EX-10.54



 Exhibit 10.54 
 RESTRICTED LAZARD FUND INTEREST AGREEMENT 
 THIS AGREEMENT, dated as of
[DATE], between Lazard Group LLC, a Delaware limited liability company (the “Company”), on its behalf and on behalf of its applicable Affiliate (as defined under the definitional rules of Section 1(a) below), and [NAME] (the
“Employee”). 
 W I T N E S S E T H 

In consideration of the mutual promises and covenants made herein and the mutual benefits to be derived herefrom, the parties hereto
agree as follows: 
  

	 	1.	Grant and Investment Elections. 

 (a) Subject to the provisions of this Agreement, the Company, on its behalf and on behalf of its applicable Affiliate, hereby grants to the Employee, as of the date set forth above (the “Grant
Date”), $[AMOUNT] (the “Fund Interest Amount”), which shall be invested in one or more of the specified portfolios of The Lazard Funds Inc., as may be offered by the Company for this purpose from time to time (the “Company
Funds”), in the manner specified by the Employee, subject to minimum allocations as established by the Administrator (as defined below) from time to time. The Employee’s initial allocation shall be specified on a form or by other means
(including electronically) as established by the Administrator (the “Investment Election Form”). All capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Lazard Ltd 2008 Incentive Compensation
Plan (the “Plan”). 
 (b) As of [DATE] or, if earlier and only if permitted by the Administrator, the business day
following the date on which the Employee submits the Investment Election Form in accordance with Section 1(c) below (the “Effective Date”), the Company, or one of its Affiliates, shall purchase on the Employee’s behalf interests
from the applicable Company Funds (the “Lazard Fund Interests”) using the Fund Interest Amount, in accordance with the allocations specified by the Employee in the Investment Election Form. The Lazard Fund Interests will be held in a
restricted brokerage account established at Lazard Capital Markets LLC (“LCM”) or such other location as may be determined by the Administrator, for which Lazard Asset Management LLC will be the owner of record, as custodian, for the
benefit of the Employee (the “Fund Account”). The Lazard Fund Interests will be beneficially owned by the Employee, subject to forfeiture in accordance with Section 2. For the avoidance of doubt, the Lazard Fund Interests constitute
property that will be transferred to the Employee on the Effective Date for purposes of Section 83 of the Internal Revenue Code of 1986, as amended (the “Code”). 

(c) The Employee shall submit, in accordance with procedures established from time to time by the Company (the
“Administrator”), the Investment Election Form with respect to the Fund Interest Amount during the period established by the Administrator in its sole discretion, which period shall end no later than [DATE]; provided that, once the
Employee has submitted the Investment Election Form, such election shall be irrevocable until a Reallocation Date, if any. Such Investment Election Form shall designate the percentage of the Fund Interest Amount that shall be invested in each
Company Fund. Without limiting the generality of Sections 11 and 12 below, the Administrator, in its sole discretion, may (i) establish rules governing the Employee’s ability to reallocate investments in the Fund Account among the various
Company Funds, (ii) establish any minimum and maximum percentages of the Fund Interest Amount that may be invested in each Company Fund, (iii) determine the Company investment funds that may be offered as Company Funds from time to time,
(iv) determine the consequences of eliminating a 

  
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Company investment fund from the list of Company Funds and (v) establish rules or procedures governing such other matters as it determines are necessary or advisable for the proper
administration of this Agreement. If the Employee fails to properly complete and submit the Investment Election Form by [DATE], the Fund Interest Amount will be invested pro rata in each Company Fund as of such date. Unless otherwise directed by the
Employee in accordance with Section 1(d) below, subject to the Administrator’s authority pursuant to this Section 1(c), the allocation of the Fund Interest Amount among the Company Funds shall not be changed from the initial
allocation. 
 (d) Unless the Administrator determines otherwise, the Employee will be permitted to reallocate the investments
in the Company Funds at least once annually (each such date, a “Reallocation Date”) by completing a new Investment Election Form, as may be updated by the Administrator from time to time, which shall be submitted in accordance with
procedures established from time to time by the Administrator. 
 (e) The Employee shall receive statements from LCM (or such
other broker-dealer, as applicable) with respect to the Lazard Fund Interests and Fund Account in such a manner and at such times as are consistent with LCM’s (or such other broker-dealer’s, as applicable) standard procedures. 

