Document:

Insurance Matters Agreement

 EXHIBIT 10.5 
  
 INSURANCE MATTERS AGREEMENT 
  

This INSURANCE MATTERS AGREEMENT (this “Agreement”), dated as of May 10, 2005, by and between Lazard Group LLC, a Delaware limited
liability company (“Lazard Group”), and LFCM Holdings LLC, a Delaware limited liability company (“LFCM,” and together with Lazard Group, the “Parties” and each a “Party”). 

  
 RECITALS 
  
 WHEREAS, Lazard Group intends to effect the Separation (as defined below)
effective as of the Separation Time (as defined below), on the terms, and subject to the conditions, set forth in the Master Separation Agreement dated as of the date hereof, by and among Lazard Ltd, a Bermuda company (“Lazard
Ltd”), Lazard Group, LAZ-MD Holdings LLC, a Delaware limited liability company, and LFCM (as amended from time to time, the “Master Separation Agreement”); and 
  
 WHEREAS, pursuant to the Master Separation Agreement, the Parties have agreed to enter into this Agreement prior to the
Separation to set forth certain agreements regarding insurance matters with respect to the Separation. 
  
 NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be
legally bound hereby, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1 Definitions. As used in this Agreement, the following
terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms used but not defined herein shall have the meanings assigned to them in the Master Separation
Agreement. 
  
 “Agreement” has the meaning
assigned to such term in the Preamble hereto. 
  
 “Ancillary Agreement” has the meaning set forth in the Master Separation Agreement. 
  
 “Coverage Amount” has the meaning set forth in Section 2.5(a) hereto. 
  
 “Current Lazard Group Companies Policies” means the Insurance Policies that (a) insure Lazard Group or one
or more of the other members of the Lazard Group Companies or the LFCM Companies, (b) have policy periods that begin before and end after the Separation Time and (c) are set forth on Schedule A hereto. 
  
 “D&O Policies” has the meaning set forth in Section
2.1(b) hereto. 
  

 “Excess” has the meaning set forth in Section 2.5(b) hereto. 
  
 “First Distribution” has the meaning set forth in the Master
Separation Agreement. 
  
 “Group” has the meaning
set forth in the Master Separation Agreement. 
  
 “Insurance Policies” means insurance policies in existence before the Separation pursuant to which a person makes a true risk transfer to an insurer, including Lazard Group Companies Policies. 
  
 “Insurance Proceeds” has the meaning set forth in the Master
Separation Agreement. 
  
 “Insured LFCM
Liability” means any LFCM Liability to the extent that (i) it is covered under the terms of the Lazard Group Companies Policies, and (ii) neither LFCM nor any other member of the LFCM Companies is a named insured under, or otherwise
entitled to the benefits of, any Insurance Policies of the LFCM Companies that provide coverage for such LFCM Liability. 
  
 “Lazard Group” has the meaning assigned to such term in the Preamble hereto. 
  
 “Lazard Group Companies” has the meaning set forth in the
Master Separation Agreement. 
  
 “Lazard Group Companies
Policies” means Current Lazard Group Companies Policies and Prior Lazard Group Companies Policies. 
  
 “Lazard Group Indemnitee” has the meaning set forth in the Master Separation Agreement. 
  
 “Lazard Group Liabilities” has the meaning set forth in the
Master Separation Agreement. 
  
 “Lazard Ltd” has
the meaning assigned to such term in the Recitals hereto. 
  
 “LFCM” has the meaning assigned to such term in the Preamble hereto. 
  
 “LFCM Companies” has the meaning set forth in the Master Separation Agreement. 
  
 “LFCM Liabilities” has the meaning set forth in the Master Separation Agreement. 
  
 “LFCM Policies” has the meaning set forth in Section 2.2
hereto. 
  
 “Liabilities” has the meaning set
forth in the Master Separation Agreement. 
  
 “Lloyd’s E&O Policy” has the meaning set forth in Section 2.1(a) hereto. 
  

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 “Master Separation Agreement” has the meaning assigned to such term in the Recitals
hereto. 
  
 “Overallocated Party” has the meaning
set forth in Section 2.5(b) hereto. 
  
 “Party”
and “Parties” have the meaning set forth in the Preamble hereto. 
  
 “Prior Lazard Group Companies Policies” means Insurance Policies that (a) insure or have previously insured Lazard Group or one or more of the other members of the Lazard Group Companies and/or the
LFCM Companies, and (b) have policy periods that begin and end before the Separation Time. 
  
 “Separation” has the meaning set forth in the Master Separation Agreement. 
  
 “Separation Date” means the date on which the First Distribution is consummated. 
  
 “Separation Time” means the time at which the Second
Distribution will be consummated in accordance with the Master Separation Agreement. 
  
 “Shared Percentage” means, with respect to the Lazard Group Companies, 90% and, with respect to the LFCM Companies, 10%. 
  
 “Subsidiary” has the meaning set forth in the Master Separation Agreement. 
  
 “Underallocated Party” has the meaning set forth in Section
2.5(b) hereto. 
  
 SECTION 1.2 General. Wherever required
by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to
refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
  
 (a) “dollars” or “$” means United States dollars; 
  
 (b) the word “or” is not exclusive; 
  
 (c) the word “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such person, whether through the ownership
of voting securities, by contract or otherwise; 
  
 (d) the words
“including,” “includes,” “included” and “include” are deemed to be followed by the words “without limitation”; 
  

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 (e) the terms “herein,” “hereof” and “hereunder” and
other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
  
 (f) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company,
partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 
  
 (g) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all
exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 
  
 SECTION 1.3 References to Time. All references in this Agreement to times of day shall be to New York City time. 
  
 ARTICLE II 
  
 INSURANCE MATTERS 
  
 SECTION 2.1 Existing Policies. 
  
