ALLIANCE CAPITAL MANAGEMENT L P
EX-10.18
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<TYPE>EX-10.18
<SEQUENCE>20
<FILENAME>j3007_ex10d18.htm
<DESCRIPTION>EX-10.18
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<title>Section 1</title>



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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 30, 2001</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reba W. Williams</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Alliance Capital</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Management Corporation</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1345 Avenue of the Americas</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">New York, NY 10105</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Dear Reba,</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This letter sets forth the

terms of your agreement with Alliance Capital Management Corporation (the

&#147;Company&#148;) and Alliance Capital Management L.P. (the &#147;Partnership&#148;) relating to

your future role and responsibilities.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.&#160; <i><font style="font-style:italic;">Resignation</font></i>.&#160;

Effective as of May 1, 2001 (&#147;Effective Date&#148;), you shall resign as a

member of the Board of Directors (the &#147;Board&#148;) of the Company and as an

employee of the Partnership.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160; <i><font style="font-style:italic;">Position/Duties</font></i>.&#160; For

the period commencing on the Effective Date through December 31, 2003 (the

&#147;Term&#148;), you agree to serve as a consultant to the Partnership to advise on the

phasing-in of a photo and art collection, which shall gradually replace the

prints from your collection that are currently hanging in the offices of the

Partnership and its subsidiaries.&#160;

During the Term, you shall also continue to serve on the boards of directors

of The India Liberalisation Fund, The Spain Fund, The Austria Fund and The

Southern Africa Fund (collectively, the &#147;Funds&#148;), subject in all cases to the

election by the boards of directors and shareholders of the Funds as necessary.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.&#160; <i><font style="font-style:italic;">Compensation/Benefits/Expenses</font></i>. Commencing on the Effective

Date, the Partnership shall pay to you a guaranteed supplemental retirement

benefit in the amount of $180,000 per year for your life.&#160; For your services to the Funds, you shall be

compensated at one-half the director&#146;s fee payable to non-affiliated directors

of the Funds.&#160; In addition, during the

Term, to the extent that you are requested by the Partnership to meet with

clients and you agree to do so, then the Partnership shall compensate you at a

rate of $100 per hour and reimburse you for your reasonable expenses in

accordance with the Partnership&#146;s policies and procedures.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the Term, any travel

by you in connection with the performance of your duties hereunder or the

business of the Partnership or the Funds shall be on the same basis and manner

as travel by current members of the Executive Committee.&#160; In addition, during the Term, the

Partnership or the Funds, as the case may be, shall reimburse you for all

reasonable business&#150;related expenses that you incur in attending board

meetings in accordance with the Partnership&#146;s or the Fund&#146;s policies and

procedures.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>





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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As of the Effective Date,

your participation in and contributions to all welfare, non-qualified and

qualified plans of the Partnership and its affiliates shall cease.&#160; Your rights to a distribution, rollover,

form of payment or deferral regarding your account balances shall be determined

in accordance with terms and conditions of the respective plans.&#160; Notwithstanding the foregoing, if for any

reason you cease to receive spousal dental and medical coverage under benefits

provided to your husband by the Partnership, the Partnership shall provide you

with comparable dental and medical benefits for life.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.&#160; <i><font style="font-style:italic;">Office and Support Staff</font></i>.&#160;

During the Term, at the Partnership&#146;s expense, you shall be entitled to

use your current office, conference room and print storage area.&#160; During the Term, your current support staff

(which in your case includes Ms. Julie A. Perez, Executive Secretary, Mr. Robert

Siciliano, Executive Secretary and Art Registrar and Mr. Steve Diehl, art

installer (part-time employee)) (collectively, &#147;Administrative Staff&#148;) and such

additional part-time or temporary secretarial services as required in your

reasonable judgment and as approved by the Executive Committee, shall assist

you in the performance of your duties; <i><font style="font-style:italic;">provided, however</font></i>, Mr. Siciliano and Mr.

Diehl&#146;s employment may be terminated by the Partnership upon the Partnership&#146;s

complete return to you at a location in New York City of your print collection

currently housed at the Partnership&#146;s New York City offices.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the Term, should any

one of the Administrative Staff resign or should their employment otherwise be

terminated (and in the case of Mr. Siciliano or Mr. Diehl, prior to the

Partnership&#146;s complete return to you of your print collection), you shall be

entitled to hire a suitable replacement or replacements at comparable levels of

compensation and benefits in accordance with the Partnership&#146;s compensation and

benefits policies for Senior Executive Secretaries and Administrative

Assistants in effect at such time.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.&#160; <i><font style="font-style:italic;">Use of Facilities</font></i>.&#160;

During the Term, in addition to hosting events in connection with your

duties hereunder, you and your husband shall be entitled to sponsor events at

the Company&#146;s or the Partnership&#146;s facilities for your non-profit activities to

the extent that such facilities are available and such use does not conflict

with a Company or Partnership event or activity.&#160; The Partnership shall cover the costs, including refreshments and

staffing, of such events that you and your husband sponsor, subject to a

limitation in the aggregate amount of $100,000 per year.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>





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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.&#160; <i><font style="font-style:italic;">Nondisparagement</font></i>.&#160;

