Document:

2005 Equity Incentive Plan

 Exhibit 10.21 
  
 LAZARD LTD 
 2005 EQUITY INCENTIVE PLAN 
  
 SECTION 1. Purpose; Definitions

  
 The purpose of this Lazard Ltd 2005 Equity Incentive Plan
(the “Plan”) is to give the Company a competitive advantage in attracting, retaining and motivating officers, employees, directors, advisors and/or consultants and to provide the Company and its Subsidiaries and Affiliates with a stock
plan providing incentives directly linked to shareholder value. Certain terms used herein have definitions given to them in the first instance in which they are used. In addition, for purposes of the Plan, the following terms are defined as set
forth below: 
  
 (a) “Affiliate” means a
corporation or other entity controlled by, controlling or under common control with, the Company. 
  
 (b) “Applicable Exchange” means the New York Stock Exchange or such other securities exchange as may at the applicable time be the
principal market for the Common Stock. 
  
 (c)
“Award” means an Option, Stock Appreciation Right, Restricted Stock, Stock Unit, or other stock-based award granted pursuant to the terms of the Plan. 
  
 (d) “Award Agreement” means a written document or agreement setting forth the terms and conditions of a
specific Award. 
  
 (e) “Board” means the Board
of Directors of the Company. 
  
 (f) “Cause”
means, unless otherwise provided in an Award Agreement, (i) “Cause” as defined in any Individual Agreement to which the applicable Participant is a party, or (ii) if there is no such Individual Agreement or if it does not define Cause: (A)
commission of (1) a felony (or its equivalent in a non-United States jurisdiction) or (2) other conduct of a criminal nature that has or is likely to have a material adverse effect on the reputation or standing in the community of the Company or an
Affiliate or that legally prohibits the Participant from working for the Company and its Affiliates; (B) breach by the Participant of a regulatory rule that adversely affects the Participant’s ability to perform the Participant’s duties to
the Company and its Affiliates; (C) dishonesty in the course of fulfilling the Participant’s employment duties; (D) deliberate failure on the part of the Participant (1) to perform the Participant’s principal employment duties, (2) to
comply with the policies of the Company and its Affiliates in any material respect, or (3) to follow specific reasonable directions received from the Company and its Affiliates; or (E) before a Change in Control, such other events as shall be
determined by the Committee and set forth in a Participant’s Award Agreement. Notwithstanding the general rule of Section 2(c), following a Change in Control, any determination by the Committee as to whether “Cause” exists shall be
subject to de novo review. 
  
 (g) “Change in
Control” has the meaning set forth in Section 9(b). 

 (h) “Code” means the Internal Revenue Code of 1986, as amended from time to time, and
any successor thereto, the Treasury Regulations thereunder and other relevant interpretive guidance issued by the Internal Revenue Service or the Treasury Department. Reference to any specific section of the Code shall be deemed to include such
regulations and guidance, as well as any successor provision of the Code. 
  
 (i) “Commission” means the Securities and Exchange Commission or any successor agency. 
  
 (j) “Committee” has the meaning set forth in Section 2(a). 
  
 (k) “Common Stock” means Class A common stock, par value $0.01 per share, of the Company. 
  
 (l) “Company” means Lazard Ltd, a Bermuda exempted company.

  
 (m) “Disability” means (i)
“Disability” as defined in any Individual Agreement to which the Participant is a party, or (ii) if there is no such Individual Agreement or it does not define “Disability,” (A) permanent and total disability as determined under
the Company’s long-term disability plan applicable to the Participant, or (B) if there is no such plan applicable to the Participant, “Disability” as determined by the Committee. 
  
 (n) “Disaffiliation” means a Subsidiary’s or
Affiliate’s ceasing to be a Subsidiary or Affiliate for any reason (including, without limitation, as a result of a public offering, or a spinoff or sale by the Company, of the stock of the Subsidiary or Affiliate) or a sale of a division of
the Company and its Affiliates. 
  
 (o) “Effective
Time” means immediately following consummation of the IPO. 
  
 (p) “Eligible Individuals” means directors, officers, employees, advisors, and consultants of the Company or any of its Subsidiaries or Affiliates, and prospective employees and consultants who have accepted offers of
employment or consultancy from the Company or its Subsidiaries or Affiliates. 
  
 (q) “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 
  
 (r) “Exchangeable Interest” means a Class II Interest of LAZ-MD (or, if applicable, the Common Interest of
Lazard Group issued in exchange therefor) that, upon full exchange in accordance with the Master Separation Agreement, is entitled to receive 
 share(s) of
Common Stock as set forth in the Master Separation Agreement. 
  
 (s) “Fair Market Value” means, if the Common Stock is listed on a national securities exchange, as of any given date, the closing price for the Common Stock on such date on the Applicable Exchange, or if Shares were not
traded on the Applicable Exchange on such measurement date, then on the next preceding date on which Shares were traded, all as reported by such source as the Committee may select. If the Common Stock is not listed on a national securities exchange,
Fair Market Value shall be determined by the Committee in its good faith discretion. 
  
 (t) “Free-Standing SAR” has the meaning set forth in Section 5(b). 
  

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 (u) “Grant Date” means (i) the date on which the Committee by resolution selects an
Eligible Individual to receive a grant of an Award and determines the number of Shares to be subject to such Award, or (ii) such later date as the Committee shall provide in such resolution. 
  
 (v) “Individual Agreement” means an employment, consulting
or similar agreement between a Participant and the Company or one of its Subsidiaries or Affiliates that is in effect as of the Grant Date of an Award hereunder. 
  
 (w) “IPO” means the initial public offering of Shares. 
  
 (x) “IPO Date” means the date of the closing of the IPO.

  
 (y) “LAZ-MD” means LAZ-MD Holdings LLC, a
Delaware limited liability company. 
  
 (z) “Lazard
Group” means Lazard Group LLC, a Delaware limited liability company formerly known as Lazard LLC. 
  
 (aa) “Master Separation Agreement” means the Master Separation Agreement, dated as of the IPO Date, by and among the Company, LAZ-MD,
Lazard Group, and LFCM Holdings LLC, as amended from time to time. 
  
