Document:

Amendment, dated as of February 27, 2012 to Letter Agreement

 Exhibit 10.45 
 February 27, 2012 
 Mr. Gary W. Parr 

Lazard Frères & Co. LLC 
 30
Rockefeller Plaza 
 New York, NY 10020 

Dear Mr. Parr: 
 This
letter (the “Amendment”) will confirm our understanding regarding certain terms that will be applicable to your compensation for 2011, as well as your entitlement to awards to be granted in 2012 and 2013. Reference is hereby made to the
letter agreement, dated as of April 21, 2010, between you and Lazard Group LLC (“Lazard”), which amended and restated the letter agreement, dated as of September 3, 2008, between you and Lazard regarding your employment with
Lazard and which set forth your right to guaranteed annual compensation of no less than $10,000,000 for each of 2009 through 2012, subject to certain terms and conditions (the 2010 letter agreement, the “Letter Agreement”). The parties
desire to amend the Letter Agreement to reduce the portion of guaranteed annual compensation that is payable to you in cash and in the aggregate for 2011 under the Letter Agreement and to provide for the grant of equity awards in 2012 and 2013, as
set forth below. All capitalized terms used in this Amendment but not otherwise defined herein will have the same meaning as defined in the Letter Agreement, and all section references are to a section of this Amendment, unless otherwise specified.

 Accordingly, you and Lazard hereby agree that, notwithstanding anything to the contrary set forth in the Letter Agreement:

  

	 	1.	2011 Annual Payment: Notwithstanding any provision of the Letter Agreement, the Annual Payment for calendar year 2011 will be $7,500,000 (the “2011
Payment”). The cash portion of the 2011 Payment, including amounts paid in 2011 as salary, shall equal $3,500,000. The remaining portion of the 2011 Payment ($4,000,000) was granted to you in restricted stock units of Lazard Ltd (the
“Company”) Class A Common Stock (“Shares”) (each such restricted stock unit, a “Stock Unit”) on February 10, 2012 in accordance with the terms and conditions of section 1 of the Letter Agreement.

  

	 	2.	Grant and Vesting of Future Equity Awards. 

 a. Lazard agrees to grant you, subject to the provisions of this Amendment and to the provisions of the Company’s 2008 Incentive Compensation Plan (the “Plan”): (i) 54,745 restricted
Shares on February 27, 2012, which will vest on February 11, 2013, and (ii) 36,496 Stock Units on February 11, 2013, which will vest one-third on March 3, 2014 and two-thirds on March 2, 2015 (collectively, the
“Special Awards”), in each case, upon the execution of an Award Agreement, which Award Agreement shall set forth substantially the same payment, vesting and other terms as apply to the Deputy Chairmen with respect to the prior year, except
that (i) in the case of the restricted Shares, the dividends shall be paid in cash, subject to vesting on the same terms and conditions as the related restricted Shares, and (ii) as otherwise set forth in this section 2(a). Notwithstanding
the foregoing, Lazard will not be obligated to grant you the Special Awards described in this section 2(a) if, prior to the grant date, you resign or are terminated for Cause. 
 b. In the event of a Change in Control (as defined in the Plan) prior to February 11, 2013, any Special Awards that have not been granted as of the date of such Change in Control shall automatically
be granted as of the date of such Change in Control, and such Special Awards, along with any unvested but already outstanding Special Awards, shall automatically vest as of the date of such Change in Control. 

 c. In the event of a change in the Company’s capital structure of the nature described
in section 3(b) of the Plan at any time following the date hereof and prior to the grant of all of the Special Awards pursuant to section 2(a), the number of ungranted Special Awards set forth in section 2(a) shall be adjusted in the same manner as
the restricted Shares or Stock Units, as applicable, then outstanding under the Plan. 
 d. For the avoidance of doubt, the
awards referred to in this section 2 are in addition to, and shall not be credited against, your Annual Payment for calendar year 2012 under the Letter Agreement. 
  

	 	3.	Full Force and Effect. Except as specifically set forth herein, this Amendment shall not, by implication or otherwise, alter, amend or modify in any way any
terms of the Letter Agreement, and the Letter Agreement shall continue in full force and effect. 

  

	 	4.	Governing Law; Arbitration. Section 6 of the Letter Agreement shall apply to this Amendment. 

 

	 	5.	Entire Agreement. This Amendment, together with the Letter Agreement, contains the entire agreement between you and Lazard concerning the subject matter hereof
and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written or oral, between you and Lazard with respect hereto. No provision of this Amendment may be amended unless the amendment is agreed to in
writing that is duly signed by each of the parties hereto and that expressly refers to the provision being amended. No waiver by either party of any breach by the other party of any condition or provision contained in this Amendment shall be deemed
a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by an authorized officer of Lazard or you, depending on which party is granting a waiver, and must
expressly refer to the provision being waived. Following the date hereof, all references to the Letter Agreement shall be deemed to refer to the Letter Agreement as amended by this Amendment. 

Please confirm your acceptance of the foregoing by executing the enclosed copy of this letter, upon which it shall become a binding
agreement between us. 
  