 

	 	2.	Vesting of Lazard Fund Interests. 

 (a) Subject to the terms and conditions of this Agreement, the Lazard Fund Interests shall vest and no longer be subject to any restriction (such period during which restrictions apply to the Lazard Fund
Interests is the “Restriction Period”) in accordance with the following schedule: 1/3rd of the Lazard Fund Interests shall vest on [DATE] and 2/3rds of the Lazard Fund Interests shall vest on [DATE]. Each of [DATE] and [DATE] is referred
to herein, as applicable, as the “Vesting Date”. Unless the Administrator determines otherwise, on each Vesting Date, the percentage of Lazard Fund Interests that shall have vested shall be applied pro rata to all Lazard Fund Interests in
the Employee’s Fund Account regardless of the Company Fund in which such Lazard Fund Interests are invested on such Vesting Date. 
 (b) Except as set forth in Section 2(f) below, in the event that the Employee incurs a Termination of Employment during the applicable Restriction Period for any reason not set forth in
Section 2(c) or 2(e), all unvested Lazard Fund Interests shall be forfeited by the Employee effective immediately upon such Termination of Employment. For purposes of this Section 2(b), the Employee will be deemed to have incurred a
Termination of Employment on the date that the Employee provides notice of termination to the Company, and accordingly, all unvested Lazard Fund Interests shall be forfeited by the Employee immediately upon delivery of any such notice. 

(c)(i) Except as set forth in Section 2(f) below, in the event that the Employee (A) incurs a Termination of Employment during
the applicable Restriction Period due to the Employee’s Disability or due to a Termination of Employment by the Company other than for Cause or (B) at any time during the applicable Restriction Period, meets the requirements of the
retirement policy applicable to equity awards granted under the Plan, as in effect from time to time (such Employee, a “Retirement Eligible Employee”), then, in each case, subject to Sections 2(d) and 3, the Lazard Fund Interests shall
vest immediately following the date that the Employee is no longer required to perform any additional services in order to retain such Lazard Fund Interests (the date that such Lazard Fund Interests vest is the “Initial Vesting Date”).
Within 30 days following the Initial Vesting Date, the percentage of the Lazard Fund Interests that vested pursuant to the preceding sentence equal to the amount that the Administrator determines, in its sole discretion, is necessary to satisfy the
Employee’s tax liability incurred as a result of 

  
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such vesting will be transferred to an unrestricted brokerage account at LCM (or such other broker-dealer as is selected by the Administrator from time to time, as applicable) in the
Employee’s name (such Lazard Fund Interests, the “Transferable Interests”), and the Employee shall be permitted to dispose of such Transferable Interests. All vested Lazard Fund Interests following the Initial Vesting Date that are
not Transferable Interests (such Lazard Fund Interests, the “Remaining Interests”) will remain subject to the restrictions set forth in this Agreement until the applicable date that such Remaining Interests otherwise would have vested in
accordance with this Agreement (each such date, a “Final Vesting Date”). Accordingly, prior to the applicable Final Vesting Date, neither the Employee nor any of the Employee’s creditors or beneficiaries will have the right to subject
the Remaining Interests to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, hedge, exchange, attachment or garnishment or any similar transaction. Furthermore, for the avoidance of doubt, the Remaining Interests shall
continue to be subject to the forfeiture provisions set forth in this Agreement (including, without limitation, those relating to violation of the restrictive covenants set forth in Appendix A, which are incorporated herein by reference (the
“Restrictive Covenants”)) until the applicable Final Vesting Date. 
 (ii) In the event that the Employee incurs a
Termination of Employment during the applicable Restriction Period due to the Employee’s death or, subject to Section 2(d), dies during the applicable Restriction Period subsequent to a Termination of Employment as described in
Section 2(c)(i) or 2(e), all Lazard Fund Interests, including any Remaining Interests, if applicable, shall automatically vest, and all forfeiture provisions shall lapse, as applicable, on the date of death. 

(d) In the event that the Employee violates any of the provisions of the Restrictive Covenants, all outstanding vested or unvested Lazard
Fund Interests and, if applicable, prior to the relevant Final Vesting Date, all Remaining Interests, shall be forfeited and canceled. Notwithstanding that certain Restrictive Covenants apply for only a limited period following Termination of
Employment, in the event that the Employee’s employment with the Company terminates by reason of retirement in accordance with Section 2(e) below, the Employee will forfeit any outstanding Remaining Interests if the Employee does not
comply with all Restrictive Covenants until the applicable Final Vesting Date. Furthermore, in the event that the Employee incurs a Termination of Employment for Cause, the Employee will forfeit all outstanding Remaining Interests. 

