Document:

Form 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 or are treated as Imputed Interest. 
  
 “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 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. For purposes of this Agreement, the Ltd Exchanging Subsidiaries and LFCM (i) shall not take into account the fair market value of the right to receive payments under
this Agreement in determining the amount of Sale proceeds or the amount of gain recognized by the Historic Partners on the Redemption Date and (ii) shall not treat any payments made under this Agreement with respect to the Redemption as resulting in
a Basis Adjustment. 
  
 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 purposes of Covered Taxes, (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 purposes of Covered Taxes. 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. The Ltd Exchanging Subsidiaries and the Exchangeable Holders, pursuant to the LFCM Operating Agreement, agree that, for U.S. Federal income tax
purposes, the right to receive payments under this Agreement shall be treated as additional consideration paid to the Exchangeable Holders in the Exchange (and immediately assigned by the Exchangeable Holders to LFCM). By assigning the right to
receive payments under this Agreement to LFCM, the Exchangeable Holders relinquish all rights, title and interest under this Agreement. Notwithstanding any other provision of this Agreement, the Ltd Exchanging Subsidiaries and LFCM (i) shall not
take into account the fair market value of the right to receive payments under this Agreement in determining the Basis Adjustment resulting on any Exchange Date and (ii) shall not treat the payments under this Agreement related to any Taxable
Exchange as resulting in a Basis Adjustment until such payments are made. 
  
 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 purposes of Covered Taxes, (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. 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:
	
	 
	
	Ltd Sub B
		
	By	 	  

	 	 	Name:
	 	 	Title:
	
	 
	
	LFCM HOLDINGS LLC
		
	By	 	  

	 	 	Name:
	 	 	Title:
	
	 

  

 -21-Form of Lazard License Agreement

 Exhibit 10.6 
  
 FORM OF 
 LICENSE AGREEMENT 
  
 This LICENSE AGREEMENT (this
“Agreement”), dated as of                     , 2005, is by and among: 
  
 LAZARD STRATEGIC COORDINATION COMPANY LLC, a limited liability company
organized under the laws of the State of Delaware (“LSCC”); 
  
 LAZARD FRERES & CO. LLC, a limited liability company organized under the laws of the State of New York (“LFNY”); 
  
 LAZARD FRERES S.A.S., a Sociète par Actions Simplifée organized under the laws of France
(“LF”); 
  
 LAZARD & CO., HOLDINGS LIMITED, a
private limited company organized under the laws of England and Wales (“LB Holdings,” together with LSCC, LFNY and LF, the “Licensors,” and each, a “Licensor”); and 
  
 LFCM HOLDINGS LLC, a limited liability company organized under the laws of
the State of Delaware (“Licensee”). 
  
 W I T N
E S S E T H: 
  
 WHEREAS, pursuant to that certain Second
Amended and Restated Coordination and Service Agreement, dated as of January 1, 2002, by and among Lazard LLC, a Delaware limited liability company and parent company of Licensors that will be renamed “Lazard Group LLC” (“Lazard
Group”), and the other parties thereto (as amended from time to time, the “Coordination Agreement”), Licensors are the owners of the trade name and service mark “LAZARD”, “LF” and [“Corporate
Partners”] (collectively, the “Licensed Marks”) in their respective Relevant Territories (as defined in the Coordination Agreement); and 
  

WHEREAS, pursuant to that certain Master Separation Agreement, entered into on the date hereof (the “Master Separation Agreement”), by
and among Lazard Ltd, a Bermuda limited company, Lazard Group, LAZ-MD Holdings LLC, a Delaware limited liability company, and Licensee, from and after the Contribution Effective Time (as defined in the Master Separation Agreement), Licensee will
hold the LFCM Assets and LFCM Liabilities (each as defined in the Master Separation Agreement), and conduct the Capital Markets Business (as defined in the Master Separation Agreement), the Alternative Investments Business (as defined in the Master
Separation Agreement) and serve as a holding company for such businesses under the name “LFCM Holdings LLC”; and 
  
