Document:

Guaranty of Lazard LLC to Banca Intesa S.p.A.

  
 Exhibit 10.15

  
 THE SECURITIES SUBJECT TO THIS GUARANTY HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER COUNTRY AND MAY NOT BE OFFERED OR SOLD UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT AND APPLICABLE STATE AND FOREIGN SECURITIES LAWS OR UNLESS AN EXEMPTION FROM
REGISTRATION IS AVAILABLE. 
  
 THE SECURITIES SUBJECT TO THIS GUARANTY ARE
PREPAYABLE AT THE OPTION OF THE ISSUER UNDER CERTAIN CIRCUMSTANCES IN ACCORDANCE WITH SECTION 3 OR SECTION 4 THEREOF. THE MATURITY DATE OF THE SECURITIES SUBJECT TO THIS GUARANTY MAY BE ALTERED IN ACCORDANCE WITH SECTION
5 THEREOF. 
  
 THE PARTIES’ RIGHTS UNDER THIS GUARANTY MAY NOT BE SOLD,
ASSIGNED, PLEDGED, ENCUMBERED, DISPOSED OF OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SECTION 15 AND SECTION 16 HEREOF. 
  

GUARANTY 
  
 This GUARANTY (as amended, restated or otherwise modified from time to time, this “Guaranty”) is made as of March 26, 2003, by LAZARD
LLC, a Delaware limited liability company (“Lazard” or the “Guarantor”), in favor
of BANCA INTESA S.P.A., a Societa per Azioni organized under the laws of the Republic of Italy, that is the holder of certain Notes referred to below (together with its successors and permitted assigns, the “Holder”).

  
 WITNESSETH 
  
 WHEREAS, Lazard Funding Limited LLC, a wholly-owned Subsidiary of Lazard (the
“Issuer”) and the Holder have entered into that certain Note Purchase Agreement dated as of the date hereof (the “Note Purchase Agreement”) setting forth the terms and conditions pursuant to which the Issuer will
issue to the Holder the $150 Million Lazard Note and the $50 Million Lazard Note (each as defined in the Note Purchase Agreement, and each, a “Note” and together, the “Notes”); 
  
 WHEREAS, at the closing of the Note Purchase Agreement, inter alia,
the Guarantor will guarantee the obligations of the Issuer under the Notes on the terms hereinafter set forth; 
  
 NOW, THEREFORE, in consideration of the foregoing and the respective covenants and agreements set forth in this Guaranty, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows: 
  
 SECTION 1. Definitions. Capitalized terms used herein and not otherwise defined herein shall have the meanings ascribed thereto in the Notes and
Note Purchase Agreement. 
  
 (a) The following
terms, as used herein, have the following meanings: 
  
 “Business Day” means any day other than a Saturday, Sunday or a day on which banks are authorized or required to be closed for business either in New York City, New York, United States of America or Milan, Italy.

  

 “CB Note” has the meaning assigned to such term in the Transaction
Agreement. 
  
 “CB Investment
Agreement” has the meaning assigned to such term in the Transaction Agreement. 
  
 “Change in Control of Lazard” has the meaning assigned to such term in the Transaction Agreement. 
  
 “Comparable Initial Post-Hurdle Interest”
has the meaning set forth in Section 8(d)(i) hereof. 
  
 “Comparable Initial Pre-Hurdle Interest” has the meaning set forth in Section 8(d)(ii) hereof. 
  
 “Comparable Second Post-Hurdle Interest” has the meaning set forth in Section 8(d)(iii) hereof. 
  
 “Comparable Second Pre-Hurdle Interest” has
the meaning set forth in Section 8(d)(iv) hereof. 
  
 “Control Transaction” has the meaning assigned to such term in the Transaction Agreement 
  
 “Conversion Notice” has the meaning set forth in Section 8(b) hereof. 
  
 “Debt” means (without duplication), with
respect to any Person, (i) any obligation of such Person to pay the principal of, premium of, if any, interest on (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person,
whether or not a claim for such post-petition interest is allowed in such proceeding), penalties, reimbursement or indemnification amounts, fees, expenses or other amounts relating to any indebtedness, and any other liability, contingent or
otherwise, of such Person (A) for borrowed money (including instances where the recourse of the lender is to the whole of the assets of such Person or to a portion thereof), (B) evidenced by a note, debenture or similar instrument (including any
such instrument evidencing a purchase money obligation) including securities, (C) for any letter of credit or performance or surety bond obtained by such Person, (D) for the payment of money relating to a capitalized lease obligation, or (E) with
respect to any sale and leaseback transaction; (ii) any obligation of other Persons of the kind described in the preceding clause (i), which the Person has guaranteed or which is otherwise its legal liability; (iii) any obligation of the type
described in clauses (i) and (ii) secured by a lien to which the property or assets of such Person are subject, whether or not the obligations secured thereby shall have been assumed by or shall otherwise be such Person’s legal liability;

  

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and (iv) any and all deferrals, renewals, extensions and refunding of, or amendments, modifications or supplements to, any obligation of the kind described
in any of the preceding clauses (i), (ii) or (iii). 
  
 “Documents” means the Note Purchase Agreement, the Notes and this Guaranty. 
  
 “Effective Date” has the meaning set forth in Section 8(b) hereof. 
  
 “Escrow Account” has the meaning set forth
in the Note Purchase Agreement.  
  
 “Escrow Agreement” has the meaning set forth in the Note Purchase Agreement. 
  
 “Goodwill Event” has the meaning set forth in Section 8(c)(i) hereof. 
  
 “Goodwill Right” has the meaning set forth
in Section 8(a) hereof. 
  
 “Goodwill
Payment” has the meaning set forth in Section 8(c)(ii) hereof. 
  
 “Guarantor” has the meaning set forth in the Preamble. 
  
 “Guaranty” has the meaning set forth in the Preamble. 
  
 “Guaranty Debt” has the meaning set forth in section 6(a) hereof.  
  
 “Holder” has the meaning set forth in the
Preamble. 
  
 “Issuer” has the
meaning set forth in the Preamble. 
  
 “JV Company” means Lazard & Co. S.r.l., a Società a responsabilita limitata organized under the laws of the Republic of Italy. 
  
 “JV Relationship” has the meaning assigned to such term in the Transaction Agreement.

  
 “Initial Post-Hurdle
Percentage” has the meaning set forth in Section 8(d)(i) hereof. 
  
 “Initial Pre-Hurdle Percentage” has the meaning set forth in Section 8(d)(ii) hereof. 
  
 “Lazard” has the meaning set forth in the Preamble. 
  
 “Lazard Operating Agreement” means the Third Amended and Restated Operating Agreement of
Lazard, dated as of January 1, 2002, as amended as of January 10, 2003, and as such may be further amended or supplemented from time to time. 
  
 “Liquidity Event” has the meaning assigned to such term in the Lazard Operating Agreement. 
  

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 “Member” means a person who has been admitted to the applicable limited
liability company as a “member” (as defined in the Delaware Limited Liability Company Act, 6 Del. C., §18-101 et seq.). 
  
 “Note Purchase Agreement” has the meaning set forth in the Preamble. 
  
 “Notes” has the meaning set forth in the
Preamble. 
  
 “Obligations” has
the meaning set forth in Section 2 hereof. 
  
 “Person” or “Persons” means natural persons, corporations, limited liability companies, S.p.A.’s (Società per Azioni), S.r.l.’s (Società a responsabilità limitata),
trusts, joint ventures, associations, companies, partnerships, governments or agencies or political subdivisions thereof and other political or business entities. 
  
 “Renewal Date Termination” has the meaning assigned to such term in the Transaction
Agreement. 
  
 “Second Post-Hurdle
Percentage” has the meaning set forth in Section 8(d)(iii) hereof. 
  
 “Second Pre-Hurdle Percentage” has the meaning set forth in Section 8(d)(iv) hereof. 
  
 “Senior Debt” means all Debt of the Guarantor other than the Debt hereunder, whether outstanding on the date of this
Guaranty or thereafter created, incurred or assumed; provided, however, that the term “Senior Debt” shall not include (A) any Debt or obligation owed to a Subsidiary, (B) any Debt or obligation which by the express terms of
the instrument creating or evidencing the same is not superior in right of payment to the Debt outstanding hereunder, (C) any Debt or obligation which is subordinate in right of payment in any respect to any other Debt or obligation, unless such
Debt or obligation by the express terms of the instrument creating or evidencing the same is senior to this Guaranty and subordinated to another Debt or obligation, (D) for the avoidance of doubt, any Debt or obligation constituting a trade account
payable, other account payable or similar liability, (E) any right of the Members and employees of Guarantor to a return on capital or distribution of capital of the Guarantor or any other distribution to Members of Guarantor in their capacity as
such, in each case solely pursuant to a Liquidity Event of the Guarantor, (F) any Debt that pursuant to its terms is convertible into, or exchangeable for, any Interest (as defined in the Lazard Operating Agreement) or similar equity or profit
interest in the Guarantor, (G) any repayment obligation of the Guarantor in respect of loans to the Guarantor (1) from its Members and employees extended to the Guarantor on or before September 9, 2002 to the extent such amounts aggregate more than
$5 million, and (2) from its Members extended to the Guarantor after September 9, 2002, (H) any Debt of the Guarantor incurred to redeem or repurchase all of the Class C Interests (as defined in the Lazard Operating Agreement) only if all or
substantially all of the holders of such Debt were Members of Guarantor at the time of such redemption or 

  

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repurchase of such Class C Interests, or (I) amendments, renewals, extensions, modifications and refundings of any such Debt or obligation referred to in
Clauses (A) through (H) hereof. 
  
 “Subsidiary” or “Subsidiaries” means, with respect to any Person, any corporation, limited liability company, S.p.A. (Società per Azioni), S.r.l. (Società a
responsabilità limitata), trust, joint venture, association, company, partnership or other legal entity of which a Person (either alone or through or together with any other subsidiary of such Person) (A) owns, directly or
indirectly, a majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation or other legal entity, or (B) is otherwise
entitled to exercise (1) a majority of the voting power generally in the election of the board of directors or other governing body of such corporation or other legal entity or (2) control of such corporation or other legal entity (for the avoidance
of doubt, the JV Company shall not be deemed to be a subsidiary of either Intesa or Lazard under this Agreement unless otherwise indicated herein). 
  
