of the Plan and applicable law, in addition to other
express powers and authorizations conferred on the Committee by the Plan, and
except as otherwise limited by the Board, the Committee shall have full power
and authority to (i) designate Participants; (ii) determine the type or types of
Awards to be granted to an eligible Employee or, subject to Section 3(b),
Director; (iii) determine the number of Units to be covered by, or with respect
to which payments, rights, or other matters are to be calculated in connection
with, Awards; (iv) determine the terms and conditions of any Award; (v)
determine whether, to what extent, and under what circumstances Awards may be
exercised, canceled, forfeited, or suspended and the method or methods by which
Awards may be exercised, canceled, forfeited, or suspended; (vi) determine
whether, to what extent, and under what circumstances Units, other securities,
other Awards, other property and other amounts payable with respect to an Award
shall be deferred either automatically or at the election of the holder thereof
or of the Committee, and in any event, in
accordance with Section 409A; (vii) interpret and administer the Plan and
any instrument or agreement relating to, or Award made under, the Plan; (viii)
establish, amend, suspend, or waive such rules and regulations and appoint such
agents as it shall deem appropriate for the proper administration of the Plan;
and (ix) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the
Plan.

    
      
         

      

      
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               (b)
Grants of Awards to
Non-Employee Directors.  Notwithstanding the provisions of
Section 3(a), grants of Awards to Non-Employee Directors must be approved by the
Board.

    

               (c)
Committee Discretion
Binding.  Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award shall be within the sole discretion of the
Committee, may be made at any time and shall be final, conclusive, and binding
upon all Persons, including the Partnership, any Affiliate, any Participant, any
holder or beneficiary of any Award, any Unitholder and any Employee or, subject
to Section 3(b), Director.

    

    Section
4.  Units Available
for Awards.

    

               (a) Units
Available.

    

                          (i)
Subject to adjustment as provided in Section 4(c), the number of Units with
respect to which Awards may be granted under the Plan shall be 41 million less
the excess of (i) the number of Units awarded (and not forfeited) under the
Partnership’s Century Club Plan (the “Century Club Plan”) over (ii)
the Pre-1997 Century Club Limit, as defined in the Century Club
Plan.

    

                          (ii)
If, after the effective date of the Plan, any Units covered by an Award granted
under the Plan or by an award granted under any prior Unit award plan of the
Partnership, or to which such an Award or award related, are forfeited, or if
such an Award or award terminates or is canceled without the delivery of Units,
then the Units covered by such Award or award, or to which such Award or award
relates, or the number of Units otherwise counted against the aggregate number
of Units with respect to which Awards may be granted, to the extent of any such
forfeiture, termination or cancellation, shall again become Units with respect
to which Awards may be granted.  In the event that any Option or other
Award granted hereunder or any award granted under any prior Unit award plan of
the Partnership is exercised through the delivery of Units or in the event that
withholding tax liabilities arising from such Award or award are, with the
approval of the Board, satisfied by the withholding of Units by the Partnership,
the number of Units available for Awards under the Plan shall be increased by
the number of Units so surrendered or withheld.  Any Units underlying
Substitute Awards shall not be counted against the Units available for Awards
under the Plan.

    
      
         

      

      
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    (b) Units Available for Awards other
than Options.  Subject to adjustment as provided in Section
4(c), and except as otherwise expressly provided by the Board, of the number of
Units with respect to which Awards may be granted in accordance with Section
4(a), the number of Units with respect to which Awards may be granted under
Sections 6(b), (c), or (d) of the Plan shall be 2 million.  If, after
the effective date of the Plan, Awards granted under Sections 6(b), (c), or (d)
are forfeited, terminated, or canceled, or if, with the approval of the Board,
Units otherwise deliverable pursuant to such Awards are applied to satisfy
withholding tax liabilities, then the applicable number of Units shall not be
counted against the limit set forth in the preceding sentence, to the same
extent such Units again become Units with respect to which Awards may be granted
under Section 4(a) or are otherwise not counted against the limit set forth in
Section 4(a).  Any Units underlying Substitute Awards shall not be
counted against the limit set forth in the first sentence of this Section
4(b).

    

    (c) Adjustments.  In
the event that the Committee determines that 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, any incorporation (or other change in form) of the Partnership or
Holding, or other similar transaction or event affects the Units such that an
adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee may, if so authorized by the
Board, in such manner as it may deem equitable, adjust any or all of (i) the
number of Units or other securities of the Partnership or Holding (or number and
kind of other securities or property) with respect to which Awards may be
granted under Sections 4(a) and 4(b), (ii) the number of Units or other
securities of the Partnership or Holding (or number and kind of other securities
or property) subject to outstanding Awards, and (iii) the grant or exercise
price with respect to any Award, or, if deemed appropriate, make provision for a
cash payment to the holder of an outstanding Award.  In the event of
incorporation (or other change in form) of the Partnership or Holding, the
Committee may, if so authorized by the Board, make such adjustments as it deems
appropriate and equitable with respect to Options for the optionee to purchase
stock in the resulting corporation in place of the Options. Any such adjustment
or arrangement may provide for the elimination without compensation of any
fractional Unit which might otherwise become subject to an Option, and shall be
final and binding upon the optionee.

    

    Section
5.  Eligibility.

    

    Subject
to Section 3(b), any Employee or Director shall be eligible to be designated a
Participant.

    
      
         

      

      
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    Section
6.  Awards.

     

    (a) Options.

    

                          (i) Grant.  Subject to
the provisions of the Plan, the Committee shall (subject to Section 3(b)) have
sole and complete authority to determine the Employees and/or Directors to whom
Options shall be granted, the number of Units to be covered by each Option, the
exercise price therefor and the conditions and limitations applicable to the
exercise of the Option.

    

                          (ii)
Exercise
Price.  Unless otherwise expressly determined or authorized by
the Board, the exercise price of an Option shall be not less than the Fair
Market Value of the Units subject to the Option on the date the Option is
granted.

    

                          (iii)
Exercise.  Unless
otherwise determined or authorized by the Committee, (A) no Option (other than a
Restoration Option or an Option that is a Substitute Award) shall become
initially exercisable at a rate in excess of 20% of the Units subject to the
Option on each anniversary of the date of grant beginning with the first such
anniversary, and (B) no Option shall be exercisable after the expiration of ten
years from the date of grant.  The right to exercise an Option shall
be cumulative, so that to the extent that an 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 of the
term of the Option.  The Committee may impose such conditions with
respect to the exercise of Options, including without limitation, any relating
to the application of federal or state securities laws, as it may deem necessary
or advisable.