 (bb) “Option” means an Award granted under Section 5(a). 
  
 (cc) “Participant” means an Eligible Individual to whom an Award is or has been granted. 
  
 (dd) “Performance Goals” means the performance goals established by the Committee in connection with the grant of Restricted Stock, Stock
Units, or other stock-based awards. 
  
 (ee)
“Plan” has the meaning set forth in the first paragraph of this Section 1. 
  
 (ff) “Restricted Stock” means an Award granted under Section 6. 
  
 (gg) “Retirement” means, unless otherwise determined by the Committee, retirement from active employment with the Company, a Subsidiary
or an Affiliate at or after age 65 or after attainment of both age 55 and ten years of continuous service with the Company and its Affiliates. 
  
 (hh) “Share” means a share of Common Stock. 
  
 (ii) “Stock Appreciation Right” means an Award granted under Section 5(b). 
  
 (jj) “Stock Units” means an Award granted under Section 7. 
  
 (kk) “Subsidiary” means any corporation, partnership, joint
venture or other entity during any period in which at least a 50% voting or profits interest is owned, directly or indirectly, by the Company or any successor to the Company. 
  
 (ll) “Tandem SAR” has the meaning set forth in Section 5(b). 
  
 (mm) “Term” means the maximum period during which an Option
or Stock Appreciation Right may remain outstanding, subject to earlier termination upon Termination of Employment or otherwise, as specified in the applicable Award Agreement. 
  
 (nn) “Termination of Employment” means the termination of the applicable Participant’s employment
with, or performance of services for, the Company and any of its Subsidiaries or Affiliates. Unless otherwise determined by the Committee, if a Participant’s employment with the Company and its Affiliates terminates but such Participant
continues to 
  

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 provide services to the Company and its Affiliates in a non-employee capacity, such change in status shall not be deemed
a Termination of Employment. A Participant employed by, or performing services for, a Subsidiary or an Affiliate or a division of the Company and its Affiliates shall be deemed to incur a Termination of Employment if, as a result of a
Disaffiliation, such Subsidiary, Affiliate, or division ceases to be a Subsidiary, Affiliate or division, as the case may be, and the Participant does not immediately thereafter become an employee of, or service provider for, the Company or another
Subsidiary or Affiliate. Neither a temporary absence from employment because of illness, vacation or leave of absence nor a transfer among the Company and its Subsidiaries and Affiliates shall be considered a Termination of Employment. 

 
 SECTION 2. Administration 
  
 (a) Committee. The Plan shall be administered by the Compensation
Committee of the Board or such other committee of the Board as the Board may from time to time designate (the “Committee”), which shall be composed of not less than two directors, and shall be appointed by and serve at the pleasure of the
Board. The Committee shall, subject to Section 10, have plenary authority to grant Awards pursuant to the terms of the Plan to Eligible Individuals. Among other things, the Committee shall have the authority, subject to the terms of the Plan:

  
 (i) to select the Eligible Individuals to
whom Awards may from time to time be granted; 
  
 (ii) to determine whether and to what extent, Options, Stock Appreciation Rights, Restricted Stock, Stock Units, other stock-based awards, or any combination thereof, are to be granted hereunder; 
  
 (iii) to determine the number of Shares to be covered by
each Award granted hereunder; 
  
 (iv) to
determine the terms and conditions of each Award granted hereunder, based on such factors as the Committee shall determine; 
  
 (v) subject to Section 12, to modify, amend or adjust the terms and conditions of any Award, at any time or from time to time; 

 
 (vi) to adopt, alter and repeal such administrative
rules, guidelines and practices governing the Plan as it shall from time to time deem advisable; 
  
 (vii) to interpret the terms and provisions of the Plan and any Award issued under the Plan (and any agreement relating thereto);

  
 (viii) to establish any “blackout”
period that the Committee in its sole discretion deems necessary or advisable; and 
  

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 (ix) to otherwise administer the Plan. 
  
 (b) Procedures. 
  
 (i) The Committee may act only by a majority of its members
then in office, except that the Committee may, except to the extent prohibited by applicable law or the listing standards of the Applicable Exchange and subject to Section 10, allocate all or any portion of its responsibilities and powers to any one
or more of its members and may delegate all or any part of its responsibilities and powers to any person or persons selected by it. 
  
 (ii) Any authority granted to the Committee may also be exercised by the full Board. To the extent that any permitted action taken by the
Board conflicts with action taken by the Committee, the Board action shall control. 
  
 (c) Discretion of Committee. Subject to Section 1(f), any determination made by the Committee or by an appropriately delegated officer pursuant to delegated authority under the provisions of the Plan with
respect to any Award shall be made in the sole discretion of the Committee or such delegate at the time of the grant of the Award or, unless in contravention of any express term of the Plan, at any time thereafter. All decisions made by the
Committee or any appropriately delegated officer pursuant to the provisions of the Plan shall be final and binding on all persons, including the Company, Participants, and Eligible Individuals. 
  
 (d) Award Agreements. The terms and conditions of each Award, as
determined by the Committee, shall be set forth in a written Award Agreement, which shall be delivered to the Participant receiving such Award upon, or as promptly as is reasonably practicable following, the grant of such Award. The effectiveness of
an Award shall not be subject to the Award Agreement’s being signed by the Company and/or the Participant receiving the Award unless specifically so provided in the Award Agreement. Award Agreements may be amended only in accordance with
Section 12. 
  
 SECTION 3. Common Stock Subject to Plan 
  
 (a) Maximum Number of Shares. The maximum number of Shares that may
be delivered pursuant to Awards under the Plan shall be 25,000,000. 
  
 (b) Rules for Calculating Shares Delivered. 
  
 (i) To the extent that any Award is forfeited, or any Option and the related Tandem SAR (if any) or Free-Standing SAR terminates, expires
or lapses without being exercised, or any Award is settled for cash, the Shares subject to such Awards not delivered as a result thereof shall again be available for Awards under the Plan. 
  