 “Transaction Agreement” means the Master Transaction and Relationship Agreement, dated as of the date hereof, by and
among Lazard, the Holder and the JV Company, setting forth, inter alia, the terms of the parties’ investment in the JV Company, as amended or modified from time to time in accordance with its terms. 
  
 “$50 Million Lazard Note” has the meaning
assigned to such term in the Preamble. 
  
 “$150 Million Lazard Note” has the meaning assigned to such term in the Preamble. 
  
 SECTION 2. Guaranty. The Guarantor hereby unconditionally and irrevocably guarantees, as primary obligor and not merely as surety, 
  
 (i) the prompt, full and punctual payment when due, whether at stated
maturity or earlier, by notice of prepayment, by acceleration or otherwise, of any and all obligations of the Issuer arising under the Note Purchase Agreement and the Note or, if both Notes are outstanding, the Notes, whether for principal, premium,
interest at the rate specified in the Note or, if both Notes are outstanding, the Notes, and interest accruing or coming due both prior to and subsequent to the commencement of any bankruptcy, reorganization or similar proceeding involving the
Issuer or the Guarantor (including without limitation interest on any overdue principal), fees, expenses, indemnification or otherwise; and 
  
 (ii) the due, prompt, full and punctual performance and observance by the Issuer of all covenants, agreement and conditions on its part to be performed
and observed under the Note Purchase Agreement and Note or, if both Notes are outstanding, the Notes. 
  
 The obligations guaranteed by this Guaranty are hereinafter referred to as the “Obligations”. 
  

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 SECTION 3. Obligations Unconditional. This Guaranty constitutes a present and continuing guarantee
of payment and performance and not of collectability. The Obligations hereunder are independent of the obligations of the Issuer under the Notes, and a separate action or actions may be brought and prosecuted against the Guarantor to enforce this
Guaranty, irrespective of whether any action is brought against the Issuer or any other Person liable for the Obligations or whether the Issuer or any other such Person is joined in any such action or actions. The Guarantor hereby agrees that its
liability under this Guaranty shall be primary, absolute, irrevocable and unconditional, irrespective of: 
  
 (i) any lack of validity or enforceability of any Obligation, the Note Purchase Agreement, the Notes, this Guaranty or any agreement or
instrument relating thereto; 
  
 (ii) any change
in the time, manner or place of payment of, or in any other term of, all or any of the Obligations, or any other amendment or waiver of or any consent to departure from the Note Purchase Agreement, the Notes or this Guaranty; 
  
 (iii) any taking, exchange, release or non-perfection of any
collateral, or any other guarantee, for all or any of the Obligations; 
  
 (iv) any manner of application of collateral, or proceeds thereof, to all or any of the Obligations, or any manner of sale or other disposition of any collateral or any other assets of the Issuer or any other
Subsidiary; 
  
 (v) any provision in the Notes
providing for the subordination of Debt (as defined in the Notes) under the Notes; 
  
 (vi) the absence of any attempt by, or on behalf of, the Holder to collect, or to take any other action to enforce, all or any part of the
Obligations whether from or against the Issuer, any other guarantor of the Obligations, or any other Person; 
  
 (vii) the election of any remedy by, or on behalf of, the Holder with respect to all or any part of the Obligations; 
  
 (viii) the waiver, consent, extension, forbearance or
granting of any indulgence by, or on behalf of, the Holder with respect to any of the Obligations or any provision of any of the Documents; 
  
 (ix) any change, restructuring or termination of the corporate structure or existence of the Issuer or any other Subsidiary; or

  
 (x) any other circumstance (including without
limitation any statute of limitations) that might otherwise constitute a defense, offset or counterclaim in the nature of an exoneration or suretyship defense, other than the indefeasible payment of amounts due hereunder or performance in full of
all the Obligations, 

  

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available to the Issuer or the Guarantor, or a discharge of the Issuer or Guarantor. 
  
 If at any time any payment of any of the Obligations is rescinded or must otherwise be returned by any Holder or any other
Person upon the insolvency, bankruptcy or reorganization of the Issuer or otherwise, this Guaranty shall continue to be effective or be reinstated, as the case may be, to the full extent of such rescission or return, all as though such payment had
not been made. 
  
 SECTION 4. Waivers. 
  
 (a) The Guarantor hereby irrevocably waives, to the fullest
extent permitted by applicable law, the right to assert as a defense in any suit by the Holder seeking payment by the Guarantor of amounts due hereunder, any of the issues, events, actions or circumstances set forth in Section 3 hereof;
provided, however, that such waiver shall not in any way limit or bar the ability of the Guarantor or the Issuer to assert such issue, event action or circumstance as a counterclaim in any such suit; provided, however, that the
Guarantor shall not be permitted to assert such counterclaim if the claim has been finally resolved on the merits in favor of the Holder in a prior suit by the Holder against the Issuer. The Guarantor further irrevocably waives, to the fullest
extent permitted by applicable law, promptness, diligence, presentment, demand of payment, filing of claims with a court in the event of receivership or bankruptcy of the Issuer, protest or notice with respect to the Obligations; all presentments,
demands for performance, notices of nonperformance, notices of nonpayment, notices of default, protests, notices of dishonor, notices of acceptance of this Guaranty and proof of reliance hereon, and any other notice with respect to any Obligations
and this Guaranty; the benefits of all statutes of limitation; except as provided in the proviso to Section 2 hereof, any requirement that any Holder or any other Person protect, secure, perfect or insure any lien or any property subject thereto or
exhaust any right or take any action against the Issuer or any other Person or any collateral in connection with the Obligations; any duty on the part of any Holder to disclose to the Company any matter, fact or thing relating to the business,
operation or condition of any person and its assets now known or hereinafter known by such Holder; any rights by which it might be entitled to require suit on an accrued right of action in respect of any of the Obligations or require suit against
the Issuer or the Guarantor or any other Person; and all other demands whatsoever (and shall not require that the same be made on the Issuer as a condition precedent to the Guarantor’s obligations hereunder) other than demand for payment and
performance by the Guarantor hereunder, and covenants that this Guaranty will not be discharged, except by complete payment of the Obligations. The Guarantor further waives all notices of the existence, creation or incurring of new or additional
indebtedness of the Issuer, arising either from additional loans extended to the Issuer or otherwise, and also waives all notices that the principal amount, or any portion thereof, and/or any interest on any instrument or document evidencing all or
any part of the Obligations is due, notices of any and all proceedings to collect from the maker, any endorser or any other guarantor of all or any part of the Obligations, or from any other Person, and, to the fullest extent permitted by 

  

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law, notices of exchange, sale, surrender or other handling of any security or collateral given to the Holder to secure payment of all or any part of the
Obligations. 
  
 (b) Notwithstanding anything to
the contrary in this Guaranty: (i) the agreements and waivers of the Guarantor set forth above in Section 3 and in this Section 4 shall not operate to waive, affect or impair (x) any of the rights of the Issuer enumerated in the Documents, including
but not limited to any right to receive notice, or prejudice any right of the Issuer to assert any defense otherwise applicable to any of the Obligations, or (y) any right of the Guarantor to receive notice under the Documents, and (ii) the
Obligations shall be determined in accordance with the provisions of the Documents and, without limiting the generality of the foregoing, if an Obligation is compromised in accordance with the provisions of any Document, such Obligation shall be
compromised for purposes of this Guaranty, and if the Issuer is entitled to assert a defense, counterclaim or right of setoff to an Obligation in accordance with the terms of any Document, the Guarantor shall be entitled to assert the same defense,
counterclaim or right of offset under this Guaranty; provided, however, that the Guarantor shall not be permitted to assert such counterclaim if the claim has been finally resolved on the merits in favor of the Holder in a prior suit
by the Holder against the Issuer. 
  
 SECTION 5. Subrogation;
Subordination of Claims against Issuer. 
  
 (a) Waiver of Rights. Until the final payment and performance in full of all of the Obligations, the Guarantor shall not assert, enforce, or otherwise exercise (i) any right of subrogation to any of the rights, remedies, powers,
privileges or liens of any holder of a Note or any other beneficiary of this Guaranty against the Issuer or any other obligor on the Obligations or any collateral or other security, or (ii) any right of recourse, reimbursement, restitution,
contribution, indemnification, or similar right against the Issuer on account of the Obligations, and until such final payment and performance in full, the Guarantor hereby waives any and all of the foregoing rights, remedies, powers, privileges and
the benefit of, and any right to participate in, any collateral or other security given to any holder of a Note or any other beneficiary to secure payment of the Obligations, and will not file or assert any claim in competition with the Holder in
respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or proceedings of any nature, nor will Guarantor assert any setoff, recoupment or counterclaim to any of its obligations hereunder in respect of any liability of
the Issuer to the Guarantor. 
  
 (b)
Subordination of Claims against Issuer. The payment by the Issuer of any amounts due to Guarantor arising as a result of any payment by the Guarantor to the Holder hereunder is hereby subordinated to the prior payment in full of all of the
Obligations as hereinafter set forth. The Guarantor agrees that, after the occurrence of any “Event of Default” (as defined in the Notes), the Guarantor or any of its Subsidiaries will not demand, sue for or otherwise attempt to collect
any indebtedness of the Issuer to the Guarantor arising as a result of payment by the Guarantor to the Holder hereunder until all of the Obligations shall have been paid in full. 
  

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 SECTION 6. Guarantee Claims Subordinated. 
  
