Document:

Form of Indemnification Agreement

 Exhibit 10.27 
  
 INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement (the “Agreement”) is entered into as of
                 , 2005, by and among SeraCare Life Sciences, Inc., a California corporation (the “Company”) and the undersigned party
(the “Indemnitee”). 
  
 RECITALS

  

	A.	Indemnitee, as an officer and/or director of the Company, performs valuable services in such capacity for the Company. 

  

	B.	In order to induce the Indemnitee to continue to serve as a director and/or an officer of the Company, the Company has determined and agreed to enter into this contract with the
Indemnitee. 

  
 NOW, THEREFORE, in
consideration of the Indemnitee’s continued service as an officer and/or director after the date hereof, the parties hereto agree as follows: 
  

	1.	Indemnification. 

  

	 	a.	 Indemnification of Expenses. The Company shall indemnify and hold harmless the Indemnitee (including the Indemnitee’s spouse, heirs, estate, executor or
personal or legal representatives) and each person who controls the Indemnitee or who may be liable within the meaning of Section 15 of the Securities Act of 1933, as amended (the “Securities Act”), or Section 20 of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), to the fullest extent permitted by law, if the Indemnitee was or is or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness
or other participant in, any threatened, pending or completed action, suit, proceeding or alternative dispute resolution mechanism, or any hearing, inquiry or investigation that the Indemnitee believes might lead to the institution of any such
action, suit, proceeding or alternative dispute resolution mechanism, whether civil, criminal, administrative, investigative or other (hereinafter a “Claim”) by reason of (or arising in part out of) any event or occurrence related
to the fact that the Indemnitee is or was a director, officer, employee, controlling person, agent or fiduciary of the Company, or any direct or indirect subsidiary of the Company or any direct or indirect parent of the Company, or is or was serving
at the request of the Company as a director, officer, employee, controlling person, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of the
Indemnitee while serving in such capacity including, without limitation, any and all losses, claims, damages, expenses and liabilities, joint or several (including any investigation, legal and other expenses incurred in connection with, and any
amount paid in settlement of, any action, suit, proceeding or any claim asserted) under the Securities Act, the Exchange Act or other federal or state statutory law or regulation, at common law or otherwise, that relate directly or indirectly to the
registration, purchase, sale or ownership of any securities of the Company or to any fiduciary obligation owed with respect thereto (hereinafter an “Indemnification Event”) against any and all expenses (including attorneys’
fees and all other costs, expenses and obligations incurred in connection with investigating, defending, serving as a witness in or participating in (including on appeal), or preparing to defend, be a witness in or participate in, any such action,
suit, proceeding, alternative dispute resolution mechanism, hearing, inquiry or investigation), judgments, fines, penalties and amounts paid in settlement (if such 

	 	 
settlement is approved in advance by the Company, which approval shall not be unreasonably withheld or delayed) of such Claim, and any federal, state, local
or foreign taxes imposed on the Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, and all interest, assessments and other charges paid or payable thereon or in respect thereto (collectively, hereinafter
“Expenses”). Except as set forth below in Section 1(b), such payment of Expenses shall be made by the Company as soon as practicable but in any event no later than five (5) days after written demand by the Indemnitee therefor
is presented to the Company. 

  

	 	b.	Reviewing Party. Notwithstanding the foregoing, (i) the obligations of the Company under Section 1(a) and Section 2(a) shall be subject to the condition that
the Reviewing Party (as described in Section 10(d) hereof) shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 10(c) hereof is involved) that the Indemnitee
would not be permitted to be indemnified under the terms of this Agreement or applicable law and communicates this in writing to the Indemnitee, and (ii) the Indemnitee acknowledges and agrees that the obligation of the Company to make an
advance payment of Expenses to the Indemnitee pursuant to Section 1(a) and Section 2(a) (an “Expense Advance”) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that
the Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by the Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided,
however, that if the Indemnitee has commenced or thereafter commences legal proceedings in a court of competent jurisdiction to secure a determination that the Indemnitee should be indemnified under applicable law, any determination made by
the Reviewing Party that the Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and the Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination
is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or lapsed). The Indemnitee’s obligation to reimburse the Company for any Expense Advance shall be unsecured and no interest shall be charged thereon.

  
 If there has not been a Change in Control (as
defined in Section 10(b) hereof), the Reviewing Party shall be selected by the Board of Directors or similar governing body of the Company, and if there has been such a Change in Control (other than a Change in Control that has been approved
by a majority of the Company’s Board of Directors or similar governing body who were in office immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 10(c) hereof.

  
 If there has been no determination by the Reviewing Party
within thirty (30) days after a written demand for indemnification has been presented to the Company by the Indemnitee or if the Reviewing Party determines that the Indemnitee substantively would not be permitted to be indemnified in whole or in
part under the terms of this Agreement or applicable law and the Reviewing Party notifies the Indemnitee in writing of such determination, then the Indemnitee shall have the right to commence litigation seeking an initial determination by the court
or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual bases therefor, and the Company hereby consents to service of process and to appear in any such proceeding. 
  

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 Any determination by the Reviewing Party otherwise shall be conclusive and binding on the Company and the
Indemnitee. 
  

	 	c.	Contribution. If the indemnification provided for in Section 1(a) above for any reason is held by a court of competent jurisdiction to be unavailable to the Indemnitee
in respect of any losses, claims, damages, expenses or liabilities referred to therein, then the Company, in lieu of indemnifying the Indemnitee thereunder, shall contribute to the amount paid or payable by the Indemnitee as a result of such losses,
claims, damages, expenses or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Indemnitee, or (ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company and the Indemnitee in connection with the action or inaction that
resulted in such losses, claims, damages, expenses or liabilities, as well as any other relevant equitable considerations. In connection with any registration of the Company’s securities, the relative benefits received by the Company and the
Indemnitee shall be deemed to be in the same respective proportions that the net proceeds from the offering (before deducting expenses) received by the Company and the Indemnitee, in each case as set forth in the table on the cover page of the
applicable prospectus, bear to the aggregate public offering price of the securities so offered. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company or the Indemnitee and the parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 

  
 The Company and the Indemnitee agree that it would not be just and equitable if contribution pursuant to this Section 1(c) were determined by pro rata or per capita allocation or by any other method of allocation that does not take
account of the equitable considerations referred to in the immediately preceding paragraph. In connection with any registration of the Company’s securities, in no event shall the Indemnitee be required to contribute any amount under this
Section 1(c) in excess of the lesser of: (i) that proportion of the total of such losses, claims, damages or liabilities that are indemnified against, equal to the proportion of the total securities sold under such registration statement that
is being sold by the Indemnitee or (ii) the proceeds received by the Indemnitee from its sale of securities under such registration statement. No person found guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any person who was not found guilty of such fraudulent misrepresentation. 
  

	 	d.	Survival Regardless of Investigation. The indemnification and contribution provided for in this Section 1 will remain in full force and effect regardless of any
investigation made by or on behalf of the Indemnitee or the spouse, estate, heirs or personal or legal representative of the Indemnitee. 

  

	 	e.	 Change in Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control that has been approved by a
majority of the Company’s Board of Directors or similar governing body who were in office immediately prior to such Change in Control) then, with respect to all matters thereafter arising concerning the rights of the Indemnitee to payments of
Expenses under this Agreement or any other agreement or under the Company’s charter documents as now or 

  

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hereafter in effect, Independent Legal Counsel (as defined in Section 10(c) hereof) shall be selected by the Indemnitee and approved by the Company
(which approval shall not be unreasonably withheld or delayed). Such counsel, among other things, shall, within thirty (30) days after a written demand for indemnification has been presented to the Company by the Indemnitee, render its written
opinion to the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under the terms of this Agreement or applicable law. The Company agrees to abide by such opinion and to pay the reasonable
fees of the Independent Legal Counsel referred to above and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement
pursuant hereto. 

  

	 	f.	Mandatory Payment of Expenses. Notwithstanding any other provision of this Agreement, to the extent that the Indemnitee has been successful on the merits or otherwise,
including, without limitation, the dismissal of an action without prejudice, in the defense of any action, suit, proceeding, inquiry or investigation referred to in Section 1(a) hereof or in the defense of any claim, issue or matter therein,
the Indemnitee shall be indemnified against all Expenses incurred by the Indemnitee in connection herewith. 

  

	2.	Expenses; Indemnification Procedure. 

  

	 	a.	Advancement of Expenses. Subject to Section 1(b), the Company shall advance all Expenses incurred by the Indemnitee as soon as practicable but in any event no later
than five (5) days after written demand by the Indemnitee therefor to the Company. 

  

	 	b.	Notice/Cooperation by the Indemnitee. The Indemnitee shall give the Company notice in writing as soon as practicable of any Claim made against the Indemnitee for which
indemnification will or could be sought under this Agreement. Notice to the Company shall be directed to the Chief Executive Officer of the Company (the “CEO”) at the Company’s address (or such other address as the Company
shall designate in writing to the Indemnitee). The CEO shall, promptly upon receipt of such a request for indemnification, advise the Company’s Board of Directors in writing that Indemnitee has requested indemnification. In addition, Indemnitee
shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s power. The omission to so notify the Company will not relieve it from any liability which it may have to Indemnitee other
than under this Agreement 

  

	 	c.	No Presumptions; Burden of Proof. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with or without court approval) or
conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that the Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is
not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether the Indemnitee has met any particular standard of conduct or had any particular belief, nor an actual determination
by the Reviewing Party that the Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by the Indemnitee to secure a judicial determination that the Indemnitee should be
indemnified under applicable law, shall be a defense to the Indemnitee’s claim or create a presumption that the Indemnitee has not met any particular standard of conduct or did not have any particular belief. In connection with any
determination by the Reviewing Party or otherwise as to whether the Indemnitee is entitled to be indemnified hereunder, the burden of proof shall be on the Company to establish that the Indemnitee is not so entitled. 