 (ii) If the exercise price of any Option and/or the tax
withholding obligations relating to any Award are satisfied by delivering Shares to the Company (by either actual 
  

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 delivery or by attestation), only the number of Shares issued net of the Shares delivered or attested to
shall be deemed delivered for purposes of the limits set forth in Section 3(a). To the extent any Shares subject to an Award are withheld to satisfy the exercise price (in the case of an Option) and/or the tax withholding obligations relating to
such Award, such Shares shall not be deemed to have been delivered for purposes of the limits set forth in Section 3(a). 
  
 (c) Adjustment Provision. In the event of (i) a stock dividend, stock split, reverse stock split, share combination, or recapitalization or similar
event affecting the capital structure of the Company (each, a “Share Change”), or (ii) a merger, amalgamation, consolidation, acquisition of property or shares, separation, spinoff, other distribution of stock or property (including any
extraordinary cash or stock dividend), reorganization, stock rights offering, liquidation, Disaffiliation, or similar event affecting the Company or any of its Subsidiaries (each, a “Corporate Transaction”), the Committee or the Board may
in its discretion make such substitutions or adjustments as it deems appropriate and equitable to (A) the aggregate number and kind of Shares or other securities reserved for issuance and delivery under the Plan, (B) the number and kind of Shares or
other securities subject to outstanding Awards; and (C) the exercise price of outstanding Options and Stock Appreciation Rights. In the case of Corporate Transactions, such adjustments may include, without limitation, (1) the cancellation of
outstanding Awards in exchange for payments of cash, property or a combination thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the
case of a Corporate Transaction with respect to which shareholders of Common Stock receive consideration other than publicly traded equity securities of the ultimate surviving entity, any such determination by the Committee that the value of an
Option or Stock Appreciation Right shall for this purpose be deemed to equal the excess, if any, of the value of the consideration being paid for each Share pursuant to such Corporate Transaction over the exercise price of such Option or Stock
Appreciation Right shall conclusively be deemed valid); (2) the substitution of other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the Shares subject to
outstanding Awards; and (3) in connection with any Disaffiliation, arranging for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities of the
Company and securities of entities other than the Company), by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such Disaffiliation (as well as any corresponding
adjustments to Awards that remain based upon Company securities). 
  
 (d) Section 409A. Notwithstanding the foregoing: (i) any adjustments made pursuant to Section 3(c) to Awards that are considered “deferred compensation” within the meaning of Section 409A of the Code shall be made in
compliance with the requirements of Section 409A of the Code; (ii) any adjustments made pursuant to Section 3(c) to Awards that are not considered “deferred compensation” subject to Section 409A of the Code shall be made in such a manner
as to ensure that after such adjustment, the Awards either (A) continue not to be subject to Section 409A of the Code or (B) comply with the requirements of Section 409A of the Code; and (iii) in 
  

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 any event, neither the Committee nor the Board shall have the authority to make any adjustments pursuant to Section 3(c)
to the extent the existence of such authority would cause an Award that is not intended to be subject to Section 409A of the Code at the Grant Date to be subject thereto. 
  
 SECTION 4. Eligibility 
  
 Awards may be granted under the Plan to Eligible Individuals. 
  
 SECTION 5. Options and Stock Appreciation Rights 
  
 (a) Options. Options to purchase Shares under the Plan may be granted on such terms and in such form as the Committee may from time to time
determine in its sole discretion, which shall not be inconsistent with the provisions of the Plan, but which need not be identical from Option to Option. 
  
 (b) Stock Appreciation Rights. Stock Appreciation Rights under the Plan may be granted on such terms and in such form as the Committee may from
time to time determine in its sole discretion, which shall not be inconsistent with the provisions of the Plan, but which need not be identical from Stock Appreciation Right to Stock Appreciation Right. Stock Appreciation Rights may be granted as
“Tandem SARs,” which are granted in conjunction with an Option, or “Free-Standing SARs,” which are not granted in conjunction with an Option. Upon the exercise of a Stock Appreciation Right, the Participant shall be entitled to
receive an amount in cash, Shares, or both, in value equal to the product of (i) the excess of the Fair Market Value of one Share over the exercise price of the applicable Stock Appreciation Right, multiplied by (ii) the number of Shares in respect
of which the Stock Appreciation Right has been exercised. The applicable Award Agreement shall specify whether such payment is to be made in cash or Common Stock or both, or shall reserve to the Committee or the Participant the right to make that
determination prior to or upon the exercise of the Stock Appreciation Right. 
  
 (c) Tandem SARs. A Tandem SAR may be granted at the Grant Date of the related Option or, at any time after the Grant Date thereof while the related Option remains outstanding. A Tandem SAR shall be exercisable
only at such time or times and to the extent that the related Option is exercisable in accordance with the provisions of this Section 5, and shall have the same exercise price as the related Option. A Tandem SAR shall terminate or be forfeited upon
the exercise or forfeiture of the related Option, and the related Option shall terminate or be forfeited upon the exercise or forfeiture of the Tandem SAR. 
  
 (d) Exercise Price. The exercise price per Share subject to an Option or Free-Standing SAR shall be determined by the Committee and set forth in
the applicable Award Agreement, and shall not be less than the Fair Market Value of a share of the Common Stock on the applicable Grant Date. In no event may any Option or Free-Standing SAR granted under the Plan be amended, other than
pursuant to Section 3(c), to decrease the exercise price thereof, be cancelled in conjunction with the grant of any new Option or Free-Standing SAR with a lower exercise price, or otherwise be subject to any action that would be treated, for
accounting 

  

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purposes, as a “repricing” of such Option or Free-Standing SAR, unless such amendment, cancellation, or action is approved by the Company’s
shareholders. 
  
 (e) Term. The Term of each Option and
each Free-Standing SAR shall be fixed by the Committee. 
  
 (f)
Vesting and Exercisability. Except as otherwise provided herein, Options and Free-Standing SARs shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee. If the Committee
provides that any Option or Free-Standing SAR will become exercisable only in installments, the Committee may at any time waive such installment exercise provisions, in whole or in part, based on such factors as the Committee may determine. In
addition, the Committee may at any time accelerate the exercisability of any Option or Free-Standing SAR. 
  