 (a) E&O. With respect to the Errors and Omissions and
Bankers’ Blanket Bond policy no. FB 0405788 issued by certain Underwriters at Lloyd’s, London (the “Lloyd’s E&O Policy”), the Parties agree to negotiate with the insurer and use their commercially reasonable
efforts to obtain an endorsement to that policy which will provide as follows: (i) the policy is amended to provide that the named insured is Lazard Ltd and its subsidiaries or affiliates; and (ii) the policy, subject to its terms, covers Lazard Ltd
and its subsidiaries or affiliates for claims made through June 30, 2005, or such later expiration date as may be agreed upon between Lazard Ltd (in its absolute discretion) and the insurer. Lazard Ltd and LFCM and each of their respective
subsidiaries or affiliates acknowledge that in light of the “change of control” provision in the Lloyd’s E&O Policy, LFCM and its subsidiaries or affiliates may be eligible for coverage for claims made through June 30, 2005, or
such later expiration date as may be agreed between Lazard Ltd (in its absolute discretion) and the insurer, but only for acts and omissions occurring prior to the Separation Date, in which case, upon LFCM’s written direction, Lazard Ltd shall
make a claim under the Lloyd’s E&O Policy if any such acts or omissions occur (provided that LFCM shall reimburse Lazard Ltd for any and all costs and expenses reasonably incurred by or on behalf of Lazard Ltd in connection therewith).
Lazard Ltd may, in its absolute discretion, agree with the insurers to extend the term of the Lloyd’s E&O Policy beyond June 30, 2005, but is not obligated to do so. 
  
 (b) D&O Policies. With respect to Management Liability and Company Reimbursement Insurance Policy No.
ELU088383-05 issued by XL Specialty Insurance Company, Directors and Officers Liability Policy No. BM00020470D005A issued by XL Insurance (Bermuda), and any insurance policy which is specifically in excess of those policies (collectively, the
“D&O Policies”), the ability of any of the Lazard Group Companies or the 

  

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LFCM Companies to make any claim on any such policies will be determined by the terms of those policies except as otherwise limited by the terms of this
Agreement. 
  
 (c) Current Lazard Group Companies Policies.
With respect to all other Insurance Policies listed in Schedule A, Lazard Ltd and LFCM agree that LFCM and its subsidiaries or affiliates shall cease to be insured under such policies as of the Separation; provided, however, the
ability of the Lazard Group Companies and/or the LFCM Companies to make any permitted claim on any such policies will be determined by the terms of such policies except as otherwise limited by the terms of this Agreement. Lazard Ltd and LFCM agree
that to the extent such policies are composite policies that the Lazard Group Companies and the LFCM Companies may make claims under such policies for their respective rights and interests irrespective of the party or parties named therein as
insureds and in accordance with the terms of this Agreement for Liabilities arising out of occurrences before the Separation Time. 
  
 (d) Prior Lazard Group Companies Policies. With respect to all Prior Lazard Group Companies Policies, such policies shall continue to exist in
their current form without any change whatsoever by reason of the Separation. The ability of the Lazard Group Companies and/or the LFCM Companies to make any claim on any such policies will be determined by the terms of such policies except as
otherwise limited by the terms of this Agreement. Lazard Ltd and LFCM agree that to the extent such policies are composite policies that the Lazard Group Companies and the LFCM Companies may make claims under such policies for their respective
rights and interests irrespective of the party or parties named therein as insureds and in accordance with the terms of this Agreement. 
  
 (e) Notwithstanding anything to contrary in this Agreement, nothing in this Agreement shall affect, or apply to, any Insurance Policy under which the only
named insureds or persons otherwise entitled to the benefits of such Insurance Policy are, on the one hand, one or more Lazard Group Companies or, on the other hand, one or more LFCM Companies or the Funds (as defined in the Business Alliance
Agreement dated as of the date hereof, by and between Lazard Group and LFCM, as amended from time to time (the “Business Alliance Agreement”)) managed by any LFCM Company or any of the portfolio companies of any such Fund.

  
 (f) In the event that a claim is covered by (i) any policy
referenced in Sections 2.1(a), 2.1(c), 2.1(d), and/or 2.1(e) and (ii) the D&O Policies, the Parties agree that the D&O Policies shall apply only with respect to any Liability which is in excess of the Liability which is covered under any
other insurance policy. 
  
 SECTION 2.2 LFCM Insurance Coverage
After the Separation. Within 120 days after the date hereof, LFCM shall inform Lazard Group about the replacement policies that it plans to obtain that shall provide coverage of the type provided by Current Lazard Group Companies Policies, or in
respect of its decision not to maintain coverage and the limits obtained by LFCM. LFCM shall (i) use reasonable best efforts to obtain the insurance coverage listed on Schedule B for the Alliance Term (as defined in the Business Alliance
Agreement), (ii) during the Alliance Term (as defined in the Business Alliance Agreement), otherwise obtain any and all insurance policies required as a matter of law, and (iii) during the Alliance Term (as defined in the Business Alliance
Agreement), use its commercially reasonable efforts to obtain such other 

  

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insurance policies that, in the good faith judgment of the board of directors of LFCM, are reasonable and appropriate for the type and size of the business
conducted by LFCM (such policies obtained by LFCM Companies, collectively, the “LFCM Policies”). With effect from the date of inception of each LFCM Policy, the LFCM Companies shall cease to be assureds under the equivalent Current
Lazard Group Companies Policy. Neither Lazard Group nor any of the other Lazard Group Companies shall be directly or indirectly liable for any failure on the part of LFCM or any other member of the LFCM Companies to obtain such coverage. 

 
 SECTION 2.3 Responsibilities for Deductibles and/or Self-insured
Obligations. LFCM shall pay or cause to be paid to any insurer all amounts necessary to exhaust or otherwise satisfy all applicable self-insured retentions, amounts for fronted policies, deductibles and retrospective premium adjustments and
similar amounts that apply under Lazard Group Companies Policies in connection with LFCM Liabilities and Insured LFCM Liabilities. With respect to such Liabilities, LFCM shall also pay amounts that are not otherwise covered by the Lazard Group
Companies Policies. 
  
