Document:

EX-4.1

 Exhibit 4.1 
  

 
  

LAZARD GROUP LLC 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated as of September 19, 2018 

 
  

to the 
 INDENTURE

 Dated as of May 10, 2005 

between 
 LAZARD GROUP
LLC 
 and 
 THE
BANK OF NEW YORK MELLON, 
 as Trustee 
  

 
  

 Table of Contents 

 
  

							
	 	  	 	  	Page	 
			
		  	 ARTICLE I
	  			
			
		  	 Definitions
	  			
	 SECTION 1.01.
	  	 Definitions
	  	 	2	 
	 SECTION 1.02.
	  	 Other Definitions
	  	 	6	 
			
		  	 ARTICLE II
	  			
			
		  	Designation and Terms of the Securities	  			
			
	 SECTION 2.01.
	  	 Title and Aggregate Principal Amount
	  	 	6	 
	 SECTION 2.02.
	  	 Execution
	  	 	7	 
	 SECTION 2.03.
	  	 Other Terms and Form of the Notes
	  	 	7	 
	 SECTION 2.04.
	  	 Further Issues
	  	 	7	 
	 SECTION 2.05.
	  	 Interest and Principal
	  	 	7	 
	 SECTION 2.06.
	  	 Place of Payment
	  	 	7	 
	 SECTION 2.07.
	  	 Depositary; Registrar
	  	 	8	 
	 SECTION 2.08.
	  	 Optional Redemption
	  	 	8	 
	 SECTION 2.09.
	  	 Redemption at the Option of Holder; Sinking Fund
	  	 	8	 
	 SECTION 2.10.
	  	 Change of Control
	  	 	9	 
	 SECTION 2.11.
	  	 Modification of Original Indenture
	  	 	11	 
			
		  	ARTICLE III	  			
			
		  	Transfer and Exchange	  			
			
	 SECTION 3.01.
	  	 Exchanges of Global Note for Non Global Note
	  	 	14	 
	 SECTION 3.02.
	  	 Legends
	  	 	14	 
	 SECTION 3.03.
	  	 Cancellation and/or Adjustment of Global Notes
	  	 	15	 
			
		  	ARTICLE IV	  			
			
		  	Defeasance	  			
			
	 SECTION 4.01.
	  	 Defeasance and Covenant Defeasance
	  	 	16	 

  
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		  	ARTICLE V	  			
			
		  	Miscellaneous	  			
			
	 SECTION 5.01.
	  	 Ratification of Original Indenture; Supplemental Indentures Part of Original Indenture
	  	 	16	 
	 SECTION 5.02.
	  	 Concerning the Trustee
	  	 	16	 
	 SECTION 5.03.
	  	 Counterparts
	  	 	16	 
	 SECTION 5.04.
	  	 GOVERNING LAW
	  	 	16	 
			
	 Exhibit A
	  	Form of Note	  			

  
 ii 

 EIGHTH SUPPLEMENTAL INDENTURE, dated as of September 19, 2018 (this “Eighth
Supplemental Indenture”), to the Indenture, dated as of May 10, 2005 (the “Original Indenture”), between LAZARD GROUP LLC, a Delaware limited liability company (the “Company”), and THE
BANK OF NEW YORK MELLON (formerly known as The Bank of New York), as trustee (the “Trustee”). 
 WHEREAS, the Company and
the Trustee have heretofore executed and delivered the Original Indenture to provide for the issuance from time to time of Securities (as defined in the Original Indenture) of the Company, to be issued in one or more Series; 

WHEREAS, Sections 2.02 and 9.01 of the Original Indenture provide, among other things, that the Company and the Trustee may enter into
indentures supplemental to the Original Indenture for, among other things, the purpose of establishing the designation, form, terms and conditions of Securities of any Series permitted by Sections 2.01 and 9.01 of the Original Indenture; 

WHEREAS, the Company (i) desires the issuance of a Series of Securities to be designated as hereinafter provided and (ii) has
requested the Trustee to enter into this Eighth Supplemental Indenture for the purpose of establishing the designation, form, terms and conditions of the Securities of such Series; 

WHEREAS, the Company has duly authorized the creation of an issue of its 4.500% Senior Notes due 2028 (the “Notes,” which
expression includes any further notes issued pursuant to Section 2.04 hereof and forming a single series therewith) of substantially the tenor and amount hereinafter set forth; and 

WHEREAS, all action on the part of the Company necessary to authorize the issuance of the Notes under the Original Indenture and this Eighth
Supplemental Indenture (the Original Indenture, as supplemented by this Eighth Supplemental Indenture, being hereinafter called the “Indenture”) has been duly taken. 

NOW, THEREFORE, THIS EIGHTH SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in order to establish the designation, form, terms and conditions of, and to authorize the authentication and delivery of, the Notes,
and in consideration of the acceptance of the Notes by the Holders thereof and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 

 ARTICLE I 

DEFINITIONS 
 SECTION
1.01.    Definitions. 
 (a)      Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings ascribed thereto in the Original Indenture. 

(b)      The rules of interpretation set forth in the Original Indenture shall be applied hereto as if set forth
in full herein. 
 (c)      For all purposes of this Eighth Supplemental Indenture and the Notes, except as
otherwise expressly provided or unless the context otherwise requires, the following terms shall have the following respective meanings (such meanings shall apply equally to both the singular and plural forms of the respective terms) and to the
extent inconsistent with the meanings of the same terms in the Original Indenture shall supersede the same terms set forth in the Original Indenture: 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the
rules and procedures of DTC, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Below Investment Grade Rating
Event” means that, following the occurrence of a Change of Control, the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any date not later than the end of the 60-day
period following public notice of such occurrence of a Change of Control; provided, however, that such 60-day period will be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by any of the Rating Agencies; provided, further, however, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating will not be deemed to have
occurred in respect of a particular Change of Control (and thus will not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to
which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in substantial part, of any event or circumstance comprised
of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event). 

“Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class of corporate
stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including preferred stock, and including any debt security convertible or exchangeable into
such equity interest. 