(e) On and after the date an Employee becomes a Retirement Eligible Employee, the Employee will be permitted to retire from the Company
and its Subsidiaries and Affiliates and, subject to the restrictions set forth in this Agreement, the forfeiture provisions on the Remaining Interests will continue to lapse following retirement. 

(f)(i) Except as otherwise provided in this Section 2(f)(i) and Section 2(f)(ii) below, following a Change in Control, the
unvested but outstanding Lazard Fund Interests, including any Remaining Interests, shall remain outstanding through the applicable Vesting Date (or, as applicable, Final Vesting Date); provided, however, that in the event that the
Employee incurs a Termination of Employment upon or following a Change in Control but prior to the applicable Vesting Date under any of the circumstances described in Section 2(c) or Section 2(e) above, the date of such Termination of
Employment shall be deemed to be the Vesting Date, and all Lazard Fund Interests then outstanding shall be Transferable Interests. Furthermore, in the event that the Employee incurs a Termination of Employment under any of the circumstances
described in Section 2(c) or Section 2(e) above prior to the applicable Vesting Date and prior to a Change in Control, upon a Change in Control, the date of the Change in Control shall be deemed to be the Vesting Date for purposes of the
unvested Lazard Fund Interests (and the Final Vesting Date for any Remaining Interests) then held by the Employee. 

  
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 (ii) Notwithstanding the foregoing, in the event of a Change in Control prior to the
applicable Vesting Date, unless (A) the unvested but outstanding Lazard Fund Interests, including any Remaining Interests, remain outstanding following a Change in Control, (B) the material terms and conditions of such Lazard Fund
Interests (and, if applicable, Remaining Interests) as in effect immediately prior to the Change in Control are preserved following the Change in Control (including, without limitation, with respect to the vesting schedules, the intrinsic value of
the Lazard Fund Interests (and, if applicable, Remaining Interests), and the reallocation provisions) and (C) the investment funds that are offered following the Change in Control are the same as, or substantially similar to, the investment
funds in which the Employee has invested as of the Change in Control, the date of the Change in Control shall be deemed to be the Vesting Date for purposes of such Lazard Fund Interests (and the Final Vesting Date for purposes of any Remaining
Interests then outstanding) and such Lazard Fund Interests (and, if applicable, Remaining Interests) shall automatically vest and all forfeiture provisions shall lapse, as applicable, as of such date. 

 

	 	3.	Transfer of Unrestricted Lazard Fund Interests. 

 As soon as practicable (but in no event more than 30 days) after any Lazard Fund Interest has vested and is no longer subject to the applicable Restriction Period or after any Remaining Interest is no
longer subject to any restrictions, the Company shall, subject to Section 6, deliver to the Employee an unrestricted, freely-transferable Lazard Fund Interest, which shall be transferred to an unrestricted brokerage account at LCM (or such
other broker-dealer, as applicable) in the Employee’s name. Notwithstanding the foregoing, the Company shall be entitled to hold the unrestricted Lazard Fund Interests to be transferred upon vesting and lapse of all restrictions until the
Company shall have received from the Employee a duly executed Form W-9 or W-8, as applicable. 
  

	 	4.	Nontransferability of the Lazard Fund Interests. 

 During the applicable Restriction Period and until such time as the Lazard Fund Interests, including, if applicable, any Remaining Interests, have ultimately vested and the unrestricted Lazard Fund
Interests have been transferred to the unrestricted brokerage account as provided in Section 3 above, unless the Administrator determines otherwise, the Lazard Fund Interests, including, if applicable, any Remaining Interests, but excluding the
Transferable Interests (if any), shall not be transferable by the Employee by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. 
  

