Document:

Form of Indenture of Lazard Group Finance LLC

 Exhibit 4.2 
  

  
  
  
  
 LAZARD GROUP FINANCE LLC 
  

  
 INDENTURE 
  
 Dated as of                 , 2005 
  

  
 The Bank of New York, 
  
 Trustee 
  
  
  

 TABLE OF CONTENTS 
  

			
	 	  	Page

	 ARTICLE ONE
	  	 
		
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 
		
	 SECTION 1.01. Definitions.
	  	1
	 SECTION 1.02. Other Definitions.
	  	7
	 SECTION 1.03. Incorporation by Reference of Trust Indenture Act
	  	7
	 SECTION 1.04. Rules of Construction
	  	8
		
	 ARTICLE TWO
	  	 
		
	 THE SECURITIES
	  	 
		
	 SECTION 2.01. Issuable in Series
	  	8
	 SECTION 2.02. Establishment of Terms of Series of Securities
	  	8
	 SECTION 2.03. Denominations; Provisions for Payment
	  	11
	 SECTION 2.04. Execution and Authentication
	  	12
	 SECTION 2.05. Registrar and Paying Agent
	  	13
	 SECTION 2.06. Paying Agent to Hold Money in Trust
	  	14
	 SECTION 2.07. Holder Lists
	  	14
	 SECTION 2.08. Transfer and Exchange
	  	14
	 SECTION 2.09. Mutilated, Destroyed, Lost and Stolen Securities
	  	15
	 SECTION 2.10. Outstanding Securities
	  	16
	 SECTION 2.11. Treasury Securities
	  	16
	 SECTION 2.12. Temporary Securities
	  	16
	 SECTION 2.13. Cancellation
	  	17
	 SECTION 2.14. Defaulted Interest
	  	17
	 SECTION 2.15. Global Securities.
	  	17
	 SECTION 2.16. CUSIP Numbers
	  	18
	 SECTION 2.17. Benefits of Indenture
	  	19
		
	 ARTICLE THREE
	  	 
		
	 REDEMPTION AND PREPAYMENT
	  	 
		
	 SECTION 3.01. Notices to Trustee
	  	19
	 SECTION 3.02. Selection of Securities to be Redeemed
	  	19
	 SECTION 3.03. Notice of Redemption
	  	20
	 SECTION 3.04. Effect of Notice of Redemption
	  	21
	 SECTION 3.05. Deposit of Redemption Price
	  	21
	 SECTION 3.06. Securities Redeemed in Part
	  	21

  

			
	 ARTICLE FOUR
	  	 
		
	 COVENANTS
	  	 
		
	 SECTION 4.01. Payment of Securities
	  	22
	 SECTION 4.02. SEC Reports
	  	22
	 SECTION 4.03. Compliance Certificate
	  	22
	 SECTION 4.04. Further Instruments and Acts
	  	23
	 SECTION 4.05. Corporate Existence
	  	23
	 SECTION 4.06. Calculation of Original Issue Discount
	  	23
	 SECTION 4.07. Limitations on Liens
	  	23
	 SECTION 4.08. Limitation on Incurrence of Indebtedness
	  	23
	 SECTION 4.09. Limitation on Activities
	  	23
		
	 ARTICLE FIVE
	  	 
		
	 SUCCESSOR COMPANIES
	  	 
		
	 SECTION 5.01. Merger, Consolidation or Sale of Assets.
	  	24
	 SECTION 5.02. Surviving Person Substituted
	  	25
		
	 ARTICLE SIX
	  	 
		
	 DEFAULTS AND REMEDIES
	  	 
		
	 SECTION 6.01. Events of Default
	  	26
	 SECTION 6.02. Acceleration
	  	28
	 SECTION 6.03. Other Remedies
	  	29
	 SECTION 6.04. Waiver of Past Defaults
	  	29
	 SECTION 6.05. Control by Majority
	  	29
	 SECTION 6.06. Limitation on Suits
	  	30
	 SECTION 6.07. Rights of Holders to Receive Payment
	  	30
	 SECTION 6.08. Collection Suit by Trustee
	  	30
	 SECTION 6.09. Trustee May File Proofs of Claim
	  	31
	 SECTION 6.10. Priorities
	  	31
	 SECTION 6.11. Undertaking for Costs
	  	31
	 SECTION 6.12. Waiver of Stay or Extension Laws
	  	31
		
	 ARTICLE SEVEN
	  	 
		
	 TRUSTEE
	  	 
		
	 SECTION 7.01. Duties of Trustee
	  	32
	 SECTION 7.02. Rights of Trustee
	  	33
	 SECTION 7.03. Individual Rights of Trustee
	  	34

  

 ii 

			
	 SECTION 7.04. Trustee’s Disclaimer
	  	34
	 SECTION 7.05. Notice of Defaults
	  	34
	 SECTION 7.06. Reports by Trustee to Holder
	  	35
	 SECTION 7.07. Compensation and Indemnity
	  	35
	 SECTION 7.08. Replacement of Trustee
	  	35
	 SECTION 7.09. Successor Trustee by Merger
	  	36
	 SECTION 7.10. Eligibility; Disqualification
	  	37
	 SECTION 7.11. Preferential Collection of Claims Against Company
	  	37
		
	 ARTICLE EIGHT
	  	 
		
	 LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE
	  	 
		
	 SECTION 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	  	37
	 SECTION 8.02. Legal Defeasance and Discharge
	  	37
	 SECTION 8.03. Covenant Defeasance
	  	38
	 SECTION 8.04. Conditions to Legal or Covenant Defeasance
	  	38
	 SECTION 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions
	  	40
	 SECTION 8.06. Repayment to Company
	  	40
	 SECTION 8.07. Reinstatement
	  	41
	 SECTION 8.08. Satisfaction and Discharge of Indenture
	  	41
		
	 ARTICLE NINE
	  	 
		
	 AMENDMENTS
	  	 
		
	 SECTION 9.01. Without Consent of Holders
	  	42
	 SECTION 9.02. With Consent of Holders
	  	43
	 SECTION 9.03. Compliance with Trust Indenture Act
	  	44
	 SECTION 9.04. Revocation and Effect of Consents and Waivers
	  	44
	 SECTION 9.05. Notation on or Exchange of Securities
	  	45
	 SECTION 9.06. Trustee to Sign Amendments
	  	45
	 SECTION 9.07. Payment for Consent
	  	45
		
	 ARTICLE TEN
	  	 
		
	 MISCELLANEOUS
	  	 
		
	 SECTION 10.01. Trust Indenture Act Controls
	  	45
	 SECTION 10.02. Notices
	  	45
	 SECTION 10.03. Communication by Holders with Other Holders
	  	46
	 SECTION 10.04. Certificate and Opinion as to Conditions Precedent
	  	46
	 SECTION 10.05. Statements Required in Certificate or Opinion
	  	46

  

 iii 

			
	 SECTION 10.06. Acts of Holders
	  	47
	 SECTION 10.07. Rules by Trustee, Paying Agent and Registrar
	  	48
	 SECTION 10.08. Legal Holidays
	  	48
	 SECTION 10.09. Governing Law
	  	48
	SECTION 10.10. No Recourse Against Others	  	48
	 SECTION 10.11. Successors
	  	49
	 SECTION 10.12. Multiple Originals
	  	49
	 SECTION 10.13. Table of Contents; Headings
	  	49
	 SECTION 10.14. Severability
	  	49

  
  

 iv 

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture Act Section

	  	Indenture Section

	 310
	 	 (a)(1)
	  	7.10
	 	 	 (a)(2)
	  	7.10
	 	 	 (a)(3)
	  	Not Applicable
	 	 	 (a)(4)
	  	Not Applicable
	 	 	 (a)(5)
	  	7.10
	 	 	 (b)
	  	7.10
	 	 	 (c)
	  	Not Applicable
	 311
	 	 (a)
	  	7.11
	 	 	 (b)
	  	7.11
	 	 	 (c)
	  	Not Applicable
	 312
	 	 (a)
	  	2.06
	 	 	 (b)
	  	10.03
	 	 	 (c)
	  	10.03
	 313
	 	 (a)
	  	7.06
	 	 	 (b)(1)
	  	Not Applicable
	 	 	 (b)(2)
	  	7.06
	 	 	 (c)
	  	7.06
	 	 	 (d)
	  	7.06
	 314
	 	 (a)
	  	4.02;4.03
	 	 	 (b)
	  	Not Applicable
	 	 	 (c)(1)
	  	10.04
	 	 	 (c)(2)
	  	10.04
	 	 	 (c)(3)
	  	Not Applicable
	 	 	 (d)
	  	Not Applicable
	 	 	 (e)
	  	10.05
	 	 	 (f)
	  	Not Applicable
	 315
	 	 (a)
	  	7.01
	 	 	 (b)
	  	7.05
	 	 	 (c)
	  	7.01
	 	 	 (d)
	  	7.01
	 	 	 (e)
	  	6.11
	 316
	 	 (a) (last sentence)
	  	2.10
	 	 	 (a)(1)(A)
	  	6.05
	 	 	 (a)(1)(B)
	  	6.04
	 	 	 (a)(2)
	  	Not Applicable
	 	 	 (b)
	  	6.07
	 	 	 (c)
	  	2.13
	 	 	 317 (a)(1)
	  	6.08
	 	 	 (a)(2)
	  	6.09
	 	 	 (b)
	  	2.05
	 	 	 318 (a)
	  	10.01
	 	 	 (b)
	  	Not Applicable
	 	 	 (c)
	  	10.01

	*	This Cross Reference Table is not part of the Indenture. 

  
  

 vi 

 INDENTURE dated as of
                , 2005 between LAZARD GROUP FINANCE LLC, a Delaware limited liability company, and The Bank of New York, a New York corporation, as trustee. 

 
 The Company and the Trustee agree as follows for the benefit of each other
and for the equal and ratable benefit of the Holders of the securities issued under this Indenture (the “Securities”): 
  
 ARTICLE ONE 
  
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  
 SECTION 1.01. Definitions. 
  
 For all purposes under this Indenture and any supplemental indenture hereto, except as otherwise expressly provided or unless the context otherwise
requires, the following terms shall have the following meanings: 
  
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), when used with respect to any Person, shall mean the power to direct or cause the
direction of the management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by agreement or otherwise. 
  

“Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Bankruptcy Law” means (i) Title 11, U.S. Code or any similar federal or state law for the relief of debtors or
(ii) with respect to Lazard Ltd, any and all relevant provisions of the Companies Act 1981 of Bermuda, or any successor thereto, relating to the winding up of Lazard Ltd (including without limitation in the circumstances set out in Section 95 of the
Companies Act 1981 of Bermuda). 
  
 “Board of Directors”
means the Board of Directors of the Company, or any authorized committee of the Board of Directors. 
  
 “Board Resolution” means a copy of a resolution certified by the
Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee.

  
 “Business Day” means any day other than a Legal
Holiday. 
  

 1 

 “Capital Stock” means, with respect to any Person, any shares or other equivalents (however
designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including preferred stock, but excluding any debt
security convertible or exchangeable into such equity interest. 
  
 “Clearstream” means Clearstream Banking, société anonyme. 
  
 “Commodity Price Protection Agreement” means, in respect of a Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement or arrangement designed to protect
such Person against fluctuations in commodity prices. 
  
 “Company” means Lazard Group Finance LLC, and any and all successors thereto. 
  
 “Company Order” means a written order signed in the name of the Company by two Officers, one of whom must be the Company’s principal
executive officer, principal financial officer or principal accounting officer. 
  
 “Corporate Trust Office of the Trustee” shall be the address of the Trustee specified in Section 10.02 hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Currency Exchange Protection Agreement” means, in respect of a
Person, any foreign exchange contract, currency swap agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 
  
 “Debt” means, with respect to any Person (without duplication):

  
 (a) the principal of and premium (if any) in
respect of any obligation of such Person for money borrowed, and any obligation evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; 
  
 (b) all obligations of such Person as lessee under leases
required to be capitalized on the balance sheet of the lessee under generally accepted accounting principles and leases of Property made as part of any sale and leaseback transaction entered into by such Person; 
  
 (c) all obligations of such Person issued or assumed as the
deferred purchase price of Property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business);

  
 (d) all obligations of such Person for the
reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; 
  

 2 

 (e) all obligations of the type referred to in clauses (a) through (d) of other Persons
and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 
  
 (f) all obligations of the type referred to in clauses (a)
through (d) of other Persons secured by any Lien on any Property of such Person (whether or not such obligation is assumed by such Person); and 
  
 (g) to the extent not otherwise included in this definition, obligations pursuant to any Interest Rate Agreement, Currency Exchange
Protection Agreement, Commodity Price Protection Agreement or any other similar agreement or arrangement of such Person. 
  
 “Default” means any event that is, or after notice or passage of time or both would be, an Event of Default. 
  
 “Definitive Security” means a certificated Security registered in
the name of the Holder thereof and issued in accordance with Section 2.08 hereof. 
  
 “Depositary” means, with respect to the Securities issuable or issued in whole or in part in global form, the Person specified in Section 2.15 hereof as the Depositary with respect to the Securities, and any
and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 
  
 “Dollar” means a dollar or other equivalent unit in such coin or currency of the United States as at the time shall be legal tender for the
payment of public and private debt. 
  
 “Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Foreign Currency” means any currency or currency unit issued by a government other than the government of The United States of America. 
  
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to
time, including those principles set forth in (i) the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, (ii) statements and pronouncements of the Financial Accounting Standards
Board, (iii) such other statements by such other entity as approved by a significant segment of the accounting profession and (iv) the rules and regulations of the SEC governing the inclusion of financial statements (including pro forma financial
statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and 

  

 3 

 
similar written statements from the accounting staff of the SEC which are in effect on the date hereof. 
  
 “Global Security” when used with respect to any Series of
Securities issued hereunder, means a Security which is executed by the Company and authenticated and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture and an indenture
supplemental hereto, if any, or Board Resolution and pursuant to a Company Order, which shall be registered in the name of the Depositary or its nominee and which shall represent, and shall be denominated in an amount equal to the aggregate
principal amount of, all the outstanding Securities of such Series or any portion thereof, in either case having the same terms, including, without limitation, the same original issue date, date or dates on which principal is due, and interest rate
or method of determining interest and which shall bear the legend as prescribed by Section 2.15(c). 
  
 “Global Security Legend” means the legend set forth in Section 2.15(c), which is required to be placed on all Global Securities issued under
this Indenture. 
  
 “Guarantee” means a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof), of all or any part of any Debt. The term “Guarantor” shall mean any Person Guaranteeing any obligation. 
  
 “Holder” means a Person in whose name a Security is registered on the Registrar’s books. 
  
 “Indenture” means this Indenture, as amended or supplemented from
time to time. 
  
 “Interest Payment Date” when used with
respect to any Series of Securities, means the date specified in such Securities for the payment of any installment of interest on those Securities. 
  
 “Interest Rate Agreement” means, for any Person, any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement
or other similar agreement designed to protect against fluctuations in interest rates. 
  
 “Lazard Group” means Lazard LLC, a Delaware limited liability company that will be renamed “Lazard Group LLC.” 
  
 “Lazard Group Merger” means the merger or consolidation of the Company with and into Lazard Group, with Lazard
Group continuing as the surviving entity, or a liquidation or dissolution pursuant to which all of the assets of the Company are transferred to Lazard Group. 
  

 4 

 “Lazard Group Notes” means the           %
senior notes issued pursuant to indenture dated as of                 , 2005, between Lazard Group and The Bank of New York, as trustee, as supplemented by the Second
Supplemental Indenture. 
  
 “Lazard Ltd” means Lazard
Ltd, a Bermuda corporation. 
  
 “Lien” means, with
respect to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement
of any kind or nature whatsoever on or with respect to such Property (including any capital lease obligation, conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and
leaseback transaction). 
  
 “Maturity,” when used with
respect to any Security or installment of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, call for redemption, notice of option to elect repayment or otherwise. 
  
 “Offering” means the offering of the Securities by the Company. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the
President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller or the Secretary of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 10.04 hereof. 
  
 “Opinion of Counsel” means an opinion from legal counsel, that meets the requirements of Section 10.04 hereof. The
counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
  
 “Original Issue Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and
payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to the Depository
Trust Company, shall include Euroclear and Clearstream). 
  
 “Paying Agent” shall have the meaning set forth in Section 2.05. 
  

 5 

 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity. 
  

“Property” means, with respect to any Person, any interest of such Person in any kind of property or asset, whether real, personal or mixed,
or tangible or intangible, including Capital Stock in, and other securities of, any other Person. 
  
 “Registrar” shall have the meaning set forth in Section 2.05. 
  
 “Responsible Officer” with respect to the Trustee, means any Vice President, Assistant Vice President, Assistant
Treasurer or any other officer of the Trustee assigned by the Trustee to administer its corporate trust matters and who customarily performs functions similar to those performed by such Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for administration of this Indenture. 
  
 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” has the meaning assigned to it in the preamble to this
Indenture. 
  
 “Securities Act” means the Securities Act
of 1933, as amended. 
  
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof. 
  
 “Service Agent” shall have the meaning set forth in Section 2.05. 
  
 “Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary” of the Company
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC. 
  
 “Stated Maturity,” when used with respect to any Security, means the date specified in such Security as the fixed date on which an amount equal to the principal amount of such Security is due and payable.

  
 “Subsidiary” of any Person means any corporation,
limited liability company, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock or other interests (including partnership interests) entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more Subsidiaries of such Person or (iii) one or more
Subsidiaries of such Person. 
  

 6 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules
and regulations thereunder as in effect on the date on which this Indenture is qualified under the TIA, except as provided in Section 9.03. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and
thereafter means the successor serving hereunder. 
  
 “Trust
Officer” means any officer within the Corporate Trust Administration department of the Trustee (or any successor group of the trustee) with direct responsibility for the administration of this Indenture and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United
States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the issuer’s option. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under
the Securities Act. 
  
 “Voting Stock” of any Person
means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof. 
  
 SECTION 1.02. Other Definitions.

  

			
	 Term

	  	Defined in Section

	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Legal Holiday”
	  	10.08

  
 SECTION 1.03.
Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings: 
  
 “indenture securities” means
the Securities; 
  
 “indenture security Holder” means a
Holder of a Security; 
  
 “indenture to be qualified”
means this Indenture; 
  
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
  

 7 

 “obligor” on the Securities means the Company and any successor obligor upon the Securities.

  
 All other terms used in this Indenture that are defined by the
TIA, defined by the TIA’s reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  
 SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (3) ”or” is not exclusive; 
  
 (4) words in the singular include the plural, and in the plural include the
singular; 
  
 (5) provisions apply to successive events and
transactions; and 
  
 (6) references to sections of or rules under
the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 
  
 ARTICLE TWO 
  
 THE SECURITIES 
  
 SECTION 2.01. Issuable in Series. The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is $400,000,000. The Securities may be issued in one or more Series.
All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board
Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture or Officers’ Certificate may provide for the method by which specified terms (such as interest rate, maturity date,
record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any matters. 
  
 SECTION 2.02. Establishment of Terms of Series of Securities. At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.02(a) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(b) through 2.02(w)) by a Board Resolution, a supplemental
indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
  

 8 

 (a) the title of the Securities of the Series (which shall distinguish the Securities of that particular
Series from the Securities of any other Series); 
  
 (b) any limit
upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of,
other Securities of the Series); 
  
 (c) the date or dates on
which the principal and premium of the Securities of the Series are payable; 
  
 (d) the rate or rates (which may be fixed or variable) at which the Securities of the Series shall bear interest, if any, or the method of determining such rate or rates, the date or dates from which such interest, if
any, shall accrue, the Interest Payment Dates on which such interest, if any, shall be payable or the method by which such dates will be determined, the record dates for the determination of Holders thereof to whom such interest is payable (in the
case of Securities in registered form), and the basis upon which such interest will be calculated if other than that of a 360-day year of twelve 30-day months; 
  

(e) the currency or currencies, including composite currencies in which Securities of the Series shall be denominated, if other than Dollars, the place
or places, if any, in addition to or instead of the Corporate Trust Office of the Trustee (in the case of Securities in registered form) or the principal New York office of the Trustee (in the case of Securities in bearer form), where the principal,
premium and interest with respect to Securities of such Series shall be payable or the method of such payment, if by wire transfer, mail or other means; 
  
 (f) the price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series may be redeemed,
in whole or in part at the option of the Company or otherwise; 
  
 (g) the form of the Securities of the Series and whether Securities of the Series are to be issued in registered form or bearer form or both and, if Securities are to be issued in bearer form, whether coupons will be attached to them,
whether Securities of the Series in bearer form may be exchanged for Securities of the Series issued in registered form, and the circumstances under which and the places at which any such exchanges, if permitted, may be made; 
  
 (h) if any Securities of the Series are to be issued in bearer form or as one
or more Global Securities representing individual Securities of the Series in bearer form, whether certain provisions for the payment of additional interest or tax redemptions shall apply; whether interest with respect to any portion of a temporary
Security of the Series in bearer form payable with respect to any Interest Payment Date prior to the exchange of such temporary Security in bearer form for definitive Securities of the Series in bearer form shall be paid to any clearing organization
with respect to the portion of such temporary Security in bearer form held for its account and, in such event, the terms and conditions (including any certification requirements) upon which any such interest payment received 

  

 9 

 
by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a temporary
Security in bearer form may be exchanged for one or more definitive Securities of the Series in bearer form; 
  
 (i) the obligation, if any, of the Company to redeem, purchase or repay the Securities of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the price or prices at which, the period or periods within which, and the terms and conditions upon which, Securities of the Series shall be redeemed, purchased or repaid, in whole or in part, pursuant to
such obligations; 
  
 (j) the terms, if any, upon which the
Securities of the Series may be convertible into or exchanged for any of the Company’s common stock, preferred stock, other debt securities or warrants for common stock, preferred stock or other securities of any kind and the terms and
conditions upon which such conversion or exchange shall be effected, including the initial conversion or exchange price or rate, the conversion or exchange period and any other additional provisions; 
  
 (k) if other than denominations of $1,000 and any integral multiple thereof,
the denominations in which the Securities of the Series shall be issuable; 
  
 (l) if the amount of principal, premium or interest with respect to the Securities of the Series may be determined with reference to an index or pursuant to a formula, the manner in which such amounts will be
determined; 
  
 (m) if the principal amount payable at the Stated
Maturity of Securities of the Series will not be determinable as of any one or more dates prior to such Stated Maturity, the amount that will be deemed to be such principal amount as of any such date for any purpose, including the principal amount
thereof which will be due and payable upon any Maturity other than the Stated Maturity and which will be deemed to be outstanding as of any such date (or, in any such case, the manner in which such deemed principal amount is to be determined), and
if necessary, the manner of determining the equivalent thereof in Dollars; 
  
 (n) the applicability of or any changes or additions to the defeasance and discharge provisions of Article Eight; 
  
 (o) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration
of acceleration of the maturity thereof pursuant to Section 6.02; 
  
 (p) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the Securities of the Series of any properties, assets, moneys, proceeds, securities or other collateral, including whether certain provisions of the TIA
are applicable and any corresponding changes to provisions of this Indenture as then in effect; 
  
 (q) any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the
requisite Holders 

  

 10 

 of such Series of Securities to declare the principal amount of, premium, if any, and interest on such Series of
Securities due and payable pursuant to Section 6.02; 
  
 (r) if
the Securities of the Series shall be issued in whole or in part in the form of a Global Security, the terms and conditions, if any, upon which such Global Security may be exchanged in whole or in part for other individual Definitive Securities of
such Series, the Depositary for such Global Security and the form of any legend or legends to be borne by any such Global Security in addition to or in lieu of the Global Securities Legend; 
  
 (s) any Trustee, authenticating agent, Paying Agent, transfer agent, Service
Agent or Registrar; 
  
 (t) the applicability of, and any
addition to or change in, the covenants (and the related definitions) set forth in Articles Four or Five which applies to Securities of the Series; 
  
 (u) with regard to Securities of the Series that do not bear interest, the dates for certain required reports to the Trustee; 
  
 (v) the terms applicable to Original Issue Discount Securities, including
the rate or rates at which original issue discount will accrue; 
  
 (w) any other terms of Securities of the Series (which terms shall not be prohibited by the provisions of this Indenture). 
  
 All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if
so provided by or pursuant to the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of
such Series, unless otherwise provided in such Board Resolution, supplemental indenture or Officers’ Certificate. 
  
 SECTION 2.03. Denominations; Provisions for Payment. The Securities shall be issuable, except as otherwise provided with respect to any series of
Securities pursuant to Section 2.02, as registered Securities in the denominations of one thousand Dollars ($1,000) or any integral multiple thereof, subject to Sections 2.02(e) and 2.02(k). The Securities of any Series shall bear interest payable
on the dates and at the rate specified with respect to that Series. Unless otherwise provided as contemplated by Section 2.02 with respect to Securities of any Series, the principal of and the interest on the Securities of any Series, as well as any
premium thereon in case of redemption thereof prior to maturity, shall be payable in Dollars. Such payment shall be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, the City and State of New York.
Each Security shall be dated the date of its authentication. Unless otherwise provided as contemplated by Section 2.02, interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
  

 11 

 The interest installment on any Security that is payable, and is punctually paid or duly provided for, on
any Interest Payment Date for Securities of that Series shall be paid to the Person in whose name said Security (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest installment.

  
 Unless otherwise set forth in a Board Resolution, a
supplemental indenture or an Officers’ Certificate establishing the terms of any series of Securities pursuant to Section 2.02 hereof, the term “regular record date” as used in this Section with respect to Securities of any Series
with respect to any Interest Payment Date for such Series shall mean (i) either the fifteenth day of the month immediately preceding the month in which an Interest Payment Date established for such series pursuant to Section 2.02 hereof shall occur,
if such Interest Payment Date is the first day of a month or (ii) the first day of the month in which an Interest Payment Date established for such series pursuant to Section 2.02 hereof shall occur, if such Interest Payment Date is the fifteenth
day of a month, whether or not such date is a Business Day. 
  
 Subject to the foregoing provisions of this Section, each Security of a Series delivered under this Indenture upon transfer of or in exchange for or in lieu of any other Security of such Series shall carry the rights to interest accrued and
unpaid, and to accrue, that were carried by such other Security. 
  
 SECTION 2.04. Execution and Authentication. One or more Officers shall sign the Securities for the Company by manual or facsimile signature. If an Officer whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid. A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security
has been authenticated under this Indenture. The Securities may contain such notations, legends or endorsements required by law, stock exchange rule or usage. 
  

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its
duly authorized agent or agents, which oral instructions shall be promptly confirmed in writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate. 
  
 The aggregate principal amount of
Securities of any Series outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.02, except as provided in Section 2.09. 
  
 Prior to the
issuance of Securities of any Series, the Trustee shall have received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form
of 
  

 12 

 the Securities of that Series or of Securities within that Series and the terms of the Securities of that Series or of
Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04. 
  
 The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised by counsel,
determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents shall determine that such action would
expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of the Company.

  
 SECTION 2.05. Registrar and Paying Agent. So long as
Securities of any Series remaining outstanding, the Company agrees to maintain an office or agency in the Borough of Manhattan, the City and State of New York (or any other place or places specified with respect to such Series pursuant to Section
2.02), where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be presented for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their
transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each office or agency, Registrar, Paying Agent or Service Agent. If at any time the Company shall
fail to maintain any such required office or agency, Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
  
 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional service
agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service Agent in
each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent” includes any
additional service agent. 
  

 13 

 The Company hereby appoints the Trustee as the initial Registrar, Paying Agent and Service Agent for each
Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 
  

SECTION 2.06. Paying Agent to Hold Money in Trust. The Company shall require each Paying Agent, other than the Trustee, to agree in writing that
the Paying Agent will hold in trust, for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee of
any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. Notwithstanding anything in this Section to the contrary, (i) the agreement
to hold sums in trust as provided in this Section is subject to the provisions of Section 8.06, and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or
direct any paying agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same terms and conditions as those upon which such sums were held by the Company or such Paying
Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent (if other than the Company or a Subsidiary) shall be released from all further liability with respect to the money. If the Company or a Subsidiary of the Company
acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities all money held by it as Paying Agent. 
  
 SECTION 2.07. Holder Lists. (a) The Trustee shall preserve in as current a form as is reasonably practicable the most
recent list available to it of the names and addresses of Holders of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before
each Interest Payment Date and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Holders of each Series of Securities. 

 
 (b) The Trustee may destroy any list furnished to it as provided in
Section 2.07(a) upon receipt of a new list so furnished. 
  
 SECTION 2.08. Transfer and Exchange. When Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request.
No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.12, 3.06 or 9.05). 
  

 14 

 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or
exchange Securities of any Series during the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of
business on the day of such mailing, or (b) to register the transfer or exchange of Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being
called for redemption in part. 
  
 All Securities presented or
surrendered for exchange or registration of transfer, as provided in this Section, shall be accompanied (if so required by the Company or the Registrar) by a written instrument or instruments of transfer, in form satisfactory to the Company or the
Registrar, duly executed by the Holder or by such Holder’s duly authorized attorney in writing. 
  
 The provisions of this Section 2.08 are, with respect to any Global Security, subject to Section 2.15 hereof. 
  
 SECTION 2.09. Mutilated, Destroyed, Lost and Stolen Securities. If any
mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not
contemporaneously outstanding. 
  
 If there shall be delivered to
the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in
the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such
destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company
in its discretion may, instead of issuing a new Security, pay such Security (without surrender thereof except in the case of a mutilated Security) if the applicant for such payment shall furnish to the Company and the Trustee such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, and, in case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the ownership
thereof. 
  
 Upon the issuance of any new Security under this
Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

  
 Every new Security of any Series issued pursuant to this
Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual 
  

 15 

 obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) any and all other rights and
remedies, notwithstanding any law or statute existing or hereafter enacted to the contrary, with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities, negotiable instruments or other securities. 
  
 SECTION 2.10. Outstanding Securities. The Securities outstanding at
any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions
hereof and those described in this Section as not outstanding. 
  
 If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
  
 If the Paying Agent (other than the Company, a Subsidiary of the Company or
an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases
to accrue. 
  
 A Security does not cease to be outstanding because
the Company or an Affiliate holds the Security. 
  
 In determining
whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be
deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02.

  
 SECTION 2.11. Treasury Securities. In determining
whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate of the Company
shall be disregarded and deemed not to be outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of
a Series that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 
  
 SECTION 2.12. Temporary Securities. Until Definitive Securities are
ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be substantially in the form 
  

 16 

 of Definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate Definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary Securities shall have the
same rights under this Indenture as the Definitive Securities. 
  
 SECTION 2.13. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of
transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled Securities according to its normal operating procedures (subject to
the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company may not issue new Securities to replace Securities that it has paid or delivered to
the Trustee for cancellation. 
  
 SECTION 2.14. Defaulted
Interest. If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted interest, to the persons who are Holders of
the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before the record date, the Company shall mail to the Trustee and to each Holder of the Series a notice that states the record
date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
  
 SECTION 2.15. Global Securities. 
  
 (a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’ Certificate shall establish whether the
Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 
  
 (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.08 of the Indenture
and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.08 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Company fails to
appoint a successor Depositary within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global Security shall be so exchangeable or (iii) an Event of Default with
respect to the Securities represented by such Global Security shall have occurred and be continuing. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such names as the
Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
  

 17 

 Except as provided in this Section 2.15(b), a Global Security may only be transferred in whole but not in
part (i) by the Depositary with respect to such Global Security to a nominee of such Depositary, (ii) by a nominee of such Depositary to such Depositary or another nominee of such Depositary or (iii) by the Depositary or any such nominee to a
successor Depositary or a nominee of such a successor Depositary. 
  
 (c) Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form: 
  
 “THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE
INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR
ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 
  
 (d) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02, payment of the principal of and interest, if any, on any Global Security shall
be made to the Holder thereof. 
  
 (e) Consents, Declaration
and Directions. Except as provided in Section 2.15(d), the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be
specified in a written statement of the Depositary with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  
 SECTION 2.16. CUSIP Numbers. The Company in issuing the Securities may
use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that neither the Company nor the Trustee shall have any
responsibility for any defect in the “CUSIP” number that appears on any Security, check, advice of payment or redemption notice, that any such notice may state that no representation is made as to the correctness of such numbers either as
printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or

  

 18 

 omission of such numbers. The Company shall promptly notify the Trustee of any change in CUSIP numbers. 
  
 SECTION 2.17. Benefits of Indenture. Nothing in this Indenture or in
the Securities, express or implied, shall give or be construed to give to any Person, other than the parties hereto and the holders of the Securities, any legal or equitable right, remedy or claim under or in respect of this Indenture, or under any
covenant, condition or provision herein contained; all such covenants, conditions and provisions being for the sole benefit of the parties hereto and of the holders of the Securities. 
  
 ARTICLE THREE 
  
 REDEMPTION AND PREPAYMENT 
  
 SECTION 3.01. Notices to Trustee. The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of
Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Series of Securities. If a Series of Securities is redeemable and
the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and the principal amount of
Securities of the Series to be redeemed and the redemption price. The Company shall give such notice to the Trustee at least 30 but no more that 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee).

  
 SECTION 3.02. Selection of Securities to be Redeemed.
Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture or an Officer’s Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase at any
time, the Trustee shall select the Securities to be redeemed or purchased as follows: 
  
 (1) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national
securities exchange, if any, on which the Securities are listed; or 
  
 (2) if the Securities are not listed on any national securities exchange, on a pro rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate. 
  
 Unless otherwise indicated for a particular Series of Securities by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, no Securities of $1,000 of principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities
called for redemption also apply to portions of Securities called for redemption. The Trustee shall make the selection at least 25 days but not more than 60 days before the redemption date from outstanding Securities of a Series not previously
called for redemption. 
  

 19 

 If any Security is to be redeemed in part only, the notice of redemption that relates to such Security
shall state the portion of the principal amount of that Security to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented for redemption will be issued in the name of the Holder thereof
upon cancellation of the original Security. Securities called for redemption become irrevocably due on the date fixed for redemption at the applicable redemption price, plus accrued and unpaid interest to the redemption date. On and after the
redemption date, unless the Company defaults in making the applicable redemption payment, interest ceases to accrue or accrete on Securities or portions of them called for redemption. 
  
 SECTION 3.03. Notice of Redemption. Unless otherwise provided for a particular Series of Securities by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, at least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Securities are to be redeemed at its registered address. 
  
 The notice shall identify the Securities to be redeemed and shall state: 
  
 (1) the redemption date; 
  
 (2) the redemption price or the appropriate calculation of the redemption price, which in each case will include interest accrued and
unpaid to the date fixed for redemption; 
  
 (3)
if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities in principal amount equal to the
unredeemed portion shall be issued upon cancellation of the original Security; 
  
 (4) the name and address of the Paying Agent; 
  
 (5) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (6) that, unless the Company defaults in making such
redemption payment, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 
  
 (7) the paragraph of the Securities and/or provision of this Indenture or any supplemental indenture pursuant to which the Securities
called for redemption are being redeemed; and 
  
 (8) the CUSIP number, if any, printed on the Securities being redeemed; 
  
 (9) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the
Securities. 
  

 20 

 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth
the information to be stated in such notice as required by this Section. 
  
 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption become irrevocably due and payable on the redemption
date at the redemption price. A notice of redemption may not be conditional. 
  
 Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
  
 SECTION 3.05. Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on the redemption date, the
Company shall deposit with the Trustee or with the Paying Agent (or, if the Company or a Subsidiary of the Company is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of, and accrued interest on, all
Securities to be redeemed on that date, other than Securities or portions of Securities called for redemption that have been delivered by the Company to the Trustee for cancellation. The Trustee or the Paying Agent shall as promptly as practicable
return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be redeemed. If such money is then held by
the Company in trust and is not required for such purpose it shall be discharged from such trust. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Securities
or the portions of Securities called for redemption. If a Security is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name
such Security was registered at the close of business on such record date. If any Security called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to comply with the preceding paragraph,
interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and, to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Securities. 
  
 SECTION 3.06. Securities Redeemed in Part. Upon surrender of a
Security that is redeemed in part, the Company shall execute and, upon the Company’s written request, the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to the unredeemed
portion of the Security surrendered. 
  

 21 

 ARTICLE FOUR 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Securities. The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly
and punctually make all payments in respect of each Series of Securities on the dates and in the manner provided in such Series of Securities and this Indenture. Such payments shall be considered made on the date due if on such date the Trustee or
the Paying Agent holds, in accordance with this Indenture, money sufficient to make all payments with respect to such Securities then due. 
  
 SECTION 4.02. SEC Reports. Unless otherwise indicated in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Securities are outstanding, the Company shall furnish to the Holders copies of its annual report and the
information, documents and other reports that are specified in Sections 13 and 15(d) of the Exchange Act. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of the covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates). The Company also shall comply with the other provisions of TIA § 314(a). 
  
 If at any time Lazard Ltd guarantees all the Securities of each Series outstanding (there being no obligation of Lazard Ltd to do so), holds no material
assets other than cash, cash equivalents and the Capital Stock of the Company or of any direct or indirect parent entity of the Company and complies with Rule 3-10 of Regulation S-X promulgated by the SEC (or any successor provision), the reports,
information and other documents required to be filed and furnished to the Holders of Securities pursuant to this provision may, at the option of the Company, be filed by and be those of Lazard Ltd rather than the Company. 
  
 In addition, whether or not required by the rules and regulations of the SEC,
the Company shall file a copy of all such information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a filing) and make such information
available to securities analysts and prospective investors upon request. The Company shall at all times comply with TIA § 314(a). 
  
 SECTION 4.03. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an
Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of the Company they would normally have knowledge of any Default and whether or not the signers know of any Default that occurred
during such period. If they do, the certificate shall describe the Default, its status and what action the Company is taking or 
  

 22 

 
proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 
  
 SECTION 4.04. Further Instruments and Acts. The Company shall execute and deliver to the Trustee such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
  
 SECTION 4.05. Corporate Existence. Subject to Article Five hereof, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect: 
  
 (1) its
limited liability company existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such
Subsidiary and 
  
 (2) the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of
any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in
any material respect to the Holders of the Securities. 
  
 SECTION
4.06. Calculation of Original Issue Discount. The Company shall file with the Trustee promptly at the end of each calendar year (i) a written notice specifying the amount of original issue discount (including daily rates and accrual periods)
accrued on outstanding Securities as of the end of such year and (ii) such other specific information relating to such original issue discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time. 

 
 SECTION 4.07. Limitations on Liens. The Company shall not, directly
or indirectly, incur or suffer to exist, any Lien upon any of the voting stock or other voting equity or managing member interests of Lazard Group or any subsidiary of the Company that holds any such stock or equity interest of Lazard Group. The
Company shall not permit Lazard Group, and shall not permit any Subsidiary of Lazard Group to, incur or suffer to exist, any Lien securing Debt upon any Capital Stock of the Company that is owned, directly or indirectly, by Lazard Group or any
Subsidiary of Lazard Group. 
  
 SECTION 4.08. Limitation on
Incurrence of Indebtedness. The Company shall not create, assume, incur, guarantee or otherwise suffer to exist any Debt of the Company other than Debt outstanding under this Indenture for so long as any such Debt under this Indenture is
outstanding. 
  
 SECTION 4.09. Limitation on Activities.
The Company shall not engage in any business or activity or incur any obligation other than as may be necessary from time to time in connection with its status as the issuer of the Securities and as the managing member of Lazard Group. 

 

 23 

 ARTICLE FIVE 
  
 SUCCESSOR COMPANIES 
  
 SECTION 5.01. Merger, Consolidation or Sale of Assets. 
  
 (a) The Company. Unless otherwise provided for a particular Series of Securities by a Board Resolution, a supplemental indenture or an
Officers’ Certificate, the Company shall not merge, consolidate or amalgamate with or into any other Person or liquidate or dissolve (by way of distribution, dividend or otherwise), provided that Lazard Group Finance may merge with and
into Lazard Group pursuant to a Lazard Group Merger. The Company shall not permit any of its Voting Stock (or, following a Lazard Group merger, Lazard Group shall not permit any of the Voting Stock of Lazard Group) to be beneficially owned, directly
or indirectly, by any Person other than Lazard Ltd or its wholly owned Subsidiaries. Prior to a Lazard Group Merger, the Company shall not permit any of its Capital Stock (other than its Voting Stock) to be beneficially owned, directly or
indirectly, by any Person other than Lazard Group or its wholly owned Subsidiaries. 
  