  
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 “Change of Control” means the occurrence, at such time after the original
issuance of the Notes, of any of the following: 
 (a)      a “person” or “group” within
the meaning of Section 13(d)(3) of the Exchange Act, other than (x) the Parent and its Subsidiaries (including the Company and its Subsidiaries), or (y) any such person or group a majority of which (measured by reference to beneficial
ownership of voting stock) consists of current executive officers, managing directors or other employees of the Parent and its Subsidiaries (including the Company and its Subsidiaries) (any such person or group described in clauses (x) and (y),
a “Permitted Holder”), has become the direct or indirect “beneficial owner”, as defined in Rule 13d-3 under the Exchange Act, of (i) the Company’s membership units representing
more than 50% of the voting power of the Company’s membership units entitled to vote generally in the election of directors or (ii) for so long as the Parent controls the Company, common stock of the Parent representing more than 50% of
the voting power of common stock of the Parent entitled to vote generally in the election of directors of the Parent; 

(b)      the current executive officers, managing directors or other employees of the Parent and its
Subsidiaries (including the Company and its Subsidiaries) have become the direct or indirect “beneficial owners”, as defined in Rule 13d-3 under the Exchange Act, of (x) the Company’s
membership units (or other Capital Stock of the Company’s successor pursuant to Article Five of the Original Indenture) representing more than 75% of the voting power of the Company’s membership units (or other Capital Stock of the
Company’s successor pursuant to Article Five of the Original Indenture) entitled to vote generally in the election of directors or (y) for so long as the Parent controls the Company, common stock of the Parent representing more than 75% of
the voting power of common stock of the Parent entitled to vote generally in the election of directors of the Parent; or 

(c)      (x) a consolidation or merger involving the Company or, for so long as the Parent controls the Company,
the Parent or (y) a disposition of all or substantially all of the properties and assets of the Company to another person, other than the following transactions: 

(i)    any transaction undertaken solely for the purpose of changing the Company’s or the Parent’s jurisdiction
of organization or legal form; 
 (ii)    [Reserved]; 

  
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 (iii)    any transaction involving the Parent or any of its
Subsidiaries (including the Company’s Subsidiaries), so long as such transaction is not part of a plan or a series of transactions designed to or having the effect of merging or consolidating with, or disposing all or substantially all of the
Company’s properties and assets to, any person (other than a Permitted Holder); 
 (iv)    in the case of a
transaction involving the merger or consolidation of the Parent with another person, any transaction pursuant to which holders of the Parent common stock immediately prior to the transaction have the entitlement to exercise, directly or indirectly,
50% or more of the voting power of all equity interests entitled to vote generally in the election of directors of the continuing or surviving or successor entity immediately after giving effect to such transaction; or 

(v)    in the case of a transaction involving the merger or consolidation of the Company with another person, any
transaction pursuant to which holders of the Company’s membership interests immediately prior to the transaction have the entitlement to exercise, directly or indirectly, 50% or more of the voting power of all equity interests entitled to vote
generally in the election of directors of the continuing or surviving or successor entity immediately after giving effect to such transaction. 

For purposes of the definition of “Change in Control”, the term “person” includes any syndicate or group that would be
deemed to be a “person” for purposes of Section 13(d) of the Exchange Act. 
 “Change of Control Triggering Event”
means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Comparable Treasury Issue” means,
with respect to Notes subject to redemption, the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining life of the Notes to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the remaining life of the Notes to be redeemed. 

“Comparable Treasury Price” means, with respect to any redemption date applicable to the Notes, the average of the Reference
Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or, if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Definitive Note” means a Note in definitive registered form without coupons. 

  
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 “DTC Legend” means the legend set forth in Section 3.02(b), which is
required to be placed on all Global Notes, for which DTC is acting as the Depositary. 
 “Fitch” means Fitch Ratings Inc.
and any successor entity. 
 “Global Note Legend” means the legend set forth in Section 3.02(a), which is required to
be place on all Global Notes. 
 “Global Notes” means the Global Notes, substantially in the form of Exhibit A hereto,
issued in accordance with Section 2.15 of the Original Indenture. 
 “Investment Grade Rating” means a rating equal to or
higher than “BBB-” (or the equivalent) by Fitch, “Baa3” (or the equivalent) by Moody’s and “BBB-” (or the equivalent) by S&P. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor entity. 

“Parent” means Lazard Ltd, a company incorporated under the laws of Bermuda. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary,
Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear or Clearstream) as indirect participants. 

“Paying Agent” means any Person appointed by the Company as Paying Agent in accordance with the provisions of the Original
Indenture and this Eighth Supplemental Indenture. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the
Company. 
 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s
or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date applicable to
the Notes, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its principal amount, quoted in writing to the Quotation Agent by such Reference
Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

  
 5 

 “Reference Treasury Dealers” means Citigroup Global Markets Inc. and its
successors, and any other primary U.S. Treasury dealers selected by the Company, provided, however, that if any of the foregoing ceases to be a primary U.S. Treasury dealer in New York City, the Company will substitute another primary
U.S. Treasury dealer. 
 “S&P” means S&P Global Ratings, a division of S&P Global, Inc. and any successor entity.

 “Treasury Rate” means, with respect to any redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated on the third Business Day preceding such redemption date using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date. 
 SECTION 1.02.    Other Definitions. 

 

			
	Term	  	Defined in Section
	 “Additional Amounts”
	  	2.11
	 “Change of Control Offer”
	  	2.10
	 “Change of Control Payment”
	  	2.10
	 “Change of Control Payment Date”
	  	2.10
	 “DTC”
	  	2.07
	 “Interest Payment Date”
	  	2.05
	 “Maturity Date”
	  	2.05
	 “Notes”
	  	2.01
	 “Record Date”
	  	2.05
	 “Redemption Price”
	  	2.08
	 “Relevant Taxing Jurisdiction”
	  	2.11
	 “Taxes”
	  	2.11

 ARTICLE II 

DESIGNATION AND TERMS OF THE SECURITIES 

SECTION 2.01.    Title and Aggregate Principal Amount.  There is hereby created one Series of Securities
designated: 4.500% Senior Notes due 2028 (the “Notes”). 

  
 6 

 SECTION 2.02.    Execution. The Notes may forthwith be
executed by the Company and delivered to the Trustee for authentication and delivery by the Trustee in accordance with the provisions of Section 2.04 of the Original Indenture. 

SECTION 2.03.    Other Terms and Form of the Notes. The Notes shall have and be subject to such other terms
as provided in the Original Indenture and this Eighth Supplemental Indenture and shall be evidenced by one or more Global Notes in the form of Exhibit A hereof. 

SECTION 2.04.    Further Issues. The Company may, from time to time, without the consent of the Holders of
the Notes and in accordance with the Original Indenture and this Eighth Supplemental Indenture, create and issue further notes having the same form and terms as the Notes in all respects (other than the date of issuance and, if applicable, the date
from which interest thereon will begin to accrue) and will carry the same right to receive accrued and unpaid interest, and such additional notes will form a single series with the Notes previously issued, including for voting purposes. If any such
additional notes are not fungible for United States federal income tax purposes with the Notes previously issued, such additional notes will not have the same CUSIP number as the Notes previously issued. 