	 	5.	Distributions, Rights as a Holder of Interests in Company Funds. 

 If any Company Fund in which the Employee holds an interest distributes earnings with respect to an unvested Lazard Fund Interest, or with respect to any Remaining Interests, in each case, prior to the
date on which the unrestricted Lazard Fund Interests are transferred to the unrestricted brokerage account as provided in Section 3 above, the Fund Account shall be credited as follows. In the event distributions are made in cash, such cash
distributions shall be automatically reinvested in the applicable Company Fund, and the additional Lazard Fund Interests shall be held in the Fund Account. In the event any Company Fund in which the Employee holds an interest makes an in-kind
distribution, extraordinary distribution (whether distributed in other securities or other property) or adjustment with respect to the Lazard Fund Interests or Remaining Interests, such distributions shall be held in the Fund Account and such
adjustments shall be reflected in the Fund Account. In the event of distributions made in cash, in-kind or in other securities or other property, additional Lazard Fund Interests and any other securities or property held in the Fund Account shall
vest concurrently with the underlying Lazard Fund Interests or 

  
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Remaining Interests, as applicable, and be treated as Lazard Fund Interests or Remaining Interests, as applicable, for all purposes of this Agreement. For the avoidance of doubt, in the event
that any Lazard Fund Interests and Remaining Interests are forfeited in accordance with this Agreement, the distributions with respect to any such interests will also be forfeited. Notwithstanding the foregoing, subject to Sections 2(c)(i) and 3 and
any other applicable law or agreement, from and after the Effective Date, the Employee will be entitled to exercise voting rights with respect to the Remaining Interests. 

 

	 	6.	Payment of Transfer Taxes, Fees and Other Expenses. 

 The Company agrees to pay any and all original issue taxes and transfer taxes that may be imposed in connection with the purchase of any Lazard Fund Interest or the transfer of an unrestricted Lazard Fund
Interest to an unrestricted brokerage account as provided in Section 3 above, together with any and all other fees and expenses necessarily incurred by the Company in connection therewith. 

 

	 	7.	Taxes and Withholding. 


No later than the date as of which an amount first becomes includible in the gross income of the Employee for federal, state, local or
foreign income tax purposes with respect to any Lazard Fund Interests, the Employee shall pay to the Company or its applicable Affiliate, or make arrangements satisfactory to the Company or its applicable Affiliate regarding the payment of, any
federal, state, local and foreign taxes that are required by applicable laws and regulations to be withheld with respect to such amount. Except as otherwise required by applicable law, the Company will report that the Employee will be taxed on the
full value of the Lazard Fund Interests on the date that the Employee is no longer required to perform any additional services in order to retain such Lazard Fund Interests. The obligations of the Company under this Agreement shall be conditioned on
compliance by the Employee with this Section 7, and the Company or its applicable Affiliate shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Employee, including deducting such
amount from the delivery of Lazard Fund Interests that gives rise to the withholding requirement. Notwithstanding the foregoing, the Company or an Affiliate may, in the Company’s sole discretion and subject to such other terms and conditions as
the Company may determine, (a) if the Employee is subject to withholding as a matter of applicable law as of the applicable vesting date, retain that portion of the Transferable Interests (which may be all of the Transferable Interests) that
the Company determines has a value that the Company or an Affiliate is required by applicable law to remit to the appropriate taxing authorities on the Employee’s behalf in connection with the vesting of the Lazard Fund Interests and
(b) if the Employee is not subject to withholding as a matter of applicable law as of the applicable vesting date (including if the Employee is a member of the Company who reports income from the Company and its Affiliates on Schedule K-1 to
the Company’s Federal income tax return) and pursuant to the prior written approval of the Company, retain some or all of the Transferable Interests and have the Company or such Affiliate either (i) remit the relevant taxes on the
Employee’s behalf to the appropriate taxing authorities or (ii) deposit cash equal to the value of the Transferable Interests retained by the Company or an Affiliate (as reasonably determined by the Company) into the Employee’s tax
advance account (if any). Prior to an Initial Vesting Date, the Company will notify the Employee of (A) how many Lazard Fund Interests will vest on such Initial Vesting Date and (B) the portion, if any, of the Transferable Interests that
the Company or an Affiliate will retain pursuant to clause (a) or (b), as applicable, of the immediately preceding sentence. 

  
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	 	8.	Disgorgement of Tax Benefits. 

 In the event that the Employee retires from the Company in accordance with Section 2(e) above and, after the Employee’s retirement, the Employee forfeits the Remaining Interests and any
distributions thereon, the Employee shall disgorge to the Company any current or future tax benefit the Employee may derive from the forfeiture of any Lazard Fund Interests and distributions thereon at the time the Employee derives such tax benefit.
The Employee agrees to use reasonable best efforts to claim any tax benefit from such forfeiture that the Company reasonably determines is available to the Employee on all relevant tax returns. Notwithstanding the foregoing, this Section 8
shall not apply in the event of a Change in Control or a Termination of Employment other than for Cause or due to death or Disability. 
  