  

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	 	d.	Notice to Insurers. If, at the time of the receipt by the Company of a notice of a Claim pursuant to Section 2(b) hereof, the Company has liability insurance in effect
that may cover such Claim, the Company shall give prompt notice of the commencement of such Claim to the insurers in accordance with the procedures set forth in each of the policies. The Company shall thereafter take all necessary or desirable
action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such action, suit, proceeding, inquiry or investigation in accordance with the terms of such policies. 

  

	 	e.	Selection of Counsel. If the Company shall be obligated hereunder to pay the Expenses of any Claim, the Company shall be entitled to assume the defense of such Claim, with
counsel approved by the Indemnitee, upon the delivery to the Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by the Indemnitee and the retention of such counsel by the Company, the
Company will not be liable to the Indemnitee under this Agreement for any fees of counsel subsequently incurred by the Indemnitee with respect to the same Claim; provided that, (i) the Indemnitee shall have the right to employ the Indemnitee’s
counsel in any such Claim at the Indemnitee’s expense and (ii) if (A) the employment of counsel by the Indemnitee has been previously authorized by the Company, (B) the Indemnitee shall have reasonably concluded that there is a conflict of
interest between the Company and the Indemnitee in the conduct of any such defense and shall have promptly notified the Company in writing of such determination, or (C) the Company shall not continue to retain such counsel to defend such Claim, then
the fees and expenses of the Indemnitee’s counsel shall be at the expense of the Company. The Company shall not settle any proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s
prior written consent, which consent shall not be unreasonably withheld or delayed. 

  

	3.	Additional Indemnification Rights; Nonexclusivity. 

  

	 	a.	Scope. The Company hereby agrees to indemnify the Indemnitee to the fullest extent permitted by law, even if such indemnification is not specifically authorized by the other
provisions of this Agreement. In the event of any change after the date of this Agreement in any applicable law, statute or rule that expands the right of the Company to indemnify a director, manager, officer, employee, controlling person, agent or
fiduciary, it is the intent of the parties hereto that the Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. Upon any change in any applicable law, statute or rule that narrows the right of the Company to
indemnify a director, manager, officer, employee, agent or fiduciary, such change, to the extent not otherwise required by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights
and obligations hereunder except as set forth in Section 8(a) hereof. 

  

	 	b.	Nonexclusivity. The indemnification provided by this Agreement shall be in addition to any rights to which the Indemnitee may be entitled under the Company’s governance
documents, any agreement, any vote of the equityholders of the Company or disinterested members of the Company’s Board of Directors or similar governing body, applicable law, or otherwise. The indemnification provided under this Agreement shall
continue as to the Indemnitee for any action the Indemnitee took or did not take while serving in an indemnified capacity even though the Indemnitee may have ceased to serve in such capacity. 

  

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	4.	No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any Claim made against the Indemnitee to the extent
the Indemnitee has otherwise actually received payment (under any insurance policy or otherwise) of the amounts otherwise indemnifiable hereunder. 

  

	5.	Partial Indemnification. If the Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for any portion of Expenses incurred in
connection with any Claim, but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify the Indemnitee for the portion of such Expenses to which the Indemnitee is entitled. 

  

	6.	Mutual Acknowledgement. The Company and the Indemnitee acknowledge that in certain instances, federal law or applicable public policy may prohibit the Company from
indemnifying its directors, managers, officers, employees, controlling persons, agents or fiduciaries under this Agreement or otherwise. The Indemnitee understands and acknowledges that the Company has undertaken or may be required in the future to
undertake with the Securities and Exchange Commission to submit the question of indemnification to a court in certain circumstances for a determination of the Company’s rights under public policy to indemnify the Indemnitee.

  

	7.	Liability Insurance. To the extent the Company maintains liability insurance applicable to directors, managers, officers, employees, control persons, agents or fiduciaries,
the Indemnitee shall be covered by such policies in such a manner as to provide the Indemnitee the same rights and benefits as are accorded to the most favorably insured of the Company’s directors, if the Indemnitee is a director, or of the
Company’s officers, if the Indemnitee is not a director of the Company but is an officer; or of the Company’s key employees, controlling persons, agents or fiduciaries, if the Indemnitee is not an officer or director but is a key employee,
agent, control person or fiduciary. 

  

	8.	Exceptions. Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement: 

 

	 	a.	Claims Initiated by the Indemnitee. To indemnify or advance expenses to the Indemnitee with respect to Claims initiated or brought voluntarily by the Indemnitee and not by
way of defense, except: (i) with respect to actions or proceedings to establish or enforce a right to indemnify under this Agreement or any other agreement or insurance policy or under the Company’s governance documents now or hereafter in
effect relating to Claims for Indemnifiable Events; (ii) in specific cases if the Board of Directors or similar governing body has approved the initiation or bringing of such Claim; or (iii) as otherwise required under applicable law, regardless of
whether the Indemnitee ultimately is determined to be entitled to such indemnification, advance expense payment or insurance recovery, as the case may be; or 

  

	 	b.	Claims Under Section 16(b). To indemnify the Indemnitee for expenses and the payment of profits arising from the purchase and sale by the Indemnitee of securities in
violation of Section 16(b) of the Exchange Act or any similar successor statute; or 

  

	 	c.	 Claims Excluded Under Law. To indemnify the Indemnitee if: (i) the Indemnitee did not act in good faith and in a manner reasonably believed to be in or not
opposed to the best interests of the Company or (ii) with respect to any criminal action or proceeding, the 

  

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Indemnitee had reasonable cause to believe the conduct was unlawful or (iii) the Indemnitee shall have been adjudged to be liable to the Company unless and
only to the extent the court in which such action was brought shall permit indemnification as provided by applicable law. 

  

	9.	Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or in the right of the Company against the Indemnitee or the
Indemnitee’s estate, spouse, heirs, executors or personal or legal representatives after the expiration of two (2) years from the date of accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and
deemed released unless asserted by the timely filing of a legal action within such two (2)-year period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, such shorter
period shall govern. 

  

	10.	Construction of Certain Phrases. 

  

	 	a.	For purposes of this Agreement, references to the “Company” shall include any other constituent entity (including any constituent of a constituent) absorbed in a
consolidation or merger that, if its separate existence had continued, would have had power and authority to indemnify its directors, managers, officers, employees, agents or fiduciaries, so that if an Indemnitee is or was a director, manager,
officer, employee, agent, control person, or fiduciary of such constituent entity, or is or was serving at the request of such constituent entity as a director, manager, officer, employee, control person, agent or fiduciary of another corporation,
partnership, joint venture, employee benefit plan, trust or other enterprise, the Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the resulting or surviving entity as the Indemnitee would have with
respect to such constituent entity if its separate existence had continued. 

  

	 	b.	For purposes of this Agreement, references to “other enterprises” shall include employee benefit plans; references to “fines” shall include any
excise taxes assessed on the Indemnitee with respect to an employee benefit plan; and references to “serving at the request of the Company” shall include any service as a director, manager, officer, employee, agent or fiduciary of
the Company that imposes duties on, or involves services by, such director, manager, officer, employee, agent or fiduciary with respect to an employee benefit plan, its participants or its beneficiaries; and if the Indemnitee acted in good faith and
in a manner the Indemnitee reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan, the Indemnitee shall be deemed to have acted in a manner “not opposed to the best interests of the
Company” as referred to in this Agreement. 

  
 For purposes of this Agreement a “Change in Control” shall be deemed to have occurred if: (i) any “person” (as such term is used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act), other
than the Principal and his Related Parties, (A) who is or becomes the beneficial owner, directly or indirectly, of securities of the Company representing ten percent (10%) or more of the combined voting power of the Company’s then outstanding
Voting Securities, increases his beneficial ownership of such securities by five percent (5%) or more over the percentage so owned by such person, or (B) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act),
directly or indirectly, of securities of the Company representing more than twenty percent (20%) of the total voting power represented by the Company’s then outstanding Voting Securities, (ii) during any period of two (2) consecutive years,
individuals who at the beginning of such period constitute the Board of Directors or similar governing body of the Company and any new director whose election by the Board of Directors 

  

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or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation other than a merger or consolidation that would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or
by being converted into Voting Securities of the surviving entity) at least eighty percent (80%) of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or
consolidation, or the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all of the
Company’s assets. For purposes of this definition, “Principal” means Barry D. Plost and “Related Party” means (1) any family member, spouse, heirs, estate, executor or personal or legal representative of the
Principal; or (2) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or persons beneficially holding an 80% or more controlling interest of which consist of the Principal and/or such other persons
referred to in the immediately preceding clause (1). 
  

	 	c.	For purposes of this Agreement, “Independent Legal Counsel” shall mean an attorney or firm of attorneys, selected in accordance with the provisions of Section
1(e) hereof, who shall not have otherwise performed services for the Company or the Indemnitee within the last three (3) years (other than with respect to matters concerning the right of the Indemnitee under this Agreement, or of other
indemnitees under similar indemnity agreements). 

