Document:

Form of Insurance Matters Agreement

 Exhibit 10.5 
  
 FORM OF 
  
 INSURANCE MATTERS AGREEMENT 
  
 This INSURANCE MATTERS AGREEMENT (this “Agreement”), dated as of
                , 2005, by and between Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), and LFCM Holdings LLC, a Delaware
limited liability company (“LFCM,” and together with Lazard Group, the “Parties” and each a “Party”).  
  

RECITALS 
  
 WHEREAS, Lazard Group intends to effect the Separation (as defined below) effective as of the Separation Time (as defined below), on the terms, and
subject to the conditions, set forth in the Master Separation Agreement dated as of the date hereof, by and among Lazard Ltd, a Bermuda company (“Lazard Ltd”), Lazard Group, LAZ-MD Holdings LLC, a Delaware limited liability company,
and LFCM (as amended from time to time, the “Master Separation Agreement”); and 
  
 WHEREAS, pursuant to the Master Separation Agreement, the Parties have agreed to enter into this Agreement prior to the Separation (as defined below) to
set forth certain agreements regarding insurance matters with respect to the Separation. 
  
 NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties hereby agree as follows:

  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.1 Definitions. As used in this Agreement, the following
terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms used but not defined herein shall have the meanings assigned to them in the Master Separation
Agreement. 
  
 “Agreement” has the meaning
assigned to such term in the Preamble hereto. 
  
 “Ancillary Agreement” has the meaning set forth in the Master Separation Agreement. 
  
 “Coverage Amount” has the meaning set forth in Section 2.5(a) hereto. 
  
 “Current Lazard Group Companies Policies” means the Insurance Policies that (a) insure Lazard Group or one
or more of the other members of the Lazard Group Public Companies or the LFCM Companies, (b) have policy periods that begin before and end after the Separation Time and (c) are set forth on Schedule A hereto. 
  
 “D&O Policies” has the meaning set forth in Section
2.1(b) hereto. 
  

 “Excess” has the meaning set forth in Section 2.5(b) hereto. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time, and any successor thereto. 
  
 “First Distribution” has the meaning set forth in the Master Separation Agreement. 
  
 “Group” has the meaning set forth in the Master Separation Agreement. 
  
 “Insurance Policies” means insurance policies in existence before the Separation pursuant to which a
person makes a true risk transfer to an insurer, including Lazard Group Companies Policies. 
  
 “Insurance Proceeds” has the meaning set forth in the Master Separation Agreement. 
  
 “Insured LFCM Liability” means any LFCM Liability to the
extent that (i) it is covered under the terms of the Lazard Group Companies Policies, and (ii) neither LFCM nor any other member of the LFCM Companies is a named insured under, or otherwise entitled to the benefits of, any Insurance Policies of the
LFCM Companies that provide coverage for such LFCM Liability. 
  
 “Lazard Group” has the meaning assigned to such term in the Preamble hereto. 
  
 “Lazard Group Companies” has the meaning set forth in the Master Separation Agreement. 
  
 “Lazard Group Companies Policies” means Current Lazard Group
Companies Policies and Prior Lazard Group Companies Policies. 
  
 “Lazard Group Indemnitee” has the meaning set forth in the Master Separation Agreement. 
  
 “Lazard Group Liabilities” has the meaning set forth in the Master Separation Agreement. 
  
 “Lazard Ltd” has the meaning assigned to such term in the
Recitals hereto. 
  
 “LFCM” has the meaning
assigned to such term in the Preamble hereto. 
  
 “LFCM
Companies” has the meaning set forth in the Master Separation Agreement. 
  
 “LFCM Liabilities” has the meaning set forth in the Master Separation Agreement. 
  
 “LFCM Policies” has the meaning set forth in Section 2.2 hereto. 
  

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 “Liabilities” has the meaning set forth in the Master Separation Agreement. 

 
 “Lloyd’s E&O Policy” has the meaning set forth
in Section 2.1(a) hereto. 
  
 “Master Separation
Agreement” has the meaning assigned to such term in the Recitals hereto. 
  
 “Overallocated Party” has the meaning set forth in Section 2.5(b) hereto. 
  
 “Party” and “Parties” have the meaning set forth in the Preamble hereto. 
  
 “Prior Lazard Group Companies Policies” means Insurance
Policies that (a) insure or have previously insured Lazard Group or one or more of the other members of the Lazard Group Companies and/or the LFCM Group Companies, and (b) have policy periods that begin and end before the Separation Time.

