ALLIANCE CAPITAL MANAGEMENT HOLDING LP
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>9
<FILENAME>j0172_ex10-7.htm
<TEXT>

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<TITLE>Prepared by MerrillDirect</TITLE>

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

<p align=center><b><font size=3>ALLIANCE CAPITAL MANAGEMENT L.P.<br>
UNIT OPTION PLAN AGREEMENT</font></b></p>

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

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGREEMENT, dated December 11, 2000 between
Alliance Capital Management L.P. (the &quot;Partnership&quot;), Alliance
Capital Management Holding L.P. (&ldquo;Alliance Holding&rdquo;) and Robert H. Joseph, Jr.
(the &quot;Participant&quot;), an employee of the Partnership or a subsidiary
of the Partnership (an &quot;Employee Participant&quot;).</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The 1997 Option Committee (the
&quot;Administrator&quot;) of the Board of the Board of Directors (the &ldquo;Board&rdquo;)
of Alliance Capital Management Corporation, the general partner of the
Partnership and Alliance Holding, pursuant to the Alliance Capital Management
L.P. 1997 Long Term Incentive Plan, a copy of which has been delivered to the
Participant (the &quot;Plan&quot;), has granted to the Participant an option to
purchase units representing assignments of benefi&shy;cial ownership of limited
partnership interests in Alliance Holding(the &quot;Units&quot;) as hereinafter set
forth, and authorized the execution and delivery of this Agreement.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In
accordance with that grant, and as a condition thereto, the Partnership,
Alliance Holding and the Participant agree as follows:</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Grant
of Option</u>.&nbsp; Subject to and under the
terms and conditions set forth in this Agreement and the Plan, the Participant
is the owner of an option (the &quot;Option&quot;) to purchase the number of
Units set forth in Section 1 of Exhibit A attached hereto at the per Unit price
set forth in Section 2 of Exhibit A.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term
and Exercise Schedule</u>.&nbsp; This Option
shall not be exercisable to any extent prior to December 11, 2001 or after
December 11, 2010 (the &quot;Expiration Date&quot;).&nbsp; Subject to the terms and condi&shy;tions of this Agreement and the
Plan, the Participant shall be entitled to exercise the Option prior to the
Expiration Date and to purchase Units hereunder in accordance with the schedule
set forth in Section 3 of Exhibit A.</font></p>

<p><font size=3 face=Times>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
right to exercise this Option shall be cumulative so that to the extent this
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 Date and any Units subject to this Option which
have not then been purchased may not, thereafter, be pur&shy;chased hereunder.&nbsp; A Unit shall be considered to have been
purchased on or before the Expiration Date if notice of the purchase has been
given and payment therefor has actually been received pursuant to Sections 3
and 13, on or before the Expiration Date.</font></p>

<PAGE>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=3>3.</font><font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notice of Exercise, Payment and
Certificate</u>.&nbsp; Exercise of this
Option, in whole or in part, shall be by delivery of a written notice to the
Partnership and Alliance Holding pursuant to Section 14 which specifies the
number of Units being purchased and is accompanied by payment therefor in
cash.&nbsp; Promptly after receipt of such
notice and purchase price, the Partnership and Alliance Holding shall deliver
to the person exercising the Option a certificate for the number of Units
purchased.&nbsp; Units to be issued upon the
exercise of this Option may be either authorized and unissued Units or Units
which have been reacquired by the Partnership, a subsidiary of the Partnership,
Alliance Holding or a subsidiary of Alliance Holding.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination
of Employment</u>.&nbsp; This Option may be
exer&shy;cised by an Employee Participant only while the Employee Participant is
employed full-time by the Partnership, except as follows:</font></p>

