Document:

AWARD AGREEMENT

AWARD AGREEMENT

FOR THE YEAR 2001 OFFERING

UNDER THE SCB DEFERRED COMPENSATION

AWARD PLAN

 

You

have been granted an Award under the SCB Deferred Compensation Award Plan (the

“Plan”) pursuant to the year 2001 offering under the Plan, as specified below:

 

	

  Participant (“you”):

  	

  Roger Hertog

  
	

   

  
	

  Amount of Award:

  	

  $

  	

  10,000,000

  
	

   

  
	

  Date of Grant:

  	

  Oct. 2, 2001

  
				

 

In

connection with your Award, you and Alliance Capital Management L.P. agree as

set forth in this agreement (the “Agreement”). 

The Plan provides a description of the terms and conditions governing

your Award.  If there is any

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

the Plan’s terms completely supersede and replace the conflicting terms of this

Agreement.  All capitalized terms have

the meanings given them in the Plan, unless specifically stated otherwise in

the Agreement.

 

1.             Award Denomination. Although your

Award is initially denominated in cash, it will be converted into Holding

Units, Money Market Shares or a combination thereof.  You may elect the percentage of your Award to be denominated in

Holding Units and Money Market Shares by timely completing and submitting a

year 2001 offering Investment Election Form. 

Your election will be subject to the approval of the Committee.  If you fail to make a timely election your

Award will be invested 100% into Money Market Shares, unless the Committee

determines otherwise, in its sole discretion.

 

2.             Vesting of Award. Your Award

shall vest with respect to one-third of the Holding Units and Money Market

Shares representing the Award as of each of the first, second and third

anniversary of the Date of Grant of your Award, provided that you remain in

the employ of the Company as of each such anniversary, except that your Award

will fully vest:

 

(a)           upon your death, Disability or

attainment of age 65 prior to your Termination of Employment; or

 

(b)           as of the date that the employment of

all Committee members (after having exhausted all replacements) has either been

(i) terminated involuntarily other than for Cause or (ii) terminated by such

Committee members for Good Reason.

 

1

 

3.             Forfeitures.   To the extent that any portion of your

Award is not vested as of, or in connection with, your Termination of

Employment, the Holding Units and Money Market Shares comprising the unvested

portion of your Award shall be forfeited.

 

4.             Distribution of Award. The Holding

Units and Money Market Shares under your Award will be distributed to you in

accordance with your year 2001 offering Distribution Election Form.  If you fail to submit a properly completed

year 2001 offering Distribution Election Form on a timely basis, the Holding

Units and Money Market Shares under your Award will be distributed in a lump

sum on or about the third anniversary of the Date of Grant of your Award,

unless the Committee determines otherwise, in its sole discretion.

 

5.             Beneficiary Designation. By completing

a Beneficiary Designation Form provided to you by the Company under the Plan,

you may select a beneficiary to receive your Award in the event of your

death.  If you have previously completed

a Beneficiary Designation Form under the Plan, your designation under that form

will apply with respect to this Award. 

If you do not submit a properly completed Beneficiary Designation Form

under the Plan, your Award will be distributed to your estate in the event of

your death.

 

6.             Tax Withholding.  As and when any federal, state or local tax

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

vesting of your Award, the payment of dividends or distributions on any Holding

Units and Money Market Shares under the Award and the distribution of such

Holding Units or Money Market Shares (a “Withholding Amount”), you agree

promptly to pay the Withholding Amount to the Company in cash.  You agree that if you do not pay the

Withholding Amount to the Company, the Company may withhold any unpaid portion

of the Withholding Amount from any amount otherwise due to you.  Notwithstanding the foregoing, the Company

may, in its sole discretion, establish and amend policies from time to time for

the satisfaction of Withholding Amounts by the deduction of a portion of the

Holding Units or Money Market Shares under your Award.

 

2

 

7.             Administration.  It is expressly understood that the

Committee is authorized to administer, construe, and make all determinations

necessary or appropriate to the administration of the Plan and this Agreement,

all of which shall be binding upon you. 

The Committee is under no obligation to treat you or your award

consistently with the treatment provided for other participants in the Plan.

 

8.             Miscellaneous.

 

(a)           This Agreement does not confer upon

you any right to continuation of employment by the Company, nor does this

Agreement interfere in any way with the Company’s right to terminate your

employment at any time.

 

(b)           This Agreement will be subject to all

applicable laws, rules, and regulations, and to such approvals by any

governmental agencies or national securities exchanges as may be required.

 

(c)           This Agreement will be governed by,

and construed in accordance with, the laws of the state of New York (without

regard to conflict of law provisions).

 

(d)           This Agreement and the Plan

constitute the entire understanding between you and the Company regarding this

award.  Any prior agreements,

commitments or negotiations concerning your Award are superseded.  This Agreement may be amended only by

another written agreement, signed by both parties.

 

BY SIGNING

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

PLAN.

 

IN

WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed

effective as of Oct. 2, 2001.

 

	

   

  	

  Alliance Capital

  Management L.P.