 SECTION 2.4 Procedures With Respect to
Insured LFCM Liabilities. 
  
 (a) Notice. LFCM shall
give prompt written notice to Lazard Group of all claims or losses that are potentially eligible for coverage under Lazard Group Companies Policies or that have the potential to reduce deductibles or self-insured retentions applicable to such
policies. 
  
 (b) Reimbursement. LFCM shall reimburse
Lazard Group for all out-of-pocket costs, expenses and fees, including attorneys’ fees, incurred by Lazard Group and the other members of the Lazard Group Companies for services performed pursuant to this Section, Section 2.1 or Section 2.6 in
connection with any LFCM Liabilities. 
  
 (c) Security and
Collateral. To the extent that there is any obligation after the Separation Time to provide or continue to provide security or collateral to any insurer with respect to LFCM Liabilities, LFCM shall provide or cause to be provided such security
or collateral and pay or cause to be paid the cost of doing so. To the extent that Lazard Group or any other member of the Lazard Group Companies continues after the Separation Time to provide security or collateral to any insurer with respect to
any LFCM Liabilities, LFCM shall: (i) use reasonable best efforts, in cooperation with Lazard Group, to persuade the insurer to release Lazard Ltd and the Lazard Group Companies from such obligation and to substitute security or collateral from
LFCM; (ii) to the extent requested to do so by Lazard Ltd, until Lazard Group and the Lazard Group Companies are released from such obligations, provide Lazard Group at the expense of LFCM with equivalent security or collateral; (iii) reimburse
Lazard Group for the cost of continuing to provide such security or collateral; and (iv) to the extent not satisfied by the security or collateral contemplated by subsection (ii), at Lazard Group’s option either pay on behalf of Lazard Group
any collateral or security amounts that become due with respect to LFCM Liabilities or promptly reimburse Lazard Group for security or collateral amounts paid by Lazard Group with respect to such Liabilities. 
  
 (d) Reinsurance and Indemnification Obligations. With respect to
Insured LFCM Liabilities that are insured under Lazard Group Companies Policies issued by commercial 

  

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insurers who are entitled to reinsurance or indemnification for such LFCM Liabilities in whole or in part from Lazard Group, LFCM shall: (i) use reasonable
best efforts, in cooperation with Lazard Group, to persuade the insurer to release Lazard Group and the other members of the Lazard Group Companies from such reinsurance or indemnification obligation and substitute a reinsurance or indemnification
obligation from LFCM; (ii) to the extent requested to do so by Lazard Group, until Lazard Group and the Lazard Group Companies are released from such obligations, provide Lazard Group at the expense of LFCM with commercially reasonable security or
collateral for such obligations; (iii) reimburse Lazard Group for the cost of continuing to provide any security or collateral for such obligations; and (iv) to the extent not satisfied by the security or collateral contemplated by subsection (ii),
at Lazard Group’s option either pay on behalf of Lazard Group any reinsurance or indemnification amounts that become due with respect to LFCM Liabilities or promptly reimburse Lazard Group for reinsurance or indemnification amounts paid by
Lazard Group or the Lazard Group Companies with respect to such Liabilities. 
  
 (e) Management of Claims. (i) With respect to Insured LFCM Liabilities, Lazard Ltd shall have the right but not the obligation to provide appropriate notice to insurers, submit claims to insurers for payment,
negotiate coverage questions that may arise, and to arbitrate, litigate and/or compromise coverage disputes under the Lazard Group Companies Policies in its sole discretion, except as prohibited by law or regulation, including the Financial Services
and Markets Act 2000 of the U.K. and any statutory instruments and rules made thereunder. In the event that Lazard Ltd elects not to exercise its rights or is prohibited by law or regulation from exercising such right under this clause (i) with
respect to particular claims or losses after having received notice of such claims or losses from LFCM or any of its Subsidiaries, Lazard Ltd shall notify LFCM of that election as soon as practicable thereafter so that LFCM may exercise its rights
and responsibilities with respect to such claims or losses under clause (ii) below. 
  
 (ii) In the event that Lazard Ltd gives notice of its election not to exercise its rights or fails to give notice of its election within thirty days after receipt of such notice of claims or losses from LFCM or any
other LFCM Company or is prohibited by law or regulation from exercising such right under clause (i) above, LFCM shall have the right and the responsibility with respect to Insured LFCM Liabilities to provide appropriate notice to insurers,
administer claims to the extent necessary or appropriate, submit claims to insurers for payment, negotiate coverage questions that may arise, and to arbitrate, litigate and/or compromise coverage disputes under the Lazard Group Companies Policies
(in conjunction with, and subject to the control rights of, the insurers, as appropriate); provided, that settlements, compromises or determinations of any such coverage questions or coverage disputes shall be subject to the prior written
consent of Lazard Ltd. 
  
 (f) Lazard Ltd and LFCM agree that
neither the Lazard Group Companies Policies nor the Insurance Proceeds of such policies shall be considered to be assets of LFCM (it being understood that this Section 2.4(f) shall not affect the payment obligations of Lazard Ltd hereunder).

  
 SECTION 2.5 Insufficient Limits of Liability for Lazard
Group Liabilities and LFCM Liabilities. Subject to Section 2.1(a), in the event that there are insufficient limits of 

  

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liability available under the Lazard Group Companies Policies to cover the Lazard Group Liabilities and/or LFCM Liabilities that would otherwise be covered
by such Lazard Group Companies Policies, then to the extent that other insurance is not available to the Lazard Group Companies and/or the LFCM Companies for such Liabilities an adjustment will be made in accordance with the following procedures:

  
 (a) Each Party will be allocated an amount of the Insurance
Proceeds equal to their Shared Percentage of the lesser of (i) the available limits of liability available under the applicable Lazard Group Companies Policies in effect prior to the Separation Time net of uncollectible amounts attributable to
insurer insolvencies, and (ii) the Insurance Proceeds received from the Lazard Group Companies Policies if the Liabilities are the subject of disputed coverage claims and, following consultation with each other, Lazard Group and/or LFCM agree to
accept less than full policy limits from Lazard Group’s and LFCM’s insurers (the “Coverage Amount”). 
  