  
 “Separation” has the meaning set forth in the
Master Separation Agreement. 
  
 “Separation
Date” means the date on which the First Distribution is consummated. 
  
 “Separation Time” means the time at which the Second Distribution will be consummated in accordance with the Master Separation Agreement. 
  
 “Shared Percentage” means, with respect to the Lazard Group Companies, 90% and, with respect to LFCM
Companies, 10%. 
  
 “Subsidiary” has the meaning
set forth in the Master Separation Agreement. 
  
 “Underallocated Party” has the meaning set forth in Section 2.5(b) hereto. 
  
 “XL Bermuda Policy” has the meaning set forth in Section 2.1(b) hereto. 
  
 “XL Policy” has the meaning set forth in Section 2.1(b) hereto. 
  
 SECTION 1.2 General. Wherever required by the context of this
Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such
agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
  
 (a) “dollars” or “$” means United States dollars; 
  
 (b) the word “or” is not exclusive; 
  
 (c) the word “control” (including, with correlative meanings, the terms “controlled by”
and “under common control with”), as used with respect to any person, means the direct or indirect possession of the power to direct or cause the direction of the management 

  

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or policies of such person, whether through the ownership of voting securities, by contract or otherwise; 
  
 (d) the words “including,” “includes,”
“included” and “include” are deemed to be followed by the words “without limitation”; 
  
 (e) the terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Agreement as a whole and not to any particular section, paragraph or subdivision; 
  
 (f) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or
agency thereof or self-regulatory organization; and 
  
 (g) all
section, paragraph or clause references not attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such
exhibits, annexes and schedules to this Agreement. 
  
 SECTION 1.3
References to Time. All references in this Agreement to times of day shall be to New York City time. 
  
 ARTICLE II 
  
 INSURANCE MATTERS 
  
 SECTION 2.1 Existing
Policies. 
  
 (a) E&O. With respect to the Errors
and Omissions and Bankers’ Blanket Bond policy no. FB 0405788 issued by certain Underwriters at Lloyd’s, London (the “Lloyd’s E&O Policy”), the Parties agree to negotiate with the insurer and use their
commercially reasonable efforts to obtain an endorsement to that policy which will provide as follows: (i) the policy is amended to provide that the named insured is Lazard Ltd and its subsidiaries or affiliates; and (ii) the policy, subject to its
terms, covers Lazard Ltd and its subsidiaries or affiliates for claims made through June 30, 2005, or such later expiration date as may be agreed upon between Lazard Ltd (in its absolute discretion) and the insurer. Lazard Ltd and LFCM and each of
their respective subsidiaries or affiliates acknowledge that in light of the “change of control” provision in the Lloyd’s E&O Policy, LFCM and its subsidiaries or affiliates may be eligible for coverage for claims made through
June 30, 2005, or such later expiration date as may be agreed between Lazard Ltd (in its absolute discretion) and the insurer, but only for acts and omissions occurring prior to the Separation Date; provided, however, that LFCM and its
subsidiaries or affiliates may only make a claim under the policy with Lazard Ltd’s consent, which will only be granted if Lazard Ltd (in its absolute discretion) is satisfied that the aggregate limit is sufficient to pay any such claim. Lazard
Ltd may, in its absolute discretion, agree with the insurers to extend the term of the Lloyd’s E&O Policy beyond June 30, 2005, but is not obligated to do so. 
  

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 (b) D&O Policies. With respect to Management Liability and Company Reimbursement Insurance
Policy No.                  issued by XL Specialty Insurance Company (the “XL Policy”), Directors and Officers Liability Policy No.
                 issued by XL Insurance (Bermuda) (the “XL Bermuda Policy”), and any insurance policy which is specifically in excess of those policies
(collectively, the “D&O Policies”), the ability of any of the Lazard Group Companies or the LFCM Companies to make any claim on any such policies will be determined by the terms of those policies except as otherwise limited by
the terms of this Agreement. 
  
 (c) Current Lazard Group
Companies Policies. With respect to all other Policies listed in Schedule 1, Lazard Ltd and LFCM agree that LFCM and its subsidiaries or affiliates shall cease to be insured under such policies as of the Separation; provided,
however, the ability of the Lazard Group Companies and/or the LFCM Companies to make any permitted claim on any such policies will be determined by the terms of such policies except as otherwise limited by the terms of this Agreement. Lazard
Ltd and LFCM agree that to the extent such policies are composite policies that the Lazard Group Companies and the LFCM Companies may make claims under such policies for their respective rights and interests irrespective of the Party or Parties
named therein as insureds and in accordance with the terms of this Agreement for losses and liabilities arising out of occurrences before the Separation Time. 
  

