ALLIANCE CAPITAL MANAGEMENT HOLDING LP
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<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>j0172_ex10-5.htm
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<p align=center><a name=MergeParas><b><font size=3 face=Times>RESTRICTED
UNIT AWARD AGREEMENT</font></b></a></p>

<p align=center><b><font size=3>UNDER THE AMENDED AND RESTATED<br>
ALLIANCE PARTNERS COMPENSATION PLAN</font></b></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; You have been granted restricted Units under
the Amended and Restated Alliance Partners Compensation Plan (the &ldquo;Plan&rdquo;), as
specified below, in connection with your 2000 award under the Plan:</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>Participant (&ldquo;you&rdquo;):</font> <font>Robert
Joseph</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>Amount of Award (to be<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; converted to Restricted
Units):&nbsp;&nbsp; $500,000.00</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date of Grant:&nbsp;&nbsp;&nbsp; December 31, 2000</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>Vesting Commencement Date:&nbsp;&nbsp;&nbsp; January 31, 2001</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>In connection with your grant of
restricted Units, you, Alliance Capital Management Holding L.P. and Alliance
Capital Management L.P. (&ldquo;Alliance&rdquo;) agree as set forth in this agreement (the
&ldquo;Agreement&rdquo;).&nbsp; The Plan provides a
description of the terms and conditions governing restricted Units.&nbsp; If there is any inconsistency between the
terms of this Agreement and the terms of the Plan, the Plan&rsquo;s terms completely
supersede and replace the conflicting terms of this Agreement.&nbsp; All capitalized terms have the meanings
given them in the Plan, unless specifically stated otherwise in the
Agreement.&nbsp; The restricted Units granted
under this Agreement are referred to in the Agreement as the &ldquo;Restricted
Units.&rdquo;</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>1.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Restrictions</font></b><font>.&nbsp; Until restrictions lapse as described in
Paragraph 2, you may not sell, transfer, pledge or otherwise assign or dispose
of any Restricted Units.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>2.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Vesting of Restricted Units</font></b><font>. (a) Except as provided in Paragraph
2(b) below, restrictions will lapse with respect to the Restricted Units in
equal annual installments during the applicable Vesting Period (as defined
below), with restrictions as to the first such installment lapsing on the first
anniversary of the Vesting Commencement Date set forth above, and restrictions
as to the remaining installments lapsing on the subsequent anniversaries of the
Vesting Commencement Date, provided in each case that you are employed by a
Company on such anniversary.&nbsp; The
Vesting Period is as set forth in the following table, based on your age as of
December 31, 2000:</font></p>

<p><font size=3 face=Times>&nbsp;</font></p>

<PAGE>


<p><font size=3 face=Times>&nbsp;</font></p>

<div align=center>


<table border=0 cellspacing=0 cellpadding=0 width="52%">
 <tr>
  <td  align=center width=196 valign=top>
  <font size=3>Your
  Age <br>
  As of December 31, 2000</font>


  <hr size=2 width="95%" noshade color=black align=right>



  </td>

  <td  align=center width=204 valign=bottom>
  <font size=3>Vesting
  Period</font>


  <hr size=2 width="95%" noshade color=black align=right>



  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top>&nbsp;
  </td>

  <td  align=center width=204 valign=top>&nbsp;
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top bgcolor="#99ccff">
  <font size=3>Up to
  and including 47</font>
  </td>

  <td  align=center width=204 valign=top bgcolor="#99ccff">
  <font size=3>8
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top>
  <font size=3>48</font>
  </td>

  <td  align=center width=204 valign=top>
  <font size=3>7
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top bgcolor="#99ccff">
  <font size=3>49</font>
  </td>

  <td  align=center width=204 valign=top bgcolor="#99ccff">
  <font size=3>6
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top>
  <font size=3>50-57</font>
  </td>

  <td  align=center width=204 valign=top>
  <font size=3>5
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top bgcolor="#99ccff">
  <font size=3>58</font>
  </td>

  <td  align=center width=204 valign=top bgcolor="#99ccff">
  <font size=3>4
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top>
  <font size=3>59</font>
  </td>

  <td  align=center width=204 valign=top>
  <font size=3>3
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top bgcolor="#99ccff">
  <font size=3>60</font>
  </td>

  <td  align=center width=204 valign=top bgcolor="#99ccff">
  <font size=3>2
  years</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top>
  <font size=3>61</font>
  </td>

  <td  align=center width=204 valign=top>
  <font size=3>1 year</font>
  </td>

 </tr>
 <tr>
  <td  align=center width=196 valign=top bgcolor="#99ccff">
  <font size=3>62 or
  older</font>
  </td>

  <td  align=center width=204 valign=top bgcolor="#99ccff">
  <font size=3>Fully
  vested at grant</font>
  </td>