	 	9.	Effect of Agreement. 


Except as otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors
of the Company. The invalidity or enforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement. Nothing in this Agreement shall confer upon the Employee any right to
continue in the employ of the Company or any of its Affiliates or interfere in any way with the right of the Company or any such Affiliates to terminate the Employee’s employment at any time. Until the Lazard Fund Interests vest and all
restrictions lapse, the Employee shall not have any rights as an interest holder with respect to the Lazard Fund Interests or any underlying Company Funds, except as specifically provided herein (including, for the avoidance of doubt, pursuant to
Section 1(b) above). 
  

	 	10.	Laws Applicable to Construction; Consent to Jurisdiction. 

 (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York (United States of America), without regard to principles of conflict of laws, which could cause
the application of the law of any jurisdiction other than the State of New York. By accepting the Lazard Fund Interests, the Employee agrees to and is bound by the Restrictive Covenants. 

(b) Subject to the provisions of Section 10(c), any controversy or claim between the Employee and the Company or its Affiliates
arising out of or relating to or concerning the provisions of this Agreement shall be finally settled by arbitration in New York City before, and in accordance with the rules then obtaining of, the Financial Industry Regulatory Authority
(“FINRA”) or, if FINRA declines to arbitrate the matter, the American Arbitration Association (the “AAA”) in accordance with the commercial arbitration rules of the AAA. 

(c) Notwithstanding the provisions of Section 10(b), and in addition to its right to submit any dispute or controversy to
arbitration, the Company or one of its Affiliates may bring an action or special proceeding in a state or federal court of competent jurisdiction sitting in the City of New York, whether or not an arbitration proceeding has theretofore been or is
ever initiated, for the purpose of temporarily, preliminarily, or permanently enforcing the provisions of the Restrictive Covenants, or to enforce an arbitration award, and, for the purposes of this Section 10(c), the Employee
(i) expressly consents to the application of Section 10(d) to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of the Restrictive Covenants or this
Agreement would be difficult to calculate and that remedies at law would be inadequate, and (iii) irrevocably appoints the General Counsel of Lazard Ltd as the Employee’s agent for service of process in connection with any such action or
proceeding, who shall promptly advise the Employee of any such service of process by notifying the Employee at the last address on file in the Company’s records. 

  
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 (d) The Employee and the Company hereby irrevocably submit to the exclusive jurisdiction of
any state or federal court located in the City of New York over any suit, action, or proceeding arising out of relating to or concerning this Agreement that is not otherwise required to be arbitrated or resolved in accordance with the provisions of
Section 10(b). This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. The Employee and the Company acknowledge that the forum designated by this Section 10(d) has a reasonable relation to
this Agreement, and to the Employee’s relationship to the Company. Notwithstanding the foregoing, nothing herein shall preclude the Company or the Employee from bringing any action or proceeding in any other court for the purpose of enforcing
the provisions of Sections 10(a), 10(b) or this Section 10(d). The agreement of the Employee and the Company as to forum is independent of the law that may be applied in the action, and the Employee and the Company agree to such forum even if
the forum may under applicable law choose to apply non-forum law. The Employee and the Company hereby waive, to the fullest extent permitted by applicable law, any objection which the Employee or the Company now or hereafter may have to personal
jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in this Section 10(d). The Employee and the Company undertake not to commence any action arising out of or relating to or concerning this
Agreement in any forum other than a forum described in this Section 10(d), or, to the extent applicable, Section 10(b). The Employee and the Company agree that, to the fullest extent permitted by applicable law, a final and non-appealable
judgment in any such suit, action or proceeding in any such court shall be conclusive and binding upon the Employee and the Company. 
  

	 	11.	Authority of the Administrator. 

 The Administrator has the power, among others, to (a) interpret this Agreement, (b) prescribe, amend and rescind rules and regulations relating to this Agreement, and (c) make all other
determinations deemed necessary or advisable for the administration of this Agreement. 
  