  

	 	d.	For purposes of this Agreement, a “Reviewing Party” shall mean any appropriate person or body consisting of a member or members of the Company’s Board of
Directors or similar governing party, or any other person or body appointed by such body, who is not a party to the particular Claim for which the Indemnitee is seeking indemnification, or Independent Legal Counsel. 

  

	 	e.	For purposes of this Agreement, “Voting Securities” shall mean any securities of the Company that vote generally in the election of directors.

  

	11.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall constitute an original. 

  

	12.	Binding Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company and including any estate, spouse, heirs or personal or legal
representatives of the Indemnitee. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the
Company, by written agreement in form and substance satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession
had taken place. This Agreement shall continue in effect with respect to Claims relating to Indemnifiable Events regardless of whether the Indemnitee continues to serve as a director, officer, employee, agent, controlling person or fiduciary of the
Company or of any other enterprise, including subsidiaries of the Company, at the Company’s request. 

  

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	13.	Attorneys’ Fees. In the event that any action is instituted by the Indemnitee under this Agreement or under any liability insurance policies maintained by the Company to
enforce or interpret any of the terms hereof or thereof, the Indemnitee shall be entitled to be paid all Expenses incurred by the Indemnitee with respect to such action, regardless of whether the Indemnitee is ultimately successful in such action,
and shall be entitled to the advancement of Expenses with respect to such action, unless, as a part of such action, a court of competent jurisdiction over such action determines that each of the material assertions made by the Indemnitee as a basis
for such action was not made in good faith or was frivolous. In the event of an action instituted by or in the name of the Company under this Agreement to enforce or interpret any of the terms of this Agreement, the Indemnitee shall be entitled to
be paid all Expenses incurred by the Indemnitee in defense of such action (including costs and expenses incurred with respect to the Indemnitee counterclaims and cross-claims made in such action), and shall be entitled to the advancement of Expenses
with respect to such action, unless, as a part of such action, a court having jurisdiction over such action determines that each of the Indemnitee’s material defenses to such action was made in bad faith or was frivolous.

  

	14.	Notice. All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in any event be deemed to be given:
(a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered by first class mail, postage prepaid; (b) upon delivery, if delivered by hand; (c) one (1) business day after the business day of deposit
with Federal Express or similar overnight courier, freight prepaid; or (d) one (1) day after the business day of delivery by facsimile transmission, if deliverable by facsimile transmission, with copy by first class mail, postage prepaid, and shall
be addressed if to the Indemnitee, at the Indemnitee’s address as set forth beneath the Indemnitee’s signature to this Agreement and if to the Company at the address of its principal corporate offices (attention: Secretary) or at such
other address as such party may designate by ten (10) days’ advance written notice to the other party hereto. 

  

	15.	Consent to Jurisdiction. The Company and the Indemnitee hereby irrevocably consent to the jurisdiction of the courts of the State of California for all purposes in connection
with any action or proceeding that arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of California in and for San Diego
County, which shall be the exclusive and only proper forum for adjudicating such a claim. 

  

	16.	Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a single section, paragraph
or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable, and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible, the
provisions of this Agreement (including, without limitations, each portion of this Agreement containing any provision held to be invalid, void or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as to
give effect to the intent manifested by the provision held invalid, illegal or unenforceable. 

  

	17.	Choice of Law. This Agreement shall be governed by and its provisions construed and enforced in accordance with the laws of the State of California, as applied to contracts
between California residents, entered into and to be performed entirely within the State of California, without regard to the conflict of laws principles thereof. 

  

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	18.	Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee
who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 

  

	19.	Amendment and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in writing signed by all parties hereto.
No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 

  

	20.	Integration and Entire Agreement. This Agreement sets forth the entire understanding between the parties hereto and supersedes and merges all previous written and oral
negotiations, commitments, understandings and agreements relating to the subject matter hereof between the parties hereto. 

  

	21.	No Construction as Employment Agreement. Nothing contained in this Agreement shall be construed as giving the Indemnitee any right to be retained in the employ of the Company
or any of its subsidiaries. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Indemnification Agreement on and as of the day
and year first above written. 
  

			
	COMPANY:
	
	 SERACARE LIFE SCIENCES, INC.,

	 a California corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

	
	INDEMNITEE:
		
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 S-1Form of Tax Receivable Agreement

 Exhibit 10.3 
 FORM OF 
 TAX RECEIVABLE AGREEMENT 
  
 This TAX RECEIVABLE AGREEMENT (this “Agreement”), dated as of
                    , 2005, by and among Ltd Sub A and Ltd Sub B (each as defined herein), both wholly owned indirect subsidiaries of Lazard
Ltd, a Bermuda company (“Lazard”), and LFCM Holdings LLC, a Delaware limited liability company (“LFCM”). 
  
 WHEREAS, on December 16, 2004, Lazard, Lazard LLC, a Delaware limited liability company taxable as a partnership for U.S. Federal income tax purposes that
will be renamed “Lazard Group LLC” (“Lazard Group”) and LAZ-MD Holdings LLC, a Delaware limited liability company (“LAZ-MD”), entered into that certain Class B-1 and Class C Members Transaction Agreement
relating to Lazard Group (the “Buyout Agreement”); and 
  
 WHEREAS, pursuant to the Buyout Agreement, certain interests of historic partners of Lazard Group (the “Historic Partners”) shall be redeemed for cash (the “Redemption”); and 
  
 WHEREAS, pursuant to the Buyout Agreement, Lazard Group and the Historic
Partners have agreed to treat a portion of the consideration paid to the Historic Partners in the Redemption as received in a sale or exchange pursuant to Section 707(a)(2)(B) of the Internal Revenue Code of 1986, as amended (the
“Code”) and the remainder of such consideration as received by the Historic Partners as a distribution; and 
  
 WHEREAS, in connection with transactions contemplated by the Buyout Agreement, certain members of Lazard Group (each, an “Exchangeable
Holder”) will be issued a class of exchangeable membership interests in LAZ-MD, which exchangeable interests are effectively exchangeable on a one-for-one basis for shares of Lazard (an “Exchange”); and 
  
 WHEREAS the Exchanges are expected to be effected via an Exchangeable
Holder’s transfer of Lazard Group interests directly to Ltd Sub A and Ltd Sub B (each, an “Ltd Exchanging Subsidiary”) in transactions that are intended to result in an Exchangeable Holder’s recognition of gain or loss for
U.S. Federal income tax purposes (each, a “Taxable Exchange”), as described herein; and 
  
 WHEREAS, Lazard Group shall have in effect an election under Section 754 of the Code for the Taxable Year (as defined herein) in which the Redemption
occurs, which election will result in an adjustment to the Ltd Exchanging Subsidiaries’ share of the tax basis of the assets owned by Lazard Group as of the Redemption Date (such assets and any asset whose tax basis is determined, in whole or
in part, by reference to the adjusted basis of any such asset, the “Original Assets”) by reason of the Redemption; and 
  
 WHEREAS, Lazard Group intends to have in effect an election under Section 754 of the Code for each Taxable Year in which any Taxable Exchange occurs,
which election will result in an adjustment to the Ltd Exchanging Subsidiaries’ share of the tax basis of the assets owned by Lazard Group as of the date of any such Taxable Exchange; and 

 WHEREAS, Lazard, through the Ltd Exchanging Subsidiaries, will own, immediately following the Redemption,
a controlling interest in Lazard Group and a portion of the common membership interests in Lazard Group; and 
  
 WHEREAS, the income, gain, loss, expense and other Tax items of Lazard Group and the Relevant Lazard Ltd Taxpayers (as defined herein) may be affected by
the Basis Adjustment (as defined herein) and the Imputed Interest (as defined herein); and 
  
 WHEREAS, the parties to this Agreement desire to make certain arrangements with respect to the effect of the Basis Adjustment and Imputed Interest on the actual liability for Covered Taxes of the Relevant Lazard Ltd
Taxpayers (as defined herein). 
  
 NOW, THEREFORE, in
consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound hereby, the parties hereto agree as follows: 
  
 ARTICLE I 
  
 Definitions 
  
 Definitions. As used in this Agreement, the terms set forth in this Article I shall have the following meanings (such meanings to be equally
applicable to both the singular and plural forms of the terms defined). 
  
 “Advisory Firm” means an accounting or law firm that is nationally recognized as being expert in Covered Tax matters, as determined by the Audit Committee. The Audit Committee shall select the Advisory Firm. 
  
 “Advisory Firm Letter” shall mean a letter from the Advisory
Firm stating that the relevant schedule, notice or other information to be provided by the Ltd Exchanging Subsidiaries to LFCM and all supporting schedules and work papers were prepared in a manner consistent with the terms of this Agreement and, to
the extent not expressly provided in this Agreement, on a reasonable basis in light of the facts and law in existence on the date such schedule, notice or other information is delivered to LFCM. 
  
 “Agreed Rate” means LIBOR plus
                 basis points. 
  
 “Agreement” is defined in the preamble. 
  
 “Amended Tax Benefit Schedule” is defined in Section 2.05(b) of this Agreement. 
  