    

                          (iv)
Restoration
Options.  In the event that any Participant delivers Units in
payment of the exercise price of any Option granted hereunder in accordance with
Section 7(b), or in the event that the withholding tax liability arising upon
exercise of any Option by a Participant is satisfied through the withholding by
the Partnership of Units otherwise deliverable upon exercise of the Option, the
Committee shall have the authority, if so authorized by the Board, to grant or
provide for the automatic grant of a Restoration Option to such
Participant.  The grant of a Restoration Option shall be subject to
the satisfaction of such conditions or criteria as the Committee in its sole
discretion shall establish from time to time, to the extent authorized by the
Board.  A Restoration Option shall entitle the holder thereof to
purchase a number of Units equal to the number of such Units so delivered or
withheld upon exercise of the original Option, in the discretion of the
Committee.  A Restoration Option shall have a per Unit exercise price
and such other terms and conditions as the Committee in its sole discretion
shall determine, to the extent authorized by the Board.

    

    (b) Restricted Units and Phantom
Restricted Units.

    

                          (i) Grant.  Subject to
the provisions of the Plan, the Committee shall (subject to Section 3(b)) have
sole and complete authority to determine the Employees and/or Directors to whom
Restricted Units and Phantom Restricted Units shall be granted, the number of
Restricted Units and/or the number of Phantom Restricted Units to be granted to
each Participant, the duration of the period during which, and the conditions
under which, the Restricted Unit and Phantom Restricted Units may be forfeited
to the Partnership, and the other terms and conditions of such
Awards.

    
      
         

      

      
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                          (ii)
Transfer
Restrictions.  Restricted Units and Phantom Restricted Units
may not be sold, assigned, transferred, pledged or otherwise encumbered, except,
in the case of Restricted Units, as provided in the Plan or the applicable Award
Agreements.  Each certificate issued in respect of Restricted Units
with respect to which transfer restrictions remain in effect shall bear a legend
describing the restrictions to which the Restricted Units are
subject.  Upon the lapse of the restrictions applicable to such
Restricted Units, the owner thereof may surrender to the Partnership the
certificate or certificates representing such Units and receive in exchange
therefor a new certificate or certificates representing such Units free of the
legend and a certificate or certificates representing the remainder of the
Units, if any, with the legend.

    

                          (iii)
Payment.  Each
Phantom Restricted Unit shall have a value equal to the Fair Market Value of a
Unit.  Phantom Restricted Units shall be paid in Units, other
securities or other property, as determined in the sole discretion of the
Committee, upon the lapse of the restrictions applicable thereto, or otherwise
in accordance with the applicable Award Agreement.

    

                          (iv)
Distributions.  Distributions
paid on or in respect of any Restricted Units or Phantom Restricted Units may be
paid directly to the Participant, or may be reinvested in additional Restricted
Units or in additional Phantom Restricted Units, as determined by the Committee
in its sole discretion.

    

    (c) Performance
Awards.

    

                          (i)
Grant.  The
Committee shall (subject to Section 3(b)) have sole and complete authority to
determine the Employees and/or Directors who shall receive a “Performance
Award”, which shall consist of a right which is (i) denominated in Units, (ii)
valued, as determined by the Committee, in accordance with the achievement of
such performance goals during such performance periods as the Committee shall
establish, and (iii) payable at such time and in such form as the Committee
shall determine.

    

                          (ii)
Terms and
Conditions.  Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine the performance goals
to be achieved during any performance period, the length of any performance
period, the amount of any Performance Award and the amount and kind of any
payment or transfer to be made pursuant to any Performance Award.

    

                          (iii)
Payment of Performance
Awards.  Performance Awards may be paid in a lump sum or in
installments following the close of the performance period or, in accordance
with procedures established by the Committee and
in accordance with Section 409A, on a deferred basis.

    

    (d) Other Unit-Based
Awards.  The Committee shall (subject to Section 3(b)) have
authority to grant to eligible Employees and/or Directors an “Other Unit-Based
Award”, which shall consist of any right which is (i) not an Award described in
paragraphs (a) through (c) above of this Section 6 and (ii) an Award of Units or
an Award denominated or payable in, valued in whole or in part by reference to,
or otherwise based on or related to, Units (including, without limitation,
securities convertible into Units), as deemed by the Committee to be consistent
with the purposes of the Plan. Subject to the terms of the Plan and any
applicable Award Agreement, the Committee shall determine the terms and
conditions of any such Other Unit-Based Award.

    
      
         

      

      
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    Section
7. General Provisions
Applicable to Awards.

    

    (a) Awards May be Granted Separately or
Together.  Awards may, in the discretion of the Committee, be
granted either alone or in addition to, in tandem with, or in substitution for
any other Award granted under the Plan or any award granted under any other plan
of the Partnership or any Affiliate.  Awards granted in addition to or
in tandem with other Awards or awards granted under any other plan of the
Partnership or any Affiliate may be granted either at the same time as or at a
different time from the grant of such other Awards or awards.

    

    (b) Forms of Payment by Partnership
Under Awards.  Subject to the terms of the Plan and of any
applicable Award Agreement and the requirements of applicable law, payments or
transfers to be made by the Partnership or an Affiliate upon the grant, exercise
or payment of an Award may be made in such form or forms as the Committee shall
determine, including Units, other securities, other Awards or other property, or
any combination thereof, and may be made in a single payment or transfer, in
installments, or on a deferred basis, in each case in accordance with rules and
procedures established by the Committee in
accordance with Section 409A.  Such rules and procedures may
include, without limitation, provisions for the payment or crediting of
reasonable interest on installment or deferred payments.

    

    (c) Limits on Transfer of
Awards.  Except as otherwise provided by the Committee with
respect to any Award, no Award shall be transferable by a holder other than by
will or the laws of descent and distribution.

    

    (d) Terms of
Awards.  The term of each Award shall be for such period as may
be determined by the Committee.

    

    (e) Consideration for
Grants.  Awards may be granted for no cash consideration, for
such nominal cash consideration as may be required by applicable law or for such
greater amount as may be established by the Committee.

    

    Section
8. Amendment and
Termination.