	 	12.	Amendment. 

 Any
modification, amendment or waiver to this Agreement that shall materially impair the rights of the Employee with respect to the Lazard Fund Interests shall require an instrument in writing to be signed (either in paper format or electronically) by
both parties hereto, except such a modification, amendment or waiver made to cause the Lazard Fund Interests to comply with applicable law, tax rules, stock exchange rules or accounting rules and which is made to similarly situated employees. The
waiver by either party of compliance with any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. For the
avoidance of doubt, the Administrator shall have the authority to make immaterial modifications and amendments to this Agreement without obtaining the Employee’s consent, provided that such modifications and amendments do not materially impair
the rights of the Employee with respect to the Fund Interest Amount. 
  

	 	13.	Assignment 

 This
Agreement shall not be assignable by the Employee. The parties agree that any attempt by the Employee to delegate the Employee’s rights and duties hereunder shall be null and void. The Company and its Affiliates shall be permitted to assign the
Company’s rights and obligations hereunder among one another. In such case, this Agreement shall be binding upon and shall inure to the benefit of any Affiliate or successor of the Company to which it is assigned. As used in this Agreement, the
term “Company” shall mean the Company as hereinbefore defined in this Agreement and any permitted assignee to which this Agreement is assigned. 

  
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	 	14.	Electronic Delivery. 

 In
lieu of receiving documents in paper format, the Employee hereby agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Company or any Affiliate may be required to deliver (including, but not limited
to, prospectuses, prospectus supplements, grant or Award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with the Lazard Fund Interests or any other prior or future
Award (it being understood and agreed that the Company or its Affiliates may, in their sole discretion, elect to satisfy any delivery requirements electronically, in paper format, or a combination of both methods). Electronic delivery of a document
to the Employee may be via a Company email system or by reference to a location on a Company intranet or secure internet site to which the Employee has access. 
  

	 	15.	Compensation Recovery Policy. 

 The Employee acknowledges and agrees that the Employee and the Lazard Fund Interests are subject to the Company’s Compensation Recovery Policy Applicable to Named Executive Officers, as in effect as
of the date hereof (a copy of which has been provided to the Employee). 
  

	 	16.	Headings. 

 The headings
of paragraphs herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any of the provisions of this Agreement. 
  

	 	17.	Counterparts. 

 This
Agreement may be executed in counterparts, which together shall constitute one and the same original. 
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INTENTIONALLY BLANK] 

  
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 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on behalf of itself or its applicable Affiliate by a duly authorized officer and the Employee has hereunto set the Employee’s hand. 

 

			
	LAZARD GROUP LLC
		
	By:	 	  

		 	[Name]
		 	[Title]
		
		 	  

		 	NAME



  
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 Appendix A 
 Restrictive Covenants 
 The Employee acknowledges that the grant of the Fund Interest
Amount (and Lazard Fund Interests related thereto) (as defined in the Agreement, and hereinafter in this Appendix A, collectively, the “Award”) pursuant to the Restricted Lazard Fund Interest Agreement (such agreement, the
“Agreement”) confers a substantial benefit upon the Employee, and agrees to the following covenants (the “Restrictive Covenants”), which are designed, among other things, to protect the interests of the Lazard Group LLC, a
Delaware limited liability company (the “Company”), and its Affiliates (collectively, the “Firm”) in its confidential and proprietary information, trade secrets, customer and employee relationships, orderly transition of
responsibilities, and other legitimate business interests. All capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Lazard Ltd 2008 Incentive Compensation Plan. The Employee acknowledges that the Award
will be forfeited upon a violation by the Employee of the Restrictive Covenants, and that, pursuant to the Agreement, the Firm may seek injunctive relief in order to enforce the Restrictive Covenants: 

(a) Confidential Information. The Employee shall not at any time (whether prior to or following the Employee’s Termination of
Employment) disclose or use for the Employee’s own benefit or purposes or the benefit or purposes of any other person, corporation or other business organization or entity, other than the Firm, any trade secrets, information, data, or other
confidential or proprietary information relating to the customers, developments, programs, plans or business and affairs of the Firm; provided that the foregoing shall not apply to information that is not unique to the Firm or that is
generally known to the industry or the public other than as a result of the Employee’s breach of this Restrictive Covenant or as required pursuant to an order of a court, governmental agency or other authorized tribunal (provided that the
Employee shall provide the Firm prior written notice of any such required disclosure). The Employee agrees that upon the Employee’s Termination of Employment, the Employee or, in the event of the Employee’s death, the Employee’s heirs
or estate at the request of the Firm, shall return to the Firm immediately all books, papers, plans, information, letters and other data, and all copies thereof or therefrom, in any way relating to the business of the Firm. Without limiting the
foregoing, the existence of, and any information concerning, any dispute between the Employee and the Firm shall be subject to the terms of this Paragraph (a), except that the Employee may disclose information concerning such dispute to the
arbitrator or court that is considering such dispute, and to the Employee’s legal counsel, spouse or domestic partner, and tax and financial advisors (provided that such persons agree not to disclose any such information). 