 (b) Lazard Group Merger. The Company shall be permitted to effect a Lazard Group Merger, provided that the following conditions are satisfied: 
  
 (A) Lazard Group expressly assumes, by supplemental
indenture in form satisfactory to the Trustee, executed and delivered to the Trustee by Lazard Group, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Securities of all Series outstanding, according to
their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company; 
  
 (B) simultaneously with the Lazard Group Merger, the Lazard Group Notes pledged to secure the Securities secured thereby are exchanged for
such Securities (i.e., the Lazard Group Notes will take the place of such Securities, including for purposes of acting as collateral for the obligations of the Holder under the related purchase contract, as applicable); 
  
 (C) immediately before and after giving effect to such
transaction or series of transactions, no Default or Event of Default shall have occurred and be continuing; 
  
 (D) the Company shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if any, in respect thereto comply with this Section and that all conditions precedent herein provided for relating to such
transaction have been satisfied; and 
  
 (E) the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such transaction or series of transactions and will be
subject to U.S. Federal income tax on the same amounts, in the same 
  

 24 

 
manner and at the same times as would have been the case if such transaction or series of transactions had not occurred. 
  
 (c) Lazard Group. The Company shall beneficially own, directly or
indirectly, all of the Voting Stock of Lazard Group (or the applicable Surviving Person, as defined below), provided that, following a Lazard Group Merger, Lazard Group, as the successor to the Company, shall not permit any Person (other than
Lazard Ltd and its wholly owned subsidiaries) to beneficially own any of its Voting Stock. Subject to the foregoing sentence, Lazard Group (i) shall be permitted to merge, consolidate or amalgamate with or into any other Person and (ii) shall be
permitted to sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its property to any other Person or to buy substantially all of the assets of any other Person in one transaction or a series of transactions,
provided the following conditions are satisfied: 
  
 (A) Lazard Group shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than Lazard Group) formed by such merger, consolidation or amalgamation or to which such sale, transfer, assignment, lease,
conveyance or disposition is made shall be organized under the laws of the United States of America, any State thereof or the District of Columbia; 
  
 (B) in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all of the Property of
Lazard Group, such Property shall have been transferred as an entirety or virtually as an entirety to one Person; 
  
 (C) immediately before and after giving effect to such transaction or series of transactions, no Default or Event of Default shall have
occurred and be continuing; 
  
 (D) the Company
shall deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that such transaction and the supplemental indenture, if
any, in respect thereto comply with this Section and that all conditions precedent herein provided for relating to such transaction have been satisfied; and 
  
 (E) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain
or loss for U.S. Federal income tax purposes as a result of such transaction or series of transactions and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
transaction or series of transactions had not occurred. 
  
 SECTION 5.02. Surviving Person Substituted. (a) In case of any such consolidation, amalgamation, merger, sale, conveyance, assignment, transfer, lease or other disposition and upon the assumption by the successor entity, by
supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the due and punctual payment of the principal of, premium, if any, and interest on all of the Securities 

	

  

 25 

 of all series outstanding and the due and punctual performance of all of the covenants and conditions of this Indenture
or established with respect to each series of the Securities pursuant to Section 2.02 to be performed by the Company with respect to each series, such successor entity shall succeed to and be substituted for and may exercise every right and power of
the Company under this Indenture with the same effect as if it had been named as the Company herein, and thereupon the predecessor entity shall be relieved of all obligations and covenants under this Indenture and the Securities. 
  
 (b) In case of any such consolidation, amalgamation, merger, sale,
conveyance, assignment, transfer, lease or other disposition such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 
  
 (c) Nothing contained in this Indenture or in any of the Securities shall
prevent the Company from merging with or into another person for the sole purpose of effecting a change of jurisdiction of organization, provided that the successor person is organized under the laws of a State or the District of Columbia or under
federal law and takes the action specified in Section 5.01(b)(A) (with such successor person being substituted for Lazard Group for purposes of such clause). 
  
 ARTICLE SIX 
  
 DEFAULTS AND REMEDIES 
  
 SECTION 6.01. Events of Default. Unless otherwise indicated for a particular Series of Securities by a Board Resolution, a supplemental indenture hereto, or an Officers’ Certificate, each of the following
constitutes an “Event of Default” with respect to each Series of Securities: 
  
 (1) default in the payment of the principal or redemption price with respect to any Security of such Series when such amount becomes due and payable; 
  
 (2) default for 30 days in the payment of interest (including additional interest, if any,) when due on the Securities of
such Series; 
  
 (3) the pledge of the Lazard Group Notes (or the
proceeds thereof) ceases to be in full force and effect, other than as a result of the issuance thereof to the Holders following a Lazard Group Merger; 
  
 (4) the Company fails to comply with any of its covenants or agreements in the Securities of such Series or this Indenture (other than a failure that is
subject to the foregoing clauses (1), (2) or (3)) and such failure continues for 30 days after the notice specified below; 
  
 (5) the Company or Lazard Group or any of their respective Subsidiaries defaults under any instrument or instruments under which there is or may be
secured or evidenced any of the Company’s or Lazard Group’s indebtedness for money borrowed 
  

 26 

 (other than the Securities and the Lazard Group Notes) having an outstanding principal amount of
                 (or its equivalent in any other currency or currencies) or more, individually or in the aggregate, that has caused the holders thereof to declare such
indebtedness to be due and payable prior to its stated maturity, unless such declaration has been rescinded within 30 days or such indebtedness has been satisfied; 
  
 (6) the Company or Lazard Group defaults in the payment when due of the principal or premium, if any, of any bond,
debenture, note or other evidence of the Company’s or Lazard Group’s indebtedness for money borrowed or in the payment of principal or premium, if any, under any mortgage, indenture, agreement or instrument under which there may be issued
or by which there may be secured or evidenced any of the Company’s or Lazard Group’s indebtedness for money borrowed, which default for payment of principal or premium, if any, is in an aggregate principal amount exceeding
                 (or its equivalent in any other currency or currencies), if such default shall continue unremedied or unwaived for more than 30 days after the
expiration of any grace period or extension of the time for payment applicable thereto; 
  
 (7) the Company fails to pay when due any additional amounts with respect to interest on any Securities, when such amounts become due and payable, and continuance of such default for a period of 30 days, or the
Company fails to pay when due any additional amounts payable with respect to any principal of or premium on any senior notes, when such additional amounts become due and payable either at maturity, upon any redemption, by declaration of acceleration
or otherwise and continuance of such default for a period of 30 days; 
  
 (8) Lazard Ltd, Lazard Group or the Company pursuant to or within the meaning of any Bankruptcy Law: 
  
 (A) commences a voluntary case; 
  
 (B) consents to the entry of an order for relief against it in an involuntary case; 
  
 (C) consents to the appointment of a Custodian of it or for
any substantial part of its Property; or 
  
 (D)
makes a general assignment for the benefit of its creditors; 
  
 or takes any
comparable action under any foreign laws relating to insolvency; or 
  
 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against Lazard Ltd, Lazard Group or the Company in an involuntary case; 
  
 (B) appoints a Custodian of Lazard Ltd, Lazard Group or the
Company or for any substantial part of its Property; or 
  

 27 

 (C) orders the winding up or liquidation of Lazard Ltd, Lazard Group or the Company;

  
 or any similar relief is granted under any foreign laws and the order or
decree remains unstayed and in effect for 60 days; 
  
 The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule
or regulation of any administrative or governmental body. 
  
 The
term “Custodian” means, for the purposes of this Article Six, any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 
  
 A Default under clauses (4) and (5) is not an Event of Default until the Trustee or the Holders of at least 25% in principal
amount of the outstanding Securities notify the Company of the Default and the Company does not cure such Default within the time specified after receipt of such notice. Such notice must specify the Default, demand that it be remedied and state that
such notice is a “Notice of Default.” 
  
 The Company
shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any Event of Default and any event which with the giving of notice or the lapse of time would become an Event
of Default, its status and what action the Company is taking or proposes to take with respect thereto. 
  
 SECTION 6.02. Acceleration. (a) If an Event of Default with respect to any Series of Securities at the time outstanding (other than an Event of
Default specified in Section 6.01(8) or (9)) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities of that Series by notice to the Company, may declare the principal amount of (or, in
the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of that Series to be due and payable. Upon such a
declaration, such amounts shall be due and payable immediately. If an Event of Default specified in Section 6.01(8) or (9) occurs, the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest on all the Securities of each Series of Security shall ipso facto become and be immediately due and payable without any declaration or other act on the
part of the Trustee or any Holder. 
  
 (b) At any time after the
principal of the Securities of any Series of Securities shall have been so declared due and payable (or have become immediately due and payable), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered
as hereinafter provided, the Holders of a majority in principal amount of the Securities of that Series then outstanding hereunder, by written notice to the Company and the Trustee, may rescind and annul such declaration and its 
  

 28 

 consequences if: (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments
of interest upon all the Securities of that Series and the principal of (and premium, if any, on) any and all Securities of that Series that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any,
and, to the extent that such payment is enforceable under applicable law, upon overdue installments of interest, at the rate per annum expressed in the Securities of that Series to the date of such payment or deposit) and the amount payable to the
Trustee under Section 7.07, and (ii) any and all Events of Default under the Indenture with respect to such Series of Securities, other than the nonpayment of principal (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security) on Securities of that Series that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.04. No such rescission shall affect any subsequent
Default or impair any right consequent thereto. 
  
 SECTION 6.03.
Other Remedies. If an Event of Default with respect to any Series of Securities occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of the principal amount of (or, in the case of Original Issue
Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on the Securities of that Series or to enforce the performance of any provision of the Securities of
that Series or this Indenture. 
  
 The Trustee may institute and
maintain a suit or legal proceeding even if it does not possess any of the Securities of a Series or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an
Event of Default with respect to any Series of Securities shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative.

  
 SECTION 6.04. Waiver of Past Defaults. The Holders of a
majority in principal amount of the Securities of any Series by notice to the Trustee may waive an existing Default and its consequences except (i) a Default in the payment of the principal amount of (or, in the case of Original Issue Discount
Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of that Series, or (ii) a Default in respect of a provision that under Section 9.02 cannot be
amended without the consent of each Holder of that Series affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
  
 SECTION 6.05. Control by Majority. The Holders of a majority in
principal amount of the outstanding Securities of any Series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to that
Series. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other Holder of that Series or that would
subject the Trustee to personal 
  

 29 

 liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that
is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to reasonable indemnity against all losses and expenses caused by taking or not taking such action. 
  
 SECTION 6.06. Limitation on Suits. Except to enforce the right to
receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a Security of any Series when due,
no Holder of a Security of that Series may pursue any remedy with respect to this Indenture or the Securities of that Series unless: 
  
 (i) the Holder previously gave the Trustee written notice stating that an Event of Default with respect to that Series is continuing;

  
 (ii) the Holders of at least 25% in aggregate
principal amount of the outstanding Securities of that Series make a written request to the Trustee to pursue the remedy; 
  
 (iii) such Holder or Holders of that Series offer to the Trustee reasonable indemnity to the Trustee against any loss, liability or
expense; 
  
 (iv) the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
  
 (v) the Holders of a majority in aggregate principal amount of the outstanding Securities of that Series do not give the Trustee a
direction inconsistent with the request during such 60-day period. 
  
 A Holder of Securities of any Series may not use this Indenture to prejudice the rights of another Holder of that Series or to obtain a preference or priority over another Holder of that Series. 
  
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms of such Security), premium, if any, and
accrued and unpaid interest on the Securities held by such Holder, on or after their Maturity, or to bring suit for the enforcement of any such payment on or after their Maturity, shall not be impaired or affected without the consent of such Holder.

  
 SECTION 6.08. Collection Suit by Trustee. If an Event
of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any
unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 
  

 30 

 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its creditors or its Property and, unless prohibited by law or
applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
  
 SECTION 6.10. Priorities. If the Trustee collects any money or Property pursuant to this Article Six with respect to any Series of Securities, it shall pay out the money or Property in the following order:

  
 FIRST: to the Trustee for amounts due under Section 7.07;

  
 SECOND: to Holders for amounts due and unpaid on the
Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Securities of that Series for the principal amount of (or, in the case of Original Issue Discount Securities of that Series, the portion thereby specified in
the terms of such Security), premium, if any, and accrued and unpaid interest, respectively; and 
  
 THIRD: to the Company. 
  
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section. At least 15 days before such record date, the
Trustee shall mail to each Holder and the Company a notice that states the record date, the payment date and amount to be paid. 
  
 SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee
for any action taken or omitted by it as Trustee, a court in its discretion may require the filing, by any party litigant in the suit, of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the
Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the then outstanding Securities of any Series. 
  

SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall at any time insist upon, plead, or in
any manner 
  

 31 

 whatsoever claim to take the benefit or advantage of, any stay or extension law, wherever enacted, now or at any time
hereafter in force, which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or
impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
  
 ARTICLE SEVEN 
  
 TRUSTEE 
  
 SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing with respect to any Series of Securities, the Trustee
shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise thereof as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs.

  
 (b) Except during the continuance of an Event of Default with
respect to any Series of Securities: 
  
 (1) the Trustee
undertakes to perform such duties and only such duties as are specifically set forth in this Indenture with respect to the Securities of that Series, as modified or supplemented by a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may, with respect to Securities of that Series, conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 
  
 (c) The Trustee may not be relieved from liability for its own grossly negligent action, its own negligent failure to act or
its own willful misconduct, except that: 
  
 (1) this paragraph
does not limit the effect of paragraph (b) of this Section; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
  

 32 

 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b) and (c) of this Section. 
  
 (e) The Trustee shall not
be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. 
  
 (f) Money held in trust by the Trustee need not be segregated from funds except to the extent required by law. 
  
 (g) No provision of this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. 
  
 (h) Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA.

  
 SECTION 7.02. Rights of Trustee. (a) The Trustee may
conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 
  
 (c) The Trustee may act through agents or attorneys and shall not be
responsible for the misconduct or negligence of any agent or attorney appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or
powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 
  
 (e) The Trustee may consult with counsel of its choice, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and
the Securities, shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
  
 (f) Unless otherwise specifically provided in this Indenture, any demand,
request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  

 33 

 (g) The Trustee shall not be deemed to have notice of any Default or Event of Default with respect to the
Securities of any Series unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such
notice references such Securities and this Indenture. 
  
 (h) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each
agent, custodian and other Person employed to act hereunder. 
  
 (i) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the
Trustee security or indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request or direction. 
  
 (j) The Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
  
 (k) The Trustee shall not be liable for any action taken, suffered, or
omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
  
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner
or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11. 
  
 SECTION 7.04.
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from
the Securities, and it shall not be responsible for any statement of the Company in this Indenture, in the Securities, or in any document executed in connection with the sale of the Securities, other than those set forth in the Trustee’s
certificate of authentication. 
  
 SECTION 7.05. Notice of
Defaults. If a Default with respect to Securities of any Series occurs and is continuing and if it is actually known to a Trust Officer of the Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90

  

 34 

 days after it occurs. The Trustee may withhold the notice if and so long as a committee of its Responsible Officers in
good faith determines that withholding the notice is in the interests of Holders. 
  
 SECTION 7.06. Reports by Trustee to Holder. Unless otherwise specified in the applicable Board Resolution, supplemental indenture hereto or Officers’ Certificate, as promptly as practicable after each
                 beginning with the                  for so long as Securities remain
outstanding, the Trustee shall mail to each Holder a brief report dated as of such reporting date that complies with § 313(a) of the TIA. The Trustee shall also comply with § 313(b) of the TIA. 
  
 A copy of each report at the time of its mailing to Holders shall be filed
with the SEC and each stock exchange (if any) on which the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 
  
 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the
Trustee from time to time such compensation for its services as the Company and the Trustee shall from time to time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Company shall indemnify the Trustee against any and all loss, liability or expense (including reasonable attorneys’ fees)
incurred by or in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof;
provided, however, that any failure so to notify the Company shall not relieve the Company of its indemnity obligations hereunder. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred
by an indemnified party through such party’s own willful misconduct, negligence or bad faith. 
  
 To secure the Company’s payment obligations in this Section 7.07, the Trustee shall have a lien prior to the Securities on all money or Property held
or collected by the Trustee other than money or Property held in trust to pay the principal of and interest and any additional payments on particular Securities. 
  
 The Company’s payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge of this
Indenture or the resignation or removal of the Trustee. When the Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(8) or (9) with respect to the Company, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law. 
  
 SECTION 7.08.
Replacement of Trustee. The Trustee may resign at any time with respect to the Securities of any Series by so notifying the Company. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee

  

 35 

 and may appoint a successor Trustee with respect to such Series of Securities. The Company shall remove the Trustee if:

  
 (1) the Trustee fails to comply with Section
7.10; 
  
 (2) the Trustee is adjudged bankrupt or
insolvent; 
  
 (3) a receiver or other public
officer takes charge of the Trustee or its Property; or 
  
 (4) the Trustee otherwise becomes incapable of acting. 
  
 If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities of any Series and such Holders do not reasonably promptly appoint a successor Trustee or if a
vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to
the retiring Trustee and to the Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor
Trustee shall mail a notice of its succession to Holders of that Series of Securities. The retiring Trustee shall promptly transfer all Property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07.

  
 If a successor Trustee does not take office within 60 days
after the retiring Trustee resigns or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of that Series may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of
a successor Trustee. 
  
 If the Trustee fails to comply with
Section 7.10, any Holder of that Series of Securities may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 Notwithstanding the replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section
7.07 shall continue for the benefit of the retiring Trustee. 
  
 SECTION 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the
resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 
  
 In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver 
  

 36 

 such Securities so authenticated; and if at that time any of the Securities shall not have been authenticated, any such
successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the
Securities or in this Indenture provided that the certificate of the Trustee shall have. 
  
 SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other
securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 
  
 SECTION 7.11. Preferential Collection of Claims Against Company. The
Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or has been removed shall be subject to TIA § 311(a) to the extent indicated. 
  
 ARTICLE EIGHT 
  
 LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE 
  
 SECTION 8.01. Option to Effect Legal Defeasance or Covenant
Defeasance. The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities of
any Series upon compliance with the conditions set forth below in this Article Eight. 
  
 SECTION 8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities of that Series on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Debt represented by the outstanding Securities, which shall thereafter be deemed to be “outstanding” only
for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Securities and this Indenture (and the Trustee, on demand of and at the
expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

  

 37 

  
 (a) the Company’s
obligations with respect to such Securities of that Series under Article Two; 
  
 (b) the Company’s agreements set forth in Section 5.01 and 5.02; 
  
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith under Article
Two and Article Seven (including, but not limited to, the rights of the Trustee and the duties of the Company under Section 7.07, which shall survive despite the satisfaction in full of all obligations hereunder); and 
  
 (d) this Article Eight. 
  
 Subject to compliance with this Article Eight, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
  
 SECTION 8.03. Covenant Defeasance. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with
respect to any Series of Securities, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in Section 4.07, Section 4.08, and Section 4.09
(if applicable to such Series of Securities) and any covenants made applicable to the Series of Securities which are subject to defeasance under the terms of a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate with
respect to the outstanding Securities of that Series on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of that Series shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Securities shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any
reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this
Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof with respect to any Series of Securities, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(3) and Section 6.01(4) hereof shall not constitute Events of Default with respect to such Securities. 
  
 SECTION 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of
either Section 8.02 or 8.03 hereof to the outstanding Securities: 
  

 38 

 In order to exercise either Legal Defeasance or Covenant Defeasance with respect to any Series of
Securities: 
  
 (1) the Company must irrevocably deposit in trust
with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities of such Series to maturity or redemption, as the case may be; 
  
 (2) the Company shall have delivered to the Trustee a certificate from a nationally recognized firm of independent
registered public accountants expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such
times and in such amounts as will be sufficient to pay principal and interest when due on all the Securities of such Series to the Stated Maturity or redemption, as the case may be; 
  
 (3) 123 days pass after the deposit is made and during the 123 day period no Default specified in Section 6.01(8) or (9)
occurs that is continuing at the end of the period; 
  
 (4) no
Default or Event of Default with respect to that Series of Securities shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default with respect to that Series of Securities resulting from the borrowing
of funds to be applied to such deposit); 
  
 (5) such deposit does
not constitute a default under any other agreement binding on the Company; 
  
 (6) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the
Investment Company Act of 1940; 
  
 (7) in the case of Legal
Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of this Indenture there
has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of such Series of Securities will not recognize income, gain or loss for Federal
income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred; 
  
 (8) in the case of the Covenant Defeasance, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Series of Securities will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income
tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
  

 39 

 (9) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as contemplated by this Article Eight have been complied with. 
  
 SECTION 8.05. Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions.
Subject to Section 8.06 hereof, all money and noncallable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”)
pursuant to Section 8.04 hereof in respect of the outstanding Securities of the Series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law. 
  
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or noncallable U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the
principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Securities of that Series. 
  
 Anything in this Article Eight to the contrary notwithstanding, the Trustee
shall deliver or pay to the Company from time to time upon the request of the Company any money or noncallable U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(z) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 SECTION 8.06. Repayment to Company. Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on any Security and remaining
unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged from such trust; and the Holder of such
Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national
edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to
the Company. 
  

 40 

 SECTION 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any Dollars or
noncallable U.S. Government Obligations in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Security following the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 
  
 SECTION 8.08. Satisfaction and Discharge of Indenture. If at any time:
(a) the Company shall have delivered to the Trustee for cancellation all Securities of a Series theretofore authenticated (other than any Securities that shall have been destroyed, lost or stolen and that shall have been replaced or paid as provided
in Section 2.09 and Securities for whose payment money and/or U.S. Government Obligations have theretofore been deposited in trust or segregated and held in trust by the Company and thereupon repaid to the Company or discharged from such trust, as
provided in Section 8.06); or (b) all such Securities of a particular series not theretofore delivered to the Trustee for cancellation shall have become due and payable, or are by their terms to become due and payable within one year or are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that Series of
Securities, cash in United States dollars, noncallable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay at maturity
or upon redemption all Securities of that Series not theretofore delivered to the Trustee for cancellation, including principal of, premium, if any, and interest due or to become due to such date of maturity or date fixed for redemption, as the case
may be, and if the Company shall also pay or cause to be paid all other sums payable hereunder with respect to such Series by the Company, and shall have delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating
that all conditions precedent relating to the satisfaction and discharge of this Indenture with respect to such Series have been complied with, then this Indenture shall thereupon cease to be of further effect with respect to such Series except for:

  
 (i) (a) the Company’s obligations with respect to such
Securities of that Series under Article Two; 
  
 (b) the
Company’s agreements set forth in Section 5.01 and 5.02; 
  
 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith (including, but not limited to, the rights of the Trustee and the duties of the Company under Section
7.07, which shall survive despite the satisfaction in full of all obligations hereunder); and 
  

 41 

 (d) this Article Eight, 
  
 each of which shall survive until the Securities of such Series have been paid in full (thereafter, the Company’s obligations in
Section 7.07 only shall survive) and (ii) this Article Eight. 
  
 Upon the Company’s exercise of this Section 8.07, the Trustee, on demand of the Company and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture with
respect to such Series of Securities. 
  
 ARTICLE NINE 

 
 AMENDMENTS 
  
 SECTION 9.01. Without Consent of Holders. The Company and the Trustee
may amend or supplement this Indenture or the Securities without the consent of any Holder: 
  
 (1) to evidence the succession of another Person to the Company pursuant to Article Five and the assumption by such successor of the
Company’s covenants, agreements and obligations in this Indenture and in the Securities; 
  
 (2) to surrender any right or power conferred upon the Company by this Indenture, to add to the covenants of the Company such further
covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Series of Securities as the Board of Directors of the Company shall consider to be for the protection of the Holders of such Securities, and to make
the occurrence, or the occurrence and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a Default or an Event of Default under this Indenture; provided, however, that with
respect to any such additional covenant, restriction, condition or provision, such amendment may provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other Defaults, may provide for an
immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default or may limit the right of Holders of a majority in aggregate principal amount of the Securities of any Series to waive such default;

  
 (3) to cure any ambiguity or correct or
supplement any provision contained in this Indenture, in any supplemental indenture or in any Securities that may be defective or inconsistent with any other provision contained therein; 
  
 (4) to convey, transfer, assign, mortgage or pledge any Property to or with the Trustee, or to make such
other provisions in regard to matters or questions arising under this Indenture as shall not adversely affect the interests of any Holders of Securities of any Series; 
  

 42 

 (5) to modify or amend this Indenture in such a manner as to permit the qualification of
this Indenture or any supplemental indenture hereto under the TIA as then in effect; 
  
 (6) to add or to change any of the provisions of this Indenture to provide that Securities in bearer form may be registrable as to
principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Securities in registered form or of principal, premium or interest with respect to Securities in bearer form, or to permit Securities in
registered form to be exchanged for Securities in bearer form, so as to not adversely affect the interests of the Holders or any coupons of any Series in any material respect or permit or facilitate the issuance of Securities of any Series in
uncertificated form; 
  
 (7) to secure the
Securities; 
  
 (8) to make any change that does
not adversely affect the rights of any Holder; 
  
 (9) to add to, change, or eliminate any of the provisions of this Indenture with respect to one or more Series of Securities, so long as any such addition, change or elimination not otherwise permitted under this Indenture shall (A) neither
apply to any Security of any Series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor modify the rights of the Holders of any such Security with respect to the benefit of such provision
or (B) become effective only when there is no such Security outstanding; 
  
 (10) to evidence and provide for the acceptance of appointment by a successor or separate Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of this Indenture by more than one Trustee; or 
  
 (11) to establish the form or terms of Securities and coupons of any Series pursuant to Article Two. 
  
 SECTION 9.02. With Consent of Holders. The Company and the Trustee may
amend this Indenture or the Securities of any Series without notice to any Holder but with the written consent of the Holders of at least a majority in principal amount of the Securities of each Series then outstanding (including consents obtained
in connection with a tender offer or exchange offer for the Securities) affected by such amendment. However, without the consent of each Holder affected, an amendment may not: 
  
 (1) change the stated maturity of the principal or interest on a Security, 
  
 (2) reduce any amounts due on a Security, including any additional amounts,

  

 43 

 (3) reduce the amount of principal payable upon acceleration of the maturity of a Security following an
Event of Default, 
  
 (4) change the place or currency of payment
for a Security, 
  
 (5) materially impair the right of a Holder to
sue for payment, 
  
 (6) reduce the percentage in principal amount
of Securities whose Holders must consent to an amendment, supplement or waiver, 
  
 (7) materially modify any other aspect of the provisions dealing with modification and waiver of this Indenture, except to increase the percentage required for any modification or to provide that other provisions of
this Indenture may not be modified or waived without the consent of a Holder, and 
  
 (8) change in any manner adverse to the interests of the holders the obligations of the Company in respect of the due and punctual payment of principal and interest on the Securities, interest payments on overdue
interest payments and principal amounts due under the Securities and any other payments due to holders of the Securities under this Indenture or the applicable Securities. 
  
 It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. After an amendment under this Section becomes effective, the Company shall mail to all affected Holders a notice briefly describing such amendment. The failure to
give such notice to all such Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
  
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture or the Securities shall comply with the TIA as
then in effect. 
  
 SECTION 9.04. Revocation and Effect of
Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the
notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective once both (i) the requisite number of consents have
been received by the Company or the Trustee and (ii) such amendment or waiver has been executed by the Company and the Trustee. 
  
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to give their consent or take any
other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons 

  

 44 

 
who were Holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 
  
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment
changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively,
if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security
shall not affect the validity of such amendment. 
  
 SECTION 9.06.
Trustee to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article Nine if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but
need not sign it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an
Opinion of Counsel stating that such amendment is authorized or permitted by this Indenture. 
  
 SECTION 9.07. Payment for Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to
any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to
amend in the time frame set forth in solicitation documents relating to such consent, waiver or agreement. 
  
 ARTICLE TEN 
  
 MISCELLANEOUS 
  
 SECTION 10.01. Trust
Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA, the required provision shall control. 
  
 SECTION 10.02. Notices. Any notice or communication shall be in
writing and delivered in person or mailed by first-class mail addressed as follows: 
  
 If to the Company: 
  
 Lazard Group Finance LLC 
 30 Rockefeller Plaza 
 New York, NY 10020 
  

 45 

 If to the Trustee: 
  
  
  
  
 The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
  
 Any notice or communication mailed to a Holder
shall be mailed to the Holder at the Holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 
  
 Failure to mail a notice or communication to a Holder or any defect in it
shall not affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
  
 SECTION 10.03. Communication by Holders with Other Holders. Holders
may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

 
 SECTION 10.04. Certificate and Opinion as to Conditions Precedent.
Upon any request or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
  
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee stating that,
in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
  
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
  
 SECTION
10.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include: 
  
 (1) a statement that the individual making such certificate or opinion has
read such covenant or condition; 
  
 (2) a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an
informed opinion as to whether or not such covenant or condition has been complied with; and 
  

 46 

 (4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has
been complied with. 
  
 SECTION 10.06. Acts of Holders. (a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby
expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument
or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing
acknowledged to such officer the execution thereof. Where such execution is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also constitute sufficient proof of such
signer’s authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
  
 (c) The ownership of bearer securities may be proved by the production of
such bearer securities or by a certificate executed by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such
Person had on deposit with such depositary, or exhibited to it, the bearer securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such bearer securities, if such certificate or affidavit is
deemed by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of any bearer security continues until (i) another such certificate or affidavit bearing a later date issued in respect of the same bearer security
is produced, (ii) such bearer security is produced to the Trustee by some other Person, (iii) such bearer security is surrendered in exchange for a registered security or (iv) such bearer security is no longer outstanding. The ownership of bearer
securities may also be proved in any other manner which the Trustee deems sufficient. 
  
 (d) The ownership of registered securities shall be proved by the register maintained by the Registrar. 
  
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of
the same Security and the holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be 

  

 47 

 
done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 
  
 (f) If the Company shall solicit from the Holders any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Securities have authorized or
agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the outstanding Securities shall be computed as of such record date; provided that no such authorization, agreement or
consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months after the record date. 
  
 (g) The Depositary, as a Holder, may appoint agents and otherwise authorize
Participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 
  
 SECTION 10.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a
meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
  
 SECTION 10.08. Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or other day on which banking institutions in New York
State are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a
Legal Holiday, the record date shall not be affected. 
  
 SECTION
10.09. Governing Law. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 SECTION 10.10. No Recourse Against Others. A director, officer, employee or shareholder, as such, of any Company shall not have any liability for any obligations of the Company under the Securities or this
Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, 

  

 48 

 
each Holder shall waive and release all such liability. This waiver and release shall be part of the consideration for the issuance of the Securities.

  
 SECTION 10.11. Successors. All agreements of the
Company in this Indenture and the Securities shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 SECTION 10.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. One signed copy of the Indenture is enough to prove this Indenture. 
  
 SECTION 10.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 
  
 SECTION 10.14. Severability. If any provision in this Indenture is deemed unenforceable, it shall not affect the
validity or enforceability of any other provision set forth herein, or of the Indenture as a whole. 
  

 49 

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

					
	LAZARD GROUP FINANCE LLC,
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	The Bank of New York, as Trustee
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 50Form of Purchase Contract Agreement

 Exhibit 4.4 
  

  
 PURCHASE CONTRACT AGREEMENT 
  
 between 
  
 LAZARD LTD 
  
 and 
  
 The Bank of New York, 
  
 As Purchase Contract Agent 
  
 Dated as of                 , 2005 
  

  
 TABLE OF CONTENTS 

 

					
	 	  	Page

		
	ARTICLE I	  	 
		
	Definitions and Other Provisions of General Application	  	 
			
	 SECTION 1.01.
	  	 Definitions
	  	1
			
	 SECTION 1.02.
	  	 Compliance Certificates and Opinions
	  	14
			
	 SECTION 1.03.
	  	 Form of Documents Delivered to Purchase Contract Agent
	  	15
			
	 SECTION 1.04.
	  	 Acts of Holders; Record Dates
	  	15
			
	 SECTION 1.05.
	  	 Notices
	  	17
			
	 SECTION 1.06.
	  	 Notice to Holders; Waiver
	  	18
			
	 SECTION 1.07.
	  	 Effect of Headings and Table of Contents
	  	18
			
	 SECTION 1.08.
	  	 Successors and Assigns
	  	18
			
	 SECTION 1.09.
	  	 Separability Clause
	  	18
			
	 SECTION 1.10.
	  	 Benefits of Agreement
	  	18
			
	 SECTION 1.11.
	  	 Governing Law
	  	18
			
	 SECTION 1.12.
	  	 Judgment Currency
	  	19
			
	 SECTION 1.13.
	  	 Legal Holidays
	  	19
			
	 SECTION 1.14.
	  	 Counterparts
	  	20
			
	 SECTION 1.15.
	  	 Inspection of Agreement
	  	20
			
	 SECTION 1.16.
	  	 Appointment of Financial Institution as Purchase Contract Agent for the Company
	  	20
			
	 SECTION 1.17.
	  	 No Waiver
	  	20
		
	ARTICLE II	  	 
		
	Certificate Forms	  	 
			
	 SECTION 2.01.
	  	 Forms of Certificates Generally
	  	20

  

 -i- 

					
	 	  	 	  	Page

	 SECTION 2.02.
	  	 Form of Purchase Contract Agent’s Certificate of Authentication
	  	22
		
	ARTICLE III	  	 
		
	The Units	  	 
			
	 SECTION 3.01.
	  	 Number of Units; Denominations
	  	22
			
	 SECTION 3.02.
	  	 Rights and Obligations Evidenced by the Certificates
	  	22
			
	 SECTION 3.03.
	  	 Execution, Authentication, Delivery and Dating
	  	23
			
	 SECTION 3.04.
	  	 Temporary Certificates
	  	24
			
	 SECTION 3.05.
	  	 Registration; Registration of Transfer and Exchange
	  	25
			
	 SECTION 3.06.
	  	 Book-Entry Interests
	  	26
			
	 SECTION 3.07.
	  	 Notices to Holders
	  	27
			
	 SECTION 3.08.
	  	 Appointment of Successor Clearing Agency
	  	27
			
	 SECTION 3.09.
	  	 Definitive Certificates
	  	27
			
	 SECTION 3.10.
	  	 Mutilated, Destroyed, Lost and Stolen Certificates
	  	28
			
	 SECTION 3.11.
	  	 Persons Deemed Owners
	  	29
			
	 SECTION 3.12.
	  	 Cancellation
	  	29
			
	 SECTION 3.13.
	  	 Establishment of Stripped Units
	  	30
			
	 SECTION 3.14.
	  	 Reestablishment of Normal Units
	  	31
			
	 SECTION 3.15.
	  	 Transfer of Collateral upon Occurrence of Termination Event
	  	33
			
	 SECTION 3.16.
	  	 No Consent to Assumption
	  	33
			
	 SECTION 3.17.
	  	 CUSIP Numbers
	  	34
			
	 SECTION 3.18.
	  	 Currency of Payments
	  	34
			
	 SECTION 3.19.
	  	 Legends
	  	34
		
	ARTICLE IV	  	 
		
	The Notes	  	 
			
	 SECTION 4.01.
	  	 Payment of Interest; Rights to Interest Payments Preserved
	  	34

  

 -ii- 

					
	 	  	 	  	Page

	 SECTION 4.02.
	  	 Notice and Voting
	  	35
			
	 SECTION 4.03.
	  	 Special Event Redemption
	  	35
		
	ARTICLE V	  	 
		
	The Purchase Contracts; The Remarketing	  	 
			
	 SECTION 5.01.
	  	 Purchase of Common Stock
	  	36
			
	 SECTION 5.02.
	  	 Contract Adjustment Payments
	  	38
			
	 SECTION 5.03.
	  	 Deferral of Contract Adjustment Payments
	  	44
			
	 SECTION 5.04.
	  	 Payment of Purchase Price; Remarketing
	  	45
			
	 SECTION 5.05.
	  	 Issuance of Common Stock
	  	50
			
	 SECTION 5.06.
	  	 Adjustment of Settlement Rate
	  	50
			
	 SECTION 5.07.
	  	 Notice of Adjustments and Certain Other Events
	  	57
			
	 SECTION 5.08.
	  	 Termination Event; Notice
	  	58
			
	 SECTION 5.09.
	  	 Early Settlement
	  	58
			
	 SECTION 5.10.
	  	 Early Settlement upon Cash Merger
	  	60
			
	 SECTION 5.11.
	  	 Charges and Taxes
	  	62
			
	 SECTION 5.12.
	  	 No Fractional Shares
	  	62
		
	ARTICLE VI	  	 
		
	Remedies	  	 
			
	 SECTION 6.01.
	  	 Unconditional Right of Holders to Receive Purchase Contract Adjustment Payments and Purchase Common Stock
	  	63
			
	 SECTION 6.02.
	  	 Restoration of Rights and Remedies
	  	63
			
	 SECTION 6.03.
	  	 Rights and Remedies Cumulative
	  	63
			
	 SECTION 6.04.
	  	 Delay or Omission Not Waiver
	  	64
			
	 SECTION 6.05.
	  	 Undertaking for Costs
	  	64
			
	 SECTION 6.06.
	  	 Waiver of Stay or Extension Laws
	  	64

  

 -iii- 

					
	 	  	 	  	Page

	ARTICLE VII	  	 
		
	The Purchase Contract Agent	  	 
			
	 SECTION 7.01.
	  	 Certain Duties and Responsibilities
	  	64
			
	 SECTION 7.02.
	  	 Notice Of Default
	  	65
			
	 SECTION 7.03.
	  	 Certain Rights of Purchase Contract Agent
	  	66
			
	 SECTION 7.04.
	  	 Not Responsible for Recitals or Issuance of Units
	  	67
			
	 SECTION 7.05.
	  	 May Hold Units
	  	67
			
	 SECTION 7.06.
	  	 Money Held in Custody
	  	67
			
	 SECTION 7.07.
	  	 Compensation and Reimbursement
	  	67
			
	 SECTION 7.08.
	  	 Corporate Purchase Contract Agent Required; Eligibility
	  	69
			
	 SECTION 7.09.
	  	 Resignation and Removal; Appointment of Successor
	  	69
			
	 SECTION 7.10.
	  	 Acceptance of Appointment by Successor
	  	70
			
	 SECTION 7.11.
	  	 Merger, Conversion, Consolidation or Succession to Business
	  	71
			
	 SECTION 7.12.
	  	 Preservation of Information
	  	71
			
	 SECTION 7.13.
	  	 No Obligations of Purchase Contract Agent
	  	71
			
	 SECTION 7.14.
	  	 Tax Compliance
	  	71
		
	ARTICLE VIII	  	 
		
	Supplemental Agreements	  	 
			
	 SECTION 8.01.
	  	 Supplemental Agreements Without Consent of Holders
	  	72
			
	 SECTION 8.02.
	  	 Supplemental Agreements With Consent of Holders
	  	72
			
	 SECTION 8.03.
	  	 Execution of Supplemental Agreements
	  	74
			
	 SECTION 8.04.
	  	 Effect of Supplemental Agreements
	  	74
			
	 SECTION 8.05.
	  	 Reference to Supplemental Agreements
	  	74

  

 -iv- 

					
	 	  	 	  	Page

	ARTICLE IX	  	 
		
	Consolidation, Merger, Sale or Conveyance	  	 
			
	 SECTION 9.01.
	  	 Covenant Not to Merge, Consolidate, Sell or Convey Property Except under Certain Conditions
	  	74
			
	 SECTION 9.02.
	  	 Rights and Duties of Successor Corporation
	  	75
			
	 SECTION 9.03.
	  	 Opinion of Counsel Given to Purchase Contract Agent
	  	75
		
	ARTICLE X	  	 
		
	Covenants	  	 
			
	 SECTION 10.01.
	  	 Performance under Purchase Contracts
	  	75
			
	 SECTION 10.02.
	  	 Maintenance of Office or Agency
	  	76
			
	 SECTION 10.03.
	  	 Company to Reserve Common Stock
	  	76
			
	 SECTION 10.04.
	  	 Covenants as to Common Stock
	  	76
			
	 SECTION 10.05.
	  	 Statements of Officer of the Company as to Default
	  	77
			
	 SECTION 10.06.
	  	 Listing
	  	77
			
	 SECTION 10.07.
	  	 Registration Statement
	  	77
			
	 SECTION 10.08.
	  	 Securities Contract
	  	77
			
	 SECTION 10.09.
	  	 Payment to Holders of Units on the Stock Purchase Date
	  	77
			
	 SECTION 10.10.
	  	 Consent to Treatment for Tax Purposes
	  	78

  
 EXHIBITS 
  
 EXHIBIT A   Form of Normal Units Certificate 
 EXHIBIT B   Form of Stripped Units Certificate 
 EXHIBIT
C   Instruction from Purchase Contract Agent to Collateral Agent 
 EXHIBIT D   Instruction to Purchase Contract Agent 
 EXHIBIT E   Notice to Settle by Separate Cash 
  

 -v- 

 PURCHASE CONTRACT AGREEMENT dated as of
                , 2005, between Lazard Ltd, an exempted Bermuda limited company (the “Company”), and The Bank of New York, a New York banking association, not
individually but solely as purchase contract agent and attorney-in-fact for the holders from time to time of the units described herein. 
  