 WHEREAS, Licensors desire to grant Licensee a non-exclusive license (the “Capital Markets License”) to use the Licensed Marks, to the
extent that such Licensed Marks were used by the Capital Markets Business immediately prior to the Separation (as defined in the Master Separation Agreement), in order to carry on the Capital Markets Business on and after the date hereof (the
“Capital Markets Licensed Service”); and 

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

	1.	License. 

  
 (a) Grant of License; Scope. Licensors hereby grant to Licensee the Lazard Licenses solely in connection with the Licensed Services in
Licensors’ respective Relevant Territories. Under the Lazard Licenses, the Licensed Marks may be used by Licensee only to the extent that the Licensed Marks were used by the Capital Markets Business, the Alternative Investments Business or
Licensee immediately prior to the Separation; provided, however, with the prior written consent of the Licensors, which consent shall not be unreasonably withheld, Licensee may expand the scope of its use of the Licensed Marks beyond
the extent that the Licensed Marks were used by the Capital Markets Business, the Alternative Investments Business or Licensee immediately prior to the Separation, solely to conduct the Capital Markets Business or the Alternative Investments
Business after the date hereof. Notwithstanding the foregoing proviso, except with the prior written consent of Licensors, which consent may be withheld in Licensors’ sole discretion, the Lazard Licenses shall not extend to (i) any business
other than the Capital Markets Business, the Alternative Investments Business or the use of the “LF” in the name “LFCM Holdings LLC” solely for purposes of the holding company that will hold the Capital Markets Business, the
Alternative Investments Business and the LFCM Assets and LFCM Liabilities, (ii) any entities in the Capital Markets Business other than “Lazard Capital Markets LLC”, (iii) any research or research reports conducted or issued after the date
hereof by the Capital Markets Business in respect of issuers or companies for which the Capital Markets 

  

 -2- 

 
Business has not issued a research report within the past 12 months other than the issuers or companies set forth on Schedule 1(a)(iii), or (iv) other
than any Fund (as defined in the Master Separation Agreement) set forth on Schedule 1(a)(iv), any Funds formed or established after the date hereof and sponsored, managed or marketed by the Alternative Investments Business (including
successor Funds to Funds existing as of the date of hereof). 
  
 (b) Royalty Fee. In exchange for the Lazard Licenses, Licensee shall pay a fee equal to $100,000 per annum (the “Royalty Fee”), which shall be paid to Lazard Group in advance no later than January 15th of each year. The Royalty Fee shall be divided among Licensors as Lazard Group shall from time to time determine. The initial
Royalty Fee shall be pro rated for the period commencing on the date hereof and ending on December 31, 2005 and shall be paid no later than 10 business days after the date hereof. Notwithstanding the foregoing, the Royalty Fee shall be reduced by
(a) $25,000 per annum if either the Capital Markets License or the Alternative Investments License shall have been revoked or terminated and (b) $75,000 per annum if both the Capital Markets License and the Alternative Investments License shall be
revoked or terminated. Such reduction shall be effective as of the next full calendar year following the date of the applicable revocation and termination. 
  
 (c) Territorial Limitation. Subject to the terms of this Agreement, including the limitations set forth in Section 1(a), Licensee may use the
Licensed Marks throughout the Relevant Territories of Licensors. 
  
 (d) Revocation. Except as provided in this Agreement, the Lazard Licenses shall not be revocable by any Licensor. 
  

	2.	Quality of Services. 

  
 (a) All Licensee’s services and other activities conducted under the Licensed Marks while the Lazard Licenses are in effect shall be of at least the
same high quality as that of the services heretofore rendered by the Houses (as defined in the Coordination Agreement), which have been commensurate with the highest standards of quality prevailing in the financial community. 
  
 (b) Licensee shall not use the Licensed Marks in such a way, or omit to take
any act, or pursue any course of conduct, which might tend to bring any of the Licensed Marks into disrepute, or use the same in any way likely to damage the goodwill and reputation attaching thereto or in a manner likely to dilute the value or
strength of any Licensed Mark. 
  