(b) Non-Competition. The Employee acknowledges and recognizes the highly competitive nature of the businesses of the Firm. The
Employee further acknowledges that the Employee has been and shall be provided with access to sensitive and proprietary information about the clients, prospective clients, knowledge capital and business practices of the Firm, and has been and shall
be provided with the opportunity to develop relationships with clients, prospective clients, consultants, employees, representatives and other agents of the Firm, and the Employee further acknowledges that such proprietary information and
relationships are extremely valuable assets in which the Firm has invested and shall continue to invest substantial time, effort and expense. The Employee agrees that while employed by the Firm and thereafter until (i) (A) three months
after the Employee’s date of Termination of Employment for any reason other than a termination by the Firm without Cause or (B) one month after 

  
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the date of the Employee’s Termination of Employment by the Firm without Cause (in either case, the date of such Termination of Employment, the “Date of Termination”) or
(ii) the end of any longer period during which any similar covenants would be applicable to the Employee pursuant to any other agreement (other than an award agreement evidencing previously granted equity-based, fund interest, deferred cash or
similar awards (collectively, the “Prior Awards”)) between the Employee and the Firm (such period, the “Non-compete Restriction Period”), the Employee shall not, directly or indirectly, on the Employee’s behalf or on behalf
of any other person, firm, corporation, association or other entity, as an employee, director, advisor, partner, consultant or otherwise, provide services or perform activities for, or acquire or maintain any ownership interest in, a
“Competitive Enterprise”. For purposes of the Agreement, including this Appendix A, “Competitive Enterprise” shall mean a business (or business unit) that (x) engages in any activity or (y) owns or controls a
significant interest in any entity that engages in any activity, that in either case, competes anywhere with any activity that is similar to an activity in which the Firm is engaged up to and including the Employee’s Date of Termination.
Notwithstanding anything in this Appendix A, the Employee shall not be considered to be in violation of the Restrictive Covenants solely by reason of owning, directly or indirectly, any stock or other securities of a Competitive Enterprise (or
comparable interest, including a voting or profit participation interest, in any such Competitive Enterprise) if the Employee’s interest does not exceed 5% of the outstanding capital stock of such Competitive Enterprise (or comparable interest,
including a voting or profit participation interest, in such Competitive Enterprise). The Employee acknowledges that the Firm is engaged in business throughout the world. Accordingly, and in view of the nature of the Employee’s position and
responsibilities, the Employee agrees that the provisions of this Paragraph (b) shall be applicable to each jurisdiction, foreign country, state, possession or territory in which the Firm may be engaged in business while the Employee is
providing services to the Firm. 
 (c) Nonsolicitation of Clients. The Employee hereby agrees that during the Non-compete
Restriction Period, the Employee shall not, in any manner, directly or indirectly, (i) Solicit a Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, to the extent the Employee
is soliciting a Client to provide them with services the performance of which would violate Paragraph (b) above if such services were provided by the Employee, or (ii) interfere with or damage (or attempt to interfere with or damage) any
relationship between the Firm and a Client. For purposes of the Agreement, including this Appendix A, the term “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting,
advising, persuading, encouraging or requesting any person or entity, in any manner, to take or refrain from taking any action, and the term “Client” means any client or prospective client of the Firm to whom the Employee provided
services, or for whom the Employee transacted business, or whose identity became known to the Employee in connection with the Employee’s relationship with or employment by the Firm, whether or not the Firm has been engaged by such Client
pursuant to a written agreement; provided that an entity which is not a client of the Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or written proposal to such
entity during the 12-month period preceding the Date of Termination or was preparing to make such a presentation or proposal at the time of the Date of Termination. 
 (d) No Hire of Employees. The Employee hereby agrees that while employed by the Firm and thereafter until (i) six months after the Date of Termination for any reason or (ii) the end of
any longer period during which any similar covenants would be applicable to the Employee pursuant to any other agreement (other than an award agreement evidencing any Prior Awards) between the Employee and the Firm (such period, the “No Hire
Restriction Period”), the Employee shall not, directly or indirectly, for himself or on behalf of any third party at any time in any manner, Solicit, hire, or otherwise cause any 