    

    (a) Amendments to the
Plan.  The Board may amend, alter, suspend, discontinue, or
terminate the Plan or any portion thereof at any time; provided that no such
amendment, alteration, suspension, discontinuation or termination shall be made
without the approval of the limited partners of the Partnership if such approval
is necessary to comply with any tax or regulatory requirement for which or with
which the Board deems it necessary or desirable to qualify or comply.
Notwithstanding anything to the contrary herein, the Board or, if so authorized
by the Board, the Committee may amend the Plan in such manner as may be
necessary so as to have the Plan conform with local rules and regulations in any
jurisdiction outside the United Sates.

    
      
         

      

      
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    (b) Amendments to
Awards.  The Board or, if so authorized by the Board, the
Committee may waive any conditions or rights under, amend any terms of, or
alter, suspend, discontinue, cancel or terminate, any Award theretofore granted,
prospectively or retroactively; provided that any such waiver, amendment,
alteration, suspension, discontinuance, cancellation or termination that would
adversely affect the rights of any Participant or any holder or beneficiary of
any Award theretofore granted shall not to that extent be effective without the
consent of the affected Participant, holder or beneficiary.

    

    (c) Adjustment of Awards Upon the
Occurrence of Certain Unusual or Nonrecurring Events.  The
Committee is hereby authorized to make adjustments in the terms and conditions
of, and the criteria included in, Awards in recognition of unusual or
nonrecurring events (including, without limitation, the events described in
Section 4(c) hereof) affecting the Partnership, any Affiliate, or the financial
statements of the Partnership or any Affiliate, or of changes in applicable
laws, regulations, or accounting principles, whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or
enlargement of the benefits or potential benefits intended to be made available
under the Plan.

    

    (d) Cancellation.  Any
provision of this Plan or any Award Agreement to the contrary notwithstanding,
the Committee may, if so authorized by the Board, cause any Award granted
hereunder to be canceled in consideration of a cash payment or alternative Award
made to the holder of such canceled Award equal in value to the Fair Market
Value of such canceled award.

    

    Section
9.  Miscellaneous.

    

    (a) No Rights to
Awards.  No Employee, Director or Participant or other Person
shall have any claim to be granted any Award, and there is no obligation for
uniformity of treatment of Employees, Directors, Participants, or holders or
beneficiaries of Awards.  The terms and conditions of Awards need not
be the same with respect to each recipient.

    

    (b) Unit
Certificates.  All certificates for Units or other securities
of the Partnership or any Affiliate delivered under the Plan pursuant to any
Award or the exercise thereof shall be subject to such stop transfer orders and
other restrictions as the Committee may deem advisable under the Plan or the
rules, regulations, and other requirements of the U.S. Securities and Exchange
Commission, any Unit exchange upon which such Units or other securities are then
listed, and any applicable Federal or state laws, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

    

    (c) Delegation.  Subject
to the terms of the Plan and applicable law, the Committee, if so authorized by
the Board, may delegate to one or more officers or managers of the Partnership
or any Affiliate, or to a committee of such officers or managers, the authority,
subject to the terms and limitations as the Committee, as authorized by the
Board, shall determine, to grant Awards to, or to cancel, modify or waive rights
with respect to, or to alter, discontinue, suspend, or terminate Awards held by,
Employees who are not officers or directors of the Partnership for purposes of
Section 16 of the Exchange Act, or any successor section thereto, or who are
otherwise not subject to such Section.

    
      
         

      

      
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    (d) Withholding.  A
Participant may be required to pay to the Partnership or any Affiliate and the
Partnership or any Affiliate shall have the right and is hereby authorized to
withhold from any Award, from any payment due or transfer made under any Award
or under the Plan or from any compensation or other amount owing to a
Participant the amount (in cash, Units, other securities, other Awards or other
property) of any applicable withholding taxes in respect of an Award, its
exercise, or any payment or transfer under an Award or under the Plan and to
take such other actions as may be necessary in the opinion of the Partnership to
satisfy all obligations for the payment of such taxes.

    

    (e) Award
Agreements.  Each award hereunder shall be evidenced by an
Award Agreement which shall be delivered to the Participant and shall specify
the terms and conditions of the Award and any rules applicable thereto,
including but not limited to the effect on such Award of the death, retirement
or other termination of employment of a Participant.

    

    (f) No Limit on Other Compensation
Arrangements.  Nothing contained in the Plan shall prevent the
Partnership or any Affiliate from adopting or continuing in effect other
compensation arrangements, including without limitation any such arrangements
that provide for the grant of options, restricted Units, Units and other types
of Awards provided for hereunder (subject to approval of the limited partners of
the Partnership if such approval is required), and such arrangements may be
either generally applicable or applicable only in specific cases.

    

    (g) No Right to Employment or
Directorship.  The grant of an Award shall not be construed as
giving a Participant the right to be retained in the employ of the Partnership
or any Affiliate, or to be retained as a Director.  Further, the
Partnership or an Affiliate may at any time dismiss a Participant from service,
free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan, in any Award Agreement or in any other agreement between
the Partnership or any Affiliate and the Participant.

    

    (h) No Rights as
Unitholder.  Subject to the provisions of the applicable Award,
no Participant or holder or beneficiary of any Award shall have any rights as a
Unitholder with respect to any Units to be distributed under the Plan until he
or she has become the holder of such Units.  Notwithstanding the
foregoing, in connection with each grant of a Restricted Unit hereunder, the
applicable Award shall specify if and to what extent the Participant shall not
be entitled to the rights of a Unitholder in respect of such Restricted
Unit.

    

    (i) Governing Law.  The
validity, construction, and effect of the Plan and any rules and regulations
relating to the Plan shall be determined in accordance with the internal laws of
the State of New York.

    

    (j) Severability.  If
any provisions of the Plan or any Award is or becomes or is deemed to be
invalid, illegal, or unenforceable in any jurisdiction or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable
by the Committee, such provision shall be construed or deemed amended to conform
to applicable laws, or if it cannot be construed or deemed amended without, in
the determination of the Committee, materially altering the intent of the Plan
or the Award, such provision shall be stricken as to such jurisdiction, Person
or Award and the remainder of the Plan and any such Award shall remain in full
force and effect.

    
      
         

      

      
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    (k) Additional
Powers.  The Committee may refuse to issue or transfer any
Units or other consideration under an Award if, acting in its sole discretion,
it determines that the issuance or transfer of such Units or such other
consideration might violate any applicable law or regulation or entitle the
Partnership to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Partnership by a Participant, other holder or
beneficiary in connection with the exercise of such Award shall be promptly
refunded to the relevant Participant, holder or beneficiary.  Without
limiting the generality of the foregoing, no Award granted hereunder shall be
construed as an offer to sell securities of the Partnership, and no such offer
shall be outstanding, unless and until the Committee in its sole discretion has
determined that any such offer, if made, would be in compliance with all
applicable requirements of the U.S. federal securities laws and any other laws
to which such offer, if made, would be subject.