 (b) A Party (the “Overallocated Party”) who receives more than its Shared Percentage of the Coverage Amount (such amount in excess, the
“Excess”) agrees to after receipt pay or reimburse the other Party (the “Underallocated Party”) an amount equal to the Excess. 
  

SECTION 2.6 Cooperation. (a) The Parties shall cooperate with each other, and shall use commercially reasonable efforts to take or cause to be
taken all appropriate actions required of such Party, and to do or cause to be done all things necessary or appropriate to effectuate the provisions and purposes of this Agreement and the transactions contemplated hereby, including the execution of
any additional documents or instruments of any kind, the obtaining of consents which may be reasonably necessary or appropriate to carry out any of the provisions hereof, and the taking of all such other actions as such Party may reasonably be
requested to take by the other Party from time to time consistent with the terms of this Agreement; provided, however, that nothing in this Section 2.6 shall (i) preclude any member of the Lazard Group Companies from presenting any
claim or from exhausting any policy limit under any Lazard Group Companies Policy, (ii) require any member of the Lazard Group Companies to pay any premium or other amount or to incur any Liability in respect of any LFCM Liabilities, (iii) require
any member of the Lazard Group Companies to renew or extend any period or term of any Lazard Group Companies Policy; or (iv) require any LFCM Company to pay any premium or other amount or to incur any Liability in respect of any Lazard Group
Liability. 
  
 (b) By way of enumeration of and not of limitation,
and subject to Section 6.7 of the Master Separation Agreement: 
  
 (i) each Party shall provide copies of insurance policies (to the extent that copies are available) or evidence of the existence of insurance (where actual copies of the policies are not available), to the other to the extent reasonably
required to effectuate the provisions and purposes of this Agreement; 
  
 (ii) each Party shall provide the other with information reasonably necessary or helpful to either Party in connection with its efforts to obtain insurance coverage pursuant to and in accordance with the terms of this Agreement or to
purchase new insurance policies, 

  

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including information about the relevant portions of prior underwriting submissions, past and current claims and losses, subject to any confidentiality
restrictions regarding such information, claims and losses; 
  
 (iii) each Party shall provide information to the other about exhaustion of policy limits and amounts applied to the limits of policies or self-insured retentions or other limits which are discussed in this Agreement that are potentially
applicable to both, and the basis for the application of such amounts to such limits, so that each Party can monitor the exhaustion of such limits; and 
  
 (iv) subject to this Section 2.6 and Section 3.6, each Party shall execute further assignments or allow the other to pursue claims in its name (subject to
appropriate written notice of the fact that it is doing so and a description of the reasons why it is doing so), including by means of arbitration or litigation, to the extent necessary or helpful to the other Party’s efforts to obtain
insurance coverage to which it is entitled under this Agreement. 
  
 SECTION 2.7 No Assignment or Waiver. This Agreement shall not be considered as an attempted assignment of any policy of insurance or as a contract of insurance and shall not be construed to waive any right or remedy of any member of
the Lazard Group Companies in respect of any Lazard Group Companies Policy or any other contract or policy of insurance. 
  
 SECTION 2.8 No Liability. LFCM does hereby, for itself and as agent for each other member of the LFCM Companies, agree that no member of the Lazard
Group Companies or any Lazard Group Indemnitee shall have any Liability to LFCM or any other LFCM Company whatsoever as a result of the insurance policies and practices of Lazard Group and its Subsidiaries as in effect at any time prior to the
Separation Time, including as a result of any invalidity of any policy, the level or scope of any such insurance, the creditworthiness of any insurance carrier, the terms and conditions of any policy, the adequacy or timeliness of any notice to any
insurance carrier with respect to any claim or potential claim or otherwise. 
  
 SECTION 2.9 No Restrictions. Nothing in this Agreement shall be deemed to restrict any member of the LFCM Companies from acquiring at its own expense any other insurance policy in respect of any Liabilities or
covering any period. 
  
 SECTION 2.10 Further Agreements.
The Parties acknowledge that they intend to allocate financial obligations without violating any laws regarding insurance, self-insurance, insurance mediation or other financial responsibility. If it is determined that any action undertaken pursuant
to the Master Separation Agreement, this Agreement or any other Ancillary Agreement is violative of any insurance, self-insurance, insurance mediation or related financial responsibility law or regulation, the Parties agree to work together to do
whatever is necessary to comply with such law or regulation while trying to accomplish, as much as possible, the allocation of financial obligations as intended in the Master Separation Agreement, this Agreement and any other Ancillary Agreement.

  
 SECTION 2.11 Additional Insurance Policies. With
respect to any insurance policy that insures both (a) one or more Lazard Group Companies and (b) one or more LFCM 

  

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Companies not otherwise addressed herein, each Party may claim in respect of its own losses or liabilities subject to the claims handling provisions set
forth in Section 2.4. 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 SECTION 3.1 Complete Agreement; Representations. (a) The Master
Separation Agreement, this Agreement and the other Ancillary Agreements shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with
respect to such subject matter. 
  
 (b) Lazard Group represents to
LFCM, and LFCM represents to Lazard Group, as follows: 
  
 (i)
such person has the requisite limited liability company power and authority and has taken all limited liability company action necessary in order to execute, deliver and perform this Agreement; and 
  
 (ii) this Agreement has been duly executed and delivered by such person and
constitutes a valid and binding agreement of it enforceable against such person in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party). 
  
 SECTION 3.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware (other than the laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect, performance and remedies.

  
 SECTION 3.3 Obligations. The Parties’ obligations
under this Agreement are conditional upon the Separation, the occurrence of which is subject to various conditions set forth in the Master Separation Agreement. This Agreement shall become operative if and when the Separation occurs and shall be
null and void if the Separation does not occur for any reason. Nothing contained in this Agreement shall constitute a representation or promise that any Party or any related person will proceed with the Separation, or obligate any Party or any
related person to do so. 
  