 (a) Subordination. The Guarantor, for itself, its
successors and assigns, covenants and agrees, and the Holder likewise covenants and agrees, that anything herein or in the Notes or any other agreement or instrument to the contrary notwithstanding, (i) any liabilities, including any indebtedness,
evidenced by or arising on account of or in connection with this Guaranty (or any amendment, modification, renewal or extension hereof), including, without limitation, the Obligations and principal and interest on the Notes (collectively, the
“Guaranty Debt”), is and shall be subordinate and subject in right of payment to the prior payment in full of all Senior Debt of the Guarantor, whether outstanding on the date hereof or incurred hereafter, to the extent and in the
manner set forth herein and (ii) the Guaranty Debt is and shall rank senior and prior in right of payment to (1) any right or Debt described in clauses (E) and (H) of the definition of Senior Debt contained in Section 1(a) hereof; (2) any repayment
obligation incurred after September 9, 2002 (or before such date if and to the extent that such obligation expressly permits such subordination) described in clause (G) of the definition of Senior Debt contained in Section 1(a) hereof; (3) any
amendments, renewals, extensions, modifications and refundings of any right, Debt or repayment obligation referred to in Section 6(a)(ii)(1) and (2); and (4) any other obligations expressly made subordinate by the terms thereof to the Debt hereunder. 
  
 (b) Extent of Subordination. If any payment default has occurred and is continuing on any Senior Debt, or a non-payment default has
occurred and is continuing on the Senior Debt and the Holder has received notice of such non-payment default, then the Guarantor shall not make any direct or indirect payment or distribution of any kind or character, whether in cash, property or
securities, to, or for the benefit of, the Holder pursuant to or in respect of this Guaranty or Guaranty Debt (whether principal or interest or otherwise), and whether before, after or in connection with any dissolution, winding up, liquidation or
reorganization or receivership proceeding or upon an assignment for the benefit of creditors or any other marshalling of the assets and liabilities of the Guarantor. Notwithstanding the preceding sentence, if the Senior Debt has been paid in full or
the relevant default has been cured or waived, the Guarantor shall make payments in accordance with this Guaranty. 
  
 (c) Distributions in Bankruptcy. Upon any distribution in any bankruptcy or similar proceeding, any distribution to which the
Holder is entitled shall be paid directly to the holders of Senior Debt to the extent necessary to make payment in full of all Senior Debt remaining unpaid after giving effect to all other distributions to or for the benefit of the holders of Senior
Debt. 
  
 (d) Priority in Bankruptcy. For
avoidance of doubt, in the event of any liquidation, dissolution, reorganization or winding up of the Guarantor, the Guaranty Debt is senior and prior in right of payment to all Interests and Capital (each as defined in the Lazard Operating
Agreement) and similar equity or profit interests in the Guarantor. 
  

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 (e) Application of Distributions. If any distribution, payment or deposit to
redeem, defease or acquire the Guaranty Debt shall have been received by the Holder at a time when such distribution was prohibited by the provisions of this Section 6, then, unless such distribution is no longer prohibited by this Section 6, such
distribution shall be received and applied by the Holder for the benefit of the holders of Senior Debt, and shall be paid or delivered by the Holder to the holders of Senior Debt for application to the payment of all Senior Debt. 
  
 (f) Subrogation Rights. The Holder shall not have any
subrogation or other rights of recourse to any security in respect of any Senior Debt until such time as all Senior Debt shall have been paid in full. Upon the payment in full of all Senior Debt, the Holder shall be subrogated to the rights of the
holders of Senior Debt to receive distributions applicable to Senior Debt until all amounts due and payable in respect of the Guaranty Debt shall be so paid. No distributions to the holders of Senior Debt which otherwise would have been made to the
Holder shall, as between the Guarantor and the Holder, be deemed to be payment by the Guarantor to or on account of Senior Debt. If any distribution to which the Holder would otherwise have been entitled shall have been applied pursuant to the
provisions of this Section 6 to the payment of Senior Debt, then the Holder shall be entitled to receive from the holders of such Senior Debt any distributions received by such holders of Senior Debt in excess of the amount sufficient to pay all
amounts payable on such Senior Debt to the extent provided herein. 
  
 (g) Reliance. Upon any distribution in a bankruptcy or similar proceeding, the Holder shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which the proceeding is
pending, or a certificate of the liquidating trustee or agent or other Person making any distribution for the purpose of ascertaining the Persons entitled to participate in such distribution, the holders of Senior Debt, Guaranty Debt and other Debt
of the Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Section 6. 
  
 (h) Ratable Distributions. Any distribution otherwise payable to the Holder made to holders of Senior
Debt pursuant to this Section 6 shall be made to such holders of Senior Debt ratably according to the respective amount of Senior Debt held by each, taking into account any priorities which may be established among the holders of such Senior Debt.

  
 (i) Obligations Not Impaired. Nothing
contained in this Guaranty is intended to or will impair as between the Guarantor, its creditors, and the Holder, the obligation of the Guarantor, which is primary, absolute, irrevocable and unconditional, to pay to the Holder as and when amounts
become due and payable in accordance with the terms of this Guaranty or affect the relative rights of the Holder and the creditors of the Guarantor. 
  
 (j) Further Actions. The Holder, by its acceptance hereof, agrees to take such further action as may be reasonably requested by the
Guarantor in order to effectuate the subordination as provided herein. 
  

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 SECTION 7. Change in Control. The Guarantor shall give each of the Issuer and the Holder (i)
prompt written notice of any proposed Control Transaction involving a Change in Control of Lazard immediately after the Guarantor has signed a binding agreement setting forth such proposed Control Transaction, (ii) as soon as reasonably practicable
thereafter but in any event no later than ten (10) Business Days prior to the closing of the proposed Control Transaction, a written notice of the expected closing date setting forth (1) the anticipated Goodwill Payments payable to the Holder in the
event it converts the Note(s), as applicable, pursuant to Section 8 of this Guaranty in connection with the proposed Control Transaction and (2) information in reasonable detail supporting the calculation of such anticipated Goodwill Payments and
relating to post-closing adjustments, (iii) prompt written notice (given not less than 2 Business Days prior to the closing date of such Control Transaction) of any material change to the proposed Control Transaction which would be reasonably likely
to adversely affect the Holder’s Goodwill Rights (defined below) in any material respect, together with information in reasonable detail regarding such changes to the calculation of the anticipated Goodwill Payment, (iv) prompt written notice
of any change in the expected closing date of the proposed Control Transaction, and (v) such other information as the Holder may reasonably request regarding the proposed Control Transaction and the right to convert the Notes. 
  
 SECTION 8. Conversion. 
  
 (a) Conversion Right. The Holder shall be entitled to
convert, at any single time (including in connection with any Liquidity Event) at its sole discretion, the entire principal amount outstanding at the time of conversion of each of (i) the $150 Million Lazard Note and (ii) the $50 Million Lazard Note
into a goodwill right in the Guarantor having the rights and obligations set forth in this Section 8 (each, a “Goodwill Right”, and together, the “Goodwill Rights”), in accordance with this Section 8 (it being
understood that (x) the conversion right hereunder with respect to each Note shall terminate upon payment in full of the principal amount outstanding under such Note, plus accrued and unpaid interest on such Note through the date of payment, and (y)
Holder’s election not to exercise its right to convert in connection with a Liquidity Event, shall not be deemed to result in a forfeiture of such conversion right); provided, that, if the $50 Million Lazard Note has been issued, the
Holder shall be entitled to convert the $150 Million Lazard Note if, and only if, the Holder simultaneously therewith converts the $50 Million Lazard Note, and vice versa. In order to permit conversion, the Guarantor will inform the Holder
reasonably in advance of any Goodwill Event (as defined in Section 8(c) hereof). 
  
 (b) Method of Conversion. To convert each Note into the Goodwill Right(s) pursuant to Section 8(a), the Holder shall deliver, for
receipt on or prior to 5:00 p.m., New York City time, on any Business Day: (i) a copy of an executed notice to each of the Issuer and the Guarantor requesting conversion of the Note in accordance with this Section 8 (the “Conversion
Notice”) and (ii) the original Note to the Issuer. On the date that is five (5) Business Days after the date of receipt by the Issuer of each of the Conversion Notice and the original Note to be converted (the “Effective
Date”), the Note shall be deemed to be converted and the Goodwill Right shall be deemed to be issued as 

  

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of the Effective Date; provided that in the event that Guarantor shall give notice to Holder pursuant to Section 7(iii), the Conversion Notice shall
remain in effect, and the Note(s) shall be converted and the Effective Date shall occur pursuant to this Section 8(b), unless Guarantor shall receive written notice from the Holder prior to the date of the closing of such Control Transaction
revoking its Conversion Notice in accordance with this Section 8. Upon the Effective Date, (i) the Note(s) shall immediately cease to be outstanding, (ii) (a) any and all Debt of the Issuer under the Note(s) and (b) any and all Obligations of the
Guarantor shall be deemed to be released, cancelled and satisfied and (iii) this Guaranty shall be deemed to be cancelled and terminated and the obligations of the Guarantor hereunder satisfied in full, provided that, notwithstanding anything
to the contrary contained in any of the Documents, this Guaranty shall be deemed to survive solely for the purposes of evidencing the Goodwill Rights, and provided further that Sections 1, 8, 9(c), 11, 13, 18 and 19 shall survive in any event
until full payment of the Goodwill Payments (it being understood that the only provisions of this Guaranty to remain in effect after the conversion of the Note(s) on the Effective Date shall be such Sections 1, 8, 9(c), 11, 13, 18 and 19, and all
other provisions of this Guaranty shall have no further force or effect). Except as otherwise provided in this Section 8(b), any Conversion Notice shall be irrevocable once given. 
  
 (c) Goodwill Right. (i) Upon issuance in accordance with Section 8(a), each Goodwill Right shall
represent solely the right to receive the applicable Goodwill Payment (as defined below) from the Guarantor in the event of (1) any distribution being effected in respect of Goodwill Interests (as defined in the Lazard Operating Agreement) pursuant
to (A) Section 7.03 of the Lazard Operating Agreement in connection with a Liquidity Event or (B) Section 7.06 of the Lazard Operating Agreement or (2) any mandatory purchase of Goodwill Interests required pursuant to Section 6.02(b) of the Lazard
Operating Agreement (any such distribution or purchase, a “Goodwill Event”). 
  