 “Applicable Treasury Rate” means a rate equal to (1) if an
Early Termination Notice is delivered prior to the third anniversary of the Redemption Date, [x.xx]% or (2) otherwise, the yield to maturity as of the date an Early Termination Notice is delivered (the “delivery date”) of U.S. Treasury
securities with a constant maturity (the “Applicable Maturity”) (as compiled and published in the most recent Federal Reserve Statistical Release H 15 (519)) equal to (a) if the delivery date is on or after the third anniversary of
the Redemption Date but prior to the fifth 
  

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 anniversary of the Redemption Date, 10 years after the delivery date, (b) if the delivery date is on or after the fifth
anniversary of the Redemption Date but prior to the fifteenth anniversary of the Redemption Date, the number of years from the delivery date through the fifteenth anniversary of the Redemption Date, or (c) if the delivery date is on or after the
fifteenth anniversary of the Redemption Date, two years after the delivery date. If there are no U.S. Treasury securities with a constant maturity equal to the Applicable Maturity, the yield to maturity shall be interpolated from the U.S. Treasury
securities with constant maturities that are most nearly longer than and shorter than the Applicable Maturity. 
  
 “Audit Committee” means the audit committee of the board of directors of Lazard. 
  
 “Basis Adjustment” means the increase or decrease to the tax
basis of, or any Relevant Lazard Ltd Taxpayer’s share of the tax basis of, Lazard Group’s assets (i) under Sections 734(b), 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a
result of the Redemption, (ii) under Section 743(b) and 754 of the Code and the comparable sections of U.S. state and local income and franchise Tax law as a result of any Taxable Exchange and (iii) under Sections 743(b) and 754 as a result of any
payments under this Agreement. For the avoidance of doubt, payments under this Agreement shall not be treated as resulting in a Basis Adjustment to the extent such payments relate to the Redemption. 
  
 “Business Day” means any calendar day that is not a
Saturday, Sunday or other calendar day on which banks are required or authorized to be closed in the City of New York. 
  
 “Buyout Agreement” is defined in the recitals. 
  

“Change of Control Event” means the occurrence of any of the following events: 
  
 (i) the consummation, through one or more related
transactions, of (A) a merger, amalgamation, consolidation, statutory share exchange or similar form of corporate transaction involving Lazard or Lazard Group (a “Reorganization”) or (B) the sale or other disposition of all or
substantially all the assets of Lazard or Lazard Group to an entity that is not a controlled subsidiary of Lazard (a “Sale”) if such Reorganization or Sale requires the approval of Lazard’s stockholders under the law of Bermuda
(whether such approval is required for such Reorganization or Sale or for the issuance of securities of Lazard in such Reorganization or Sale or the rules and regulations of the principal trading exchange for Lazard’s Class A common shares),
unless, immediately following such Reorganization or Sale, (1) all or substantially all the individuals and entities who were the “beneficial owners” (as such term is defined in Rule 13d-3 under the Exchange Act (or a successor rule
thereto)) of the shares of Lazard, or such other securities of Lazard into which such shares shall be changed by reason of a Reorganization (the “Shares”) or other securities eligible to vote for the election of the Board (together,
“Lazard Voting Securities”) outstanding immediately prior to the consummation of such Reorganization or Sale beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting se-

  

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 curities of the corporation resulting from such Reorganization or Sale (including, without limitation, a
corporation that as a result of such transaction owns Lazard or all or substantially all Lazard’s assets either directly or through one or more subsidiaries) (the “Continuing Corporation”) in substantially the same proportions
as their ownership, immediately prior to the consummation of such Reorganization or Sale, of the outstanding Lazard Voting Securities (excluding any outstanding voting securities of the Continuing Corporation that such beneficial owners hold
immediately following the consummation of the Reorganization or Sale as a result of their ownership prior to such consummation of voting securities of any company or other entity involved in or forming part of such Reorganization or Sale other than
Lazard); 
  
 (ii) the stockholders of Lazard
approve a plan of complete liquidation or dissolution of Lazard; or 
  
 (iii) any “person” (as such term is used in Section 13(d) of the Exchange Act), corporation or other entity or “group” (as used in Section 14(d)(2) of the Exchange Act) (other than (A) Lazard, (B)
any trustee or other fiduciary holding securities under an employee benefit plan of Lazard or an affiliate of Lazard, (C) a person controlled by all or substantially all of the then-current managing directors of Lazard (provided no individual person
controls more than 5% of any such person) or (D) any company owned, directly or indirectly, by the stockholders of Lazard in substantially the same proportions as their ownership of the voting power of the Lazard Voting Securities) becomes the
beneficial owner, directly or indirectly, of securities of Lazard representing 20% or more of the combined voting power of the Lazard Voting Securities; provided, however, that for purposes of this subparagraph (iii) any acquisition by
any employee benefit plan (or related trust) sponsored or maintained by Lazard or an affiliate of Lazard shall not constitute a Change of Control Event. 
  
 “Change of Control Termination Payment” is defined in Section 4.03(c) of this Agreement. 
  
 “Change Notice” is defined in Section 3.03 of this
Agreement. 
  
 “Code” is defined in the recitals.

  
 “Covered Taxable Year” means any Taxable Year
of the Relevant Lazard Ltd Taxpayers ending after the Redemption Date and on or before the end of the Taxable Year including the date which is the twenty-fourth (24th) anniversary of the Redemption Date. 
  
 “Covered Taxes” means U.S. Federal Income Taxes and U.S.
state and local income and franchise Taxes. 
  
 “Determination” shall have the meaning ascribed to such term in Section 1313(a) of the Code or similar provision of state or local income or franchise Tax law, as applicable. 
  

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 “Early Termination Notice” is defined in Section 4.02 of this Agreement. 
  
 “Early Termination Payment” is defined in Section 4.03(b) of
this Agreement. 
  
 “Early Termination Rate”
means the Applicable Treasury Rate plus 300 basis points. 
  
 “Escrow Agent” is defined in Section 3.01(a) of the Agreement. 
  
 “Escrow Agreement” is defined in Section 3.01(a) of the Agreement. 
  
 “Exchange” is defined in the recitals. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute thereto. 
  
 “Exchange Assets” means the assets owned by Lazard Group as
of an applicable Exchange Date (and any asset whose tax basis is determined, in whole or in part, by reference to the adjusted basis of any such asset). 
  
 “Exchange Basis Schedule” is defined in Section 2.04(a) of this Agreement. 
  
 “Exchange Date” means the date on which a Taxable Exchange is effected. 
  
 “Exchangeable Holder” is defined in the recitals.

  
 “Federal Income Tax” means any tax imposed
under Subtitle A of the Code or any other provision of U.S. Federal income tax law (including, without limitation, the taxes imposed by Sections 11, 55, 59A, 881, 882, 884 and 1201(a) of the Code), and any interest, additions to tax or penalties
applicable or related to such tax. 
  
 “Governmental
Entity” means any federal, state, local, provincial or foreign government or any court of competent jurisdiction, administrative agency or commission or other governmental authority or instrumentality, whether domestic or foreign.

  
 “Hypothetical Tax Basis” means, with respect
to any asset at any time, the tax basis that such asset would have at such time if no Basis Adjustment had been made as a result of the Redemption or an applicable Taxable Exchange, as the case may be. 
  
 “Hypothetical Tax Liability” means, with respect to any
Covered Taxable Year, the liability for Covered Taxes of the Relevant Lazard Ltd Taxpayers using the same methods, elections, conventions and similar practices used on the actual Tax Returns of such Relevant Lazard Ltd Taxpayers, but using the
Hypothetical Tax Basis instead of the actual tax basis of each relevant asset and excluding any deduction attributable to the Imputed Interest. 
  
 “Imputed Interest” shall mean any interest imputed under Section 1272, 1274 or 483 or other provision of the Code (or any successor U.S.
Federal income tax statute) and the 
  

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 similar section of the applicable U.S. state or local income or franchise Tax law with respect to the Ltd Exchanging
Subsidiaries’ payment obligations under this Agreement. 
  
 “IPO Proceeds” means the aggregate proceeds from the sale of Lazard shares in an initial public offering, net of underwriters’ discounts and commissions and directly allocated expenses. 
  
 “IRS” means the U.S. Internal Revenue Service. 

 
 “LAZ-MD” is defined in the recitals. 
  
 “Lazard” is defined in the preamble. 
  
 “LFCM” is defined in the preamble. 
  
 “LFCM Operating Agreement” means the Operating Agreement of
LFCM dated as of [    ]. 
  
 “Ltd
Exchanging Subsidiary” is defined in the recitals. 
  
 “Ltd Exchanging Subsidiary Payment” is defined in Section 5.01 of this Agreement. 
  
 “Ltd Sub A” and “Ltd Sub B” are defined in Schedule A to this Agreement. 
  
 “LIBOR” means, for each month (or portion thereof) during
any period, an interest rate per annum equal to the rate per annum reported, on the date two days prior to the first day of such month, on the Telerate Page 3750 (or if such screen shall cease to be publicly available, as reported on Reuters Screen
page “LIBO” or by any other publicly available source of such market rate) for London interbank offered rates for U.S. dollar deposits for such month (or portion thereof). 
  
 “Person” means and includes any individual, firm, corporation, partnership (including, without limitation,
any limited, general or limited liability partnership), company, limited liability company, trust, joint venture, association, joint stock company, unincorporated organization or similar entity or Governmental Entity. 
  
 “Potential Reduction” is defined in Section 3.03(a) of this
Agreement. 
  
 “Proceeding” is defined in Section
7.08 of this Agreement. 
  