 SECTION 3.4 Notices. All
notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier
service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following
addresses and facsimile numbers and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Party): 
  

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 If to Lazard Group or any member of the Lazard Group Companies: 
  
 Lazard Group LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: General Counsel 
 Facsimile: (212) 332-5972 
  
 If to LFCM or any member of
the LFCM Companies: 
  
 LFCM Holdings LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: Chief Executive Officer 
 Facsimile: (212) 332-1789 
  
 SECTION 3.5 Amendment, Modification or Waiver. This Agreement may be amended, modified, waived or supplemented, in whole or in part, only by a written agreement signed by all of the Parties. No failure or delay on the part of either
Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such right
preclude other or further exercise thereof or of any other right. The waiver by such Parties of any breach of this Agreement shall not be construed as a waiver of any subsequent breach. 
  
 SECTION 3.6 Successors and Assigns; No Third Party Beneficiaries. (a) This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns, but neither this Agreement nor any of the rights, interests and obligations hereunder shall be assigned or otherwise transferred, in whole or
in part, by any Party without the prior written consent of the other Party. 
  
 (b) This Agreement is solely for the benefit of the Parties and is not intended to confer upon any other persons any rights or remedies hereunder. 
  
 SECTION 3.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
  
 SECTION 3.8 Delaware Court. Each of the Parties agrees that all actions or proceedings arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this
Agreement, shall be tried and determined exclusively in the state or federal courts in the State of Delaware, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property,
generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise,
in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid 

  

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courts for any reason; (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such
courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement or the subject matter hereof, may not be
enforced in or by any of the aforesaid courts. 
  
 SECTION 3.9
Interpretation; Conflict. The Article and Section headings contained in this Agreement are solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this
Agreement. The provisions of the Master Separation Agreement shall govern in the event of any conflict between any provision of this Agreement and that of the Master Separation Agreement or any other Ancillary Agreement, and the Parties shall
execute or cause to be executed an amendment, if necessary in their good faith judgment, to this Agreement to remove such conflict. 
  
 SECTION 3.10 Right of Setoff. Lazard Group may deduct from, set off against, hold back or otherwise reduce in any manner whatsoever any amounts
that (a) Lazard Group or any other member of the Lazard Group Companies may owe to or hold for the benefit of LFCM or any other member of the LFCM Companies in respect of or under this Agreement or (b) LFCM or any other member of the LFCM Companies
may be entitled to receive from any insurer under this Agreement, the aggregate amount then owed by LFCM or any other member of the LFCM Companies to Lazard Group or any other member of the Lazard Group Companies. 
  
 SECTION 3.11 Severability. If any term or other provision of this
Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible. 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the date first above
written. 
  

			
	LAZARD GROUP LLC
		
	By:	 	/s/ Scott D. Hoffman
	 	 	 Name: Scott D. Hoffman
 Title:   Authorized Person

  

			
	LFCM HOLDINGS LLC
		
	By:	 	/s/ Scott D. Hoffman
	 	 	 Name: Scott D. Hoffman
 Title:   Authorized PersonLicense Agreement

 EXHIBIT 10.6 
  
 LICENSE AGREEMENT 
  
 This LICENSE AGREEMENT (this “Agreement”), dated as of May 10, 2005, is by and among: 
  
 LAZARD STRATEGIC COORDINATION COMPANY LLC, a limited liability company
organized under the laws of the State of Delaware (“LSCC”); 
  
 LAZARD FRERES & CO. LLC, a limited liability company organized under the laws of the State of New York (“LFNY”); 
  
 LAZARD FRERES S.A.S., a Sociète par Actions Simplifiée organized under the laws of France
(“LF”); 
  
 LAZARD & CO., HOLDINGS LIMITED, a
private limited company organized under the laws of England and Wales (“LB Holdings,” together with LSCC, LFNY and LF, the “Licensors,” and each, a “Licensor”); and 
  
 LFCM HOLDINGS LLC, a limited liability company organized under the laws of
the State of Delaware (“Licensee”). 
  
 W I T N
E S S E T H: 
  
 WHEREAS, pursuant to that certain Second
Amended and Restated Coordination and Service Agreement, dated as of January 1, 2002, by and among Lazard LLC, a Delaware limited liability company and parent company of Licensors that will be renamed “Lazard Group LLC” (“Lazard
Group”), and the other parties thereto (as amended from time to time, the “Coordination Agreement”), Licensors are the owners of the trade name and service mark “LAZARD”, “LF” and “Corporate
Partners” (collectively, the “Licensed Marks”) in their respective Relevant Territories (as defined in the Coordination Agreement); and 
  
 WHEREAS, pursuant to that certain Master Separation Agreement, entered into on the date hereof (the “Master Separation Agreement”), by
and among Lazard Ltd, a Bermuda limited company, Lazard Group, LAZ-MD Holdings LLC, a Delaware limited liability company, and Licensee, from and after the Contribution Effective Time (as defined in the Master Separation Agreement), Licensee will
hold the LFCM Assets and LFCM Liabilities (each as defined in the Master Separation Agreement), and conduct the Capital Markets Business (as defined in the Master Separation Agreement), the Alternative Investments Business (as defined in the Master
Separation Agreement) and serve as a holding company for such businesses under the name “LFCM Holdings LLC”; and 
  
 WHEREAS, Licensors desire to grant Licensee a non-exclusive license (the “Capital Markets License”) to use the Licensed Marks, to the
extent that such Licensed Marks were used by the Capital Markets Business immediately prior to the Separation (as defined in the Master Separation Agreement), in order to carry on the Capital Markets Business on and after the date hereof (the
“Capital Markets Licensed Service”); and 
  

 WHEREAS, Licensors desire to grant Licensee a non-exclusive license (the “Alternative Investments
License”) to use the Licensed Marks, to the extent that such Licensed Marks were used by the Alternative Investments Business immediately prior to the Separation, in order to carry on the Alternative Investments Business on and after the
date hereof (the “Alternative Investments Licensed Service”); and 
  
 WHEREAS, Licensors desire to grant Licensee a non-exclusive license (the “LFCM License” and together with the Capital Markets License and the Alternative Investments License, the “Lazard
Licenses”) to use “LF” in the name “LFCM Holdings LLC” solely for purposes of the holding company that will hold the Capital Markets Business, the Alternative Investments Business and the LFCM Assets and LFCM Liabilities
(the “LFCM Licensed Service” and together with the Capital Markets Licensed Service and the Alternative Investments Licensed Service, the “Licensed Services”); and 
  
 WHEREAS, Licensee desires to obtain from Licensors, and Licensors desire to
provide to Licensee, the Lazard Licenses, on the terms and subject to the conditions herein. 
  
 NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth in this Agreement, and for the mutual benefits to be derived from this Agreement,
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties, intending to be legally bound hereby, agree as follows: 
  

	1.	License. 

  
 (a) Grant of License; Scope. Licensors hereby grant to Licensee the Lazard Licenses solely in connection with the Licensed Services in
Licensors’ respective Relevant Territories. Under the Lazard Licenses, the Licensed Marks may be used by Licensee only to the extent that the Licensed Marks were used by the Capital Markets Business, the Alternative Investments Business or
Licensee immediately prior to the Separation; provided, however, with the prior written consent of LSCC or LFNY, which consent shall not be unreasonably withheld, Licensee may expand the scope of its use of the Licensed Marks beyond
the extent that the Licensed Marks were used by the Capital Markets Business, the Alternative Investments Business or Licensee immediately prior to the Separation, solely to conduct the Capital Markets Business or the Alternative Investments
Business after the date hereof. Notwithstanding the foregoing, except with the prior written consent of LSCC or LFNY, which consent may be withheld in the sole discretion of LSCC or LFNY, as applicable: 
  
 (1) the Lazard Licenses shall not extend to (i) any business
other than the Capital Markets Business, the Alternative Investments Business or the use of the “LF” in the name “LFCM Holdings LLC” solely for purposes of the holding company that will hold the Capital Markets Business, the
Alternative Investments Business and the LFCM Assets and LFCM Liabilities, (ii) other than “Lazard Capital Markets LLC” and the name of the hedge Fund (as defined in the Master Separation Agreement) described on Schedule 4.1(b)(iv) of the
Business Alliance Agreement, any entities in the Capital Markets Business, or (iii) other than any Fund set forth on Schedule 1(a)(iv) (or the general partner, manager or persons 

  

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acting in a comparable capacity of any such Funds), any Funds formed or established after the date hereof and sponsored, managed or marketed by the
Alternative Investments Business (including successor Funds to Funds existing as of the date of hereof); 
  
 (2) under Lazard Capital License, Licensees shall only be authorized to use the “Lazard” name as part of the name “Lazard
Capital Markets”, “Lazard Capital Markets LLC” and the name of the hedge Fund described on Schedule 4.1(b)(iv) of the Business Alliance Agreement, and shall not use the “Lazard” name or logo separately; and 
  
 (3) under the Alternative Investments License, Licensees
shall only be authorized to use the “Lazard” and “LF” names as part of (A) the name “Lazard Alternative Investments Holdings LLC”, “Lazard Alternative Investments Holdings”, “Lazard Alternative
Investments LLC”, “Lazard Alternative Investments”, “Lazard Alternative Investments (Europe) Limited”, “Lazard Alternative Investments (Europe)”, “Lazard European Private Equity Partners LLP” and
“Lazard European Private Equity Partners”; and (B) the name of a Fund (or the name of the general partner, manager or persons acting in a comparable capacity of such Funds or an investment vehicle for such Fund) for which Licensee is
authorized to use the “Lazard” or “LF” names, and shall not use the “Lazard” name or logo separately. 
  
 Notwithstanding clauses (2) and (3) of the foregoing sentence, during the period commencing on the date hereof and ending on the 30th day following the date hereof: (i) Licensee shall have the right under the Capital Markets License to use the “Lazard” name or logo
separately to the extent that the “Lazard” name or logo was being used separately by the Capital Markets Business immediately prior to the Separation; and (ii) Licensee shall have the right under the Alternative Investments License to use
the “Lazard” name or logo separately to the extent that the “Lazard” name or logo was being used separately by the Alternative Investments Business immediately prior to the Separation; provided that in each of cases (i)
and (ii), Licensee shall use its reasonable best efforts to comply with clauses (2) and (3) of the foregoing sentence during such 30-day period. 
  
 (b) Royalty Fee. In exchange for the Lazard Licenses, Licensee shall pay a fee equal to $100,000 per annum (the “Royalty Fee”),
which shall be paid to Lazard Group in advance no later than January 15th of each year. The Royalty Fee shall be
divided among Licensors as Lazard Group shall from time to time determine. The initial Royalty Fee shall be pro rated for the period commencing on the date hereof and ending on December 31, 2005 and shall be paid no later than 10 business days after
the date hereof. Notwithstanding the foregoing, the Royalty Fee shall be reduced by (a) $25,000 per annum if either the Capital Markets License or the Alternative Investments License shall have been revoked or terminated and (b) $75,000 per annum if
both the Capital Markets License and the Alternative Investments License shall be revoked or terminated. Such reduction shall be effective as of the next full calendar year following the date of the applicable revocation and termination. 

 

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 (c) Territorial Limitation. Subject to the terms of this Agreement, including the limitations set
forth in Section 1(a), Licensee may use the Licensed Marks throughout the Relevant Territories of Licensors. 
  
 (d) Revocation. Except as provided in this Agreement, the Lazard Licenses shall not be revocable by any Licensor. 
  

	2.	Quality of Services. 

  
 (a) All Licensee’s services and other activities conducted under the Licensed Marks while the Lazard Licenses are in effect shall be of at least the
same high quality as that of the services heretofore rendered by the Houses (as defined in the Coordination Agreement), which have been commensurate with the highest standards of quality prevailing in the financial community. 
  