(d) Prior Lazard Group Companies Policies. With respect to all Prior Lazard Group Companies Policies, such policies shall continue to exist in
their current form without any change whatsoever by reason of the Separation. The ability of the Lazard Group Companies and/or the LFCM Companies to make any claim on any such policies will be determined by the terms of such policies except as
otherwise limited by the terms of this Agreement. Lazard Ltd and LFCM agree that to the extent such policies are composite policies that the Lazard Group Companies and the LFCM Companies may make claims under such policies for their respective
rights and interests irrespective of the Party or Parties named therein as insureds and in accordance with the terms of this Agreement. 
  
 (e) Nothing in this Agreement shall affect any Insurance Policy under which the only named insureds or persons otherwise entitled to the benefits of such
Insurance Policy are, on the one hand, one or more Lazard Group Companies or, on the other hand, one or more LFCM Companies. 
  
 (f) In the event that a claim is covered by (i) any policy referenced in Sections 2.1(a), 2.1(c), 2.1(d), and/or 2.1(e) and (ii) the D&O Policies, the
Parties agree that the D&O Policies shall apply only with respect to any Loss which is in excess of the Loss which is covered under any other insurance policy. 
  
 SECTION 2.2 LFCM Insurance Coverage After the Separation. LFCM shall inform Lazard Group about the replacement
policies that it plans to obtain that shall provide coverage of the type provided by Current Lazard Group Companies Policies, or in respect of its decision not to maintain coverage and the limits obtained by LFCM. LFCM shall use reasonable best
efforts to obtain the insurance coverage listed on Schedule B for the five years following the date hereof. In addition, LFCM shall otherwise obtain any and all insurance policies required as a matter of law and use its commercially
reasonable efforts to obtain insurance policies of the type and scope, and on the terms, that other businesses that conduct similar businesses to LFCM 

  

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obtain in the ordinary course of business (collectively, the “LFCM Policies”). With effect from the date of inception of each LFCM Policy,
the LFCM Companies shall cease to be assureds under the equivalent Current Lazard Group Companies Policy. Neither Lazard Group nor any of the other Lazard Group Companies shall be directly or indirectly liable for any failure on the part of LFCM or
any other member of the LFCM Companies to obtain such coverage. 
  
 SECTION 2.3 Responsibilities for Deductibles and/or Self-insured Obligations. LFCM shall pay or cause to be paid to any insurer all amounts necessary to exhaust or otherwise satisfy all applicable self-insured retentions, amounts for
fronted policies, deductibles and retrospective premium adjustments and similar amounts that apply under Lazard Group Companies Policies in connection with LFCM Liabilities and Insured LFCM Liabilities. With respect to such liabilities, LFCM shall
also pay amounts that are not otherwise covered by the Lazard Group Companies Policies. 
  
 SECTION 2.4 Procedures With Respect to Insured LFCM Liabilities. 
  
 (a) Notice. LFCM shall give prompt written notice to Lazard Group of all claims or losses that are potentially eligible for coverage under Lazard
Group Companies Policies or that have the potential to reduce deductibles or self-insured retentions applicable to such policies. 
  
 (b) Reimbursement. LFCM shall reimburse Lazard Group for all out-of-pocket costs, expenses and fees, including attorneys’ fees, incurred by
Lazard Group and the other members of the Lazard Group Companies for services performed pursuant to this Section, Section 2.1 or Section 2.6 in connection with any LFCM Liabilities. 
  
 (c) Security and Collateral. To the extent that there is any obligation after the Separation Time to provide or
continue to provide security or collateral to any insurer with respect to LFCM Liabilities, LFCM shall provide or cause to be provided such security or collateral and pay or cause to be paid the cost of doing so. To the extent that Lazard Group or
any other member of the Lazard Group Companies continues after the Separation Time to provide security or collateral to any insurer with respect to any LFCM Liabilities, LFCM shall: (i) use reasonable best efforts, in cooperation with Lazard Group,
to persuade the insurer to release Lazard Ltd and the Lazard Group Companies from such obligation and to substitute security or collateral from LFCM; (ii) to the extent requested to do so by Lazard Ltd, until Lazard Group and the Lazard Group
Companies are released from such obligations, provide Lazard Group at the expense of LFCM with equivalent security or collateral; (iii) reimburse Lazard Group for the cost of continuing to provide such security or collateral; and (iv) to the extent
not satisfied by the security or collateral contemplated by subsection (ii), at Lazard Group’s option either pay on behalf of Lazard Group any collateral or security amounts that become due with respect to LFCM Liabilities or promptly reimburse
Lazard Group for security or collateral amounts paid by Lazard Group with respect to such liabilities. 
  