 RECITALS 
  
 WHEREAS, the Company has duly authorized the execution and delivery of this Agreement (such term, and each other capitalized term used in these recitals,
having the meaning set forth herein) and the Certificates evidencing the Units. 
  
 WHEREAS, all things necessary to make the Purchase Contracts, when the Certificates are executed by the Company and authenticated, executed on behalf of the Holders and delivered by the Purchase Contract Agent, as
provided in this Agreement, the valid obligations of the Company, and to constitute this Agreement a valid agreement of the Company, in accordance with its terms, have been done. 
  
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company and the Purchase Contract Agent agree as follows: 
  
 ARTICLE I 
  
 Definitions and
Other Provisions of General Application 
  
 SECTION 1.01.
Definitions. For all purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires: 
  
 (a) the terms defined in this Agreement include the plural as well as the singular, and nouns and pronouns of the masculine gender include
the feminine and neuter genders; 
  
 (b) all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the United States; 
  
 (c) the words “herein,” “hereof” and “hereunder” and other words of similar
import refer to this Agreement as a whole and not to any particular Recital, Article, Section or other subdivision; and 
  
 (d) the following terms shall have the following meanings: 
  
 “Accounting Redemption Event” means the receipt, at any time prior to the Stock Purchase Date, by the audit
committee of the Board of Directors of a written 

  

 
report in accordance with Statement on Auditing Standards (“SAS”) No. 97, Amendment to SAS No. 50 – Reports on the Application of Accounting
Principles, from the Company’s independent auditors, provided at the request of the management of the Company, to the effect that, as a result of a change in accounting rules or interpretations thereof applicable to the Company after
                , 2005, the Company must either (a) account for the Purchase Contracts as derivatives under Statement of Financial Accounting Standards
(“SFAS”) No. 133, Accounting for Derivative Instruments and Hedging Activities (or any successor accounting standard) (or otherwise mark-to-market or measure the fair value of all or any portion of the purchase contracts with changes
appearing in the Company’s consolidated statement of income), or (b) account for the Units using the if-converted method under SFAS No. 128, Earnings Per Share (or any successor accounting standard), and that such accounting treatment will
cease to apply upon redemption of the Notes. 
  
 “Act”,
when used with respect to any Holder, has the meaning specified in Section 1.04(a). 
  
 “Affiliate” has the same meaning as given to that term in Rule 405 of the Securities Act or any successor rule thereunder. 
  
 “Agreement” means this agreement as originally executed or as it may from time to time be supplemented or amended
by one or more agreements supplemental hereto entered into pursuant to the applicable provisions hereof. 
  
 “Bankruptcy Code” means Title 11 of the United States Code or any other law of the United States that from time to time provides a uniform
system of bankruptcy laws. 
  
 “Bankruptcy Law” means
(i) the Bankruptcy Code or (ii) with respect to the Company, any and all relevant provisions of the Companies Act, or any successor thereto, relating to the winding up of the Company (including without limitation in the circumstances set out in
Section 95 of the Companies Act). 
  
 “Beneficial Owner”
means, with respect to a Book-Entry Interest, a Person who is the beneficial owner of such Book-Entry Interest as reflected on the books of the Clearing Agency or on the books of a Person maintaining an account with such Clearing Agency (directly as
a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency). 
  
 “Board of Directors” means either the Board of Directors of the Company or any committee of such Board of Directors duly authorized to act
generally or in any particular respect for the Board of Directors hereunder. 
  
 “Board Resolution” means (i) a copy of a resolution certified by the Secretary or the Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect
on the date of such certification, (ii) a copy of a unanimous written consent of the Board of Directors or (iii) a certificate signed 

  

 2 

 
by the authorized officer or officers to whom the Board of Directors has delegated its authority and, in each case, delivered to the Purchase Contract Agent.

  
 “Book-Entry Interest” means a beneficial interest in
a Global Certificate, ownership and transfers of which shall be maintained and made through book entries by a Clearing Agency as described in Section 3.06. 
  
 “Business Day” means any day other than a Saturday, Sunday or other day in the City of New York or in any Place of Payment on which banking
institutions are authorized by law or regulations to close. 
  
 “Capital Stock” means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated, whether voting or non-voting) corporate stock or similar
equity or membership interests in other types of entities. 
  
 “Cash Consideration” has the meaning set forth in Section 5.04(b)(iv). 
  
 “Cash Merger” has the meaning set forth in Section 5.10(a). 
  
 “Cash Merger Date” means the date on which a Cash Merger is consummated. 
  
 “Cash Settlement” has the meaning set forth in Section 5.04(a). 
  
 “Certificate” means a Normal Units Certificate or a Stripped Units
Certificate. 
  
 “Clearing Agency” means an organization
registered as a “clearing agency” pursuant to Section 17A of the Exchange Act that is acting as a depositary for the Units and in whose name, or in the name of a nominee of that organization, shall be registered a Global Certificate and
which shall undertake to effect book-entry transfers and pledges of the Units. 
  
 “Clearing Agency Participant” means a broker, dealer, bank, trust company, clearing corporation, other financial institution or other Person for whom from time to time the Clearing Agency effects book-entry
transfers and pledges of securities deposited with the Clearing Agency. 
  
 “Closing Price” has the meaning set forth in Section 5.01(c). 
  
 “Collateral” has the meaning set forth in Section 2.01(a) of the Pledge Agreement. 
  
 “Collateral Agent” means The Bank of New York, as Collateral Agent under the Pledge Agreement until a successor Collateral Agent shall have
become such pursuant to the applicable provisions of the Pledge Agreement, and thereafter “Collateral Agent” shall mean the Person who is then the Collateral Agent thereunder. 
  

 3 

 “Collateral Substitution” has the meaning set forth in Section 3.13(a). 
  
 “Common Stock” means the Class A common stock, par value $0.01 per
share, of the Company. 
  
 “Company” has the meaning set
forth in the preamble to this Agreement. 
  
 “Companies
Act” means the Companies Act 1981 of Bermuda. 
  
 “Constituent Person” has the meaning set forth in Section 5.06(b). 
  
 “Contract Adjustment Payments” means, in the case of Normal Units and Stripped Units, the amount payable on each Payment Date by the Company in respect of each Purchase Contract constituting a part of such
Unit, which amount shall be equal to                     % per year of the Stated Amount, in each case computed (i) for any full quarterly period, on
the basis of a 360-day year of twelve 30-day months and (ii) for any period shorter than a full quarterly period, on the basis of a 30-day month, and for periods of less than a month, on the basis of the actual number of days elapsed per 30-day
month, plus any Deferred Contract Adjustment Payments accrued pursuant to Section 5.03. 
  
 “Corporate Trust Office” means the corporate trust office of the Purchase Contract Agent at which, at any particular time, its corporate trust business shall be principally administered, which office at the
date hereof is located at                 . 
  
 “Coupon Rate” means the percentage rate per annum at which each Note will bear interest initially. 
  
 “Current Market Price” has the meaning set forth in Section
5.06(a)(8). 
  
 “Custodial Agent” means The Bank of New
York, as Custodial Agent under the Pledge Agreement until a successor Custodial Agent shall have become such pursuant to the applicable provisions of the Pledge Agreement, and thereafter “Custodial Agent” shall mean the Person who is then
the Custodial Agent thereunder. 
  
 “Daily Amount” has
the meaning set forth in Section 5.01(a). 
  
 “Default”
means a default by the Company in any of its obligations under this Agreement. 
  
 “Deferred Contract Adjustment Payments” has the meaning set forth in Section 5.03(a). 
  
 “Depositary” means DTC until another Clearing Agency becomes its successor, and thereafter “Depositary” shall mean such successor.

  
 “DTC” means The Depository Trust Company, the
initial Clearing Agency. 
  

 4 

 “Early Settlement” has the meaning set forth in Section 5.09(a). 
  
 “Early Settlement Amount” has the meaning set forth in Section
5.09(a). 
  
 “Early Settlement Date” has the meaning set
forth in Section 5.09(a). 
  
 “Early Settlement Rate”
has the meaning set forth in Section 5.09(b). 
  
 “Exchange
Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time, and the rules and regulations promulgated thereunder. 
  
 “Expiration Date” has the meaning set forth in Section 1.04(f). 
  
 “Expiration Time” has the meaning set forth in Section 5.06(a)(5).

  
 “First Supplemental Indenture” means the First
Supplemental Indenture, dated as of                 , 2005, to the Indenture between Lazard Group Finance LLC and the Trustee. 
  
 “Global Certificate” means a Certificate that evidences all or part
of the Units and is registered in the name of a Depositary or a nominee thereof. 
  
 “Holder” means the Person in whose name the Unit evidenced by a Normal Units Certificate or a Stripped Units Certificate is registered in the related Normal Units Register or the Stripped Units Register, as
the case may be. 
  
 “Indenture” means the Indenture
dated as of                 , 2005, between Lazard Group Finance LLC and the Trustee, pursuant to which the Notes are to be issued, as originally executed and delivered
and as it may from time to time be supplemented or amended by one or more indentures supplemental thereto entered into pursuant to the applicable provisions thereof and shall include the terms of a particular series established as contemplated
thereof. 
  
 “Issuer Order” or “Issuer
Request” means a written order or request signed in the name of the Company by the Chief Executive Officer, the Chief Financial Officer, the President, any Vice-President, the Treasurer, any Assistant Treasurer, the Secretary or any Assistant
Secretary (or other officer performing similar functions) of the Company and delivered to the Purchase Contract Agent. 
  
 “Last Failed Remarketing” has the meaning set forth in Section 5.04(b)(ii). 
  
 “Lazard Group” means Lazard LLC, a Delaware limited liability company that will be renamed Lazard Group LLC.

  
 “Lazard Group Finance” means Lazard Group Finance
LLC, a Delaware limited liability company. 
  

 5 

 “Merger Early Settlement” has the meaning set forth in Section 5.10(a). 
  
 “Merger Early Settlement Amount” has the meaning set forth in
Section 5.10(b). 
  
 “Merger Early Settlement Date” has
the meaning set forth in Section 5.10(a)(i). 
  
 “Non-electing Share” has the meaning set forth in Section 5.06(b). 
  
 “Normal Unit” means the collective rights and obligations of a Holder of a Normal Units Certificate in respect of a 1/40 undivided beneficial interest in a Note in the original principal amount of $1,000 or
the Treasury Consideration, as the case may be, subject in each case to the Pledge thereof, and the related Purchase Contract. 
  
 “Normal Units Certificate” means a certificate evidencing the rights and obligations of a Holder in respect of the number of Normal Units set
forth on such certificate, substantially in the form of Exhibit A hereto. 
  
 “Normal Units Register” and “Normal Units Registrar” have the respective meanings set forth in Section 3.05(a). 
  
 “Notes” means the           % Senior Notes initially due 2035 of
Lazard Group Finance LLC issued under the Indenture on or about the date of this Agreement, including the notes issued pursuant to the First Supplemental Indenture and the restricted notes issued to the Private Purchaser pursuant to the Second
Supplemental Indenture. 
  
 “NYSE” has the meaning set
forth in Section 5.01(c). 
  
 “Officer” means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller or the Secretary of such Person.

  
 “Officers’ Certificate” means a certificate
signed by the Chief Executive Officer, the Chief Financial Officer or the President, and by the Treasurer, any Assistant Treasurer, the Secretary or any Assistant Secretary (or other officer performing similar functions) of the Company and delivered
to the Purchase Contract Agent. 
  
 “Opt-Out” has the
meaning set forth in Section 5.04(b)(iv). 
  
 “Opinion of
Counsel” means an opinion in writing signed by legal counsel, who may be an employee of or counsel to the Company or an Affiliate of the Company and who shall be reasonably acceptable to the Purchase Contract Agent. 
  

 6 

 “Outstanding Units” means, as of the date of determination, all Normal Units or Stripped Units
evidenced by Certificates theretofore authenticated, executed and delivered under this Agreement, except: 
  
 (i) if a Termination Event has occurred, (A) Stripped Units for which the related Treasury Securities have been theretofore deposited with
the Purchase Contract Agent in trust for the Holders of such Stripped Units and (B) Normal Units for which the related Notes or the Treasury Consideration, as the case may be, has been theretofore deposited with the Purchase Contract Agent in trust
for the Holders of such Normal Units; 
  
 (ii)
Normal Units and Stripped Units evidenced by Certificates theretofore cancelled by the Purchase Contract Agent or delivered to the Purchase Contract Agent for cancellation or deemed cancelled pursuant to the provisions of this Agreement; and

  
 (iii) Normal Units and Stripped Units
evidenced by Certificates in exchange for or in lieu of which other Certificates have been authenticated, executed on behalf of the Holder and delivered pursuant to this Agreement, other than any such Certificate in respect of which there shall have
been presented to the Purchase Contract Agent proof satisfactory to it that such Certificate is held by a protected purchaser in whose hands the Normal Units or Stripped Units evidenced by such Certificate are valid obligations of the Company;

  
 provided that, in determining whether the Holders of the requisite
number of the Normal Units or Stripped Units have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Normal Units or Stripped Units owned by the Company or any Affiliate of the Company shall be disregarded and
deemed not to be outstanding, except that, in determining whether the Purchase Contract Agent shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Normal Units or Stripped Units which
a Responsible Officer of the Purchase Contract Agent knows to be so owned shall be so disregarded. Normal Units or Stripped Units so owned which have been pledged in good faith may be regarded as Outstanding Units if the pledgee establishes to the
satisfaction of the Purchase Contract Agent the pledgee’s right so to act with respect to such Normal Units or Stripped Units and that the pledgee is not the Company or any Affiliate of the Company. 
  
 “Payment Date” means each
                ,                 ,
                 and                 , commencing
                , 2005 and ending on                 , 2008. 
  
 “Person” means any individual, corporation, limited liability
company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
  
 “Pledge” has the meaning set forth in Section 2.01(c) of the Pledge Agreement. 
  

 7 

 “Pledge Agreement” means the Pledge Agreement, dated as of the date hereof, by and among the
Company, the Collateral Agent, the Custodial Agent, the Securities Intermediary and the Purchase Contract Agent, on its own behalf and as attorney-in-fact for the Holders from time to time of the Units. 
  
 “Pledged Notes” has the meaning set forth in Section 2.01(c) of the
Pledge Agreement. 
  
 “Pledged Treasury Consideration”
has the meaning set forth in Section 2.01(c) of the Pledge Agreement. 
  
 “Pledged Treasury Securities” has the meaning set forth in Section 2.01(c) of the Pledge Agreement. 
  
 “Predecessor Certificate” means a Predecessor Normal Units Certificate or a Predecessor Stripped Units Certificate. 
  
 “Predecessor Normal Units Certificate” of any particular Normal
Units Certificate means every previous Normal Units Certificate evidencing all or a portion of the rights and obligations of the Company and the Holder under the Normal Units evidenced thereby. For the purposes of this definition, any Normal Units
Certificate authenticated and delivered under Section 3.10 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Normal Units Certificate shall be deemed to evidence the same rights and obligations of the Company and the Holder as the
mutilated, destroyed, lost or stolen Normal Units Certificate. 
  
 “Predecessor Stripped Units Certificate” of any particular Stripped Units Certificate means every previous Stripped Units Certificate evidencing all or a portion of the rights and obligations of the Company and the Holder under
the Stripped Units evidenced thereby. For the purposes of this definition, any Stripped Units Certificate authenticated and delivered under Section 3.10 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Stripped Units Certificate
shall be deemed to evidence the same rights and obligations of the Company and the Holder as the mutilated, destroyed, lost or stolen Stripped Units Certificate. 
  
 “Private Purchaser” means IXIS—Corporate & Investment Bank, an entity organized under the Laws of France.

  
 “Purchase Contract,” when used with respect to any
Unit, means the contract forming a part of such Unit and obligating the Company to issue and sell and the Holder of such Unit to purchase Common Stock on the terms and subject to the conditions set forth in Article V. 
  
 “Purchase Contract Agent” means the Person named as the
“purchase contract agent” in the preamble to this Agreement until a successor Purchase Contract Agent shall have become such pursuant to the applicable provisions of this Agreement, and thereafter “Purchase Contract Agent” shall
mean such Person. 
  

 8 

 “Purchase Contract Settlement Fund” has the meaning set forth in Section 5.05. 
  
 “Purchase Price” has the meaning set forth in Section 5.01(a).

  
 “Purchased Shares” has the meaning set forth in
Section 5.06(a)(5). 
  
 “Quotation Agent” means
                 or any of its successors or any other primary U.S. government securities dealer in New York City selected by the Company. 
  
 “Record Date” for the payment of a distribution payable on any
Payment Date means, the 15th calendar day preceding such Payment Date. 
  
 “Redemption Price” means, for each Note, whether or not included in a Normal Unit, the greater of (a) the principal amount of such Note and (b) the product of (i) the principal amount of such Note and (ii) a fraction whose
numerator is the applicable Treasury Portfolio Purchase Price and whose denominator is the applicable Special Event Redemption Principal Amount. 
  
 “Reference Price” has the meaning set forth in Section 5.01. 
  
 “Register” means the Normal Units Register and the Stripped Units Register, as applicable. 
  
 “Registrar” means the Normal Units Registrar and the Stripped Units
Registrar, as applicable. 
  
 “Remarketing Agent” has
the meaning set forth in Section 5.04(b)(i). 
  
 “Remarketing
Agreement” means the Remarketing Agreement to be entered into by and among the Company, Lazard Group Finance LLC, the Remarketing Agent and the Purchase Contract Agent. 
  
 “Remarketing Date” means the ninth Business Day before the Stock Purchase Date, which shall be
                , 2008. 
  
 “Remarketing Fee” has the meaning set forth in Section 5.04(b)(i). 
  
 “Remarketing Notice” has the meaning set forth in Section 5.04(b)(i). 
  
 “Remarketing Period” means the seven Business Day period beginning
on the Remarketing Date and ending on the third Business Day preceding the Stock Purchase Date. 
  
 “Remarketing Rate” means the percentage rate per year at which each Note will bear interest on and following the Reset Date. 
  

 9 

 “Remarketing Value” means, with respect to any Note, the principal amount of such Note.

  
 “Reorganization Event” has the meaning set forth in
Section 5.06(b). 
  
 “Reset Date” means the date
following the Remarketing Date or a Subsequent Remarketing Date, as applicable, on which the sales of the Notes pursuant to a successful remarketing of the Notes, subject to the provisions of Section 5.04, are settled. Notwithstanding whether a
successful remarketing occurs on the Remarketing Date or on a Subsequent Remarketing Date, the settlement date for such remarketing, if successful, shall be on the Stock Purchase Date; provided that the Company with the consent of the
Remarketing Agent and the Purchase Contract Agent shall have the option to provide for a settlement date of a successful remarketing that is earlier than the Stock Purchase Date so long as the Company shall pay on the Stock Purchase Date to the
Holders of the Normal Units and the Separate Notes payment on the Notes for the period from and including the Payment Date immediately preceding the Stock Purchase Date to but excluding the Stock Purchase Date at the Coupon Rate. 
  
 “Responsible Officer” means, when used with respect to the Purchase
Contract Agent, any officer within the corporate trust department of the Purchase Contract Agent (or any successor of the Purchase Contract Agent), including any Vice-President, any assistant Vice-President, any assistant secretary, the treasurer,
any assistant treasurer, any trust officer, any senior trust officer or any other officer of the Purchase Contract Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who, in each of the above cases, shall have direct responsibility for the administration of
this Agreement. 
  
 “Second Supplemental Indenture”
means the Second Supplemental Indenture, dated as of                 , 2005, to the Indenture between Lazard Group Finance LLC and the Trustee. 
  
 “Securities Intermediary” means The Bank of New York, in its
capacity as Securities Intermediary under the Pledge Agreement, together with its successors in such capacity. 
  
 “Senior Indebtedness” means indebtedness of any kind of the Company unless the instrument under which such indebtedness is incurred expressly
provides that it is pari passu with, or subordinate in right of payment to, the Contract Adjustment Payments. 
  
 “Separate Notes” has the meaning set forth in the Pledge Agreement. 
  
 “Settlement Date” means any Early Settlement Date or Merger Early Settlement Date or the Stock Purchase Date.

  
 “Settlement Rate” has the meaning set forth in
Section 5.01(a). 
  

 10 

 “Share Components” has the meaning set forth in Section 5.01(a). 
  
 “Special Event” means either an Accounting Redemption Event or a
Tax Event. 
  
 “Special Event Redemption” means, if a
Special Event shall occur and be continuing, the redemption of the Notes, at the option of Lazard Group Finance, in whole but not in part, on not less than 30 days’ nor more than 60 days’ prior written notice. 
  
 “Special Event Redemption Date” means the date upon which a Special
Event Redemption is to occur. 
  
 “Special Event Redemption
Principal Amount” means (i) in the case of a Special Event Redemption Date occurring prior to a successful remarketing of the Notes pursuant to the provisions of Section 5.04, the aggregate principal amount of Notes included in Normal Units
outstanding on such date and (ii) in the case of a Special Event Redemption Date occurring after either a successful remarketing of the Notes pursuant to the provisions of Section 5.04 or the Stock Purchase Date, the aggregate principal amount of
the Notes outstanding on such date. 
  
 “Stated Amount”
means, with respect to a Normal Unit or Stripped Unit, $25 and, with respect to a Note, $1,000. 
  
 “Stock Purchase Date” means                 , 2008. 

 
 “Stripped Unit” means the collective rights and obligations of a
Holder of a Stripped Units Certificate in respect of a 1/40 undivided beneficial interest in a Treasury Security or, in the case of an Opt-Out, the Cash Consideration, subject to the Pledge thereof, and the related Purchase Contract. 
  
 “Stripped Units Certificate” means a certificate evidencing the
rights and obligations of a Holder in respect of the number of Stripped Units specified on such certificate, substantially in the form of Exhibit B hereto. 
  
 “Stripped Units Register” and “Stripped Units Registrar” have the respective meanings set forth in Section 3.05(a). 
  
 “Subsequent Remarketing Date” has the meaning set forth in Section
5.04(b)(ii). 
  
 “Tax Event” means the receipt by Lazard
Group Finance of an opinion of nationally recognized tax counsel to the effect that there is more than an insubstantial increase in the risk that interest payable by Lazard Group Finance on the Notes on the next interest payment date is not, or
within 90 days of the date of such opinion, will not be deductible, in whole or in part, by Lazard Group for U.S. federal income tax purposes as a result of (i) any amendment to, change in, or announced proposed change in, the laws, or any
regulations thereunder, of the U.S. or any political subdivision or taxing authority thereof or therein affecting taxation (other than any such amendment, change or 

  

 11 

 
announced proposed change to the so-called “earnings stripping” provisions of Section 163(j) of the Code, which limit the ability of U.S.
corporations to deduct interest on certain debt owed to or guaranteed by related foreign persons), (ii) any amendment to or change in an official interpretation or application of any such laws or regulations by any legislative body, court,
governmental agency or regulatory authority or (iii) any official interpretation, pronouncement or application that provides for a position with respect to any such laws or regulations that differs from the generally accepted position on the date of
this prospectus, which amendment, change or proposed change is effective or which interpretation or pronouncement is announced on or after the date of this prospectus. 
  
 “Termination Date” means the date, if any, on which a Termination Event occurs. 
  
 “Termination Event” means the occurrence of any of the following
events: 
  
 (i) at any time on or prior to the
Stock Purchase Date, a judgment, decree or court order shall have been entered granting relief under any Bankruptcy Law or any other similar foreign, federal or state law, adjudicating the Company, Lazard Group or Lazard Group Finance to be
insolvent, or approving as properly filed a petition seeking reorganization or liquidation of the Company, Lazard Group or Lazard Group Finance and, unless such judgment, decree or order shall have been entered within 60 days prior to the Stock
Purchase Date, such decree or order shall have continued undischarged and unstayed for a period of 60 days; 
  
 (ii) except under Bermuda law, at any time on or prior to the Stock Purchase Date, a judgment, decree or court order for the appointment
of a custodian, receiver or liquidator or trustee or assignee in bankruptcy or insolvency of the Company, Lazard Group, or Lazard Group Finance or of their property substantially in the entirety, or for the winding up or liquidation of any such
person’s affairs, shall have been entered, and, unless such judgment, decree or order shall have been entered within 60 days prior to the Stock Purchase Date, such judgment, decree or order shall have continued undischarged and unstayed for a
period of 60 days; 
  
 (iii) at any time on or
prior to the Stock Purchase Date, the Company, Lazard Group, or Lazard Group Finance or any creditor thereof shall file a petition for relief under any Bankruptcy Law or any other foreign, federal or state law substantially similar to any Bankruptcy
Law, or shall consent to the filing of a bankruptcy proceeding against any such person, or shall file a petition or answer or consent seeking reorganization or liquidation under any Bankruptcy Law or any other similar foreign, federal or state law,
or shall consent to the filing of any such petition, or shall consent to the appointment of a custodian, receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or of its property substantially in the entirety, or shall make
an assignment for the benefit of creditors, or shall admit in writing its inability to pay its debts generally as they become due; or 
  

 12 

 (iv) at any time on or prior to the Stock Purchase Date, a judgment, decree or court
order for the appointment of a receiver or liquidator or trustee or assignee or provisional liquidator in bankruptcy or insolvency of the Company or of its property under any Bankruptcy Law of Bermuda, or for the termination or liquidation of the
affairs of the Company on its bankruptcy or insolvency or for the reorganization of the Company’s affairs, shall have been entered and if such judgment, decree or order shall have been entered more than 60 days prior to the Stock Purchase Date,
such judgment, decree or order shall have continued undischarged and unstayed for a period of 60 days. 
  
 “Threshold Appreciation Price” has the meaning set forth in Section 5.01(a). 
  
 “Trading Day” has the meaning set forth in Section 5.01(c). 
  
 “Treasury Consideration” means, as the context requires, (i) with
respect to a Normal Unit, (A) a 1/40, or 2.5%, undivided beneficial ownership interest in a $1,000 principal or interest amount of a principal or interest strip in a U.S. Treasury security included in the Treasury Portfolio which matures on or prior
to the Stock Purchase Date and (B) for each scheduled interest Payment Date on the Notes that occurs after the Special Event Redemption Date and on or before the Stock Purchase Date, a           %
undivided beneficial ownership interest in a $1,000 principal or interest amount of a principal or interest strip in a U.S. Treasury security included in the Treasury Portfolio that matures on or prior to that interest Payment Date or (ii) with
respect to any number of Normal Units greater than one, (A) an equal number of 1/40, or 2.5%, undivided beneficial ownership interests in a $1,000 principal or interests amounts of principal or interest strips in a U.S. Treasury securities included
in the Treasury Portfolio which matures on or prior to the Stock Purchase Date and (B) for each scheduled interest Payment Date on the Notes that occurs after the Special Event Redemption Date and on or before the Stock Purchase Date, an equal
number of           % undivided beneficial ownership interests in a $1,000 principal or interest amounts of principal or interest strips in a U.S. Treasury securities included in the Treasury
Portfolio that matures on or prior to that interest Payment Date. 
  
 “Treasury Portfolio” means (i) if a Special Event Redemption occurs prior to a successful remarketing of the Notes pursuant to the provisions of Section 5.04, a portfolio of (A) zero-coupon U.S. Treasury securities consisting of
principal or interest strips of U.S. Treasury securities that mature on or prior to the Stock Purchase Date in an aggregate amount equal to the applicable Special Event Redemption Principal Amount and (B) with respect to each scheduled interest
Payment Date on the Notes that occurs after the Special Event Redemption Date and on or before the Stock Purchase Date, interest or principal strips of U.S. Treasury securities that mature on or prior to such interest Payment Date in an aggregate
amount equal to the aggregate interest payment that would be due on the applicable Special Event Redemption Principal Amount on such date if the interest rate of the Notes were not reset on the Reset Date, and (ii) solely for purposes of determining
the Treasury Portfolio Purchase Price in the case of a Special Event Redemption Date occurring after the successful remarketing of the Notes pursuant 

  

 13 

 
to the provisions of Section 5.04 or the Stock Purchase Date, a portfolio of (A) zero-coupon U.S. Treasury securities consisting of principal or interest
strips of U.S. Treasury securities that mature on the reset maturity date of the Notes in an aggregate amount equal to the applicable Special Event Redemption Principal Amount and (B) with respect to each scheduled interest Payment Date on the Notes
that occurs after the Special Event Redemption Date and on the reset maturity date of the Notes, interest or principal strips of U.S. Treasury securities that mature on or prior to such interest Payment Date in an aggregate amount equal to the
aggregate interest payment that would be due on the applicable Special Event Redemption Principal Amount. 
  
 “Treasury Portfolio Purchase Price” means the lowest aggregate price quoted by a primary U.S. government securities dealer in New York City to
the Quotation Agent on the third Business Day immediately preceding the Special Event Redemption Date for the purchase of the Treasury Portfolio for settlement on the Special Event Redemption Date. 
  
 “Treasury Security” means a zero-coupon U.S. Treasury security
(Number                 ) maturing on                 , 2008 that will pay $1,000 on such
maturity date. 
  
 “Trustee” means The Bank of New York
banking association, as trustee under the Indenture and the First Supplemental Indenture, or any successor thereto. 
  
 “Trust Indenture Act” means the Trust Indenture Act of 1939, and any statute successor thereto, in each case as amended from time to time, and
the rules and regulations promulgated thereunder. 
  
 “Underwriting Agreement” means the Underwriting Agreement relating to the Units dated                 , 2005, between the Company, Lazard Group LLC,
Lazard Group Finance LLC and the underwriters named therein. 
  
 “Unit” means a Normal Unit or a Stripped Unit, including the Units issued to the Private Purchaser. 
  
 “Vice-President” means any vice-president, whether or not designated by a number or a word or words added before or after the title
“vice-president.” 
  
 SECTION 1.02. Compliance
Certificates and Opinions. Except as otherwise expressly provided by this Agreement, upon any application or request by the Company to the Purchase Contract Agent to take any action under any provision of this Agreement, the Company shall
furnish to the Purchase Contract Agent an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Agreement relating to the proposed action have been complied with and, if requested by the Purchase Contract
Agent, an Opinion of Counsel stating that, in the opinion of such counsel, such action is authorized or permitted by this Agreement and that all such conditions precedent, if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any provision of this Agreement relating to such particular application or request, no additional certificate or opinion need be furnished. 

 

 14 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Agreement shall include: 
  
 (a) a statement that
the individual signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto; 
  
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
  
 (c) a
statement that, in the opinion of such individual, he or she has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with;
and 
  
 (d) a statement as to whether, in the
opinion of such individual based on his or her knowledge, such condition or covenant has been complied with. 
  
 SECTION 1.03. Form of Documents Delivered to Purchase Contract Agent. (a) In any case where several matters are required to be certified by, or
covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
  
 (b) Any certificate or opinion of an officer of the Company may be based,
insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or
officers of the Company stating that the information with respect to such factual matters is in the possession of the Company unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous. 
  
 Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Agreement, they may, but need not, be consolidated and form one
instrument. 
  
 SECTION 1.04. Acts of Holders; Record
Dates. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar
tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the 

  

 15 

 
Purchase Contract Agent and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose
of this Agreement and (subject to Section 7.01) conclusive in favor of the Purchase Contract Agent and the Company, if made in the manner provided in this Section. 
  
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved in any manner which the
Purchase Contract Agent deems sufficient. 
  
 (c) The ownership of
Units shall be proved by the Normal Units Register or the Stripped Units Register, as the case may be. 
  
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Certificate shall bind every future Holder of
the same Certificate and the Holder of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Purchase Contract Agent or the
Company in reliance thereon, whether or not notation of such action is made upon such Certificate. 
  
 (e) The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Units entitled to give, make or take any
request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Agreement to be given, made or taken by Holders of Units. If any record date is set pursuant to this paragraph, the Holders of the
Outstanding Normal Units and the Outstanding Stripped Units, as the case may be, on such record date, and no other Holders, shall be entitled to take the relevant action with respect to the Normal Units or the Stripped Units, as the case may be,
whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite number of Outstanding Units on
such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite number of Outstanding Units on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Purchase
Contract Agent in writing and to each Holder of Units in the manner set forth in Section 1.06. 
  
 (f) With respect to any record date set pursuant to this Section, the Company may designate any date as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day;
provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the Purchase 

  

 16 

 
Contract Agent in writing, and to each Holder of Units in the manner set forth in Section 1.06, on or prior to the existing Expiration Date. If an Expiration
Date is not designated with respect to any record date set pursuant to this Section, the Company shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to
change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
  
 SECTION 1.05. Notices. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Agreement to be made upon, given or furnished to, or filed with: 
  
 (a) the Purchase Contract Agent by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the
Purchase Contract Agent at                 , Attention:                 , telecopy
                , or at any other address furnished in writing by the Purchase Contract Agent to the Holders and the Company; or 
  
 (b) the Company by the Purchase Contract Agent or by any
Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air
courier guaranteeing at least second day delivery, addressed to and received by the Company at Lazard Ltd, Clarendon House, 2 Church Street, Hamilton HM11, Bermuda, Attention:
                , telecopy:                 , with a copy to Lazard Ltd, 30 Rockefeller
Plaza, New York, New York, 10020, Attention: General Counsel, telecopy:                 , or at any other address furnished in writing to the Purchase Contract Agent by
the Company; or 
  
 (c) the Collateral Agent by
the Purchase Contract Agent, the Company or any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made, given, furnished or filed in writing and personally delivered, mailed, first-class postage
prepaid, telecopied or delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the Collateral Agent at                 , or at
any other address furnished in writing by the Collateral Agent to the Purchase Contract Agent, the Company and the Holders; or 
  
 (d) the Trustee by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if made,
given, furnished or filed in writing and personally delivered, mailed, first-class postage prepaid, telecopied or delivered by overnight air courier guaranteeing next day delivery, addressed to and received by the Trustee at
                , Attention:                 , telecopy
                , or at any other address furnished in writing by the Trustee to the Company. 
  

 17 

 SECTION 1.06. Notice to Holders; Waiver. (a) Where this Agreement provides for notice to Holders
of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at its address as it appears in the applicable Register,
not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed,
to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Agreement provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either
before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Purchase Contract Agent, but such filing shall not be a condition precedent to the validity of any action taken
in reliance upon such waiver. 
  
 (b) In case by reason of the
suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Purchase Contract Agent shall constitute a sufficient
notification for every purpose hereunder. 
  
 SECTION 1.07.
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
  
 SECTION 1.08. Successors and Assigns. All covenants and agreements in this Agreement by the Company shall bind its
successors and assigns, whether so expressed or not. 
  
 SECTION
1.09. Separability Clause. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and
shall be liberally construed in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any provision hereof in any jurisdiction shall not affect the validity or
enforceability of such provision in any other jurisdiction. 
  
 SECTION 1.10. Benefits of Agreement. Nothing in this Agreement or in the Units, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and, to the extent provided hereby, the
Holders, any benefits or any legal or equitable right, remedy or claim under this Agreement. The Holders from time to time shall be beneficiaries of this Agreement and shall be bound by all of the terms and conditions hereof and of the Units
evidenced by their Certificates by their acceptance of delivery of such Certificates. 
  
 SECTION 1.11. Governing Law. THIS AGREEMENT AND THE UNITS SHALL BE GOVERNED BY, DEEMED TO BE A CONTRACT UNDER, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. The Company, the Purchase
Contract Agent and the Holders from time to 

  

 18 

 
time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, hereby submit to the nonexclusive jurisdiction of the United States
District Court for the Southern District of New York and of any New York state court sitting in the Borough of Manhattan in New York City for the purposes of all legal proceedings arising out of or relating to this Agreement or the transactions
contemplated hereby. The Company, the Purchase Contract Agent and the Holders from time to time of the Units, acting through the Purchase Contract Agent as their attorney-in-fact, irrevocably waive, to the fullest extent permitted by applicable law,
any objection which they may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum. 
  
 SECTION 1.12. Judgment Currency. The Company agrees, to the fullest
extent that it may effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due (the “Required Currency”) into a currency in which a judgment will be rendered
(the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Purchase Contract Agent could purchase in The City of New York the requisite amount of the Required Currency
with the Judgment Currency on the New York Banking Day preceding the day on which a final unappealable judgment is given and (b) its obligations under this Agreement to make payments in the Required Currency (i) shall not be discharged or satisfied
by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with clause (a)), in any currency other than the Required Currency, except to the extent that such tender or recovery shall result in the actual receipt,
by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action for the purpose of recovering in the Required Currency the
amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and (iii) shall not be affected by judgment being obtained for any other sum due under this Agreement. For purpose
of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of New York or a day on which banking institutions in The City of New York are authorized or obligated by law, regulation or
executive order to be closed. 
  
 SECTION 1.13. Legal
Holidays. (a) In any case where any Payment Date shall not be a Business Day, then (notwithstanding any other provision of this Agreement or the Normal Units Certificates) payments on the Units shall not be made on such date, but such payments
shall be made on the next succeeding day which is a Business Day with the same force and effect as if made on such Payment Date, provided that no interest shall accrue or be payable by the Company in respect of such payment for the period
from and after any such Payment Date, except that if such next succeeding Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day with the same force and effect as if made on such
Payment Date. 
  

 19 

 (b) If any date on which Contract Adjustment Payments are to be made on the Purchase Contracts is not a
Business Day, then payment of the Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest or additional payment will be paid in respect of the delay. However, if that
Business Day is in the next succeeding calendar year, the payment will be made on the immediately preceding Business Day with the same force and effect as if made on that Payment Date. 
  
 (c) In any case where the Stock Purchase Date shall not be a Business Day, then (notwithstanding any other provision of this
Agreement or the Certificates) the Purchase Contracts shall not be performed on such date, but the Purchase Contracts shall be performed on the next succeeding day which is a Business Day with the same force and effect as if performed on the Stock
Purchase Date. 
  
 SECTION 1.14. Counterparts. This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Agreement by signing any such counterpart. 
  
 SECTION 1.15. Inspection of Agreement. A copy of this Agreement shall
be available at all reasonable times during normal business hours at the Corporate Trust Office for inspection by any Holder. 
  
 SECTION 1.16. Appointment of Financial Institution as Purchase Contract Agent for the Company. The Company may appoint a financial institution
(which may be the Collateral Agent) to act as its agent in performing its obligations and in accepting and enforcing performance of the obligations of the Purchase Contract Agent and the Holders, under this Agreement and the Purchase Contracts, by
giving notice of such appointment in the manner provided in Section 1.05 hereof. Any such appointment shall not relieve the Company in any way from its obligation hereunder. 
  
 SECTION 1.17. No Waiver. No failure on the part of the Company, the Purchase Contract Agent, the Collateral Agent,
the Securities Intermediary or any of their respective agents to exercise, and no course of dealing with respect to, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise by the Company, the Purchase Contract Agent, the Collateral Agent, the Securities Intermediary or any of their respective agents of any right, power or remedy hereunder preclude any further exercise thereof or the exercise of any right,
power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law. 
  