 (g) Method of Exercise. Subject to the provisions of this Section 5, Options and Free-Standing SARs may be exercised, in whole or in part, at any
time during the applicable Term by giving written notice of exercise to the Company specifying the number of Shares as to which the Option or Free-Standing SAR is being exercised; provided, however, that, unless otherwise permitted by the
Committee, any such exercise must be with respect to a portion of the applicable Option or Free-Standing SAR relating to no less than the lesser of the number of Shares then subject to such Option or Free-Standing SAR or 50 Shares. In the case of
the exercise of an Option, such notice shall be accompanied by payment in full of the purchase price (which shall equal the product of such number of Shares multiplied by the applicable exercise price) by certified or bank check or such other
instrument as the Company may accept. If approved by the Committee, payment, in full or in part, may also be made as follows: 
  
 (i) Payments may be made in the form of unrestricted Shares (by delivery of such Shares or by attestation) of the same class as the Common
Stock subject to the Option already owned by the Participant (based on the Fair Market Value of the Common Stock on the date the Option is exercised). 
  
 (ii) To the extent permitted by applicable law, payment may be made by delivering a properly executed exercise notice to the Company,
together with a copy of irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the purchase price, and, if requested, the amount of any federal, state, local or foreign
withholding taxes. To facilitate the foregoing, the Company may, to the extent permitted by applicable law, enter into agreements for coordinated procedures with one or more brokerage firms. To the extent permitted by applicable law, the Committee
may also provide for Company loans to be made for purposes of the exercise of Options. 
  
 (iii) Payment may be made by instructing the Committee to withhold a number of Shares having a Fair Market Value (based on the Fair Market
Value of the Common Stock on the date the applicable Option is exercised) equal to the product of (A) the 

  

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exercise price multiplied by (B) the number of Shares in respect of which the Option shall have been exercised. 
  
 (h) Delivery; Rights of Shareholders. No Shares shall be delivered
pursuant to the exercise of an Option until the exercise price therefor has been fully paid and applicable taxes have been withheld. Subject to Section 14(e), the applicable Participant shall have all of the rights of a shareholder of the Company
holding the class or series of Common Stock that is subject to the Option or Stock Appreciation Right (including, if applicable, the right to vote the applicable Shares and the right to receive dividends), when the Participant (i) has given written
notice of exercise, (ii) if requested, has given the representation described in Section 14(a), (iii) in the case of an Option, has paid in full for such Shares, and (iv) has been entered into the Company’s Register of Members with respect to
such Shares. 
  
 (i) Terminations of Employment. Subject to
Section 9(c) and the last paragraph hereof, a Participant’s Options and Stock Appreciation Rights shall be forfeited upon such Participant’s Termination of Employment, except as set forth below: 
  
 (i) Upon a Participant’s Termination of Employment by
reason of death, any Option or Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) the first anniversary of the date of such
death and (B) the expiration of the Term thereof; 
  
 (ii) Upon a Participant’s Termination of Employment by reason of Disability, any Option or Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised at any
time until the earlier of (A) the third anniversary of such Termination of Employment and (B) the expiration of the Term thereof; 
  
 (iii) Upon a Participant’s Termination of Employment by reason of Retirement, any Option or Stock Appreciation Right held by the
Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) the fifth anniversary of such Termination of Employment and (B) the expiration of the Term thereof; 

 
 (iv) Upon a Participant’s Termination of Employment
for Cause, any Option or Stock Appreciation Right held by the Participant shall be forfeited, effective as of such Termination of Employment; 
  
 (v) Upon a Participant’s Termination of Employment for any reason other than death, Disability, Retirement or for Cause, any Option
or Stock Appreciation Right held by the Participant that was exercisable immediately before the Termination of Employment may be exercised at any time until the earlier of (A) the 90th day following such Termination of Employment and (B) expiration
of the Term thereof; and 
  

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 (vi) Notwithstanding the above provisions of this Section 5(i), if a Participant dies
after such Participant’s Termination of Employment but while any Option or Stock Appreciation Right remains exercisable as set forth above, such Option or Stock Appreciation Right may be exercised at any time until the later of (A) the earlier
of (1) the first anniversary of the date of such death and (2) expiration of the Term thereof and (B) the last date on which such Option or Stock Appreciation Right would have been exercisable, absent this Section 5(i)(vi). 
  
 Notwithstanding the foregoing, the Committee shall have the power, in its discretion, to
apply different rules concerning the consequences of a Termination of Employment; provided, however, that if such rules are less favorable to the Participant than those set forth above, such rules shall be set forth in the applicable Award
Agreement. 
  
 SECTION 6. Restricted Stock 
  
 (a) Nature of Awards and Certificates. Shares of Restricted Stock are
actual Shares issued to a Participant, and shall be evidenced in such manner as the Committee may deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate issued in respect of Shares of
Restricted Stock shall be registered in the name of the applicable Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 
  
 “The transferability of this certificate and the shares of stock
represented hereby are subject to the terms and conditions (including forfeiture) of the Lazard Ltd 2005 Stock Incentive Plan and an Award Agreement, as well as the terms and conditions of applicable law. Copies of such Plan and Agreement are on
file at the offices of Lazard Ltd.” 
  
 The Committee may require that the
certificates evidencing title of such shares be held in custody by the Company until the restrictions thereon shall have lapsed and that, as a condition of any Award of Restricted Stock, the applicable Participant shall have delivered a stock power,
endorsed in blank, relating to the Common Stock covered by such Award. 
  
 (b) Terms and Conditions. Shares of Restricted Stock shall be subject to the following terms and conditions: 
  
 (i) The Committee may condition the grant or vesting of an Award of Restricted Stock upon the attainment of Performance Goals or upon the
continued service of the applicable Participant. The conditions for grant or vesting and the other provisions of Restricted Stock Awards (including without limitation any applicable Performance Goals) need not be the same with respect to each
recipient. The Committee may at any time, in its sole discretion, accelerate or waive, in whole or in part, any of the foregoing restrictions. 
  

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 (ii) Subject to the provisions of the Plan and the applicable Award Agreement, during the
period, if any, set by the Committee, commencing with the date of such Restricted Stock Award for which such Participant’s continued service is required (the “Restriction Period”), and until the later of (A) the expiration of the
Restriction Period and (B) the date the applicable Performance Goals (if any) are satisfied, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Shares of Restricted Stock. 
  