From the Effective Date through May 1, 2006, you shall not make any

statement, written or oral, that would disparage the Partnership and its

affiliates or the personal or professional reputation of any of the present or

former directors or senior executive officers of the Partnership and its

affiliates.&#160; From the Effective Date

through May 1, 2006, the Partnership agrees that it shall not make, and it

shall cause each of its senior executive officers and directors and each senior

executive officer and director of its affiliates not to make any communication,

whether written or oral, that would disparage you or your professional or

personal reputation.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the

foregoing, nothing in this Paragraph 8 shall prevent any person from (a)

responding publicly to incorrect, disparaging or derogatory public statements

to the extent reasonably necessary to correct or refute such public statements

or (b) making any truthful statement to the extent (x) necessary to enforce

this agreement or (y) comply with legal process required by applicable law or

by any court, arbitrator or administrative or legislative body (including any

committee thereof) with apparent jurisdiction to order such person to disclose

or make accessible such information.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">You acknowledge that the

provisions of this Paragraph are reasonable and necessary for the protection of

the Partnership and its affiliates and that the Partnership and its affiliates

will be irrevocably damaged if such provisions are not specifically enforced.&#160; Accordingly, you agree that a breach of any

of the provisions under this Paragraph will be deemed to be a material breach

of this agreement and will entitle the Partnership to terminate this agreement

and all further obligations it may have hereunder.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.&#160; <i><font style="font-style:italic;">Indemnification</font></i>.&#160; The

Partnership confirms that as a director of the Company, you are an &#147;Indemnified

Person&#148; until the Effective Date within the meaning of the Agreement of Limited

Partnership of the Partnership.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">During the Term, the

Partnership agrees to indemnify you and hold you and your respective heirs and

representatives harmless against any and all damages, costs, liabilities,

losses and expenses (including reasonable attorneys&#146; fees) as a result of any

claim or proceeding, or threatened claim or proceeding, against you that arises

out of the performance of your services hereunder as a consultant to the

Partnership and as a director of the Funds; <i><font style="font-style:italic;">provided that</font></i> any such claim or proceeding

is not attributable to any recklessness, deliberate misconduct or gross

negligence on your part.&#160; During the

Term, you shall also be covered by any directors&#146; and officers&#146; liability

policy maintained by any of the Funds so long as you continue to be a director

of that Fund.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The foregoing indemnity

shall not apply to claims by the Company against you that arise under the terms

of this agreement and nothing herein shall require indemnification for any

conduct occurring after the Term.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>





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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8. <i><font style="font-style:italic;">&#160;Entire Agreement; Dispute Resolution; Amendments; Governing Law</font></i>.&#160; Except as otherwise provided in the

agreement with your husband dated the same date as this agreement, this

agreement contains the entire understanding with respect to the subject matter

hereof, including the terms and conditions of your continued service with the

Company and the Partnership, and supersedes any and all prior agreements and

understandings, whether written or oral, between you, the Company, the

Partnership or any affiliate thereof, with respect to the subject matter

hereof.&#160; Any dispute arising out of, or

relating to, this agreement shall be resolved by binding arbitration, to be

held in the Borough of Manhattan in New York City, in accordance with the

Commercial Arbitration Rules of the American Arbitration Association.</font></p>



<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.&#160; <i><font style="font-style:italic;">Status as Independent Contractor; Withholding</font></i>.&#160; The parties agree that during the Term, you

shall be an independent contractor with respect to the Partnership, and shall

not be an agent or an employee of the Partnership.&#160; The payment of any amount hereunder shall be subject to such

withholding taxes or requirements, if any, as may apply from time to time to

independent contractors.&#160; You shall be

responsible for paying all applicable taxes arising under any payments hereunder.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>





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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This agreement may not be

altered, modified or amended except by written instrument signed by you, the

Company and the Partnership.&#160; This

agreement shall be governed by New York law, without reference to principles of

conflicts of law.</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sincerely,</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ALLIANCE CAPITAL MANAGEMENT L.P.</font></b></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="43%" style="border-collapse:collapse;width:43.36%;">

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  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.64%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="84%" valign="top" style="padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ALLIANCE CAPITAL

  MANAGEMENT</font></p>

  </td>

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  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

  </td>

  <td width="84%" valign="top" style="padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CORPORATION, its General

  Partner</font></p>

  </td>

 </tr>

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  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

  </td>

  <td width="84%" valign="top" style="padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

  </td>

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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>

  </td>

  <td width="84%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Bruce W. Calvert</font></p>

  </td>

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  <td width="15%" valign="top" style="padding:0in .7pt 0in .7pt;width:15.64%;">

  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

  </td>

  <td width="84%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bruce W. Calvert</font></p>

  </td>

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  <p style="font-size:1.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

  </td>

  <td width="84%" valign="top" style="padding:0in .7pt 0in .7pt;width:84.36%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chief Executive Officer</font></p>

  </td>

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<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">AGREED TO AND ACCEPTED BY</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>



<table border="0" cellspacing="0" cellpadding="0" width="43%" style="border-collapse:collapse;width:43.36%;">

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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Reba W. Williams</font></p>

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  <td width="100%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:100.0%;">

  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Reba W. Williams</font></p>

  </td>

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  <p style="font-size:12.0pt;margin:0in 0in .0001pt;page-break-after:avoid;">&nbsp;</p>

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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">April 30, 2001</font></p>

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  <p style="margin:0in 0in .0001pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date</font></p>

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