					
	 Very truly yours,
  

LAZARD GROUP LLC,

		
	 By: 
	 	 /s/ Scott D. Hoffman

		 	Name: 	 	Scott D. Hoffman
		 	Title:	 	Managing Director and General Counsel

  

			
	 AGREED TO AND ACCEPTED:

		
		 	/s/ Gary W. Parr
		 	  

		 	Gary W. Parr
	
	 Date: February 27, 2012Amendment No. 3 to the Senior Revolving Credit Agreement

 Exhibit 10.49 
 AMENDMENT NO. 3 
 AMENDMENT NO. 3 (this “Amendment”) dated as of
March 31, 2012 among LAZARD GROUP LLC (the “Company”), the Banks executing this Amendment, each of which is a party to the Credit Agreement referred to below, and Citibank, N.A., as Administrative Agent (the
“Administrative Agent”). 
 The Company, the Banks party thereto (including the Banks executing this Amendment)
and the Administrative Agent are parties to a Credit Agreement dated as of April 29, 2010 (as amended by Amendment No. 1 dated as of August 12, 2010 and by Amendment No. 2 dated as of December 17, 2010, the “Credit
Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit to be made by said Banks to the Company thereunder. 
 The parties hereto wish now to amend the Credit Agreement in certain respects and, accordingly, the parties hereto hereby agree as follows: 

Section 1. Definitions. Except as otherwise defined in this Amendment, terms defined in the Credit Agreement are used herein
as defined therein. 
 Section 2. Amendments. Subject to the satisfaction of the conditions precedent specified in
Section 4 below, the Credit Agreement shall be amended as follows: 
 2.01. References Generally.
References in the Credit Agreement (including references to the Credit Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”)
shall be deemed to be references to the Credit Agreement as amended hereby. 
 2.02. Amendments to
Section 1.1 (Defined Terms). Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended by inserting the following defined term in the appropriate alphabetical order therein: 

“Pension Reserve Letter Agreement”: the letter agreement dated June 30, 2009, from Holdings and Lazard &
Co., Holdings Limited to the Staff Pension Trustees and the Directors’ Pension Trustees (in each case as defined therein), in respect of reserves to be retained by Lazard & Co., Holdings Limited, Lazard & Co., Limited and
Lazard & Co., Services Limited for certain pension obligations, and as such letter agreement is further amended, restated, modified, supplemented or replaced from time to time, in each case with respect to the same or similar such reserves.

 2.03. Amendments to Section 7.3 (Limitation on Liens). Section 7.3 of the Credit Agreement is
hereby amended by: 
  

	 	(i)	deleting the word “and” at the end of clause 7.3(m); 

  

	 	(ii)	relabeling clause Section 7.3(n), “Section 7.3(o)”; and 

	 	(iii)	inserting the following new clause immediately after Section 7.3(m): 

 (n) Liens on deposit accounts and securities accounts to secure certain pension obligations of Lazard & Co., Services Limited, provided that the aggregate amount of assets in the accounts
subject to such Liens shall not exceed £15,000,000 at any one time; and 
 2.04. Amendments to
Section 7.7 (Clauses Restricting Subsidiary Distributions). Section 7.7 of the Credit Agreement is hereby amended by deleting the word “and” directly preceding romanette (vi) and by inserting “, and
(vii) restrictions and conditions imposed by the Pension Reserve Letter Agreement, provided that such restrictions and conditions are limited to distributable reserves to be retained by Lazard & Co., Holdings Limited,
Lazard & Co., Limited and Lazard & Co., Services Limited with an aggregate value not in excess of £18,000,000 at any one time” after the words “assignment thereof” at the end of the paragraph. 

Section 3. Representations and Warranties. The Company represents and warrants to the Administrative Agent and the Banks that
after giving effect to this Amendment (a) the representations and warranties set forth in Article 4 of the Credit Agreement are true and correct in all material respects on the date hereof as if made on and as of the date hereof (or, if any
representation or warranty is expressly stated to have been made as of a specific date, such representation or warranty shall be true and correct in all material respects as of such specific date) and (b) no Default or Event of Default has
occurred and is continuing. 
 Section 4. Conditions Precedent. The amendments set forth in Section 2 hereof
shall each become effective on the date this Amendment shall have been duly executed and delivered by the Company, the Administrative Agent and the Required Lenders. 
 Section 5. Costs and Expenses. The Company agrees to pay the reasonable costs and expenses of the Administrative Agent in connection with this Amendment as provided in Section 12.5(a) of
the Credit Agreement. 
 Section 6. Miscellaneous. Except as herein provided, the Credit Agreement shall remain
unchanged and in full force and effect. This Amendment 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 both of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by electronic transmission shall be effective as delivery of a manually executed counterpart of this Amendment. This
Amendment shall be governed by, and construed in accordance with, the law of the State of New York. 
 [Remainder of
the page intentionally left blank.] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered in New York, New York by their proper and duly authorized officers as of the date first above written. 
  

			
	LAZARD GROUP LLC
		
	By:	 	 /s/ Matthieu Bucaille

	Name:	 	Matthieu Bucaille
	Title:	 	Chief Financial Officer

 [Signature Page to Amendment No. 3] 

			
	CITIBANK, N.A.,
	as Administrative Agent and as a Bank
		
	By	 	 /s/ Maureen P. Maroney

	Name:	 	Maureen P. Maroney
	Title:	 	Authorized Signatory

 [Signature Page to Amendment No. 3] 

			
	STATE STREET BANK AND TRUST COMPANY,
	as a Bank
		
	By	 	 /s/ John T. Daley

	Name:	 	John T. Daley
	Title:	 	Vice President

 [Signature Page to Amendment No. 3] 

			
	THE BANK OF NEW YORK MELLON,
	as a Bank
		
	By	 	 /s/ Thomas Caruso

	Name:	 	Thomas Caruso
	Title:	 	Managing Director

 [Signature Page to Amendment No. 3]

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