 (ii) The “Goodwill Payment” shall (1) in the case of the Goodwill Right issued upon conversion of the $ 150 Million
Lazard Note, be an amount equal to the sum of (A) the product of (x) the Initial Pre-Hurdle Percentage (expressed as a decimal) and (y) the Aggregate Goodwill Distribution Amount (as defined in the Lazard Operating Agreement) distributed in respect
of Goodwill Interests pursuant to the applicable Goodwill Event, and (B) the product of (x) the Initial Post-Hurdle Percentage (expressed as a decimal) and (y) the Aggregate Hurdle Amount Excess (as defined in the Lazard Operating Agreement)
distributed in respect of Goodwill Interests pursuant to the applicable Goodwill Event, and (2) in the case of the Goodwill Right issued upon conversion of the $50 Million Lazard Note, be an amount equal to the sum of (A) the product of (x) the
Second Pre-Hurdle Percentage (expressed as a decimal) and (y) the Aggregate Goodwill Distribution Amount (as defined in the Lazard Operating Agreement) distributed in respect of Goodwill Interests pursuant to the applicable Goodwill Event, and (B)
the product of (x) the Second Post-Hurdle Percentage (expressed as a decimal) and (y) the Aggregate Hurdle Amount Excess (as defined in the 

  

 -12- 

 
Lazard Operating Agreement) distributed in respect of Goodwill Interests pursuant to the applicable Goodwill Event. 
  
 (iii) In the event that any distributions in respect of a
Liquidity Event under Section 7.03(b) of the Lazard Operating Agreement shall be reduced by the Head of Lazard and Chairman of the Executive Committee in accordance with such Section 7.03(b), the Goodwill Payment in respect of such Liquidity Event
under this Section 8(c) shall be increased by the amount that the holder of the applicable Goodwill Right would have received under this Section 8(c) if such distribution had not been so reduced. 
  
 (iv) Notwithstanding anything herein to the contrary, (1)
any Goodwill Payment shall be payable on the same priority, and otherwise on and subject to the same terms and conditions (including with respect to the timing of payments and form of consideration), as shall be applicable to a holder of Class
A-2(1) Goodwill Interest (as defined in the Lazard Operating Agreement) in such Goodwill Event, and (2) a Goodwill Right shall not represent, and shall not be at any time entitled to, any payment or other interest in respect of Goodwill Capital (as
defined in the Lazard Operating Agreement). 
  
 (d) Percentages. 
  
 (i) The
“Initial Post-Hurdle Percentage” shall be 3%, provided that such percentage shall be subject to increase or decrease after the date hereof so that it shall equal the same percentage of the Aggregate Hurdle Amount Excess at
the time of the applicable Goodwill Event that a Comparable Initial Post-Hurdle Interest (as defined below) would be entitled to at the time of such Goodwill Event; provided, however, that no adjustment to the Initial Post-Hurdle
Percentage shall be made pursuant to the foregoing in connection with the LAM Equity Plan (as defined in the Lazard Operating Agreement). A “Comparable Initial Post-Hurdle Interest” means a Class A-2 Goodwill Interest that would be
entitled to receive 3% of the Aggregate Hurdle Amount Excess as of the date hereof assuming a Liquidity Event were consummated and distributions thereof paid as of the date hereof (assuming for such purposes all Goodwill Interests authorized as of
the date hereof are issued, granted and vested and taking into account the dilution associated with the applicable Goodwill Right (and, if and when the $50 Million Lazard Note is issued, the Goodwill Right associated with such $50 Million Lazard
Note)). 
  
 (ii) The “Initial Pre-Hurdle
Percentage” shall be 3%, provided that such percentage shall be subject to increase or decrease after the date hereof so that it shall equal the same percentage of the Aggregate Goodwill Distribution Amount at the time of the
applicable Goodwill Event that a Comparable Initial Pre-Hurdle Interest (as defined below) would be entitled to at the time of such Goodwill Event; provided, however, that no adjustment to the Initial Pre-Hurdle Percentage shall be
made pursuant to the foregoing in connection with the LAM 

  

 -13- 

 
Equity Plan (as defined in the Lazard Operating Agreement). A “Comparable Initial Pre-Hurdle Interest” means a Class A-2 Goodwill
Interest that would be entitled to receive 3% of the Aggregate Goodwill Distribution Amount as of the date hereof assuming a Liquidity Event were consummated and distributions thereof paid as of the date hereof (assuming for such purposes all
Goodwill Interests authorized as of the date hereof are issued, granted and vested and taking into account the dilution associated with the applicable Goodwill Right (and, if and when the $50 Million Lazard Note is issued, the Goodwill Right
associated with such $50 Million Lazard Note)). 
  
 (iii) The “Second Post-Hurdle Percentage” shall be 1%, provided that such percentage shall be subject to increase or decrease after the date hereof so that it shall equal the same percentage of the Aggregate Hurdle
Amount Excess at the time of the applicable Goodwill Event that a Comparable Second Post-Hurdle Interest (as defined below) would be entitled to at the time of such Goodwill Event; provided, however, that no adjustment to the Second
Post-Hurdle Percentage shall be made pursuant to the foregoing in connection with the LAM Equity Plan (as defined in the Lazard Operating Agreement). A “Comparable Second Post-Hurdle Interest” means a Class A-2 Goodwill
Interest that would be entitled to receive 1% of the Aggregate Hurdle Amount Excess as of the date hereof assuming a Liquidity Event were consummated and distributions thereof paid as of the date hereof (assuming for such purposes all Goodwill
Interests authorized as of the date hereof are issued, granted and vested and taking into account the dilution associated with the Goodwill Rights). 
  
 (iv) The “Second Pre-Hurdle Percentage” shall be 1%, provided that such percentage shall be subject to increase or
decrease after the date hereof so that it shall equal the same percentage of the Aggregate Goodwill Distribution Amount at the time of the applicable Goodwill Event that a Comparable Second Pre-Hurdle Interest (as defined below) would be entitled to
at the time of such Goodwill Event; provided, however, that no adjustment to the Second Pre-Hurdle Percentage shall be made pursuant to the foregoing in connection with the LAM Equity Plan (as defined in the Lazard Operating
Agreement). A “Comparable Second Pre-Hurdle Interest” means a Class A-2 Goodwill Interest that would be entitled to receive 1% of the Aggregate Goodwill Distribution Amount as of the date hereof assuming a Liquidity Event
were consummated and distributions thereof paid as of the date hereof (assuming for such purposes all Goodwill Interests authorized as of the date hereof are issued, granted and vested and taking into account the dilution associated with the
Goodwill Rights). 
  
 (v) Notwithstanding
anything to the contrary in this Section 8(d), the percentage amounts set forth in clauses (i) to (iv) shall be proportionally reduced to the extent of any payments of principal on the applicable Note prior to conversion of such Note. 
  

 -14- 

 (e) Termination. Each Goodwill Right shall terminate in full immediately upon
receipt by the Holder of the applicable Goodwill Payment in such Goodwill Event as provided in this Section 8 (provided that the Goodwill Right shall not be entitled to participate in any further Goodwill Events consummated after the Goodwill Event
giving rise to such Goodwill Payment, and the covenants in Sections 8(f) (other than 8(f)(i)(B), but excluding the proviso thereto) and 9(c) hereof will cease to be of further force and effect from and after the consummation of such Goodwill Event.)

  
 (f) Protection of Holder. The
Guarantor covenants and agrees that (i) (A) the holder of each Note or, if converted in accordance with this Section 8, the associated Goodwill Right, shall not be entitled to vote on any matter, including, without limitation, in connection with any
change in control or any reorganization relating to a change in control or public sale of the Guarantor’s securities, nor will such holder have any right to approve the price or terms associated with any such change in control or public sale
and (B) Lazard will not treat the holder of each Note or, if converted in accordance with this Section 8, the associated Goodwill Right, as a Member of Lazard, and such holder will not become a Member of Lazard pursuant to any agreement to which
either Lazard or any of its subsidiaries is a party; provided, in each case, that the holder of each Note or, if converted, the associated Goodwill Right shall have the right to consent to any amendment to the Lazard Operating Agreement to
the extent provided in Section 9.02(c) of the Lazard Operating Agreement as if such holder were a Member of Lazard holding Goodwill Interests or such amendment shall not be effective as against such holder, and provided further that
the holder of a Goodwill Right pursuant to this Guaranty shall have any other protections applicable to holders of Class A-2(1) Goodwill Interests under the Lazard Operating Agreement in respect of Class A-2(1) Goodwill Interests. The Guarantor
covenants and agrees that it shall provide the holder of each Note or, if converted, the associated Goodwill Right with a written notice of any proposed amendment to the Lazard Operating Agreement that requires the consent of the holders of Goodwill
Interests under Section 9.02(c) of the Lazard Operating Agreement reasonably in advance of the date on which such amendment is due to be adopted by the Guarantor and in any event no later than the date on which the Members of Lazard are informed of
such proposed amendment, if applicable. 
  
 (g)
General. In the event that the issuance of such Goodwill Right upon conversion pursuant to this Section 8 dilutes the Goodwill Interests held by any Member of Lazard at the time of issuance of such Goodwill Right, the Guarantor covenants and
agrees that it shall take all necessary actions required to satisfy its obligations to calculate and pay the Goodwill Right. The Guarantor also covenants and agrees that in connection with the issuance of such Goodwill Right, no approvals by the
Guarantor or any Member of Lazard, in their capacity as such, shall be required for, and no veto or equivalent rights of the Guarantor or any Member of Lazard, in their capacity as such, shall apply to, the calculations of amounts payable under, and
the payment of amounts to the holder thereof pursuant to, such Goodwill Right, by Lazard in accordance with the terms of such Goodwill Right, except for such approvals and veto rights that would not adversely affect Lazard’s ability to make
such calculations or such payments in any respect. 
  

 -15- 

 SECTION 9. Additional Covenants. The Guarantor covenants and agrees as follows: 
  
 (a) to remain (in its own capacity or through its
Subsidiaries) in the investment banking business (except as may occur in connection with a Goodwill Event); 
  
 (b) to comply with any applicable regulations of any governmental authority, except to the extent that failure to comply would not have a
material adverse effect on the business of the Guarantor and its Subsidiaries, taken as a whole; and 
  
 (c) to supply the Holder with such periodic reports and financial statements as may be issued to the Members of Lazard generally from time
to time; provided, however, that any such reports and financial statements shall be kept confidential by the Holder in accordance with Section 8.2 of the Transaction Agreement. 
  