 (iii) Except as provided in this Section 6 and in the
applicable Award Agreement, the applicable Participant shall have, with respect to the Shares of Restricted Stock, all of the rights of a stockholder of the Company holding the class or series of Common Stock that is the subject of the Restricted
Stock, including, if applicable, the right to vote the Shares and the right to receive any cash dividends. If so determined by the Committee in the applicable Award Agreement and subject to Section 14(f), (A) cash dividends on the class or series of
Common Stock that is the subject of the Restricted Stock Award shall be automatically deferred and reinvested in additional Restricted Stock, held subject to the vesting of the underlying Restricted Stock, and (B) subject to any adjustment pursuant
to Section 3(c), dividends payable in Common Stock shall be paid in the form of Restricted Stock of the same class as the Common Stock with which such dividend was paid, held subject to the vesting of the underlying Restricted Stock. 
  
 (iv) Except as otherwise set forth in the applicable Award
Agreement, upon a Participant’s Termination of Employment for any reason during the Restriction Period or before the applicable Performance Goals are satisfied, all Shares of Restricted Stock still subject to restriction shall be forfeited by
such Participant; provided, however, that the Committee shall have the discretion to waive, in whole or in part, any or all remaining restrictions with respect to any or all of such Participant’s Shares of Restricted Stock.

  
 (v) If and when any applicable Performance
Goals are satisfied and the Restriction Period expires without a prior forfeiture of the Shares of Restricted Stock for which legended certificates have been issued, unlegended certificates for such Shares shall be delivered to the Participant upon
surrender of the legended certificates. 
  
 SECTION 7. Stock Units

  
 (a) Nature of Award. Stock Units are Awards
denominated in Shares that will be settled, subject to the terms and conditions of the Stock Units, either by delivery of Shares to the Participant or by the payment of cash based upon the Fair Market Value of a specified number of Shares.

  
 (b) Terms and Conditions. Stock Units shall be subject
to the following terms and conditions: 
  

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 (i) The Committee may condition the vesting of Stock Units upon the attainment of
Performance Goal or upon the continued service of the Participant. The conditions for grant or vesting and the other provisions of Stock Unit Awards (including without limitation any applicable Performance Goals) need not be the same with respect to
each recipient. The Committee may at any time, in its sole discretion, accelerate or waive, in whole or in part, any of the foregoing restrictions. An Award of Stock Units shall be settled as and when the Stock Units vest or at a later time
specified by the Committee or in accordance with an election of the Participant, if the Committee so permits. 
  
 (ii) Subject to the provisions of the Plan and the applicable Award Agreement, during the period, if any, set by the Committee, commencing
with the date of such Stock Unit Award for which such Participant’s continued service is required (the “Stock Unit Restriction Period”), and until the later of (A) the expiration of the Stock Unit Restriction Period and (B) the date
the applicable Performance Goals (if any) are satisfied, the Participant shall not be permitted to sell, assign, transfer, pledge or otherwise encumber Stock Units. 
  
 (iii) The Award Agreement for Stock Units shall specify whether, to what extent and on what terms and
conditions the applicable Participant shall be entitled to receive current or deferred payments of cash, Common Stock or other property corresponding to the dividends payable on the Common Stock (subject to Section 14(f) below). 
  
 (iv) Except as otherwise set forth in the applicable Award
Agreement, upon a Participant’s Termination of Employment for any reason during the Stock Unit Restriction Period or before the applicable Performance Goals are satisfied, all Stock Units still subject to restriction shall be forfeited by such
Participant; provided, however, that the Committee shall have the discretion to waive, in whole or in part, any or all remaining restrictions with respect to any or all of such Participant’s Stock Units. 
  
 SECTION 8. Other Equity-Based Awards 
  
 Other Awards of Common Stock and other Awards that are valued in whole or in
part by reference to, or are otherwise based upon, Common Stock, including (without limitation), unrestricted stock, dividend equivalents, and convertible debentures, may be granted under the Plan.  
  
 SECTION 9. Change in Control Provisions 
  
 (a) Impact of Event. In the event of a Change in Control (as defined
below), except to the extent the Committee specifically establishes otherwise for a particular Award, and except as provided in Section 3(d) and in Section 9(d), immediately upon the occurrence of a Change in Control: 
  

 12 

 (i) any Options and Stock Appreciation Rights outstanding which are not then exercisable
and vested shall become fully exercisable and vested; 
  
 (ii) the restrictions applicable to any Restricted Stock shall lapse, and such Restricted Stock shall become free of all restrictions and become fully vested and transferable; 
  
 (iii) all Stock Units shall vest in full and be immediately settled; and 
  
 (iv) the Committee may also make additional adjustments
and/or settlements of outstanding Awards as it deems appropriate and consistent with the Plan’s purposes. 
  
 (b) Definition of Change in Control. For purposes of the Plan, a “Change in Control” shall mean any of the following events: 

 
 (i) The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 20% or more of either (A) the then-outstanding shares of
Common Stock (treating, for this purpose, the then-outstanding Exchangeable Interests as shares of Common Stock on an as-if fully exchanged basis in accordance with the Master Separation Agreement) (the “Outstanding Company Common Stock”),
assuming the full exchange of all of the then-outstanding Exchangeable Interests for shares of Common Stock in accordance with the Master Separation Agreement or (B) the combined voting power of the then-outstanding voting securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 9(b)(i), the following acquisitions shall not constitute a Change in
Control: (1) any acquisition directly from the Company, other than an acquisition by virtue of the exercise of a conversion privilege unless the security being so converted was itself acquired directly from the Company, (2) any acquisition by the
Company, (3) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its Affiliates or Subsidiaries or (4) any acquisition pursuant to a transaction which complies with clauses (A), (B) and
(C) of Section 9(b)(iii), (5) the acquisition of the share of Class B common stock, par value $.01 per share, of the Company (the “Class B Share”) by LAZ-MD in connection with the IPO (as defined below), or (6) any deemed acquisition of
the voting power in the Class B Share by LAZ-MD or its members by reason of the entry into and operation of the voting provisions of the Stockholders’ Agreement dated as of the IPO Date, by and among the Company, LAZ-MD and the other parties
thereto, as amended from time to time; or 
  
