Document:

Form of Agreement evidencing a grant of Restricted Stock Units

 Exhibit 10.52 
 STOCK UNIT 
 AND 

RESTRICTED STOCK AGREEMENT 
 among 
 LAZARD LTD 

and 
  

 
 Dated as of
                     

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	ARTICLE I	  			
		
	Stock Units	  			
		
	 SECTION 1.01. Grant and Vesting of Stock Units
	  	 	1	  
	 SECTION 1.02. Settlement of Units; Restrictions on Shares
	  	 	2	  
	 SECTION 1.03. Nontransferability of Stock Units
	  	 	3	  
	 SECTION 1.04. Dividends, Dividend Equivalents, Rights as a Shareholder
	  	 	3	  
	 SECTION 1.05. Payment of Transfer Taxes, Fees and Other Expenses
	  	 	3	  
	 SECTION 1.06. Taxes and Withholding
	  	 	3	  

 ARTICLE II 
 Restricted Shares 
  

					
	 SECTION 2.01. Issuance and Vesting of Restricted Shares; Tax Issues
	  	 	4	  
	 SECTION 2.02. Delivery of Certificates or Book Entry Credits; Restrictions on Remaining Restricted Shares
	  	 	6	  
	 SECTION 2.03. Nontransferability of Remaining Restricted Shares
	  	 	7	  
	 SECTION 2.04. Dividends, Rights as a Shareholder
	  	 	7	  
	 SECTION 2.05. Disgorgement of Tax Benefits
	  	 	7	  
	 SECTION 2.06. Qualifying Termination
	  	 	7	  

 ARTICLE III 
 General Provisions 
  

					
	 SECTION 3.01. Effect of Agreement
	  	 	8	  
	 SECTION 3.02. Laws Applicable to Construction; Consent to Jurisdiction
	  	 	8	  
	 SECTION 3.03. Conflicts and Interpretation
	  	 	9	  
	 SECTION 3.04. Amendment
	  	 	9	  
	 SECTION 3.05. Sections 409A and 457A of the Code
	  	 	9	  
	 SECTION 3.06. Headings
	  	 	9	  
	 SECTION 3.07. Counterparts
	  	 	9	  

 This document constitutes part of a prospectus covering securities that have been

 registered under the Securities Act of 1933. 

STOCK UNIT AGREEMENT AND RESTRICTED STOCK AGREEMENT 
 STOCK UNIT AGREEMENT AND RESTRICTED STOCK AGREEMENT dated as of                     , between Lazard
Ltd, a Bermuda exempted company (the “Company”), on behalf of its applicable Affiliate (as defined under the definitional rules of Section 1.01(a) below), and
                     (the “Employee”). 
 W I T N E S S E T H 
 In consideration of the mutual promises and covenants made
herein and the mutual benefits to be derived herefrom, the parties hereto agree as follows: 
 ARTICLE I 

Stock Units 
 SECTION 1.01. Grant and Vesting of Stock Units. (a) Subject to the provisions of this Agreement and to the provisions of the Company’s 2008 Incentive Compensation Plan (the
“Plan”) (all capitalized terms used herein, to the extent not defined, shall have the meaning set forth in the Plan), the Company, on behalf of its applicable Affiliate, hereby grants to the Employee, as
of                      (the “Grant Date”),
                    Stock Units (the “Stock Units”), each with respect to one Share. 

(b) Subject to the terms and conditions of this Agreement and to the provisions of the Plan, the Stock Units shall vest and no longer be
subject to any restriction (such period during which restrictions apply to the Stock Units is the “Restriction Period”) in accordance with the following schedule:      of the Stock Units shall vest on
                    and      of the Stock Units shall vest on
                     . Each of
                     and                      is
referred to herein, as applicable, as the “Vesting Date”. 
 (c) In the event that the Employee incurs a Termination
of Employment during the applicable Restriction Period for any reason not set forth in Section 1.01(d) or Section 2.01(f), all unvested Stock Units shall be forfeited by the Employee effective immediately upon such Termination of
Employment. For purposes of this Section 1.01(c), the Employee will be deemed to have incurred a Termination of Employment on the date that the Employee provides notice of termination to the Company, and accordingly, all unvested Stock Units
shall be forfeited by the Employee immediately upon delivery of any such notice. 
 (d) (i) In the event that the Employee
incurs a Termination of Employment during the applicable Restriction Period due to the Employee’s Disability or due to a Termination of Employment by the Company other than for Cause (each, a “Qualifying Termination”), subject to
Section 1.01(e) and Section 1.02, all Shares underlying the Employee’s Stock Units shall be delivered to the Employee within 30 days following the date that the Employee is no longer required to perform any additional services in
order to retain such Stock Units (the date that such Shares are delivered to the Employee is the “Initial Delivery Date”). 