 ARTICLE II 
  
 Certificate Forms 
  
 SECTION 2.01. Forms of
Certificates Generally. (a) The Normal Units Certificates (including the form of Purchase Contract forming part of the Normal Units 

  

 20 

 
evidenced thereby) shall be in substantially the form set forth in Exhibit A hereto, with such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as may be required by the rules of any securities exchange or quotation system on which the Normal Units are listed or quoted for trading or any depositary
therefor, or as may, consistently herewith, be determined by the officers of the Company executing such Normal Units Certificates, as evidenced by their execution of the Normal Units Certificates. 
  
 (b) The definitive Normal Units Certificates shall be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers of the Company executing such Normal Units Certificates, consistent with the provisions of this Agreement, as evidenced by their
execution thereof. 
  
 (c) The Stripped Units Certificates
(including the form of Purchase Contracts forming part of the Stripped Units evidenced thereby) shall be in substantially the form set forth in Exhibit B hereto, with such letters, numbers or other marks of identification or designation and such
legends or endorsements printed, lithographed or engraved thereon as may be required by the rules of any securities exchange or the quotation system on which the Stripped Units may be listed or quoted for trading or any depositary therefor, or as
may, consistently herewith, be determined by the officers of the Company executing such Stripped Units Certificates, as evidenced by their execution of the Stripped Units Certificates. 
  
 (d) The definitive Stripped Units Certificates shall be printed, lithographed or engraved on steel engraved borders or may
be produced in any other manner, all as determined by the officers of the Company executing such Stripped Units Certificates, consistent with the provisions of this Agreement, as evidenced by their execution thereof. 
  
 (e) Every Global Certificate authenticated, executed on behalf of the Holders
and delivered hereunder shall bear a legend in substantially the following form: 
  
 “THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS
CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN
THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT. [Unless this Certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for
registration of transfer, exchange or payment, and any Certificate issued is registered in the name of Cede & Co., or such other name as 

  

 21 

 
requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such other entity as is
requested by an authorized representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.]
UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.”

  
 SECTION 2.02. Form of Purchase Contract Agent’s
Certificate of Authentication. (a) The form of the Purchase Contract Agent’s certificate of authentication of the Normal Units shall be in substantially the form set forth on the form of the Normal Units Certificates. 
  
 (b) The form of the Purchase Contract Agent’s certificate of
authentication of the Stripped Units shall be in substantially the form set forth on the form of the Stripped Units Certificates. 
  
 ARTICLE III 
  
 The Units 
  
 SECTION 3.01. Number of Units; Denominations. (a) The aggregate number of Normal Units and Stripped Units, if any, evidenced by Certificates authenticated, executed on behalf of the Holders and delivered hereunder is limited to
                , except for Certificates authenticated, executed on behalf of the Holder and delivered upon registration of transfer of, in exchange for, or in lieu of,
other Certificates pursuant to Section 3.04, 3.05, 3.10, 3.13, 3.14, 5.09(e), 5.10(e) or 8.05. 
  
 (b) The Certificates shall be issuable only in registered form and only in denominations of a single Unit and any integral multiple thereof. 
  
 SECTION 3.02. Rights and Obligations Evidenced by the Certificates. (a) Each Normal Units Certificate shall evidence
the number of Normal Units specified therein, with each such Normal Unit representing the ownership by the Holder thereof of a 1/40 undivided beneficial interest in a Note in the original principal amount of $1,000 or the Treasury Consideration, as
the case may be, subject to the Pledge of such interest in such Note or the Treasury Consideration, as the case may be, by such Holder pursuant 

  

 22 

 
to the Pledge Agreement, and the rights and obligations of the Holder thereof and the Company under one Purchase Contract. The Purchase Contract Agent, as
attorney-in-fact for, and on behalf of, the Holder of each Normal Unit, shall pledge and grant, pursuant to the Pledge Agreement, to the Collateral Agent, for the benefit of the Company, as collateral security for the payment and performance when
due by such Holder of its respective obligations to the Company under the related Purchase Contracts, a security interest in, and right of set-off against, all of the right, title and interest of the Purchase Contract Agent and such Holder in such
Note or the Treasury Consideration forming a part of such Normal Unit. 
  
 (b) Each Stripped Units Certificate shall evidence the number of Stripped Units specified therein, with each such Stripped Unit representing the ownership by the Holder thereof of a 1/40 undivided beneficial interest in a Treasury Security
or, in the case of an Opt-Out, the Cash Consideration, subject to the Pledge of such interest in such Treasury Security or Cash Consideration, as the case may be, by such Holder pursuant to the Pledge Agreement, and the rights and obligations of the
Holder thereof and the Company under one Purchase Contract. The Purchase Contract Agent, as attorney-in-fact for, and on behalf of, the Holder of each Stripped Unit, shall pledge and grant, pursuant to the Pledge Agreement, to the Collateral Agent,
for the benefit of the Company, as collateral security for the payment and performance when due by such Holder of its respective obligations to the Company under the related Purchase Contracts, a security interest in, and right of set off against,
all of the right, title, and interest of the Purchase Contract Agent and such Holder in such interest in the Treasury Security forming a part of such Stripped Unit. 
  
 (c) Prior to the purchase of Common Stock under each Purchase Contract, such Purchase Contract shall not entitle the Holder
of the related Units Certificates to any of the rights of a holder of Common Stock, including, without limitation, the right to vote or receive any dividends or other payments or to consent or to receive notice as a shareholder in respect of the
meetings of shareholders or for the election of directors of the Company or for any other matter, or any other rights whatsoever as a shareholder of the Company. 
  
 SECTION 3.03. Execution, Authentication, Delivery and Dating. (a) Subject to the provisions of Sections 3.13 and
3.14, upon the execution and delivery of this Agreement, and at any time and from time to time thereafter, the Company may deliver Certificates executed by the Company to the Purchase Contract Agent for authentication, execution on behalf of the
Holders and delivery, together with its Issuer Order for authentication and delivery of such Certificates, and the Purchase Contract Agent in accordance with such Issuer Order shall authenticate, execute on behalf of the Holders and deliver such
Certificates. 
  
 (b) The Certificates shall be executed on behalf
of the Company by its Chairman of the Board of Directors, a Vice-Chairman, its President or Secretary and delivered to the Purchase Contract Agent. The signature of any of these officers on the Certificates may be manual or facsimile. 
  

 23 

 (c) Certificates bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Certificates or did not hold such offices at the date of
such Certificates. 
  
 (d) No Purchase Contract evidenced by a
Certificate shall be valid until such Certificate has been executed on behalf of the Holder by the manual or facsimile signature of an authorized officer of the Purchase Contract Agent, as such Holder’s attorney-in-fact. Such signature by an
authorized officer of the Purchase Contract Agent shall be conclusive evidence that the Holder of such Certificate has entered into the Purchase Contract or Purchase Contracts evidenced by such Certificate. 
  
 (e) Each Certificate shall be dated the date of its authentication.

  
 (f) No Certificate shall be entitled to any benefit under this
Agreement or be valid or obligatory for any purpose unless there appears on such Certificate a certificate of authentication substantially in the form provided for herein executed by an authorized officer of the Purchase Contract Agent by manual or
facsimile signature, and such certificate upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly authenticated and delivered hereunder. 
  
 SECTION 3.04. Temporary Certificates. (a) Pending the preparation of
definitive Certificates, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall authenticate, execute on behalf of the Holders, and deliver, in lieu of such definitive Certificates, temporary
Certificates which are in substantially the form set forth in Exhibit A or Exhibit B hereto, as the case may be, with such letters, numbers or other marks of identification or designation and such legends or endorsements printed, lithographed or
engraved thereon as may be required by the rules of any securities exchange on which the Normal Units or Stripped Units, as the case may be, are listed or quoted for trading or any depositary transfer, or as may, consistently herewith, be determined
by the officers of the Company executing such Certificates, as evidenced by their execution of the Certificates. 
  
 (b) If temporary Certificates are issued, the Company will cause definitive Certificates to be prepared without unreasonable delay. After the preparation
of definitive Certificates, the temporary Certificates shall be exchangeable for definitive Certificates upon surrender of the temporary Certificates at the Corporate Trust Office or such other office or agency designated pursuant to Section 10.02
at the expense of the Company and without charge to the Holder. Upon surrender for cancellation of any one or more temporary Certificates, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall
authenticate, execute on behalf of the Holder, and deliver in exchange therefor, one or more definitive Certificates of like tenor and denominations and evidencing a like number of Normal Units or Stripped Units, as the case may be, as the temporary
Certificate or Certificates so surrendered. Until so exchanged, the temporary Certificates shall in all respects evidence the same 

  

 24 

 
benefits and the same obligations with respect to the Normal Units or Stripped Units, as the case may be, evidenced thereby as definitive Certificates.

  
 SECTION 3.05. Registration; Registration of Transfer and
Exchange. (a) The Purchase Contract Agent shall keep at the Corporate Trust Office a register (the register maintained in such office or in any other office or agency designated pursuant to Section 10.02 being herein referred to as “Normal
Units Register”) in which, subject to such reasonable regulations as it may prescribe, the Purchase Contract Agent shall provide for the registration of Normal Units Certificates and of transfers of Normal Units Certificates (the Purchase
Contract Agent, in such capacity, the “Normal Units Registrar”) and a register (the register maintained in such office or in any other office or agency designated pursuant to Section 10.02 being herein referred to as the “Stripped
Units Register”) in which, subject to such reasonable regulations as it may prescribe, the Purchase Contract Agent shall provide for the registration of the Stripped Units Certificates and of transfers of Stripped Units Certificates (the
Purchase Contract Agent, in such capacity, the “Stripped Units Registrar”). 
  
 (b) Upon surrender for registration of transfer of any Certificate at the Corporate Trust Office or such office or agency designated pursuant to Section 10.02, the Company shall execute and deliver to the Purchase
Contract Agent, and the Purchase Contract Agent shall authenticate, execute on behalf of the designated transferee or transferees, and deliver one or more new Certificates of like tenor and denominations, registered in the name of the designated
transferee or transferees, and evidencing a like number of Normal Units or Stripped Units, as the case may be. 
  
 (c) At the option of the Holder, Certificates may be exchanged for other Certificates, of like tenor and denominations and evidencing a like number of
Normal Units or Stripped Units, as the case may be, upon surrender of the Certificates to be exchanged at such office or agency. Whenever any Certificates are so surrendered for exchange, the Company shall execute and deliver to the Purchase
Contract Agent, and the Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and deliver the Certificates which the Holder making the exchange is entitled to receive. 
  
 (d) All Certificates issued upon any registration of transfer or exchange of
a Certificate shall evidence the ownership of the same number of Normal Units or Stripped Units, as the case may be, and be entitled to the same benefits and subject to the same obligations, under this Agreement as the Normal Units or Stripped
Units, as the case may be, evidenced by the Certificate surrendered upon such registration of transfer or exchange. 
  
 (e) Every Certificate presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Purchase Contract
Agent) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Purchase Contract Agent duly executed by the Holder thereof or its attorney duly authorized in writing. 
  

 25 

 (f) No service charge shall be made for any registration of transfer or exchange of a Certificate, but
the Company and the Purchase Contract Agent may require payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Certificates, other
than any exchanges pursuant to Sections 3.06, 3.09 and 8.05 not involving any transfer. 
  
 (g) Notwithstanding the foregoing, the Company shall not be obligated to issue or execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall not be obligated to authenticate, execute on
behalf of the Holder and deliver, any Certificate presented or surrendered for registration of transfer or for exchange on or after the fifth Business Day immediately preceding the earlier of the Stock Purchase Date or the Termination Date.

  
 (h) In lieu of delivery of a new Certificate, upon
satisfaction of the applicable conditions specified above in this Section and receipt of appropriate registration or transfer instructions from such Holder, the Purchase Contract Agent shall, 
  
 (i) if the Stock Purchase Date has occurred, deliver the
Common Stock issuable in respect of the Purchase Contracts forming a part of the Units evidenced by such Certificate, 
  
 (ii) in the case of Normal Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Notes or the
Treasury Consideration, as applicable, relating to such Normal Units, or 
  
 (iii) in the case of Stripped Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Treasury Securities relating to such Stripped Units, 
  
 in each case subject to the applicable conditions and in accordance with the applicable
provisions of Article V. 
  
 SECTION 3.06. Book-Entry
Interests. The Certificates, on original issuance, will be issued in the form of one or more fully registered Global Certificates, to be delivered to the Depositary or a nominee or custodian thereof by, or on behalf of, the Company. Such Global
Certificate shall initially be registered on the books and records of the Company in the name of Cede & Co., the nominee of the Depositary, and no Beneficial Owner will receive a definitive Certificate representing such Beneficial Owner’s
interest in such Global Certificate, except as provided in Section 3.09. The Purchase Contract Agent shall enter into a customary agreement with the Depositary if so requested by the Company. Unless and until definitive, fully registered
Certificates have been issued to Beneficial Owners pursuant to Section 3.09: 
  
 (a) the provisions of this Section 3.06 shall be in full force and effect; 
  
 (b) the Company and the Purchase Contract Agent shall be entitled to deal with the Clearing Agency for all purposes of this Agreement
(including the 

  

 26 

 
payment of Contract Adjustment Payments and Deferred Contract Adjustment Payments, if any, and receiving approvals, votes or consents hereunder) as the
Holder of the Units and the sole holder of the Global Certificate(s) and shall have no obligation to the Beneficial Owners; 
  
 (c) to the extent that the provisions of this Section 3.06 conflict with any other provisions of this Agreement or any Certificate, the
provisions of this Section 3.06 shall control; and 
  
 (d) the rights of the Beneficial Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Beneficial Owners and the Clearing Agency and/or the Clearing Agency
Participants. 
  
 The Clearing Agency will make book-entry
transfers among Clearing Agency Participants and receive and transmit payments of Contract Adjustment Payments and Deferred Contract Adjustment Payments, if any, to such Clearing Agency Participants. 
  
 SECTION 3.07. Notices to Holders. Whenever a notice or other
communication to the Holders is required to be given under this Agreement, the Company or the Company’s agent shall give such notices and communications to the Holders and, with respect to any Units registered in the name of a Clearing Agency
or the nominee of a Clearing Agency, the Company or the Company’s agent shall, except as set forth herein, have no obligations to the Beneficial Owners. 
  
 SECTION 3.08. Appointment of Successor Clearing Agency. If any Clearing Agency elects to discontinue its services as securities depositary with
respect to the Units or ceases to be eligible as a “clearing agency” under the Exchange Act, the Company may, in its sole discretion, appoint a successor Clearing Agency with respect to the Units. 
  
 SECTION 3.09. Definitive Certificates. If 
  
 (a) a Clearing Agency notifies the Company that it is
unwilling or unable to continue its services as securities depositary with respect to the Units and a successor Clearing Agency is not appointed within 90 days after such discontinuance pursuant to Section 3.08, 
  
 (b) the Company elects to terminate the book-entry system
arrangements through the Clearing Agency with respect to the Units or 
  
 (c) there shall have occurred and be continuing a default by the Company in respect of its obligations under this Agreement or the Indenture governing the Notes, then, upon surrender of the Global Certificates
representing the Book-Entry Interests with respect to the Units by the Clearing Agency, accompanied by registration instructions, 

  

 27 

 
the Company shall cause definitive Certificates to be delivered to Beneficial Owners in accordance with the instructions of the Clearing Agency. The Company
shall not be liable for any delay in delivery of such instructions and may conclusively rely on and shall be protected in relying on, such instructions. 
  
 SECTION 3.10. Mutilated, Destroyed, Lost and Stolen Certificates. (a) If any mutilated Certificate is surrendered to the Purchase Contract Agent,
the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and deliver in exchange therefor, a new Certificate at the cost of the Holder, evidencing the
same number of Normal Units or Stripped Units, as the case may be, and bearing a Certificate number not contemporaneously outstanding. 
  
 (b) If there shall be delivered to the Company and the Purchase Contract Agent (i) evidence to their satisfaction of the destruction, loss or theft of any
Certificate, and (ii) such security or indemnity at the cost of the Holder as may be required by them to hold each of them and any agent of either of them harmless, then, in the absence of notice to the Company or to a Responsible Officer of the
Purchase Contract Agent that such Certificate has been acquired by a protected purchaser, the Company shall execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall authenticate, execute on behalf of the Holder, and
deliver to the Holder, in lieu of any such destroyed, lost or stolen Certificate, a new Certificate, evidencing the same number of Normal Units or Stripped Units, as the case may be, and bearing a Certificate number not contemporaneously
outstanding. 
  
 (c) Notwithstanding the foregoing, the Company
shall not be obligated to execute and deliver to the Purchase Contract Agent, and the Purchase Contract Agent shall not be obligated to authenticate, execute on behalf of the Holder, and deliver to the Holder, a Certificate on or after the fifth
Business Day immediately preceding the earlier of the Stock Purchase Date or the Termination Date. In lieu of delivery of a new Certificate, upon satisfaction of the applicable conditions specified above in this Section and receipt of appropriate
registration or transfer instructions from such Holder, the Purchase Contract Agent shall: 
  
 (i) if the Stock Purchase Date has occurred, deliver the Common Stock issuable in respect of the Purchase Contracts forming a part of the
Units evidenced by such Certificate, 
  
 (ii) in
the case of Normal Units, if a Termination Event shall have occurred prior to the Stock Purchase Date, transfer the Notes or the Treasury Consideration, as applicable, relating to such Normal Units, or 
  
 (iii) in the case of Stripped Units, if a Termination Event
shall have occurred prior to the Stock Purchase Date, transfer the Treasury Securities relating to such Stripped Units, in each case subject to the applicable conditions and in accordance with the applicable provisions of Article V. 
  

 28 

 (d) Upon the issuance of any new Certificate under this Section 3.10, the Company and the Purchase
Contract Agent may require the payment by the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Purchase Contract Agent)
connected therewith. 
  
 (e) Every new Certificate issued pursuant
to this Section 3.10 in lieu of any destroyed, lost or stolen Certificate shall constitute an original additional contractual obligation of the Company and of the Holder in respect of the Unit evidenced thereby, whether or not the destroyed, lost or
stolen Certificate (and the Units evidenced thereby) shall be at any time enforceable by anyone, and shall be entitled to all the benefits and be subject to all the obligations of this Agreement equally and proportionately with any and all other
Certificates delivered hereunder. 
  
 (f) The provisions of this
Section 3.10 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates. 
  
 SECTION 3.11. Persons Deemed Owners. (a) Prior to due presentment of a
Certificate for registration of transfer, the Company and the Purchase Contract Agent, and any agent of the Company or the Purchase Contract Agent, may treat the Person in whose name such Certificate is registered on the Register as the owner of the
Units evidenced thereby, for the purpose of receiving quarterly payments on the Notes or Treasury Consideration, receiving payment of Contract Adjustment Payments, if any, and any Deferred Contract Adjustment Payments, performance of the Purchase
Contracts and for all other purposes whatsoever, whether or not any such payments shall be overdue and notwithstanding any notice to the contrary, and neither the Company nor the Purchase Contract Agent, nor any agent of the Company or the Purchase
Contract Agent, shall be affected by notice to the contrary. 
  
 (b) Notwithstanding the foregoing, with respect to any Global Certificate, nothing herein shall prevent the Company, the Purchase Contract Agent or any agent of the Company or the Purchase Contract Agent, from treating the Clearing Agency
as the sole Holder of such Global Certificate or from giving effect to any written certification, proxy or other authorization furnished by any Clearing Agency (or its nominee), as a Holder of such Global Certificate, with respect to such Global
Certificate or impair, as between such Clearing Agency and the Beneficial Owners, the operation of customary practices governing the exercise of rights of such Clearing Agency (or its nominee) as a Holder of such Global Certificate. 
  
 SECTION 3.12. Cancellation. (a) All Certificates surrendered

  
 (i) for delivery of Common Stock on or after
any Settlement Date, 
  
 (ii) upon the transfer
of Notes or Treasury Consideration or Treasury Securities, as the case may be, after the occurrence of a Termination Event or 

  

 29 

 
pursuant to an Early Settlement or Merger Early Settlement, or a Collateral Substitution or an establishment or re-establishment of a Normal Unit, or

  
 (iii) upon the registration of a transfer or
exchange of a Unit 
  
 shall, if surrendered to any Person other than the Purchase
Contract Agent, be delivered to the Purchase Contract Agent and, if not already cancelled, shall be promptly cancelled by it. The Company may at any time deliver to the Purchase Contract Agent for cancellation any Certificates previously
authenticated, executed on behalf of any Holder and delivered hereunder which the Company may have acquired in any manner whatsoever, and all Certificates so delivered shall, upon Issuer Order, be promptly cancelled by the Purchase Contract Agent.
No Certificates shall be authenticated, executed on behalf of any Holder and delivered in lieu of or in exchange for any Certificates cancelled as provided in this Section, except as expressly permitted by this Agreement. All cancelled Certificates
held by the Purchase Contract Agent shall be disposed of by the Purchase Contract Agent in accordance with its then customary procedures. 
  
 (b) If the Company or any Affiliate of the Company shall acquire any Certificate, such acquisition shall not operate as a cancellation of such Certificate
unless and until such Certificate is cancelled or delivered to the Purchase Contract Agent for cancellation. 
  
 SECTION 3.13. Establishment of Stripped Units. (a) A Holder may separate the Pledged Notes or Pledged Treasury Consideration, as applicable, from
the related Purchase Contracts in respect of the Normal Units held by such Holder by substituting for such Pledged Notes or Pledged Treasury Consideration, as the case may be, Treasury Securities that will pay at the Stock Purchase Date an amount
equal to the aggregate Stated Amount of such Normal Units (a “Collateral Substitution”), at any time from and after the date of this Agreement and on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, by
(i) depositing with the Collateral Agent Treasury Securities having an aggregate principal amount equal to the aggregate Stated Amount of such Normal Units and (ii) transferring the related Normal Units to the Purchase Contract Agent accompanied by
a notice to the Purchase Contract Agent, substantially in the form of Exhibit D hereto, with a copy of such of such notice to the Company, stating that the Holder has transferred the relevant amount of Treasury Securities to the Collateral Agent and
requesting that the Purchase Contract Agent instruct the Collateral Agent to release the Pledged Notes or Pledged Treasury Consideration, as the case may be, underlying such Normal Units, whereupon the Purchase Contract Agent shall promptly give
such instruction to the Collateral Agent, with a copy of such instruction to the Company, substantially in the form of Exhibit C hereto. Upon receipt of the Treasury Securities described in clause (i) above and the instruction described in clause
(ii) above, in accordance with the terms of the Pledge Agreement, the Collateral Agent will release to the Purchase Contract Agent, on behalf of the Holder, such Pledged Notes or Pledged Treasury Consideration from the Pledge, free and clear of the
Company’s security interest therein, and upon receipt thereof the Purchase Contract Agent shall promptly: 

  

 30 

  
 (x) cancel
the related Normal Units Certificate; 
  
 (y)
transfer the Pledged Notes or Pledged Treasury Consideration, as the case may be, to the Holder; and 
  
 (z) authenticate, execute on behalf of such Holder and deliver a Stripped Units Certificate executed by the Company in accordance with
Section 3.03 evidencing the same number of Purchase Contracts as were evidenced by the cancelled Normal Units. 
  
 (b) Holders who elect to separate the Pledged Notes or Pledged Treasury Consideration, as the case may be, from the related Purchase Contract and to
substitute Treasury Securities for such Pledged Notes or Pledged Treasury Consideration shall be responsible for any fees or expenses payable to the Collateral Agent for its services as Collateral Agent in respect of the substitution, and the
Company shall not be responsible for any such fees or expenses. 
  
 (c) Notwithstanding the foregoing, Holders may make Collateral Substitutions (i) if Treasury Securities are being substituted for Pledged Notes, only in integral multiples of 40 Normal Units, or (ii) if the Collateral Substitutions occur
after a Special Event Redemption, as the case may be, only in integral multiples of Normal Units such that the Treasury Securities to be deposited and the Treasury Consideration to be released are in integral multiples of $1,000. 
  
 (d) In the event a Holder making a Collateral Substitution pursuant to this
Section 3.13 fails to effect a book-entry transfer of the Normal Units or fails to deliver a Normal Units Certificate to the Purchase Contract Agent after depositing Treasury Securities with the Collateral Agent, the Pledged Notes or Pledged
Treasury Consideration, as the case may be, constituting a part of such Normal Units, and any distributions on such Pledged Notes or Pledged Treasury Consideration shall be held in the name of the Purchase Contract Agent or its nominee in trust for
the benefit of such Holder, until such Normal Units are so transferred or the Normal Units Certificate is so delivered, as the case may be, or, with respect to a Normal Units Certificate, such Holder provides evidence satisfactory to the Company and
the Purchase Contract Agent that such Normal Units Certificate has been destroyed, lost or stolen, together with any indemnity that may be required by the Purchase Contract Agent and the Company. 
  
 (e) Except as described in this Section 3.13, for so long as the Purchase
Contract underlying a Normal Unit remains in effect, such Normal Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Normal Unit in respect of the Pledged Note or the Pledged Treasury
Consideration, as the case may be, and the Purchase Contract comprising such Normal Unit may be acquired, and may be transferred and exchanged, only as a Normal Unit. 
  
 SECTION 3.14. Reestablishment of Normal Units. (a) A Holder of Stripped Units may reestablish Normal Units at any
time from and after the date of this 

  

 31 

 
Agreement and on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, by: 
  
 (i) depositing with the Collateral Agent Notes in a
principal amount or the Treasury Consideration (identified and calculated by reference to the Treasury Consideration then comprising Normal Units), as the case may be, then comprising such number of Normal Units as is equal to the number of such
Stripped Units; and 
  
 (ii) transferring such
Stripped Units to the Purchase Contract Agent accompanied by a notice to the Purchase Contract Agent, substantially in the form of Exhibit D hereto, stating that the Holder has transferred the relevant principal amount of Notes or the Treasury
Consideration, as the case may be, to the Collateral Agent and requesting that the Purchase Contract Agent instruct the Collateral Agent to release the Pledged Treasury Securities underlying such Stripped Unit, whereupon the Purchase Contract Agent
shall promptly give such instruction to the Collateral Agent, with a copy of such instruction to the Company, substantially in the form of Exhibit C hereto. Upon receipt of the Notes or the Treasury Consideration, as the case may be, described in
clause (i) above and the instruction described in clause (ii) above, in accordance with the terms of the Pledge Agreement, the Collateral Agent will release to the Purchase Contract Agent, on behalf of the Holder, such Pledged Treasury Securities
from the Pledge, free and clear of the Company’s security interest therein, and upon receipt thereof the Purchase Contract Agent shall promptly: 
  
 (x) cancel the related Stripped Units certificate; 
  
 (y) transfer the Pledged Treasury Securities to the Holder; and 
  
 (z) authenticate, execute on behalf of such Holder and
deliver a Normal Units Certificate executed by the Company in accordance with Section 3.03 evidencing the same number of Purchase Contracts as were evidenced by the cancelled Stripped Units. 
  
 (b) Notwithstanding the foregoing, Holders of Stripped Units may reestablish
Normal Units (i) if Notes are being substituted for the Pledged Treasury Securities, only in integral multiples of 40 Stripped Units for 40 Normal Units or (ii) if the reestablishment occurs after a Special Event Redemption, as the case may be, only
in integral multiples of Stripped Units such that the Treasury Consideration to be deposited and the Treasury Securities to be released are in integral multiples of $1,000. 
  
 (c) Except as provided in this Section 3.14, for so long as the Purchase Contract underlying a Stripped Unit remains in
effect, such Stripped Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Stripped Unit in respect of the Pledged Treasury Securities and Purchase Contract comprising such Stripped Unit may be
acquired, and may be transferred and exchanged, only as a Stripped Unit. 
  

 32 

 (d) In the event a Holder who reestablishes Normal Units pursuant to this Section 3.14 fails to effect a
book-entry transfer of the Stripped Units or fails to deliver a Stripped Units Certificate to the Purchase Contract Agent after depositing Pledged Notes with the Collateral Agent, the Treasury Securities constituting a part of such Stripped Units,
and any distributions on such Treasury Securities shall be held in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder, until such Stripped Units are so transferred or the Stripped Units Certificate is so
delivered, as the case may be, or, with respect to a Stripped Units Certificate, such Holder provides evidence satisfactory to the Company and the Purchase Contract Agent that such Stripped Units Certificate has been destroyed, lost or stolen,
together with any indemnity that may be required by the Purchase Contract Agent and the Company. 
  
 (e) Holders of Stripped Units who reestablish Normal Units shall be responsible for any fees or expenses payable to the Collateral Agent for its services
as Collateral Agent in respect of the substitution, and the Company shall not be responsible for any such fees or expenses. 
  
 SECTION 3.15. Transfer of Collateral upon Occurrence of Termination Event. Upon the occurrence of a Termination Event and the transfer to the
Purchase Contract Agent of the Notes, the Treasury Consideration or the Treasury Securities, as the case may be, underlying the Normal Units and the Stripped Units pursuant to the terms of the Pledge Agreement, the Purchase Contract Agent shall
request transfer instructions with respect to such Notes or the Treasury Consideration or Treasury Securities, as the case may be, from each Holder by written request mailed to such Holder at its address as it appears in the Normal Units Register or
the Stripped Units Register, as the case may be. Upon book-entry transfer of the Normal Units or Stripped Units or delivery of a Normal Units Certificate or Stripped Units Certificate to the Purchase Contract Agent with such transfer instructions,
the Purchase Contract Agent shall transfer the Notes, the Treasury Consideration or the Treasury Securities underlying such Normal Units or Stripped Units, as the case may be, to such Holder by book-entry transfer, or other appropriate procedures,
in accordance with such instructions. In the event a Holder of Normal Units or Stripped Units fails to effect such transfer or delivery, the Notes, the Treasury Consideration or the Treasury Securities, as the case may be, underlying such Normal
Units or Stripped Units, as the case may be, and any distributions thereon, shall be held in the name of the Purchase Contract Agent or its nominee in trust for the benefit of such Holder, until such Normal Units or Stripped Units are transferred or
the Normal Units Certificate or Stripped Units Certificate is surrendered or such Holder provides satisfactory evidence that such Normal Units Certificate or Stripped Units Certificate has been destroyed, lost or stolen, together with any indemnity
that may be required by the Purchase Contract Agent and the Company. In the case of the Treasury Portfolio or any Treasury Securities, the Purchase Contract Agent may dispose of the subject securities for cash and pay the applicable portion of such
cash to the Holders in lieu of such Holders’ Treasury Securities, where such Holder would otherwise have been entitled to receive less than $1,000 of any such security. 
  
 SECTION 3.16. No Consent to Assumption. Each Holder of a Unit, by acceptance thereof, shall be deemed expressly to
have withheld any consent to the 

  

 33 

 
assumption (i.e., affirmance), under Section 365 of the Bankruptcy Code or otherwise, of the Purchase Contract by the Company, any receiver,
liquidator or person or entity performing similar functions or its trustee in the event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or federal or other law providing for reorganization or
liquidation. 
  
 SECTION 3.17. CUSIP Numbers. The Company
in issuing the Units may use “CUSIP” numbers (if then generally in use), and, if so, the Purchase Contract Agent shall use “CUSIP” numbers in notices to Holders as a convenience to Holders, provided that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice to Holders and that reliance may be placed only on the other identification numbers printed on the
Units, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Purchase Contract Agent of any changes in the “CUSIP” numbers. 
  
 SECTION 3.18. Currency of Payments. Any cash payments under this
Agreement shall be paid in U.S. dollars in immediately available funds. 
  
 SECTION 3.19. Legends. With respect to the Units issued to the Private Purchaser, such Units shall have appropriate legends restricting transfer. 
  
 ARTICLE IV 
  
 The Notes 
  
 SECTION 4.01. Payment of Interest; Rights to Interest Payments Preserved. (a) A payment on any Note or Treasury Consideration, as the case may be,
that is paid on any Payment Date shall, subject to receipt thereof by the Purchase Contract Agent from the Collateral Agent (if the Collateral Agent is the registered owner thereof) as provided by the terms of the Pledge Agreement, be paid to the
Person in whose name the Normal Units Certificate (or one or more Predecessor Normal Units Certificates), of which such Note or the Treasury Consideration is a part, is registered at the close of business on the Record Date for such Payment Date.

  
 (b) Each Normal Units Certificate evidencing Notes delivered
under this Agreement upon registration of transfer of or in exchange for or in lieu of any other Normal Units Certificate shall carry the rights to interest accrued and unpaid, and rights to accrue interest, which were carried by the Notes or
Treasury Consideration, as the case may be, underlying such other Normal Units Certificate. 
  
 (c) In the case of any Normal Unit with respect to which (i) Early Settlement of the underlying Purchase Contract is effected on an Early Settlement Date, (ii) Merger Early Settlement of the underlying Purchase
Contract is effected on a Merger Early Settlement Date, (iii) Cash Settlement is effected on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date, or (iv) a Collateral Substitution is effected, in each case on a date
that is after any Record Date and on or prior to the next succeeding Payment Date, payments on the Note or the Treasury Consideration, as the case may be, underlying such Normal Unit otherwise payable on such Payment Date shall be payable on such
Payment Date notwithstanding such Early 

  

 34 

 
Settlement, Merger Early Settlement, Cash Settlement or Collateral Substitution, as the case may be, and such payments shall, subject to receipt thereof by
the Purchase Contract Agent, be payable to the Person in whose name the Normal Units Certificate (or one or more Predecessor Normal Unit Certificates) was registered at the close of business on such Record Date. Except as otherwise expressly
provided in the immediately preceding sentence, in the case of any Normal Unit with respect to which Early Settlement, Merger Early Settlement or Cash Settlement of the underlying Purchase Contract is effected, or with respect to which a Collateral
Substitution has been effected, payments on the related Notes or payments on the Treasury Consideration that would otherwise be payable after the applicable Settlement Date or after such Collateral Substitution, as the case may be, shall not be
payable hereunder to the Holder of such Normal Unit; provided that, to the extent that such Holder continues to hold the separated Notes that formerly comprised a part of such Holder’s Normal Units, such Holder shall be entitled to
receive any payments on such separated Notes. 
  
 SECTION 4.02.
Notice and Voting. Under and subject to the terms of the Pledge Agreement and this Agreement, the Purchase Contract Agent will be entitled to exercise the voting and any other consensual rights pertaining to the Pledged Notes but only to the
extent instructed in writing by the Holders as described below. Upon receipt of notice of any meeting at which holders of Notes are entitled to vote or upon any solicitation of consents, waivers or proxies of holders of Notes, the Purchase Contract
Agent shall, as soon as practicable thereafter, mail, at the expense of the Company or one of its subsidiaries, to the Holders of Normal Units a notice prepared by the Company (a) containing such information as is contained in the notice or
solicitation, (b) stating that each Holder on the record date set by the Purchase Contract Agent therefor (which, to the extent possible, shall be the same date as the record date for determining the holders of Notes entitled to vote) shall be
entitled to instruct the Purchase Contract Agent as to the exercise of the voting rights pertaining to the Pledged Notes underlying their Normal Units and (c) stating the manner in which such instructions may be given. Upon the written request of
any Holder of Normal Units on such record date, the Purchase Contract Agent shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such request, the maximum number of Pledged Notes as to
which any particular voting instructions are received. In the absence of specific instructions from the Holder of a Normal Unit, the Purchase Contract Agent shall abstain from voting the Pledged Note underlying such Normal Unit. The Company hereby
agrees, if applicable, to solicit Holders of Normal Units to timely instruct the Purchase Contract Agent in writing in order to enable the Purchase Contract Agent to vote such Pledged Notes. 
  
 SECTION 4.03. Special Event Redemption. (a) Upon the occurrence of a
Special Event Redemption prior to the successful remarketing of the Notes pursuant to the provisions of Section 5.04, the Company shall instruct in writing the Collateral Agent to apply, and upon such written instruction, the Collateral Agent shall
apply, out of the aggregate Redemption Price for the Notes that are components of Normal Units, an amount equal to the Special Event Redemption Principal Amount to purchase on behalf of the Holders of Normal Units the Treasury Portfolio and promptly
remit the remaining portion of such Redemption Price to the Purchase Contract Agent for payment to the 

  

 35 

 
Holders of such Normal Units. The Treasury Portfolio will be substituted for the Pledged Notes and will be pledged to the Collateral Agent in accordance with
the terms of the Pledge Agreement to secure the obligation of each Holder of a Normal Unit to purchase the Common Stock under the Purchase Contract constituting a part of such Normal Unit. Following the occurrence of a Special Event Redemption prior
to a successful remarketing of the Notes pursuant to the provisions of Section 5.04, the Holders of Normal Units and the Collateral Agent shall have such security interests, rights and obligations with respect to the Treasury Portfolio as the Holder
of Normal Units and the Collateral Agent had in respect of the Notes, as the case may be, subject to the Pledge thereof as provided in the Pledge Agreement, and any reference herein or in the Certificates to the Note shall be deemed to be a
reference to such Treasury Portfolio and any reference herein or in the Certificates to interest on the Notes shall be deemed to be a reference to corresponding distributions on the Treasury Portfolio. The Company may cause to be made in any Normal
Unit Certificates thereafter to be issued such change in phraseology and form (but not in substance) as may be appropriate to reflect the substitution of the Treasury Portfolio for Notes as collateral. 
  
 (b) Upon the occurrence of a Special Event Redemption after the successful
remarketing of the Notes or after the Stock Purchase Date, the Redemption Price will be payable in cash to the holders of the Notes. 
  
 ARTICLE V 
  
 The Purchase Contracts; The Remarketing 
  
 SECTION 5.01. Purchase of Common Stock. (a) Each Purchase Contract shall, unless a Termination Event, an Early Settlement or a Merger Early
Settlement shall have occurred prior to the Stock Purchase Date, obligate the Holder of the related Unit to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to $25 (the “Purchase Price”), a number of validly
issued, fully paid and non-assessable newly issued shares of Common Stock equal to the Settlement Rate. The “Settlement Rate” is an amount equal to the sum of the “Daily Amounts” (as defined below) calculated for each of the 20
Trading Days beginning on             , 2008. The Daily Amount for each of the 20 Trading Days beginning on
                , 2008, subject to any then applicable anti-dilution adjustments, is defined as: 
  
 (i) for each of those 20 Trading Days on which the closing price for the Common Stock is less than or equal
to the Reference Price (as defined below), a fraction of a share of Common Stock per purchase contract equal to: 
  
 1/20 x $25/Reference Price, 
  
 (ii) for each of those 20 Trading Days on which the Closing Price for the Common Stock is greater than the Reference Price but less than
the Threshold Appreciation Price (as defined below), a fraction of a share of Common Stock per purchase contract equal to: 
  
 1/20 x $25/Closing Price, 
  

 36 

 and 
  
 (iii) for each of those 20 trading days on which the closing price for the Common Stock is greater than or
equal to the Threshold Appreciation Price, a fraction of a share of Common Stock per purchase contract equal to: 
  
 1/20 x $25/Threshold Appreciation Price, 
  
 in each case subject to adjustment as provided in Section 5.06 (and in each case rounded upward or downward to the nearest 1/10,000th of a share). The number of shares of Common Stock per purchase contract specified
above is referred to herein as “Share Components.” 
  
 The
“Reference Price” is $                , which is the initial public offering price per share of Common Stock. The “Threshold Appreciation Price” is
$                , which is           % of the Reference Price. 
  
 (b) No fractional Common Stock will be issued by the Company with respect to
settlement or payment of Deferred Contract Adjustment Payments on the Stock Purchase Date. In lieu of fractional shares otherwise issuable, the Holder will be entitled to receive an amount in cash as provided in Section 5.12. 
  
 (c) The “Closing Price” of the Common Stock on any date of
determination means the closing sale price (or, if no closing sale price is reported, the last reported sale price) of the Common Stock on the New York Stock Exchange (the “NYSE”) on such date or, if the Common Stock are not listed for
trading on the NYSE on any such date, as reported in the composite transactions for the principal United States securities exchange on which the Common Stock are so listed, or if the Common Stock are not so listed on a United States securities
exchange, as reported by The Nasdaq Stock Market, or, if the Common Stock are not so reported, the last quoted bid price for the Common Stock in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if
such bid price is not available, the market value of the Common Stock on such date as determined by a nationally recognized independent investment banking firm retained for this purpose by the Company. A “Trading Day” means a day on which
the Common Stock (A) are not suspended from trading on any national or regional securities exchange or association or over-the-counter market at the close of business and (B) have traded at least once on the national or regional securities exchange
or association or over-the-counter market that is the primary market for the trading of the Common Stock at the close of business on such day. If 20 Trading Days for the Company’s Common Stock have not occurred during the period beginning on ,
2008 and ending on , 2008 (1) all remaining Trading Days will be deemed to occur on , 2008 (or the first trading day thereafter if such day is not a trading day) and (2) the 

  

 37 

 
Closing Price for each of the remaining Trading Days will be the Closing Price on
                , 2008. 
  