SECTION 2.05.    Interest and Principal. The Notes will mature on September 19, 2028 (the
“Maturity Date”) and will bear interest at the rate of 4.500% per annum. The Company will pay interest on the Notes semi-annually on March 19 and September 19 (each an “Interest Payment
Date”), commencing on March 19, 2019. All payments of interest will be made to the Holders of record at the close of business on the March 5 or September 5 immediately preceding each Interest Payment Date (each
a “Record Date”), respectively. Interest on the Notes shall accrue from the date of original issuance of the Notes or, if interest has already been paid on the Notes, from the date interest was most recently paid. Interest shall be
computed on the basis of a 360-day year comprised of twelve 30-day months. Payments of the principal of and interest on the Notes shall be made in Dollars, and the Notes
shall be denominated in Dollars. 
 SECTION 2.06.    Place of Payment. The place of payment where the
Notes issued in the form of Definitive Notes may be presented or surrendered for payment, where the principal of and interest and any other payments due on the Notes issued in the form of Definitive Notes are payable, where the Notes may be
surrendered for registration of transfer or exchange and where notices and demands to and upon the Company in respect of the Notes and the Indenture may be served shall be in the Borough of Manhattan, The City of New York, and the office or agency
maintained by the Company for such purpose shall initially be the Corporate Trust Office of the Trustee. All payments on Notes issued in the form of Global Notes shall be made by wire transfer of immediately available funds to the Depositary and, at
the option of the Company, payment of interest on the Notes issued in the form of Definitive Notes may be made by check mailed to registered Holders. 

  
 7 

 SECTION 2.07.    Depositary; Registrar. The Company
initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as the Registrar and the Paying Agent and designates the
Trustee’s New York office as the office or agency referred to in Section 2.05 of the Original Indenture. 
 SECTION
2.08.    Optional Redemption. 
 (a)      Prior to the date that is three
months prior to the Maturity Date, the Company at its option may redeem the Notes, in whole at any time or in part from time to time, upon payment of a redemption price equal to (A) the greater of (i) 100% of the principal amount of the
Notes to be redeemed on the redemption date; and (ii) the sum, as determined by the Quotation Agent, of the present values of the principal amount and the remaining scheduled payments of interest on such Notes to be redeemed (exclusive of
interest accrued to the redemption date), in each case, discounted from their respective scheduled payment dates to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 25 basis points, plus (B) in each case, accrued and unpaid interest on the Notes to be redeemed to, but not including, the redemption date (the “Redemption
Price”). Notwithstanding the foregoing, (i) installments of interest on Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the Holders of record
as of the close of business on the relevant Record Date and (ii) if the date fixed for redemption is on or after the Record Date and on or before the next following Interest Payment Date, then the installment of interest on Notes that is due
and payable on such date shall be paid to the Holders of record as of the close of business on the relevant Record Date. The Redemption Price shall be calculated on the basis of a 360-day year consisting of
twelve 30-day months. The Company shall notify the Trustee of the Redemption Price, calculated as described in this Section 2.08, promptly after such calculation. 

(b)      On or after the date that is three months prior to the Maturity Date, the Company at its option may
redeem the Notes, in whole at any time or in part from time to time, upon payment of a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not
including, the redemption date. 
 SECTION 2.09.    Redemption at the Option of Holder; Sinking Fund. The
Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The Notes will not have the benefit of any sinking fund. 

  
 8 

 SECTION 2.10.    Change of Control. 

(a)      Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its
option to redeem the Notes pursuant to Section 2.08 of this Indenture, the Company will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (in integral multiples of $1,000) of each
Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest on the Notes repurchased, if any, to the date of purchase (the “Change of Control Payment”). Within 30
days following any Change of Control Triggering Event, the Company shall mail a notice to holders of the Notes with a copy to the Trustee describing the transaction or transactions that constitute the Change of Control Triggering Event, stating:

 (i)    that the Change of Control Offer is being made pursuant to this Section 2.10 and that all Notes tendered
will be accepted for payment; 
 (ii)    the purchase price and the purchase date, which shall be no earlier than 30
days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(iii)    that any Note not tendered will continue to accrue interest; 

(iv)    that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(v)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to
surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date; 
 (vi)    that Holders will be entitled to withdraw their election if the
Paying Agent receives, no later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the
Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 

(vii)    that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple thereof. 

  
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 (b)      The Company will comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 2.10, the Company will comply with the applicable securities laws and regulations and will
not be deemed to have breached its obligations under this Section 2.10 by virtue of such compliance. 

(c)      On the Change of Control Payment Date, the Company will, to the extent lawful, 

(i)    accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer; 

(ii)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and 
 (iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating the aggregate principal amount of Note or portions of Notes being purchased by the Company. 

(d)      The Paying Agent will promptly mail to each Holder of Notes properly tendered the Change of Control
Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided
that each new Note will be in a principal amount of $2,000 and any integral multiple of $1,000 above that amount. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date. Except as described above with respect to a Change of Control, this Indenture does not contain provisions that permit Holders of the Notes to require the Company to repurchase or redeem the Notes in the event of a takeover,
recapitalization or similar transaction. 
 (e)      Notwithstanding anything to this contrary in this
Section 2.10, the Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with
the requirements set forth in this Section 2.10 and purchases all Notes validly tendered and not withdrawn under the Change of Control Offer; or (2) notice of redemption has been given pursuant to Section 2.10 hereof, unless and until
there is a default in the payment of the applicable redemption price. 

  
 10 

 (f)      The Company shall not repurchase any Note if there
has occurred and is continuing on the Change of Control Payment Date an event of default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

SECTION 2.11.    Modification of Original Indenture.  For purposes of the Notes only, 

(a)    Section 1.01 of the Original Indenture is amended by deleting the following terms in their entirety:
“Additional Assets,” “Credit Agreement,” “Deconsolidating Disposition,” “Designated Subsidiary,” “Designated Subsidiary Stock Disposition” and “Disposition Amount”. 

(b)    Section 1.02 of the Original Indenture is amended by deleting the following terms in their entirety: “Offer
Amount,” “Offered Period,” “Offered Price,” “Pari Passu Debt Price,” “Payment Amount,” “Purchase Date” and “Stock Disposition Offer”. 

(c)    Section 4.08 of the Original Indenture, entitled “Limitations on Dispositions of Capital Stock of Designated
Subsidiaries”, is hereby deleted in its entirety and replaced with “[Reserved]” in lieu thereof. 

(d)    Instead of Section 4.09 of the Original Indenture, entitled “Additional Amounts”, the following
covenant shall be applicable to the Notes: 
 Section 4.09. Additional Amounts. 

If, following any transactions permitted by Section 5.01 of this Indenture, the Surviving Person is organized other than
under the laws of the United States of America, any State thereof or the District of Columbia, all payments made by the Surviving Person under or with respect to the Notes shall be made free and clear of and without withholding or deduction for or
on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter “Taxes”) imposed or levied by or on behalf of
the jurisdiction of organization of the Surviving Person or any political subdivision thereof or any taxing authority therein (each a “Relevant Taxing Jurisdiction”), unless the Surviving Person is required to withhold or deduct
Taxes by law or by the official interpretation or administration thereof. 