 </tr>
</TABLE>


</div>

<p><font size=3 face=Times>&nbsp;</font></p>

<dir>
<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>(b)&nbsp;
If your employment with the Companies terminates due to death or
Disability, restrictions on any remaining Restricted Units that you hold as of
the date of your termination shall immediately lapse.</font></p>
</dir>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>3.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Forfeitures</font></b><font>.&nbsp;&nbsp; If your employment with the Companies
terminates for reasons other than death or Disability, you will immediately
forfeit all of your rights and interests in any Restricted Units as to which
restrictions have not previously lapsed, unless the Committee determines, in
its sole discretion, to accelerate the vesting of those Restricted Units.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>4.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Unit Certificates.</font></b><font>&nbsp; Your Restricted Units will be held for you
by Alliance.&nbsp; After your Restricted
Units have vested, a certificate for those Units will be released to you.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>5.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Distributions.</font></b><font>&nbsp; Any distributions paid by Alliance Capital
Management Holding L. P. in connection with Restricted Units (whether or not
vested) will be paid directly to you.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>6.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Section 83(b) Election</font></b><font>.&nbsp; You agree not to make an election under
section 83(b) of the Code with respect to your Restricted Units unless, before
you file the election with the Internal Revenue Service, you (i) notify the
Committee of your intention to file the election, (ii) furnish the Committee
with a copy of the election to be filed and (iii) pay (or make satisfactory
arrangements for paying) the necessary tax withholding amount to Alliance in
accordance with Section 8.</font></p>

<PAGE>


<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>7.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Tax Withholding</font></b><font>.&nbsp; If 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, the vesting of Restricted Units,
or an election under Section 83(b) of the Code (a &ldquo;Withholding Amount&rdquo;) then,
in the discretion of the Committee, either (a) prior to or contemporaneously
with the delivery to you of Restricted Units, you agree to pay the Withholding
Amount to Alliance in cash or in vested Units that you already own (which are
not subject to a pledge or other security interest), or a combination of cash
and such Units, having a total fair market value equal to the Withholding
Amount; (b) Alliance Capital Management Holding L.P. will retain from any
vested Restricted Units to be delivered to you that number of Units having a
fair market value, as determined by the Committee, equal to the necessary
Withholding Amount; or (c) if Restricted Units are delivered without the
payment of the Withholding Amount under either clause (a) or (b) above, you
agree promptly to pay the Withholding Amount to Alliance on at least seven
business days notice from the Committee either in cash or in vested Units&nbsp; that you already own (which are not subject
to a pledge or other security interest), or a combination of cash and such
Units, having a total fair market value equal to the Withholding Amount.&nbsp; You agree that if you do not pay the
Withholding Amount to Alliance or make satisfactory payment arrangements as
described above, Alliance may withhold any unpaid portion of the Withholding
Amount from any amount otherwise due to you.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>8.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Adjustments in Authorized Units</font></b><font>.&nbsp;
In the event of a partnership restructuring, extraordinary distribution
or similar event, the Committee has the sole discretion to adjust the number of
Restricted Units in accordance with the Plan.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>9.</font></b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Administration</font></b><font>.&nbsp; 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.&nbsp;
The Committee is under no obligation to treat you or your award
consistently with the treatment provided for other participants in the Plan.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>10.</font></b>&nbsp;&nbsp;&nbsp;&nbsp; <b><font>Miscellaneous</font></b><font>.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>(a)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>This
Agreement does not confer upon you any right to continuation of employment by a
Company, nor does this Agreement interfere in any way with a Company&rsquo;s right to
terminate your employment at any time.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>(b)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>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.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>(c)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>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).</font></p>

<PAGE>


<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>(d)</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font>This
Agreement and the Plan constitute the entire understanding between you and the
Companies regarding this award.&nbsp; Any
prior agreements, commitments or negotiations concerning this award are
superseded.&nbsp; This Agreement may be
amended only by another written agreement, signed by both parties.</font></p>

<p><b><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></b><b><font>BY SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED
ABOVE AND IN THE PLAN.</font></b></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font>IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed effective as of December 31, 2000.</font></p>

<table border=0 cellspacing=0 cellpadding=0 width="95%">
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>
  <font size=3>Alliance Capital Management L.P.</font>
  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>
  <font size=3 face=Times>By: Alliance
  Capital Management Corporation, General Partner<br><br></font>
  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>&nbsp;
  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>
  <font   size=3>Participant<br><br></font>
  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>&nbsp;
  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>
  <font size=3>/s/ Robert Joseph</font>


  <hr size=2 width="95%" noshade color=black align=left>



  </td>

 </tr>
 <tr>
  <td width=383 valign=top>&nbsp;
  </td>

  <td width=342 valign=top>
  <font size=3>Robert Joseph</font>
  </td>

 </tr>
</TABLE>

<p><font size=3 face=Times>&nbsp;</font></p>



<p><font size=3 face=Times>&nbsp;</font></p>

<p><font size=3>&nbsp;</font></p>

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