  
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employee who is at the associate level or above (including, without limitation, managing directors), officer or agent of the Firm to apply for, or accept employment with, any Competitive
Enterprise, or to otherwise refrain from rendering services to the Firm or to terminate his or her relationship, contractual or otherwise, with the Firm, other than in response to a general advertisement or public solicitation not directed
specifically to employees of the Firm. 
 (e) Nondisparagement. The Employee shall not at any time (whether prior to or
following the Employee’s Termination of Employment), and shall instruct the Employee’s spouse or domestic partner, parents, and any of their lineal descendants (it being agreed that in any dispute between the parties regarding whether the
Employee breached such obligation to instruct, the Firm shall bear the burden of demonstrating that the Employee breached such obligation) not to, make any comments or statements to the press, employees of the Firm, any individual or entity with
whom the Firm has a business relationship or any other person, if such comment or statement is disparaging to the Firm, its reputation, any of its affiliates or any of its current or former officers, members or directors, except for truthful
statements as may be required by law. 
 (f) Notice of Termination Required. The Employee agrees to provide a period of
advance written notice to the Firm prior to the Employee’s Termination of Employment equal to (i) three months or (ii) any longer notice period required pursuant to any other agreement (other than an award agreement evidencing any
Prior Awards) between the Employee and the Firm. The Employee hereby agrees that, if, during the applicable period after the Employee has provided notice of termination to the Firm or prior thereto, the Employee enters (or has entered into) a
written agreement to provide services or perform activities for a Competitive Enterprise that would violate Paragraph (b) if performed during the Non-compete Restriction Period, such action shall be deemed a violation of this Paragraph (f).

 (g) Restrictive Covenants Generally. If any of the Restrictive Covenants is finally held to be invalid, illegal or
unenforceable (whether in whole or in part), such Restrictive Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such Restrictive Covenants shall not be
affected thereby; provided, however, that if any of such Restrictive Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be
enforceable, such Restrictive Covenant shall be deemed to be modified to the minimum extent necessary to modify such scope in order to make such provision enforceable hereunder. The Employee hereby agrees that prior to accepting employment with any
other person or entity during his period of service with the Firm or during the Non-compete Restriction Period or the No Hire Restriction Period, the Employee shall provide such prospective employer with written notice of the provisions of this
Appendix A, with a copy of such notice delivered no later than the date of the Employee’s commencement of such employment with such prospective employer, to the General Counsel of the Company. The Employee acknowledges and agrees that the terms
of the Restrictive Covenants: (i) are reasonable in light of all of the circumstances, (ii) are sufficiently limited to protect the legitimate interests of the Firm, (iii) impose no undue hardship on the Employee and (iv) are not
injurious to the public. The Employee acknowledges and agrees that the Employee’s breach of the Restrictive Covenants will cause the Firm irreparable harm, which cannot be adequately compensated by money damages. The Employee also agrees that
the Firm shall be entitled to injunctive relief for any actual or threatened violation of any of the Restrictive Covenants in addition to any other remedies it may have, including, without limitation, money damages and forfeiture of the Award. The
Employee further acknowledges that, except as provided in Paragraph (h), the Restrictive Covenants and notice period requirements set forth herein shall operate independently of, and not instead of, any other restrictive covenants or notice period
requirements to which the Employee is subject pursuant to other plans and agreements involving the Firm. 

  
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 (h) Other Restrictive Covenants. The Employee acknowledges that, in the event that
the Employee is subject to an employment contract, the Restrictive Covenants set forth in this Appendix A constitute a supplement to such employment contract and will be entirely governed by the distinct and specific provisions of this Appendix A.
The Employee acknowledges that the Restrictive Covenants set forth in this Appendix A shall supersede and are in full substitution for any and all prior restrictive covenants included in any award agreement evidencing any Prior Awards by which the
Employee is bound, and this Paragraph (h) shall constitute a valid amendment to such award agreements. 

  
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