    

    (l) No Trust or Fund
Created.  Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or fiduciary
relationship between the Partnership or any Affiliate and a Participant or any
other Person.  To the extent that any Person acquires a right to
receive payments from the Partnership or any Affiliate pursuant to an Award,
such right shall be no greater than the right of any unsecured general creditor
of the Partnership or any Affiliate.

    

    (m) No Fractional
Units.  No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether
cash, other securities, or other property shall be paid or transferred in lieu
of any fractional Units or whether such fractional Units or any rights thereto
shall be canceled, terminated or otherwise eliminated.

    

    (n) Headings.  Headings
are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference.  Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of the Plan or any
provision thereof.

    

    Section
10.  Term of the
Plan.

    

    (a) Effective
Date.  This amended Plan shall be effective as of November 20,
1997, subject to approval by the limited partners of the Partnership within one
year thereafter.

    

    (b) Expiration
Date.  No Award shall be granted under the Plan after July 26,
2010. However, unless otherwise expressly provided in the Plan or in an
applicable Award Agreement, any Award theretofore granted may, and the authority
of the Board or the Committee to amend, alter, adjust, suspend, discontinue, or
terminate any such Award or to waive any conditions or rights under any such
Award shall, extend beyond such date.

    
      
         

      

      
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    Section 11.  Section 409A of the
Code.

    

    Although none of the Committee, the Partnership,
Holding, any
of their affiliates, or any of their agents
make any guarantee with respect to the treatment of payments under this Plan and
shall not be responsible in any event with regard to the Plan’s compliance with
Section 409A, the payments contained herein are intended to be payments that are
exempt from Section 409A or otherwise comply with the requirements of Section
409A, and the Plan shall be limited, construed and interpreted in accordance
with the foregoing.  None of the Committee, the Partnership, Holding,
any of their
affiliates, and any of their agents shall
have any liability to any Participant or beneficiary as a result of any tax,
interest, penalty or other payment required to be paid or due pursuant to, or
because of a violation of, Section 409A.

    

    
      11ex10_03.htm

    
      

    

    Exhibit
10.03

     

    ALLIANCEBERNSTEIN
COMMISSION SUBSTITUTION PLAN

    

    As
Amended And Restated Effective As Of January 1, 2005

    (as
amended through November 28, 2007)

     

    

     

    AllianceBernstein
L.P. maintains this AllianceBernstein Commission Substitution Plan (the “Plan”) to create a
compensation program to attract and retain eligible employees expected to make a
significant contribution to the future growth and success of
AllianceBernstein.  The Plan was originally effective as of January 1,
2003.

     

    The right
to defer Awards hereunder shall be considered a separate plan within the
Plan.  Such separate plan shall be referred to as the “ACSP Deferral
Plan.”  The ACSP Deferral Plan is maintained primarily for the
purpose of providing deferred compensation to a select group of management or
highly compensated employees (a “Top Hat
Employee”).  No one who is not a Top Hat Employee may defer
compensation under the ACSP Deferral Plan.

     

    The Plan
has been amended and restated effective as of January 1, 2005 to clarify and
reflect administrative practices and to comply in good faith with Section 409A
of the Internal Revenue Code (the “Code”) and the guidance issued
thereunder (“Section
409A”).  The Plan has been
amended through November 28, 2007 in order to comply with the final regulations
issued under Section 409A.  Any deferral or payment hereunder
is subject to the terms of the Plan and compliance with Section 409A, as
interpreted by the Committee in its sole discretion.  Although none of AllianceBernstein, Holding, the Committee, their affiliates, and their
agents make any guarantee with respect to the treatment of payments under this
Plan and shall not be responsible in any event with regard to the Plan’s
compliance with Section 409A, the payments contained herein are intended to be
exempt from Section 409A or otherwise comply with the requirements of Section
409A, and the Plan shall be limited, construed and interpreted in accordance
with the foregoing.  None of AllianceBernstein, Holding, the
Committee, their affiliates, and their agents shall have any liability to
any Participant or Beneficiary as a result of any tax, interest, penalty or
other payment required to be paid or due pursuant to, or because of a violation
of, Section 409A.  This restatement incorporates and supersedes all of
the amendments to the Plan through November 28,
2007.

     

     

    ARTICLE
1

    Definitions

     

    Section
1.01     Definitions.  Whenever
used in the Plan, each of the following terms shall have the meaning for that
term set forth below:

    (a)           “Account” means a separate
bookkeeping account established for each Participant for each Award, with such
Award, as described in Article 2, credited to the Account maintained for such
Award together with Earnings credited thereon.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (b)           “Affiliate” means (i) any
entity that, directly or indirectly, is controlled by AllianceBernstein and (ii)
any entity in which AllianceBernstein has a significant equity interest, in
either case as determined by the Committee.

     

    (c)           “AllianceBernstein” means
AllianceBernstein L.P., including any successor to all or substantially all of
its business and assets.

     

    (d)           “Approved Fund” means any
money-market, debt or equity fund designated by the Committee from time to time
as an Approved Fund.

     

    (e)           “Award” means any award which
the Committee shall grant under Section 2.01 of this Plan.

     

    (f)           “Beneficiary” means one or more
Persons, trusts, estates or other entities, designated in accordance with
Section 6.03(a), that are entitled to receive, in the event of a Participant’s
death, any amount or property to which the Participant would otherwise have been
entitled under the Plan.

     

    (g)           “Beneficiary Designation Form”
means the form established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to designate one or more
Beneficiaries.

     

    (h)           “Board” means the Board of
Directors of the general partner of Holding and AllianceBernstein.

     

    (i)           “Cause” means: (i) an act or
acts constituting a felony under the laws of the United States or any state
thereof; (ii) willful dishonesty in the performance of a Participant’s duties;
(iii) acts or omissions by a Participant in the performance of his or her duties
which are substantially injurious to the financial condition or business
reputation of any of the Companies; (iv) a Participant’s continued failure
substantially to perform his or her duties; or (v) willful insubordination or
failure to follow a lawful directive.

     

    (j)           “Code” means the Internal
Revenue Code of 1986, as amended from time to time.

     

    (k)           “Committee” means the
administrative committee designated by Alliance’s management from time to time
to administer the plan.