 “Realized Tax
Benefit” means, for a Covered Taxable Year, the excess, if any, of the Hypothetical Tax Liability over the actual liability for Covered Taxes of the Relevant Lazard Ltd Taxpayers for such Covered Taxable Year, less the fees, charges and
expenses of the Advisory Firm and the expert described in Section 7.09 related to this Agreement paid by the Relevant Lazard Ltd Taxpayers in the relevant Covered Taxable Year. For the avoidance of doubt, the “Realized Tax Benefit” shall
take into account the difference, if any, in the ability of Ltd Sub B to use foreign tax credits to offset its U.S. Federal income tax liability in calculating its Hypo- 
  

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 thetical Tax Liability and its actual liability for Covered Taxes in the Covered Taxable Year. If all or a portion of the
actual tax liability for Covered Taxes for the Covered Taxable Year arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such liability shall not be included in determining the Realized Tax Benefit or the Realized Tax
Detriment unless and until there has been a Determination. 
  
 “Realized Tax Detriment” means, for a Covered Taxable Year, the excess, if any, of the actual liability for Covered Taxes of the Relevant Lazard Ltd Taxpayers over the Hypothetical Tax Liability for such Covered Taxable
Year, plus the fees, charges and expenses of the Advisory Firm and the expert described in Section 7.09 related to this Agreement paid by the Relevant Lazard Ltd Taxpayers in the relevant Covered Taxable Year. For the avoidance of doubt, the
“Realized Tax Detriment” shall take into account the difference, if any, in the ability of Ltd Sub B to use foreign tax credits to offset its U.S. Federal income tax liability in calculating its Hypothetical Tax Liability and its actual
liability for Covered Taxes in the Covered Taxable Year. If all or a portion of the actual tax liability for Covered Taxes for the Covered Taxable Year arises as a result of an audit by a Taxing Authority of any Covered Taxable Year, such liability
shall not be included in determining the Realized Tax Benefit or Realized Tax Detriment unless and until there has been a Determination. 
  
 “Reconciliation Procedures” shall mean those procedures set forth in Section 7.09 of this Agreement. 
  
 “Redemption” is defined in the recitals. 
  
 “Redemption Basis Schedule” is defined in Section 2.02 of
this Agreement. 
  
 “Redemption Date” means the
date on which the Redemption is effected. 
  
 “Relevant
Lazard Ltd Taxpayer” means (i) Ltd Sub A (or its successors and assigns) or (ii) Ltd Sub B (or its successors and assigns) and (iii) any consolidated, combined or unitary group containing either Ltd Sub A or Ltd Sub B, as the case may be,
or any of their respective successors and/or assigns. 
  
 “Scheduled Termination Date” shall mean the date on which this Agreement would terminate in the absence of an Early Termination Notice. 
  
 “Senior Obligations” is defined in Section 5.01 of this Agreement. 
  
 “Subsidiary” means any entity in which Lazard, directly or
indirectly, possesses fifty percent (50%) or more of the total combined voting power of all classes of its stock, other than Lazard Group, Lazard Group Finance, LLC and their respective subsidiaries. 
  
 “Tax Benefit Payment” is defined in Section 3.01(b) of this
Agreement. 
  
 “Tax Benefit Schedule” is defined
in Section 2.05(a) of this Agreement. 
  
 “Taxable
Exchange” is defined in the recitals. 
  

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 “Taxable Year” means a taxable year as defined in Section 441(b) of the Code or
comparable section of U.S. state or local income or franchise Tax law, as applicable, (and, therefore, for the avoidance of doubt, may include a period of less than 12 months for which a Tax Return is made). 
  
 “Taxes” means (i) all forms of taxation or duties imposed,
or required to be collected or withheld, including, without limitation, charges, together with any related interest, penalties or other additional amounts, (ii) liability for the payment of any amount of the type described in the preceding clause
(i) as a result of being a member of an affiliated, consolidated, combined or unitary group, and (iii) liability for the payment of any amounts as a result of being party to any tax sharing agreement (other than this Agreement) or as a result of any
express or implied obligation to indemnify any other person with respect to the payment of any amount described in the immediately preceding clauses (i) or (ii) (other than an obligation to indemnify under this Agreement). 
  
 “Tax Return” means any return, filing, report,
questionnaire, information statement or other document required to be filed, including amended returns that may be filed, for any taxable period with any Taxing Authority (whether or not a payment is required to be made with respect to such filing).

  
 “Taxing Authority” means the IRS and any
other state, local, foreign or other Governmental Entity responsible for the administration of Taxes. 
  
 “Treasury Regulations” means the final, temporary and proposed regulations under the Code promulgated from time to time (including
corresponding provisions of succeeding provisions) as in effect for the relevant taxable period. 
  
 “Valuation Assumptions” shall mean, as of any Valuation Date, the assumptions described in Schedule B to this Agreement. 
  
 “Valuation Date” means the date of an Early Termination
Notice for purposes of determining an Early Termination Payment or Change of Control Termination Payment. 
  
 ARTICLE II 
  
 Determination of Realized Tax Benefit or Realized Tax Detriment 
  
 SECTION 2.01. Redemption Date Basis Adjustment. Pursuant to the Buyout Agreement, Lazard Group and the Historic Partners have agreed to treat the consideration paid to the Historic Partners in the Redemption
(i) as a sale or exchange pursuant to Section 707(a)(2)(B) of the Code (the “Sale”) to the extent such consideration originates from IPO Proceeds and (ii) as a distribution pursuant to Section 736(b)(1) and Section 731(b) of the
Code (the “Distribution”) to the extent the total Redemption consideration exceeds the IPO Proceeds. The Ltd Exchanging Subsidiaries and LFCM hereby agree that (i) the Historic Partners of Lazard Group redeemed for cash in the
Redemption shall recognize gain on the Redemption Date under Sections 741 and 731 of the Code, (ii) each Ltd Exchanging Subsidiary’s share of the basis in the Original Assets shall be increased by the excess of the Sale proceeds over the Ltd
Exchanging 
  

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 Subsidiary’s proportionate share of the basis of the Original Assets on the Redemption Date and (iii) the basis in
the Original Assets shall be increased by the amount of gain recognized by the Historic Partners of Lazard Group with respect to the Distribution. The Ltd Exchanging Subsidiaries and LFCM shall treat such gain and basis adjustment as occurring
entirely on the Redemption Date unless there is a Determination to the contrary. 
  
 SECTION 2.02. (a) Redemption Basis Schedule. Within 120 calendar days after the Redemption Date, the Ltd Exchanging Subsidiaries shall deliver to LFCM a schedule (the “Redemption Basis
Schedule”) approved by the Audit Committee that shows, in reasonable detail, for U.S. Federal income tax purposes, (i) the actual tax basis as of the Redemption Date of the Original Assets, (ii) the Basis Adjustment with respect to the
Original Assets as a result of the Sale and the Distribution and (iii) the period or periods, if any, over which the Original Assets are amortizable or depreciable for U.S. Federal income tax purposes. At the time the Ltd Exchanging Subsidiaries
deliver the Redemption Basis Schedule to LFCM, they shall (x) deliver to LFCM schedules and work papers providing reasonable detail regarding the preparation of the Redemption Basis Schedule and an Advisory Firm Letter supporting such Redemption
Basis Schedule and (y) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. The Redemption Basis Schedule shall become
final and binding on the parties unless LFCM, within 30 calendar days after receiving such Redemption Basis Schedule, provides the Ltd Exchanging Subsidiaries with notice of a material objection to such Redemption Basis Schedule made in good faith.
If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Redemption Basis Schedule was delivered to LFCM, the Ltd Exchanging Subsidiaries and LFCM shall employ
the Reconciliation Procedures. 
  
 (b) Amended
Redemption Basis Schedule. The Redemption Basis Schedule may be amended from time to time by the Ltd Exchanging Subsidiaries with the consent of the Audit Committee (i) in connection with a Determination, (ii) to correct inaccuracies to the
original Redemption Basis Schedule identified after the Redemption Date as a result of the receipt of additional information relating to facts or circumstances on or prior to the Redemption Date or (iii) to comply with the expert’s
determination under the Reconciliation Procedures. At the time the Ltd Exchanging Subsidiaries deliver such amended Redemption Basis Schedule to LFCM they shall (x) deliver to LFCM schedules and work papers providing reasonable detail regarding the
preparation of the amended Redemption Basis Schedule and an Advisory Firm Letter supporting such amended Redemption Basis Schedule and (y) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group
and the Advisory Firm in connection with its review of such schedule. The amended Redemption Basis Schedule shall become final and binding on the parties unless LFCM, within 30 calendar days after receiving such amended Redemption Basis Schedule,
provides the Ltd Exchanging Subsidiaries with notice of a material objection to such amended Redemption Basis Schedule made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice
within 60 calendar days after such amended Redemption Basis Schedule was delivered to LFCM, the Ltd Exchanging Subsidiaries and LFCM shall employ the Reconciliation Procedures. 
  