 (ii) Any time at which individuals who, as of the Effective Time, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to the Effective Time whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall
be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the
election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
  
 (iii) Consummation of a reorganization, merger, amalgamation, statutory share exchange or consolidation or similar corporate transaction
involving the Company or any 
  

 13 

 of its Subsidiaries, a sale or other disposition of all or substantially all of the assets of the
Company, or the acquisition of assets or stock of another entity by the Company or any of its Subsidiaries (a “Business Combination”); excluding, however, such a Business Combination pursuant to which (A) all or substantially all of the
individuals and entities who are the beneficial owners, respectively, of the Outstanding Company Common Stock and Outstanding Company Voting Securities immediately prior to such Business Combination (assuming in each case the full exchange of the
Exchangeable Interests for shares of Common Stock in accordance with the Master Separation Agreement) will beneficially own, directly or indirectly, more than 50% of, respectively, the outstanding shares of common stock, and the combined voting
power of the then outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a corporation which as a result
of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately prior to such Business
Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, as the case may be, (B) no Person (other than the Company, any employee benefit plan (or related trust) of the Company or such corporation resulting from
such Business Combination) will beneficially own, directly or indirectly, 20% or more of, respectively, the outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power of the
outstanding voting securities of such corporation entitled to vote generally in the election of directors (assuming in each case the full exchange of the Exchangeable Interests for shares of Common Stock in accordance with the Master Separation
Agreement) except to the extent that such ownership existed prior to the Business Combination, and (C) individuals who were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing
for such Business Combination will constitute at least a majority of the members of the board of directors of the corporation resulting from such Business Combination; or 
  
 (iv) The approval by the stockholders of the Company of a complete liquidation or dissolution of the Company
(excluding, for the avoidance of doubt, any discontinuance of the Company). 
  
 Notwithstanding the foregoing, in no event shall the initial public offering (the “IPO”) of Shares or the various corporate transactions in connection with the reorganization and recapitalization of the Company and its Affiliates
(and their predecessors), including the redemption of two classes of limited liability company interests in Lazard Group, associated with the IPO and described in the Registration Statement on Form S-1 (including all amendments thereto) (the
“S-1”) filed with the Securities and Exchange Commission to register the sale of Common Stock in the IPO, individually or in the aggregate, constitute a Change in Control. For the avoidance of doubt, in no event shall the exchange of
Exchangeable Interests for shares of Common Stock (the terms of which exchanges are described in the S-1), individually or in the aggregate, constitute a Change in Control. 
  
 (c) Special Change in Control Post-Termination Exercise Rights. Unless otherwise provided in the applicable Award
Agreement, notwithstanding any other provision of the Plan to the contrary, upon the Termination of Employment of a Participant, other than for Cause, during the 24-month period following a Change in Control, any Option or Stock Appreciation Right
held by the Participant as of the date of the Change in Control that remains outstanding as of the 
  

 14 

 date of such Termination of Employment may thereafter be exercised, until the later of (i) the last date on which such
Option or Stock Appreciation Right would be exercisable in the absence of this Section 9(c) and (ii) the earlier of (A) the third anniversary of such Change in Control and (B) expiration of the Term of such Option. 
  
 (d) Notwithstanding the foregoing, if any Award is subject to Section 409A of
the Code, this Section 9 shall be applicable only to the extent specifically provided in the Award Agreement and permitted pursuant to Section 11. 
  
 SECTION 10. Section 16(b) 
  
 The provisions of the Plan are intended to ensure that no transaction under the Plan is subject to (and not exempt from) the short-swing recovery rules of
Section 16(b) of the Exchange Act (“Section 16(b)”). Accordingly, the composition of the Committee shall be subject to such limitations as the Board deems appropriate to permit transactions pursuant to the Plan to be exempt (pursuant to
Rule 16b-3 promulgated under the Exchange Act) from Section 16(b), and no delegation of authority by the Committee shall be permitted if such delegation would cause any such transaction to be subject to (and not exempt from) Section 16(b).

  
 SECTION 11. Section 409A of the Code 
  
 (a) It is the intention of the Company that no Award shall be “deferred
compensation” subject to Section 409A of the Code, unless and to the extent that the Committee specifically determines otherwise as provided below, and the Plan and the terms and conditions of all Awards shall be interpreted accordingly.

  
 (b) The terms and conditions governing any Awards that the
Committee determines will be subject to Section 409A of the Code, including any rules for elective or mandatory deferral of the delivery of cash or shares of Common Stock pursuant thereto and any rules regarding treatment of such Awards in the event
of a Change in Control, shall be set forth in the applicable Award Agreement, and shall comply in all respects with Section 409A of the Code. 
  
 SECTION 12. Term, Amendment and Termination 
  
 (a) Effectiveness. The Plan shall be effective as of the date (the “Effective Date”) it is adopted by the Board. 
  
 (b) Termination. The Plan will terminate on the tenth anniversary of
the Effective Date. Awards outstanding as of such date shall not be affected or impaired by the termination of the Plan. 
  
 (c) Amendment of Plan. The Board may amend, alter, or discontinue the Plan, but no amendment, alteration or discontinuation shall be made which
would materially impair the rights of the Participant with respect to a previously granted Award without such Participant’s consent, 
  

 15 

 except such an amendment made to comply with applicable law, tax rules, stock exchange rules or accounting rules. In
addition, no such amendment shall be made without the approval of the Company’s stockholders to the extent such approval is required by applicable law or the listing standards of the Applicable Exchange. 
  
 (d) Amendment of Awards. Subject to Section 5(d), the Committee may
unilaterally amend the terms of any Award theretofore granted, prospectively or retroactively, but no such amendment shall without the Participant’s consent materially impair the rights of any Participant with respect to an Award, except such
an amendment made to cause the Plan or Award to comply with applicable law, tax rules, stock exchange rules or accounting rules. 
  
 SECTION 13. Unfunded Status of Plan 
  
 It is presently intended that the Plan constitute an “unfunded” plan for incentive and deferred compensation. The Committee may authorize the
creation of trusts or other arrangements to meet the obligations created under the Plan to deliver Common Stock or make payments; provided, however, that unless the Committee otherwise determines, the existence of such trusts or other
arrangements is consistent with the “unfunded” status of the Plan. 
  