 (b) Licensee shall not use the Licensed Marks in such a way, or omit to take
any act, or pursue any course of conduct, which might tend to bring any of the Licensed Marks into disrepute, or use the same in any way likely to damage the goodwill and reputation attaching thereto or in a manner likely to dilute the value or
strength of any Licensed Mark. 
  
 (c) If and to the extent that
Licensee shall be permitted to use the “Lazard” name or logo separately, such name or logo shall be used in the same manner as such Licensed Marks are used as of the date hereof in the Capital Markets Business and the Alternative
Investments Business, including with respect to the color, shape and logo of the Licensed Marks as such Licensed Marks appear on stationery and letterhead as of the date hereof. 
  
 (d) In the conduct of the Licensee’s businesses (the “Licensee Business”), Licensee shall comply with
all applicable foreign or domestic (federal, state or local) laws, statutes, orders, decrees, judgments, ordinances, licenses, rules or regulations of any Governmental Authority (as defined in the Master Separation Agreement), including the Foreign
Corrupt Practices Act (15 U.S.C. §§ 78m(b), 78dd-1, et seq.). 
  

	3.	Oversight by Licensor. 

  
 (a) Each Licensor and its duly authorized representatives shall each have the right, during normal business hours, to visit and inspect all offices,
facilities and premises maintained by Licensee at which the Licensee Business is rendered under any Licensed Mark. Those persons shall have the right to take any action that, in the reasonable opinion of Licensors, is necessary and proper to assure
those representatives and Licensor that the nature and quality of the Licensee Business are in accordance with the requirements of this Agreement; provided, however, that prior to taking any such action, the Licensors shall provide the
Licensee with notice of such actions and shall provide Licensee with a reasonable period of time to take any such or similar action if, in the Licensor’s good-faith opinion, Licensee is in the position to take such action. 
  
 (b) Licensee shall comply as promptly as reasonably practicable with all
requests by any Licensor for the submission to such Licensor of copies of all materials bearing or displaying 

  

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any Licensed Mark, including, without limitation, correspondence, reports, analyses, brochures, advertising and promotional materials and stationery.

  
 (c) Licensee shall not perform or offer under the Licensed
Marks any existing or proposed services or other activities whose nature or quality any Licensor has objected to as not adhering to the requirements of this Agreement. Licensee shall not use any materials bearing, displaying, or mentioning the
Licensed Marks if any Licensor has previously objected to the use of such materials as not adhering to the requirements of this Agreement. 
  

	4.	Right to Sub-License. Without the prior written consent of LSCC or LFNY, Licensee shall not have the right to grant any sub-license of its rights under this Agreement to use
any Licensed Mark nor shall Licensee be permitted to assign any of its rights or obligations under this Agreement; provided, that Licensee may sublicense the rights to use the Licensed Marks granted hereunder to a Controlled Subsidiary of
Licensee or any Fund managed by a Controlled Subsidiary of Licensee to the extent that such Controlled Subsidiary or Fund used the Licensed Mark immediately prior to the Separation; provided, further, that (1) such permitted
sub-licensee agrees in writing to be bound by the terms and restrictions contained within this Agreement, for the avoidance of doubt, including, but not limited to, the right of Licensors to visit and inspect during normal business hours such
permitted sub-licensee’s offices, facilities and premises pursuant to Section 3(a) of this Agreement; (2) in the event such permitted sub-licensee ceases to be a Controlled Subsidiary of Licensee or a Fund managed by a Controlled Subsidiary of
Licensee, the sub-license granted to such permitted sub-licensee shall automatically terminate and (3) such permitted sub-licensee shall not have any right to assign or grant any sub-license of its rights under this Agreement.
“Control” with respect to any person means the power to direct the management and policies of such person, directly or indirectly, by or through stock ownership or otherwise, or pursuant to or in connection with an agreement,
arrangement or understanding (written or oral) with one or more other persons; and the terms “controlling” and “controlled” shall have meanings correlative to the foregoing. 

  

	5.	Assistance with Claims. Licensee shall, promptly upon learning thereof, furnish Licensors in writing with the name, address, and such other pertinent information as may be
available, with respect to any third party who may be infringing or otherwise violating any Licensor’s rights in any Licensed Mark or with respect to any third party who may make a claim that the use of any Licensed Mark infringes upon or
otherwise violates any rights of any nature of said third party. Licensee shall cooperate in all respects, as required by and at the cost of Licensors, with regard to any action which Licensors deem advisable either to protect Licensors’ right
in the Licensed Marks or to contest a claim by a third party that the use of the Licensed Marks infringes upon or otherwise violates any rights of any nature of said third party. Upon prior written authorization from Licensors, Licensee may take
judicial actions on Licensee’s own behalf against potential offenders of any Licensed Mark. 

  

	6.	 Acknowledgements. Licensee hereby acknowledges that (a) any and all goodwill and proprietary rights in any Licensed Mark (including any derivatives thereof)
remain entirely vested in Licensors and (b) Licensee derives from this Agreement no rights in or 

  

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to use any Licensed Mark other than under and in accordance with the terms of this Agreement. 

  

	7.	Termination of Lazard Licenses. 

  
 (a) The Capital Markets License shall automatically be revoked and terminated, without any action on the part of Licensors or Licensee, upon the
expiration or termination of the Alliance Term (as defined in the Business Alliance Agreement, dated as of the date hereof, by and between Licensee and Lazard Group LLC (the “Business Alliance Agreement”)); 
  
 (b) The Alternative Investments License shall automatically be revoked and
terminated, without any action on the part of Licensors or Licensee, upon the latest to occur of (i) the expiration of the North American Option, (ii) the occurrence of the North America Closing, (iii) the expiration of the European Option and (iv)
the occurrence of the Europe Closing (each as defined in the Business Alliance Agreement); and 
  
 (c) On and after revocation and termination of both (i) the Capital Markets License and (ii) the Alternative Investments License, each of Licensors, on the one hand, and Licensee, on the other hand, may terminate the
LFCM License at any time. 
  