 (d) Each Holder of a Unit, by its acceptance thereof, irrevocably authorizes the Purchase Contract Agent to enter into and perform the related Purchase
Contract on its behalf as its attorney-in-fact (including the execution of Certificates on behalf of such Holder), agrees to be bound by the terms and provisions thereof, covenants and agrees to perform its obligations under such Purchase Contract,
consents to the provisions hereof, irrevocably authorizes the Purchase Contract Agent as its attorney-in-fact to enter into and perform the Pledge Agreement on its behalf as its attorney-in-fact, and consents to and agrees to be bound by the Pledge
of the Notes, the Treasury Consideration or the Treasury Securities pursuant to the Pledge Agreement; provided that upon a Termination Event, the rights of the Holder of such Unit under the Purchase Contract, to the extent not automatically
terminated as a result of such Termination Event, may be enforced without regard to any other rights or obligations. 
  
 (e) Upon registration of transfer of a Certificate, the transferee shall be bound (without the necessity of any other action on the part of such
transferee) under the terms of this Agreement, the Purchase Contracts underlying such Certificate and the Pledge Agreement, and the transferor shall be released from the obligations under this Agreement, the Purchase Contracts underlying the
Certificate so transferred and the Pledge Agreement. The Company covenants and agrees, and each Holder of a Certificate, by its acceptance thereof, likewise covenants and agrees, to be bound by the provisions of this paragraph. 
  
 SECTION 5.02. Contract Adjustment Payments. (a) Contract Adjustment
Payments shall accumulate on each Purchase Contract constituting a part of a Unit at           % per year of the Stated Amount of such Unit, from
                , 2005 through but excluding the Stock Purchase Date, provided that no Contract Adjustment Payment shall accrue after an Early Settlement or
Merger Early Settlement. Subject to Section 5.03, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in respect of each Purchase Contract to the Person in whose name a Certificate (or one or more
Predecessor Certificates) is registered on the Register at the close of business on the Record Date next preceding such Payment Date. The Contract Adjustment Payments, if any, will be payable at the office of the Purchase Contract Agent in the
Borough of Manhattan, New York City, or, if the Units do not remain in book-entry only form, at the option of the Company, by check mailed to the address of the Person entitled thereto at such Person’s address as it appears on the Register or
by wire transfer to the account maintained in the United States designated by written notice given ten Business Days prior to the applicable payment date by such Person. 
  
 (b) Upon the occurrence of a Termination Event, the Company’s obligation to pay Contract Adjustment Payments (including
any accrued and unpaid Deferred Contract Adjustment Payments), if any, automatically shall cease. 
  
 (c) Each Certificate delivered under this Agreement upon registration of transfer of or in exchange for or in lieu of any other Certificate (including as
a result of a 

  

 38 

 
Collateral Substitution or the re-establishment of a Normal Unit) shall carry the rights to receive Contract Adjustment Payments (including any accrued and
unpaid Deferred Contract Adjustment Payments), if any, and to accrue Contract Adjustment Payments, if any, which were carried by the Purchase Contracts underlying such other Certificates. 
  
 (d) Subject to Sections 5.04, 5.09 and 5.10, in the case of any Unit with respect to which Early Settlement or Merger Early
Settlement of the underlying Purchase Contract is effected on an Early Settlement Date or a Merger Early Settlement Date, respectively, or in respect of which Cash Settlement of the underlying Purchase Contract is effected on the thirteenth Business
Day immediately preceding the Stock Purchase Date, or with respect to which a Collateral Substitution or a reestablishment of a Normal Unit pursuant to Section 3.14 is effected, in each case on a date that is after any Record Date and on or prior to
the next succeeding Payment Date, Contract Adjustment Payments on the Purchase Contract underlying such Unit otherwise payable on such Payment Date shall be payable on such Payment Date notwithstanding such Cash Settlement, Early Settlement, Merger
Early Settlement, Collateral Substitution or a reestablishment of Normal Units, and such Contract Adjustment Payments shall, subject to receipt thereof by the Purchase Contract Agent, be payable to the Person in whose name the Certificate evidencing
such Unit (or one or more Predecessor Certificates) was registered at the close of business on such Record Date. Except as otherwise expressly provided in the immediately preceding sentence, in the case of any Unit with respect to which Early
Settlement or Merger Early Settlement on an Early Settlement Date or Merger Early Settlement Date, as the case may be, Contract Adjustment Payments, if any, that would otherwise be payable after the Early Settlement Date, or Merger Early Settlement
Date, with respect to such Purchase Contract shall not be payable. 
  
 (e) The Company’s obligations with respect to Contract Adjustment Payments (including any accrued or Deferred Contract Adjustment Payments) will be subordinated and junior in right of payment to the Company’s obligations under any
Senior Indebtedness to the extent set forth in Section 5.02(f). 
  
 (f) Subject to the provisions of Section 5.08, in the event (x) of any payment by, or distribution of assets of, the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution, winding-up,
liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, receivership or other proceedings, or (y) subject to the provisions of Section 5.02(h) below, that (i) a default shall have occurred and be
continuing with respect to the payment of principal, interest or any other monetary amounts due and payable on any Senior Indebtedness and such default shall have continued beyond the period of grace, if any, specified in the instrument evidencing
such Senior Indebtedness (and the Purchase Contract Agent shall have received written notice thereof from the Company or one or more holders of Senior Indebtedness or their representative or representatives or the trustee or trustees under any
indenture pursuant to which any such Senior Indebtedness may have been issued), or (ii) the maturity of any Senior Indebtedness shall have been accelerated because of a default in respect of such Senior Indebtedness (and the Purchase Contract Agent
shall have received written notice thereof from the Company or one or more holders of Senior Indebtedness or their representative 

  

 39 

 
or representatives or the trustee or trustees under any indenture pursuant to which any such Senior Indebtedness may have been issued), then: 
  
 (i) the holders of all Senior Indebtedness shall first be
entitled to receive, in the case of clause (x) above, payment in full of all amounts due or to become due upon all Senior Indebtedness and, in the case of subclauses (i) and (ii) of clause (y) above, payment of all amounts due thereon, or provision
shall be made for such payment in money or money’s worth, before the Holders of any of the Units are entitled to receive any Contract Adjustment Payments or Deferred Contract Adjustment Payments on the Purchase Contracts underlying the Units;

  
 (ii) any payment by, or distribution of
assets of, the Company of any kind or character, whether in cash, property or securities, to which the Holders of any of the Units would be entitled except for the provisions of Sections 5.02(e) through (q), including any such payment or
distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of such Contract Adjustment Payments on the Purchase Contracts underlying the Units, shall be paid
or delivered by the Person making such payment or distribution, whether a trustee in bankruptcy, a receiver or liquidating trustee or otherwise, directly to the holders of such Senior Indebtedness or their representative or representatives or to the
trustee or trustees under any indenture under which any instruments evidencing any of such Senior Indebtedness may have been issued, ratably according to the aggregate amounts remaining unpaid on account of such Senior Indebtedness held or
represented by each, to the extent necessary to make payment in full of all Senior Indebtedness remaining unpaid after giving effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness, before
any payment or distribution is made of such Contract Adjustment Payments to the Holders of such Units; and 
  
 (iii) in the event that, notwithstanding the foregoing, any payment by, or distribution of assets of, the Company of any kind or
character, whether in cash, property or securities, including any such payment or distribution which may be payable or deliverable by reason of the payment of any other indebtedness of the Company being subordinated to the payment of Contract
Adjustment Payments or Deferred Contract Adjustment Payments on the Purchase Contracts underlying the Units, shall be received by the Purchase Contract Agent or the Holders of any of the Units when such payment or distribution is prohibited pursuant
to Sections 5.02(e) through (q), such payment or distribution shall be paid over to the holders of such Senior Indebtedness or their representative or representatives or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing any such Senior Indebtedness may have been issued, ratably as aforesaid, for application to the payment of all Senior Indebtedness remaining unpaid until all such Senior Indebtedness shall have been paid in full, after giving
effect to any concurrent payment or distribution (or provision therefor) to the holders of such Senior Indebtedness. 
  

 40 

 (g) For purposes of Sections 5.02(e) through (q), the words “cash, property or securities”
shall not be deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the Company or any other Person provided for by a plan of reorganization or readjustment, the payment of which is subordinated at least to
the extent provided in Sections 5.02(e) through (q) with respect to such Contract Adjustment Payments or Deferred Contract Adjustment Payments on the Units to the payment of all Senior Indebtedness which may at the time be outstanding;
provided that (i) the indebtedness or guarantee of indebtedness, as the case may be, that constitutes Senior Indebtedness is assumed by the Person, if any, resulting from any such reorganization or readjustment, and (ii) the rights of the
holders of the Senior Indebtedness are not, without the consent of each such holder adversely affected thereby, altered by such reorganization or readjustment. 
  

(h) Any failure by the Company to make any payment on or perform any other obligation under Senior Indebtedness, other than any indebtedness incurred
by the Company or assumed or guaranteed, directly or indirectly, by the Company for money borrowed (or any deferral, renewal, extension or refunding thereof) or any indebtedness or obligation as to which the provisions of Sections 5.02(e) through
(g) shall have been waived by the Company in the instrument or instruments by which the Company incurred, assumed, guaranteed or otherwise created such indebtedness or obligation, shall not be deemed a default or event of default if (i) the Company
shall be disputing its obligation to make such payment or perform such obligation and (ii) either (A) no final judgment relating to such dispute shall have been issued against the Company which is in full force and effect and is not subject to
further review, including a judgment that has become final by reason of the expiration of the time within which a party may seek further appeal or review, and (B) in the event a judgment that is subject to further review or appeal has been issued,
the Company shall in good faith be prosecuting an appeal or other proceeding for review and a stay of execution shall have been obtained pending such appeal or review. 
  
 (i) Subject to the payment in full of all Senior Indebtedness, the Holders of the Purchase Contracts underlying the Units
shall be subrogated (equally and ratably with the holders of all obligations of the Company which by their express terms are subordinated to Senior Indebtedness of the Company to the same extent as payment of the Contract Adjustment Payments or
Deferred Contract Adjustment Payments in respect of the Purchase Contracts underlying the Units is subordinated and which are entitled to like rights of subrogation) to the rights of the holders of Senior Indebtedness to receive payments or
distributions of cash, property or securities of the Company applicable to the Senior Indebtedness until all such Contract Adjustment Payments or Deferred Contract Adjustment Payments owing on the Purchase Contracts underlying the Units shall be
paid in full, and as between the Company, its creditors other than holders of such Senior Indebtedness and the Holders, no such payment or distribution made to the holders of Senior Indebtedness by virtue of Sections 5.02(e) through (q) that
otherwise would have been made to the Holders shall be deemed to be a payment by the Company on account of such Senior Indebtedness, it being understood that the provisions of Sections 5.02(e) through (q) are and are intended solely for the purpose
of defining the relative rights of the Holders, on the one hand, and the holders of Senior Indebtedness, on the other hand. 
  

 41 

 (j) Nothing contained in Sections 5.02(e) through (q) or elsewhere in this Agreement or in the Units is
intended to or shall impair, as among the Company, its creditors other than the holders of Senior Indebtedness and the Holders, the obligation of the Company, which, subject to the occurrence of a Termination Event as described in Section 5.02(b)
and the Company’s right pursuant to Section 5.03 to defer Contract Adjustment Payments, is absolute and unconditional, to pay to the Holders such Contract Adjustment Payments on the Purchase Contracts underlying the Units as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders and creditors of the Company other than the holders of Senior Indebtedness, nor shall anything herein or therein
prevent the Purchase Contract Agent or any Holder from exercising all remedies otherwise permitted by applicable law upon default under this Agreement, subject to the rights, if any, under these Sections 5.02(e) through (q), of the holders of Senior
Indebtedness in respect of cash, property or securities of the Company received upon the exercise of any such remedy. 
  
 (k) Upon payment or distribution of assets of the Company referred to in these Sections 5.02(e) through (q), the Purchase Contract Agent and the Holders
shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which any such dissolution, winding up, liquidation or reorganization proceeding affecting the affairs of the Company is pending or upon a certificate
of the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or agent or other Person making any payment or distribution, delivered to the Purchase Contract Agent or to the Holders, for the purpose of
ascertaining the Persons entitled to participate in such payment or distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon
and all other facts pertinent thereto or to these Sections 5.02(e) through (q). 
  
 (l) The Purchase Contract Agent shall be entitled to rely on the delivery to it of a written notice by a Person representing himself to be a holder of Senior Indebtedness (or a trustee or representative on behalf of
such holder) to establish that such notice has been given by a holder of Senior Indebtedness or a trustee or representative on behalf of any such holder or holders. In the event that the Purchase Contract Agent determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Indebtedness to participate in any payment or distribution pursuant to Sections 5.02(e) through (q), the Purchase Contract Agent may request such Person to furnish
evidence to the reasonable satisfaction of the Purchase Contract Agent as to the amount of Senior Indebtedness held by such Person, the extent to which such Person is entitled to participate in such payment or distribution and any other facts
pertinent to the rights of such Person under Sections 5.02(e) through (q), and, if such evidence is not furnished, the Purchase Contract Agent may defer payment to such Person pending judicial determination as to the right of such Person to receive
such payment. 
  
 (m) Nothing contained in Sections 5.02(e)
through (q) shall affect the obligations of the Company to make, or prevent the Company from making, payment of 
  

 42 

 
the Contract Adjustment Payments, except as provided in these Sections 5.02(e) through (q). 
  
 (n) Each Holder of Units, by his acceptance thereof, authorizes and directs the Purchase Contract Agent on his, her or its
behalf to take such action as may be necessary or appropriate to effectuate the subordination provided in Sections 5.02(e) through (q) and appoints the Purchase Contract Agent his, her or its attorney-in-fact, as the case may be, for any and all
such purposes. 
  
 (o) The Company shall give prompt written
notice to the Purchase Contract Agent of any fact known to the Company that would prohibit the making of any payment of moneys to or by the Purchase Contract Agent in respect of the Purchase Contracts underlying the Units pursuant to the provisions
of this Section 5.02. Notwithstanding the provisions of Sections 5.02(e) through (q) or any other provisions of this Agreement, the Purchase Contract Agent shall not be charged with knowledge of the existence of any facts that would prohibit the
making of any payment of moneys to or by the Purchase Contract Agent, or the taking of any other action by the Purchase Contract Agent, unless and until a Responsible Officer of the Purchase Contract Agent shall have received written notice thereof
from the Company, any Holder, any paying agent or the holder or representative of any Senior Indebtedness; provided that, if at least two Business Days prior to the date upon which by the terms hereof any such moneys may become payable for
any purpose, the Purchase Contract Agent shall not have received with respect to such moneys the notice provided for in this Section 5.02(o), then, anything herein contained to the contrary notwithstanding, the Purchase Contract Agent shall have
full power and authority to receive such moneys and to apply the same to the purpose for which they were received and shall not be affected by any notice to the contrary that may be received by it within two Business Days prior to or on or after
such date. 
  
 (p) The Purchase Contract Agent in its individual
capacity shall be entitled to all the rights set forth in this Section 5.02 with respect to any Senior Indebtedness at the time held by it, to the same extent as any other holder of Senior Indebtedness and nothing in this Agreement shall deprive the
Purchase Contract Agent of any of its rights as such holder. 
  
 (q) No right of any present or future holder of any Senior Indebtedness to enforce the subordination herein shall at any time or in any way be prejudiced or impaired by any act or failure to act on the part of the Company or by any
noncompliance by the Company with the terms, provisions and covenants of this Agreement, regardless of any knowledge thereof which any such holder may have or be otherwise charged with. 
  
 (r) Nothing in this Section 5.02 shall apply to claims of, or payments to, the Purchase Contract Agent under or pursuant to
Section 7.07 hereof. 
  
 With respect to the holders of Senior
Indebtedness, (i) the duties and obligations of the Purchase Contract Agent shall be determined solely by the express provisions of this Agreement; (ii) the Purchase Contract Agent shall not be liable except 

  

 43 

 
for the performance of such duties and obligations as are specifically set forth in this Agreement; (iii) no implied covenants or obligations shall be read
into this Agreement against the Purchase Contract Agent; and (iv) the Purchase Contract Agent shall not be deemed to be a fiduciary as to such holders. 
  
 SECTION 5.03. Deferral of Contract Adjustment Payments. (a) The Company shall have the right, at any time prior to the Stock Purchase Date, to
defer the payment of any or all of the Contract Adjustment Payments otherwise payable on any Payment Date, but only if the Company shall give the Holders and the Purchase Contract Agent written notice of its election to defer each such deferred
Contract Adjustment Payment (specifying the amount to be deferred) at least ten Business Days prior to the earlier of (i) the next succeeding Payment Date or (ii) the date the Company is required to give notice of the Payment Date with respect to
payment of such Contract Adjustment Payments to the NYSE or other applicable self-regulatory organization or to Holders of the Units, but in any event not less than one Business Day prior to such Record Date. Any Contract Adjustment Payments so
deferred shall, to the extent permitted by law, accrue additional Contract Adjustment Payments thereon at the rate of           % per year (computed on the basis of a 360-day year of twelve 30-day
months), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract Adjustment Payments, if any, together with the additional Contract Adjustment Payments, if any, accrued thereon, being referred to
herein as the “Deferred Contract Adjustment Payments”). Deferred Contract Adjustment Payments, if any, shall be due on the next succeeding Payment Date except to the extent that payment is deferred pursuant to this Section 5.03. No
Contract Adjustment Payments may be deferred to a date that is after the Settlement Date and no such deferral period may end other than on a Payment Date. If the Purchase Contracts are terminated upon the occurrence of a Termination Event or Early
Settlement, the Holder’s right to receive Contract Adjustment Payments, if any, and any Deferred Contract Adjustment Payments, will terminate. 
  
 (b) In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until a Payment Date prior to the
Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable to the registered Holders as of the close of business on the Record Date immediately preceding such Payment Date. 
  
 (c) In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until the Stock Purchase Date, each Holder will receive on the Stock Purchase Date in lieu of a cash payment a number of Common Stock (in addition to a number of Common Stock equal to the Settlement
Rate) equal to a number of shares of Common Stock equal to the sum of the “share amounts” calculated for each of the 20 Trading Days beginning on
                , 2008. For each of such 20 Trading Days, the share amount shall be equal to (a) the aggregate amount of deferred contract adjustment payments payable to
the holder divided by (b) the product of 20 multiplied by the Closing Price of the Common Stock for the respective trading day. 
  
 (d) No fractional shares of Common Stock will be issued by the Company with respect to settlement or payment of Deferred Contract Adjustment Payments on
the 

  

 44 

 
Stock Purchase Date. In lieu of fractional shares otherwise issuable, the Holder will be entitled to receive an amount in cash as provided in Section 5.12.

  
 (e) In the event the Company exercises its option to defer the
payment of Contract Adjustment Payments then, until the date on which the Deferred Contract Adjustment Payments have been paid, the Company shall not, and will not permit any subsidiary of the Company to, declare or pay dividends on, make
distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of the Company’s Common Stock other than: 
  
 (i) repurchases, redemptions or acquisitions of Common Stock of the Company in connection with any
employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or agents or a share purchase or dividend reinvestment plan, or the satisfaction by the Company of its obligations pursuant to
any contract or security outstanding on the date the Company exercises its right to defer the payment of Contract Adjustment Payments; 
  
 (ii) as a result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the
Company’s Capital Stock for another class or series of the Company’s Capital Stock; 
  
 (iii) the purchase of fractional interests of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such
Capital Stock or the security being converted or exchanged; 
  
 (iv) dividends or distributions in the Company’s Capital Stock (or rights to acquire the Company’s Capital Stock) or repurchases, redemptions or acquisitions of the Company’s Capital Stock in exchange
for or out of the net cash proceeds of the sale of the Company’s Capital Stock (or securities convertible into or exchangeable for shares of the Company’s Capital Stock); or 
  
 (v) redemptions, exchanges or repurchases of any rights outstanding under a shareholder rights plan on the
date the Company exercises its right to defer the payment of Contract Adjustment Payments or the declaration or payment thereunder of a dividend or distribution of or with respect to rights in the future, or the redemption or repurchase of any
rights pursuant thereto. 
  
 (f) In the event that the Company
elects to defer the payment of Contract Adjustment Payments then, the Company’s subsidiaries shall not be restricted from making payments similar to those specified in 5.03(e) on their respective capital stock. 
  
 SECTION 5.04. Payment of Purchase Price; Remarketing. (a) Unless a
Special Event Redemption or Termination Event has occurred, or a Holder of a Unit has settled the underlying Purchase Contract through an Early Settlement pursuant to Section 5.09 or a Merger Early Settlement pursuant to Section 5.10, each Holder of
a Normal Unit may pay in cash (“Cash Settlement”) the Purchase Price for the Common Stock to be purchased pursuant to a Purchase Contract if such Holder notifies the 

  

 45 

 
Purchase Contract Agent by surrender of the Normal Unit Certificate, if in certificated form, and delivery of a notice in substantially the form of Exhibit E
hereto of its intention to make a Cash Settlement. Such notice shall be made on or prior to 5:00 p.m., New York City time, on the thirteenth Business Day immediately preceding the Stock Purchase Date. The Purchase Contract Agent shall promptly
notify the Collateral Agent of the receipt of such a notice from a Holder intending to make a Cash Settlement. 
  
 (i) A Holder of a Normal Unit who has so notified the Purchase Contract Agent of its intention to make a Cash Settlement is required to
pay the Purchase Price to the Collateral Agent prior to 5:00 p.m., New York City time, on the thirteenth Business Day immediately preceding the Stock Purchase Date in lawful money of the United States by certified or cashier’s check or wire
transfer, in each case in immediately available funds payable to or upon the order of the Collateral Agent for deposit in the Collateral Account. Any cash received by the Collateral Agent will be paid to the Company on the Stock Purchase Date in
settlement of the Purchase Contract in accordance with the terms of this Agreement and the Pledge Agreement, and any funds received by the Collateral Agent in excess of the Purchase Price for the Common Stock to be purchased by such Holder shall be
distributed to the Purchase Contract Agent when received for payment to the Holder. 
  
 (ii) If a Holder of a Normal Unit fails to notify the Purchase Contract Agent of its intention to make a Cash Settlement in accordance
with paragraph (a)(i) above, the Holder shall be deemed to have consented to the disposition of the Pledged Notes pursuant to the remarketing as described in paragraph (b) below. If a Holder of a Normal Unit does notify the Purchase Contract Agent
as provided in paragraph (a)(i) above of its intention to pay the Purchase Price in cash, but fails to make such payment as required by paragraph (a)(i) above, the Holder shall be deemed to have consented to the disposition of the Pledged Notes
pursuant to the remarketing as described in paragraph (b) below. 
  
 (b) (i) Unless a Special Event Redemption has occurred, the Company and Lazard Group Finance shall engage, no later than 30 days prior to the Remarketing Date, a nationally recognized investment bank (the “Remarketing Agent”)
pursuant to a Remarketing Agreement to be entered into among the Company, Lazard Group Finance and the Remarketing Agent (but providing for remarketing procedures substantially as set forth below) to sell the Notes of Holders of Normal Units, other
than Holders that have elected not to participate in the remarketing pursuant to the procedures set forth in clause (iv) below, and holders of Separate Notes that have elected to participate in the remarketing pursuant to the procedures set forth in
Section 4.05(d) of the Pledge Agreement. The Company or the Purchase Contract Agent, at the Company’s request, shall notify (the “Remarketing Notice”), not later than 10:00 a.m. (New York City time) on the seventh Business Day
immediately preceding the Remarketing Date, Holders of Normal Units, and holders of Separate Notes, of the remarketing to take place on the Remarketing Date, and if necessary, on the eighth Business Day immediately preceding the Stock Purchase Date,
and if necessary, on the seventh Business Day immediately preceding the Stock Purchase Date, and if necessary, on the sixth Business Day 

  

 46 

 
immediately preceding the Stock Purchase Date, and if necessary, on the fifth Business Day immediately preceding the Stock Purchase Date, and if necessary,
on the fourth Business Day immediately preceding the Stock Purchase Date, and if necessary, on the third Business Day immediately preceding the Stock Purchase Date (each such date other than the Remarketing Date a “Subsequent Remarketing
Date”) (and if such Normal Units or Separate Notes are held in global form, the Company, or the Purchase Contract Agent, at the Company’s request, will cause the Clearing Agency to notify the Clearing Agency Participants of such
remarketing by no later than the seventh Business Day preceding the Remarketing Date). The Remarketing Notice will include the amount of cash that must be delivered by the Holders of Normal Units that elect not to participate in the remarketing and
the deadline for such delivery. The Purchase Contract Agent shall notify, by 10:00 a.m., New York City time, on the eleventh Business Day immediately preceding the Stock Purchase Date, the Remarketing Agent and the Collateral Agent of the aggregate
principal amount of Notes of Normal Unit Holders to be remarketed. On the eleventh Business Day preceding the Stock Purchase Date, no later than by 10:00 a.m., New York City time, pursuant to the terms of the Pledge Agreement, the Custodial Agent
will notify the Remarketing Agent of the aggregate principal amount of Separate Notes to be remarketed. Upon receipt of such notice from the Purchase Contract Agent and the Custodial Agent, the Remarketing Agent will, on the Remarketing Date, and if
necessary, on each Subsequent Remarketing Date, use its reasonable best efforts to sell such Notes on such dates at an aggregate price equal to 100.5% of the aggregate principal amount of such Notes. If the Remarketing Agent is able to remarket such
Notes at a price equal to 100.5% of the aggregate principal amount of such Notes, the proceeds will be paid to the Collateral Agent, on behalf of the Company, in direct settlement of the obligations of the Holders under the related Purchase
Contracts to purchase Common Stock of the Company. In the event of a successful remarketing pursuant to this Section 5.04, the Remarketing Agent will deduct as a remarketing fee an amount not exceeding 25 basis points (0.25%) of the Remarketing
Value of such Notes (the “Remarketing Fee”). The Remarketing Agent will remit (1) to the Custodial Agent, for the benefit of the holders of Separate Notes that were remarketed, the portion of the proceeds from the remarketing attributable
to such Separate Notes and (2) the remaining portion of the proceeds, less those proceeds paid to the Collateral Agent, for the benefit of the Company, and used to pay the Company in direct settlement of the Holders’ obligations under the
Purchase Contracts, to the Purchase Contract Agent for the benefit of the Holders of the Normal Units that were remarketed, all determined on a pro rata basis, in each case, on or prior to the third Business Day following the date on which the Notes
were successfully remarketed. Holders whose Notes are so remarketed will not otherwise be responsible for the payment of any Remarketing Fee in connection therewith. 
  
 (ii) If, in spite of using its reasonable best efforts, the Remarketing Agent cannot remarket the Notes
included in the remarketing at a price equal to 100.5% of the principal amount of the Notes included in the remarketing on the Remarketing Date, the Remarketing Agent will attempt to establish a Remarketing Rate meeting these requirements on each of
the Subsequent Remarketing Dates. If, in spite of using its reasonable best efforts, the Remarketing Agent fails to remarket the Notes included in the remarketing at a 

  

 47 

 
price equal to 100.5% of the principal amount of the Notes included in the remarketing on or before 4:00 p.m., New York City time on the third Business Day
immediately preceding the Stock Purchase Date, the remarketing will be deemed to have failed (the “Last Failed Remarketing”), and in this case, the Remarketing Agent will agree to advise the Collateral Agent in writing that it cannot
remarket the Notes. The maturity date of the Notes will be the Stock Purchase Date in the event that the remarketing agent fails to remarket the Notes. The Collateral Agent, for the benefit of the Company may exercise its rights as a secured party
with respect to such Notes, including those actions specified in clause (b)(iii) below; provided that if upon the Last Failed Remarketing, the Collateral Agent exercises such rights for the benefit of the Company with respect to such Notes,
any accumulated and unpaid interest on such Notes will become payable by Lazard Group Finance to the Purchase Contract Agent for payment to the Holders of the Normal Units to which such Notes relate. Such payment will be made by Lazard Group Finance
on or prior to 2:00 p.m., New York City time, on the Stock Purchase Date. The Company will cause a notice of any failed remarketing and of the Last Failed Remarketing to be published before 9:00 a.m., New York City time, on the Business Day
following each failed remarketing and the Last Failed Remarketing, as the case may be. The Company will also release this information by means of Bloomberg and Reuters newswire (or any successor or equivalent of such newswires). 
  
 (iii) With respect to any Notes which constitute part of
Normal Units which are subject to the Last Failed Remarketing, the Collateral Agent for the benefit of the Company reserves all of its rights as a secured party with respect thereto and, subject to applicable law and Section 5.04 (e) below, may,
among other things permit the Company to, (A) retain and cancel such Notes or (B) cause the Notes to be sold, in either case, in full satisfaction of the Holders’ obligations under the Purchase Contracts. 
  
 (iv) A Holder of Normal Units may elect not to participate
in the remarketing and retain the Notes underlying such Units by notifying the Purchase Contract Agent of such election on or prior to 5:00 p.m. New York City time on the thirteenth Business Day immediately preceding the Stock Purchase Date and
delivering the requisite amount of cash in lawful money of the United States by certified or cashier’s check or wire transfer, in each case, in immediately available funds, equal to the Purchase Price per Purchase Contract (the “Cash
Consideration”) to the Purchase Contract Agent not later than 5:00 p.m. New York City time on the thirteenth Business Day prior to the Stock Purchase Date as set forth in the Remarketing Notice and following the procedures to exchange its
Normal Units for Stripped Units (substituting references to Treasury Securities with references to Cash Consideration) as described in Section 3.13 (an “Opt-Out”). In such event, all references to the Treasury Securities or Pledged
Treasury Securities herein, including for purposes of Sections 3.15 and 5.8, shall be deemed to include such Cash Consideration in addition to the Treasury Securities. Upon receipt thereof by the Purchase Contract Agent, the Purchase Contract Agent
shall deliver such Cash Consideration to the Collateral Agent, 

  

 48 

 
which will for the benefit of the Company, thereupon apply such Cash Consideration to secure such Holder’s obligations under the Purchase Contracts. On
the Business Day immediately preceding the first day of the Remarketing Period, the Collateral Agent, pursuant to the terms of the Pledge Agreement, will deliver the Pledged Notes of such Holder to the Purchase Contract Agent and within three
Business Days thereof, the Purchase Contract Agent shall distribute such Notes to the Holders thereof. A Holder that does not so deliver the requisite Cash Consideration or does not so notify the Agent of its election not to participate in the
remarketing pursuant to this clause (b)(iv) shall be deemed to have elected to participate in the remarketing. Any Cash Consideration received by the Collateral Agent will be paid to the Company on the Stock Purchase Date in settlement of the
Purchase Contract in accordance with the terms of this Agreement and the Pledge Agreement, and any funds received by the Collateral Agent in excess of the Purchase Price for the Common Stock to be purchased by such Holder shall be distributed to the
Purchase Contract Agent when received for payment to the Holder. 
  
 (c) Upon the maturity of the Pledged Treasury Securities underlying the Stripped Units and, in the event of a Special Event Redemption, the Pledged Treasury Consideration underlying the Normal Units, on the Stock Purchase Date the
Collateral Agent shall remit to the Company an amount equal to the aggregate Purchase Price applicable to such Units, as payment for the Common Stock issuable upon settlement thereof without needing to receive any instructions from the Holders of
such Units. In the event the payments in respect of the Pledged Treasury Securities or the Pledged Treasury Consideration underlying a Unit is in excess of the Purchase Price of the Purchase Contract being settled thereby, the Collateral Agent will
distribute such excess to the Purchase Contract Agent for the benefit of the Holder of such Unit when received. 
  
 (d) Any distribution to Holders of excess funds and interest described in Section 5.04(b) and (c) above shall be payable at the office of the Purchase
Contract Agent in the Borough of Manhattan, New York City, or, if the Units do not remain in book-entry only form, at the option of the Company, by check mailed to the address of the Person entitled thereto at such Person’s address as it
appears on the Register or by wire transfer to the account maintained in the United States designated by written notice given ten Business Days prior to the applicable payment date by such Person. 
  
 (e) Notwithstanding anything to the contrary herein or in the Pledge
Agreement, subject to Section 3.02 of the Pledge Agreement, the obligations of each Holder to pay the Purchase Price are non-recourse obligations and are payable solely out of the proceeds of any Collateral pledged to secure the obligations of the
Holders (except to the extent paid by Cash Settlement, Early Settlement or Merger Early Settlement) and in no event will Holders be liable for any deficiency between such payments and the Purchase Price. 
  
 (f) Notwithstanding anything to the contrary herein, the Company shall not be
obligated to issue any Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder of the related Unit unless the Company shall have 

  

 49 

 
(i) received payment in full of the aggregate Purchase Price for the Common Stock to be purchased thereunder by such Holder in the manner herein set forth or
(ii) become entitled to exercise its rights as a secured party under Section 5.04(b)(iii). 
  
 SECTION 5.05. Issuance of Common Stock. Unless a Termination Event shall have occurred on or prior to the Stock Purchase Date or an Early Settlement or a Merger Early Settlement shall have occurred, on the
Stock Purchase Date, upon the Company’s receipt of payment in full of the Purchase Price for the Common Stock purchased by the Holders pursuant to the foregoing provisions of this Article and subject to Section 5.06(b) or the Company’s
exercise of its rights as a secured party pursuant to Section 5.04(b)(iii), the Company shall issue and deposit with the Purchase Contract Agent, for the benefit of the Holders of the Outstanding Units, one or more certificates representing the
newly issued shares of Common Stock, registered in the name of the Purchase Contract Agent (or its nominee) as custodian for the Holders (such certificates for Common Stock, together with any dividends or distributions for which both a record date
and payment date for such dividend or distribution has occurred after the Stock Purchase Date, being hereinafter referred to as the “Purchase Contract Settlement Fund”), to which the Holders are entitled hereunder. Subject to the
foregoing, upon surrender of a Certificate to the Purchase Contract Agent on or after the Stock Purchase Date, together with settlement instructions thereon duly completed and executed, the Holder of such Certificate shall be entitled to receive in
exchange therefor a certificate representing that number of whole Shares of Common Stock which such Holder is entitled to receive pursuant to the provisions of this Article V (after taking into account all Units then held by such Holder) together
with cash in lieu of fractional shares as provided in Section 5.12 and any dividends or distributions with respect to such shares constituting part of the Purchase Contract Settlement Fund, but without any interest thereon, and the Certificate so
surrendered shall forthwith be cancelled. Such shares shall be registered in the name of the Holder or the Holder’s designee as specified in the settlement instructions provided by the Holder to the Purchase Contract Agent. If any Common Stock
issued in respect of a Purchase Contract are to be registered to a Person other than the Person in whose name the Certificate evidencing such Purchase Contract is registered, no such registration shall be made unless the Person requesting such
registration has paid any transfer and other taxes required by reason of such registration in a name other than that of the registered Holder of such Certificate or has established to the satisfaction of the Company that such tax either has been
paid or is not payable. 
  
 SECTION 5.06. Adjustment of
Settlement Rate. The Daily Amount used in determining the Settlement Rate and the number of shares of Common Stock to be delivered upon an Early Settlement will be subject to adjustment, without duplication, under the following circumstances:

  
 (a) Adjustments for Dividends,
Distributions, Stock Splits, Etc. 
  
 (1)
Adjustment for Change in Capital Stock. If, after the date of this Agreement, the Company: (A) pays a dividend or makes another distribution on Common Stock to all holders of Common Stock payable exclusively in shares of Common Stock; (B)
subdivides or splits the outstanding shares of Common 

  

 50 

 
Stock into a greater number of shares; or (C) combines the outstanding shares of Common Stock into a smaller number of shares, then the share components in
effect immediately prior to such action shall be adjusted so that the Holder of a Purchase Contract forming a part of a Unit thereafter settled may receive the number of shares of Common Stock which such Holder would have owned immediately following
such action if such Holder had settled the Purchase Contract immediately prior to such action. 
  
 The adjustment shall become effective immediately after the record date in the case of a dividend, distribution or subdivision and
immediately after the effective date in the case of a combination. 
  
 (2) Adjustment for Rights Issue. If, after the date of this Agreement, the Company distributes any rights, options or warrants, other than pursuant to any dividend reinvestment, share purchase or similar plans,
to all holders of the Company’s Common Stock entitling them to purchase or subscribe for, for a period expiring within 60 days, shares of Common Stock at a price per share less than the Current Market Price as of the Time of Determination
(except that no adjustment will be made if Holders of the Units may participate in the distribution on a basis and with the notice that the Company’s Board of Directors determines to be fair and appropriate), the share components shall be
adjusted by multiplying them by a fraction: 
  

	 	•	 	the numerator of which is the sum of (a) the number of shares of Common Stock outstanding on the record date fixed for the applicable distribution plus (b) the total number of
additional shares of Common Stock offered for subscription or purchase, and 

  

	 	•	 	the denominator of which is the sum of (a) the number of shares of Common Stock outstanding on the record date fixed for the distribution plus (b) the total number of shares of
Common Stock that the aggregate offering price of the total number of shares offered for subscription or purchase would purchase at the Current Market Price. 

  
 The adjustment shall become effective immediately after the record date for the determination of
shareholders entitled to receive the rights, warrants or options to which this Section 5.06(a)(2) applies. To the extent that such rights or warrants are not exercised prior to their expiration (and as a result no additional shares of common stock
are delivered or issued pursuant to such rights or warrants), the share components shall be readjusted to the share components that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis
of delivery or issuance of only the number of shares of Common Stock actually delivered or issued. 
  

 51 

 (3) Adjustments for Other Distributions. If, after the date of this Agreement, the
Company dividends or distributes to all or substantially all holders of its Common Stock any of its debt, Capital Stock, securities or assets or any rights, warrants or options to purchase securities of the Company (including securities or cash, but
excluding (x) distributions of Common Stock referred to in Section 5.06(a)(1)(A) and distributions of rights, warrants or options referred to in Section 5.06(a)(2) and (y) dividends or distributions that are paid exclusively in cash referred to in
Section 5.06(a)(4)) the share components shall be adjusted, subject to the provisions of the last paragraph of this Section 5.06(a)(3), by multiplying them by a fraction: 
  

	 	•	 	the numerator of which is the Current Market Price of Common Stock, and 

  

	 	•	 	the denominator of which is the Current Market Price of Common Stock minus the fair market value of the portion of those assets distributed in respect of each share of Common Stock.

  
 In the event the Company
distributes shares of Capital Stock of a subsidiary, the share components will be adjusted, if at all, based on the market value of the subsidiary stock so distributed relative to the market value of the Common Stock, as discussed below. The Board
of Directors shall determine fair market values for the purposes of this Section 5.06(a)(3), except that in respect of a dividend or other distribution of shares of Capital Stock of any class or series, or similar equity interests, of or relating to
a subsidiary or other business unit of the Company (a “Spin-off”), the fair market value of the securities to be distributed shall equal the average of the daily Closing Prices of those securities for the five consecutive Trading Days
commencing on and including the sixth day of trading of those securities after the effectiveness of the Spin-off. In the event, however, that an underwritten initial public offering of the securities in the Spin-off occurs simultaneously with the
Spin-off, fair market value of the securities distributed in the Spin-off shall mean the initial public offering price of such securities and the Current Market Price shall mean the Closing Price for the Common Stock on the same Trading Day.

  
 The adjustment shall become effective
immediately after the record date for the determination of shareholders entitled to receive the distribution to which this Section 5.06(a)(3) applies, except that an adjustment related to a Spin-off shall become effective at the earlier to occur of
(i) 10 Trading Days after the effective date of the Spin-off and (ii) the initial public offering of the securities distributed in the Spin-off. 
  
