ALLIANCE CAPITAL MANAGEMENT L P
EX-10.14
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<DESCRIPTION>EX-10.14
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<title>AWARD AGREEMENT</title>



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



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">FOR THE YEAR 2001 OFFERING</font></b></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNDER THE SCB DEFERRED COMPENSATION

AWARD PLAN</font></b></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

have been granted an Award under the SCB Deferred Compensation Award Plan (the

&#147;Plan&#148;) pursuant to the year 2001 offering under the Plan, as specified below:</font></p>



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



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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Participant (&#147;you&#148;):</font></p>

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

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

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

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  <td width="1%" valign="top" style="padding:0in 0in 0in 0in;width:1.84%;">

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

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  <td width="74%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in 0in 0in 0in;width:74.86%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10,000,000</font></p>

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

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

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

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<p style="margin:0in 0in .0001pt;text-indent:0in;"><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;">In

connection with your Award, you and Alliance Capital Management L.P. agree as

set forth in this agreement (the &#147;Agreement&#148;).&#160;

The Plan provides a description of the terms and conditions governing

your Award.&#160; If there is any

inconsistency between the terms of this Agreement and the terms of the Plan,

the Plan&#146;s terms completely supersede and replace the conflicting terms of this

Agreement.&#160; All capitalized terms have

the meanings given them in the Plan, unless specifically stated otherwise in

the Agreement.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Award Denomination</font></b><font size="2" style="font-size:10.0pt;">. Although your

Award is initially denominated in cash, it will be converted into Holding

Units, Money Market Shares or a combination thereof.&#160; You may elect the percentage of your Award to be denominated in

Holding Units and Money Market Shares by timely completing and submitting a

year 2001 offering Investment Election Form.&#160;

Your election will be subject to the approval of the Committee.&#160; If you fail to make a timely election your

Award will be invested 100% into Money Market Shares, unless the Committee

determines otherwise, in its sole discretion.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Vesting of Award</font></b><font size="2" style="font-size:10.0pt;">. Your Award

shall vest with respect to one-third of the Holding Units and Money Market

Shares representing the Award as of each of the first, second and third

anniversary of the Date of Grant of your Award, <i><font style="font-style:italic;">provided</font></i> that you remain in

the employ of the Company as of each such anniversary, except that your Award

will fully vest:</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;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; upon your death, Disability or

attainment of age 65 prior to your Termination of Employment; or</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;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; as of the date that the employment of

all Committee members (after having exhausted all replacements) has either been

(i) terminated involuntarily other than for Cause or (ii) terminated by such

Committee members for Good Reason.</font></p>



<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-indent:0in;"><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;text-indent:0in;"><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;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">3.</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Forfeitures</font></b>.&#160;&#160; To the extent that any portion of your

Award is not vested as of, or in connection with, your Termination of

Employment, the Holding Units and Money Market Shares comprising the unvested

portion of your Award shall be forfeited.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Distribution of Award.</font></b><font size="2" style="font-size:10.0pt;"> The Holding

Units and Money Market Shares under your Award will be distributed to you in

accordance with your year 2001 offering Distribution Election Form.&#160; If you fail to submit a properly completed

year 2001 offering Distribution Election Form on a timely basis, the Holding

Units and Money Market Shares under your Award will be distributed in a lump

sum on or about the third anniversary of the Date of Grant of your Award,

unless the Committee determines otherwise, in its sole discretion.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Beneficiary Designation</font></b><font size="2" style="font-size:10.0pt;">. By completing

a Beneficiary Designation Form provided to you by the Company under the Plan,

you may select a beneficiary to receive your Award in the event of your

death.&#160; If you have previously completed

a Beneficiary Designation Form under the Plan, your designation under that form

will apply with respect to this Award.&#160;

If you do not submit a properly completed Beneficiary Designation Form

under the Plan, your Award will be distributed to your estate in the event of

your death.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">6.</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Tax Withholding</font></b>.&#160; As and when any federal, state or local tax

or any other charge is required by law to be withheld with respect to the

vesting of your Award, the payment of dividends or distributions on any Holding

Units and Money Market Shares under the Award and the distribution of such

Holding Units or Money Market Shares (a &#147;Withholding Amount&#148;), you agree

promptly to pay the Withholding Amount to the Company in cash.&#160; You agree that if you do not pay the

Withholding Amount to the Company, the Company may withhold any unpaid portion

of the Withholding Amount from any amount otherwise due to you.&#160; Notwithstanding the foregoing, the Company

may, in its sole discretion, establish and amend policies from time to time for

the satisfaction of Withholding Amounts by the deduction of a portion of the

Holding Units or Money Market Shares under your Award.</font></p>



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





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<p align="center" style="font-size:12.0pt;margin:0in 0in .0001pt;text-align:center;text-indent:0in;">&nbsp;</p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">7.</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Administration</font></b>.&#160; 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.&#160;

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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8.</font></b><font size="2" style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b><font style="font-weight:bold;">Miscellaneous</font></b>.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement does not confer upon

you any right to continuation of employment by the Company, nor does this

Agreement interfere in any way with the Company&#146;s right to terminate your

employment at any time.</font></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">(c)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 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 style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">(d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; This Agreement and the Plan

constitute the entire understanding between you and the Company regarding this

award.&#160; Any prior agreements,

commitments or negotiations concerning your Award are superseded.&#160; This Agreement may be amended only by

another written agreement, signed by both parties.</font></p>



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



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BY SIGNING

BELOW, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE

PLAN.</font></b></p>



<p style="margin:0in 0in .0001pt;text-indent:.5in;"><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;">IN

WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed

effective as of Oct. 2, 2001.</font></p>



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



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

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

  Management L.P.</font></p>

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

  </td>

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

  Management <br>

  Corporation, General Partner</font></p>

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

  </td>

  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.14%;">

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

  </td>

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

  </td>

  <td width="35%" valign="top" style="padding:0in .7pt 0in .7pt;width:35.14%;">

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

  </td>

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

  </td>

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

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

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

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

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

  </td>

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

  </td>

  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext .5pt;padding:0in .7pt 0in .7pt;width:35.14%;">

  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;/s/ Roger Hertog</font></p>

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

  </td>

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#160;Signature</font></p>

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<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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