  
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 If the Surviving Person is so required to withhold or deduct any amount for,
or on account of, such Taxes from any payment made under or with respect to the Notes, the Surviving Person shall pay such additional amounts (“Additional Amounts”) as may be necessary so that the net amount received by each Holder
(including Additional Amounts) after such withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been required to be withheld or deducted; provided, however, that the foregoing obligation to
pay Additional Amounts does not apply to (1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder (or between a fiduciary, settlor, beneficiary, member or
shareholder of, or possessor of power over the relevant Holder, if the relevant Holder is an estate, nominee, trust or corporation) and a Relevant Taxing Jurisdiction (other than the mere receipt of such payment or the ownership or holding outside
of the Surviving Person’s country of incorporation of such Note); (2) any Taxes that are imposed or withheld by reason of the failure by the relevant Holder or the beneficial owner of the Notes to comply with a written request of the Surviving
Person addressed to such Holder, after reasonable notice, to provide certification, information, documents or other evidence concerning the nationality, residence or identity of such Holder or such beneficial owner or to make any declaration or
similar claim or satisfy any other reporting requirement relating to such matters, which is required by a statute, treaty, regulation or administrative practice of the applicable Relevant Taxing Jurisdiction as a precondition to exemption from, or
reduction in the rate of withholding or deduction of, all or part of such Taxes; (3) any Taxes withheld or deducted pursuant to Sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any amended or successor version of
such Sections), any U.S. Treasury regulations promulgated thereunder, any official interpretations thereof or any agreements (including any law implementing any such agreement) entered into in connection with the implementation thereof; or
(4) any estate, inheritance, gift, sales, excise, transfer, personal property tax or similar tax, assessment or governmental charge; nor shall the Surviving Person be required to pay Additional Amounts (a) if the payment could have been
made without such deduction or withholding if the beneficiary of the payment had presented the Note for payment within 30 days after the date on which such payment or such Note became due and payable or the date on which payment thereof is duly
provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30 day period), or (b) with respect to any payment of principal of (or
premium, if any, on) or interest on such Note to any Holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of
such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note. 

  
 12 

 Upon request, the Surviving Person shall provide the Trustee with official
receipts or other documentation satisfactory to the Trustee evidencing the payment of the Taxes with respect to which Additional Amounts are paid. 

Whenever in this Indenture, a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, or in any
Note there is mentioned, in any context: (1) the payment of principal; (2) purchase prices in connection with a purchase of Notes; (3) interest; or (4) any other amount payable on or with respect to any of the Notes, such
reference shall be deemed to include payment of Additional Amounts provided for in this Section 4.09 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

The obligations described under this Section 4.09 shall survive any termination or discharge of this Indenture and any
defeasance of the Notes and shall apply mutatis mutandis to any jurisdiction in which any successor Person to the Company or any Surviving Person is organized or any political subdivision or taxing authority or agency thereof or therein. 

(e)    Section 5.01 of the Original Indenture is amended by deleting clause (c) and inserting “[Reserved]”
in lieu thereof. 
 (f)    Section 7.02(l) of the Original Indenture is amended to read, “In no event shall the
Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such
loss or damage and regardless of the form of action.” 
 (g)    Section 8.03 of the Original Indenture is amended
to read: 
 “SECTION 8.03. Covenant Defeasance.  

Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with
respect to any Series of Securities, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenant contained in Section 4.07 of this Indenture (if
applicable to such Series of Securities) and any covenants made applicable to the Series of Securities which are subject to defeasance under the terms of a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate with
respect to the outstanding Securities of that Series on and after the date the conditions set forth in Section 8.04 are satisfied 

  
 13 

 
(hereinafter, “Covenant Defeasance”), and the Securities of that Series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities shall not be
deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of that Series, the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. In addition,
upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof with respect to any Series of Securities, subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
Section 6.01(3) hereof (solely with respect to the covenants described in Sections 4.02 and 4.07) shall not constitute an Event of Default with respect to such Securities.” 

ARTICLE III 
 TRANSFER AND EXCHANGE

 SECTION 3.01.    Exchanges of Global Note for Non
Global Note.  In the event that a Global Note or any portion thereof is exchanged for Notes other than Global Notes pursuant to Section 2.15 of the Original Indenture, such other Notes may in
turn be exchanged (on transfer or otherwise) for Notes that are not Global Notes or for beneficial interests in a Global Note (if any is then outstanding) only in accordance with such procedures and any Applicable Procedures, as may
be from time to time adopted by the Company and the Trustee. 
 SECTION 3.02.    Legends.  The
following legends shall, as indicated below, appear on the face of Notes issued under the Indenture unless specifically stated otherwise in the applicable provisions of the Indenture. 

(a)      Global Note Legend.  Each Global Note shall bear a legend in
substantially the following form: 
 “THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS SECURITY) OR ITS NOMINEE IN 

  
 14 

 
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.04 OF THE ORIGINAL INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE ORIGINAL INDENTURE, (C) THIS SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.13 OF THE ORIGINAL INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE ORIGINAL INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY (X) BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.” 
 (b)      DTC Legend.  Each Global Note for which DTC is acting as
the Depositary shall bear a legend in the following form: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

SECTION 3.03.    Cancellation and/or Adjustment of Global Notes.  At such time
as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned
to or retained and canceled by the Trustee in accordance with Section 2.13 of the Original Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest 

  
 15 

 
in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
increase. 
 ARTICLE IV 

DEFEASANCE 
 SECTION
4.01.    Defeasance and Covenant Defeasance.  Article Eight of the Original Indenture, as amended by this Eighth Supplement Indenture, shall be applicable to the Notes. 

ARTICLE V 
 MISCELLANEOUS 

SECTION 5.01.    Ratification of Original Indenture; Supplemental Indentures Part of Original
Indenture.  Except as expressly amended hereby, the Original Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Eighth
Supplemental Indenture shall form a part of the Original Indenture for all purposes, and every Holder heretofore or hereafter authenticated and delivered shall be bound hereby. 

SECTION 5.02.    Concerning the Trustee.  The recitals contained herein and in the Notes, except
with respect to the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or
sufficiency of this Eighth Supplemental Indenture or of the Notes. 
 SECTION
5.03.    Counterparts.  This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all such counterparts shall
together constitute one and the same instrument. 
 SECTION 5.04.    GOVERNING LAW.  THIS EIGHTH
SUPPLEMENTAL INDENTURE AND EACH NOTE OF THE SERIES CREATED HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT
THE 

  
 16 

 
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF HEREBY (A) IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY AND (B) SUBMITS TO THE JURISDICTION OF
THE STATE COURTS OF THE STATE OF NEW YORK, COUNTY OF NEW YORK, FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF, OR IN CONNECTION WITH, THE NOTES. 