 (d) Reinsurance and Indemnification Obligations. With respect to Insured LFCM Liabilities that are insured under Lazard Group Companies Policies
issued by commercial insurers who are entitled to reinsurance or indemnification for such LFCM Liabilities in whole or in part from Lazard Group, LFCM shall: (i) use reasonable best efforts, in cooperation with 

  

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Lazard Group, to persuade the insurer to release Lazard Group and the other members of the Lazard Group Companies from such reinsurance or indemnification
obligation and substitute a reinsurance or indemnification obligation from LFCM; (ii) to the extent requested to do so by Lazard Group, until Lazard Group and the Lazard Group Companies are released from such obligations, provide Lazard Group at the
expense of LFCM with commercially reasonable security or collateral for such obligations; (iii) reimburse Lazard Group for the cost of continuing to provide any security or collateral for such obligations; and (iv) to the extent not satisfied by the
security or collateral contemplated by subsection (ii), at Lazard Group’s option either pay on behalf of Lazard Group any reinsurance or indemnification amounts that become due with respect to LFCM Liabilities or promptly reimburse Lazard Group
for reinsurance or indemnification amounts paid by Lazard Group or the Lazard Group Companies with respect to such liabilities. 
  
 (e) Management of Claims. (i) With respect to LFCM Liabilities, Lazard Ltd shall have the right but not the obligation to provide appropriate
notice to insurers, submit claims to insurers for payment, negotiate coverage questions that may arise, and to arbitrate, litigate and/or compromise coverage disputes under the Lazard Group Companies Policies in its sole discretion, except as
prohibited by law or regulation, including but not limited to the Financial Services and Markets Act 2000 of the U.K. and any statutory instruments and rules made thereunder. In the event that Lazard Ltd elects not to exercise their rights or is
prohibited by law or regulation from exercising such right under this clause (i) with respect to particular claims or losses after having received notice of such claims or losses from an LFCM Entity, Lazard Ltd shall notify LFCM of that election as
soon as practicable thereafter so that LFCM may exercise its rights and responsibilities with respect to such claims or losses under clause (ii) below. 
  
 (ii) In the event that Lazard Ltd gives notice of its election not to exercise its rights or is prohibited by law or regulation from exercising such right
under clause (i) above, LFCM shall have the right and the responsibility with respect to Insured LFCM Liabilities to provide appropriate notice to insurers, administer claims to the extent necessary or appropriate, submit claims to insurers for
payment, negotiate coverage questions that may arise, and to arbitrate, litigate and/or compromise coverage disputes under the Lazard Group Companies Policies (in conjunction with, and subject to the control rights of, the insurers, as appropriate);
provided, that settlements, compromises or determinations of any such coverage questions or coverage disputes shall be subject to the prior written consent of Lazard Ltd. 
  
 (f) Lazard Ltd and LFCM agree that neither the Lazard Group Companies Policies nor the Insurance Proceeds of such policies
shall be considered to be assets of LFCM. 
  
 SECTION 2.5
Insufficient Limits of Liability for Lazard Group Liabilities and LFCM Liabilities. Subject to Section 2.1(a), in the event that there are insufficient limits of liability available under the Lazard Group Companies Policies to cover the
Lazard Group Liabilities and/or LFCM Liabilities that would otherwise be covered by such Lazard Group Companies Policies, then to the extent that other insurance is not available to the Lazard Group Companies and/or the LFCM Companies for such
Liabilities an adjustment will be made in accordance with the following procedures: 
  

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 (a) Each Party will be allocated an amount of the Insurance Proceeds equal to their Shared Percentage of
the lesser of (i) the available limits of liability available under the applicable Lazard Group Companies Policies in effect prior to the Separation Time net of uncollectible amounts attributable to insurer insolvencies, and (ii) the Insurance
Proceeds received from the Lazard Group Companies Policies if the Liabilities are the subject of disputed coverage claims and, following consultation with each other, Lazard Group and/or LFCM agree to accept less than full policy limits from Lazard
Group’s and LFCM’s insurers (the “Coverage Amount”). 
  
 (b) A Party (the “Overallocated Party”) who receives more than its Shared Percentage of the Coverage Amount (such amount in excess, the “Excess”) agrees to after receipt pay or
reimburse the other Party (the “Underallocated Party”) an amount equal to the Excess. 
  