 (4) Cash Distributions. In case the Company shall, by dividend or otherwise, pay regular quarterly, semi-annual or annual cash
dividends or make any other distributions consisting exclusively of cash to all holders of its Common Stock, excluding any regular cash dividend or distribution on the 

  

 52 

 
Common Stock to the extent that the aggregate cash dividend or distribution per share of Common Stock in any quarter does not exceed $.09 (the “Dividend
Threshold Amount”) (the Dividend Threshold Amount is subject to adjustment on the same basis as the Daily Amounts for any adjustment made pursuant to Section 5.06(a)(1)), then the share components will be adjusted as follows: 
  
 In the event of a regular dividend to which this Section
5.06(4) applies, the share components will be adjusted by multiplying them by a fraction, 
  

	 	•	 	the numerator of which is the Current Market Price of Common Stock, and 

  

	 	•	 	the denominator of which is the Current Market Price of Common Stock, minus the excess, if any, of the amount per share of such dividend or distribution over the Dividend Threshold
Amount. 

  
 In the event of a cash
dividend or distribution that is not a regular dividend, the share components will be adjusted by multiplying them by a fraction, 
  

	 	•	 	the numerator of which is the Current Market Price of Common Stock, and 

  

	 	•	 	the denominator of which is the Current Market Price of Common Stock minus the amount per share of such dividend or distribution. 

  
 In either case, the adjustment shall be made on the date fixed for the
determination of shareholders entitled to receive such dividend or distribution, to be effective at the opening of business on the day following the date fixed for the determination of shareholders entitled to receive such dividend or distribution.
In the event that any such dividend or distribution is not so paid or made, the share components shall again be adjusted to be the share components that would then be in effect if such dividend or distribution had not been declared. 
  
 (5) Adjustment for Company Tender Offer. If, after
the date of this Agreement, the Company or any subsidiary of the Company pays holders of the Common Stock in respect of a tender or exchange offer, other than an odd-lot offer, by the Company or any of its subsidiaries for Common Stock to the extent
that the offer involves aggregate consideration that, together with (i) any cash and the fair market value of any other consideration payable in respect of any tender offer by the Company or any of its subsidiaries for shares of Common Stock
consummated within the preceding 12 months not triggering a Settlement Rate adjustment and (ii) all-cash distributions to all or substantially all holders of Common Stock made within the preceding 12 months (other than regular quarterly, semi-annual
or annual cash dividends), exceeds an amount equal to 10% of the aggregate market capitalization of the Common Stock on the 

  

 53 

 
expiration date of the tender offer, the share components will be adjusted by multiplying them by a fraction, 
  

	 	•	 	the numerator of which is the sum of (a) the fair market value, as determined by the Board of Directors, of the aggregate consideration payable based upon the acceptance (up to any
maximum specified in the terms of the tender or exchange offer) of all shares of Common Stock validly tendered or exchanged and not withdrawn as of the last time tenders or exchanges may be made pursuant to such tender or exchange offer (the
“Expiration Time”) (the shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Shares”) and (b) the product of (i) the number of shares of Common Stock outstanding (less any Purchased Shares) at
the Expiration Time and (ii) the closing price of Common Stock on the Trading Day next succeeding the Expiration Time, and 

  

	 	•	 	the denominator of which will be the product of (a) the number of shares of Common Stock outstanding, including any Purchased Shares, at the Expiration Time and (b) the closing
price of Common Stock on the Trading Day next succeeding the Expiration Time. 

  
 (6) Calculation of Adjustments. All adjustments to the Settlement Rate shall be calculated by the Company to the nearest 1/10,000th
of one share of Common Stock (or if there is not a nearest 1/10,000th of a share, to the next lower 1/10,000th of a share). No adjustment to the Settlement Rate shall be required unless such adjustment would require an increase or a decrease of at
least one percent; provided that any adjustments not made shall be carried forward and taken into account in any subsequent adjustment and notwithstanding whether or not such one percent threshold shall have been met, all such adjustments
shall be made on the Stock Purchase Date. If an adjustment is made to the Settlement Rate pursuant to paragraph (1) through (5) or (7) of this Section 5.06(a), an adjustment shall also be made to the Closing Price for the Company’s Common Stock
solely to determine which of clauses (i), (ii) or (iii) of the definition of Settlement Rate in Section 5.01(a) will apply on each of the 20 Trading Days beginning on
                , 2008. Such adjustment shall be made by multiplying the Closing Price for the Company’s Common Stock by a fraction, the numerator of which shall be
the Settlement Rate immediately after such adjustment pursuant to paragraph (1) through (5) or (7) of this Section 5.06(a) and the denominator of which shall be the Settlement Rate immediately before such adjustment; provided that if such
adjustment to the Settlement Rate is required to be made pursuant to the occurrence of any of the events contemplated by paragraph (1) through (5) or (7) of this Section 5.06(a) during the period taken into consideration for determining the Daily
Amounts, appropriate and customary adjustments shall be made to the Settlement Rate. 
  

 54 

 (7) When No Adjustment Required. No adjustment of the Daily Amounts used in
determining the Settlement Rate, and the number of shares to be delivered on Early Settlement need be made as a result of: (i) the issuance of the rights; (ii) the distribution of separate certificates representing the rights; (iii) the exercise or
redemption of the rights in accordance with any rights agreement; or (iv) the termination or invalidation of the rights, in each case, pursuant to the Company’s stockholders rights plan existing on the date of this Agreement, as amended,
modified, or supplemented from time to time, or any newly adopted stockholders rights plans; provided, however, that to the extent that the Company has a stockholder rights plan in effect upon settlement of a Purchase Contract
(including the Company’s rights plan existing on the date of this Agreement), the Holder shall receive, in addition to the shares of Common Stock, the rights under such rights plan, unless, prior to any settlement of a Purchase Contract, the
rights have separated from the Common Stock, in which case the Settlement Rate will be adjusted at the time of separation as if the Company made a distribution to all holders of Common Stock as described in clause (3) above, subject to readjustment
in the event of the expiration, termination or redemption of the rights. In addition, no adjustment to the Daily Amounts used in determining the Settlement Rate need be made: 
  
 (A) upon the issuance of any shares of Common Stock pursuant to any present or future plan providing for the
reinvestment of dividends or interest payable on securities of the Company and the investment of additional optional amounts in Common Stock under any plan; 
  
 (B) upon the issuance of any shares of Common Stock or options or rights to purchase those shares pursuant to any present or future
employee, director or consultant benefit plan or program of or assumed by the Company or any of its subsidiaries; or 
  
 (C) upon the issuance of any shares of Common Stock pursuant to any option, warrant, right, or exercisable, exchangeable or convertible
security outstanding as of the date the Units were first issued. 
  
 No adjustment to the Settlement Rate need be made for a transaction referred to in 5.06(a)(2) or 5.06(a)(3) if Holders of the Units may participate in the transaction on a basis and with notice that the Board of
Directors determines to be fair and appropriate in light of the basis and notice on which holders of Common Stock participate in the transaction. No adjustment to the Settlement Rate need be made for a change in the par value or no par value of the
Common Stock. 
  
 (8) Use of Terms.
“Time of Determination” means the time and date of the earlier of (i) the determination of stockholders entitled to receive rights, warrants or options or a distribution in each case, to which Section 5.06(a)(2) or Section 5.06(a)(3)
applies and (ii) the time (“Ex-Dividend Time”) immediately prior to the commencement of “ex-dividend” trading for such rights, warrants or 

  

 55 

 
options or distribution on the NYSE or such other U.S. national or regional exchange or market on which the Common Stock are then listed or quoted.

  
 “Current Market Price” per share of
Common Stock on any day means the average of the Closing Price per share of Common Stock on each of the 20 consecutive Trading Days ending on the earlier of the day in question and the day before the “ex date” with respect to the issuance
or distribution requiring such computation. For purposes of this paragraph, the term “ex date,” when used with respect to any issuance or distribution, means the first date on which the shares of Common Stock trade without the right to
receive the issuance or distribution. 
  
 (9)
Adjustments During Settlement Period. (a) If an event requiring an adjustment occurs on any day during the 20 Trading Days beginning on                 , 2008,
the Daily Amount calculated for each trading day in this period before the event requiring an adjustment occurs will be adjusted in the same manner as the adjustment to the share components for each trading day in this period on or after the event
requiring an adjustment occurs pursuant to the procedures described above. 
  
 (b) Adjustment for Consolidation, Merger or Other Reorganization Event. In the event of 
  
 (1) any consolidation or merger of the Company with or into another Person (other than a merger or consolidation in which the Company is
the continuing corporation and in which the shares of Common Stock outstanding immediately prior to the merger or consolidation are not exchanged for cash, securities other property of the Company or another corporation), 
  
 (2) any sale, transfer, lease or conveyance to another
Person of the property of the Company as an entirety or substantially as an entirety, 
  
 (3) any statutory exchange of securities of the Company with another Person (other than in connection with a merger or acquisition) or any
binding share exchange which reclassifies or changes its outstanding Common Stock, or 
  
 (4) any liquidation, dissolution or winding up of the Company other than as a result of or after the occurrence of a Termination Event
(any such event, a “Reorganization Event”), 
  
 each share of Common Stock covered by each Purchase Contract forming part of a Unit immediately prior to such Reorganization Event shall,
after such Reorganization Event, be converted for purposes of the Purchase Contract into the kind and amount of securities, cash and other property receivable in such Reorganization Event (without any interest thereon, and without any right to
dividends or distribution thereon which have a 

  

	

 56 

 
record date that is prior to the Stock Purchase Date) per share of Common Stock by a holder of Common Stock that (i) is not a Person with which the Company
consolidated or into which the Company merged or which merged into the Company or to which such sale or transfer was made, as the case may be (any such Person, a “Constituent Person”), or an Affiliate of a Constituent Person to the extent
such Reorganization Event provides for different treatment of Common Stock held by Affiliates of the Company and non-Affiliates, and (ii) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other
property receivable upon such Reorganization Event (provided that if the kind or amount of securities, cash and other property receivable upon such Reorganization Event is not the same for each share of Common Stock held immediately prior to
such Reorganization Event by a Person other than a Constituent Person or an Affiliate thereof and in respect of which such rights of election shall not have been exercised (“Non-electing Share”), then for the purpose of this Section the
kind and amount of securities, cash and other property receivable upon such Reorganization Event by each Non-electing Share shall be deemed to be the kind and amount so receivable per share of Common Stock by a plurality of the Non-electing Shares).
On the Stock Purchase Date, the Settlement Rate then in effect will be applied to the value on the Stock Purchase Date of such securities, cash or other property. 
  
 In the event of such a Reorganization Event, the Person formed by such consolidation, merger or exchange or the Person which
acquires the assets of the Company or, in the event of a liquidation or dissolution of the Company, the Company or a liquidating trust created in connection therewith, shall execute and deliver to the Purchase Contract Agent an agreement
supplemental hereto providing that the Holder of each Outstanding Unit shall have the rights provided by this Section 5.06. Such supplemental agreement shall provide for adjustments which, for events subsequent to the effective date of such
supplemental agreement, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section. The above provisions of this Section shall similarly apply to successive Reorganization Events. 
  
 (c) Successive Adjustments. After an adjustment to the Settlement Rate
under this Section 5.06, any subsequent event requiring an adjustment under this Section 5.06 shall cause an adjustment to the Settlement Rate as so adjusted. 
  

(d) Multiple Adjustments. For the avoidance of doubt, if an event occurs that would trigger an adjustment to the Settlement Rate pursuant to
this Section 5.06 under more than one subsection hereof, such event, to the extent fully taken into account in a single adjustment, shall not result in multiple adjustments hereunder. 
  
 SECTION 5.07. Notice of Adjustments and Certain Other Events. (a) Whenever the Settlement Rate is adjusted as herein
provided, the Company shall as soon as practicable following the occurrence of an event that requires or permits the Settlement Rate to be adjusted, (i) provide written notice to the Purchase Contract Agent of the occurrence of that event and (ii)
compute the Settlement Rate and the Daily Amount in accordance with Section 5.06 and prepare and transmit to the Purchase Contract Agent an Officers’ Certificate setting forth the Settlement Rate and the Daily 

  

 57 

 
Amount, as the case may be, the method of calculation thereof in reasonable detail, and the facts requiring such adjustment and upon which such adjustment is
based. 
  
 (b) The Purchase Contract Agent shall not at any time
be under any duty or responsibility to any Holder of Units to determine whether any facts exist which may require any adjustment of the Settlement Rate and the Daily Amount, or with respect to the nature or extent or calculation of any such
adjustment when made, or with respect to the method employed in making the same. The Purchase Contract Agent shall not be accountable with respect to the validity or value (or the kind or amount) of any Common Stock, or of any securities or
property, which may at the time be issued or delivered with respect to any Purchase Contract, and the Purchase Contract Agent makes no representation with respect thereto. The Purchase Contract Agent shall not be responsible for any failure of the
Company to issue, transfer or deliver any Common Stock pursuant to a Purchase Contract or to comply with any of the duties, responsibilities or covenants of the Company contained in this Article. 
  
 SECTION 5.08. Termination Event; Notice. The Purchase Contracts and
all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of Holders to receive Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments and obligations of Holders to
purchase Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination Event shall have
occurred. Upon and after the occurrence of a Termination Event, the Normal Units shall thereafter represent the right to receive the Notes or the Treasury Consideration, as the case may be, forming a part of such Normal Units, and the Stripped Units
shall thereafter represent the right to receive the Treasury Securities forming a part of such Stripped Units, in each case in accordance with the provisions of Section 4.03 of the Pledge Agreement. Upon the occurrence of a Termination Event, the
Company shall promptly but in no event later than two Business Days thereafter give written notice to the Purchase Contract Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Register. 
  
 SECTION 5.09. Early Settlement. (a) Subject to and upon compliance
with the provisions of this Section 5.09, Purchase Contracts underlying Units having an aggregate Stated Amount equal to $1,000 or an integral multiple thereof may, at the option of the Holder thereof, be settled early (“Early Settlement”)
on or prior to 10:00 a.m., New York City time, on the thirteenth Business Day immediately preceding the Stock Purchase Date. Holders of Stripped Units may only effect Early Settlement of the related Purchase Contracts in integral multiples of 40
Stripped Units, and if Treasury Consideration has been substituted for the Notes as a component in the Normal Units due to the occurrence of a Special Event Redemption, Purchase Contracts underlying such Normal Units may only be settled early in
integral multiples of Normal Units such that the Treasury Consideration to be deposited and the Treasury Consideration to be released are in integral multiples of $1,000. In order to exercise the right to effect Early Settlement with respect to any
Purchase Contracts, the Holder of the Certificate evidencing the related Units shall deliver such Certificate to the Purchase Contract Agent at the Corporate Trust Office duly endorsed for transfer to the Company or in blank with 

  

 58 

 
the form of Election to Settle Early on the reverse thereof duly completed and accompanied by payment payable to the Company in immediately available funds
in an amount (the “Early Settlement Amount” equal to (A) the product of (i) the Purchase Price multiplied by (ii) the number of Purchase Contracts with respect to which the Holder has elected to effect Early Settlement, plus (B) if such
delivery is made with respect to any Purchase Contracts during the period from the close of business on any Record Date next preceding any Payment Date to the opening of business on such Payment Date, an amount equal to the Contract Adjustment
Payments, if any, payable on such Payment Date with respect to such Purchase Contracts; provided that no payment shall be required pursuant to clause (B) of this sentence if the Company shall have elected to defer the Contract Adjustment
Payments which would otherwise be payable on such Payment Date. Except as provided in the immediately preceding sentence and subject to Section 5.02(d), no payment or adjustment shall be made upon Early Settlement of any Purchase Contract on any
Contract Adjustment Payments accrued on such Purchase Contract or on account of any dividends on the Common Stock issued upon such Early Settlement. If the foregoing requirements are first satisfied with respect to Purchase Contracts underlying any
Unit at or prior to 5:00 p.m., New York City time, on a Business Day, such day shall be the “Early Settlement Date” with respect to such Unit and if such requirements are first satisfied after 5:00 p.m., New York City time, on a Business
Day or on a day that is not a Business Day, the “Early Settlement Date” with respect to such Units shall be the next succeeding Business Day. 
  
 (b) No later than the third Business Day after an Early Settlement of any Purchase Contract by the Holder of the related Units, the Company shall issue,
and the Holder shall be entitled to receive,            shares of Common Stock on account of such Purchase Contract (the “Early Settlement Rate”). The Early Settlement Rate shall be
adjusted in the same manner and at the same time as the Settlement Rate is adjusted pursuant to Section 5.06. As promptly as practicable after Early Settlement of Purchase Contracts in accordance with the provisions of this Section 5.09, the Company
shall issue and shall deliver to the Purchase Contract Agent at the Corporate Trust Office a certificate or certificates for the full number of Common Stock issuable upon such Early Settlement together with payment in lieu of any fraction of a
share, as provided in Section 5.12. 
  
 (c) No later than the
third Business Day after the applicable Early Settlement Date the Company shall cause (i) the Common Stock issuable upon Early Settlement of Purchase Contracts to be issued and delivered, and (ii) the related Pledged Notes or Pledged Treasury
Consideration, in the case of Normal Units, or the related Pledged Treasury Securities, in the case of Stripped Units, to be released from the Pledge by the Collateral Agent and transferred, in each case, to the Purchase Contract Agent for delivery
to the Holder thereof or the Holder’s designee. 
  
 (d) Upon
Early Settlement of any Purchase Contracts, and subject to receipt of Common Stock from the Company and the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, from the Collateral Agent, as applicable,
the Purchase Contract Agent shall, in accordance with the instructions provided by the Holder thereof on the applicable form of Election to Settle Early on the reverse of the Certificate evidencing the related Units, (i) transfer to the 

  

 59 

 
Holder the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, forming a part of such Units, and (ii) deliver
to the Holder a certificate or certificates for the full number of Common Stock issuable upon such Early Settlement together with payment in lieu of any fraction of a share, as provided in Section 5.12. 
  
 (e) In the event that Early Settlement is effected with respect to Purchase
Contracts underlying less than all the Units evidenced by a Certificate, upon such Early Settlement the Company shall execute and the Purchase Contract Agent shall authenticate and execute on behalf of the Holder and deliver to the Holder thereof,
at the expense of the Company, a Certificate evidencing the Units as to which Early Settlement was not effected. 
  
 (f) No Early Settlement will be permitted under this Section 5.09 unless, at the time of delivery of the Election to Settle Early form or the time the
Early Settlement is effected, there is an effective shelf or other registration statement with respect to the Common Stock to be issued and delivered in connection with such Early Settlement (unless the Company has been advised by counsel that no
such registration statement is required under the Securities Act and that no prospectus is required to be delivered in connection therewith). In addition, the Company may suspend the use of any such prospectus up to four times in any 360-day period
not to exceed 90 days in any such 360-day period if (i) any such prospectus would, in the Company’s judgment, contain a material misstatement or omission as a result of an event that has occurred and is continuing or as a result of any proposed
or pending material business transaction, event or announcement; and (ii) the Company reasonably determines that the disclosure of such material non-public information could have a material adverse effect on the Company and its subsidiaries taken as
a whole or could impede the consummation of any proposed or pending material business transaction. 
  
 SECTION 5.10. Early Settlement upon Cash Merger. (a) Prior to the Stock Purchase Date, in the event of a merger or consolidation of the Company of
the type described in clause (1) of Section 5.06(b) in which the Common Stock outstanding immediately prior to such merger or consolidation are exchanged for consideration consisting of at least 30% cash or cash equivalents (any such event a
“Cash Merger”), then the Company (or the successor to the Company hereunder) shall be required to offer the Holder of each Unit the right to settle the Purchase Contract underlying such Unit prior to the Stock Purchase Date (“Merger
Early Settlement”) as provided herein. On or before the fifth Business Day after the consummation of a Cash Merger, the Company or, at the request and expense of the Company, the Purchase Contract Agent, shall give all Holders notice of the
occurrence of the Cash Merger and of the right of Merger Early Settlement arising as a result thereof. For purposes of calculating the Settlement Rate in effect as a result of such Cash Merger, the Daily Amounts will be calculated on each of the 20
consecutive trading days ending on the fifth trading day immediately preceding date of the cash merger. The Company also shall deliver a copy of such notice to the Purchase Contract Agent and the Collateral Agent. 
  

 60 

 Each such notice shall contain: 
  
 (i) the date, which shall be not less than 20 or more than 30 calendar days after the date of such notice,
on which the Merger Early Settlement will be effected (the “Merger Early Settlement Date”); 
  
 (ii) the date, which shall be on or one Business Day prior to the Merger Early Settlement Date, by which the Merger Early Settlement right
must be exercised; 
  
 (iii) the Settlement Rate
in effect as a result of such Cash Merger and the kind and amount of securities, cash and other property receivable by the Holder upon settlement of each Purchase Contract pursuant to Section 5.06(b); 
  
 (iv) a statement to the effect that all or a portion of the
Purchase Price payable by the Holder to settle the Purchase Contract will be offset against the amount of cash so receivable upon exercise of Merger Early Settlement, as applicable; and 
  
 (v) the instructions a Holder must follow to exercise the Merger Early Settlement right. 
  
 (b) To exercise a Merger Early Settlement right, a Holder shall deliver to
the Purchase Contract Agent at the Corporate Trust Office on or before 5:00 p.m., New York City time, on the date specified in the notice the Certificate(s) evidencing the Units, if the Units are held in certificated form, with respect to which the
Merger Early Settlement right is being exercised duly endorsed for transfer to the Company or in blank with the form of Election to Settle Early on the reverse thereof duly completed and accompanied by payment payable to the Company in immediately
available funds in an amount equal to the Early Settlement Amount less the amount of cash that otherwise would be deliverable by the Company or its successor upon settlement of the Purchase Contract in lieu of Common Stock pursuant to Section
5.06(b) and as described in the notice to Holders (the “Merger Early Settlement Amount”). 
  
 (c) On the Merger Early Settlement Date, the Company shall deliver or cause to be delivered (i) the net cash, securities and other property to be received
by such exercising Holder, equal to the Settlement Rate, as adjusted pursuant to Section 5.06, in respect of the number of Purchase Contracts for which such Merger Early Settlement right was exercised, and (ii) the related Pledged Notes or Pledged
Treasury Consideration, in the case of Normal Units, or Pledged Treasury Securities, in the case of Stripped Units, to be released from the Pledge by the Collateral Agent and transferred, in each case, to the Corporate Trust Office for delivery to
the Holder thereof or its designee. In the event a Merger Early Settlement right shall be exercised by a Holder in accordance with the terms hereof, all references herein to Stock Purchase Date shall be deemed to refer to such Merger Early
Settlement Date. If a Holder effects a Merger Early Settlement of some or all of its Purchase Contracts, such Holder shall be entitled to receive, on the Merger Early Settlement Date, the aggregate amount of any Deferred 

  

 61 

 
Contract Adjustment Payments and any accumulated and unpaid Contract Adjustment Payments since the immediately preceding Payment Date with respect to such
Purchase Contracts. The Company shall pay such amount as a credit against the amount otherwise payable by the Holders to effect such Specified Merger Early Settlement and in any remainder in the form of a cash payment. 
  
 (d) Upon Merger Early Settlement of any Purchase Contracts, and subject to
receipt of such net cash, securities or other property from the Company and the Pledged Notes, Pledged Treasury Consideration or Pledged Treasury Securities, as the case may be, from the Collateral Agent, as applicable, the Purchase Contract Agent
shall, in accordance with the instructions provided by the Holder thereof on the applicable form of Election to Settle Early on the reverse of the Certificate evidencing the related Units, (i) transfer to the Holder the Pledged Notes, Pledged
Treasury Consideration or Pledged Treasury Securities, as the case may be, forming a part of such Units, and (ii) deliver to the Holder such net cash, securities or other property issuable upon such Merger Early Settlement together with payment in
lieu of any fraction of a share, as provided in Section 5.12. 
  
 (e) In the event that Merger Early Settlement is effected with respect to Purchase Contracts underlying less than all the Units evidenced by a Certificate, upon such Merger Early Settlement the Company (or the successor to the Company
hereunder) shall execute and the Purchase Contract Agent shall authenticate, execute on behalf of the Holder and deliver to the Holder thereof, at the expense of the Company, a Certificate evidencing the Units as to which Merger Early Settlement was
not effected. 
  
 SECTION 5.11. Charges and Taxes. The
Company will pay, or cause one of its subsidiaries to pay, all stock transfer, stamp and similar taxes or duties attributable to the initial issuance and delivery of the Common Stock pursuant to the Purchase Contracts and in payment of any Deferred
Contract Adjustment Payments, provided that the Company shall not be required to pay any such tax or taxes which may be payable in respect of any exchange of or substitution for a Certificate evidencing a Unit or any issuance of a share of
Common Stock in a name other than that of the registered Holder of a Certificate surrendered in respect of the Units evidenced thereby, other than in the name of the Purchase Contract Agent, as custodian for such Holder, and the Company shall not be
required to issue or deliver such Certificate or share of Common Stock unless and until the Person or Persons requesting the transfer or issuance thereof shall have paid to the Company the amount of such tax or shall have established to the
satisfaction of the Company that such tax has been paid. 
  
 SECTION 5.12. No Fractional Shares. No fractional shares or scrip representing fractional Common Stock shall be issued or delivered upon settlement or payment of Deferred Contract Adjustment Payments on the Stock Purchase Date or
upon Early Settlement or Merger Early Settlement of any Purchase Contracts. If Certificates evidencing more than one Purchase Contract shall be surrendered for settlement at one time by the same Holder, the number of full Common Stock which shall be
delivered upon settlement (and as a result of Deferred Contract Adjustment Payments) shall be computed on the basis of the aggregate number of Purchase Contracts evidenced by the Certificates so surrendered. Instead of any fractional share of Common
Stock which 

  

 62 

 
would otherwise be deliverable upon such settlement or payment, the Company, through the Purchase Contract Agent, shall make a cash payment in respect of
such fractional shares in an amount equal to the fraction of a share of Common Stock, based on the Closing Price of the Common Stock on the trading day immediately preceding the stock purchase date. The Company shall provide the Purchase Contract
Agent with sufficient funds to permit the Purchase Contract Agent to make all cash payments required by this Section 5.12 in a timely manner. 
  
 ARTICLE VI 
  
 Remedies 
  
 SECTION 6.01. Unconditional Right of Holders to Receive Purchase Contract Adjustment Payments and Purchase Common Stock. The Holder of any Unit shall have the right, which is absolute and unconditional, 
  
 (a) subject to the right of the Company to defer payment
thereof pursuant to Section 5.03, and to the forfeiture of any Deferred Contract Adjustment Payments upon Early Settlement pursuant to Section 5.09 or upon the occurrence of a Termination Event, to receive payment of each installment of the Contract
Adjustment Payments, if any, with respect to the Purchase Contract constituting a part of such Unit on the respective Payment Date for such Unit, and to institute suit for the enforcement of such right to receive Contract Adjustment Payments, and

  
 (b) to purchase Common Stock pursuant to the
Purchase Contract constituting a part of such Unit and to institute suit for the enforcement of any such right to purchase Common Stock, and such rights shall not be impaired without the consent of such Holder. 
  
 SECTION 6.02. Restoration of Rights and Remedies. If any Holder has
instituted any proceeding to enforce any right or remedy under this Agreement and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to such Holder, then and in every such case, subject to any
determination in such proceeding, the Company and such Holder shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of such Holder shall continue as though no such proceeding had been
instituted. 
  
 SECTION 6.03. Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Certificates in Section 3.10(f), no right or remedy herein conferred upon or reserved to the Holders is intended to be
exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

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 SECTION 6.04. Delay or Omission Not Waiver. No delay or omission of any Holder to exercise any
right or remedy upon a default shall impair any such right or remedy or constitute a waiver of any such right. Every right and remedy given by this Article or by law to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by such Holders. 
  
 SECTION 6.05. Undertaking for
Costs. All parties to this Agreement agree, and each Holder of a Unit, by its acceptance of such Unit shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this
Agreement, or in any suit against the Purchase Contract Agent for any action taken, suffered or omitted by it as Purchase Contract Agent, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such
court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant;
provided that the provisions of this Section shall not apply to any suit instituted by the Company, to any suit instituted by the Purchase Contract Agent, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% of the Outstanding Units, or to any suit instituted by any Holder for the enforcement of distributions on any Notes or Contract Adjustment Payments, if any, on any Purchase Contract on or after the respective Payment Date therefor in
respect of any Unit held by such Holder, or for enforcement of the right to purchase Common Stock under the Purchase Contract constituting part of any Unit held by such Holder. 
  
 SECTION 6.06. Waiver of Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that
it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Agreement; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, but will suffer and permit the execution of every such power as though no such law had been
enacted. 
  
 ARTICLE VII 
  
 The Purchase Contract Agent 
  
 SECTION 7.01. Certain Duties and Responsibilities. (a) The Purchase
Contract Agent shall act as agent and attorney-in-fact for the Holders of the Normal Units and Stripped Units hereunder with such powers as are specifically vested in the Purchase Contract Agent by the terms of this Agreement, the Pledge Agreement,
the Remarketing Agreement, the Notes, the Normal Units and Stripped Units, and any documents evidencing them or related thereto, together with such other powers as are reasonably incidental thereto. The Purchase Contract Agent: 
  
 (1) undertakes to perform, with respect to the Units and
Separate Notes, such duties and only such duties as are specifically set forth in this Agreement 

  

 64 

 
and the Pledge Agreement, and no implied covenants or obligations shall be read into this Agreement against the Purchase Contract Agent; and 
  
 (2) in the absence of bad faith, willful misconduct or
negligence on its part, the Purchase Contract Agent may, with respect to the Units and Separate Notes, conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions
furnished to the Purchase Contract Agent reasonably believed by the Purchase Contract Agent to be genuine and correct and conforming to the requirements of this Agreement, but in the case of any certificates or opinions which by any provision hereof
are specifically required to be furnished to the Purchase Contract Agent, the Purchase Contract Agent shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Agreement (but need not confirm or
investigate the accuracy of the mathematical calculations or other facts stated therein). 
  
 (b) No provision of this Agreement shall be construed to relieve the Purchase Contract Agent from liability for its own negligent action, its own negligent failure to act, its own bad faith or its own willful
misconduct, except that: 
  
 (1) this paragraph
(b) shall not be construed to limit the effect of paragraph (a) of this Section; 
  
 (2) the Purchase Contract Agent shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall
be proved that the Purchase Contract Agent was negligent in ascertaining the pertinent facts; and 
  
 (3) no provision of this Agreement shall require the Purchase Contract Agent to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers. 
  
 (c) Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording
protection to the Purchase Contract Agent shall be subject to the provisions of this Section. 
  
 (d) The Purchase Contract Agent is authorized to execute and deliver the Pledge Agreement in its capacity as Purchase Contract Agent. 
  
 SECTION 7.02. Notice Of Default. Within 30 days after the occurrence of any default by the Company hereunder or under
a Purchase Contract of which a Responsible Officer of the Purchase Contract Agent has actual knowledge, the Purchase Contract Agent shall transmit by mail to the Company and the Holders of Units, as their names and addresses appear in the applicable
Register, notice of such default hereunder, unless such default shall have been cured or waived. 
  

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 SECTION 7.03. Certain Rights of Purchase Contract Agent. Subject to the provisions of Section
7.01: 
  
 (a) the Purchase Contract Agent may
conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 
  
 (b) any request or direction of the Company mentioned herein shall be sufficiently evidenced by an Officers’ Certificate, Issuer
Order or Issuer Request, and any resolution of the Board of Directors of the Company may be sufficiently evidenced by a Board Resolution; 
  
 (c) whenever in the administration of this Agreement the Purchase Contract Agent shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Purchase Contract Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate of
the Company; 
  
 (d) the Purchase Contract Agent
may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; the
Purchase Contract Agent shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Purchase Contract Agent, in its discretion, may make reasonable further inquiry or investigation into such facts or matters related to the execution, delivery and performance of the
Purchase Contracts as it may see fit, and, if the Purchase Contract Agent shall determine to make such further inquiry or investigation, it shall be given a reasonable opportunity to examine the books, records and premises of the Company, personally
or by agent or attorney; 
  
 (e) the Purchase
Contract Agent may execute any of the powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or an Affiliate of the Purchase Contract Agent and the Purchase Contract Agent shall not be responsible for
any misconduct or negligence on the part of any agent or attorney or an affiliate of the Purchase Contract Agent appointed with due care hereunder; 
  
 (f) the Purchase Contract Agent shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement solely
at the request or 

  

 66 

 
direction of any of the Holders pursuant to this Agreement, unless such Holders shall have offered to the Purchase Contract Agent security or indemnity
reasonably satisfactory to the Purchase Contract Agent against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
  
 (g) the Purchase Contract Agent shall not be deemed to have notice of any default unless a Responsible
Officer of the Purchase Contract Agent has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Purchase Contract Agent at the Corporate Trust Office of the Purchase Contract Agent, and
such notice references the Units and this Agreement and states that it is a notice of default; and 
  
 (h) the Purchase Contract Agent may request that the Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Agreement, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as
so authorized in any such Certificate previously delivered and not superseded. 
  
 SECTION 7.04. Not Responsible for Recitals or Issuance of Units. The recitals contained herein, in the related documents and in the Certificates shall be taken as the statements of the Company and the Purchase
Contract Agent assumes no responsibility for their accuracy. The Purchase Contract Agent makes no representations as to the validity or sufficiency of either this Agreement or of the Units, or of the Pledge Agreement or the Pledge. The Purchase
Contract Agent shall not be accountable for the use or application by the Company of the Units or the proceeds therefrom or in respect of the Purchase Contracts. 
  
 SECTION 7.05. May Hold Units. Any Registrar or any other agent of the Company, or the Purchase Contract Agent and its
Affiliates, in their individual or any other capacity, may become the owner or pledgee of Units and may otherwise deal with the Company, the Collateral Agent or any other Person with the same rights it would have if it were not Registrar or such
other agent, or the Purchase Contract Agent. 
  
 SECTION 7.06.
Money Held in Custody. Money held by the Purchase Contract Agent in custody hereunder need not be segregated from the Purchase Contract Agent’s other funds except to the extent required by law or provided herein. The Purchase Contract
Agent shall be under no obligation to invest or pay interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 
  
 SECTION 7.07. Compensation and Reimbursement. The Company agrees: 
  
 (a) to pay to the Purchase Contract Agent from time to time reasonable compensation for all services
rendered by it hereunder; 
  

 67 

 (b) except as otherwise expressly provided herein, to reimburse the Purchase Contract
Agent upon its request for all reasonable expenses, disbursements and advances incurred or made by the Purchase Contract Agent in accordance with any provision of this Agreement (including the reasonable compensation and the reasonable expenses and
disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence, willful misconduct or bad faith; and 
  
 (c) to indemnify the Purchase Contract Agent and any predecessor Purchase Contract Agent, their officers,
directors, employees and agents for, and to hold it harmless against, any loss, liability or expense incurred without gross negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or
administration of its duties hereunder, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Purchase Contract Agent shall
promptly notify the Company of any third-party claim which may give rise to the indemnity hereunder and give the Company the opportunity to control the defense of such claim with counsel reasonably satisfactory to the indemnified party, and no such
claim shall be settled without the written consent of the Company, which consent shall not be unreasonably withheld. 
  
 For purposes of this Section 7.07, “Purchase Contract Agent” shall include any predecessor Purchase Contract Agent, provided that the
negligence, bad faith or willful misconduct of any Purchase Contract Agent hereunder shall not affect the rights of any other Purchase Contract Agent hereunder. 
  

The provisions of this Section 7.07 shall survive the termination of this Agreement, the satisfaction or discharge of the Units and/or the Separate
Notes and/or the resignation or removal of the Purchase Contract Agent. 
  
 The Company will also pay all fees and expenses relating to the enforcement by the Purchase Contract Agent of the rights of the Holders of the Purchase Contracts and the retention of the Collateral Agent. 
  
 In no event shall the Purchase Contract Agent be liable for any indirect,
special, punitive or consequential loss or damage of any kind whatsoever, including, but not limited to, lost profits, even if the Purchase Contract Agent has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
  
 In no event shall the Purchase Contract Agent be
liable for any failure or delay in the performance of its obligations hereunder because of circumstances beyond its control, including, but not limited to, acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of services contemplated by this Agreement. 
  

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 SECTION 7.08. Corporate Purchase Contract Agent Required; Eligibility. There shall at all times be
a Purchase Contract Agent hereunder which shall be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to exercise corporate trust
powers, having (or being a member of a bank holding company having) a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and having a Corporate Trust Office in the Borough of
Manhattan, The City of New York, if there be such a corporation, qualified and eligible under this Article and willing to act on reasonable terms. If such corporation publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. If at any time the Purchase Contract Agent shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

  
 SECTION 7.09. Resignation and Removal; Appointment of
Successor. (a) No resignation or removal of the Purchase Contract Agent and no appointment of a successor Purchase Contract Agent pursuant to this Article shall become effective until the acceptance of appointment by the successor Purchase
Contract Agent in accordance with the applicable requirements of Section 7.10. 
  
 (b) The Purchase Contract Agent may resign at any time by giving written notice thereof to the Company 60 days prior to the effective date of such resignation. If the instrument of acceptance by a successor Purchase
Contract Agent required by Section 7.10 shall not have been delivered to the Purchase Contract Agent within 30 days after the giving of such notice of resignation, the resigning Purchase Contract Agent may petition any court of competent
jurisdiction for the appointment of a successor Purchase Contract Agent. 
  
 (c) The Purchase Contract Agent may be removed at any time by Act of the Holders of a majority in number of the Outstanding Units delivered to the Purchase Contract Agent and the Company. 
  
 (d) If at any time: 
  
 (1) the Purchase Contract Agent fails to comply with Section
310(b) of the Trust Indenture Act, as if the Purchase Contract Agent were an indenture trustee under an indenture qualified under the Trust Indenture Act, after written request therefor by the Company or by any Holder who has been a bona fide Holder
of a Unit for at least six months; or 
  
 (2) the
Purchase Contract Agent shall cease to be eligible under Section 7.08 and shall fail to resign after written request therefor by the Company or by any such Holder; or 
  

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 (3) the Purchase Contract Agent shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Purchase Contract Agent or of its property shall be appointed or any public officer shall take charge or control of the Purchase Contract Agent or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation; then, in any such case, (x) the Company by a Board Resolution may remove the Purchase Contract Agent, or (y) any Holder who has been a bona fide Holder of a Unit for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Purchase Contract Agent and the appointment of a successor Purchase Contract Agent. 
  
 (e) If the Purchase Contract Agent shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Purchase Contract Agent for any reason, the Company, by a Board Resolution, shall promptly appoint a successor Purchase Contract Agent and shall comply with the applicable
requirements of Section 7.10. If no successor Purchase Contract Agent shall have been so appointed by the Company and accepted appointment in the manner required by Section 7.10, any Holder who has been a bona fide Holder of a Unit for at least six
months may, on behalf of itself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Purchase Contract Agent. 
  
 (f) The Company shall give, or shall cause such successor Purchase Contract Agent to give, notice of each resignation and
each removal of the Purchase Contract Agent and each appointment of a successor Purchase Contract Agent by mailing written notice of such event by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the
applicable Register. Each notice shall include the name of the successor Purchase Contract Agent and the address of its Corporate Trust Office. 
  
 SECTION 7.10. Acceptance of Appointment by Successor. (a) In case of the appointment hereunder of a successor Purchase Contract Agent, every such
successor Purchase Contract Agent so appointed shall execute, acknowledge and deliver to the Company and to the retiring Purchase Contract Agent an instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Purchase Contract Agent shall become effective and such successor Purchase Contract Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, agencies and duties of the retiring Purchase Contract Agent. On
the request of the Company or the successor Purchase Contract Agent, such retiring Purchase Contract Agent shall, upon payment of its charges, execute and deliver an instrument transferring to such successor Purchase Contract Agent all the rights,
powers and trusts of the retiring Purchase Contract Agent and shall duly assign, transfer and deliver to such successor Purchase Contract Agent all property and money held by such retiring Purchase Contract Agent hereunder. 
  
 (b) Upon request of any such successor Purchase Contract Agent, the Company
shall execute any and all instruments for more fully and certainly vesting in 

  

 70 

 
and confirming to such successor Purchase Contract Agent all such rights, powers and agencies referred to in paragraph (a) of this Section. 
  