  
 17 

 IN WITNESS WHEREOF, the parties have caused this Eighth Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	LAZARD GROUP LLC
		
	By:	 	/s/ Evan L. Russo
		 	Name: Evan L. Russo
		 	Title: Chief Financial Officer

  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ Laurence J. O’Brien
		 	Name: Laurence J. O’Brien
		 	Title: Vice President

  
 18 

 [Face of Note] 

LAZARD GROUP LLC 
 4.500%
Senior Notes due 2028 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR
TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE ORIGINAL INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE ORIGINAL INDENTURE, (C) THIS SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE ORIGINAL INDENTURE AND (D) EXCEPT AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE ORIGINAL INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN WHOLE BUT NOT IN
PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

 CUSIP: 52107Q AJ4 

ISIN: US52107QAJ40 
 4.500% Senior
Notes due 2028 
  

											
	No.  	  	 	  		  	$	  	 	  	

 LAZARD GROUP LLC 

promises to pay to [CEDE & CO.]1 or registered assigns, the principal sum of [ ] Dollars ($[ ])
[as such amount may be adjusted as set forth on the Schedule of Exchanges, Redemptions, Repurchases, Cancellations and Transfers annexed hereto]2 on September 19, 2028. 

Interest Payment Dates: March 19 and September 19, commencing on March 19, 2019. 

Record Dates: March 5 and September 5. 
  

 

	1 	 Insert for Global Notes. 

	2 	 Insert for Global Notes. 

  
 A-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	LAZARD GROUP LLC
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON
		
	By:	 	 
		 	Authorized Signatory

  
 A-4 

 [Reverse of Note] 

LAZARD GROUP LLC 
 4.500%
Senior Notes due 2028 
  

	1.	 Indenture 

This Security is one of a duly authorized issue of Securities of the Company, designated as its 4.500% Senior Notes due 2028 (herein called
the “Notes,” which expression includes any further notes issued pursuant to Section 2.04 of the Eighth Supplemental Indenture (as hereinafter defined) and forming a single series therewith), issued and to be issued under an
indenture, dated as of May 10, 2005 (herein called the “Original Indenture”), as supplemented by a supplemental indenture, dated as of September 19, 2018 (the “Eighth Supplemental Indenture” and, together
with the Original Indenture, the “Indenture”), between LAZARD GROUP LLC, a Delaware limited liability company (such company, and its successors and assigns under the Indenture hereinafter referred to, being herein called the
“Company”), and THE BANK OF NEW YORK MELLON (formerly known as The Bank of New York), as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto relevant to the Notes reference is hereby
made for a complete description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall have the meanings
ascribed to them in the Indenture. 
 The Indenture imposes certain limitations on the ability of the Company and its Significant
Subsidiaries to create or incur Liens. The Indenture also imposes certain limitations on the ability of the Company to merge, consolidate or amalgamate with or into any other person (other than a merger of a wholly owned Subsidiary into the Company)
or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property of the Company in any one transaction or series of related transactions. 

Each Note is subject to, and qualified by, all such terms as set forth in the Indenture certain of which are summarized herein and each
Holder of a Note is referred to the corresponding provisions of the Indenture for a complete statement of such terms. To the extent that there is any inconsistency between the summary provisions set forth in the Notes and the Indenture, the
provisions of the Indenture shall govern. 
  

	2.	 Interest 

(a) The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay
interest on the Notes semi-annually on March 19 and September 19 of each year (each an “Interest Payment Date”), commencing on March 19, 2019. Interest on the Notes will accrue from the date of original issuance of
the Notes or, if interest has already been paid on the Notes, from the date interest was most recently paid. Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

	3.	 Paying Agent, Registrar and Service Agent 

Initially, the Trustee will act as paying agent, registrar and service agent. The Company may appoint and change any paying agent, registrar
or co-registrar and service agent without notice. The Company or any of its Subsidiaries may act as paying agent, registrar, co-registrar or service agent. 

 

	4.	 Defaults and Remedies; Waiver 

If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding
Notes, subject to certain limitations, may declare all the Notes due and payable immediately. In the case of an Event of Default resulting from certain events of bankruptcy, insolvency or reorganization, the principal (or such specified amount) and
premium, if any, of all outstanding Notes will become and be immediately due and payable without any declaration or other act by the Trustee or any Holder of outstanding Notes. 

Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the
Indenture or the Notes unless it receives reasonable indemnification. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust or power
under the Indenture. 
 At any time after the principal of the Notes shall have been so declared due and payable (or have become
immediately due and payable), and before any judgment or decree for the payment of the moneys due shall have been obtained or entered, the Holders of a majority in aggregate principal amount of the Notes then outstanding under the Indenture, by
written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if (i) the Company has paid or deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all the Notes
and the principal of (and premium, if any, on) any and all Notes that shall have become due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to the extent that such payment is enforceable under applicable
law, upon overdue installments of interest, at the rate per annum expressed in the Notes to the date of such payment or deposit) and the amount payable to the Trustee under Section 7.07 of the Original Indenture and (ii) any and all
existing Events of Default under the Indenture with respect to the Notes, other than the nonpayment of principal on Notes that shall not have become due by their terms, shall have been remedied or waived as provided in Section 6.04 of the
Original Indenture. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 The Holders of a
majority in principal amount of the Notes by notice to the Trustee may waive an existing Default and its consequences except a Default in the payment of the principal amount of premium, if any, and accrued and unpaid interest on a Note. When a
Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

  
 A-6 

	5.	 Amendment 

In addition to any supplemental indenture otherwise authorized by the Indenture, the Company and the Trustee may from time to time and at any
time enter into supplemental indentures (which shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent of any Holder of Notes, for one or more of the following purposes: (i) to evidence the succession
of another person to the Company and the assumption by such successor of the Company’s covenants, agreements and obligations; (ii) to surrender any right or power conferred upon the Company by the Indenture, to add to the
covenants of the Company such further covenants, restrictions, conditions or provisions for the protection of the Holders of all or any Notes as the Board of Directors of the Company shall consider to be for the protection of the Holders of such
Notes, and to make the occurrence, or the occurrence and continuance, of a default in respect of any such additional covenants, restrictions, conditions or provisions a Default or an Event of Default under the Indenture; provided,
however, that with respect to any such additional covenant, restriction, condition or provision, such amendment may provide for a period of grace after default, which may be shorter or longer than that allowed in the case of other Defaults,
may provide for an immediate enforcement upon such Default, may limit the remedies available to the Trustee upon such Default or may limit the right of Holders of a majority in aggregate principal amount of the Notes to waive such default;
(iii) to cure any ambiguity or correct or supplement any provision contained in the Indenture, in any supplemental indenture or in any Notes that may be defective or inconsistent with any other provision contained therein; (iv) to convey,
transfer, assign, mortgage or pledge any property to or with the Trustee, or to make such other provisions in regard to matters or questions arising under the Indenture as shall not adversely affect the interests of any Holders of Notes; (v) to
modify or amend the Indenture in such a manner as to permit the qualification of the Indenture or any supplemental indenture thereto under the Trust Indenture Act as then in effect; (vi) to add or to change any of the provisions of the
Indenture to provide that Notes in bearer form may be registrable as to principal, to change or eliminate any restrictions on the payment of principal or premium with respect to Notes in registered form or of principal, premium or interest with
respect to Notes in bearer form, or to permit Notes in registered form to be exchanged for Notes in bearer form, so as to not adversely affect the interests of the Holders or any coupons in any material respect or permit or facilitate the issuance
of Notes in uncertificated form; (vii) to secure the Notes; (viii) to make any change that does not adversely affect the rights of any Holder; (ix) to add to, change, or eliminate any of the provisions of the Indenture with respect to
the Notes, so long as any such addition, change or elimination not otherwise permitted under the Indenture shall (A) neither apply to any Note created prior to the execution of such supplemental indenture and entitled to the benefit of such
provision nor modify the rights of the Holders of any such Note with respect to the benefit of such provision or (B) become effective only when there is no such Note outstanding; (x) to evidence and provide for the acceptance of
appointment by a successor or separate Trustee with respect to the Notes and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the Indenture by more than one Trustee.