 SECTION 10. CB Note Escrow. On the terms and subject to the conditions set forth in Section 8 of the Note Purchase
Agreement, after the issuance of the CB Note and as a condition precedent to the Holder’s purchase of the $50 Million Lazard Note, the Guarantor shall place the CB Note in the Escrow Account pursuant to the Escrow Agreement to secure the
obligations of the Guarantor hereunder. For the purposes of calculating the Obligations hereunder, the CB Note shall be valued at an amount equal to the outstanding principal on the CB Note at the time of such repayment, plus accrued
but unpaid interest thereon. 
  
 SECTION 11. Release from
Escrow Upon Certain Events. The Guarantor shall be entitled to cause the release and delivery to the Holder of amounts held in the Escrow Account, including the CB Note, in satisfaction of amounts payable hereunder in accordance with the terms
of the Escrow Agreement. 
  
 SECTION 12. Amendments and
Waivers. Any provision of this Guaranty may be amended or waived if such amendment or waiver is in writing and is signed, in the case of an amendment, by each of Guarantor and Holder or, in the case of a waiver, by the party hereto against whom
the waiver is to be effective. The waiver by a party hereto of a breach of any term or provision of this Guaranty shall not be construed as a waiver of any subsequent breach. No failure or delay by either Guarantor or Holder in exercising any right,
power or privilege hereunder shall operate as a waiver thereof. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
  
 SECTION 13. Captions. The captions in this Note are included for convenience of reference only and do not form a part
of this Note or in any way limit or affect its interpretation or construction. 
  
 SECTION 14. Notices. All notices, consents, waivers and other communications required or permitted by this Guaranty shall be in writing and shall be deemed given to a party hereto when (a) delivered to the
appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by
certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and 

  

 -16- 

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

 
 Lazard LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 UNITED STATES OF AMERICA 
 Attention: General Counsel 
 Facsimile: (212) 332-5972 
 Telephone: (212) 632-6000 
  
 with a copy (which shall not constitute notice) to each of: 
  
 Gianni, Origoni, Grippo & Partners Studio Legale 
 Via Delle Quattro Fontane, 20 
 00184 Roma 
 ITALY 
 Attention: Francesco Gianni, Esq. 
 Facsimile:
011 39 06 4871101 
 Telephone: 01139 06 478751 
  
 and 
  
 Wachtell, Lipton, Rosen & Katz 
 51 West
52nd Street 
 New York, New York 10019 
 UNITED STATES OF AMERICA 
 Attention: Adam D. Chinn, Esq. 
 Steven A. Cohen, Esq. 
 Facsimile: (212)
403-2000 
 Telephone: (212) 403-1000 
  
 If to the Holder: 
  
 Banca Intesa S.p.A. 
 Via Monte di
Pietà n. 8 
 20121 Milano 
 ITALY 
 Attention: Direzione Partecipazioni 
 Facsimile: 011 39 02 8796 2072 
 Telephone: 011 39 02 8796 2376 
  

 -17- 

 and 
  
 Banca Intesa S.p.A. 
 Via Monte di
Pietà n. 8 
 20121 Milano 
 ITALY 
 Attention: Direzione Affari Legali 
 Telephone: 011 39 02 8796 3523 
 Facsimile: 011 39 02 8796 2079 
  
 with a copy (which shall not constitute notice) to: 
  
 Pedersoli Lombardi e Associati 
 Via Andegari, 4/A 
 20121 Milano 

ITALY 
 Attention: Antonio Pedersoli

 Facsimile: 011 39 02 87919333 
 Telephone: 01139 02 879191 
  
 and 
  
 Sullivan & Cromwell LLP 
 125 Broad Street 
 New York, New York 10004

 UNITED STATES OF AMERICA 
 Attention: George J. Sampas, Esq. 
 Facsimile: (212) 558-3588 
 Telephone: (212) 558-4000 
  
 SECTION 15. Successors and Assigns. Subject to the transfer restrictions set forth in Section 16 hereof, the provisions of this Guaranty shall be
binding upon and inure to the benefit of the parties hereto and their respective legal successors and permitted assigns. 
  
 SECTION 16. Restrictions on Transfer. NO PARTY HERETO MAY DIRECTLY OR INDIRECTLY SELL, TRANSFER, ASSIGN, ENCUMBER OR OTHERWISE PLEDGE OR DISPOSE OF
ANY OF ITS RIGHTS OR OBLIGATIONS UNDER THIS GUARANTY AT ANY TIME WITHOUT THE PRIOR WRITTEN CONSENT OF THE OTHER PARTY (IT BEING UNDERSTOOD THAT CONSENT OF THE GUARANTOR SHALL BE GIVEN BY THE HEAD OF LAZARD (AS DEFINED IN THE TRANSACTION AGREEMENT))
WHO MAY WITHHOLD SUCH CONSENT FOR ANY REASON IN HIS SOLE DISCRETION AND ANY SUCH TRANSFER MADE WITHOUT SUCH CONSENT SHALL BE NULL AND VOID; PROVIDED THAT IN THE EVENT THAT HOLDER DESIRES TO TRANSFER ANY OF ITS RIGHTS OR OBLIGATIONS UNDER THIS
GUARANTY TO A WHOLLY-OWNED SUBSIDIARY OF HOLDER AND EACH OF THE HOLDER AND SUCH WHOLLY-OWNED SUBSIDIARY AGREE THAT SUCH SUBSIDIARY SHALL TRANSFER THE 

  

 -18- 

 
RIGHTS OR OBLIGATIONS UNDER THIS GUARANTY TO HOLDER IMMEDIATELY UPON SUCH SUBSIDIARY CEASING TO BE WHOLLY-OWNED BY HOLDER, THEN THE CONSENT OF THE HEAD OF
LAZARD TO SUCH TRANSFER SHALL NOT BE UNREASONABLY WITHHELD OR DELAYED. 
  
 SECTION 17. Term; Termination. Except as provided in the provisos to the third sentence of Section 8(b), this Guaranty shall automatically terminate on the earlier of: (i) conversion of the Note or, if both Notes are outstanding, the
Notes pursuant to Section 8 hereof, or (ii) payment of the entire amount outstanding under the Note or, if both Notes are outstanding, the Notes, including principal and interest thereon. 
  
 SECTION 18. Execution in Counterparts. This Guaranty may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 SECTION 19. No Third-Party Beneficiaries. This Guaranty is for the sole benefit of the parties hereto and their
respective legal successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such successors and assigns, any legal or equitable rights hereunder or to
otherwise confer any benefits, remedies, obligations or liabilities hereunder upon any person or entity other than the parties hereto and such successors and assigns. 
  
 SECTION 20. Governing Law; Construction. THIS GUARANTY IS GOVERNED BY • AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PRINCIPLES THEREOF. Each of the Guarantor and the Holder agrees that all actions or proceedings arising out of or in connection with this Guaranty, or
for recognition and enforcement of any judgment arising out of or in connection with this Guaranty, shall be tried and determined exclusively in the state or federal courts in the State of New York, and each of the Guarantor and the Holder hereby
irrevocably submits with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Guarantor and the Holder hereby expressly
waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for
any reason; (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such
action or proceeding, (ii) venue is not proper in any of the aforesaid courts, and (iii) this Guaranty, or the subject matter hereof, may not be enforced in or by any of the aforesaid courts. 
  
 SECTION 21. Miscellaneous. The Guarantor will reimburse the Holder on
demand such amount that shall be sufficient to cover all costs and expenses of such Holder incurred in any reimbursement, enforcement or collection under this Guaranty, including without limitation reasonable attorneys’ fees, expenses and
disbursements, to the extent such costs and expenses exceed the costs and expenses that such Holder would have incurred in any reimbursement, 

  

 -19- 

 
enforcement or collection if the Guarantor were the issuer of the Notes. This Guaranty constitutes the entire agreement between the Guarantor and the Holder
with respect to the matters set forth herein. The rights and remedies herein provided are cumulative and not exclusive of any remedies provided by law or any other agreement, and this Guaranty shall be in addition to any other guaranty of or
collateral security for any of the Obligations. The invalidity or unenforceability of any one or more sections of this Guaranty shall not affect the validity or enforceability of its remaining provisions. Captions are for the ease of reference only
and shall not affect the meaning of the relevant provisions. The meanings of all defined terms used in this Guaranty shall be equally applicable to the singular and plural forms of the terms defined. 
  

 -20- 

 IN WITNESS WHEREOF, each of the Guarantor and the Holder has caused this Guaranty to be executed and
delivered as of the date first above written. 
  

			
	 LAZARD LLC

		
	By:	 	 

		
	 	 	 Name: Jeffrey A. Rosen

	 	 	 Title: Attorney-in-Fact

  

			
	 BANCA INTESA S.P.A.

		
	By:	 	 

	 	 	 Name: Corredo Passera

	 	 	 Title: Managing Director and
     Chief Executive Officer

  
 [Guaranty
Signature Page]Amended and Restated Operating Agmt. of Lazard Strategic Coordination Company

  
 Exhibit 10.16

  
  
 AMENDED AND RESTATED OPERATING AGREEMENT (this “Agreement” ) of LAZARD STRATEGIC COORDINATION COMPANY LLC, a Delaware
limited liability company (the “Company”), dated as of January 1, 2002. 
  