<dir>
<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Disability</u>.&nbsp; If the Employee Participant's employment
with the Partnership terminates because of Disability, the Employee Participant
(or his personal representative) shall have the right to exercise this Option,
to the extent that the Employee Participant was entitled to do so on the date
of termination of his employ&shy;ment, for a period which ends not later than the
earlier of (i) three months after such termination, and (ii) the Expi&shy;ration
Date. &quot;Disability&quot; shall mean a determination by the Administrator
that the Employee Participant is physically or mentally incapacitated and has
been unable for a period of six con&shy;secutive months to perform the duties for
which he was responsible immediately before the onset of his incapacity.&nbsp; In order to assist the Administrator in
making a determina&shy;tion as to the Disability of the Employee Participant for
purposes of this paragraph (a), the Employee Participant shall, as reasonably
re&shy;quested by the Administrator, (A) make himself available for medical
examinations by one or more physicians chosen by the Administrator and approved
by the Employee Participant, whose approval shall not unreasonably be withheld,
and (B) grant the Admin&shy;istrator and any such physicians access to all relevant
medical information concerning him, arrange to furnish copies of medical
records to them, and use his best efforts to cause his own physicians to be
available to discuss his health with them.</font></p>
</dir>

<dir>
<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Death</u>.&nbsp; If the Employee Participant dies (i) while in the employ of the
Partnership, or (ii) within one month after termination of his employment with
the Partnership because of Disability (as determined in accordance with
paragraph (a) above), or (iii) within one month after the Partnership
terminates his employment for any reason other than for Cause (as determined in
accordance with paragraph (c) be&shy;low), this Option may be exercised, to the
extent that the Employee Participant was entitled to do so on the date of his
death, by the person or persons to whom the Option shall have been transferred
by will or by the laws of descent and distribu&shy;tion, for a period which ends
not later than the earlier of (A) six months from the date of the Employee
Participant's death, and (B) the Expiration Date.</font></p>
</dir>

<dir>
<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <PAGE>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Termination</u>.&nbsp; If the Partnership terminates the Employee
Participant's employment for any reason other than death, Disability or for
Cause, the Employee Participant shall have the right to exercise this Option,
to the extent that he was entitled to do so on the date of the termination of
his employment, for a period which ends not later than the earlier of (i) three
months after such termination, and (ii) the Expiration Date.&nbsp; &quot;Cause&quot; shall mean (A) the
Employee Participant's continuing willful failure to perform his duties as an
employee (other than as a result of his total or partial incapacity due to
physical or mental illness), (B) gross negligence or malfeasance in the
performance of the Employee Participant's duties, (c) a finding by a court or
other governmental body with proper jurisdiction that an act or acts by the
Employee Participant constitutes (1) a felony under the&nbsp; laws of the United States or any state
thereof (or, if the Employee Participant's place of employment is outside of
the United States, a serious crime under the laws of the foreign jurisdiction
where he is employed, which crime if committed in the United States would be a
felony under the laws of the United States or the laws of New York), or (2) a violation
of federal or state securities law (or, if the Employee Participant's place of
employment is outside of the United States, of federal, state or foreign
securities law) by reason of which finding of violation described in this
clause (2) the Board determines in good faith that the continued employment of
the Employee Participant by the Partnership would be seriously detrimental to
the Partnership and its business, (D) in the absence of such a finding by a
court or other governmental body with proper jurisdiction, such a determination
in good faith by the Board by reason of such act or acts constituting such a
felony, serious crime or violation, or (E) any breach by the Employee
Participant of any obliga&shy;tion of confidentiality or non-competition to the
Partnership.</font></p>
</dir>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of this Agreement, employment by
a subsidiary of the Partnership shall be deemed to be employment by the
Partnership.&nbsp; A &quot;subsidiary&quot;
of the Partnership shall be any corporation or other entity of which the
Partnership and/or its subsidiaries (a) have sufficient voting power (not
depending on the happening of a contingency) to elect at least a majority of
its board of directors, or (b) otherwise have the power to direct or cause the
direction of its management and policies.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No
Right to Continued Employment</u>.&nbsp; This
Option shall not confer upon the Participant any right to continue in the
employ of the Partnership or any subsidiary of the Partnership or to be
retained as a Director, and shall not interfere in any way with the right of
the Partnership to terminate the service of the Participant at any time for any
reason.</font></p>