     

    (l)           “Company” means
AllianceBernstein and any corporation or other entity of which AllianceBernstein
or AllianceBernstein Holding L.P. (“Holding”) (i) has sufficient
voting power (not depending on the happening of a contingency) to elect at least
a majority of its board of directors or other governing body, as the case may
be, or (ii) otherwise has the power to direct or cause the direction of its
management and policies.

     

    (m)           “Deferral Election Form” means
the form(s) established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to elect to defer the distribution
of an Award, including Earnings thereon, pursuant to Article 5.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (n)           “Disability” means,

     

    (i)           unable to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period
of not less than 12 months, or 

     

    (ii)           by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to
last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than 3 months under an accident
and health plan covering employees of the Company.

     

    (o)           “Earnings” on any Account
during any period means the amounts of gain or loss that would have been
incurred with respect to such period if an amount equal to the balance of such
Account at the beginning of such period had been actually invested in accordance
with a Participant’s investment direction.

     

    (p)           “Eligible Employee” means, for
any calendar year commencing on and after January 1, 2005, an active employee of
a Company whom the Committee determines to be eligible for an
Award.  Notwithstanding the foregoing, no Eligible Employee whose
Total Compensation for a calendar year is less than such amount, if any, as
established by the Committee in writing shall be eligible to participate in the
ACSP Plan for that calendar year and any advance deferral election made by such
Eligible Employee is made on the condition that such Eligible Employee satisfies
the Total Compensation requirement and, if not, such deferral election shall be
null and void ab
initio.

     

    (q)           “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to
time.

     

    (r)           “Fair Market Value” means, with
respect to a Holding Unit as of any given date and except as otherwise expressly
provided by the Board or the Committee, the closing price of a Holding Unit on
such date as published in the Wall Street Journal or, if no sale of Holding
Units occurs on the New York Stock Exchange on such date, the closing price of a
Holding Unit on such Exchange on the last preceding day on which such sale
occurred as published in the Wall Street Journal.

     

    (s)           “Holding Units” means units
representing assignments of beneficial ownership of limited partnership
interests in Holding.

     

    (t)           “Investment Election Form”
means the form established from time to time by the Committee that a Participant
completes, signs and returns to the Committee to designate the percentage of
such Award to be treated as notionally invested in Restricted Units or Approved
Funds, pursuant to Section 2.02.

     

    (u)           “Participant” means any
Eligible Employee of any Company whose principal duties are to sell or market
the products or services of a Company, whose compensation is entirely or mostly
commission-based, and who has been designated by the Committee as a Participant
of the Plan.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    (v)           “Person” means any individual,
corporation, partnership, association, joint-stock company, trust,
unincorporated organization, government or political subdivision thereof or
other entity.

     

    (w)          “Plan” means the
AllianceBernstein Commission Substitution Plan, as set forth herein and as
amended from time to time.

     

    (x)           “Restricted Unit” means a right
to receive a Holding Unit in the future, as accounted for in an Account, subject
to vesting and any other terms and conditions established hereunder or by the
Committee.

     

    (y)           “Retirement” with respect to a
Participant means that the employment of the Participant with the Company has
terminated on or after the Participant’s attaining age 65.

     

    (z)           “Termination of Employment”
means that the Participant involved is no longer performing services as an
employee of any Company other than pursuant to a severance or special
termination arrangement, and has had a “separation
from service” within the meaning of Section 409A.

     

    (aa)         “Total Compensation” for a
calendar year means base salary paid during such calendar year, bonus paid for
such calendar year even if paid after the end of such calendar year or deferred,
commissions paid during such calendar year and the Award for such calendar
year.

     

    (bb)         “Unforeseeable Emergency” means
a severe financial hardship to a Participant or former Participant within the
meaning of Section 409A resulting from (i) an illness or accident of the
Participant or former Participant, the spouse of the Participant or former
Participant, or a dependent (as defined in Code
Section 152(a), without regard to Code
Sections 152(b)(1),(b)(2) and (d)(1)(B)) of the Participant or former
Participant, (ii) loss of property of the Participant or former Participant due
to casualty or (iii) other similar extraordinary and unforeseeable circumstances
arising as a result of events beyond the control of the Participant or former
Participant, all as determined in the sole discretion of the
Committee.

     

    (cc)         “Vesting Schedule” means the
“Default Vesting Schedule” or the “Alternative Vesting Schedule,” as applicable,
as provided for in Section 3.01.

     

     

    ARTICLE
2

    Participation

     

    Section
2.01.     Grant.  The
Committee shall have the authority to provide from time to time for the grant of
Awards to Participants.  The amount of any such Award and the identity
of any such Participant shall be designated by the Committee in its sole and
absolute discretion.  The total nominal amount of each Award will be
credited to an Account established for such Award for the relevant Participant,
as of the end of the calendar year for which the decision to grant such Award is
made (the “Effective
Date” for such Award).  An Award, including Earnings thereon,
vests in accordance with the terms of Article 3, and any such vested Award will
be subject to the rules on distributions and deferral elections under Articles 4
and 5, respectively.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    Section
2.02.     Investment
Elections.  Each Participant shall submit, in accordance with
deadlines and procedures established from time to time by the Committee, an
Investment Election Form with respect to each Award.  Such Investment
Election Form shall designate that percentage of such Participant’s Award which
shall be treated for purposes of the Plan as notionally invested in (i)
Restricted Units and (ii) each of the Approved Funds.  The Committee
in its sole discretion may, but shall not be obligated to, permit each
Participant to reallocate notional investments in each Account among Restricted
Units and the various Approved Funds or just among the Approved Funds, subject
to, without limitation, restrictions as to the frequency with which such
reallocations may be made.  The Committee may determine for each
calendar year a minimum percentage and a maximum percentage of each Award that
may be treated as notionally invested in Restricted Units and each Approved
Fund.  As soon as reasonably practicable after the end of each
calendar year, a statement shall be provided to each such Participant indicating
the current balance in each Account maintained for the Participant as of the end
of the calendar year, and the amounts in such Account notionally allocated to
Restricted Units and each of the Approved Funds.

     

    Section
2.03.     Earnings on an
Account.

     

    (a)           Each
Award for which an Investment Election Form has been validly submitted shall be
credited to a separate Account in the proportions set forth in such Investment
Election Form or as directed by the Committee.  The amount of such
Account shall be treated as notionally invested in Restricted Units or Approved
Funds, as applicable, as of a date determined by the Committee (the “Earnings Date”), which shall
be no later than forty-five days after the Effective
Date.  Notwithstanding Sections 2.04 and 2.05, Earnings will be
credited or debited, as applicable, beginning from the Earnings Date but will
not be credited or debited for any period prior to the Earnings
Date.