 SECTION 2.6 Cooperation. (a) The Parties shall cooperate with each other, and shall use commercially reasonable efforts to take or cause to be
taken all appropriate actions required of such Party, and to do or cause to be done all things necessary or appropriate to effectuate the provisions and purposes of this Agreement and the transactions contemplated hereby, including the execution of
any additional documents or instruments of any kind, the obtaining of consents which may be reasonably necessary or appropriate to carry out any of the provisions hereof, and the taking of all such other actions as such Party may reasonably be
requested to take by the other Party from time to time consistent with the terms of this Agreement; provided, however, that nothing in this Section 2.6 shall (i) preclude any member of the Lazard Group Companies from presenting any
claim or from exhausting any policy limit, (ii) require any member of the Lazard Group Companies to pay any premium or other amount or to incur any Liability in respect of any LFCM Liabilities, or (iii) require any member of the Lazard Group
Companies to renew or extend any period or term of any Lazard Group Companies Policy. 
  
 (a) By way of enumeration of and not of limitation, and subject to Section 6.7 of the Master Separation Agreement: 
  
 (i) each Party shall provide copies of insurance policies (to the extent that copies are available) or evidence of the existence of insurance (where
actual copies of the policies are not available), to the other to the extent reasonably required to effectuate the provisions and purposes of this Agreement; 
  
 (ii) each Party shall provide the other with information reasonably necessary or helpful to either Party in connection with its efforts to obtain
insurance coverage pursuant to and in accordance with the terms of this Agreement or to purchase new insurance policies, including information about the relevant portions of prior underwriting submissions, past and current claims and losses, subject
to any confidentiality restrictions regarding such information, claims and losses; 
  
 (iii) each Party shall provide information to the other about exhaustion of policy limits and amounts applied to the limits of policies or self-insured retentions or other limits which are discussed in this Agreement
that are potentially applicable to both, and the basis 

  

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for the application of such amounts to such limits, so that each Party can monitor the exhaustion of such limits; and 
  
 (iv) subject to this Section 2.6 and Section 3.6, each Party shall execute
further assignments or allow the other to pursue claims in its name (subject to appropriate written notice of the fact that it is doing so and a description of the reasons why it is doing so), including by means of arbitration or litigation, to the
extent necessary or helpful to the other Party’s efforts to obtain insurance coverage to which it is entitled under this Agreement. 
  
 SECTION 2.7 No Assignment or Waiver. This Agreement shall not be considered as an attempted assignment of any policy of insurance or as a contract
of insurance and shall not be construed to waive any right or remedy of any member of the Lazard Group Companies in respect of any Lazard Group Companies Policy or any other contract or policy of insurance. 
  
 SECTION 2.8 No Liability. LFCM does hereby, for itself and as agent
for each other member of the LFCM Companies, agree that no member of the Lazard Group Companies or any Lazard Group Indemnitee shall have any Liability whatsoever as a result of the insurance policies and practices of Lazard Group and its
Subsidiaries as in effect at any time prior to the Separation Time, including as a result of any invalidity of any policy, the level or scope of any such insurance, the creditworthiness of any insurance carrier, the terms and conditions of any
policy, the adequacy or timeliness of any notice to any insurance carrier with respect to any claim or potential claim or otherwise. 
  
 SECTION 2.9 No Restrictions. Nothing in this Agreement shall be deemed to restrict any member of the LFCM Companies from acquiring at its own
expense any other insurance policy in respect of any Liabilities or covering any period. 
  
 SECTION 2.10 Further Agreements. The Parties acknowledge that they intend to allocate financial obligations without violating any laws regarding insurance, self-insurance, insurance mediation or other financial
responsibility. If it is determined that any action undertaken pursuant to the Master Separation Agreement, this Agreement or any other Ancillary Agreement is violative of any insurance, self-insurance, insurance mediation or related financial
responsibility law or regulation, the Parties agree to work together to do whatever is necessary to comply with such law or regulation while trying to accomplish, as much as possible, the allocation of financial obligations as intended in the Master
Separation Agreement, this Agreement and any other Ancillary Agreement. 
  
 SECTION 2.11 Additional Insurance Policies. With respect to any policy not otherwise addressed herein, each Party may claim in respect of its own losses or liabilities subject to the claims handling provisions set forth in Section
2.4. 
  
 ARTICLE III 
  
 MISCELLANEOUS 
  
 SECTION 3.1 Complete Agreement; Representations. (a) The Master
Separation Agreement, this Agreement and the other Ancillary Agreements shall constitute the 

  

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entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with
respect to such subject matter. 
  