 (c) Licensee shall be required
to use the Licensed Marks in the same manner as such Licensed Marks are used as of the date hereof in the Capital Markets Business and the Alternative Investments Business, including with respect to the color, shape and logo of the Licensed Marks as
such Licensed Marks appear on stationery and letterhead as of the date hereof. 
  

 -3- 

 (d) In the conduct of the Licensee’s businesses (the “Licensee Business”), Licensee
shall comply with all applicable foreign or domestic (federal, state or local) laws, statutes, orders, decrees, judgments, ordinances, licenses, rules or regulations of any Governmental Authority (as defined in the Master Separation Agreement),
including the Foreign Corrupt Practices Act (15 U.S.C. §§ 78m(b), 78dd-1, et seq.). 
  

	3.	Oversight by Licensor. 

  
 (a) Each Licensor and its duly authorized representatives shall each have the right, during normal business hours, to visit and inspect all offices, facilities and
premises maintained by Licensee at which the Licensee Business is rendered under any Licensed Mark. Those persons shall have the right to take any action that, in the reasonable opinion of Licensors, is necessary and proper to assure those
representatives and Licensor that the nature and quality of the Licensee Business are in accordance with the requirements of this Agreement; provided, however, that prior to taking any such action, the Licensors shall provide the
Licensee with notice of such actions and shall provide Licensee with a reasonable period of time to take any such or similar action if, in the Licensor’s 
 good-faith opinion, Licensee is in the position to take such action. 
  
 (b) Licensee shall comply as promptly as reasonably practicable with all requests by any Licensor for the submission to such Licensor of copies of all materials bearing or displaying any Licensed Mark, including,
without limitation, correspondence, reports, analyses, brochures, advertising and promotional materials and stationery. 
  
 (c) Licensee shall not perform or offer under the Licensed Marks any existing or proposed services or other activities whose nature or quality any
Licensor has objected to as not adhering to the requirements of this Agreement. Licensee shall not use any materials bearing, displaying, or mentioning the Licensed Marks if any Licensor has previously objected to the use of such materials as not
adhering to the requirements of this Agreement. 
  

	4.	 Right to Sub-License. Licensee shall not have the right to grant any sub-license of its rights under this Agreement to use any Licensed Mark nor shall
Licensee be permitted to assign any of its rights or obligations under this Agreement; provided, that, with the prior written consent of Licensors, Licensee may sublicense the rights to use the Licensed Marks granted hereunder to a Controlled
Subsidiary of Licensee or any Fund managed by a Controlled Subsidiary of Licensee to the extent that such Controlled Subsidiary or Fund used the Licensed Mark immediately prior to the Separation; provided, further, that (1) such
permitted sub-licensee agrees in writing to be bound by the terms and restrictions contained within this Agreement, for the avoidance of doubt, including, but not limited to, the right of Licensors to visit and inspect during normal business hours
such permitted sub-licensee’s offices, facilities and premises pursuant to Section 3(a) of this Agreement; and (2) in the event such permitted sub-licensee ceases to be a Controlled Subsidiary of Licensee or a Fund managed by a Controlled
Subsidiary of Licensee, the sub-license granted to such permitted sub-licensee 

  

 -4- 

	 	 
shall automatically terminate. “Control” with respect to any person means the power to direct the management and policies of such person,
directly or indirectly, by or through stock ownership or otherwise, or pursuant to or in connection with an agreement, arrangement or understanding (written or oral) with one or more other persons; and the terms “controlling” and
“controlled” shall have meanings correlative to the foregoing. 

  

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

  

	6.	Acknowledgements. Licensee hereby acknowledges that (a) any and all goodwill and proprietary rights in any Licensed Mark (including any derivatives thereof) remain entirely
vested in Licensors and (b) Licensee derives from this Agreement no rights in or to use any Licensed Mark other than under and in accordance with the terms of this Agreement. 