 SECTION 14. General Provisions 
  
 (a)
Conditions for Issuance. The Committee may require each person purchasing or receiving Shares pursuant to an Award to represent to and agree with the Company in writing that such person is acquiring the Shares without a view to the
distribution thereof. The certificates for such Shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer. Notwithstanding any other provision of the Plan or agreements made pursuant thereto, the
Company shall not be required to issue or deliver any certificate or certificates for Shares under the Plan prior to fulfillment of all of the following conditions: (i) listing or approval for listing upon notice of issuance, of such Shares on the
Applicable Exchange; (ii) any registration or other qualification of such Shares of the Company under any state or federal law or regulation, or the maintaining in effect of any such registration or other qualification which the Committee shall, in
its absolute discretion upon the advice of counsel, deem necessary or advisable; and (iii) obtaining any other consent, approval, or permit from any state or federal governmental agency which the Committee shall, in its absolute discretion after
receiving the advice of counsel, determine to be necessary or advisable. 
  
 (b) Additional Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Subsidiary or Affiliate from adopting other or additional compensation arrangements for its employees.

  
 (c) No Contract of Employment. The Plan shall not
constitute a contract of employment, and adoption of the Plan shall not confer upon any employee any right to continued employment, nor shall it interfere in any way with the right of the Company or any Subsidiary or Affiliate to terminate the
employment of any employee at any time. A Participant shall, by 
  

 16 

 participating in the Plan, waive all and any rights to compensation or damages in consequence of the termination of such
Participant’s employment with the Company or any Subsidiary or Affiliate for any reason whatsoever, whether lawfully or otherwise, insofar as those rights arise or may arise from such Participant ceasing to have rights under the Plan as a
result of such termination, or from the loss or diminution in value of such rights or entitlements, including by reason of the operation of the terms of the Plan or the provisions of any statute or law relating to taxation. An Eligible Individual
shall have no right to be designated a Participant. 
  
 (d)
Required Taxes. No later than the date as of which an amount first becomes includible in the gross income of a Participant for U.S. federal or other income tax purposes (or similar taxes in the applicable non-U.S. jurisdiction) with respect
to any Award under the Plan, such Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes or social security (or similar) contributions of any kind
required by law to be withheld with respect to such amount. Unless otherwise determined by the Company and subject to any applicable laws (including any laws that require that such withholding be effected as a repurchase and be permitted only to the
extent such a repurchase would be permitted), withholding obligations may be settled with Common Stock, including Common Stock that is part of the Award that gives rise to the withholding requirement. The obligations of the Company under the Plan
shall be conditional on such payment or arrangements, and the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to such Participant. The Committee may establish
such procedures as it deems appropriate, including making irrevocable elections, for the settlement of withholding obligations with Common Stock. 
  
 (e) Deferral Arrangements. Subject to applicable law, the Committee may from time to time establish procedures pursuant to which a
Participant may elect to defer receipt of all or a portion of the cash or Shares subject to an Award, all on such terms and conditions as the Committee shall determine. 
  
 (f) Limitation on Dividend Reinvestment and Dividend Equivalents. Reinvestment of dividends in additional Restricted
Stock at the time of any dividend payment, and the payment of Shares with respect to dividends to Participants holding Awards of Stock Units, shall only be permissible if sufficient Shares are available under Section 3 for such reinvestment or
payment (taking into account then outstanding Awards). In the event that sufficient Shares are not available for such reinvestment or payment, such reinvestment or payment shall be made in the form of a grant of Stock Units equal in number to the
Shares that would have been obtained by such payment or reinvestment, the terms of which Stock Units shall provide for settlement in cash and for dividend equivalent reinvestment in further Stock Units on the terms contemplated by this Section
14(f). 
  
 (g) Designation of Death Beneficiary. The
Committee shall establish such procedures as it deems appropriate for a Participant to designate a beneficiary to whom any amounts payable in the event of such Participant’s death are to be paid or by whom any rights of such eligible
Individual, after such Participant’s death, may be exercised. 
  

 17 

 (h) Subsidiary Employees. In the case of a grant of an Award to any employee of a Subsidiary of
the Company, the Company may, if the Committee so directs, issue or transfer the Shares, if any, covered by the Award to the Subsidiary, for such lawful consideration as the Committee may specify, upon the condition or understanding that the
Subsidiary will transfer the Shares to the employee in accordance with the terms of the Award specified by the Committee pursuant to the provisions of the Plan. The Committee may also adopt procedures regarding treatment of any Shares so transferred
to a Subsidiary that are subsequently forfeited or canceled. 
  
 (i) Governing Law and Interpretation. The Plan and all Awards made and actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York, without reference to principles of
conflict of laws. The captions of the Plan are not part of the provisions hereof and shall have no force or effect. 
  
 (j) Non-Transferability. Except as otherwise provided by the Committee, Awards under the Plan are not transferable except by will or by laws of
descent and distribution. 
  
 (k) Non-Pensionable. Benefits
under the Plan shall not be treated as pensionable earnings for purposes of any pension plan maintained by the Company and its Affiliates, unless explicitly provided otherwise in such plan. 
  
 (l) Data Protection. By participating in the Plan, the Participant
consents to the collection, processing, transmission and storage by the Company, in any form whatsoever, of any data of a professional or personal nature which is necessary for the purposes of administering the Plan. The Company may share such
information with any Subsidiary or Affiliate, any trustee, its registrars, brokers, other third party administrator or any person who obtains control of the Company or one of its Subsidiaries or divisions. 
  
 (m) Right of Offset. The Company or its Subsidiaries and Affiliates
shall have the right to offset, against the obligation to pay amounts or issue Shares to any Participant under the Plan, any outstanding amounts (including, without limitation, travel and entertainment expense, advance account balances, loans, tax
withholding amounts paid by the employer or amounts repayable to the Company or its Subsidiaries and Affiliates pursuant to tax equalization, housing, automobile or other employee programs) such Participant then owes to the Company or its
Subsidiaries and Affiliates and any amounts the Plan Administrator otherwise deems appropriate pursuant to any tax equalization policy or agreement. 
  