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 SECTION 2.03. Basis Adjustment Attributable to a Taxable Exchange. Pursuant to a Taxable Exchange,
(i) to the extent an Exchangeable Holder effecting a Taxable Exchange holds its Lazard Group interests through LAZ-MD, LAZ-MD will distribute to such Exchangeable Holder all or a portion of LAZ-MD’s Lazard Group interests attributable to such
Exchangeable Holder in redemption of all or a portion of the exchangeable interests of such Exchangeable Holder in LAZ-MD and (ii) the Exchangeable Holder will transfer its interests in Lazard Group to the Ltd Exchanging Subsidiaries in exchange for
shares of Lazard. The number of Lazard shares transferred by each Ltd Exchanging Subsidiary to an Exchangeable Holder pursuant to a Taxable Exchange will be determined in proportion to each such subsidiary’s respective interests in Lazard Group
on the applicable Exchange Date. The Ltd Exchanging Subsidiaries and LFCM hereby agree that an Exchangeable Holder effecting a Taxable Exchange shall recognize gain, if any, for U.S. Federal income tax purposes on the Exchange Date under Section 741
of the Code in an amount equal to the excess of (i) the fair market value of the Lazard shares received in the Taxable Exchange over (ii) the Exchangeable Holder’s basis in its Lazard Group interests transferred to the Ltd Exchanging
Subsidiaries pursuant to the Taxable Exchange. For purposes of this Agreement, the Ltd Exchanging Subsidiaries and LFCM hereby agree that the fair market value of the Lazard shares received in the Taxable Exchange shall mean the trading value of
such shares at the close of business on the Exchange Date. The Ltd Exchanging Subsidiaries and LFCM further agree that, with respect to each Taxable Exchange, each Ltd Exchanging Subsidiary’s share of the basis in the Exchange Assets shall be
increased by the excess, if any, of (i) the fair market value of the Lazard shares transferred to the Exchangeable Holder pursuant to the Taxable Exchange over (ii) the Ltd Exchanging Subsidiary’s proportionate share of the basis of the
Exchange Assets immediately after the Taxable Exchange attributable to the Lazard Group interests exchanged. The Ltd Exchanging Subsidiaries and the Exchangeable Holders, pursuant to the LFCM Operating Agreement, will treat such gain and basis
adjustment as occurring entirely on the Exchange Date unless there is a Determination to the contrary. 
  
 SECTION 2.04. (a) Exchange Basis Schedule. Within 120 calendar days after the end of a Covered Taxable Year in which any Taxable Exchange has been
effected, the Ltd Exchanging Subsidiaries shall deliver to LFCM a schedule (the “Exchange Basis Schedule”) approved by the Audit Committee that shows, in reasonable detail, for U.S. Federal income tax purposes, (i) the actual tax
basis as of the first applicable Exchange Date in such Covered Taxable Year of the Exchange Assets, (ii) the Basis Adjustment with respect to the Exchange Assets as a result of the Taxable Exchanges effected in such Covered Taxable Year, calculated
in the aggregate, and (iii) the period or periods, if any, over which the Exchange Assets are amortizable or depreciable. At the time the Ltd Exchanging Subsidiaries deliver the Exchange Basis Schedule to LFCM, they shall (x) deliver to LFCM
schedules and work papers providing reasonable detail regarding the preparation of the Exchange Basis Schedule and an Advisory Firm Letter supporting such Exchange Basis Schedule and (y) allow LFCM reasonable access to the appropriate
representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. The Exchange Basis Schedule shall become final and binding on the parties unless LFCM, within 30 calendar days after
receiving such Exchange Basis Schedule, provides the Ltd Exchanging Subsidiaries with notice of a material objection to such Exchange Basis Schedule made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve
the issues raised in such notice within 60 calendar days after such 
  

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 Exchange Basis Schedule was delivered to LFCM, the Ltd Exchanging Subsidiaries and LFCM shall employ the Reconciliation
Procedures. 
  
 (b) Amended Exchange Basis
Schedule. The Exchange Basis Schedule may be amended from time to time by the Ltd Exchanging Subsidiaries with the consent of the Audit Committee (i) in connection with a Determination, (ii) to correct inaccuracies to the original Exchange Basis
Schedule identified after the date of the Taxable Exchange as a result of the receipt of additional information or (iii) to comply with the expert’s determination under the Reconciliation Procedures. At the time the Ltd Exchanging Subsidiaries
deliver such amended Exchange Basis Schedule to LFCM they shall (x) deliver to LFCM schedules and work papers providing reasonable detail regarding the preparation of the amended Exchange Basis Schedule and an Advisory Firm Letter supporting such
amended Exchange Basis Schedule and (y) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. The amended Exchange Basis
Schedule shall become final and binding on the parties unless LFCM, within 30 calendar days after receiving such amended Exchange Basis Schedule, provides the Ltd Exchanging Subsidiaries with notice of a material objection to such amended Exchange
Basis Schedule made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such amended Exchange Basis Schedule was delivered to LFCM, the Ltd
Exchanging Subsidiaries and LFCM shall employ the Reconciliation Procedures. 
  
 SECTION 2.05. (a) Tax Benefit Schedule. Within 10 calendar days after filing the U.S. Federal Income Tax Return of the Relevant Lazard Ltd Taxpayers for the relevant Covered Taxable Year, each Ltd Exchanging
Subsidiary shall provide to LFCM a schedule approved by the Audit Committee showing, in reasonable detail, the calculation of each Relevant Lazard Ltd Taxpayer’s Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year (the
“Tax Benefit Schedule”). At the time the Ltd Exchanging Subsidiaries deliver the Tax Benefit Schedules to LFCM they shall (i) deliver to LFCM schedules and work papers providing reasonable detail regarding the preparation of the Tax
Benefit Schedules (including information related to the amount of Ltd Sub A’s “effectively connected income” with respect to the applicable Covered Taxable Year as determined for U.S. Federal income tax purposes) and an Advisory Firm
Letter supporting such Tax Benefit Schedules and (ii) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedules. The Tax Benefit
Schedules shall become final and binding on the parties unless LFCM, within 30 calendar days after receiving such Tax Benefit Schedules, provides the Ltd Exchanging Subsidiaries with notice of a material objection to such Tax Benefit Schedules made
in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Tax Benefit Schedules were delivered to LFCM, the Ltd Exchanging Subsidiaries and LFCM
shall employ the Reconciliation Procedures. 
  
 (b) Amended Tax Benefit Schedule. A Tax Benefit Schedule for any Covered Taxable Year may be amended from time to time by the applicable Ltd Exchanging Subsidiary with the consent of the Audit Committee (i) in connection with a
Determination affecting such Tax Benefit Schedule, (ii) to correct inaccuracies in the original Tax Bene- 
  

 -11- 

 fit Schedule identified as a result of the receipt of additional factual information relating to a
Covered Taxable Year after the date the Tax Benefit Schedule was provided to LFCM, (iii) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to a carryback or carryforward of a loss or
other tax item to such Covered Taxable Year, (iv) to reflect a change in the Realized Tax Benefit or Realized Tax Detriment for such Covered Taxable Year attributable to an amended tax return filed for such Covered Taxable Year (provided,
however, that such a change attributable to an audit of a Tax Return by an applicable Taxing Authority shall not be taken into account on an Amended Tax Benefit Schedule unless and until there has been a Determination with respect to such
change) or (v) to comply with the expert’s determination under the Reconciliation Procedures. At the time a Ltd Exchanging Subsidiary delivers such an amended Tax Benefit Schedule pursuant to this Section 2.05(b) (an “Amended Tax
Benefit Schedule”) to LFCM it shall (x) deliver to LFCM schedules and work papers providing reasonable detail regarding the preparation of the Amended Tax Benefit Schedule and an Advisory Firm Letter supporting such Amended Tax Benefit
Schedule and (y) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with its review of such schedule. Such Amended Tax Benefit Schedule shall become final
and binding on the parties unless LFCM, within 30 calendar days after receiving such Amended Tax Benefit Schedule, provides the applicable Ltd Exchanging Subsidiary with notice of a material objection to such Amended Tax Benefit Schedule made in
good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such notice within 60 calendar days after such Amended Tax Benefit Schedule was delivered to LFCM, the Ltd Exchanging Subsidiary and LFCM
shall employ the Reconciliation Procedures. 
  
 (c) Applicable Principles. The Realized Tax Benefit or Realized Tax Detriment for each Covered Taxable Year is intended to measure the decrease or increase in the actual Covered Tax liability of the Relevant Lazard Ltd Taxpayers for
such Covered Taxable Year attributable to the Basis Adjustment and Imputed Interest, determined using a “with and without” methodology. Carryovers or carrybacks of any tax item attributable to the Basis Adjustment and Imputed Interest
(determined using such “with and without” methodology) shall be considered to be subject to the rules of the Code (or any successor U.S. Federal income tax statute) and the Treasury Regulations or the appropriate provisions of U.S. state
and local income and franchise Tax Law, as applicable, governing the use, limitation and expiration of carryovers or carrybacks of the relevant type. If a carryover or carryback of any tax item includes a portion that is attributable to the Basis
Adjustment or Imputed Interest and another portion that is not, such portions shall be considered to be used in the order determined using such “with and without” methodology. Schedule C to this Agreement provides illustrative examples of
the applicable principles described in this Section 2.05(c) of this Agreement. 
  

 -12- 

 ARTICLE III 
  
 Tax Benefit Payments 
  

SECTION 3.01. Payments. (a) Except as provided in Section 3.03, within 3 calendar days of the delivery of the Tax Benefit Schedule to LFCM for
any Covered Taxable Year the Ltd Exchanging Subsidiaries shall pay (i) to LFCM an amount equal to 80% of the Tax Benefit Payment (as defined below) for such Covered Taxable Year and (ii) to a national bank mutually agreeable to the Ltd Exchanging
Subsidiaries, the Audit Committee and LFCM as escrow agent (the “Escrow Agent”), an amount equal to 20% of the Tax Benefit Payment (as defined below) for such Covered Taxable Year. The Escrow Agent shall hold each Tax Benefit
Payment it receives in escrow pursuant to a mutually agreeable escrow agreement (the “Escrow Agreement”) between the Ltd Exchanging Subsidiaries and LFCM until the expiration of the applicable statute of limitations attributable to
the Covered Taxable Year to which such Tax Benefit Payment relates. Each Tax Benefit Payment shall be made by wire transfer of immediately available funds to the bank accounts of LFCM and the Escrow Agent previously designated by such parties to the
Ltd Exchanging Subsidiaries. For the avoidance of doubt, no Tax Benefit Payment shall be made in respect of estimated tax payments, including, without limitation, estimated Federal Income Tax payments. 
  