 No successor Purchase Contract Agent shall accept its appointment unless at
the time of such acceptance such successor Purchase Contract Agent shall be qualified and eligible under this Article. 
  
 SECTION 7.11. Merger, Conversion, Consolidation or Succession to Business. Any Person into which the Purchase Contract Agent may be merged or
converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Purchase Contract Agent shall be a party, or any Person succeeding to all or substantially all the corporate trust
business of the Purchase Contract Agent, shall be the successor of the Purchase Contract Agent hereunder, provided such Person shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of any of the parties hereto. In case any Certificates shall have been authenticated and executed on behalf of the Holders, but not delivered, by the Purchase Contract Agent then in office, any successor to such Purchase Contract
Agent shall adopt such authentication and execution and deliver the Certificates so authenticated and executed with the same effect as if such successor Purchase Contract Agent had itself authenticated and executed such Units. 
  
 SECTION 7.12. Preservation of Information. The Purchase Contract Agent
shall preserve, in as current a form as is reasonably practicable, the names and addresses of Holders received by the Purchase Contract Agent in its capacity as Registrar. 
  
 SECTION 7.13. No Obligations of Purchase Contract Agent. Except to the extent otherwise provided in this Agreement,
the Purchase Contract Agent assumes no obligation and shall not be subject to any liability under this Agreement, the Pledge Agreement or any Purchase Contract in respect of the obligations of the Holder of any Unit thereunder. The Company agrees,
and each Holder of a Certificate, by such Holder’s acceptance thereof, shall be deemed to have agreed, that the Purchase Contract Agent’s execution of the Certificates on behalf of the Holders shall be solely as agent and attorney-in-fact
for the Holders, and that the Purchase Contract Agent shall have no obligation to perform such Purchase Contracts on behalf of the Holders, except to the extent expressly provided in Article V. 
  
 SECTION 7.14. Tax Compliance. (a) The Purchase Contract Agent, on its
own behalf and on behalf of the Company, will comply with all applicable certification, information reporting and withholding (including “backup” withholding) requirements imposed by applicable tax laws, regulations or administrative
practice with respect to (i) any payments made with respect to the Units or (ii) the issuance, delivery, holding, transfer, redemption or exercise of rights under the Units. Such compliance shall include, without limitation, the preparation and
timely filing of required returns and the timely payment of all amounts required to be withheld to the appropriate taxing authority or its designated agent. For purposes of United States backup withholding tax and information reporting requirements,
each Holder will provide the Purchase Contract 

  

 71 

 
Agent with an executed copy of Internal Revenue Service Form W-9 (for United States persons) or Form W-8 (for non-United States persons) or any successor
forms. 
  
 (b) The Purchase Contract Agent shall comply with any
reasonable written direction timely received from the Company with respect to the execution or certification of any required documentation and the application of such requirements to particular payments or Holders or in other particular
circumstances, and may for purposes of this Agreement conclusively rely on any such direction in accordance with the provisions of Section 7.01(a)(2). 
  
 (c) The Purchase Contract Agent shall maintain all appropriate records documenting compliance with such requirements, and shall make such records
available, on written request, to the Company or its authorized representative within a reasonable period of time after receipt of such request. 
  
 ARTICLE VIII 
  
 Supplemental Agreements 
  
 SECTION 8.01. Supplemental Agreements Without Consent of Holders. Without the consent of any Holders, the Company and the Purchase Contract Agent, at any time and from time to time, may enter into one or more
agreements supplemental hereto, in form satisfactory to the Company and the Purchase Contract Agent, for any of the following purposes: 
  
 (a) to evidence the succession of another Person to the Company, and the assumption by any such successor of the covenants of the Company
herein and in the Certificates; 
  
 (b) to add to
the covenants of the Company for the benefit of the Holders, or to surrender any right or power herein conferred upon the Company so long as such covenants or such surrender shall not adversely affect the validity, perfection or priority of the
security interests granted or created under the Pledge Agreement; 
  
 (c) to evidence and provide for the acceptance of appointment hereunder by a successor Purchase Contract Agent; 
  
 (d) to make provision with respect to the rights of Holders pursuant to the requirements of Section 5.06(b) or 5.10; or 
  
 (e) to cure any ambiguity, to correct or supplement any
provisions herein which may be inconsistent with any other provisions herein, or to make any other provisions with respect to such matters or questions arising under this Agreement, provided such action shall not adversely affect the
interests of the Holders. 
  
 SECTION 8.02. Supplemental
Agreements With Consent of Holders. (a) With the consent of the Holders of not less than a majority of the Outstanding Units 

  

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voting together as one class, by Act of said Holders delivered to the Company and the Purchase Contract Agent, the Company and the Purchase Contract Agent
may enter into an agreement or agreements supplemental hereto, in form satisfactory to the Company and the Purchase Contract Agent, for the purpose of modifying in any manner the terms of the Purchase Contracts, or the provisions of this Agreement
or the rights of the Holders in respect of the Units, provided that, except as contemplated herein, no such supplemental agreement shall, as to any Holder affected thereby, without the consent of such Holder: 
  
 (1) change any Payment Date; 
  
 (2) change the amount or the type of Collateral required to
be Pledged to secure a Holder’s obligations under the Purchase Contracts (except for the rights of Holders of Normal Units to substitute the Treasury Securities for the Pledged Notes or Pledged Treasury Consideration, as the case may be, or the
rights of holders of Stripped Units to substitute Notes or Treasury Consideration, as applicable, for the Pledged Treasury Securities), impair the right of the Holder of any Purchase Contract or Unit to receive distributions on the related
Collateral or otherwise materially adversely affect the Holder’s rights in or to such Collateral; 
  
 (3) reduce any Contract Adjustment Payments or any Deferred Contract Adjustment Payment, or change the place or currency in which, any
Contract Adjustment Payment or other payment under this Agreement is payable or increase any amounts payable by the Holders in respect of the Units or decrease any other amounts receivable by Holders in respect of the Units; 
  
 (4) impair the right to institute suit for the enforcement
of any Purchase Contract, any Contract Adjustment Payment, if any, or any Deferred Contract Adjustment Payment, if any; 
  
 (5) reduce the number of shares of Common Stock to be purchased pursuant to any Purchase Contract, increase the price to purchase shares
of Common Stock upon settlement of any Purchase Contract, change the Stock Purchase Date or otherwise materially adversely affect the Holder’s rights under any Purchase Contract; or 
  
 (6) reduce the percentage of the outstanding Purchase Contracts the consent of whose Holders is required for
any such supplemental agreement; 
  
 provided that if any amendment or
proposal referred to above would adversely affect only the Normal Units or the Stripped Units, then only the affected class of Holder as of the record date for the Holders entitled to vote thereon will be entitled to vote on or consent to such
amendment or proposal; provided, however, that no such agreement, whether with or without the consent of Holders, shall affect Section 3.16. 
  
 (b) It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed supplemental agreement, but it
shall be sufficient if such Act shall approve the substance thereof. 
  

 73 

 SECTION 8.03. Execution of Supplemental Agreements. In executing, or accepting the additional
agencies created by, any supplemental agreement permitted by this Article or the modifications thereby of the agencies created by this Agreement, the Purchase Contract Agent shall be entitled to receive and (subject to Section 7.01) shall be fully
protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental agreement is authorized or permitted by this Agreement and that all conditions precedent to the execution of such
supplemental agreement have been satisfied. The Purchase Contract Agent shall enter into any such supplemental agreement which does not materially adversely affect the Purchase Contract Agent’s own rights, duties or immunities under this
Agreement or otherwise. 
  
 SECTION 8.04. Effect of
Supplemental Agreements. Upon the execution of any supplemental agreement under this Article, this Agreement shall be modified in accordance therewith, and such supplemental agreement shall form a part of this Agreement for all purposes; and
every Holder of Certificates theretofore or thereafter authenticated, executed on behalf of the Holders and delivered hereunder shall be bound thereby. 
  
 SECTION 8.05. Reference to Supplemental Agreements. Certificates authenticated, executed on behalf of the Holders and delivered after the execution
of any supplemental agreement pursuant to this Article may, and shall if required by the Purchase Contract Agent, bear a notation in form approved by the Purchase Contract Agent as to any matter provided for in such supplemental agreement. If the
Company shall so determine, new Certificates so modified as to conform, in the opinion of the Purchase Contract Agent and the Company, to any such supplemental agreement may be prepared and executed by the Company and authenticated, executed on
behalf of the Holders and delivered by the Purchase Contract Agent in exchange for Outstanding Certificates. 
  
 ARTICLE IX 
  
 Consolidation, Merger, Sale or Conveyance 
  
 SECTION 9.01. Covenant Not to Merge, Consolidate, Sell or Convey Property Except under Certain Conditions. The Company covenants that, so long as any Units are outstanding, it will not (a) merge or amalgamate with or into or
consolidate with any other Person or (b) transfer, lease or convey all or substantially all its assets to any Person or buy all or substantially all of the assets of another Person, unless (i) either (A) the Company shall be the surviving person or
(B) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or amalgamated or the Person which acquires by conveyance, transfer or lease all or substantially all of the properties and assets of the
Company is an entity organized and existing under the laws of the United States of America (including any State thereof or the District of Columbia) or Bermuda, and such person expressly assumes all the obligations of the Company under the Purchase
Contracts, this Agreement, the Remarketing Agreement and the Pledge Agreement by one or more supplemental agreements in form reasonably satisfactory to the Purchase Contract Agent and the 

  

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Collateral Agent, executed and delivered to the Purchase Contract Agent and the Collateral Agent by such Person, and (ii) the Company or such successor
Person, as the case may be, shall not, immediately after such merger or consolidation, or such transfer, lease or conveyance, be in default in the performance of any covenant or condition hereunder, under any of the Purchase Contracts, under the
Remarketing Agreement or under the Pledge Agreement. 
  
 SECTION
9.02. Rights and Duties of Successor Corporation. (a) In case of any such consolidation, merger, amalgamation, transfer, lease, purchase or conveyance and upon any such assumption by a successor entity in accordance with Section 9.01, such
successor entity shall succeed to and be substituted for the Company with the same effect as if it had been named herein as the Company. Such successor entity thereupon may cause to be signed, and may issue either in its own name or in the name of
the Company, any or all of the Certificates evidencing Units issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Purchase Contract Agent, and, upon the order of such successor corporation, instead of
the Company, and subject to all the terms, conditions and limitations in this Agreement prescribed, the Purchase Contract Agent shall authenticate and execute on behalf of the Holders and deliver any Certificates which previously shall have been
signed and delivered by the officers of the Company to the Purchase Contract Agent for authentication, execution on behalf of the Holder and delivery, and any Certificate evidencing Units which such successor entity thereafter shall cause to be
signed and delivered to the Purchase Contract Agent for that purpose. All the Certificates so issued shall in all respects have the same legal rank and benefit under this Agreement as the Certificates theretofore or thereafter issued in accordance
with the terms of this Agreement as though all of such Certificates had been issued at the date of the execution hereof. 
  
 (b) In case of any such consolidation, merger, amalgamation, transfer, lease, purchase or conveyance such change in phraseology and form (but not in
substance) may be made in the Certificates evidencing Units thereafter to be issued as may be appropriate. 
  
 SECTION 9.03. Opinion of Counsel Given to Purchase Contract Agent. The Purchase Contract Agent, subject to Sections 7.01 and 7.03, shall receive an
Opinion of Counsel as conclusive evidence that any such consolidation, merger, transfer, lease, purchase or conveyance, and any such assumption, complies with the provisions of this Article and that all conditions precedent to the consummation of
any such consolidation, merger, sale, assignment, transfer, lease, purchase or conveyance have been met. 
  
 ARTICLE X 
  
 Covenants 
  
 SECTION 10.01. Performance under
Purchase Contracts. The Company covenants and agrees for the benefit of the Holders from time to time that it will duly and 

  

 75 

 
punctually perform its obligations under the Purchase Contracts in accordance with the terms of the Purchase Contracts and this Agreement. 
  
 SECTION 10.02. Maintenance of Office or Agency. (a) The Company will
maintain in the Borough of Manhattan, The City of New York an office or agency, which may be the office of the Purchase Contract Agent, where Certificates may be presented or surrendered for payment of Contract Adjustment Payments, acquisition of
Common Stock upon settlement of the Purchase Contracts on any Settlement Date and for transfer of Collateral upon occurrence of a Termination Event, where Certificates may be surrendered for registration of transfer or exchange, for a Collateral
Substitution or reestablishment of Normal Units and where notices and demands to or upon the Company in respect of the Units and this Agreement may be served. The Company will give prompt written notice to the Purchase Contract Agent of the
location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Purchase Contract Agent with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office, and the Company hereby appoints the Purchase Contract Agent as its agent to receive all such presentations, surrenders, notices and demands.

  
 (b) The Company may also from time to time designate one or
more other offices or agencies where Certificates may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve
the Company of its obligation to maintain an office or agency in the Borough of Manhattan, The City of New York for such purposes. The Company will give prompt written notice to the Purchase Contract Agent of any such designation or rescission and
of any change in the location of any such other office or agency. The Company hereby designates as the place of payment for the Units the Corporate Trust Office and appoints the Purchase Contract Agent at its Corporate Trust Office as paying agent
in such city. 
  
 SECTION 10.03. Company to Reserve Common
Stock. The Company shall at all times prior to the Stock Purchase Date reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock the maximum number of Common Stock issuable against tender of payment
in respect of all Purchase Contracts constituting a part of the Units evidenced by Outstanding Certificates. 
  
 SECTION 10.04. Covenants as to Common Stock. The Company covenants that all Common Stock which may be issued against tender of payment in respect
of any Purchase Contract constituting a part of the Outstanding Units will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and shall be free from preemptive rights and free of any lien or adverse claim. The Company
will endeavor to promptly list or cause to have quoted such Common Stock on each national exchange or in the over-the-counter market or other such market on which the Common Stock are then listed or quoted. 
  

 76 

 SECTION 10.05. Statements of Officer of the Company as to Default. The Company will deliver to the
Purchase Contract Agent, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in compliance
with the terms, provisions and conditions hereof. Upon becoming aware of any event of non-compliance, the Company will deliver to the Agent a statement specifying such default. In the event the Company shall change its fiscal year at any time the
Units are outstanding, the Company shall notify the Purchase Contract Agent of the effective date of such change. 
  
 SECTION 10.06. Listing. In the event that the Stripped Units or Notes become separately traded from the Normal Units to the extent that applicable
exchange listing requirements are met, the Company covenants and agrees to use its commercially reasonable efforts to cause such Stripped Units or Notes, as the case may be, to be listed on the securities exchange on which the Normal Units are then
listed. 
  
 SECTION 10.07. Registration Statement. The
Company agrees to use its commercially reasonable efforts to ensure that, if required by applicable law, a registration statement with regard to the full amount of the Notes to be remarketed in the remarketing shall be effective with the Securities
and Exchange Commission in a form that will enable the Remarketing Agent to rely on it in connection with such remarketing. 
  
 SECTION 10.08. Securities Contract. Without limiting the applicability of Section 365 of the Bankruptcy Code, it is the intention of the Company
that this Agreement shall constitute a “securities contract” for purposes of and subject to the provisions of Section 555 of the Bankruptcy Code. The Company agrees that (i) prior to an exercise by the Collateral Agent on behalf of the
Company of its rights as a secured party pursuant to the Pledge Agreement, the Company does not have any ownership right, title or interest in and to the Pledged Notes and (ii) the Holders of a Unit shall not be deemed to have purchased, and the
Company shall not be deemed to have sold any Common Stock pursuant to a Purchase Contract related to such Security prior to a Cash Settlement, an Early Settlement or the occurrence of the Stock Purchase Date (provided that no prior occurrence
of a Termination Event with respect to such Common Stock has occurred). 
  
 SECTION 10.09. Payment to Holders of Units on the Stock Purchase Date. Each Holder of a Unit, by its acceptance thereof, further covenants and agrees that, to the extent and in the manner provided in Section 5.04 and the Pledge
Agreement, but subject to the terms thereof, payments in respect of the Pledged Notes, the Pledged Treasury Consideration or the Pledged Treasury Securities to be paid upon settlement of such Holder’s obligations to purchase Common Stock under
the Purchase Contract, shall be paid on the Stock Purchase Date by the Collateral Agent to the Company in 

  

 77 

 
satisfaction of such Holder’s obligations under such Purchase Contract and such Holder shall acquire no right, title or interest in such payments.

  
 SECTION 10.10. Consent to Treatment for Tax Purposes.
The Company and each Holder of a Normal Unit or a Stripped Unit, by its acceptance thereof, covenants and agrees (a) to treat a Holder’s acquisition of the Normal Unit as the acquisition of the Note and Purchase Contract constituting the Normal
Unit, (b) to treat a Holder’s acquisition of a Stripped Unit as the acquisition of a Treasury Security and Purchase Contract constituting the Stripped Unit, (c) to treat each Holder as the owner, for federal, state and local income and
franchise tax purposes of (i) the related Notes or the Treasury Consideration, in the case of the Normal Units, or (ii) the Treasury Securities, in the case of the Stripped Units, (d) to treat the Notes as indebtedness of Lazard Group for federal,
state and local income and franchise tax purposes and (e) to allocate 100% of the issue price of a Normal Unit to the beneficial interest in the Note and 0.00% of the issue price to the Purchase Contract. 
  
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed as of the day and year first above written. 
  

					
	 LAZARD LTD,

		
	 By
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 THE BANK OF NEW YORK,
 as Purchase Contract Agent,

		
	 By
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 78 

  
 EXHIBIT A 
  
 FORM OF NORMAL UNITS CERTIFICATE 
  
 (Form Of Global Certificate Legend) 
  
 [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE
CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS
CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.]* [so long as DTC is the Depositary,
insert: Unless this Certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for registration of transfer, exchange or payment, and any Certificate
issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such other entity as is requested by an
authorized representative of The Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.] 
  
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN DEFINITIVE
REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]* 
  

	*	To be inserted in Global Certificates only. 

  

 A-1 

  
 (FORM OF FACE OF NORMAL UNITS
CERTIFICATE) 
  
 LAZARD LTD 
  
                     % Equity Security Units 
  
 No. CUSIP No. 
  
 Number of Normal Units 
  
 This Normal Units Certificate certifies that                      is the registered Holder of the number of Normal Units set forth
above [If the Certificate is a Global Certificate, insert - , as such number may be increased or decreased as set forth on the Schedule of Increases or Decreases in Global Certificate annexed hereto]. Each Normal Unit represents (i) either (a) a
1/40, or 2.5%, beneficial ownership interest of the Holder in one           % Senior Note initially due 2035 (the “Note”) of Lazard Group Finance LLC, a Delaware limited liability company,
having a principal amount of $1,000, subject to the Pledge of such Note by such Holder pursuant to the Pledge Agreement, or (b) after a Special Event Redemption, the Treasury Consideration, subject to the Pledge of such Treasury Consideration by
such Holder pursuant to the Pledge Agreement, and (ii) the rights and obligations of the Holder under one Purchase Contract with the Lazard Ltd, a Bermuda corporation (the “Company”). Each Normal Unit will have a stated amount of $25 (the
“Stated Amount”). All capitalized terms used herein which are defined in the Purchase Contract Agreement have the meaning set forth therein. 
  
 Pursuant to the Pledge Agreement, the interest in the Note or the Treasury Consideration, as the case may be, constituting part of each Normal Unit
evidenced hereby has been pledged to the Collateral Agent, for the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising a part of such Normal Unit to purchase Common Stock of the Company. Prior to
the purchase of Common Stock under each Purchase Contract, such Purchase Contracts shall not entitle the Holders of Normal Units Certificates to any of the rights of a holder of Common Stock, including without limitation, the right to vote or
receive any dividends or other payments or to consent or to receive notice as shareholders in respect of the meetings of shareholders, or for the election of directors of the Company or for any other matter or any other rights whatsoever as
shareholder of the Company. 
  
 The Pledge Agreement provides that
all payments in respect of the Pledged Notes or Pledged Treasury Consideration received by the Collateral Agent shall be paid by the Collateral Agent by wire transfer in same day funds (i) in the case of (A) any interest payments on Normal Units
which include Pledged Notes or Pledged Treasury Consideration, as the case may be, and (B) any payments in respect of the Notes or Treasury Consideration, as the case may be, that have been released from the Pledge pursuant to the Pledge Agreement,
to the Purchase Contract Agent to the account designated by the Purchase Contract Agent, no later than 11:00 a.m., New York City time, on the Business Day such payment is received by the Collateral Agent (provided that in the event such
payment is received by the Collateral Agent on a day that is not a 

  

 A-2 

 
Business Day or after 10:30 a.m., New York City time, on a Business Day, then such payment shall be made no later than 9:30 a.m., New York City time, on the
next succeeding Business Day) and (ii) in the case of payments in respect of any Pledged Notes or Pledged Treasury Consideration, as the case may be, to be paid upon settlement of such Holder’s obligations to purchase Common Stock under the
Purchase Contract, to the Company on the Stock Purchase Date (as defined herein) in accordance with the terms of the Pledge Agreement, in full satisfaction of the respective obligations of the Holders of the Normal Units of which such Pledged Notes
or Pledged Treasury Consideration are a part under the Purchase Contracts forming a part of such Normal Units. Interest payments payable on each Payment Date (as defined below) with respect to Pledged Notes or the Pledged Treasury Consideration
included in the Normal Units shall be made quarterly in arrears on such Payment Date, subject to receipt thereof by the Purchase Contract Agent from the Trustee or Collateral Agent, as the case may be, to the Person in whose name this Normal Units
Certificate (or a Predecessor Normal Units Certificate) is registered at the close of business on the Record Date for such Payment Date. 
  
 Each Purchase Contract evidenced hereby obligates the Holder of this Normal Units Certificate to purchase, and the Company to sell, on
                , 2008 (the “Stock Purchase Date”), at a price equal to $25 (the “Purchase Price”), a number of Class A Common Stock, par value $0.01
per share (“Common Stock”), of the Company, equal to the Settlement Rate, unless on or prior to the Stock Purchase Date there shall have occurred a Termination Event or an Early Settlement or Merger Early Settlement with respect to the
Normal Units of which such Purchase Contract is a part, all as provided in the Purchase Contract Agreement, as defined and more fully described on the reverse hereof. The Purchase Price for the Common Stock purchased pursuant to each Purchase
Contract evidenced hereby, if not paid earlier, shall be satisfied on the Stock Purchase Date by either (i) the application of payments received with regard to Pledged Treasury Consideration, or (ii) the exercise of the Company’s rights as a
secured party in connection with the Pledged Notes, as the case may be. 
  
 The Company shall pay on each                 ,                 ,
                 and                  each year, commencing
                , 2005 (each a “Payment Date”) in respect of each Purchase Contract forming part of a Normal Unit evidenced hereby an amount (the
“Contract Adjustment Payments”) equal to           % per year of the Stated Amount through but excluding the Stock Purchase Date, computed on the basis of a 360-day year of twelve 30-day
months, subject to deferral at the option of the Company as provided in the Purchase Contract Agreement and more fully described on the reverse hereof (provided that if on any date on which Contract Adjustment Payments are to be made on the
Purchase Contracts is not a Business Day, then payment of the Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest or payment will be paid in respect of the delay, except
that if such next succeeding Business Day is in the next succeeding calendar year, such payment will be made on the immediately preceding Business Day). Such Contract Adjustment Payments shall be payable to the Person in whose name this Normal Units
Certificate (or a Predecessor Normal Units Certificate) is registered at the close of business on the Record Date for such Payment Date. 
  

 A-3 

 Contract Adjustment Payments and payments on the Treasury Consideration will be payable at the office of
the Purchase Contract Agent in the Borough of Manhattan, New York City, or, if the Units do not remain in book-entry only form, at the option of the Company, by check mailed to the address of the Person entitled thereto at such Person’s address
as it appears on the Normal Units Register or by wire transfer to the account maintained in the United States designated by written notice given ten Business Days prior to the applicable payment date by such Person. Payments on the Notes will be
payable at the Corporate Trust Office or, at the option of the Company, by check mailed to the address of the Person entitled thereto at such Person’s address as it appears on the Normal Units Register or by wire transfer to the account
maintained in the United States designated by written notice given ten Business Days prior to the applicable payment date by such Person. 
  
 Reference is hereby made to the further provisions set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place. 
  
 Unless the certificate of
authentication hereon has been executed by the Purchase Contract Agent by manual signature, this Normal Units Certificate shall not be entitled to any benefit under the Pledge Agreement or the Purchase Contract Agreement or be valid or obligatory
for any purpose. 
  

 A-4 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  
 Dated:
                     
  

			
	LAZARD LTD
		
	By:	 	 
	
	HOLDER SPECIFIED ABOVE (as to obligations of such Holder under the Purchase Contracts evidenced hereby)
		
	By:	 	 
	
	 The Bank of New York,
 not individually but
solely as Attorney-in-Fact of such Holder

		
	By:	 	 

  

 A-5 

  
 PURCHASE CONTRACT
AGENT’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the
Normal Units Certificates referred to in the within mentioned Purchase Contract Agreement. 
  

									
	 	 	 	 	 THE BANK OF NEW YORK,
 as Purchase Contract Agent

				
	Dated:                     	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Authorized Officer

  

 A-6 

 (Form of Reverse of Normal Units Certificate) 
  
 Each Purchase Contract evidenced hereby is governed by a Purchase Contract
Agreement, dated as of                 , 2005 (as may be supplemented from time to time, the “Purchase Contract Agreement”), between the Company and
                , as Purchase Contract Agent (including its successors thereunder, herein called the “Purchase Contract Agent”), to which Purchase Contract
Agreement and supplemental agreements thereto reference is hereby made for a description of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Purchase Contract Agent, the Company, and the Holders and
of the terms upon which the Normal Units Certificates are, and are to be, executed and delivered. All defined terms used but not defined in this Certificate have the meanings set forth in the Purchase Contract Agreement. 
  
 Each Purchase Contract evidenced hereby obligates the Holder of this Normal
Units Certificate to purchase, and the Company to sell, on the Stock Purchase Date at a price equal to $25 (the “Purchase Price”), a number of Common Stock of the Company equal to the Settlement Rate unless, on or prior to the Stock
Purchase Date, there shall have occurred a Termination Event or a Cash Settlement, Early Settlement or Merger Early Settlement with respect to the Unit of which such Purchase Contract is a part. The “Settlement Rate” is an amount equal to
the sum of the “Daily Amounts” (as defined below) calculated for each of the 20 Trading Days beginning on                 , 2008. 
  
 The Daily Amount for each of the 20 Trading Days beginning on
                , 2008 is defined as, subject to adjustment as provided in the Purchase Contract Agreement: 
  
 (i) for each of those 20 Trading Days on which the closing price for the Common Stock is less than or equal to the Reference Price (as
defined below), a fraction of a share of Common Stock per purchase contract equal to: 
  
 1/20 x $25/Reference Price, 
  
 (ii) for each of
those 20 Trading Days on which the Closing Price for the Common Stock is greater than the Reference Price but less than the Threshold Appreciation Price (as defined below), a fraction of a share of Common Stock per purchase contract equal to:

  
 1/20 x $25/Closing Price, 
  
 and 
  

(iii) for each of those 20 Trading Days on which the closing price for the Common Stock is greater than or equal to the Threshold Appreciation Price, a fraction of a
share of Common Stock per purchase contract equal to: 
  
 1/20 x
$25/Threshold Appreciation Price. 
  

 A-7 

 The “Reference Price” is
$                , which is the initial public offering price per share of the Common Stock. The “Threshold Appreciation Price” is
$                , which is           % of the Reference Price. No fractional Common Stock will be issued upon
settlement of Purchase Contracts, as provided in the Purchase Contract Agreement. 
  
 The “Closing Price” of the Common Stock on any date of determination means the closing sale price (or, if no closing sale price is reported, the last reported sale price) of the Common Stock on the New York
Stock Exchange (the “NYSE”) on such date or, if the Common Stock are not listed for trading on the NYSE on any such date, as reported in the composite transactions for the principal United States securities exchange on which the Common
Stock are so listed, or if the Common Stock are not so listed on a United States national or regional securities exchange, as reported by The Nasdaq Stock Market, or, if the Common Stock are not so reported, the last quoted bid price for the Common
Stock in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of the Common Stock on such date as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company. 
  
 A “Trading Day” means a day on which the Common Stock (A) are not suspended from trading on any national or regional securities exchange or association or over-the-counter market at the close of business and (B) have traded at
least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the Company’s Common Stock at the close of business on such day. If 20 Trading Days for our
Common Stock have not occurred during the period beginning on                 , 2008 and ending on
                , 2008 (1) all remaining Trading Days will be deemed to occur on
                , 2008 (or the first trading day thereafter if such day is not a trading day) and (2) the Closing Price for each of the remaining Trading Days will be
the Closing Price on                 , 2008. 
  
 Each Purchase Contract evidenced hereby may be settled prior to the Stock Purchase Date through Cash Settlement, Early Settlement or Merger Early
Settlement, in accordance with the terms of the Purchase Contract Agreement. 
  
 In accordance with the terms of the Purchase Contract Agreement, the Holder of this Normal Units Certificate shall pay the Purchase Price for the Common Stock purchased pursuant to each Purchase Contract evidenced hereby (i) by effecting a
Cash Settlement, an Early Settlement or Merger Early Settlement; (ii) if the Holder has elected not to participate in the remarketing described in Section            of the Indenture, by application
of the cash payment delivered in respect thereof deposited by such Holder in respect of such Purchase Contract in accordance with the procedures set forth in Section 5.04(b)(iv) of the Purchase Contract Agreement or (iii) if a Special Event
Redemption has occurred prior to the successful remarketing of the Notes as contemplated by Section 5.04 of the Purchase Contract Agreement, by application of payments received in respect of the Pledged Treasury Consideration purchased by the
Collateral Agent on behalf of the Holder of this Normal Units Certificate. The Company shall not be obligated to issue any Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder unless it shall have
received payment in full of the aggregate Purchase Price 

  

 A-8 

 
for the Common Stock to be purchased thereunder or become entitled to exercise its rights as a secured party in the manner set forth in the Purchase Contract
Agreement. If, as provided in the Purchase Contract Agreement, upon the occurrence of a Last Failed Remarketing the Collateral Agent, for the benefit of the Company, exercises its rights as a secured creditor with respect to the Pledged Notes
related to this Normal Units Certificate, any accrued and unpaid interest on such Pledged Notes will become payable by Lazard Group Finance to the Purchase Contract Agent for payment to the Holder of this Normal Units Certificate to which such
Pledged Notes relate in the manner provided for in the Purchase Contract Agreement. 
  
 The Purchase Contract Agent will be entitled to exercise the voting and any other consensual rights pertaining to the Pledged Notes, but only to the extent instructed by the Holders as described below. Upon receipt of
notice of any meeting at which holders of Notes are entitled to vote or upon the solicitation of consents, waivers or proxies of holders of Notes, the Purchase Contract Agent shall, as soon as practicable thereafter, mail, at the expense of the
Company or one of its subsidiaries, to the Holders of Normal Units a notice prepared by the Company (a) containing such information as is contained in the notice or solicitation, (b) stating that each such Holder on the record date set by the
Purchase Contract Agent therefor (which, to the extent possible, shall be the same date as the record date for determining the holders of Notes entitled to vote) shall be entitled to instruct the Purchase Contract Agent as to the exercise of the
voting rights pertaining to the Pledged Notes constituting a part of such Holder’s Normal Units and (c) stating the manner in which such instructions may be given. Upon the written request of any Holder of Normal Units on such record date, the
Purchase Contract Agent shall endeavor insofar as practicable to vote or cause to be voted, in accordance with the instructions set forth in such request the maximum number of Pledged Notes as to which any particular voting instructions are
received. In the absence of specific instructions from the Holder of a Normal Unit, the Purchase Contract Agent shall abstain from voting the Pledged Note evidenced by such Normal Unit. 
  
 The Normal Units Certificates are issuable only in registered form and only in denominations of a single Normal Unit and any
integral multiple thereof. The transfer of any Normal Units Certificate will be registered and Normal Units Certificates may be exchanged as provided in the Purchase Contract Agreement. The Normal Units Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such registration of transfer or exchange of a Normal Units Certificate, but the Company and
the Purchase Contract Agent may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Certificates, other than exchanges not involving any
transfer as provided for in the Purchase Contract Agreement. The Holder of a Normal Unit may substitute for the Pledged Notes or Pledged Treasury Consideration securing its obligations under the related Purchase Contract Treasury Securities in
accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. From and after such Collateral Substitution, the Unit for which such Pledged Treasury Securities secures the Holder’s obligation under the Purchase Contract
shall be referred to as a “Stripped Unit”. A Holder that elects to 

  

 A-9 

 
substitute Treasury Securities for Pledged Notes or Pledged Treasury Consideration, thereby creating Stripped Units, shall be responsible for any fees or
expenses payable in connection therewith. Except as provided in the Purchase Contract Agreement, for so long as the Purchase Contract underlying a Normal Unit remains in effect, such Normal Unit shall not be separable into its constituent parts, and
the rights and obligations of the Holder of such Normal Units in respect of the Pledged Note or Pledged Treasury Consideration and Purchase Contract comprising such Normal Unit may be acquired, and may be transferred and exchanged, only as a Normal
Unit. 
  
 A Holder of Stripped Units may reestablish Normal Units
at any time from and after the date of the Purchase Contract Agreement and on or prior to the thirteenth Business Day immediately preceding the Stock Purchase Date by depositing with the Collateral Agent the Notes or the Treasury Consideration in
exchange for the release of the Pledged Treasury Securities in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. 
  
 Subject to the next succeeding paragraph, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in respect of
each Purchase Contract to the Person in whose name the Normal Units Certificate (or one or more Predecessor Normal Units Certificates) evidencing such Purchase Contract is registered on the Normal Units Register at the close of business on the
Record Date next preceding such Payment Date. The Contract Adjustment Payments, if any, will be payable at the office of the Purchase Contract Agent in The City of New York or, at the option of the Company, by check mailed to the address of the
Person entitled thereto as such address appears on the Normal Units Register or by wire transfer to the account designated by such Person in writing. 
  
 The Company shall have the right, at any time prior to the Stock Purchase Date, to defer the payment of any or all of the Contract Adjustment Payments
otherwise payable on any Payment Date, but only if the Company shall give the Holders and the Purchase Contract Agent written notice of its election to defer each such Contract Adjustment Payments as provided in the Purchase Contract Agreement. Any
Contract Adjustment Payments so deferred shall, to the extent permitted by law, accrue additional Contract Adjustment Payments thereon at the rate of           % per year (computed on the basis of a
360-day year of twelve 30-day months), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract Adjustment Payments, if any, together with the additional Contract Adjustment Payments, if any, accrued
thereon, are referred to herein as the “Deferred Contract Adjustment Payments”). Deferred Contract Adjustment Payments, if any, shall be due on the next succeeding Payment Date except to the extent that payment is deferred pursuant to the
Purchase Contract Agreement. No Contract Adjustment Payments may be deferred to a date that is after the Stock Purchase Date and no such deferral period may end other than on a Payment Date. 
  
 In the event that the Company elects to defer the payment of Contract
Adjustment Payments on the Purchase Contracts until a Payment Date prior to the Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable 

  

 A-10 

 
to the registered Holders as of the close of business on the Record Date immediately preceding such Payment Date. 
  
 The Company’s obligations with respect to Contract Adjustment Payments
(including any accrued or Deferred Contract Adjustment Payments) will be subordinated and junior in right of payment to the Company’s obligations under any Senior Indebtedness in the manner and to the extent set forth in the Purchase Contract
Agreement. 
  
 In the event that the Company elects to defer the
payment of Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase Date, the Holder of this Normal Units Certificate will receive on the Stock Purchase Date, in lieu of a cash payment, a number of Common Stock (in addition to
the number of Common Stock equal to the Settlement Rate) equal to a number of shares of Common Stock equal to the sum of the “share amounts” calculated for each of the 20 Trading Days beginning on
                , 2008. For each of such 20 Trading Days, the share amount shall be equal to (a) the aggregate amount of deferred contract adjustment payments payable to
the holder divided by (b) the product of 20 multiplied by the Closing Price of the Common Stock for the respective trading day. 
  
 In the event the Company exercises its option to defer the payment of Contract Adjustment Payments, then, until the date on which the Deferred Contract
Adjustment Payments have been paid, the Company shall not, and will not permit any subsidiary of the Company to, declare or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with
respect to, any of the Company’s Common Stock other than (i) repurchases, redemptions or acquisitions of Common Stock of the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit
of employees, officers, directors or agents or a stock purchase or dividend reinvestment plan, or the satisfaction by the Company of its obligations pursuant to any contract or security outstanding on the date the Company exercises its rights to
defer the Contract Adjustment Payments; (ii) as a result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the Company’s Capital Stock for another class or series of the
Company’s Capital Stock; (iii) the purchase of fractional interests in shares of any series of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or
exchanged; (iv) dividends or distributions in any series of the Company’s Capital Stock (or rights to acquire the Company’s Capital Stock) or repurchases, redemptions or acquisitions of the Company’s Capital Stock in exchange for or
out of the net cash proceeds of the sale of the Company’s Capital Stock (or securities convertible into or exchangeable for shares of the Company’s Capital Stock); or (v) redemptions, exchanges or repurchases of any rights outstanding
under a shareholder rights plan on the date the Company exercises its right to defer the payment of Contract Adjustment Payments or the declaration or payment thereunder of a dividend or distribution of or with respect to rights in the future, or
the redemption or repurchase of any rights pursuant thereto. 
  

 A-11 

 The Purchase Contracts and all obligations and rights of the Company and the Holders thereunder,
including, without limitation, the rights of the Holders to receive accumulated Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments and the obligations of the Holders to purchase Common Stock, shall immediately and
automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Stock Purchase Date, a Termination Event shall have occurred. Upon the occurrence of a
Termination Event, the Company shall promptly but in no event later than two Business Days thereafter give written notice to the Purchase Contract Agent, the Collateral Agent and to the Holders, at their addresses as they appear in the Normal Units
Register. Upon and after the occurrence of a Termination Event, the Collateral Agent shall release the Pledged Notes or Pledged Treasury Consideration from the Pledge in accordance with the provisions of the Pledge Agreement. 
  
 Upon registration of transfer of this Normal Units Certificate, the
transferee shall be bound (without the necessity of any other action on the part of such transferee, except as may be required by the Purchase Contract Agent pursuant to the Purchase Contract Agreement), under the terms of the Purchase Contract
Agreement, the Purchase Contracts evidenced hereby and the Pledge Agreement and the transferor shall be released from the obligations under the Purchase Contract Agreement, the Purchase Contracts evidenced by this Normal Units Certificate and the
Pledge Agreement. The Company covenants and agrees, and the Holder, by its acceptance hereof, likewise covenants and agrees, to be bound by the provisions of this paragraph. 
  
 The Holder of this Normal Units Certificate, by its acceptance hereof, irrevocably authorizes the Purchase Contract Agent to
enter into and perform the related Purchase Contracts forming part of the Normal Units evidenced hereby on his behalf as his attorney-in-fact, expressly withholds any consent to the assumption (i.e., affirmance) of the Purchase Contracts by
the Company, any receiver, liquidator or person or entity performing similar functions or its trustee in the event that the Company becomes the debtor under the Bankruptcy Code or subject to other similar state or federal or other law, agrees to be
bound by the terms and provisions thereof, covenants and agrees to perform such Holder’s obligations under such Purchase Contracts, consents to the provisions of the Purchase Contract Agreement, irrevocably authorizes the Purchase Contract
Agent to enter into and perform the Pledge Agreement on such Holder’s behalf as attorney-in-fact, and consents to the Pledge of the Notes or the Treasury Consideration underlying this Normal Units Certificate pursuant to the Pledge Agreement;
provided that, upon a Termination Event, the rights of the Holder of such Notes may be enforced without regard to any other rights or obligations. 
  