 (b) Lazard Group represents to
LFCM, and LFCM represents to Lazard Group, as follows: 
  
 (i)
such person has the requisite corporate or other power and authority and has taken all corporate or other action necessary in order to execute, deliver and perform this Agreement; and 
  
 (ii) this Agreement has been duly executed and delivered by such person and constitutes a valid and binding agreement of it
enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party). 
  
 SECTION 3.2 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (other than the
laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect, performance and remedies. 
  
 SECTION 3.3 Obligations. The Parties’ obligations under this
Agreement are conditional upon the Separation, the occurrence of which is subject to various conditions set forth in the Master Separation Agreement. This Agreement shall become operative if and when the Separation occurs and shall be null and void
if the Separation does not occur for any reason. Nothing contained in this Agreement shall constitute a representation or promise that any Party or any related person will proceed with the Separation, or obligate any Party or any related person to
do so. 
  
 SECTION 3.4 Notices. All notices, consents,
waivers and other communications required or permitted by this Agreement shall be in writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs
prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile
numbers and marked to the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Parties): 
  
 If to Lazard Group or any member of the Lazard Group Companies: 

 
 Lazard Group LLC 
 30 Rockefeller Plaza 
 New York, New York
10020 
 Attention: General Counsel 
 Facsimile: (212) 632-6655 
  

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

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

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

			
	LAZARD GROUP LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	LFCM HOLDINGS LLC
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  
 [Signature Page
to Insurance Matters Agreement]Form of Lazard License Agreement

 Exhibit 10.6 
  
 FORM OF 
 LICENSE AGREEMENT 
  
 This LICENSE AGREEMENT (this
“Agreement”), dated as of                 , 2005, is by and among: 
  
 LAZARD STRATEGIC COORDINATION COMPANY LLC, a limited liability company organized under the laws of the State of Delaware
(“LSCC”); 
  
 LAZARD FRÈRES & CO. LLC,
a limited liability company organized under the laws of the State of New York (“LFNY”); 
  
 LAZARD FRÈRES S.A.S., a Sociète par Actions Simplifèe organized under the laws of France (“LF”); 

 
 LAZARD & CO., HOLDINGS LIMITED, a private limited company organized
under the laws of the England and Wales (“LB Holdings,” together with LSCC, LFNY and LF, the “Licensors,” and each, a “Licensor”); and 
  
 LFCM HOLDINGS LLC, a limited liability company organized under the laws of the State of Delaware
(“Licensee”). 
  
 W I T N E S S E T H:

  
 WHEREAS, pursuant to that certain Second Amended and Restated
Coordination and Service Agreement, dated as of January 1, 2002, by and among Lazard LLC, a Delaware limited liability company and parent company of Licensors that will be renamed “Lazard Group LLC” (“Lazard Group”), and
the other parties thereto (as amended from time to time, the “Coordination Agreement”), Licensors are the owners of the trade name and service mark “LAZARD”, “LF” and [“Capital Partners”] (collectively,
the “Licensed Marks”) in their respective Relevant Territories (as defined in the Coordination Agreement); and 
  
 WHEREAS, pursuant to that certain Master Separation Agreement, entered into on the date hereof (the “Master Separation Agreement”), by
and among Lazard Ltd, a Bermuda limited company, Lazard Group, LAZ-MD Holdings LLC, a Delaware limited liability company, and Licensee, from and after the Contribution Effective Time (as defined in the Master Separation Agreement), Licensee will
hold the LFCM Assets and LFCM Liabilities, and conduct the Capital Markets Business (as defined in the Master Separation Agreement), the Alterative Investments Business (as defined in the Master Separation Agreement) and serve as a holding company
for such businesses under the name “LFCM Holdings LLC”; and 
  
 WHEREAS, Licensors desire to grant Licensee a non-exclusive license (the “Capital Markets License”) to use the Licensed Mark, to the extent that Licensee uses the Licensed Mark immediately prior to the Separation (as
defined in the Master Separation Agreement), in order to carry on the Capital Markets Business (the “Capital Markets Licensed Service”); and 
  