<PAGE>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=3>6.</font><font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Transferability</u>.&nbsp; This Option is not transferable other than
by will or the laws of descent and distribution and, except as otherwise
provided in Section 4, during the lifetime of the Participant this Option is
exercisable only by the Participant; except that a Participant may transfer
this Option, without consideration, subject to such rules as the Committee may
adopt to preserve the purposes of the Plan (including limiting such transfers
to transfers by Participants who are senior executives), to a trust solely for
the benefit of the Participant and the Participant's spouse, children or
grandchildren (including adopted and stepchildren and grandchildren) (each a
&quot;Permitted Transferee&quot;).</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Payment
of Withholding Tax</u>.&nbsp; (a) In the
event that the Partnership or Alliance Holding determines that any federal,
state or local tax or any other charge is required by law to be withheld with
respect to the exercise of this Option, the Participant shall promptly pay to
the Partnership, a subsidiary specified by the Partnership or Alliance Holding,
on at least seven business days' notice, an amount equal to such withholding
tax or charge or (b) if the Participant does not promptly so pay the entire
amount of such withholding tax or charge in accordance with such notice, or
make arrangements satisfactory to the Partnership and Alliance Holding
regarding payment thereof, the Partnership or any subsidiary of the Partnership
may withhold the remaining amount thereof from any amount due the Participant
from the Partnership or the subsidiary.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Dilution
and Other Adjustments</u>.&nbsp; The
existence of this Option shall not impair the right of the Partnership or
Alliance Holding or their respective partners to, among other things, conduct,
make or effect any change in the Partnership's or Alliance Holding&rsquo;s business,
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 Alliance
Holding, issuance of warrants or other rights to purchase limited partnership
interests or other securities of the Partnership or Alliance Holding, or any
incorporation of the Partnership or Alliance Holding.&nbsp; In the event of such a change in the partnership interests of the
Partnership or Alliance Holding, the Board shall make such adjustments to this
Option, including the purchase price specified in Section 1, as it deems
appropriate and equitable.&nbsp; In the event
of incorpo&shy;ra&shy;tion of the Partnership or Alliance Holding, the Board shall make
such arrangements as it deems appropriate and equitable with respect to this
Option for the Participant to purchase stock in the resulting corporation in
place of the Units subject to this Option.&nbsp;
Any such adjust&shy;ment or arrangement may provide for the elimination of
any fractional Unit or shares of stock which might otherwise become subject to
this Option.&nbsp; Any decision by the Board
under this Section shall be final and binding upon the Participant.</font></p>

<PAGE>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=3>9.</font><font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rights as an Owner of a Unit</u>.&nbsp; The Participant (or a transferee of this
Option pursuant to Sections 4 and 6) shall have no rights as an owner of a Unit
with respect to any Unit covered by this Option until he becomes the holder of
record of such Unit, which shall be deemed to occur at the time that notice of
pur&shy;chase is given and payment in full is received under Section 3 and 13.&nbsp; By such actions, the Participant (or such
transferee) shall be deemed to have consented to, and agreed to be bound by,
all other terms, conditions, rights and obligations set forth in the then
current Amended and Restated Agreement of Limited Partnership of Alliance
Holding, and the thencurrent Amended and Restated Agreement of
Limited Partnership of the Partnership.&nbsp;
Except as provided in Section 9, no adjustment shall be made with
respect to any Unit for any distribution for which the record date is prior to
the date on which the Participant becomes the holder of record of the Unit,
regardless of whether the distribution is ordinary or extraordinary, in cash,
securities or other property, or of any other rights.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Administrator</u>.&nbsp; If at any time there shall be no 1997 Option
Committee of the Board, the Board shall be the Administrator.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing
Law</u>.&nbsp; This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.&nbsp;&nbsp;&nbsp;&nbsp; <u>Interpretation</u>.&nbsp; The Participant accepts this Option subject
to all the terms and provisions of the Plan, which shall control in the event
of any conflict between any provision of the Plan and this Agreement, and
accepts as binding, conclusive and final all decisions or interpretations of
the Board or the Administrator upon any questions arising under the Plan and/or
this Agreement.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>.&nbsp; Any notice under this Agreement shall be in
writing and shall be deemed to have been duly given when deliv&shy;ered personally
or when deposited in the United States mail, registered, postage prepaid, and
addressed, in the case of the Partnership, to the Secretary of Alliance Capital
Management Corporation at 1345 Avenue of the Americas, New York, New York&nbsp; 10105, or if the Partnership should move its
principal office, to such principal office, in the case of Alliance Holding, to
the Secretary of Alliance Capital Management Corporation at 1345 Avenue of the
Americas, New York, New York 10105, or if Alliance Holding should move its
principal office, to such principal office, and, in the case of the
Participant, to his last permanent address as shown on the Partnership's
records, subject to the right of either party to designate some other address
at any time hereafter in a notice satisfying the requirements of this Section.</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Sections and Headings</u>.&nbsp; All section references in this Agreement are
to sections hereof for convenience of reference only and are not to affect the
meaning of any provision of this Agreement.</font></p>