 WHEREAS Lazard LLC, a Delaware limited liability company (“Lazard”), formed the Company as a Delaware limited liability company under the Delaware Limited Liability Company Act (6 Del. C. ‘
18-101, et seq.) (as amended from time to time and any successor statute thereto, the “Act”); 
  
 WHEREAS the Company entered into a Coordination and Service Agreement dated March 3, 2000, as amended (the “Coordination Agreement”),
among the Company, Lazard, Lazard Frères & Co. LLC, a New York limited liability company (“LFNY”), Lazard Frères S.A.S., a French Société par Actions Simplifiée (“LF”), Maison
Lazard S.A.S., a French Société par Actions Simplifiée (“ML” and, together with LF, “LFP”), Lazard & Co., Holdings Limited, an English private limited company (“LB Holdings”),
Lazard Bank Limited, an English private limited company (“Old LB”), Lazard & Co., Services Limited, an English private limited company (“LB ServiceCo”), and Lazard Brothers & Co., Limited, an English private
limited company (“New LB”); 
  
 WHEREAS the
Company has been formed for the purposes specified in Section 2.03; and 
  
 WHEREAS Lazard entered into an Operating Agreement dated March 3, 2000 (the “Original Operating Agreement”), and wishes to enter into this Agreement to amend and restate the Original Operating Agreement in its entirety to
reflect the appointment of Bruce Wasserstein as the Head of Lazard and Chairman of the Executive Committee and the Chief Executive Officer of Lazard. 
  

 NOW, THEREFORE, Lazard, as the sole member of the Company, hereby adopts the following as the
“limited liability company agreement” of the Company within the meaning of the Act: 
  
 ARTICLE I  
  
 Definitions 
  
 SECTION 1.01. Definitions.
As used in this Agreement, the following terms have the meanings set forth below: 
  
 “Act” has the meaning set forth in the preamble to this Agreement. 
  
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly, through one or more intermediaries,
controls, or is controlled by, or is under common control with, such Person. For purposes of the foregoing sentence, “control” (including, with correlative meanings, the terms “controlled by” and “under common control
with”), as used with respect to any Person, means the direct or indirect possession of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by contract or
otherwise. 
  
 “Alternative Investing” means the
private investment activities conducted by or on behalf of Lazard on the date hereof or hereafter. 
  
 “Asset Management” means the asset management businesses of the Houses as they are now or may in the future be conducted by the Houses.

  
 “Banking” means the mergers and acquisitions
advisory, corporate finance and financial advisory services (other than asset management advisory services) of the Houses as they are now or may in the future be conducted by the Houses (it being understood that the term “Banking” as used
herein does not include the money market and deposit-taking businesses of LB and LFP) . 
  
 “Capital Markets” means the sales and trading, proprietary trading, brokerage, research, underwriting and distribution services of the Houses as they are now or may in the future be conducted by the
Houses. 
  

 2 

 “Certificate of Formation” means the certificate of formation of the Company filed with
the office of the Secretary of State of the State of Delaware on March 2, 2000. 
  
 “Chairman of the Executive Committee” means BW or his successor duly appointed in accordance with Section 3.03. Except in Section 3.03, the person holding such position is referred to as the
“Head of Lazard and Chairman of the Executive Committee” in this Agreement. 
  
 “CEO” means the CEO of Lazard appointed pursuant to Section 3.07 of the Lazard Agreement. 
  
 “Company” has the meaning set forth in the preamble to this Agreement. 
  
 “Company Administrator” has the meaning set forth in Section 2.08. 
  
 “Company CEO” has the meaning set forth in Section 3.04.

  
 “Coordination Agreement” has the meaning set
forth in the preamble to this Agreement. 
  
 “Global
Heads” means the global heads and global committee, as applicable, of the Lines of Business appointed (and not theretofore removed) in accordance with the Coordination Agreement. 
  
 “Governing Agreements” means this Agreement, the Lazard Agreement, the LFNY Agreement, the LFP By-Laws, the
LB Articles and the governing documents of the Other Houses. 
  
 “Executive Committee” has the meaning set forth in Section 3.02. 
  
 “Houses” means LB, LFNY, LFP and the Other Houses. 
  
 “LB” means LB Holdings, Old LB, New LB and/or LB ServiceCo, as applicable. 
  

 3 

 “LB Articles” means the memorandum of association of LB Holdings and the articles of
association of LB Holdings adopted by written resolution of the members of LB Holdings on January 1, 2002, the memorandum of association of Old LB and the articles of association of Old LB adopted by written resolution of the members of Old LB on
January 1, 2002, the memorandum of association of New LB and the articles of association of New LB adopted by written resolution of the members of New LB on January 1, 2002, and/or the memorandum of association of LB ServiceCo and the articles of
association of LB ServiceCo adopted by written resolution of the members of LB ServiceCo on January 1, 2002, as applicable. 
  
 “LB Holdings” has the meaning set forth in the preamble to this Agreement. 
  
 “LB ServiceCo” has the meaning set forth in the preamble to this Agreement. 
  
 “LF” has the meaning set forth in the preamble to this
Agreement. 
  
 “LFNY” has the meaning set forth
in the preamble to this Agreement. 
  
 “LFNY
Agreement” means the Second Amended and Restated Operating Agreement of LFNY dated as of the date hereof. 
  
 “LFP” has the meaning set forth in the preamble to this Agreement. 
  
 “LFP By-Laws” means the statuts of LF and ML dated the date hereof. 
  
 “LAM” means Lazard Asset Management. 
  
 “Lazard” has the meaning set forth in the preamble to this
Agreement. 
  
 “Lazard Agreement” means the Third
Amended and Restated Operating Agreement of Lazard dated as of the date hereof. 
  

 4 

 “Lazard Board” means the Board of Lazard established pursuant to Section 3.02 of the
Lazard Agreement. 
  
 “Lazard Mark” means (a) any
service mark or trademark which includes the word “Lazard” or the initials “LF”, including fund names and designations such as “Lazard Asset Management”, or (b) any other word or design service mark or trademark which
has been used or licensed by any of LB Holdings, Old LB, New LB, LB ServiceCo, LFNY, LF, ML or Lazard or has been designated as a Lazard Mark by the Head of Lazard and Chairman of the Executive Committee (or the Executive Committee prior to the date
hereof). 
  
 “Lazard Name” means any of the firm
names Lazard, Lazard Brothers or Lazard Frères or any other firm name which includes the word “Lazard”. 
  
 “Lines of Business” means Asset Management, Banking, Capital Markets and Alternative Investing. 
  
 “MDW” means Michel David-Weill. 
  
 “ML” has the meaning set forth in the preamble to this
Agreement. 
  
 “Managing Director” means (a) a
Managing Director or Limited Managing Director of LFNY, (b) an Associé-Gérant of LFP, (c) a Managing Director of LB or (d) a Managing Director or comparable executive of one of the Other Houses, as applicable, in each case appointed in
accordance with Section 3.01 of the Coordination Agreement and not subsequently removed. 
  
 “New LB” has the meaning set forth in the preamble to this Agreement. 
  
 “Old LB” has the meaning set forth in the preamble to this Agreement. 
  
 “Other Houses” means any existing Lazard houses other than LB, LFNY and LFP and any Lazard houses created
after the date hereof. 
  
 “Person” means any
individual, corporation, company, limited liability company, voluntary association, 

  

 5 

 
partnership, joint venture, trust, estate, joint-stock company, unincorporated organization or any other entity or organization. 
  
 “Secretary” has the meaning set forth in Section 3.05.

  
 “Senior Manager of the Rest of Europe” means
the person appointed as the senior manager of the Other Houses located in Europe pursuant to Section 3.04 of the Coordination Agreement. 
  
 SECTION 1.02. Other Definition Provisions. Capitalized terms used, but not defined, herein have the meanings set forth in the Lazard Agreement,
unless the context otherwise requires. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to
any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein, the word “or” is not exclusive and the words
“including”, “includes”, “included” and “include” are deemed to be followed by the words “without limitation”. The terms “herein”, “hereof” and “hereunder” and other
words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision. All section, paragraph or clause references not attributed to a particular document shall be references to such parts of this
Agreement. 
  
 SECTION 1.03. Applicable Laws and
Regulations. The expression “applicable laws and regulations” and any similar expressions include all laws or directors’ duties (in each case whether contained in any statute, at common law or in equity), regulations or
requirements of any regulatory authorities to which any House, Managing Director or Affiliate of any House or any director, officer, member, secretary, employee or agent of any such House or Affiliate may be subject in any applicable jurisdiction.

  

 6 

  
 ARTICLE II 
  
 Formation and Business of the Company 
  
 SECTION 2.01. Formation. Effective as of March 3, 2000, the Company
has been formed as a limited liability company pursuant to the provisions of the Act by the filing of the Certificate of Formation with the Secretary of State of the State of Delaware. 
  
 SECTION 2.02. Name. The Company shall conduct its activities under the name “Lazard Strategic Coordination
Company LLC”. The business of the Company may be conducted under any other name designated by the Head of Lazard and Chairman of the Executive Committee upon compliance with all applicable laws. 
  
 SECTION 2.03. Purpose and Scope of Activity. The purpose and scope of
activity of the Company shall be, to the extent consistent with applicable laws and regulations, (a) to provide certain services to Lazard (including the supervision of Lazard’s investment in each House), the oversight of the global strategic
direction and coordination of the global business activities of, and the provision of certain central administrative and financial functions for, the Houses, the maintenance of Lazard’s books and records and the oversight and coordination of
the use of any Lazard Name or Lazard Mark, in each case in accordance with the Coordination Agreement, (b) to engage in any activity incidental to carrying out the foregoing and (c) to the extent approved by the Head of Lazard and Chairman of the
Executive Committee, to engage in any lawful business in which a limited liability company organized under the laws of the State of Delaware is permitted to engage. The Company shall not itself engage in any banking activities. 
  
 SECTION 2.04. Principal Place of Business. The principal place of
business of the Company shall be located in Wilmington, Delaware or at such other place as may 

  

 7 

 
hereafter be designated from time to time by the Head of Lazard and Chairman of the Executive Committee. Company, committee and board meetings shall take
place at the Company’s principal place of business unless decided otherwise for any particular meeting. 
  
 SECTION 2.05. Registered Agent and Office. The registered agent for service of process is, and the mailing address for the registered office of the
Company in the State of Delaware is in care of, The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware. At any time, the Company may designate another registered agent and/or registered office. 
  