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

	1.	License. 

  
 (a) Grant of License; Scope. Licensors hereby grant to Licensee the Lazard Licenses solely in connection with the Licensed Services in
Licensors’ respective Relevant Territories to the extent that Licensee uses the Licensed Marks immediately prior to the Separation (as defined in the Master Separation Agreement). Except with the prior written consent of Lazard Group, which
consent may be withheld in Lazard Group’s sole discretion, none of the Lazard Licenses shall extend for use for any purpose other than the Licensed Services conducted as of the date hereof. For the avoidance of doubt, without the prior written
consent of Lazard Group, which consent may be withheld in Lazard Groups sole discretion, the Lazard Licenses shall not extend to any entities in the Capital Markets Business other than “Lazard Capital Markets LLC” or any Funds (as defined
in that certain Business Alliance Agreement, dated as of the date hereof, by and between Licensee and Lazard Group LLC (the “Business Alliance Agreement”) formed or established after the date hereof and managed or marketed by the
Alternative Investments Business (including successor Funds to Funds existing as of the date of hereof). 
  
 (b) Royalty Fee. In exchange for the Lazard License, Licensee shall pay a fee equal to $100,000 per annum (the “Royalty Fee”),
which shall be paid to Lazard Group in advance no later than January 15th of each year. The Royalty Fee shall be
divided among Licensors as 

  

 -2- 

 
Lazard Group shall from time to time determine. The initial Royalty Fee shall be pro rated for the period commencing on the date hereof and ending on
December 31, 2005 and shall be paid no later than 10 Business Days after the date hereof. Notwithstanding the foregoing, the Royalty Fee shall be reduced by (a) $25,000 per annum if either the Capital Markets License or the Alternative Investments
License shall have been revoked or terminated and (b) $75,000 per annum if both the Capital Markets License and the Alternative Investments License shall be revoked or terminated. Such reduction shall be effective as of the next full calendar year
following the date of the applicable revocation and termination. 
  
 (c) Territorial Limitation. Licensee may use the Licensed Marks, subject to the terms of this Agreement, throughout the Relevant Territories of Licensors solely to the extent that Licensee uses the Licensed Marks in such Relevant
Territories as of the date hereof. 
  
 (d) Revocation.
Except as provided in this Agreement, the Lazard Licenses shall not be revocable by any Licensor. 
  

	2.	Quality of Services. 

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

 -3- 

	3.	Oversight by Licensor. 

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

	4.	Right to Sub-License. Licensee shall not have the right to grant any sub-license of its rights under this Agreement to use the Licensed Mark nor shall Licensee be permitted
to assign any of its rights or obligations under this Agreement; provided, that, with the prior written consent of Licensor, Licensee may sublicense the rights to use the Licensed Mark granted hereunder to a Controlled Subsidiary of Licensee
or Fund (as defined in the Business Alliance Agreement) managed by a Controlled Subsidiary of Licensee to the extent that such Controlled Subsidiary or Fund used the Licensed Mark immediately prior to the Separation; provided, further,
that (1) such permitted sub-licensee agrees in writing to be bound by the terms and restrictions contained within this Agreement, for the avoidance of doubt, including, but not limited to, the right of Licensor to visit and inspect during normal
business hours such permitted sub-licensee’s offices, facilities and premises pursuant to Section 3(a) of this Agreement; and (2) in the event such permitted sub-licensee ceases to be a Controlled Subsidiary of Licensee or Fund managed by a
Controlled Subsidiary of Licensee, the sub-license granted to such permitted sub-licensee shall automatically terminate. “Control” with respect to any person means the power to direct the management and policies of such person,
directly or indirectly, by or through stock ownership, agency or otherwise, or pursuant to or in connection with an agreement, arrangement or understanding (written or oral) with one or more other persons; and the terms
“controlling” and “controlled” shall have meanings correlative to the foregoing. 

  

	5.	 Assistance with Claims. Licensee shall, promptly upon learning thereof, furnish Licensor in writing with the name, address, and such other pertinent
information as may be available, 

  

 -4- 

	 	 
with respect to any third party who may be infringing or otherwise violating any of Licensor’s rights in the Licensed Mark or with respect to any third
party who may make a claim that the use of the Licensed Mark infringes upon or otherwise violates any rights of any nature of said third party. Licensee shall cooperate in all respects, as required by Licensor, with regard to any action which
Licensor deems advisable either to protect Licensor’s right in the Licensed Mark or to contest a claim by a third party that the use of the Licensed Mark infringes upon or otherwise violates any rights of any nature of said third party. Upon
prior written authorization from Licensor, Licensee may take judicial actions on Licensee’s own behalf against potential offenders of the Licensed Mark. 

  

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

  

	7.	Termination of Lazard Licenses. 

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

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

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

 -5- 

 (b) Licensee shall, and shall cause all permitted sub-licensees under Section 4 of this Agreement to,
cease to use, and shall not use in the future, the Licensed Marks or any confusingly similar name or mark for any purpose. 
  