 The Holder further covenants and agrees, that, to the extent and in the manner provided in the Purchase Contract Agreement and the Pledge Agreement, but
subject to the terms thereof, payments in respect of the Pledged Notes or the Pledged Treasury Consideration to be paid upon settlement of such Holder’s obligations to purchase Common Stock under the Purchase Contract, shall be paid on the
Stock Purchase Date by the Collateral Agent to the Company in satisfaction of such Holder’s obligations under such Purchase Contract and such Holder shall acquire no right, title or 

  

 A-12 

 
interest in such payments. The obligations of each Holder to pay the Purchase Price are non-recourse obligations and except to the extent paid by Cash
Settlement, Early Settlement or Merger Early Settlement, are payable solely out of the proceeds of any Collateral pledged to secure the obligations of the Holders and in no event will Holders be liable for any deficiency between such payments and
the Purchase Price. Notwithstanding anything to the contrary herein, the Company shall not be obligated to issue any Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder of the related Unit unless the
Company shall have (i) received payment in full of the aggregate Purchase Price for the Common Stock to be purchased thereunder by such Holder in the manner herein set forth or (ii) exercised its rights as a secured party under Section 5.04(b)(iii)
of the Purchase Contract Agreement. 
  
 The Company and each
Holder of a Normal Unit, by its acceptance thereof, covenants and agrees (a) to treat a Holder’s acquisition of the Normal Unit as the acquisition of the Note and Purchase Contract constituting the Normal Unit, (b) to treat each Holder as the
owner, for federal, state and local income and franchise tax purposes of the related Notes or the Treasury Consideration, (d) to treat the Notes as indebtedness of Lazard Group LLC for federal, state and local income and franchise tax purposes and
(d) to allocate 100% of the issue price of a Normal Unit to the beneficial interest in the Note and 0% of the issue price to the Purchase Contract. 
  
 Subject to certain exceptions, the provisions of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of the
outstanding Purchase Contracts. 
  
 The Purchase Contracts shall
for all purposes be governed by, deemed to be a contract under, and construed in accordance with, the laws of the State of New York. 
  
 The Company, the Purchase Contract Agent and its Affiliates and any agent of the Company or the Purchase Contract Agent may treat the Person in whose name
this Normal Units Certificate is registered as the owner of the Normal Units evidenced hereby for the purpose of receiving quarterly payments of interest on the Notes or the Treasury Consideration, as the case may be, receiving payments of Contract
Adjustment Payments, if any, and any Deferred Contract Adjustment Payments, performance of the Purchase Contracts and for all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding any notice to the
contrary, and neither the Company, the Purchase Contract Agent, such Affiliates nor any such agent shall be affected by notice to the contrary. 
  
 The Purchase Contracts shall not, prior to the settlement thereof, entitle the Holder to any of the rights of a holder of Common Stock. 
  
 A copy of the Purchase Contract Agreement is available for inspection at the
offices of the Purchase Contract Agent. 
  

 A-13 

  
 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

					
	 TEN COM – as tenants in common
	 	 	 	 
			
	 UNIF GIFT MIN ACT – Custodian
	 	 	 	 
			
	  	 	 	 	  
	 	 	 	 	 (cust) (minor)

	 	 	 	 	 Under Uniform Gifts to Minors Act

  
 TEN ENT – as tenants by the
entireties 
  
 JT TEN – as joint tenants with right of survivorship and not
as tenants in common 
  
 Additional abbreviations may also be used though not in
the above list. 
  

 A-14 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto
                                        
             (Please insert Social Security or Taxpayer I.D. or other Identifying Number of Assignee)
                                        
             (Please Print or Type Name and Address Including Postal Zip Code of Assignee) the within Normal Units Certificates and all rights thereunder, hereby irrevocably constituting
and appointing
                                        
attorney to transfer said Normal Units Certificates on the books of Lazard Ltd with full power of substitution in the premises. 
  

					
	 Dated:
	 	 	 	 Signature:

			
	  	 	 	 	  

  
 NOTICE: The signature
to this assignment must correspond with the name as it appears upon the face of the within Normal Units Certificates in every particular, without alteration or enlargement or any change whatsoever. 
  

					
	 Signature Guarantee:
	 	 	 	 
			
	  	 	 	 	  

  

 A-15 

  
 SETTLEMENT INSTRUCTIONS

  
 The undersigned Holder directs that a certificate for Common
Stock deliverable upon settlement on or after the Stock Purchase Date of the Purchase Contracts underlying the number of Normal Units evidenced by this Normal Units Certificate be registered in the name of, and delivered, together with a check in
payment for any fractional share, to the undersigned at the address indicated below unless a different name and address have been indicated below. If shares are to be registered in the name of a Person other than the undersigned, the undersigned
will pay any transfer tax payable incident thereto. 
  

					
	 Dated:
	 	 	 	 Signature:

			
	  	 	 	 	  

  
 Signature Guarantee: 
  
 (if assigned to another person) 
  

					
	If shares are to be registered in the name of and delivered to a Person other than the Holder, please (i) print such Person’s name and address and (ii) provide a guarantee of your
signature:	 	 	 	 REGISTERED HOLDER
  
 Please print name and address of Registered Holder:

			
	  	 	 	 	  
	 Name
	 	 	 	 Name

			
	  	 	 	 	  
	 Address
	 	 	 	 Address

  
 Social Security or other Taxpayer
Identification Number, if any: 
  

					
			
	  	 	 	 	  

  

 A-16 

  
 ELECTION TO SETTLE EARLY

  
 The undersigned Holder of this Normal Units Certificate hereby
irrevocably exercises the option, subject to Section 5.09 of the Purchase Contract Agreement, to effect Early Settlement in accordance with the terms of the Purchase Contract Agreement with respect to the Purchase Contracts underlying the number of
Normal Units evidenced by this Normal Units Certificate specified below. The option to effect Early Settlement may be exercised only with respect to Purchase Contracts underlying Normal Units with an aggregate Purchase Price equal to $1,000 or an
integral multiple thereof. The undersigned Holder directs that a certificate for Common Stock deliverable upon such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share and any
Normal Units Certificate representing any Normal Units evidenced hereby as to which Early Settlement of the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different name and address have been
indicated below. Pledged Notes or Pledged Treasury Consideration deliverable upon such Early Settlement will be transferred in accordance with the transfer instructions set forth below. If shares of Common Stock are to be registered in the name of a
Person other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
  

					
	 Dated:
	 	 	 	 Signature:

			
	  	 	 	 	  

  
 Signature Guarantee: 
  
 Number of Units evidenced hereby as to which Early Settlement of the related Purchase
Contracts is being elected: 
  

					
			
	  	 	 	 	  

  

					
	If shares of Common Stock are to be registered in the name of and delivered to and Pledged Notes or Pledged Treasury Consideration are to be transferred to a Person other than the Holder,
please print such Person’s address:	 	 	 	 REGISTERED HOLDER
  
 Please print name and address of Registered Holder:

			
	  	 	 	 	  
	 Name
	 	 	 	 Name

			
	  	 	 	 	  
	 Address
	 	 	 	 Address

  

 A-17 

 Social Security or other Taxpayer Identification Number, if any: 
  

	
	
	  

  
 Transfer instructions for Pledged
Notes or Pledged Treasury Consideration transferable upon Early Settlement or a Termination Event: 
  

	
	
	  
	
	  

  

 A-18 

  
 [TO BE ATTACHED TO GLOBAL
CERTIFICATES] 
  
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
CERTIFICATE 
  
 The following increases or decreases in this
Global Certificate have been made: 
  

									
	 Date

	 	 Amount of Decrease in
Stated Amount of the
Global Certificate

	 	 Amount of Increase in Stated
Amount of the Global
Certificate

	  	Stated Amount of the
Global Certificate
Following Such Decrease
or Increase

	  	Signature of Authorized
Officer of Purchase
Contract Agent

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

 A-19 

  
 EXHIBIT B 
  
 FORM OF STRIPPED UNITS CERTIFICATE 
  
 (Form of Global Certificate Legend) 
  
 [THIS CERTIFICATE IS A GLOBAL CERTIFICATE WITHIN THE MEANING OF THE PURCHASE
CONTRACT AGREEMENT (AS DEFINED ON THE REVERSE HEREOF) AND IS REGISTERED IN THE NAME OF A CLEARING AGENCY OR A NOMINEE THEREOF. THIS CERTIFICATE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A CERTIFICATE REGISTERED, AND NO TRANSFER OF THIS
CERTIFICATE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH CLEARING AGENCY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE PURCHASE CONTRACT AGREEMENT.] 
  
 [so long as DTC is the Depositary, insert: Unless this Certificate is
presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the Company or its agent for registration of transfer, exchange or payment, and any Certificate issued is registered in the name of
Cede & Co., or such other name as requested by an authorized representative of The Depository Trust Company, and any payment hereon is made to Cede & Co. or to such other entity as is requested by an authorized representative of The
Depository Trust Company, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.] 
  
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR CERTIFICATES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE PURCHASE CONTRACT AGREEMENT, THIS GLOBAL CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.]* 
  

	*	To be inserted in Global Certificates only. 

  

 B-1 

  
 (Form of Face of Stripped
Units Certificate) 
  
 Lazard Ltd 
  
           % Equity
Security Units 
  
 No. CUSIP No. 
 Number of Stripped Units 
  
 This Stripped Units Certificate certifies that
                                        
             is the registered Holder of the number of Stripped Units set forth above [If the Certificate is a Global Certificate, insert -, as such number may be increased or decreased
as set forth on the Schedule of Increases or Decreases in Global Certificate annexed hereto]. Each Stripped Unit represents (i) a 1/40 undivided beneficial ownership interest in a Treasury Security or, in the case of an Opt-Out, the Cash
Consideration, subject to the Pledge of such interest in such Treasury Security or Cash Consideration, as the case may be, by such Holder pursuant to the Pledge Agreement, and (ii) the rights and obligations of the Holder under one Purchase Contract
with Lazard Ltd, a Bermuda corporation (the “Company”). Each Stripped Unit will have a stated amount of $25 (the “Stated Amount”). In the event a Holder creates a Stripped Unit as a result of an Opt-Out pursuant to Section
5.04(b)(iv) of the Purchase Contract Agreement, all references herein to Treasury Securities or Pledged Treasury Securities, including for purposes of Sections 3.15 and 5.8 of the Purchase Contract Agreement, shall be deemed to include the Cash
Consideration in addition to the Treasury Securities. All capitalized terms used herein which are defined in the Purchase Contract Agreement have the meaning set forth therein. 
  
 Pursuant to the Pledge Agreement, the Treasury Security constituting part of each Stripped Unit evidenced hereby has been
pledged to the Collateral Agent, for the benefit of the Company, to secure the obligations of the Holder under the Purchase Contract comprising a part of such Stripped Unit to purchase Common Stock of the Company. Prior to the purchase of Common
Stock under each Purchase Contract, such Purchase Contracts shall not entitle the Holders of Normal Units Certificates to any of the rights of a holder of Common Stock, including, without limitation, the right to vote or receive any dividends or
other payments or to consent or to receive notice as shareholders in respect of the meetings of shareholders, or for the election of directors of the Company or for any other matter or any other rights whatsoever as shareholder of the Company.

  
 Each Purchase Contract evidenced hereby obligates the Holder
of this Stripped Units Certificate to purchase, and the Company to sell, on                 , 2008 (the “Stock Purchase Date”), at a price equal to $25 (the
“Purchase Price”), a number of Class A Common Stock, par value $0.01 per share (“Common Stock”), of the Company, equal to the Settlement Rate, unless on or prior to the Stock Purchase Date there shall have occurred a Termination
Event or an Early Settlement or Merger Early Settlement with respect to the Stripped Units of which such Purchase Contract is a part, all as provided in the Purchase Contract Agreement and more fully described on the reverse hereof. The Purchase
Price (as defined herein) for the Common Stock purchased pursuant to each 

  

 B-2 

 
Purchase Contract evidenced hereby, if not paid earlier, shall be paid on the Stock Purchase Date by application of payments received in respect of the
Pledged Treasury Securities pledged to secure the obligations of the Holder under such Purchase Contract in accordance with the terms of the Pledge Agreement. 
  

The Company shall pay on each Payment Date in respect of each Purchase Contract forming part of a Stripped Unit evidenced hereby an amount (the
“Contract Adjustment Payments”) equal to           % per year of the Stated Amount through but excluding the Stock Purchase Date, computed on the basis of a 360-day year of twelve 30-day
months, subject to deferral at the option of the Company as provided in the Purchase Contract Agreement and more fully described on the reverse hereof (provided that if on any date on which Contract Adjustment Payments are to be made on the
Purchase Contracts is not a Business Day, then payment of the Contract Adjustment Payments payable on that date will be made on the next succeeding day which is a Business Day, and no interest or payment will be paid in respect of the delay, except
that if such next succeeding Business Day is in the next succeeding calendar year, such payment will be made on the immediately preceding Business Day). Such Contract Adjustment Payments shall be payable to the Person in whose name this Stripped
Units Certificate (or a Predecessor Stripped Units Certificate) is registered at the close of business on the Record Date for such Payment Date. 
  
 Contract Adjustment Payments will be payable at the office of the Purchase Contract Agent in the City of New York or, at the option of the Company, by
check mailed to the address of the Person entitled thereto as such address appears on the Stripped Units Register or by wire transfer to the account designated by such Person in writing. 
  
 Reference is hereby made to the further provisions set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
  
 Unless the certificate of authentication hereon has been executed by the Purchase Contract Agent by manual signature, this Stripped Units Certificate shall not be entitled to any benefit under the Pledge Agreement or the Purchase Contract
Agreement or be valid or obligatory for any purpose. 
  

 B-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

									
	 Dated:
                    
	 	 	 	 LAZARD LTD

					
	 	 	 	 	 	 	By:	 	 
				
	 	 	 	 	 	 	HOLDER SPECIFIED ABOVE (as to obligations of such Holder under the Purchase Contracts evidenced hereby)
					
	 	 	 	 	 	 	By:	 	 
				
	 	 	 	 	 	 	THE BANK OF NEW YORK, not individually but solely as Attorney-in-Fact of such Holder
					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 

  

 B-4 

 PURCHASE CONTRACT AGENT’S CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Stripped Units Certificates referred to in the
within-mentioned Purchase Contract Agreement. 
  

			
	 THE BANK OF NEW YORK,
 as Purchase Contract Agent

		
	 By:
	 	 
	 	 	 Authorized Officer

  

 B-5 

 (Form of Reverse of Stripped Units Certificate) 
  
 Each Purchase Contract evidenced hereby is governed by a Purchase Contract
Agreement, dated as of                 , 2005 (as may be supplemented from time to time, the “Purchase Contract Agreement”), between the Company and The Bank
of New York, as Purchase Contract Agent (including its successors thereunder, herein called the “Purchase Contract Agent”), to which the Purchase Contract Agreement and supplemental agreements thereto reference is hereby made for a
description of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Purchase Contract Agent, the Company and the Holders and of the terms upon which the Stripped Units Certificates are, and are to be,
executed and delivered. All defined terms used but not defined in this Certificate have the meanings ascribed to them in the Purchase Contract Agreement. 
  
 Each Purchase Contract evidenced hereby obligates the Holder of this Stripped Units Certificate to purchase, and the Company to sell, on the Stock
Purchase Date at a price equal to $25 (the “Purchase Price”), a number of Common Stock of the Company equal to the Settlement Rate, unless, on or prior to the Stock Purchase Date, there shall have occurred a Termination Event or a Cash
Settlement, an Early Settlement or Merger Early Settlement with respect to the Unit of which such Purchase Contract is a part. The “Settlement Rate” is an amount equal to the sum of the “Daily Amounts” (as defined below)
calculated for each of the 20 Trading Days beginning on                 , 2008. 
  

The Daily Amount for each of the 20 Trading Days beginning on
                , 2008 is equal to, subject to adjustment as provided in the Purchase Contract Agreement: 
  
 (i) for each of those 20 Trading Days on which the closing price for the Common Stock is less than or equal to the Reference Price (as
defined below), a fraction of a share of Common Stock per purchase contract equal to: 
  
 1/20 x $25/Reference Price, 
  
 (ii) for each of
those 20 Trading Days on which the Closing Price for the Common Stock is greater than the Reference Price but less than the Threshold Appreciation Price (as defined below), a fraction of a share of Common Stock per purchase contract equal to:

  
 1/20 x $25/Closing Price, 
  
 and 
  

(iii) for each of those 20 Trading Days on which the closing price for the Common Stock is greater than or equal to the Threshold Appreciation Price, a fraction of a
share of Common Stock per purchase contract equal to: 
  
 1/20 x
$25/Threshold Appreciation Price. 
  

 B-6 

 The “Reference Price” is
$                , which is the initial public offering price per share of Common Stock. The “Threshold Appreciation Price” is
$                , which is           % of the Reference Price. No fractional Common Stock will be issued upon
settlement of Purchase Contracts, as provided in the Purchase Contract Agreement. 
  
 The “Closing Price” of the Common Stock on any date of determination means the closing sale price (or, if no closing sale price is reported, the last reported sale price) of the Common Stock on the New York
Stock Exchange (the “NYSE”) on such date or, if the Common Stock are not listed for trading on the NYSE on any such date, as reported in the composite transactions for the principal United States securities exchange on which the Common
Stock are so listed, or if the Common Stock are not so listed on a United States national or regional securities exchange, as reported by The Nasdaq Stock Market, or, if the Common Stock are not so reported, the last quoted bid price for the Common
Stock in the over-the-counter market as reported by the National Quotation Bureau or similar organization, or, if such bid price is not available, the market value of the Common Stock on such date as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company. 
  
 A “Trading Day” means a day on which the Common Stock (A) are not suspended from trading on any national or regional securities exchange or association or over-the-counter market at the close of business and (B) have traded at
least once on the national or regional securities exchange or association or over-the-counter market that is the primary market for the trading of the Common Stock at the close of business of such day. If 20 Trading Days for the Company’s
Common Stock have not occurred during the period beginning on                 , 2008 and ending on
                , 2008 (1) all remaining Trading Days will be deemed to occur on
                , 2008 (or the first trading day thereafter if such day is not a trading day) and (2) the Closing Price for each of the remaining Trading Days will be
the Closing Price on                 , 2008. 
  
 Each Purchase Contract evidenced hereby may be settled prior to the Stock Purchase Date through Cash Settlement, Early Settlement or Merger Early
Settlement, in accordance with the terms of the Purchase Contract Agreement. 
  
 In accordance with the terms of the Purchase Contract Agreement, the Holder of this Stripped Units Certificate shall pay the Purchase Price for the Common Stock purchased pursuant to each Purchase Contract evidenced
hereby (i) by effecting a Cash Settlement, an Early Settlement or Merger Early Settlement or (ii) by application of payments received in respect of the Pledged Treasury Securities underlying the Stripped Units represented by this Stripped Units
Certificate. 
  
 The Company shall not be obligated to issue any
Common Stock in respect of a Purchase Contract or deliver any certificates therefor to the Holder unless it shall have received payment in full of the aggregate Purchase Price for the Common Stock to be purchased thereunder in the manner herein set
forth. 
  
 The Stripped Units Certificates are issuable only in
registered form and only in denominations of a single Stripped Unit and any integral multiple thereof. The 

  

 B-7 

 
transfer of any Stripped Units Certificate will be registered and Stripped Units Certificates may be exchanged as provided in the Purchase Contract
Agreement. The Stripped Units Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents permitted by the Purchase Contract Agreement. No service charge shall be required for any such registration
of transfer or exchange of a Stripped Units Certificate, but the Company and the Purchase Contract Agent may require payment from the Holder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Certificates, other than exchanges not involving any transfer as provided for in the Purchase Contract Agreement. The Holder of a Stripped Unit may substitute for the Pledged Treasury Securities securing its
obligations under the related Purchase Contract Notes or the Treasury Consideration in accordance with the terms of the Purchase Contract Agreement and the Pledge Agreement. From and after such Collateral Substitution, the Unit for which such
Pledged Notes or Pledged Treasury Consideration secures the Holder’s obligation under the Purchase Contract shall be referred to as a “Normal Unit”. A Holder that elects to substitute Notes or the Treasury Consideration for Pledged
Treasury Securities, thereby reestablishing Normal Units, shall be responsible for any fees or expenses payable in connection therewith. Except as provided in the Purchase Contract Agreement, for so long as the Purchase Contract underlying a
Stripped Unit remains in effect, such Stripped Unit shall not be separable into its constituent parts, and the rights and obligations of the Holder of such Stripped Unit in respect of the Pledged Treasury Security and the Purchase Contract
comprising such Stripped Unit may be acquired, and may be transferred and exchanged, only as a Stripped Unit. 
  
 A Holder of Normal Units may establish Stripped Units at any time from and after the date of the Purchase Contract Agreement and on or prior to the
thirteenth Business Day immediately preceding the Stock Purchase Date by depositing with the Collateral Agent Treasury Securities in exchange for the release of the Pledged Notes or the Pledged Treasury Consideration in accordance with the terms of
the Purchase Contract Agreement and the Pledge Agreement. 
  
 Subject to the next succeeding paragraph, the Company shall pay, on each Payment Date, the Contract Adjustment Payments, if any, payable in respect of each Purchase Contract to the Person in whose name the Stripped Units Certificate (or one
or more Predecessor Stripped Units Certificates) evidencing such Purchase Contract is registered on the Stripped Units Register at the close of business on the Record Date next preceding such Payment Date. Contract Adjustment Payments, if any, will
be payable at the office of the Purchase Contract Agent in the Borough of Manhattan, New York City, or, if the Units do not remain in book-entry only form, at the option of the Company, by check mailed to the address of the Person entitled thereto
at such Person’s address as it appears on the Stripped Units Register or by wire transfer to the account maintained in the United States designated by written notice given ten Business Days prior to the applicable payment date by such Person.

  
 The Company shall have the right, at any time prior to the
Stock Purchase Date, to defer the payment of any or all of the Contract Adjustment Payments otherwise 

  

 B-8 

 
payable on any Payment Date, but only if the Company shall give the Holders and the Purchase Contract Agent written notice of its election to defer each such
Contract Adjustment Payments as provided in the Purchase Contract Agreement. Any Contract Adjustment Payments so deferred shall, to the extent permitted by law, accrue additional Contract Adjustment Payments thereon at the rate of
          % per year (computed on the basis of a 360-day year of twelve 30-day months), compounding on each succeeding Payment Date, until paid in full (such deferred installments of Contract
Adjustment Payments, if any, together with the additional Contract Adjustment Payments, if any, accrued thereon, are referred to herein as the “Deferred Contract Adjustment Payments”). Deferred Contract Adjustment Payments, if any, shall
be due on the next succeeding Payment Date except to the extent that payment is deferred pursuant to the Purchase Contract Agreement. No Contract Adjustment Payments may be deferred to a date that is after the Stock Purchase Date and no such
deferral period may end other than on a Payment Date. 
  
 In the
event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until a Payment Date prior to the Stock Purchase Date, then all Deferred Contract Adjustment Payments, if any, shall be payable to the
registered Holders as of the close of business on the Record Date immediately preceding such Payment Date. 
  
 In the event that the Company elects to defer the payment of Contract Adjustment Payments on the Purchase Contracts until the Stock Purchase Date, the
Holder of this Stripped Units Certificate will receive on the Stock Purchase Date, in lieu of a cash payment, a number of Common Stock (in addition to the number of Common Stock equal to the Settlement Rate) equal to a number of shares of Common
Stock equal to the sum of the “share amounts” calculated for each of the 20 Trading Days beginning on                 , 2008. For each of such 20 Trading Days,
the share amount shall be equal to (a) the aggregate amount of deferred contract adjustment payments payable to the holder divided by (b) the product of 20 multiplied by the Closing Price of the Common Stock for the respective trading day.

  
 The Company’s obligations with respect to Contract
Adjustment Payments (including any accrued or Deferred Contract Adjustment Payments) will be subordinated and junior in right of payment to the Company’s obligations under any Senior Indebtedness in the manner and to the extent set forth in the
Purchase Contract Agreement. 
  
 In the event the Company
exercises its option to defer the payment of Contract Adjustment Payments, then, until the date on which the Deferred Contract Adjustment Payments have been paid, the Company shall not, and will not permit any subsidiary of the Company to, declare
or pay dividends on, make distributions with respect to, or redeem, purchase or acquire, or make a liquidation payment with respect to, any of the Company’s Common Stock other than (i) repurchases, redemptions or acquisitions of Common Stock of
the Company in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or agents or a stock purchase or dividend reinvestment plan, or the 

  

 B-9 

 
satisfaction by the Company of its obligations pursuant to any contract or security outstanding on the date the Company exercises its rights to defer the
Contract Adjustment Payments; (ii) as a result of a reclassification of the Company’s Capital Stock or the exchange or conversion of one class or series of the Company’s Capital Stock for another class or series of the Company’s
Capital Stock; (iii) the purchase of fractional interests in shares of any series of the Company’s Capital Stock pursuant to the conversion or exchange provisions of such Capital Stock or the security being converted or exchanged; (iv)
dividends or distributions in any series of the Company’s Capital Stock (or rights to acquire the Company’s Capital Stock) or repurchases, redemptions or acquisitions of the Company’s Capital Stock in exchange for or out of the net
cash proceeds of the sale of the Company’s Capital Stock (or securities convertible into or exchangeable for shares of the Company’s Capital Stock); or (v) redemptions, exchanges or repurchases of any rights outstanding under a shareholder
rights plan on the date the Company exercises its right to defer the payment of Contract Adjustment Payments or the declaration or payment thereunder of a dividend or distribution of or with respect to rights in the future, or the redemption or
repurchase of any rights pursuant thereto. 
  
 The Purchase
Contracts and all obligations and rights of the Company and the Holders thereunder, including, without limitation, the rights of the Holders to receive accumulated Contract Adjustment Payments, if any, or any Deferred Contract Adjustment Payments,
and the obligations of the Holders to purchase Common Stock, shall immediately and automatically terminate, without the necessity of any notice or action by any Holder, the Purchase Contract Agent or the Company, if, on or prior to the Stock
Purchase Date, a Termination Event shall have occurred. Upon the occurrence of a Termination Event, the Company shall promptly but in no event later than two business days thereafter give written notice to the Purchase Contract Agent, the Collateral
Agent and to the Holders, at their addresses as they appear in the Stripped Units Register. Upon and after the occurrence of a Termination Event, the Collateral Agent shall release the Pledged Treasury Securities from the Pledge in accordance with
the provisions of the Pledge Agreement. 
  
 Upon registration of
transfer of this Stripped Units Certificate, the transferee shall be bound (without the necessity of any other action on the part of such transferee, except as may be required by the Purchase Contract Agent pursuant to the Purchase Contract
Agreement), under the terms of the Purchase Contract Agreement, the Purchase Contracts evidenced hereby and the Pledge Agreement and the transferor shall be released from the obligations under the Purchase Contract Agreement, the Purchase Contracts
evidenced by this Stripped Units Certificate and the Pledge Agreement. The Company covenants and agrees, and the Holder, by his acceptance hereof, likewise covenants and agrees, to be bound by the provisions of this paragraph. 
  
 The Holder of this Stripped Units Certificate, by its acceptance hereof,
irrevocably authorizes the Purchase Contract Agent to enter into and perform the related Purchase Contracts forming part of the Stripped Units evidenced hereby on his behalf as its attorney-in-fact, expressly withholds any consent to the assumption
(i.e., affirmance) of the Purchase Contracts by the Company, any receiver, liquidator or person or entity performing similar functions or its trustee in the event that the Company becomes the 

  

 B-10 

 
debtor under the Bankruptcy Code or subject to other similar state or federal or other law, agrees to be bound by the terms and provisions thereof, covenants
and agrees to perform such Holder’s obligations under such Purchase Contracts, consents to the provisions of the Purchase Contract Agreement, irrevocably authorizes the Purchase Contract Agent to enter into and perform the Pledge Agreement on
such Holder’s behalf as attorney-in-fact, and consents to the Pledge of the Treasury Securities underlying this Stripped Units Certificate pursuant to the Pledge Agreement, provided that upon a Termination Event, the rights of the Holder
of such Stripped Units may be enforced without regard to any other rights or obligations. The Holder further covenants and agrees, that, to the extent and in the manner provided in the Purchase Contract Agreement and the Pledge Agreement, but
subject to the terms thereof, payments in respect of the Pledged Treasury Securities, to be paid upon settlement of such Holder’s obligations to purchase Common Stock under the Purchase Contract, shall be paid on the Stock Purchase Date by the
Collateral Agent to the Company in satisfaction of such Holder’s obligations under such Purchase Contract and such Holder shall acquire no right, title or interest in such payments. The obligations of each Holder to pay the Purchase Price are
non-recourse obligations and except to the extent paid by Early Settlement or Merger Early Settlement, are payable solely out of the proceeds of any Collateral pledged to secure the obligations of the Holders and in no event will Holders be liable
for any deficiency between such payments and the Purchase Price. 
  
 Each Holder of any Unit, and each Beneficial Owner thereof, by its acceptance thereof or of its interest therein, further agrees to treat (i) the formation of Stripped Units as the acquisition of a Unit consisting of the Purchase Contract
and the Treasury Securities and (ii) itself as the owner of the related Notes, Treasury Consideration or Treasury Securities, as the case may be. 
  
 Subject to certain exceptions, the provisions of the Purchase Contract Agreement may be amended with the consent of the Holders of a majority of the
Purchase Contracts. 
  
 The Purchase Contracts shall for all
purposes be governed by and deemed to be a contract under, and construed in accordance with, the laws of the State of New York. 
  
 The Company, the Purchase Contract Agent and its Affiliates and any agent of the Company or the Purchase Contract Agent may treat the Person in whose name
this Stripped Units Certificate is registered as the owner of the Stripped Units evidenced hereby for the purpose of receiving any Contract Adjustment Payments and any Deferred Contract Adjustment Payments, performance of the Purchase Contracts and
for all other purposes whatsoever, whether or not any payments in respect thereof be overdue and notwithstanding any notice to the contrary, and neither the Company, the Purchase Contract Agent, such Affiliate, nor any such agent shall be affected
by notice to the contrary. 
  
 The Purchase Contracts shall not,
prior to the settlement thereof, entitle the Holder to any of the rights of a holder of Common Stock. 
  

 B-11 

  
 A COPY OF THE PURCHASE
CONTRACT AGREEMENT IS AVAILABLE FOR INSPECTION AT THE OFFICES OF THE PURCHASE CONTRACT AGENT. 
  

 B-12 

  
 ABBREVIATIONS 
  
 The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 
  
 TEN COM – as tenants in common 
  
 UNIF GIFT MIN ACT – Custodian 
  

	
	
	 
	
	 (cust) (minor)

	 Under Uniform Gifts to Minors Act

  
 TEN ENT – as tenants by the
entireties 
  
 JT TEN – as joint tenants with right of survivorship and not
as tenants in common 
  
 Additional abbreviations may also be used though not in
the above list. 
  

 B-13 

  
 ASSIGNMENT 
  
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
unto 

	
	
	  

 (Please insert Social Security or Taxpayer I.D. or other Identifying Number of Assignee) 

	
	
	  

 (Please Print or Type Name and Address Including Postal Zip Code of Assignee) the within Normal Units Certificates
and all rights thereunder, hereby irrevocably constituting and appointing                      attorney to transfer said Normal Units
Certificates on the books of Lazard Ltd with full power of substitution in the premises. 
  

					
	 Dated:
	 	 	 	 Signature :

			
	 _____________________________
	 	 	 	  

  
 NOTICE: The signature
to this assignment must correspond with the name as it appears upon the face of the within Normal Units Certificates in every particular, without alteration or enlargement or any change whatsoever. 
  
 Signature Guarantee: 
  

 B-14 

  
 SETTLEMENT INSTRUCTIONS

  
 The undersigned Holder directs that a certificate for Common
Stock deliverable upon settlement on or after the Stock Purchase Date of the Purchase Contracts underlying the number of Stripped Units evidenced by this Stripped Units Certificate be registered in the name of, and delivered, together with a check
in payment for any fractional share, to the undersigned at the address indicated below unless a different name and address have been indicated below. If shares are to be registered in the name of a Person other than the undersigned, the undersigned
will pay any transfer tax payable incident thereto. 
  

					
	 Dated:
	 	 	 	 Signature :

			
	 _____________________________
	 	 	 	  
			
	  	 	 	 	 Signature Guarantee:

  
 (if assigned to another
person) 
  

					
	If shares are to be registered in the name of and delivered to a Person other than the Holder, please (i) print such Person’s name and address and (ii) provide a guarantee of your
signature:	 	 	 	 REGISTERED HOLDER
  
 Please print name and address of Registered Holder:

			
	  	 	 	 	  
	 Name
	 	 	 	 Name

			
	  	 	 	 	  
	 Address
	 	 	 	 Address

  
 Social Security or other Taxpayer
Identification Number, if any: 

	
	
	  

  

 B-15 

  
 ELECTION TO SETTLE EARLY

  
 The undersigned Holder of this Stripped Units Certificate
hereby irrevocably exercises the option, subject to Section 5.09 of the Purchase Contract Agreement, to effect Early Settlement in accordance with the terms of the Purchase Contract Agreement with respect to the Purchase Contracts underlying the
number of Stripped Units evidenced by this Stripped Units Certificate specified below. The option to effect Early Settlement may be exercised only with respect to Purchase Contracts underlying Stripped Units with an aggregate Purchase Price equal to
$1,000 or an integral multiple thereof. The undersigned Holder directs that a certificate for Common Stock deliverable upon such Early Settlement be registered in the name of, and delivered, together with a check in payment for any fractional share
and any Stripped Units Certificate representing any Stripped Units evidenced hereby as to which Early Settlement of the related Purchase Contracts is not effected, to the undersigned at the address indicated below unless a different name and address
have been indicated below. Pledged Treasury Securities deliverable upon such Early Settlement will be transferred in accordance with the transfer instructions set forth below. If shares of Common Stock are to be registered in the name of a Person
other than the undersigned, the undersigned will pay any transfer tax payable incident thereto. 
  

					
	 Dated:
	 	 	 	 Signature :

			
	 _____________________________
	 	 	 	  
			
	  	 	 	 	 Signature Guarantee:

  
 Number of Units evidenced hereby as to
which Early Settlement of the related Purchase Contracts is being elected: 

	
	
	  

  

					
	If shares of Common Stock are to be registered in the name of and delivered to and Pledged Notes or Pledged Treasury Consideration are to be transferred to a Person other than the Holder, please
print such Person’s address:	 	 	 	 REGISTERED HOLDER
  
 Please print name and address of Registered Holder:

			
	  	 	 	 	  
	 Name
	 	 	 	Name
			
	  	 	 	 	  
	 Address
	 	 	 	Address

  
 Social Security or other Taxpayer
Identification Number, if any: 

	
	
	  

  
 Transfer instructions for Pledged
Treasury Securities, transferable upon Early Settlement or a Termination Event: 

	
	
	  

  

 B-16 

  
 [TO BE ATTACHED TO GLOBAL
CERTIFICATES] 
  
 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
CERTIFICATE 
  
 The following increases or decreases in this Global
Certificate have been made: 
  

									
	 Date

	 	 Amount of
Decrease in
Stated Amount
of the Global
Certificate

	 	 Amount of
Increase in
Stated
Amount of the
Global
Certificate

	  	Stated Amount
of the Global
Certificate
Following Such
Decrease or
Increase

	  	Signature of
Authorized Officer of
Purchase Contract Agent

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

 B-17 

  
 EXHIBIT C 
  
 INSTRUCTION FROM PURCHASE CONTRACT AGENT TO COLLATERAL AGENT 
  
  
  

	 	Re:	          % Equity Security Units of Lazard Ltd (the “Company”) 

  
 We hereby notify you in accordance with Section 4.01 of the Pledge Agreement,
dated as of                 , 2005, among the Company, you, as Collateral Agent, Custodial Agent and Securities Intermediary, and us, as Purchase Contract Agent and as
attorney-in-fact for the holders of [Normal Units] [Stripped Units] from time to time, that the holder of securities listed below (the “Holder”) has elected to substitute
[$                 aggregate principal amount of Treasury Securities (CUSIP No.
                )] [$                principal amount of Notes or the Treasury
Consideration, as the case may be,] in exchange for the related [Pledged Notes or Pledged Treasury Consideration] [Pledged Treasury Securities (CUSIP No.
[                ]),] held by you in accordance with the Pledge Agreement and has delivered to us a notice stating that the Holder has transferred [Treasury
Securities] [Notes or the Treasury Consideration] to you, as Collateral Agent. We hereby instruct you, upon receipt of such [Pledged Treasury Securities] [Pledged Notes or Pledged Treasury Consideration], and upon the payment by such Holder of any
applicable fees, to release the [Notes or Treasury Consideration, as the case may be,] [Treasury Securities] related to such [Normal Units] [Stripped Units] to us in accordance with the Holder’s instructions. Capitalized terms used herein but
not defined shall have the meaning set forth in the Purchase Contract Agreement. 
  

			
	THE BANK OF NEW YORK,
as Purchase Contract Agent under the Purchase Contract Agreement, dated as of
                , 2005, between the Company and the Purchase Contract Agent
		
	By:	 	 

  

 C-1 

			
	Please print name and address of Registered Holder electing to substitute [Treasury Securities] Notes or Treasury Consideration, as the case may be,] for the Notes or Pledged
Treasury Consideration, as the case may be,] [Pledged Treasury Securities]:
	
	 Name:

	
	 
	
	Social Security or other Taxpayer Identification Number, if any:
	
	 

  

	cc:	Lazard Ltd 

	  	Attention: 

  

 C-2 

  
 EXHIBIT D 
  
 INSTRUCTION TO PURCHASE CONTRACT AGENT 
  
  
  

	 	Re:	          % Equity Security Units of Lazard Capital Ltd (the “Company”) 

  
 The undersigned Holder hereby notifies you, as Purchase Contract Agent under
the Purchase Contract Agreement, dated as of                 , between the Company and you, that it has delivered to The Bank of New York, as Collateral Agent, Custodial
Agent and Securities Intermediary [$                 aggregate principal amount of Treasury Securities]
[$                 principal amount of Notes or the Treasury Consideration, as the case may be,] in exchange for the related [Pledged Notes or Pledged Treasury
Consideration, as the case may be,] [Pledged Treasury Securities] held by the Collateral Agent, in accordance with Section 4.01 of the Pledge Agreement, dated as of
                , 2005, among you, the Company and the Collateral Agent. The undersigned Holder has paid the Collateral Agent all applicable fees relating to such
exchange. The undersigned Holder hereby instructs you to instruct the Collateral Agent to release to you on behalf of the undersigned Holder the [Pledged Notes or Pledged Treasury Consideration, as the case may be,] [Pledged Treasury Securities]
related to such [Normal Units] [Stripped Units]. Capitalized terms used herein but not defined shall have the meaning set forth in the Purchase Contract Agreement. 
  

									
					
	Date:	 	 	 	 	 	By:	 	 
			
	Please print name and address of Registered Holder:	 	 	 	Social Security or other Taxpayer Identification Number, if any:
			
	 	 	 	 	 

  

	cc:	Lazard Ltd 

	  	Attention: 

  

 D-1 

  
 EXHIBIT E 
  
 NOTICE TO SETTLE BY SEPARATE CASH 
  
  
  

	 	Re:	          % Equity Security Units of Lazard Ltd (the “Company”) 

  
 The undersigned Holder hereby notifies you in accordance with Section 5.04 of
the Purchase Contract Agreement, dated as of                 , between the Company and you, as Purchase Contract Agent, Attorney-in-Fact and Trustee for the Holders of
the Purchase Contracts, that it has delivered to The Bank of New York, as Collateral Agent, Custodial Agent and Securities Intermediary, that such Holder has elected to pay to the Collateral Agent, on or prior to 5:00 p.m. New York City time, on the
thirteenth Business Day immediately preceding the Stock Purchase Date, (in lawful money of the United States by certified or cashier’s check or wire transfer, in each case in immediately available funds),
$                 as the Purchase Price for the Common Stock issuable to such Holder by the Company under the related Purchase Contract on the Stock Purchase Date. The
undersigned Holder hereby instructs you to notify promptly the Collateral Agent of the undersigned Holder’s election to make such cash settlement with respect to the Purchase Contracts related to such Holder’s Normal Units. Capitalized
terms used herein but not defined shall have the meaning set forth in the Purchase Contract Agreement. 
  

					
	 Date:
	 	 	 	       Signature :

					
			
	  	 	 	 	  

  
 Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 
  

					
	Please print name and address of Registered Holder:	 	 	 	      Social Security or other Taxpayer Identification Number, if any:

					
			
	  	 	 	 	  

  

 E-1

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