 SECTION 2.06. Authorized Persons. The execution and causing to be
filed of the Certificate of Formation is hereby specifically ratified, adopted and confirmed. The execution of the Coordination Agreement by the Company is hereby specifically ratified, adopted and confirmed. The Head of Lazard and Chairman of the
Executive Committee, any Secretary and such other person or persons as may from time to time be designated by the Head of Lazard and Chairman of the Executive Committee for such purpose are hereby designated as authorized persons, within the meaning
of the Act, to act in connection with executing and causing to be filed, when approved by the Head of Lazard and Chairman of the Executive Committee in accordance with the terms hereof and, subject to any approval of the Lazard Board that may be
required pursuant to Section 3.02(c)(ii)(O) of the Lazard Agreement, any amendments and/or restatements of the Certificate of Formation and any certificates (and any amendments and/or restatements thereof) necessary for the Company to qualify to do
business in any jurisdiction in which the Company may wish to conduct business. 
  
 SECTION 2.07. Members. The name and address of the sole member of the Company is as set forth on the signature page hereof. 
  
 SECTION 2.08. Company Administrator. The Company shall have a company administrator (the “Company
Administrator”) based at the principal place of business of the Company whose task shall be to carry out the day-to-day administration of the affairs of the Company, including the 

  

 8 

 
issuance and receipt of notices and other communications, the maintenance of accounting records and such other matters as the Head of Lazard and Chairman of
the Executive Committee may decide in accordance with this Agreement, the Lazard Agreement and the Coordination Agreement. In connection with the exercise of the foregoing duties, the Company Administrator shall have only such power and authority to
act for and bind the Company (including the power and authority to execute, in the name of the Company or otherwise, contracts for services and leases for real and personal property, to purchase customary office supplies and similar items and to
draw checks on the Company’s accounts) as is granted to the Company Administrator by the Head of Lazard and Chairman of the Executive Committee and shall be subject to any limitations thereon as the Head of Lazard and Chairman of the Executive
Committee may impose or as may be set forth in this Agreement, the Lazard Agreement or the Coordination Agreement. 
  
 ARTICLE III  
  
 Management 
  
 SECTION 3.01. Management.
Management of the Company is vested exclusively in the Head of Lazard and Chairman of the Executive Committee. The Company may only act and bind itself in accordance with this Agreement, the Lazard Agreement and the Coordination Agreement through
(a) the action of the Head of Lazard and Chairman of the Executive Committee, (b) the action of any person duly authorized by the Head of Lazard and Chairman of the Executive Committee to take such action, (c) the action of any Secretary to the
extent authorized by the Head of Lazard and Chairman of the Executive Committee in accordance with the terms of this Agreement and (d) through the action of the Company Administrator in accordance with Section 2.08. The Head of Lazard and Chairman
of the Executive Committee shall be the “manager” of the Company within the meaning of the Act; provided that the Head of Lazard and Chairman of the Executive Committee may only exercise those powers and rights that are provided for
the Head of Lazard and Chairman of the Executive Committee 

  

 9 

 
under this Agreement, the Coordination Company Operating Agreement and the Coordination Agreement. 
  
 SECTION 3.02. Executive Committee. 
  
 (a) Composition. The Company shall have an executive committee (the
“Executive Committee”) which shall be comprised of between nine and twelve Managing Directors as follows: 
  
 (i) the Head of Lazard and Chairman of the Executive Committee (selected as provided in Section 3.03); 
  
 (ii) MDW, only for so long as he is a member of the Lazard
Board; 
  
 (iii) two Managing Directors from each
of LFNY, LFP and LB selected by the Head of Lazard and Chairman of the Executive Committee; 
  
 (iv) a Managing Director from one of the Other Houses selected by the Head of Lazard and Chairman of the Executive Committee; and

  
 (v) up to three additional Managing Directors
selected by the Head of Lazard and Chairman of the Executive Committee. 
  
 Other
than MDW, the Head of Lazard and Chairman of the Executive Committee shall appoint all members of the Executive Committee. The Head of Lazard and Chairman of the Executive Committee may remove any Managing Director selected pursuant to the foregoing
clauses (iii), (iv) and (v) from the Executive Committee at any time in his sole discretion with or without Cause. The members of the Executive Committee on the date hereof are set forth on Schedule 3.02. Schedule 3.02 shall be deemed amended to
reflect any change in the identity of the members of the Executive Committee in accordance with this Agreement. 
  
 (b) Function. The Executive Committee shall consult with the Head of Lazard and Chairman of the Executive Committee with respect to the principal
operational management of Lazard and its Subsidiaries and Affiliates. Except as otherwise expressly provided in 

  

 10 

 
Section 3.02(c) of the Lazard Agreement (including to the extent expressly provided in the other provisions of the Lazard Agreement referred to in Section
3.02(c) thereof), all powers of the Company shall be vested exclusively in the Head of Lazard and Chairman of the Executive Committee. 
  
 (c) Procedures. The Executive Committee shall meet approximately ten times each year. Meetings of the Executive Committee shall be convened by the
Head of Lazard and Chairman of the Executive Committee or any Secretary acting upon the instruction of the Head of Lazard and Chairman of the Executive Committee. Agendas for meetings of the Executive Committee shall be established by the Head of
Lazard and Chairman of the Executive Committee or any Secretary acting upon the instruction of the Head of Lazard and Chairman of the Executive Committee. The Head of Lazard and Chairman of the Executive Committee or such Secretary, as applicable,
shall give at least two business days’ prior written notice of a proposed meeting (or such other notice period as the Executive Committee may from time to time establish) and the general nature of the matters to be discussed thereat to all
other members of the Executive Committee. There shall be no quorum requirement with respect to meetings of the Executive Committee. The failure of a member of the Executive Committee to receive notice of a meeting in accordance with this Section
3.02 shall not give rise to any right to challenge the taking of any action discussed by the Executive Committee at such meeting. Otherwise, the Executive Committee shall conduct its business in such manner and by such procedures as the Head of
Lazard and Chairman of the Executive Committee deems appropriate. Global Heads, global heads of staff functions and other representatives of the Houses may be invited to attend meetings of the Executive Committee by the Head of Lazard and Chairman
of the Executive Committee. 
  
 SECTION 3.03. Chairman of the
Executive Committee. Effective as of the date hereof and subject to the terms and conditions contained in the BW Employment Agreement, BW shall be the Chairman of the Executive Committee for an initial term of five years. Thereafter, the
Chairman of the Executive Committee shall be appointed by the Lazard Board. Any Chairman of the Executive Committee, other than BW for his initial term, shall serve for a term fixed at the time of his appointment, which term 

  

 11 

 
shall not exceed three years but may be renewed. Any Chairman of the Executive Committee may be removed by the Lazard Board in accordance with Section
3.02(c)(i)(C) of the Lazard Agreement. During any vacancy in the office of Chairman of the Executive Committee, the Lazard Board may appoint an interim Chairman of the Executive Committee. No person may hold the position of Head of Lazard unless he
or she also holds at such time the position of Chairman of the Executive Committee. 
  
 SECTION 3.04. Chief Executive Officer. To the extent that the Head of Lazard and Chairman of the Executive Committee appoints a CEO, such person shall also serve as Chief Executive Officer of the Company
(“Company CEO”). Unless the Head of Lazard and Chairman of the Executive Committee determines otherwise, the appointment of a CEO shall constitute the delegation to such person, as Company CEO, subject to the provisions of the
Coordination Agreement and the Governing Agreements, of such of the Head of Lazard and Chairman of the Executive Committee’s authorities and duties that are normally associated with the office of chief executive officer. The Head of Lazard and
Chairman of the Executive Committee shall be required to approve any action taken by any Company CEO with respect to (i) the Contribution Percentage, (ii) the appointment and removal of Managing Directors, (iii) compensation of any Managing Director
and (iv) the Profit Percentage of any Managing Director. Any Company CEO shall be subject to the same restrictions as the Head of Lazard and Chairman of the Executive Committee. Any Company CEO shall serve for a term fixed at the time of his
appointment as CEO, which term shall not exceed the remainder of the term of the Head of Lazard and Chairman of the Executive Committee who appointed such CEO; provided that the removal of any CEO or revocation of any appointment or
delegation pursuant to Section 3.07 of the Lazard Agreement shall constitute a removal or revocation of any appointment or delegation to the Company CEO to the same extent. 
  
 SECTION 3.05. Secretaries. The Head of Lazard and Chairman of the Executive Committee may, from time to time as he
deems advisable, appoint one or more secretaries of the Company (the “Secretaries”) by giving notice of such appointment to the Executive Committee and the Lazard Board. Secretaries may be, but are not required to be, 

  

 12 

 
members of the Executive Committee. Secretaries shall have such functions, powers and obligations in connection with the preparation of agendas for meetings
of the Executive Committee and the execution and performance of orders and decisions of the Head of Lazard and Chairman of the Executive Committee as the Head of Lazard and Chairman of the Executive Committee shall delegate to them in accordance
with the Coordination Agreement and the Governing Agreements. The Head of Lazard and Chairman of the Executive Committee may remove any Secretary or revoke any appointment or delegation pursuant to this Section at any time with or without Cause.

  
 ARTICLE IV 
  
 Capital Contributions 
  
 SECTION 4.01. Prior Capital Contributions. The capital contribution
heretofore made by Lazard is $1,000. 
  
 SECTION 4.02.
Additional Contributions. Lazard shall have no obligation to make any additional capital contribution to the Company but may do so from time to time upon a request from the Head of Lazard and Chairman of the Executive Committee approved by
the Lazard Board. 
  
 SECTION 4.03. Interest. No interest
shall be payable on any capital contribution to the Company. 
  
 SECTION 4.04. Liability to Third Parties; Capital Account Deficits. Except as may otherwise be expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or
otherwise, shall be solely the debts, obligations and liabilities of the Company, and Lazard shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being the member of the Company. Lazard
shall not be liable to make up any deficit in its capital account. 
  
 SECTION 4.05. Books and Accounts. The Company shall at all times keep or cause to be kept true and complete records and books of account. Such records and books of account shall be kept at the principal place of 

  

 13 

 
business of the Company. Lazard shall have access thereto and the right to receive copies thereof. 
  