	9.	Miscellaneous. 

  
 (a) No Additional Rights. Nothing contained in this Agreement shall in any way confer on the Licensee any right not specifically set forth herein
including, without limitation, the legal or equitable right to the Licensed Marks. Licensee acknowledges Licensors’ ownership of, and the validity of, the Licensed Marks in their respective Relevant Territories and shall not contest during the
term of this Agreement, or at any time thereafter, Licensors’ ownership of the Licensed Marks in Licensors’ respective Relevant Territories. If, at any time after the date hereof, Licensee or any of its subsidiaries challenges or contests
Licensor’s ownership of, or validity of, the Licensed Marks, Licensors may revoke any or all Lazard Licenses. Nothing in this Agreement shall be construed as or constitute an appointment of either Party as the agent of the other. 
  
 (b) Indemnification. Licensee agrees to indemnify Licensor and hold
Licensor harmless against any liability, loss, cost, damages, attorneys’ fees, and expenses of whatever kind or nature that Licensor may incur by reason of any claim arising from the sale, advertising or use of the Licensed Mark by Licensee or
any of the sublicensees of Licensee or, unless such Business has been acquired by Licensors, by the Capital Markets Business, the Alternative Investments Business or the LFCM Businesses. 
  
 (c) Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one
and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to each of the other parties. 
  
 (d) Specific Performance. The parties acknowledge and agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent or cure breaches of the
provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they may be entitled by law or equity. 
  
 (e) Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not
affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good 

  

 -6- 

 
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that transactions
contemplated hereby are fulfilled to the extent possible. 
  
 (f)
Entire Agreement. This Agreement constitutes the entire agreement among of the parties and supersede all prior agreements and undertakings, both written and oral, among the parties with respect to the subject matter hereof. 
  
 (g) Headings. The section headings contained in this Agreement are
inserted for convenience of reference only and will not affect the meaning or interpretation of this Agreement. 
  
 (h) Notices. All notices, consents, waivers and other communications required or permitted by this Agreement shall be in writing and shall be
deemed given to a party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by facsimile with confirmation of transmission by the transmitting equipment; or (c)
received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to the attention of the person (by name or title) designated below (or to such other
address, facsimile number or person as a party may designate by notice to the other parties): 
  
 If to Licensee, to: 
  
 LFCM
Holdings LLC 
 Attention: 
 Fax:

  
 If to LB Holdings, to: 
  
 Lazard & Co. Holdings Limited 
 50 Stratton Street 
 London W1J 8LL

 England 
 Attention: General
Counsel 
 Facsimile: 44-20-7072-6404 
  
 If to LF, to: 
  

 -7- 

 Lazard Frères S.A.S. 
 121 Boulevard Haussmann 
 75008 
 Paris, France 
 Attention: General Counsel 
 Facsimile: 33-1-4413-0150 
  
 If to LFNY, to: 
  
 Lazard Frères & Co. LLC 
 30
Rockefeller Plaza 
 New York, New York 10020 
 Attention: General Counsel 
 Facsimile: 212-332-5972 
  
 If to LSCC, to: 
  
 Lazard Strategic Coordination Company LLC 
 30 Rockefeller Plaza 
 New York, New York 10020 
 Attention: 
 Facsimile: 
  
 or at such other address and to the attention of such other person as a party may designate
by written notice to the other parties. 
  
 (i) Governing
Law. This Agreement and performance hereunder shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the choice of law principles thereof. The parties hereby agree that all actions or
proceedings arising out of or in connection with this Agreement or the transactions contemplated hereby, or for recognition and enforcement of any judgment arising out of or in connection with this Agreement shall be tried and determined exclusively
in the state or federal courts in the State of Delaware and the parties hereby irrevocably submit with regard to any such action or proceeding for itself and with respect to its property, generally and unconditionally, to the exclusive jurisdiction
of the aforesaid courts. 
  
 (j) Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns; provided, however, that this 
  

 -8- 

 Agreement and the rights and obligations hereunder shall not be assignable or transferable by any party without the prior
written consent of the other party. 
  

 [Signature Page to License Agreement] 

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

			
	 LAZARD STRATEGIC COORDINATION COMPANY LLC

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 LAZARD FRÈRES & CO. LLC

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 LAZARD FRÈRES S.A.S.

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 LAZARD & CO., HOLDINGS LIMITED

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 LFCM HOLDINGS LLC

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  

 10

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