  
 A-7 

 With the written consent (as evidenced as provided in Section 9.02 of the Original
Indenture) of the Holders of at least a majority in principal amount of the Notes at the time outstanding affected by such amendment (including consents obtained in connection with a tender offer or exchange offer for the Notes), the Company and the
Trustee, may amend the Indenture without notice to any Holder; provided that no such amendment shall, without the consent of the Holders of each Note then outstanding and affected thereby, (i) reduce the principal amount of Notes whose
Holders must consent to an amendment, modification, supplement or waiver; (ii) reduce the rate of or extend the time for payment of interest on any Note; (iii) reduce the principal of or change the Stated Maturity of any Note; (iv) reduce
the amount payable upon the redemption of any Note or add redemption provisions to any Note; (v) make any Note payable in money other than that stated in the Note; or (vi) make any change in the Sections of the Indenture
relating to waivers of past defaults and the rights of Holders to receive payments, or in the foregoing amendment and waiver provisions. It shall not be necessary for the consent of the Holders to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance thereof. 
 Any consent to an amendment or a waiver by the
Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes that may be issued in exchange or substitution hereof, irrespective
of whether or not any notation thereof is made upon this Note or such other Notes. Any Holder or subsequent Holder may revoke its consent if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective.
Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of the Indenture or the Notes unless such consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to amend. 

 

	6.	 Obligations Absolute 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein prescribed. 

 

	7.	 Repurchase Upon a Change of Control Triggering Event 

Upon a Change of Control Triggering Event, any Holder of Notes shall have the right to cause the Company to repurchase all or any part of the
Notes of such Holder at a repurchase price equal to 101% of the principal amount of the Notes to be repurchased plus accrued interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to
receive interest due on the related interest payment date) as provided in, and subject to the terms of, the Indenture. 

  
 A-8 

	8.	 Sinking Fund 

The Notes shall not be redeemable at the option of any Holder thereof, upon the occurrence of any particular circumstances or otherwise. The
Notes will not have the benefit of any sinking fund. 
  

	9.	 Denominations; Transfer; Exchange 

The Notes are issuable in registered form without coupons in denominations of $2,000 principal amount and integral multiples of $1,000 above
that amount. When Notes are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar
shall register the transfer or make the exchange in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to cover any transfer tax or other governmental
charge that may be imposed in connection with any registration or exchange of Notes. 
 The Company and the Registrar shall not be required
(a) to issue, register the transfer of or exchange any Notes during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at the
close of business on the day of such mailing or (b) to register the transfer or exchange of Notes of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or
being called for redemption in part. 
  

	10.	 Further Issues 

The Company may, from time to time, without the consent of the Holders of the Notes and in accordance with the Original Indenture and the
Eighth Supplemental Indenture, create and issue further notes having the same form and terms as the Notes in all respects (other than the date of issuance and, if applicable, the date from which interest thereon will begin to accrue) and will carry
the same right to receive accrued and unpaid interest, and such additional notes will form a single series with the Notes previously issued, including for voting purposes. If any such additional notes are not fungible for United States federal
income tax purposes with the Notes previously issued, such additional notes will not have the same CUSIP number as the Notes previously issued. 
  

	11.	 Optional Redemption 

Prior to the date that is three months prior to the Maturity Date, the Company at its option may redeem the Notes, upon notice as set forth
in the Indenture, in whole at any time or in part from time to time, upon payment of a redemption price equal to (A) the greater of (i) 100% of the principal amount of the Notes to be redeemed on the redemption date; and (ii) the sum,
as determined by the Quotation Agent, of the present values of the principal amount and the remaining scheduled payments of interest on such Notes to be redeemed (exclusive of interest accrued to the redemption date), in each case, discounted from
their respective scheduled payment dates to the redemption date on a 

  
 A-9 

 
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus
25 basis points, plus (B) in each case, accrued and unpaid interest on the Notes to be redeemed to, but not including, the redemption date. Notwithstanding the foregoing, (i) installments of interest on Notes that are due and payable
on Interest Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the Holders of record as of the close of business on the relevant Record Date and (ii) if the date fixed for redemption is on or
after the Record Date and on or before the next following Interest Payment Date, then the installment of interest on Notes that is due and payable on such date shall be paid to the Holders of record as of the close of business on the relevant Record
Date. 
 On or after the date that is three months prior to the Maturity Date of the Notes, the Company at its option may redeem the Notes,
in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the redemption date. 

 

	12.	 Persons Deemed Owners 

The ownership of Notes shall be proved by the register maintained by the Registrar. 

 

	13.	 No Recourse Against Others 

A director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company under
the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Holder shall waive and release all such liability. This waiver and release shall be part of the
consideration for the issuance of the Notes. 
  

	14.	 Discharge and Defeasance 

Subject to certain conditions set forth in the Indenture and the Eighth Supplemental Indenture, the Company at any time may terminate some or
all of its obligations under the Notes and the Indenture if the Company deposits with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium, if any, and interest on the Notes to redemption or maturity, as the
case may be. 
  

	15.	 Unclaimed Money 

Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or, if then held by the Company, shall be discharged
from such trust. Thereafter the Holder of such Note shall look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of

  
 A-10 

 
the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense
of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the
date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
  

	16.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its individual or any other capacity may become the owner
or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or co-paying agent may do the same with like
rights. 
  

	17.	 Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
  

	18.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers
to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to
any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture. 

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 2.10 of the Eighth Supplemental Indenture, check the
box: 
  

					
		  	 	  	

 If you want to elect to have only part of this Note purchased by the Company pursuant to Section 2.10 of
the Eighth Supplemental Indenture, state the amount in principal amount:
$                                     

 

			
	 Dated:
                                    
	  	Your Signature:
                                         
                   
		  	 (Sign exactly as your name appears

on the other side of this Note.)