  

	7.	Termination of Lazard Licenses. 

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

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

  
  

 -5- 

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

	9.	Miscellaneous. 

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

  
 (b) Indemnification. Licensee agrees to indemnify
Licensors and its Subsidiaries and hold Licensors and its Subsidiaries harmless against any Liabilities (as defined in the Master Separation Agreement) any Licensor or any of its Subsidiaries may incur by reason of any claim arising from the sale,
advertising or use of any Licensed Mark by Licensee or any of the sublicensees of Licensee or any of its Subsidiaries or (unless acquired by Licensors) by the Capital Markets Business, the Alternative Investments Business or the LFCM Business (as
defined in the Master Separation Agreement). Licensors agree to indemnify Licensee and hold Licensee harmless to the extent that the Licensee incurs a Liability resulting from a third-party claim against Licensee or any of its Subsidiaries that any
Licensor does not own any rights that it purports to grant to Licensee pursuant to the Lazard Licenses. 
  
 (c) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and
shall become effective when one or more counterparts have been signed by each of the parties and delivered to each of the other parties. 
  
 (d) Specific Performance. The parties acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this
Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches 

  

 -6- 

 
of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they may
be entitled by law or equity. 
  
 (e) Severability. If any
term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so
long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being
enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the
extent possible. 
  
 (f) Entire Agreement. This Agreement,
the Master Separation Agreement and the Business Alliance Agreement constitute the entire agreement among of the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the
parties with respect to the subject matter hereof. 
  
 (g)
Headings. The section headings contained in this Agreement are inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
  
 (h) Notices. All notices, consents, waivers and other communications required or permitted by this Agreement shall be
in writing and shall be deemed given to a party when (i) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (ii) sent by facsimile with confirmation of transmission by the transmitting
equipment; or (iii) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person (by name or title) designated
below (or to such other address, facsimile number or person as a party may designate by notice to the other parties): 
  
 If to Licensee, to: 
  
 LFCM Holdings LLC 
 [Address] 
 Attention: President 
 Fax: 
  
 If to LB Holdings, to: 
  
 Lazard & Co. Holdings Limited 
 [Address] 
 Attention: General Counsel

  

 -7- 

 Facsimile: 
  
 If to LF, to: 
  
 Lazard Frères S.A.S. 
 [Address]

 Attention: General Counsel 
 Facsimile: 
  
 If to LFNY, to: 
  
 Lazard Frères & Co. LLC 
 [Address] 
 Attention: General Counsel

 Facsimile: 
  
 If to LSCC, to: 
  
 Lazard Strategic Coordination Company LLC 
 [Address] 
 Attention: 
 Facsimile: 
  
 (i) Governing Law. This Agreement
and performance hereunder shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the choice of law principles thereof. The parties hereby agree that all actions or proceedings arising out of or
in connection with this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement shall be tried and determined exclusively in the state or federal
courts in the State of Delaware and the parties hereby irrevocably submit with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts.

  
 (j) Successors and Assigns. This Agreement shall be
binding upon and inure to the benefit of the parties and their respective successors and assigns; provided, however, that this Agreement and the rights and obligations hereunder shall not be assignable or transferable by any party
without the prior written consent of the other parties except as otherwise provided under Section 4. 
  

 -8- 

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

			
	LAZARD STRATEGIC COORDINATION COMPANY LLC
		
	 By:
	 	 
	 	 	 Name: 

	 	 	 Title:

  

			
	 LAZARD FRERES & CO. LLC

		
	 By:
	 	 
	 	 	 Name: 

	 	 	 Title:

  

			
	 LAZARD FRERES S.A.S.

		
	 By:
	 	 
	 	 	 Name: 

	 	 	 Title:

  

			
	 LAZARD & CO., HOLDINGS LIMITED

		
	 By:
	 	 
	 	 	 Name: 

	 	 	 Title:

  

			
	 LFCM HOLDINGS LLC

		
	 By:
	 	 
	 	 	 Name: 

	 	 	 Title:

  
 [Signature Page
to License Agreement]

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