	8.	Consequences of Termination. Immediately following termination or revocation of the Lazard Licenses pursuant to Section 7: 

  
 (a) Within 30 days of termination, Licensee shall, and shall cause all
permitted sub-licensees under Section 4 of this Agreement to, cease to use any business stationery containing the Licensed Marks, including but not limited to headed note paper, faxes, envelopes and business cards and signage including the Licensed
Marks, and shall no longer use the Licensed Marks in any electronic form, including but not limited to, electronic mail and the internet; and 
  
 (b) Licensee shall, and shall cause all permitted sub-licensees under Section 4 of this Agreement to, cease to use, and shall not use in the future, the
Licensed Marks or any confusingly similar name or mark for any purpose. 
  

	9.	Miscellaneous. 

  
 (a) No Additional Rights. Nothing contained in this Agreement shall in any way confer on Licensee any right not specifically set forth herein
including, without limitation, the legal or equitable right to the Licensed Marks. Licensee acknowledges Licensors’ ownership of, and the validity of, the Licensed Marks in their respective Relevant Territories and shall not contest during the
term of this Agreement, or at any time thereafter, Licensors’ ownership of the Licensed Marks in Licensors’ respective Relevant Territories. If, at any time after the date hereof, Licensee or any of its subsidiaries challenges or contests
any Licensor’s ownership of, or the validity of, the Licensed Marks, Licensors may revoke any or all Lazard Licenses. Nothing in this Agreement shall be construed as or constitute an appointment of any party hereto as the agent of the other.

  
 (b) Indemnification. Licensee agrees to indemnify
Licensors and its Subsidiaries and hold Licensors and its Subsidiaries harmless against any Liabilities (as defined in the Master 

  

 -6- 

 
Separation Agreement) any Licensor or any of its Subsidiaries may incur by reason of any claim arising from the sale, advertising or use of any Licensed Mark
by Licensee or any of the sublicensees of Licensee or any of its Subsidiaries or (unless acquired by Licensors) by the Capital Markets Business, the Alternative Investments Business or the LFCM Business (as defined in the Master Separation
Agreement). Licensors agree to indemnify Licensee and hold Licensee harmless to the extent that the Licensee incurs a Liability resulting from a third-party claim against Licensee or any of its Subsidiaries that any Licensor does not own any rights
that it purports to grant to Licensee pursuant to the Lazard Licenses. 
  
 (c) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the
parties and delivered to each of the other parties. 
  
 (d)
Specific Performance. The parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other
remedy to which they may be entitled by law or equity. 
  
 (e)
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are
fulfilled to the extent possible. 
  
 (f) Entire Agreement.
This Agreement, the Master Separation Agreement and the Business Alliance Agreement constitute the entire agreement among of the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and
oral, among the parties with respect to the subject matter hereof. 
  
 (g) Headings. The section headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
  
 (h) Notices. All notices, consents, waivers and other communications
required or permitted by this Agreement shall be in writing and shall be deemed given to a party when (i) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (ii) sent by facsimile with
confirmation of transmission by the transmitting equipment; or (iii) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and 

  

 -7- 

 
marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a party may designate by
notice to the other parties): 
  
 If to Licensee, to: 

 
 LFCM Holdings LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: Chief Executive Officer 
 Fax: (212) 332-1789 
  
 If to LB
Holdings, to: 
  
 Lazard & Co. Holdings Limited 

50 Stratton Street 
 London W1J 8LL

 England 
 Attention: General
Counsel 
 Facsimile: 44-20-7072-6404 
  
 If to LF, to: 
  
 Lazard Frères S.A.S. 
 121 Boulevard
Haussmann 
 75008 
 Paris, France

 Attention: General Counsel 
 Facsimile: 33-1-4413-0150 
  
 If to LFNY, to: 

 
 Lazard Frères & Co. LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: General Counsel 
 Facsimile: 212-332-5972 
  
 If to LSCC, to: 

 
 Lazard Strategic Coordination Company LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: General Counsel 
 Facsimile: 212-332-5972 
  

 -8- 

 (i) Governing Law. This Agreement and performance hereunder shall be governed by and construed in
accordance with the laws of the State of Delaware without reference to the choice of law principles thereof. The parties hereby agree that all actions or proceedings arising out of or in connection with this Agreement or the transactions
contemplated hereby, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement shall be tried and determined exclusively in the state or federal courts in the State of Delaware and the parties hereby
irrevocably submit with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. 
  
 (j) Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective successors and assigns; provided, however, that this Agreement and the rights and obligations hereunder shall not be assignable or transferable by any party without the prior
written consent of the other parties except as otherwise provided under Section 4. 
  
 [Remainder of page left intentionally blank] 
  

 -9- 

 IN WITNESS WHEREOF, the parties have caused this agreement to be duly executed as of the date first above
written. 
  

			
	 LAZARD STRATEGIC COORDINATION
 COMPANY LLC

		
	 By:
	 	 /s/ Michael J. Castellano

	 	 	 Name: Michael J. Castellano 
 Title: Chief Financial Officer 

	
	 LAZARD FRERES & CO. LLC

		
	 By:
	 	 /s/ Michael J. Castellano

	 	 	 Name: Michael J. Castellano 
 Title: Managing Director and Chief Financial Officer 

	
	 LAZARD FRERES S.A.S.

		
	 By:
	 	 /s/ Stephane Droulers

	 	 	 Name: Stephane Droulers 
 Title: Managing Director

	
	 LAZARD & CO., HOLDINGS LIMITED

		
	 By:
	 	 /s/ Will Dennis

	 	 	 Name: Will Dennis 
 Title: Director 

	
	 LFCM HOLDINGS LLC

		
	 By:
	 	 /s/ Michael J. Castellano

	 	 	 Name: Michael J. Castellano 
 Title: Authorized Signatory 

  
 [Signature Page
to License Agreement]

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