 (b) A “Tax Benefit Payment” shall equal,
with respect to each Ltd Exchanging Subsidiary, 85% of the applicable Ltd Exchanging Subsidiary’s Realized Tax Benefit, if any, for a Covered Taxable Year, 
  

increased by: 
  
 (1) interest calculated at the Agreed Rate from the due date (without extensions) for filing the Tax Return with respect to Covered Taxes
for such Covered Taxable Year); and 
  
 (2) the
amount of the excess Realized Tax Benefit reflected on an Amended Tax Benefit Schedule for a previous Covered Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Tax Benefit Schedule for such previous Covered
Taxable Year; 
  
 and decreased by: 
  
 (3) an amount equal to the Ltd Exchanging Subsidiary’s
Realized Tax Detriment (if any) for any previous Covered Taxable Year; 
  
 (4) the amount of the excess Realized Tax Benefit reflected on the Tax Benefit Schedule for a previous Covered Taxable Year over the Realized Tax Benefit (or Realized Tax Detriment) reflected on the Amended Tax
Benefit Schedule for such previous Covered Taxable Year; 
  
 provided, however, that the amounts described in Sections 3.01(b)(2), (3) and (4) shall not be taken into account in determining a Tax Benefit Payment attributable to any Covered 
  

 -13- 

 Taxable Year to the extent of such amounts taken into account in determining any Tax Benefit Payment in a preceding
Covered Taxable Year. 
  
 (c) Within 3 days of
receiving any Tax Benefit Payment, LFCM shall distribute such Tax Benefit Payment to each member of LFCM set forth on the schedule attached hereto as Schedule D, in accordance with the percentage indicated on such Schedule D. 
  
 SECTION 3.02. No Duplicative Payments. No duplicative payment of any
amount (including interest) will be required under this Agreement. 
  
 SECTION 3.03. Suspension of Tax Benefit Payments Following Change Notice. 
  
 (a) If Lazard, its Subsidiaries or Lazard Group receives a 30-day letter, a final audit report, a statutory notice of deficiency or
similar written notice from any Taxing Authority with respect to the Tax treatment of the Redemption or any Taxable Exchange (a “Change Notice”), which, if sustained, would result in (i) a reduction in the amount of Realized Tax
Benefit (or the increase in the amount of Realized Tax Detriment) with respect to a Covered Taxable Year preceding the taxable year in which the Change Notice is received or (ii) a reduction in the amount of Tax Benefit Payments the Ltd Exchanging
Subsidiaries will be required to pay to LFCM with respect to Covered Taxable Years after and including the taxable year in which the Change Notice is received (collectively, the “Potential Reduction”), prompt written notice shall be
given to LFCM. 
  
 (b) From and after the date
such Change Notice is received until there is a Final Determination with respect to the adjustments proposed therein, 100% of any Tax Benefit Payments required to be made by the Ltd Exchanging Subsidiaries shall be paid by the Ltd Exchanging
Subsidiaries to the Escrow Agent until such time as the amounts paid to the Escrow Agent under Section 3.01(a)(ii) with respect to the Covered Year at issue in the Change Notice and this Section 3.03(b), in the aggregate, equal the amount of the
Potential Reduction (or, if earlier, until a Final Determination is received with respect to the Change Notice). 
  
 (c) If a Final Determination with respect to the Change Notice results in no adjustment to any Tax Benefit Payment, then 80% of the
amounts paid to the Escrow Agent pursuant to this Section 3.03 (along with interest earned on such funds) shall be distributed to LFCM in accordance with the Escrow Agreement. If the Final Determination result in an adjustment to any Tax Benefit
Payment, then the lesser of (i) the amounts paid to the Escrow Agent pursuant to this Section 3.03 and (ii) the amount of the adjustment to the Tax Benefit Payment, in each case, along with interest earned on such funds, shall be distributed to the
Ltd Exchanging Subsidiaries in accordance with the Escrow Agreement. 
  

 -14- 

 ARTICLE IV 
  
 Termination 
  
 SECTION 4.01. Early Termination of Agreement. (a) At any time after the second (2nd) anniversary of the date of this Agreement, the Ltd Exchanging
Subsidiaries may terminate this Agreement with the consent of the Audit Committee by paying to LFCM the Early Termination Payment as of the date of the Early Termination Notice (as defined below). The Ltd Exchanging Subsidiaries may terminate this
Agreement upon the occurrence of a Change of Control Event by paying to LFCM the Change of Control Termination Payment as of the date of the Early Termination Notice. Upon payment of the Early Termination Payment or the Change of Control Termination
Payment by the Ltd Exchanging Subsidiaries, the Ltd Exchanging Subsidiaries shall have no further payment obligations under this Agreement, other than for any (a) Tax Benefit Payment agreed to by the Ltd Exchanging Subsidiaries and LFCM as due and
payable but unpaid as of the Early Termination Notice and (b) any Tax Benefit Payment due for the Covered Taxable Year ending with or including the date of the Early Termination Notice (except to the extent that the amount described in clause (a) or
(b) is included in the Early Termination Payment or the Change of Control Termination Payment, as the case may be). 
  
 SECTION 4.02. Early Termination Notice. If the Ltd Exchanging Subsidiaries choose to exercise their right of early termination under Section 4.01
above, the Ltd Exchanging Subsidiaries shall deliver to LFCM a notice (the “Early Termination Notice”) specifying the Ltd Exchanging Subsidiaries’ intention to exercise such right and showing in reasonable detail the
calculation of the Early Termination Payment or the Change of Control Termination Payment, as the case may be. At the time the Ltd Exchanging Subsidiaries deliver the Early Termination Notice to LFCM, the Ltd Exchanging Subsidiaries shall (i)
deliver to LFCM schedules and work papers providing reasonable detail regarding the calculation of the Early Termination Payment or the Change of Control Termination Payment, as the case may be, in a manner consistent with the guidelines set forth
in Section 4.03 of this Agreement and an Advisory Firm Letter supporting such calculation and (b) allow LFCM reasonable access to the appropriate representatives at Lazard and its Subsidiaries, Lazard Group and the Advisory Firm in connection with
its review of such calculation. The calculation contained in such Early Termination Notice shall become final and binding on the parties unless LFCM, within 30 calendar days after receiving such calculation, provides the Ltd Exchanging Subsidiaries
with notice of a material objection to such calculation made in good faith. If the parties, negotiating in good faith, are unable to successfully resolve the issues raised in such calculation within 60 calendar days after such calculation was
delivered to LFCM, the Ltd Exchanging Subsidiaries and LFCM shall employ the Reconciliation Procedures. 
  
 SECTION 4.03. Payment upon Early Termination. (a) Within 3 calendar days of the delivery to LFCM of the Early Termination Notice or any amendment
to the Early Termination Notice, the Ltd Exchanging Subsidiaries shall pay to LFCM an amount equal to the Early Termination Payment or the Change of Control Termination Payment, as the case may be. Such payment shall be made by wire transfer of
immediately available funds to a bank account designated by LFCM. 
  

 -15- 

 (b) The “Early Termination Payment” as of the date of an Early
Termination Notice shall equal the present value, discounted at the Early Termination Rate, of all Tax Benefit Payments that would be required to be paid by the Ltd Exchanging Subsidiaries to LFCM during the period from the date of the Early
Termination Notice through the Scheduled Termination Date assuming the Valuation Assumptions are applied. 
  
 (c) The Change of Control Termination Payment as of the date of an Early Termination Notice shall equal the Early Termination Payment as
of such date multiplied by 80%. 
  
 SECTION 4.04. No Other
Right of Early Termination. For the avoidance of doubt, LFCM shall not be entitled to cause an early termination of this Agreement. 
  
 ARTICLE V 
  
 Subordination and Late Payments 
  
 SECTION 5.01. Subordination. Notwithstanding any other provision of this Agreement to the contrary, any Tax Benefit Payment, Early Termination
Payment or Change of Control Termination Payment required to be made by the Ltd Exchanging Subsidiaries to LFCM under this Agreement (a “Ltd Exchanging Subsidiary Payment”) shall rank subordinate and junior in right of payment to
any principal, interest or other amounts due and payable in respect of any debt of the Ltd Exchanging Subsidiaries (“Senior Obligations”) and shall rank pari passu with all current or future unsecured obligations of the Ltd
Exchanging Subsidiaries that are not Senior Obligations. 
  
 SECTION 5.02. Late Payments by the Ltd Exchanging Subsidiaries. The amount of all or any portion of a Ltd Exchanging Subsidiary Payment not made to LFCM when due under the terms of this Agreement shall be payable together with any
interest thereon, computed at the Agreed Rate and commencing from the date on which such Ltd Exchanging Subsidiary Payment was due and payable. 
  