     

    (b)           Not
less frequently than as of the end of each calendar year following the year
during which an Account is established in connection with an Award, each Account
maintained under the Plan will be credited or debited, as applicable, with the
amount, if any, necessary to reflect Earnings as of that date.

     

    Section
2.04.     Awards Invested in Approved
Funds.

     

    (a)           To
the extent the Committee or an Investment Election Form validly directs the
notional investment of all or a part of any Award in Approved Funds, that
portion of such Award so designated shall, as of a date determined by the
Committee, be treated as notionally invested in such Approved
Funds.  If a cash dividend or other cash distribution is made with
respect to Approved Funds, as of a date determined and as calculated by the
Committee in its sole discretion, a Participant whose Account is notionally
invested in Approved Funds (whether vested or unvested) will have such notional
investment increased by an amount equal to the cash dividend or other cash
distribution that would have been due on the Account had there actually been an
investment in Approved Funds.  Such increase shall be proportionately
allocated by the Committee in its sole discretion between Approved Funds, as
applicable, and such increase shall be vested at all times.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (b)           To
the extent any Approved Fund is terminated, liquidated, merged with another fund
or experiences a major change in investment strategy or other extraordinary
event, the Committee may, if so authorized by the Board, in such manner as it
may in its sole discretion deem equitable, reallocate or otherwise adjust the
amount of any Account under this Article 2 to reflect the occurrence of such
event.

     

    Section
2.05.     Awards Invested in Restricted
Units.

     

    (a)           To
the extent the Committee or an Investment Election Form validly directs the
notional investment of all or part of any Award in Restricted Units, that
portion of such Award so designated shall, as of a date and based on a Fair
Market Value of a Holding Unit as determined by the Committee and pursuant to
procedures established by the Committee from time to time, be converted into a
whole number of Restricted Units.  From and after the date of such
conversion, that portion of an Award which has been validly made to notionally
invest in Restricted Units shall be denominated, and shall thereafter be treated
for all purposes as, a grant of that number of Restricted Units determined
pursuant to the preceding sentence.

     

    (b)           If
a cash dividend or other cash distribution is made with respect to Holding
Units, within 90 days thereafter, a distribution will be made to a
Participant whose Account is credited with Restricted Units (whether vested or
unvested) in an amount (the “Equivalent Distribution
Amount”) equal to the number of such Restricted Units credited to the
Participant’s Account, times the value of the cash dividend or other cash
distribution per Holding Unit; provided, however, if a
Participant defers distribution of his Award under Article 5, the Equivalent
Distribution Amount will be converted at such time or times and in accordance
with such procedures as shall be established by the Committee, into vested
Restricted Units based on the Fair Market Value of a Holding Unit as determined
by the Committee, and such converted benefit shall be distributed in accordance
with Section 4.03.

     

    (c)           Fractional
unit amounts remaining after conversion under this Section 2.05 may be used for
any purposes for the benefit of the Participant as determined by the Committee
in its sole discretion, including but not limited to the payment of taxes with
respect to an Award or deposit in the Approved Funds.

     

    (d)           In
the event that the Committee determines that 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 Holding, issuance of warrants or other rights to purchase limited
partnership interests or other securities of Holding, any incorporation of
Holding, or other similar transaction or events affects Holding Units such that
an adjustment is determined by the Committee to be appropriate in order to
prevent dilution or enlargement of the benefits or potential benefits intended
to be made available under the Plan, then the Committee may, if so authorized by
the Board, in such manner as it may deem equitable, adjust the number of
Restricted Units or securities of Holding (or number and kind of other
securities) subject to outstanding Awards, or, if deemed appropriate, make
provision for a cash payment to the holder of an outstanding
Award.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    ARTICLE
3

    Vesting
and Forfeitures

     

    Section
3.01.     General.  Subject
to Section 3.02, with respect to any Award credited to an Account maintained for
a Participant in connection with such Award, the Participant will vest, on each
of the first three anniversaries of the date on which the Award is credited to
the Account, in an amount equal to one-third of the relevant Award, plus an
aliquot portion of the Earnings thereon (the “Default Vesting
Schedule”).  Notwithstanding the foregoing, at the time of any
Award, the Committee may provide for an alternative vesting schedule rather than
the Default Vesting Schedule (the “Alternative Vesting
Schedule”).  If a Participant has a Termination of Employment
as a result of a termination for Cause or the Participant’s resignation for any
reason, the Participant shall forfeit the balance of any Account maintained for
him or her which has not been vested in accordance with the Default Vesting
Schedule or the Alternative Vesting Schedule, as the case may be (the “Vesting Schedule”) on the
effective date of the Participant’s Termination of Employment; provided, however, that, the
Committee may determine, in its sole discretion, and only if a Participant
executes a release of liability in favor of the Company in a form approved by
the Committee and satisfies such other conditions as established by the
Committee, that the Participant who has a termination for Cause or has resigned
for any reason will continue to vest in the balance of such Account following
such Termination of Employment at the same time(s) that such balance would have
otherwise vested under the Vesting Schedule.  For purposes of this
Plan, the “vesting” of a
Restricted Unit shall mean the lapsing of the restrictions thereon with respect
to such Restricted Unit.

     

    Section
3.02.     Death, Disability, Retirement or
Termination Without Cause.  Notwithstanding Section 3.01, a
Participant’s Account will become 100% vested upon the Participant’s Termination
of Employment due to death, Disability, Retirement or a termination without
Cause.

     

    

    ARTICLE
4

    Distributions

     

    Section
4.01.     General.  Subject
to Section 2.05(b), no Award will be distributed unless such distribution is
permitted under this Article 4.  The payment of the vested portion of
an Award, including Earnings thereon, shall be treated as drawn proportionately
from the investment alternative(s) in effect as of the relevant payment
date.  Any such payment shall be made in Holding Units to the extent
such payment is attributable to an Award notionally invested in Restricted
Units.  Any portion of an Award, including Earnings thereon, that is
not vested will not be distributed hereunder.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    Section
4.02.     Distributions If Deferral Election
Is Not In Effect.

