Form 4: AllianceBernstein Director Joan Lamm-Tennant Receives Restricted AB Holding Units

Director Joan Lamm-Tennant was granted 4,992 restricted AB Holding Units by AllianceBernstein Corporation's Board of Directors on May 22, 2024.

Summary

• Joan Lamm-Tennant, a director at AllianceBernstein Holding L.P., received 4,992 restricted AB Holding Units on May 22, 2024.
• The grant was approved during a Board of Directors meeting of AllianceBernstein Corporation, with each Independent Director recusing themselves from approving the grant.
• These units will vest in equal installments of 33% on May 1, 2025, 2026, and 2027.
• The closing price of an AB Holding Unit on the grant date was $34.06.

Sentiment

Score: 7

Explanation: The document reflects a routine grant of restricted stock units, which is generally viewed positively as it aligns director interests with shareholder value. There are no indications of negative sentiment.

Positives

• The grant of restricted units aligns the director's interests with those of the company and its shareholders.
• The vesting schedule encourages long-term commitment from the director.

Future Outlook

The restricted AB Holding Units will vest over a three-year period, suggesting a long-term alignment of interests between the director and the company.

Management Comments

• The Board of Directors of AllianceBernstein Corporation granted the restricted AB Holding Units to the Reporting Person during a meeting.

Industry Context

Granting restricted stock units to directors is a common practice in the financial services industry to incentivize and retain key personnel. This aligns with standard compensation practices among asset management firms.

Comparison to Industry Standards

• Companies like BlackRock and T. Rowe Price also use restricted stock units as part of their director compensation packages.
• The vesting schedule of three years is fairly standard in the industry, similar to vesting schedules at Franklin Resources and Invesco.
• The value of the grant is within the typical range for director compensation at similar-sized asset management firms.

Stakeholder Impact

• Shareholders may view the grant positively as it incentivizes the director to focus on long-term value creation.
• The grant has no immediate impact on employees, customers, suppliers, or creditors.

Key Dates