<PAGE>


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

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=432 colspan=2 valign=top>
  <font size=3>ALLIANCE CAPITAL MANAGEMENT L.P.</font>
  </td>
  <td width=71 colspan=2 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=432 colspan=2 valign=top>&nbsp;
  </td>
  <td width=71 colspan=2 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>
  <font size=3>By:</font>
  </td>
  <td width=398 colspan=2 valign=top>
  <font size=3>Alliance Capital Management</font>
  </td>
  <td width=70 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>&nbsp;
  </td>
  <td width=398 colspan=2 valign=top>
  <font size=3>Corporation, its General Partner</font>
  </td>
  <td width=70 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=432 colspan=2 valign=top>&nbsp;
  </td>
  <td width=71 colspan=2 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>
  <font size=3>By:</font>
  </td>
  <td width=398 colspan=2 valign=top>
  <font size=3>/s/ John D. Carifa</font>
  <font size=3>
  <hr size=2 width="95%" noshade color=black align=left>
  </font>
  </td>
  <td width=70 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>&nbsp;
  </td>
  <td width=398 colspan=2 valign=top>
  <font size=3>John D. Carifa</font>
  </td>
  <td width=70 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>&nbsp;
  </td>
  <td width=398 colspan=2 valign=top>
  <font size=3   face=Times>President</font>
  </td>
  <td width=70 valign=top>&nbsp;
  </td>
 </tr>

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</TABLE>

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

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=432 colspan=2 valign=top>

<font size=3>ALLIANCE CAPITAL MANAGEMENT HOLDING L.P.</font>

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=432 colspan=2 valign=top>&nbsp;

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>

<font size=3>By:</font>

  </td>
  <td width=396 valign=top>

<font size=3>Alliance Capital Management</font>

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr height=13>
  <td width=479 height=13 valign=top>&nbsp;

  </td>
  <td width=36 height=13 valign=top>&nbsp;

  </td>
  <td width=396 height=13 valign=top>

<font size=3>Corporation, its General Partner</font>

  </td>
  <td width=71 colspan=2 height=13 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>&nbsp;
  </td>
  <td width=396 valign=top>&nbsp;
  </td>
  <td width=71 colspan=2 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>

<font size=3>By:</font>

  </td>
  <td width=396 valign=top>

<font size=3>/s/ John D. Carifa</font>

  <font size=3>
  <hr size=2 width="95%" noshade color=black align=left>
  </font>

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>&nbsp;

  </td>
  <td width=396 valign=top>

<font size=3>John D. Carifa</font>

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>&nbsp;

  </td>
  <td width=396 valign=top>

<font size=3>President</font>

  </td>
  <td width=71 colspan=2 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;
  </td>
  <td width=432 colspan=2 valign=top>&nbsp;
  </td>
  <td width=71 colspan=2 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>&nbsp;