 ARTICLE V 
  
 Distributions, Transfers, etc. 
  
 SECTION 5.01. Distributions. Distributions shall be made at the times and in the aggregate amounts determined by
Lazard. 
  
 SECTION 5.02. Repayment of Funds. Except as
otherwise may be provided by law, Lazard shall not be required to repay to the Company any funds distributed to it pursuant to this Agreement. 
  
 SECTION 5.03. Restrictions on Transfer. Lazard shall not sell, assign, dispose of, or otherwise transfer, pledge or encumber, all or any part of
its interest in the Company except (a) to an Affiliate of Lazard or (b) in connection with a sale of all or substantially all of the assets of Lazard. 
  
 SECTION 5.04. Admission of Additional or Substitute Members. No additional or substitute members shall be admitted to the Company. 
  
 ARTICLE VI 
  
 Dissolution and Liquidation 
  

SECTION 6.01. Dissolution. The Company shall be dissolved and its affairs shall be wound up upon the earliest to occur of (a) an approval at any
time by the Lazard Board of a dissolution of the Company pursuant to Section 3.02 (c) (ii) (L) of the Lazard Agreement or (b) the resignation, bankruptcy or dissolution of Lazard. The Company shall not be affected by reason of the death, retirement,
resignation, bankruptcy or dissolution of any member of Lazard. In the event of any death, retirement, resignation, bankruptcy or dissolution of any member of Lazard, Lazard agrees to settle and adjust all matters with any such member or its estate
and Lazard, as it may be constituted after such death, retirement, resignation, 

  

 14 

 
bankruptcy or dissolution, shall continue as a member of the Company. 
  
 SECTION 6.02. Liquidation. Upon a dissolution pursuant to Section 6.01, the Company’s business and assets shall
be liquidated in an orderly manner. The Head of Lazard and Chairman of the Executive Committee shall be the liquidator to wind up the affairs of the Company pursuant to this Agreement. In performing its duties, the Head of Lazard and Chairman of the
Executive Committee is authorized to sell, distribute, exchange or otherwise dispose of the Company’s assets in accordance with the Act in any reasonable manner that the Head of Lazard and Chairman of the Executive Committee determines to be in
the best interests of Lazard. 
  
 SECTION 6.03. Cancelation of
Certificate of Formation. Upon completion of the foregoing, the liquidator shall execute, acknowledge and cause to be filed a certificate of cancelation of the Company in the office of the Secretary of State of the State of Delaware. 

 
 ARTICLE VII 
  
 Exculpation and Indemnification 
  
 SECTION 7.01. Exculpation. No Indemnified Representative shall be personally liable for any breach of duty in an
Indemnified Capacity; provided that the foregoing shall not eliminate or limit the Liability of any Indemnified Representative if a judgment or other final adjudication adverse to the Indemnified Representative establishes that (i) the
Indemnified Representative’s acts or omissions were in bad faith or involved intentional misconduct, gross negligence or a knowing violation of law or (ii) the Indemnified Representative in fact personally and improperly gained a financial
profit or other advantage to which the Indemnified Representative was not legally entitled. 
  
 SECTION 7.02. Indemnification. (a) General Rule. The Company shall, to the fullest extent permitted by the Act, indemnify and hold harmless, and as provided in Section 7.02(c) may advance expenses to,
any Indemnified 

  

 15 

 
Representative against any Liability incurred in connection with any Proceeding in which the Indemnified Representative may be involved as a party or
otherwise by reason of the fact that such person is or was serving in an Indemnified Capacity, including Liabilities resulting from any actual or alleged breach or neglect of duty, error, misstatement or misleading statement or act giving rise to
strict or products Liability; provided that no indemnification may be made to or on behalf of any Indemnified Representative if a judgment or other final adjudication adverse to the Indemnified Representative establishes that (i) the
Indemnified Representative’s acts or omissions were in bad faith or involved intentional misconduct, gross negligence or a knowing violation of law or (ii) the Indemnified Representative in fact personally and improperly gained a financial
profit or other advantage to which the Indemnified Representative was not legally entitled. 
  
 (b) Partial Payment. If an Indemnified Representative is entitled to indemnification in respect of a portion, but not all, of any Liabilities to which such Indemnified Representative may be subject, the Company
shall indemnify such Indemnified Representative to the maximum extent legally permissible for such Liabilities. 
  
 (c) Advancing Expenses. To the fullest extent permitted by law, the Company may pay the expenses (including attorneys’ fees and disbursements)
incurred in good faith by an Indemnified Representative in advance of the final disposition of a Proceeding upon receipt of an undertaking by or on behalf of the Indemnified Representative to repay the amount if it is ultimately determined that such
person is not entitled to be indemnified by the Company pursuant to this Section. 
  
 (d) Scope of Section. The rights granted by this Section shall not be deemed exclusive of any other rights to which those seeking indemnification, contribution or advancement of expenses may be entitled under
any statute, agreement, vote of members or otherwise, both as to action in an Indemnified Capacity and as to action in any other capacity. The indemnification and advancement of expenses provided by or granted pursuant to this Section shall continue
as to a person who has ceased to be an Indemnified Representative in respect of matters arising 

  

 16 

 
prior to such time, and shall inure to the benefit of the successors, heirs, executors, administrators and personal representatives of such a person.

  
 SECTION 7.03. Exculpation and Indemnification
Definitions. As used in this Article, the following terms have the meanings set forth below: 
  
 “Indemnified Capacity” means any and all past, present and future service by an Indemnified Representative in one or more capacities as a
member, managing member, committee member, director, managing director, officer, manager, company secretary, employee or agent of the Company or any of its Affiliates, or, at the request of the Company or any of its Affiliates, as a member, managing
member, board member, committee member, director, managing director, officer, manager, company secretary, employee, agent, fiduciary or trustee of another person. 
  
 “Indemnified Representative” means Lazard, all members of Lazard, the Head of Lazard and Chairman of the
Executive Committee, all members of the Executive Committee and the Lazard Board, the CEO, the Company CEO, the Board Chairman, the Chairman of Lazard, all officers and managers of the Company and its Affiliates and any other person serving at the
request of the Company or any of its Affiliates as a member, managing member, board member, committee member, director, managing director, officer, manager, company secretary, employee, agent, fiduciary or trustee of the Company or another person.

  
 “Liability” means any damage, judgment,
amount paid in settlement, fine, penalty, punitive damage, excise tax assessed with respect to any employee benefit plan, or cost or expense of any nature (including attorneys’ fees and disbursements). 
  
 “Proceeding” means any threatened, pending or completed
action, suit, appeal or other proceeding of any nature, whether civil, criminal, administrative or investigative, whether formal or informal, and whether brought by or in the right of the Company, the Member or otherwise. 
  

 17 

 SECTION 7.04. Survival. This Article shall survive any termination of this Agreement. 

 
 ARTICLE VIII  
  
 Miscellaneous 
  
 SECTION 8.01. Use of Firm Name. The right to use the firm name, Lazard
Strategic Coordination Company LLC, shall belong to the Company; provided that the use, sale or other disposition of any Lazard Name or any Lazard Mark shall be governed by the terms of the Coordination Agreement. 
  
 SECTION 8.02. Amendments. The Certificate of Formation and this
Agreement may not be amended except by the Lazard Board through an instrument in writing signed by a person duly authorized by the Lazard Board; provided that the Head of Lazard and Chairman of the Executive Committee may authorize, without
the approval of the Lazard Board, (a) any amendment to this Agreement to correct any technicality, incorrect statement or error apparent on the face hereof in order to further the intent of the parties hereto and (b) any amendment to the Certificate
of Formation to (i) change the name or street address of the registered agent, if any, of the Company, (ii) change the post office address to which the Secretary of State shall mail a copy of any process against the Company served upon him or her or
(iii) correct any formality or error apparent on the face thereof or incorrect statement or defect in the execution thereof. 
  
 SECTION 8.03. Benefits of Agreement. Except as provided in Article VII, none of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditor of the Company or Lazard. Except as provided in Article VII, nothing in this Agreement shall be deemed to create any right in any person not a party hereto other than the members of Lazard, and this instrument shall not
be construed in any respect to be a contract in whole or in part for the benefit of any third person other than the members of Lazard. Without limiting the generality of the foregoing, except as provided in Article VII and except for the members of
Lazard, no person not a party hereto shall 

  

 18 

 
have any right to compel performance by Lazard of its obligations hereunder. 
  
 SECTION 8.04. Notices. All notices and other communications required or permitted by this Agreement shall be made in
writing and any such notice or communication shall be deemed delivered when delivered in person, properly transmitted by telecopier or one business day after it has been sent by an internationally recognized overnight courier to the address for
notices shown in the Company’s records (or any other address provided to the Head of Lazard and Chairman of the Executive Committee) or, if given to the Executive Committee, the Head of Lazard and Chairman of the Executive Committee or the
Company, to the address of the Company in Delaware. Communications by telecopier also shall be sent concurrently by overnight courier, but shall in any event be effective as stated above. Each member of the Executive Committee may from time to time
change his or her address for notices under this Section 8.04 by giving at least five days’ notice of such changed address to the Head of Lazard and Chairman of the Executive Committee. 
  
 SECTION 8.05. Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without regard to its conflict of law principles. 
  
 SECTION 8.06. Severability. If any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any
respect under any applicable law, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired. 
  
 SECTION 8.07. Headings. The Article, Section and other headings contained in this Agreement are for reference
purposes only and shall not affect the meaning or interpretation of this Agreement. 
  
 SECTION 8.08. Effectiveness. The Original Operating Agreement shall be deemed effective for all financial and accounting purposes as of January 3, 2000. 
  

 19 

 IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, has duly executed this
Agreement as of the date first above written. 
  

					
	 LAZARD LLC,

		
	by	 	 

	 	 	 Name:
	 	 SCOTT D. HOFFMAN

	 	 	 Title:
	 	 AUTHORIZED PERSON

		
	 Address:
	 	 30 Rockefeller Plaza
 New York, NY
10020

		
	 Attention:
	 	Scott Hoffman
	 Facsimile:
	 	212-332-5972

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