 ARTICLE VI 
  
 No Disputes; Consistency; Cooperation 
  
 SECTION 6.01. LFCM Participation In Ltd Exchanging Subsidiary Tax Matters. Except as otherwise provided herein, the Ltd Exchanging Subsidiaries
shall have full responsibility for, and sole discretion over, all Tax matters concerning any Relevant Lazard Ltd Taxpayer, including without limitation the preparation, filing or amending of any Tax Return and defending, contesting or settling any
issue pertaining to Taxes. Notwithstanding the foregoing, the Ltd Exchanging Subsidiaries shall notify LFCM of, and keep LFCM reasonably informed with respect to, and LFCM shall have the right to participate in and monitor (but, for the avoidance of
doubt, not to control) the portion of any audit of the Relevant Lazard Ltd Taxpayers by a Taxing Authority the outcome of which is reasonably expected to affect LFCM’s rights under this Agreement. The Ltd Exchanging Subsidiaries shall provide
to LFCM reasonable opportunity to provide information and other input to the Ltd Exchanging Subsidiaries and its advisors concern- 
  

 -16- 

 ing the conduct of any such portion of such audits. No Relevant Lazard Ltd Taxpayer shall settle or otherwise resolve any
audit or other challenge by a Taxing Authority relating to the Basis Adjustment or the deduction of Imputed Interest without the consent of the Audit Committee and LFCM, which consent LFCM shall not unreasonably withhold, condition or delay.

  
 SECTION 6.02. Consistency. Unless there is a
Determination to the contrary, the Relevant Lazard Ltd Taxpayers, LFCM and the Exchangeable Holders (in accordance with the LFCM Operating Agreement), on their own behalf and on behalf of each of their affiliates, agree to report and cause to be
reported for all U.S. purposes, including U.S. Federal, state and local income and franchise Tax purposes and U.S. financial reporting purposes, all Tax-related items relating to this Agreement (including without limitation the Basis Adjustment and
each Tax Benefit Payment) in a manner consistent with that specified by the Ltd Exchanging Subsidiaries in any schedule, letter or certificate required to be provided by or on behalf of the Ltd Exchanging Subsidiaries under this Agreement. In the
event that an Advisory Firm is replaced with another firm acceptable to the Audit Committee, such replacement Advisory Firm shall be required to perform its services under this Agreement using procedures and methodologies consistent with the
previous Advisory Firm, unless otherwise required by law or the Ltd Exchanging Subsidiaries, the Audit Committee and LFCM agree to the use of other procedures and methodologies. 
  
 SECTION 6.03. Cooperation. LFCM shall (and shall cause its affiliates to) (a) furnish to the Ltd Exchanging
Subsidiaries in a timely manner such information, documents and other materials as the Ltd Exchanging Subsidiaries may reasonably request for purposes of making any determination or computation necessary or appropriate under this Agreement,
preparing any Tax Return or contesting or defending any audit, examination or controversy with any Taxing Authority, (b) make its employees available to the Ltd Exchanging Subsidiaries and its representatives to provide explanations of documents and
materials and such other information as the Ltd Exchanging Subsidiaries or its representative may reasonably request in connection with any of the matters described in clause (a) above, and (c) reasonably cooperate in connection with any such
matter. 
  
 ARTICLE VII 
  
 General Provisions 
  
 SECTION 7.01. Notices. All notices, requests, claims, demands and
other communications hereunder shall be in writing and shall be deemed duly given and received (a) on the date of delivery if delivered personally, or by facsimile upon confirmation of transmission by the sender’s fax machine if sent on a
Business Day (or otherwise on the next Business Day) or (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier service. All notices hereunder shall be delivered as set forth below, or pursuant to
such other instructions as may be designated in writing by the party to receive such notice: 
  
 if to the Ltd Exchanging Subsidiaries, to: 
  
 Address 
 City, State   Zip 
  

 -17- 

 Fax: (      )
      -         
 Attention: 
  
 Address 
 City, State   Zip 
 Fax: (      )       -         
 Attention: 
  
 with a copy to: 
  
 Law Firm 
 Address 
 City, State   Zip 
 Fax: (      )       -        

 Attention: 
  
 if to LFCM, to: 
  
 Address 
 City, State   Zip 
 Fax: (      )
      -     
 Attention: 
  
 with a copy to: 
  
 Law Firm 
 Address 
 City, State   Zip 
 Fax: (      )
      -         
 Attention: 
  
 Any party may change its address or fax number by giving the other party written notice of
its new address or fax number in the manner set forth above. 
  
 SECTION 7.02. 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 the other parties, it being understood that all parties need not sign the same counterpart. 
  
 SECTION 7.03. Entire Agreement; No Third Party Beneficiaries. This Agreement constitutes the entire agreement and supersedes all prior agreements
and understandings, both written and oral, among the parties with respect to the subject matter hereof. This Agreement shall be binding upon and inure solely to the benefit of each party hereto and their respective successors and permitted assigns,
and nothing in this Agreement, express or implied, is intended to or shall confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
  

 -18- 

 SECTION 7.04. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of New York without giving effect to applicable principles of conflict of laws. 
  
 SECTION 7.05. Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any law or
public policy, all other terms 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 hereto 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 in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. 
  
 SECTION 7.06. Successors; Assignment; Amendments. LFCM may not assign this Agreement to any person without the prior
written consent of the Ltd Exchanging Subsidiaries and the Audit Committee, which consent shall not be unreasonably withheld, conditioned or delayed; provided, however, LFCM may pledge some or all of its rights, interests or
entitlements under this Agreement to any U.S. money center bank in connection with a bona fide loan or other indebtedness; provided further, however, LFCM may assign this Agreement to one or more wholly owned subsidiaries of
LFCM, which subsidiaries are subsequently distributed to the members of LFCM set forth on Schedule D. The Ltd Exchanging Subsidiaries may not assign any of their rights, interests or entitlements under this Agreement without the consent of LFCM, not
to be unreasonably withheld or delayed. Subject to each of the two immediately preceding sentences, this Agreement will be binding upon, inure to the benefit of and be enforceable by, the parties and their respective successors and assigns including
any acquirer of all or substantially all of the assets of Lazard. Lazard shall cause the Ltd Exchanging Subsidiaries to be the legal and beneficial owners of all of the direct or indirect interests held by Lazard or any of its Subsidiaries in Lazard
Group. In the event that Lazard ceases to be the owner of the Ltd Exchanging Subsidiaries, the successor to Lazard shall assume all of Lazard’s rights and obligations under this Agreement. 
  
 No amendment to this Agreement shall be effective unless it is (i) in
writing, (ii) signed by the Ltd Exchanging Subsidiaries and LFCM and (iii) approved by the Audit Committee. 
  
 SECTION 7.07. Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not
to be considered in construing this Agreement. 
  
 SECTION 7.08.
Submission to Jurisdiction; Waivers. With respect to any suit, action or proceeding relating to this Agreement (collectively, a “Proceeding”), each party to this Agreement irrevocably (a) consents and submits to the exclusive
jurisdiction of the courts of the States of New York and Delaware and any court of the U.S. located in the Borough of Manhattan in New York City or the State of Delaware; (b) waives any objection which such party may have at any time to the laying
of venue of any Proceeding brought in any such court, waives any claim that such Proceeding has been brought in an inconvenient forum and further waives the right to 
  

 -19- 

 object, with respect to such Proceeding, that such court does not have jurisdiction over such party; (c) consents to the
service of process at the address set forth for notices in Section 7.01 herein; provided, however, that such manner of service of process shall not preclude the service of process in any other manner permitted under applicable law; and
(d) waives, to the fullest extent permitted by applicable law, any and all rights to trial by jury in connection with any Proceeding. 
  
 SECTION 7.09. Reconciliation. In the event that the Ltd Exchanging Subsidiaries and LFCM are unable to resolve a disagreement within the relevant
period designated in this Agreement, the matter shall be submitted for determination to a nationally recognized expert in the particular area of disagreement employed by a nationally recognized accounting firm or a law firm (other than the Advisory
Firm), which expert is mutually acceptable to both parties and the Audit Committee. If the matter is not resolved before any payment that is the subject of a disagreement is due or any Tax Return reflecting the subject of a disagreement is due, such
payment shall be made on the date prescribed by this Agreement and such Tax Return may be filed as prepared by the Ltd Exchanging Subsidiaries, subject to adjustment or amendment upon resolution. The determinations of the expert pursuant to this
Section 7.09 shall be binding on Lazard and its Subsidiaries, Lazard Group and LFCM absent manifest error. 
  
 SECTION 7.10. Withholding. The Ltd Exchanging Subsidiaries and the Escrow Agent shall be entitled to deduct and withhold from any payment payable
pursuant to this Agreement such amounts as the Ltd Exchanging Subsidiaries and the Escrow Agent are required to deduct and withhold with respect to the making of such payment under the Code, or any provision of state, local or foreign tax law. To
the extent that amounts are so withheld and paid over to the appropriate taxing authority by the Ltd Exchanging Subsidiaries or the Escrow Agent, such withheld amounts shall be treated for all purposes of this Agreement as having been paid to LFCM.

  

 -20- 

 IN WITNESS WHEREOF, the Ltd Exchanging Subsidiaries and LFCM have duly executed this Agreement as of the date first
written above. 
  

			
	Ltd Sub A
		
	By	 	  

	 	 	Name:
	 	 	Title:
	
	Address:
	
	Ltd Sub B
		
	By	 	  

	 	 	Name:
	 	 	Title:
	
	Address:
	
	LFCM HOLDINGS LLC
		
	By	 	  

	 	 	Name:
	 	 	Title:
	
	Address:

  

 -21-

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