     

    (a)           Unless
a Participant elects otherwise on a Deferral Election Form under Sections 5.01
or 5.02 (if such election is permitted by the Committee), a Participant who has
not had a Disability or a Termination of
Employment will have the vested portion of his Award, including Earnings
thereon, distributed to him annually in the form of a lump sum within 90 days after such portion vests under the
applicable Vesting Schedule of Section 3.01.

     

    (b)           Unless
a Participant elects otherwise on a Deferral Election Form under Sections 5.01
or 5.02 (if such election is permitted by the Committee), a Participant who has
had a Disability or a Termination of
Employment will have the balance of any vested Award not paid under Section
4.02(a), including Earnings thereon, distributed to him as follows:

     

    (i)           In
the event of a Participant’s Termination of Employment due to the Participant’s
death, such distribution will be made to the Participant’s Beneficiary in a
single lump sum payment in the calendar year in
which the 180th day anniversary of the death occurs. 

     

    (ii)           In the event of a Participant’s Disability, such
distribution will be made to the Participant in a single lump sum payment within
90 days following such Disability.

     

    (iii)           In
the event of a Participant’s Termination of Employment due to the Participant’s
Retirement or termination without Cause, such distribution will be made to the
Participant in a single lump sum payment within 90
days following the six month anniversary of any such Termination of
Employment.

     

    (iv)           In
the event that the Committee determines in its sole discretion under Section
3.01 that a Participant shall continue to vest following his Termination of
Employment, payments with respect to the Award, including Earnings thereon, will
be made within 90 days after each portion
vests; provided,
however, that such payments may not commence prior to the six month
anniversary of such Termination of Employment.

     

    Section
4.03.     Distributions If Deferral Election
Is In Effect.

     

    (a)           Subject
to Section 4.03, in the event that a deferral election is in effect with respect
to a Participant pursuant to Sections 5.01 or 5.02 and the Participant has not incurred a Disability but has a Termination
of Employment for any reason other than death, the vested portion of such
Participant’s Award, including Earnings thereon, will be distributed to him
within 90 days following the benefit
commencement date specified on such Deferral Election Form and in the form of
payment elected on such form.

     

    (b)           In
the event that a Deferral Election Form is in effect with respect to a
Participant pursuant to Sections 5.01 or 5.02 and such Participant subsequently
incurs a Disability or has a Termination of
Employment due to death, the elections made by such Participant on his Deferral
Election Form shall be disregarded, and the vested portion of such Participant’s
Award, including Earnings thereon, will be distributed to him or his Beneficiary,
as applicable, in a single lump sum payment within 90 days following the Participant’s Disability in
the case of Disability, or, in the case of death, in the calendar year in which
the 180th day anniversary of the death
occurs.

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    Section 4.04.   
Unforeseeable
Emergency.  Notwithstanding the foregoing to the contrary, if a
Participant or former Participant experiences an Unforeseeable Emergency, such
individual may petition the Committee to (i) suspend any deferrals under a
Deferral Election Form submitted by such individual and/or (ii) receive a
partial or full distribution of a vested Award, including Earnings thereon,
deferred by such individual.  The Committee shall determine, in its
sole discretion, whether to accept or deny such petition, and the amount to be
distributed, if any, with respect to such Unforeseeable Emergency; provided, however, that such
amount may not exceed the amount necessary to satisfy such Unforeseeable
Emergency plus amounts necessary to pay taxes reasonably anticipated as a result
of the distribution, after taking into account the extent to which such hardship
is or may be relieved through reimbursement or compensation by insurance or
otherwise, by liquidation of the
individual’s assets (to the extent the liquidation of such assets would not
itself cause severe financial hardship), and by
cessation of deferrals under the Plan.

     

    Section 4.05.    Documentation.  Each Participant and Beneficiary shall provide the
Committee with any documentation required by the Committee for purposes of
administering this Plan.

     

     

    ARTICLE
5

    Deferrals
of Compensation

     

    Section
5.01.    Initial Deferral
Election.  The Committee may permit deferral elections in its
sole and absolute discretion in accordance with procedures established by the
Committee for this purpose from time to time.  If so permitted, a
Participant may elect in writing on a Deferral Election Form to have the portion
of the Award which vests, including Earnings thereon, distributed as of a
distribution commencement date elected by the Participant that occurs following
the date that such Award becomes or is scheduled to become 100% vested under the
applicable Vesting Schedule, or, if earlier and so permitted by the Committee,
six months following such Participant’s Termination of
Employment.  Any such distribution shall be made in such form(s) as
permitted by the Committee at the time of deferral (including, if permitted by
the Committee, a single lump sum or substantially equal annual installments over
a period of up to ten years) as elected by the Participant.  If the
Participant has failed to properly elect a distribution commencement date, the
Participant will be deemed to have elected to have the Award distributed as the
Award vests, and if the Participant has failed to properly elect a method of
payment, the Participant will be deemed to have elected to have the Award
distributed in the form of a lump sum.  If deferrals are permitted by
the Committee, such Deferral Election Form must submitted to the Committee (or
its delegate) no later than the last day of the calendar year prior to the
Effective Date of an Award under Section 2.01, except that a Deferral Election
Form may also be submitted to the Committee (or its delegate) in accordance with
the following:

     

    (a)           In
the case of the first year in which a Participant becomes eligible to
participate in the Plan and with respect to services to be performed subsequent
to such deferral election, a Deferral Election Form may be submitted within 30
days after the date the Participant becomes eligible to participate in the
Plan.

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    (b)           With
respect to the deferral of an Award subject to Section 409A of the Code that
relates all or in part to services performed between January 1, 2005 and
December 31, 2005, a Deferral Election Form may be submitted by March 15,
2005.

     

    (c)           A
Deferral Election Form may be submitted at such other time or times as permitted
by the Committee in accordance with Section 409A of the Code.

     

    Section
5.02.    Changes in Time and Form of
Distribution.  The elections set forth in a Participant’s
Deferral Election Form governing the payment of the vested portion of an Award,
including Earnings thereon, pursuant to Section 5.01 shall be irrevocable as to
the Award covered by such election; provided, however, if
permitted by the Committee, a Participant shall be permitted to change the time
and form of distribution of such Award by making a subsequent election on a
Deferral Election Form supplied by the Committee for this purpose in accordance
with procedures established by the Committee from time to time, provided that
any such subsequent election does not take effect for at least 12 months, is
made at least 12 months prior to the scheduled distribution commencement date
for such Award and the subsequent election defers commencement of the
distribution for at least five years from the date such payment otherwise would
have been made.

