ALLIANCE CAPITAL MANAGEMENT L P
EX-10.1
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<P ALIGN="RIGHT"><FONT SIZE=2><A
NAME="mm1067_exhibit_10.1"> </A>
<A NAME="toc_mm1067_1"> </A>
<BR></FONT><FONT SIZE=2><B>Exhibit 10.1    <BR>    </B></FONT></P>

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NAME="mm1067_award_agreement_under_the_amen__awa03274"> </A>
<A NAME="toc_mm1067_2"> </A>
<BR></FONT><FONT SIZE=2><B>AWARD AGREEMENT<BR>  <BR>    UNDER THE AMENDED AND RESTATED<BR>  ALLIANCE PARTNERS COMPENSATION PLAN    <BR>    </B></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You have been granted an award under the Amended and Restated Alliance Partners Compensation Plan (the "Plan"), as specified below: </FONT></P>

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<TD WIDTH="25%"><FONT SIZE=2>Participant:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="73%"><FONT SIZE=2>Name of Employee</FONT></TD>
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<TD WIDTH="25%"><BR><FONT SIZE=2>Amount of Award:</FONT></TD>
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Dollars Awarded</FONT></TD>
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<TD WIDTH="25%"><BR><FONT SIZE=2>Date of Grant:</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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December&nbsp;31, 2003</FONT></TD>
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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with your award (the "Award"), you, Alliance Capital Management Holding L.P. ("Holding") and Alliance Capital Management L.P. ("Alliance") agree as set forth in this
agreement (the "Agreement"). The Plan provides a description of the terms and conditions governing the 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
will be asked to make an election with respect to the investment of your Award as described in Section&nbsp;3(b) of the Plan. Once you have made this election in accordance with
the terms of the Plan
and the election form, your Award will be treated as invested in either restricted Units of Holding, or in one or more designated money-market, debt or equity fund sponsored by Alliance or its
Affiliate in accordance with the terms of the Plan applicable to Post-2000 Awards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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's right to terminate your
employment at any time. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This
Agreement and the Plan constitute the entire understanding between you and the Companies regarding this award. Any prior agreements, commitments or negotiations concerning this
award are superseded. This Agreement may be amended only by another written agreement, signed by both parties. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT
SIZE=2><B>BY SIGNING BELOW, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.</B></FONT></P>

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<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective as of 12/31/03. </FONT></P>

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<TD COLSPAN=2><FONT SIZE=2>ALLIANCE CAPITAL MANAGEMENT L.P.</FONT></TD>
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&nbsp;</FONT></TD>
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<TD WIDTH="4%"><BR><FONT SIZE=2>By:</FONT></TD>
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Alliance Capital Management Corporation, General Partner<BR></FONT> <FONT SIZE=2><B>
<IMG SRC="g1026244.jpg" ALT="GRAPHIC" WIDTH="150" HEIGHT="48">
 </B></FONT><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;<BR>
Participant</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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&nbsp;&nbsp;&nbsp;&nbsp;</FONT><HR NOSHADE><FONT SIZE=2> Signature</FONT></TD>
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&nbsp;</FONT></TD>
<TD WIDTH="3%"><FONT SIZE=2><BR>&nbsp;</FONT></TD>
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&nbsp;</FONT></TD>
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Name of Employee</FONT></TD>
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<P><br><A NAME="04STP1066_6">QuickLinks</A><br></P><!-- TOC_BEGIN -->
<FONT SIZE=2><A HREF="#toc_mm1067_1">Exhibit 10.1</A></FONT><BR>
<FONT SIZE=2><A HREF="#toc_mm1067_2">AWARD AGREEMENT UNDER THE AMENDED AND RESTATED ALLIANCE PARTNERS COMPENSATION PLAN</A></FONT><BR>

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