  
	

   

  	

  By: Alliance Capital

  Management 

  Corporation, General Partner

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

  Participant

  
	

   

  	

   

  
	

   

  	

   

  
	

   

  	

   /s/ Roger Hertog

  
	

   

  	

   Signature

  

 

3AWARD AGREEMENT

AWARD AGREEMENT

FOR THE YEAR 2001 OFFERING

UNDER THE SCB DEFERRED COMPENSATION AWARD PLAN

 

You have been granted an

Award under the SCB Deferred Compensation Award Plan (the “Plan”) pursuant to

the year 2001 offering under the Plan, as specified below:

 

	

  Participant (“you”):

  	

  Jerry Lieberman

  
	

   

  
	

  Amount of Award:

  	

  $

  	

  2,667,000

  
	

   

  
	

  Date of Grant:

  	

  Oct. 2, 2001

  
				

 

In connection with your

Award, you and Alliance Capital Management L.P. agree as set forth in this

agreement (the “Agreement”).  The Plan

provides a description of the terms and conditions governing your Award.  If there is any inconsistency between the

terms of this Agreement and the terms of the Plan, the Plan’s terms completely

supersede and replace the conflicting terms of this Agreement.  All capitalized terms have the meanings

given them in the Plan, unless specifically stated otherwise in the Agreement.

 

1.             Award Denomination. Although your Award is

initially denominated in cash, it will be converted into Holding Units, Money

Market Shares or a combination thereof. 

You may elect the percentage of your Award to be denominated in Holding

Units and Money Market Shares by timely completing and submitting a year 2001

offering Investment Election Form.  Your

election will be subject to the approval of the Committee.  If you fail to make a timely election your

Award will be invested 100% into Money Market Shares, unless the Committee

determines otherwise, in its sole discretion.

 

2.             Vesting of Award. Your Award shall vest

with respect to one-third of the Holding Units and Money Market Shares

representing the Award as of each of the first, second and third anniversary of

the Date of Grant of your Award, provided that you remain in the employ of

the Company as of each such anniversary, except that your Award will fully

vest:

 

(a)           upon your death, Disability or attainment of age 65 prior

to your Termination of Employment; or

 

(b)           as of the date that the employment of

all Committee members (after having exhausted all replacements) has either been

(i) terminated involuntarily other than for Cause or (ii) terminated by such

Committee members for Good Reason.

 

1

 

3.             Forfeitures.   To the extent that any portion of your Award is not vested as

of, or in connection with, your Termination of Employment, the Holding Units

and Money Market Shares comprising the unvested portion of your Award shall be

forfeited.

 

4.             Distribution

of Award. The Holding Units and Money Market Shares under

your Award will be distributed to you in accordance with your year 2001

offering Distribution Election Form.  If

you fail to submit a properly completed year 2001 offering Distribution

Election Form on a timely basis, the Holding Units and Money Market Shares under

your Award will be distributed in a lump sum on or about the third anniversary

of the Date of Grant of your Award, unless the Committee determines otherwise,

in its sole discretion.

 

5.             Beneficiary

Designation. By completing a Beneficiary Designation Form

provided to you by the Company under the Plan, you may select a beneficiary to

receive your Award in the event of your death. 

If you have previously completed a Beneficiary Designation Form under

the Plan, your designation under that form will apply with respect to this

Award.  If you do not submit a properly

completed Beneficiary Designation Form under the Plan, your Award will be

distributed to your estate in the event of your death.

 

6.             Tax

Withholding.  As and when

any federal, state or local tax or any other charge is required by law to be

withheld with respect to the vesting of your Award, the payment of dividends or

distributions on any Holding Units and Money Market Shares under the Award and

the distribution of such Holding Units or Money Market Shares (a “Withholding

Amount”), you agree promptly to pay the Withholding Amount to the Company in

cash.  You agree that if you do not pay

the Withholding Amount to the Company, the Company may withhold any unpaid

portion of the Withholding Amount from any amount otherwise due to you.  Notwithstanding the foregoing, the Company

may, in its sole discretion, establish and amend policies from time to time for

the satisfaction of Withholding Amounts by the deduction of a portion of the

Holding Units or Money Market Shares under your Award.

 

2

 

7.             Administration.  It is expressly understood that the

Committee is authorized to administer, construe, and make all determinations

necessary or appropriate to the administration of the Plan and this Agreement,

all of which shall be binding upon you. 

The Committee is under no obligation to treat you or your award

consistently with the treatment provided for other participants in the Plan.

 

8.             Miscellaneous.

 

(a)           This Agreement does not confer upon

you any right to continuation of employment by the Company, nor does this

Agreement interfere in any way with the Company’s right to terminate your

employment at any time.

 

(b)           This Agreement will be subject to all

applicable laws, rules, and regulations, and to such approvals by any

governmental agencies or national securities exchanges as may be required.

 

(c)           This Agreement will be governed by,

and construed in accordance with, the laws of the state of New York (without

regard to conflict of law provisions).

 

(d)           This Agreement and the Plan

constitute the entire understanding between you and the Company regarding this

award.  Any prior agreements,

commitments or negotiations concerning your Award are superseded.  This Agreement may be amended only by

another written agreement, signed by both parties.

 

BY SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND

CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.

 

IN WITNESS WHEREOF, the

parties hereto have caused this Agreement to be executed effective as of  Oct. 2, 2001.

 

	

   

  	

  Alliance Capital

  Management L.P.

  By: Alliance Capital Management 

  Corporation, General Partner

  
	

   

  	

   

  
	

   

  	

  Participant

  
	

   

  	

   

  
	

   

  	

   

  	

  /s/ Jerry Lieberman

  	

   

  
	

   

  	

   

  	

  Signature 

  

 

3

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