SEC Contract Filing

Filing Date: 2021-05-04

Document Content:
<DOCUMENT>
<TYPE>EX-10.01
<SEQUENCE>2
<FILENAME>lcagreement.htm
<DESCRIPTION>EX-10.01 LC AGREEMENT
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head>
<!-- Document created using Wdesk -->
<!-- Copyright 2021 Workiva -->
<title>Document</title></head><body><div id="iee940f41f4ed4a849b6ced92bbe9fba9_33"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">May 3, 2021</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Laurence Cranch</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Nashville, TN </font></div><div><font><br></font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Dear Laurence&#58;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This letter (the &#8220;Agreement&#8221;) sets forth the terms of your agreement with AllianceBernstein Corporation (the &#34;Company&#34;) and AllianceBernstein L.P. (the &#34;Partnership&#34;).</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1.&#160;&#160;&#160;&#160;Effective as of December 31, 2021 (the &#34;Retirement Date&#34;), your employment as an officer of the Company and as an employee of the Partnership will terminate. You will continue to work full-time until December 31, 2021 in your current position as Chief Legal Officer, reporting to Kate Burke. You have provided written notice to the Partnership of your intent to retire from employment with the Partnership effective December 31, 2021.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.&#160;&#160;&#160;&#160;Payments&#47;Benefits. (a) Until the Retirement Date and continuing for a period of 26 weeks thereafter, your base salary shall continue to be paid, through the regular payroll on regular payroll dates, at the rate of $400,000, less applicable tax withholdings and other payroll deductions. In addition, for year-end 2021, you shall be awarded total year-end compensation of no less than your 2020 total year-end incentive compensation award (the &#34;Incentive Compensation&#34;). The Incentive Compensation will be allocated in accordance with the cash&#47;deferred formulas the firm uses as a whole. The deferred portion of the Incentive Compensation shall be awarded pursuant to the terms and conditions of the Incentive Compensation Award Program (''ICAP&#34;) provided you execute an ICAP Award Agreement (the &#34;ICAP Agreement&#34;). The cash portion of the Incentive Compensation, less applicable tax withholdings and other payroll deductions, shall be paid to you in the Company's second payroll in December of 2021. Payment and delivery, as applicable, of the Incentive Compensation shall be subject to you complying with the terms of (a) this Agreement and (b) your award agreements under ICAP. In addition, subject to you complying with the terms of this Agreement, on December 31, 2021, you shall vest in a pro rata portion of the limited partnership units in AllianceBernstein Holding L.P. (&#8220;Restricted Units&#8221;) awarded pursuant to your letter agreement dated April 24, 2018 (the &#8220;2018 Award&#8221;), which pro rata portion, based on your service through December 31, 2021, equals 121,569 Restricted Units. Pursuant to your previous election, the units in respect of such vested portion of the Restricted Units will be delivered on December 31, 2027. The Compensation Committee has determined pursuant to the 2017 Plan (as that term is hereinafter defined) (i) to accelerate vesting of the Restricted Units in accordance with the provisions for acceleration for termination without Cause set forth in the 2018 Award, and (ii) that your previous election to defer payment of the Restricted Units until December 231, 2027 (which was authorized by the Compensation Committee), complied with the requirements of the 2017 Plan. The </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Company and the Partnership hereby confirm all performance requirements set forth in the 2018 Award have been satisfied.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">(b)&#160;&#160;&#160;&#160;As of the Retirement Date, your participation in and contributions to all welfare, non-qualified and qualified plans of the Partnership and its affiliates, including, but not limited to, the AllianceBernstein Partners Compensation Plan, ICAP, the 2017 Long Term Incentive Plan (the &#34;2017 Plan&#34;), the 2010 Long Term Incentive Plan (the &#34;2010 Plan&#34;), the Profit Sharing Plan for Employees of AllianceBernstein L.P. (the &#34;Profit Sharing Plan&#34;) and the Retirement Plan for Employees of AllianceBernstein L.P. ( the &#34;Retirement Plan&#34;), shall cease, and your rights to a distribution, rollover, form of payment, and exercise or deferral regarding your account balances shall be determined in accordance with the terms and conditions of the respective plans and associated agreements. For the avoidance o