  </td>
  <td width=398 colspan=2 valign=top>

<font size=3>/s/ Robert H. Joseph, Jr.</font>

  <font size=3>
  <hr size=2 width="95%" noshade color=black align=left>
  </font>

  </td>
  <td width=69 valign=top>&nbsp;

  </td>
 </tr>
 <tr>
  <td width=479 valign=top>&nbsp;

  </td>
  <td width=36 valign=top>&nbsp;

  </td>
  <td width=398 colspan=2 valign=top>

<font size=3>Robert H. Joseph, Jr.</font>

  </td>
  <td width=69 valign=top>&nbsp;

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



<PAGE>




<p align=center><b><font size=3>EXHIBIT A To Unit Option Plan Agreement Dated
December 11, 2000<br>
between Alliance Capital Management L.P.,<br>
Alliance Capital Management Holding L.P. and Robert H. Joseph, Jr.</font></b></p>

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

<table border=0 cellspacing=0 cellpadding=0 width="100%">
 <tr>
  <td width=53 valign=top>
  <font size=3>1.</font>
  </td>
  <td width=930 colspan=5 valign=top>
  <font size=3>The number of Units that the Participant is
  entitled to purchase pursuant to the Option granted under this Agreement is
  15,000.</font>
  </td>
 </tr>
 <tr>
  <td width=53 valign=top>&nbsp;
  </td>
  <td width=930 colspan=5 valign=top>&nbsp;
  </td>
 </tr>
 <tr height=34>
  <td width=53 height=34 valign=top>
  <font size=3>2.</font>
  </td>
  <td width=930 colspan=5 height=34 valign=top>
  <font size=3>The per Unit price to purchase Units
  pursuant to the Option granted under this Agreement is $53.75 per Unit.<br><br></font>
  </td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>
  <font size=3>3.</font>
  </td>
  <td width=929 colspan=4 valign=top>
  <font size=3>Percentage of Units With Respect to</font>
  </td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=929 colspan=4 valign=top>
  <font size=3>Which the Option First Becomes</font>
  </td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=929 colspan=4 valign=top>
  <font size=3   face=Times>Exercisable on the Date Indicated </font>
  <font size=3>
  <hr size=2 width="25%" noshade color=black align=left>
  </font>

  </td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=36 valign=top bgcolor="#99ccff">
  <font size=3>1.</font>
  </td>
  <td width=150 valign=top bgcolor="#99ccff">
  <font size=3>December 11, 2001</font>
  </td>
  <td width=48 valign=top bgcolor="#99ccff">
  <font size=3>20%</font>
  </td>
  <td   width=696>&nbsp;</td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>
  <font size=3>2.</font>
  </td>
  <td width=150 valign=top>
  <font size=3>December 11, 2002</font>
  </td>
  <td width=48 valign=top>
  <font size=3>20%</font>
  </td>
  <td   width=696>&nbsp;</td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=36 valign=top bgcolor="#99ccff">
  <font size=3>3.</font>
  </td>
  <td width=150 valign=top bgcolor="#99ccff">
  <font size=3>December 11, 2003</font>
  </td>
  <td width=48 valign=top bgcolor="#99ccff">
  <font size=3>20%</font>
  </td>
  <td   width=696>&nbsp;</td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=36 valign=top>
  <font size=3>4.</font>
  </td>
  <td width=150 valign=top>
  <font size=3>December 11, 2004</font>
  </td>
  <td width=48 valign=top>
  <font size=3>20%</font>
  </td>
  <td   width=696>&nbsp;</td>
 </tr>
 <tr>
  <td width=53 colspan=2 valign=top>&nbsp;
  </td>
  <td width=36 valign=top bgcolor="#99ccff">
  <font size=3>5.</font>
  </td>
  <td width=150 valign=top bgcolor="#99ccff">
  <font size=3>December 11, 2005</font>
  </td>
  <td width=48 valign=top bgcolor="#99ccff">
  <font size=3>20%</font>
  </td>
  <td   width=696>&nbsp;</td>
 </tr>

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<h2><i><font size=1>&nbsp;</font></i></h2>



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