 (n) Foreign Employees and Foreign Law Considerations. The Committee may grant Awards to Eligible Individuals who are foreign nationals, who reside
outside the United States or who are not compensated from a payroll maintained in the United States, or who are otherwise subject to (or could cause the Company to be subject to) legal or regulatory provisions of countries or jurisdictions outside
the United States, on such terms and conditions different from those specified in the Plan as may, in the judgment of the Committee, be necessary or desirable to foster and promote achievement of the purposes of the Plan and comply with such legal
or regulatory provisions, and, in furtherance of such purposes, the Committee may make such modifications, amendments, procedures, or subplans as may be necessary or advisable to comply 

  

 18 

 
with such legal or regulatory provisions (including to avoid triggering a public offering or to maximize tax efficiency). 
  

 19Form of Letter Agreement with Bruce Wasserstein family trusts

 Exhibit 10.31 
  
  
 [FORM OF LETTER AGREEMENT] 
  
 [Lazard LLC Letterhead] 
  
 April     , 2005 
  
 Ellis Jones, as Trustee 
 BW NY Goodwill L.L.C. 
 BW ROW Goodwill L.L.C. 
 [Address] 
 New York, New York 
  
  
  
 Dear Mr. Jones:

  
 This letter agreement sets forth the mutual understanding
between Lazard LLC (“Lazard” on its behalf and on behalf of its subsidiaries and affiliates (collectively with Lazard, and its and their predecessors and successors, the “Lazard Group”)) and each of BW NY Goodwill
L.L.C. and BW ROW Goodwill L.L.C. (collectively, the “Family Trusts”) regarding the rights and obligations applicable to the Lazard Class A-2 Interests (as defined in the Third Amended and Restated Operating Agreement of Lazard,
dated as of January 1, 2002, as amended (the “LLC Agreement”)) that are held in the Family Trusts as set forth on Schedule I attached hereto (the “Trusts Interests”), in connection with the participation of the
Trusts Interests in the reorganization of Lazard (the “Reorganization”), currently expected to occur substantially on the terms and conditions described in Amendment No. 4 to the Registration Statement on Form S-1, dated April 18,
2005, as filed with the Securities and Exchange Commission, relating to the initial public offering (the “IPO”) and together with the Reorganization and the consummation of the mandatory sale of all “Interests” (as defined
in the LLC Agreement) pursuant to Section 6.02(b) of the LLC Agreement (as the provisions of such Section 6.02(b) may be waived or modified) or otherwise (the “HoldCo Formation”), of shares of Class A common stock of Lazard Ltd, a
Bermuda limited company (“PubliCo”). 
  
 The
Trusts Interests (and the Exchangeable Interests and any PubliCo Shares (each as defined in the Agreement Relating to the Reorganization of Lazard by and between Lazard and Bruce Wasserstein (the “Reorganization Agreement”))
received or receivable in respect of the Trusts Interests) shall be treated in the same manner as, and have the same rights and obligations as, the Class A-2 Interests directly held by the Executive as of the date hereof as set forth in the
Reorganization Agreement; provided that, for purposes of the Trusts Interests, references in the Reorganization Agreement to the “Executive” shall be deemed, where appropriate, to be or include references to the Family Trusts,
whether or not this is expressly specified in the relevant provisions of the Reorganization Agreement; provided further, for the avoidance of doubt, that references in the Reorganization Agreement to the Executive’s continued employment
or service with Lazard or one of its affiliates shall be references to Mr. Wasserstein only. 
  
 To the extent required of Mr. Wasserstein and requested by the Lazard Group, the Family Trusts shall become a party to or otherwise agree to be bound by the terms of any agreements referred to in the Reorganization
Agreement, including without limitation the stockholders’ 

 
agreement referred to in Section 2(d) thereof, or required to be entered into in connection with the Reorganization or HoldCo Formation, and the Lazard Group
may condition its obligations in respect of the Trusts Interests on the satisfaction by the Family Trusts of the foregoing requirement. 
  
 Lazard hereby agrees that following the HoldCo Formation and subject to the completion of the IPO, it will nominate to the board of directors of PubliCo
one person designated by the Family Trusts (or their designee) until such time as (1) the PubliCo Shares then owned, directly or indirectly, by the Family Trusts or any beneficiaries thereof (in the aggregate), plus (2) the PubliCo Shares issuable
under the terms of any Exchangeable Interests issued by the Lazard Group then owned, directly or indirectly, by the Family Trusts or any beneficiaries thereof (in the aggregate), constitute less than 50% of the PubliCo Shares issuable under the
terms of any Exchangeable Interests initially issued by the Lazard Group in connection with the HoldCo Formation and held by the Family Trusts (in the aggregate) as of the IPO Date. 
  
 Notwithstanding anything to the contrary contained herein, the effectiveness of this letter agreement is conditioned upon
and subject to the completion of the HoldCo Formation and the IPO. 
  
 This Agreement shall be governed by and construed in accordance with the laws of the State of New York, 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. This Agreement may not be amended or modified, other than by a written agreement executed by the parties hereto. This Agreement shall be binding upon and inure to the benefit of Lazard and each of the Family Trusts and their respective
successors and assigns. 
  
 Each of Lazard and the trustee for
each of the Family Trusts, intending to be legally bound, has caused this letter agreement to be executed and delivered in its name and on its behalf as of the date first above written. 
  
  
  

			
	 LAZARD LLC
 (on its behalf, and on behalf of
its
 subsidiaries and affiliates and their
 successors and
assigns)

		
	By:	 	 
	Name:
	Title:

  
  
  

			
	 ELLIS JONES, as Trustee for the
 BW NY
Goodwill L.L.C.

	BW ROW Goodwill L.L.C.
	
	 
	Name:  Ellis Jones
	Title:  Trustee

  
  

 SCHEDULE I 
  

			
	   Class A-2 Interests held by BW NY Goodwill L.L.C. Trust
  
	 	 
	   Class A-2
Interests held by BW ROW Goodwill L.L.C. Trust
  
	 	 
		
	   Initialed by the Trustee:
            
  
  
   Initialed by Lazard:

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