  

			
	 Signature Guarantee:
	 	 
		 	(Signature must be guaranteed)

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

  
 A-12 

 Annex 2 to 

Exhibit A 
 ASSIGNMENT FORM 

For value received
                             hereby sell(s), assign(s) and transfer(s) unto
                             (please insert social security or other identifying number of assignee)
the within Note, and hereby irrevocably constitutes and appoints
                                 attorney to transfer the said Note on the books
of the Company, with full power of substitution in the premises. 
 Dated:
                                     

 

	
	
	 
	
	 

 Signature(s) 
 Signature(s) must
be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings and loan associations and credit unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15. 
  

	
	
	 
	Signature Guarantee

  
 A-13 

 SCHEDULE OF EXCHANGES, REDEMPTIONS, REPURCHASES 

CANCELLATIONS AND TRANSFERS 
 The
initial principal amount of this Global Note is $                    . The following increases or decreases in this Global Note have been
made: 
  
  

 

									
	 Date of Increase or

Decrease
  
	  	 Amount of Decrease in

Principal Amount of
 this
Global Note
  
	  	 Amount of Increase in

Principal Amount of
 this
Global Note
  
	  	 Remaining Principal Amount of this Global Note Following such
Decrease or Increase
  
	  	 Signature of Authorized Signatory of Trustee or Custodian

 

					
		  		  		  		  	
	 	 	 	 	 
		  		  		  		  	
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
					
		  		  		  		  	
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
					
		  		  		  		  	
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
					
		  		  		  		  	
	 	 	 	 	 
	 	  	 	  	 	  	 	  	 
					
		  		  		  		  	
	 	 	 	 	 
		  		  		  		  	

  
  

  
 A-14Exhibit
10.21

 

Employment AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made as of August 3, 2018 (the “Effective
Date”) between Jerash Holdings (US) Inc., with an address of Jerash Holdings (US), Inc. 147 W. 35th Street,
Room #1603 New York, New York 10001 (“Company”), and Karl Brenza with and address at 112B Nottingham
Road, Bedford Hills, NY 10507 who shall become an employee of the Company (“Employee”) (Company and Employee
are each a “Party” and collectively the “Parties”).

 

Whereas,
Employee has in-depth knowledge of the Company.

 

Whereas,
the Company desires to retain Employee to provide a wide range of tasks, in accordance with the terms and conditions set forth
in this Agreement.

 

Now,
Therefore, in consideration of the premises, mutual covenants, terms and conditions contained herein, and for other
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

1.           Services.
Employee shall serve as Head of U.S. Operations of the Company and will provide high level managerial, financial and operational
services to the Company as further described in Attachment A - (the “Services”) some or all of which
may be performed as agreed by company management. Employee’s name shall be included in the corporate D&O insurance policy.

 

2.           Appointment;
Term. The Company hereby appoints Employee and Employee hereby accepts appointment as an independent Employee for the
Company, subject to the terms and conditions of this Agreement. The term of this Agreement shall commence on the Effective Date
and shall continue for twelve (12) months (the “Term”). This Agreement shall automatically renew for
subsequent one (1) month terms unless terminated by either Party.

 

3.           Use
of the Company Facilities, Equipment. Employee shall have a dedicated workspace, equipment, computer, business
software, databases and other key items for Employee to perform the Services at the Company offices for performance of the Services.
The Company may authorize use of certain Company facilities and services, including, but not limited to its corporate headquarters
and Company equipment related to authorized projects, as long as such use does not interfere with the day-to-day operations of
the Company.

 

4.           Ownership
of Work Product. All work product developed by Employee, in whole or in part, either alone or jointly with others, during
the Term and any subsequent renewal term, which may relate in any manner to the actual or anticipated business, work, research
or development of the Company, or which result, to any extent, from the Services performed by Employee for the Company, or use
of the Company’s Confidential Information (as defined below), will be the sole property of the Company.

 

5.           Compensation.
Employee shall initially be paid $10,000.00 USD per month for Services the Company may reasonably request, to be paid in the following
manner:

 

Fees payable in advance on a monthly
basis by the Company into an account nominated by the Employee in writing within 10 days’ of -receipt of an invoice issued
at the end of each month by the Employee with an initial retainer in the amount of $10,000.00 due at the time of executing this
agreement.

 

In addition, Employee shall be issued
100,000 10-year warrants with an exercise price equal to the NASDAQ closing price the day prior to the date of execution of this
Agreement. The options shall vest as follows: one-third upon execution of this agreement, one-third after 6 months and one-third
after twelve months. The warrants will be provided for in a separate Warrant Agreement and will include a cashless exercise provision,
standard anti-dilution provisions and such other provisions as are standard for a warrant of this nature. The parties agree to
negotiate the Warrant Agreement in good faith and execute the Warrant Agreement concurrently with this Agreement.

 

     

     

    

  

It is anticipated that Employee will
jointly hold an ownership position and title with a Jordanian Consulting Company with other Jerash executives among other ownership
parties. In addition, it is anticipated that Employee will concurrently work for an investment bank that may perform investment
banking services for the Company for compensation, of which Employee may participate. Such compensation will be in accordance which
standard industry practices and Employee will not be involved in the decision- making process in the Company’s selection
of investment banks for various services unless Employee’s investment bank is not part of the selection process.

 

6.           Expenses.
Company shall promptly reimbursement Employee for travel related expenses incurred in the ordinary course of providing services
outlined in this agreement. Reimbursable expenses shall not be limited to but shall include costs of airfare, hotels, business
meals when traveling, and mileage reimbursement. Employee shall provide a formal accounting of all expenses including receipts
on a monthly basis for approval and payment. Payment will be deposited into an account nominated by the Employee in writing within
30 days after submission.

 

7.           Termination.
This Agreement shall automatically renew unless terminated by either Party. This Agreement may be terminated upon mutual written
consent of the Employee and Company. At any time after the twelve (12) months hereof, the Company or Employee may terminate this
Agreement (a) upon thirty (30) days’ prior written notice to the Company or (b) immediately, at the Employee’s option,
if Employee is subject to materially diminished duties or responsibilities. The Company may terminate this Agreement without prior
notice and without further obligation for reasons of gross negligence or willful misconduct by Employee.

 

8.           Notices.
All notices and other communications required hereunder must be in writing and shall be deemed to have been duly given only when
personally delivered or deposited in the US Postage Service, postage prepaid for first class delivery, as follows:

 

If to the Company:

 

Jerash Holdings (US), Inc.

