ALLIANCE CAPITAL MANAGEMENT HOLDING LP
<DOCUMENT>
<TYPE>EX-10.20
<SEQUENCE>22
<FILENAME>j0172_ex10-20.htm
<TEXT>

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<TITLE>Prepared by MerrillDirect</TITLE>

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<p align=center><b><font size=3>AXA FINANCIAL, INC.<br>
1290 Avenue of Americas<br>
New York, New York 10104</font></b></p>

<p align=right><font size=3>June 20, 2000</font></p>

<p><font size=3>Sanford
C. Bernstein<br>
767 Fifth Avenue<br>
NewYork, NY 10153</font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Re: &nbsp;&nbsp;&nbsp; Agreement
to elect Lew Sanders and<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Roger Hertog to
ACMC&rsquo;s Board of Directors</u></font></p>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA Financial Inc. (&ldquo;AXA Financial&rdquo;) hereby
agrees that:</font></p>

<dir>
<p><font size=3>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; upon
the closing (the &ldquo;Closing&rdquo;) of the transactions contemplated by the Acquisition
Agreement, dated as of June 20, 2000 (the &ldquo;Acquisition Agreement&rdquo;), between
Alliance Capital Management L.P., a Delaware limited partnership (&ldquo;Alliance
Capital&rdquo;), Sanford C. Bernstein Inc., a Delaware corporation (&ldquo;Sanford
Bernstein&rdquo;), Alliance Capital Management Holding L.P., a Delaware limited
partnership and Bernstein Technologies Inc., a California corporation, AXA
Financial shall cause Lew Sanders and Roger Hertog to be elected to the Board
of Directors of Alliance Capital Management Corporation, a Delaware corporation
(&ldquo;ACMC&rdquo;) for a term or for successive terms ending no earlier than the third
anniversary of the Closing; <u>provided</u>, <u>however</u>, that Mr. Sanders
and/or Mr. Hertog may each be removed from the Board of Directors of ACMC,
prior to the third anniversary of the Closing, in accordance with Alliance
Capital&rsquo;s certificate of incorporation and by-laws but, in either case, only in
the event his employment by Alliance Capital terminates in accordance with the
terms of their respective employment agreements; and</font></p>
</dir>

<dir>
<p><font size=3>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; in
the event that prior to the third anniversary of the Closing, either of Messrs.
Sanders or Hertog ceases to serve as a member of the Board of Directors of ACMC
for any reason, then AXA Financial will cause a replacement to be elected, who
shall serve for a term or for successive terms ending no earlier than the third
anniversary of the Closing Date; <u>provided</u>, <u>however</u>, that any such
replacement may be removed from the Board of Directors of ACMC and replaced in
accordance with this paragraph 2, prior to the third anniversary of the
Closing, for the reasons set forth in the proviso to paragraph 1 above; and <u>provided</u>
<u>further</u>, that any such replacement shall be selected by AXA Financial
from the list of names attached hereto as Annex A, as such list may be amended
from time to time with the prior written consent of AXA Financial and the
Sanford Bernstein Committee (as such term is defined in the Acquisition
Agreement).</font></p>
</dir>

<p><font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AXA Financial&rsquo;s obligations hereunder shall
terminate and be of no further effect upon the termination of the Acquisition
Agreement prior to the Closing.</font></p>

<PAGE>


<p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <font size=3>If
the foregoing is in accordance with your understanding of our a</font><font>greement,
please sign and return to AXA Financial a counterpart hereof, whereupon this
instrument, along with all counterparts, will become a binding agreement
between AXA Financial and Sanford Bernstein in accordance with its terms.</font></p>

<dir><dir><dir><dir><dir><dir><dir><dir>
<table border=0 cellspacing=0 cellpadding=0 width="39%">
 <tr>
  <td width=299 valign=top>
  <font size=3>Very truly yours,</font>
  </td>
 </tr>
 <tr>
  <td width=299 valign=top>&nbsp;
  </td>
 </tr>
 <tr>
  <td width=299 valign=top>
  <font size=3>AXA FINANCIAL, INC.</font>
  </td>
 </tr>
</TABLE>
</dir></dir></dir></dir></dir></dir></dir></dir>

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

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

<dir><dir><dir><dir><dir><dir><dir><dir>
<table border=0 cellspacing=0 cellpadding=0 width="39%">
 <tr>
  <td width=47 valign=top>
  <font size=3>By:</font>
  </td>
  <td width=252 valign=top>
  <font size=3>/s/ Stanley B. Tulin</font>
  <font size=3>
  <hr size=2 width="95%" noshade color=black align=left>
  </font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>Name:Stanley B. Tulin</font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>Title:&nbsp;&nbsp;Vice Chairman and</font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
  Financial Officer</font>
  </td>
 </tr>
</TABLE>
</dir></dir></dir></dir></dir></dir></dir></dir>

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

<p><font size=3>Confirmed
and accepted as of the date first above written:</font></p>

<p><font size=3>SANFORD
C. BERNSTEIN INC.</font></p>


<table border=0 cellspacing=0 cellpadding=0 width="39%">
 <tr>
  <td width=47 valign=top>
  <font size=3>By:</font>
  </td>
  <td width=252 valign=top>
  <font size=3>/s/ Lewis A. Sanders</font>
  <font size=3>
  <hr size=2 width="95%" noshade color=black align=left>
  </font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>Name:Lewis A. Sanders</font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>Title:&nbsp;&nbsp;Chairman and</font>
  </td>
 </tr>
 <tr>
  <td width=47 valign=top>&nbsp;
  </td>
  <td width=252 valign=top>
  <font size=3>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief
  Executive Officer</font>
  </td>
 </tr>
</TABLE>


<PAGE>


<p>&nbsp;</p>

<p align=right><font size=3>ANNEX A</font></p>

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

<p><font size=3>Andrew
S. Adelson</font></p>

<p><font size=3>Kevin
R. Brine</font></p>

<p><font size=3>Charles
C. Cahn, Jr.</font></p>

<p><font size=3>Marilyn
G. Fedat</font></p>

<p><font size=3>Michael
L. Goldstein</font></p>

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

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



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