     

     

    ARTICLE
6

    Administration;
Miscellaneous

     

    Section 6.01.     Administration of the
Plan.  The Plan is intended to be an unfunded, non-qualified
incentive plan and the ACSP Deferral Plan is intended to be an unfunded,
non-qualified deferred compensation plan within the meaning of ERISA and shall
be administered by the Committee as such.  The right of any
Participant or Beneficiary to receive distributions under the Plan shall be as
an unsecured claim against the general assets of
AllianceBernstein.  Notwithstanding the foregoing, AllianceBernstein,
in its sole discretion, may establish a “rabbi trust” to pay benefits
hereunder.  The Committee shall have the full power and authority to
administer and interpret the Plan and to take any and all actions in connection
with the Plan, including, but not limited to, the power and authority to
prescribe all applicable procedures, forms and agreements.  The
Committee’s interpretation and construction of the Plan, including its
computation of notional investment returns and Earnings, shall be conclusive and
binding on all Persons having an interest in the Plan.

     

    Section
6.02.     Amendment, Suspension and
Termination of the Plan.  The Committee reserves the right at
any time, without the consent of any Participant or Beneficiary and for any
reason, to amend, suspend or terminate the Plan in whole or in part in any
manner; provided that no such amendment, suspension or termination shall reduce
the balance in any Account prior to such amendment, suspension or termination or
impose additional conditions on the right to receive such balance, except as
required by law.

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    Section
6.03.     General
Provisions.

     

    (a)           To
the extent provided by the Committee, each Participant may file with the
Committee a written designation of one or more Persons, including a trust or the
Participant’s estate, as the Beneficiary entitled to receive, in the event of
the Participant’s death, any amount or property to which the Participant would
otherwise have been entitled under the Plan.  A Participant may, from
time to time, revoke or change his or her Beneficiary designation by filing a
new designation with the Committee. If (i)  no such Beneficiary
designation is in effect at the time of a Participant’s death, (ii) no
designated Beneficiary survives the Participant, or (iii) a designation on file
is not legally effective for any reason, then the Participant’s estate shall be
the Participant’s Beneficiary.

     

    (b)           Neither
the establishment of the Plan nor the grant of any Award or any action of any
Company, the Board, or the Committee pursuant to the Plan, shall be held or
construed to confer upon any Participant any legal right to be continued in the
employ of any Company.  Each Company expressly reserves the right to
discharge any Participant without liability to the Participant or any
Beneficiary, except as to any rights which may expressly be conferred upon the
Participant under the Plan.     

     

    (c)           An
Award hereunder shall not be treated as compensation, whether upon such Award’s
grant, vesting, payment or otherwise, for purposes of calculating or accruing a
benefit under any other employee benefit plan except as specifically provided by
such other employee benefit plan.

     

    (d)           Nothing
contained in the Plan, and no action taken pursuant to the Plan, shall create or
be construed to create a fiduciary relationship between any Company and any
other person.

     

    (e)           Neither
the establishment of the Plan nor the granting of an Award hereunder shall be
held or construed to create any rights to any compensation, including salary,
bonus or commissions, nor the right to any other Award or the levels thereof
under the Plan.

     

    (f)           No
Award nor right to receive any payment, including Restricted Units, under the
Plan may be transferred or assigned, pledged or otherwise encumbered by any
Participant or Beneficiary other than by will, by the applicable laws of descent
and distribution or by a court of competent jurisdiction.  Any other
attempted assignment or alienation of any payment hereunder shall be void and of
no force or effect.

     

    (g)           If
any provision of the Plan shall be held illegal or invalid, the illegality or
invalidity shall not affect the remaining provisions of the Plan, and the Plan
shall be construed and enforced as if the illegal or invalid provision had not
been included in the Plan.

     

    (h)           Any
notice to be given by the Committee under the Plan to any party shall be in
writing addressed to such party at the last address shown for the recipient on
the records of any Company or subsequently provided in writing to the
Committee.  Any notice to be given by a party to the Committee under
the Plan shall be in writing addressed to the Committee at the address of
AllianceBernstein.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    (i)           Section
headings herein are for convenience of reference only and shall not affect the
meaning of any provision of the Plan.

     

    (j)           The
provisions of the Plan shall be governed and construed in accordance with the
laws of the State of New York.

     

    (k)           There
shall be withheld from each payment made pursuant to the Plan any tax or other
charge required to be withheld therefrom pursuant to any federal, state or local
law.  A Company by whom a Participant is employed shall also be
entitled to withhold from any compensation payable to a Participant any tax
imposed by Section 3101 of the Code, or any successor provision, on any amount
credited to the Participant; provided, however, that if
for any reason the Company does not so withhold the entire amount of such tax on
a timely basis, the Participant shall be required to reimburse AllianceBernstein
for the amount of the tax not withheld promptly upon AllianceBernstein’s request
therefore.  With respect to Restricted Units: (i) in the event that
the Committee determines that any federal, state or local tax or any other
charge is required by law to be withheld with respect to the Restricted Units or
the vesting of Restricted Units (a “Withholding Amount”) then, in
the discretion of the Committee, either (X) prior to or contemporaneously with
the delivery of Holding Units to the recipient, the recipient shall pay the
Withholding Amount to AllianceBernstein in cash or in vested Holding Units
already owned by the recipient (which are not subject to a pledge or other
security interest), or a combination of cash and such Holding Units, having a
total fair market value, as determined by the Committee, equal to the
Withholding Amount; (Y) AllianceBernstein shall retain from any vested Holding
Units to be delivered to the recipient that number of Holding Units having a
fair market value, as determined by the Committee, equal to the Withholding
Amount (or such portion of the Withholding Amount that is not satisfied under
clause (X) as payment of the Withholding Amount; or (Z) if Holding Units are
delivered without the payment of the Withholding Amount pursuant to either
clause (X) or (Y), the recipient shall promptly pay the Withholding Amount to
AllianceBernstein on at least seven business days notice from the Committee
either in cash or in vested Holding Units owned by the recipient (which are not
subject to a pledge or other security interest), or a combination of cash and
such Holding Units, having a total fair market value, as determined by the
Committee, equal to the Withholding Amount, and (ii) in the event that the
recipient does not pay the Withholding Amount to AllianceBernstein as required
pursuant to clause (i) or make arrangements satisfactory to AllianceBernstein
regarding payment thereof, AllianceBernstein may withhold any unpaid portion
thereof from any amount otherwise due the recipient from
AllianceBernstein.

     

     

     12

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