19/F, Ford Glory Plaza

37-39 Wing Hong Street

Cheung Sha Wan, Kowloon

Hong Kong

Attn: Choi Lin Hung

 

If to Employee:

 

Karl Brenza

112B Nottingham Road

Bedford Hills, NY 10507

 

or to such other addresses
as either party hereto shall furnish to the other by notice given in accordance with this section. Unless otherwise specified herein,
such notices or other communications shall be deemed received (i) the date delivered, if delivered personally, and (ii) five (5)
days after being sent, if sent via first class mail.

 

9.           Confidentiality;
Non-competition.

 

A.           Unless
agreed by the Chairman of the Company for specific purposes including M&A interactions or investor due diligence, Employee
shall keep secret and retain the confidential nature of all Confidential Information (as defined herein) belonging to the Company
and take such other precautions with respect thereto as the Company, in its sole discretion, may reasonably request. Employee shall
not at any time, whether before or after the termination of this Agreement, use, copy, disclose or make available any Confidential
Information (as defined herein) to any corporation, governmental body, individual, partnership, trust or other entity (a “Person”);
except that Employee may use, copy or disclose to any Person any Confidential Information (as defined herein) (i) to the extent
required in the performance of the Services, (ii) to the extent it becomes publicly available through no fault of Employee, (iii)
to the extent Employee is required to do so pursuant to applicable law or court order, and (iv) which he, his legal counsel, or
any executive or employee of the FINRA member firm by which he is employed, believes is necessary for the discharge of his, its,
or their legal and regulatory obligations.

 

     

     

    

  

B.           For
purposes of this Agreement, “Confidential Information” shall mean all information pertaining to the affairs
and operations of the Company that is not generally available to the public and that the Company desires to keep confidential,
including, but not limited to, trade secrets, inventions, financial information, information as to customers, clients or patients,
and suppliers, sales and marketing information, and all documents and other tangible items relating to or containing any such information.
Employee acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Company.

 

C.           All
Confidential Information disclosed or made available by the Company to Employee shall at all times remain the personal property
of the Company and all documents, lists, plans, proposals, records, electronic media or devices and other tangible items supplied
to Employee that constitute or contain Confidential Information shall, together with all copies thereof, and all other property
of the Company, be returned to the Company immediately upon termination of this Agreement for whatever reason or sooner upon demand.
Notwithstanding the foregoing, Employee and any FINRA member firm to which Employee disclosed Confidential Information pursuant
to Section 9(A), may retain copies of any Confidential Information or derivatives thereof if Employee or the FINRA member firm
believes such retention is necessary to comply with his, or its legal and regulatory obligations.

 

D.           Employee
acknowledges that a breach of the provisions of this Section 7 shall cause irreparable harm to the Company for which it will
have no adequate remedy at law. Employee agrees that the Company may, in its sole discretion, obtain from a court of competent
jurisdiction an injunction, restraining order or other equitable relief in favor of itself restraining Employee from committing
or continuing any such violation. Any right to obtain an injunction, restraining order or other equitable relief hereunder will
not be deemed a waiver of any right to assert any other remedy which the Company may have in law or in equity.

 

E.           The
confidentiality, non-competition and non-solicit obligations set forth herein shall survive for a period of six (6) months after
the termination or expiration of this Agreement.

 

10.          Indemnification.
Employee and Company shall mutually indemnify, defend (with counsel chosen by the Company), and hold each other harmless from and
against any and all claims, losses, damages, liabilities, actions, costs and expenses, including, but not limited to, reasonable
legal fees and expenses, paid or incurred by the other party and arising directly and indirectly out of: (i) any breach of this
Agreement by the either party, (ii) any breach by either party of written policies or standards for the Company or (iii) any other
act or omission of either party.

 

11.          Miscellaneous.

 

A.           Governing
Law. This Agreement shall be governed and controlled as to validity, enforcement, interpretation, construction, effect and
in all other respects by the laws of the State of New York and the federal laws of the United States applicable therein, without
giving effect to any choice of law or conflict of law rules or provisions that would cause the application of the laws of any jurisdiction.
In the event that any legal proceedings are commenced in any court with respect to any matter arising under this Agreement, Employee
and the Company hereto specifically consent and agree that the venue of any such action shall be in the courts of the State of
New York, County of Onondaga and each of Employee and the Company hereby waive any claim that such venue is an inconvenient forum
for the resolution of such proceeding.

 

B.           Entire
Agreement. This Agreement constitutes the entire agreement of the Parties hereto and supersedes any prior agreement or understanding,
whether oral or written, between the Parties hereto with respect to the subject matter hereof. This Agreement may not be terminated,
modified or amended orally or by any course of conduct or usage of trade but only by an agreement in writing duly executed by the
Parties hereto.

 

C.           Assignment.
This Agreement may not be assigned by either Party without the prior written consent of a duly authorized officer of the other
Party. The merger or consolidation of a Party, or the sale of all or substantially all of the assets or shares of a Party hereto,
shall not be deemed an assignment of this Agreement.

 

     

     

    

  

D.           Counterparts.
This Agreement may be executed in one or more counterparts, including by means of facsimile or email, each of which shall be deemed
an original and all of which together shall constitute one and the same instrument.

 

E.           Severability.
The invalidity of any provision of this Agreement or portion of a provision shall not affect the validity of any other provision
of this Agreement or the remaining portion of the applicable provision.

 

In
Witness Whereof, the Parties have entered into this Consulting Agreement as of the Effective Date set forth above.

	 	 
	 	Jerash Holdings (US), Inc.
	 	 
	 	By:	/s/ Choi Lin Hung
	 	Name:	Choi Lin Hung
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	Employee
	 	 	 
	 	By:	/s/ Karl Brenza
	 	Name:	Karl Brenza
	 	Title:	Head of U.S. Operations

 

     

     

    

  

Exhibit A —
Services

 

Broad management responsibilities including US operational management,
strategic planning, financial management and Investor management in conjunction with the Head of Jordan Operations and the CFO
including the items below:

 

		1.	Assist with Corporate governance initiatives to ensure
compliance with Nasdaq listing requirements

 

		2.	Assist with Annual Shareholders Meetings

 

		3.	Assist with Board Meetings and coordinate board communications

 

		4.	Seek to identify and secure new United States or global
brands for new contract manufacturing relationships, be available to meet with new and existing customers

 

		5.	Work on investor outreach and communication

 

		6.	Develop List of shareholders with emails to maintain
communication with current shareholders, updating and/or creating Company marketing materials, presenting in non-deal roadshows,
establishing a stock overhang strategy and attracting research coverage

 

		7.	Assist with Bell Ringing Ceremony

 

		8.	Manage the Company’s outside professional relationships
in the US

 

		9.	Assist with Annual Shareholder Letter, future press releases
and related schedule

 

		10.	Assist in budgeting and planning for new customers and
corresponding plant expansion

 

		11.	Assist in new potential M&A evaluations

 

		12.	Evaluate dividend payment options

 

		13.	Evaluate social media and general/broad solicitation
tools to improve company exposure

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