 
Subject to approval of the Compliance Department of the Company or an Affiliate, the Employee will be permitted to dispose of 50% of the Shares (such Shares, the “Transferable Shares”)
delivered to the Employee pursuant to the preceding sentence immediately following the date that such Shares are delivered to the Employee. All Shares underlying the Employee’s Stock Units following the Initial Delivery Date that are not
Transferable Shares (such Shares, the “Remaining Shares”), will remain subject to the restrictions set forth in this Agreement until the earlier of the applicable Vesting Date and the date that the Stock Units would have become vested in
accordance with Section 1.01(d)(ii) or 1.01(f) (such date, the “Final Delivery Date”). Accordingly, prior to the relevant Final Delivery Date, neither the Employee nor any of the Employee’s creditors or beneficiaries will have
the right to subject the Remaining Shares to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, hedge, exchange, attachment or garnishment or any similar transaction. Furthermore, for the avoidance of doubt, the Remaining
Shares shall continue to be subject to the forfeiture provisions set forth in this Agreement (including, without limitation, those relating to violation of the Restrictive Covenants) until the applicable Final Delivery Date. 

(ii) In the event that the Employee incurs a Termination of Employment during the applicable Restriction Period due to the
Employee’s death or, subject to Section 1.01(e), dies during the applicable Restriction Period subsequent to a Termination of Employment described in Section 1.01(d)(i), all Stock Units shall remain outstanding and vest and be settled
within 30 days following the first to occur of (x) the applicable Vesting Date and (y) the date of death. 
 (e) In
the event that the Employee violates any of the provisions of Appendix A, which is incorporated herein by reference, all outstanding vested or unvested Stock Units and, if applicable, all Remaining Shares, shall be forfeited and canceled.

 (f) Notwithstanding the foregoing, in the event of a Change in Control, any unvested but outstanding Stock Units shall
automatically vest as of the date of such Change in Control and shall be settled within 30 days following the date of such Change in Control in accordance with Section 1.02. 

SECTION 1.02. Settlement of Units; Restrictions on Shares. As soon as practicable (but in no event more than 30 days) after any
Stock Unit has vested and is no longer subject to the applicable Restriction Period, the Company shall, subject to Section 1.01(d) and Section 1.06, cause its applicable Affiliate to deliver to the Employee one or more unlegended,
freely-transferable stock certificates or book entry credits in respect of such Shares issued upon settlement of the vested Stock Units. Notwithstanding the foregoing, (i) the Company shall be entitled to hold the Shares or cash issuable upon
settlement of Stock Units that have vested until the Company shall have received from the Employee a duly executed Form W-9 or W-8, as applicable, and (ii) any certificate or book entry credit issued or entered in respect of the Remaining
Shares shall be registered in the Employee’s name and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to the Remaining Shares, substantially in the following form: 

“The transferability of the shares of stock represented hereby is subject to the terms and conditions (including forfeiture) of the
Lazard Ltd 2008 Incentive Compensation Plan and an Award Agreement, as well as the terms and conditions of applicable law. Copies of such Plan and Agreement are on file at the offices of Lazard Ltd.” 

  
 2 

 The Company may require that the certificates or book entry credits evidencing title of the
Remaining Shares be held in custody by the Company until the restrictions thereon shall have lapsed and that, as a condition of receiving the Remaining Shares, the Employee shall have delivered to the Company a stock power, endorsed in blank,
relating to such Remaining Shares. If and when the applicable Final Delivery Date occurs with respect to the Remaining Shares, the legend set forth shall be removed from the certificates or book entry credits evidencing such Shares. 

SECTION 1.03. Nontransferability of Stock Units. During the applicable Restriction Period and until such time as the Stock Units
are ultimately settled as provided in Section 1.02, the Stock Units shall not be transferable by the Employee by means of sale, assignment, exchange, encumbrance, pledge, hedge or otherwise. 

SECTION 1.04. Dividends, Dividend Equivalents, Rights as a Shareholder. If the Company declares and pays ordinary quarterly cash
dividends on the Common Stock during the applicable Restriction Period, the Employee’s outstanding Stock Units shall be credited with additional Stock Units (determined by dividing the aggregate dividend amount that would have been paid with
respect to the Stock Units if they had been actual Shares by the Fair Market Value of a Share on the dividend payment date), which additional Stock Units shall vest and be settled concurrently with the underlying Stock Units and be treated as Stock
Units for all purposes of this Agreement (it being understood that the provisions of this sentence shall not apply to any extraordinary dividends or distributions). Notwithstanding the foregoing, subject to Section 1.01(d)(i) and
Section 1.02 and any other applicable law or agreement, from and after the Initial Delivery Date, the Employee will have all rights and privileges of a shareholder with respect to the Shares, including the right to vote the Shares and to
receive dividends and other distributions with respect thereto, provided that, any dividends that are paid on the Remaining Shares prior to the applicable Final Delivery Date (whether payable in cash or in kind) will be held until the applicable
Final Delivery Date by Lazard Capital Markets LLC or any other escrow agent that is subsequently designated by the Company (the “Designated Escrow Agent”), and in the event that the Remaining Shares are forfeited in accordance with
Section 1.01(e), such dividends will also be forfeited. 
 SECTION 1.05. Payment of Transfer Taxes, Fees and Other
Expenses. The Company agrees, or will cause its applicable Affiliate, to pay any and all original issue taxes and stock transfer taxes that may be imposed on the issuance of Shares received by an Employee in connection with the Stock Units,
together with any and all other fees and expenses necessarily incurred by the Company in connection therewith. 
 SECTION 1.06.
Taxes and Withholding. No later than the date as of which an amount first becomes includible in the gross income of the Employee for federal, state, local or foreign income tax purposes with respect to any Stock Units, the Employee shall pay
to the Company or its applicable Affiliate, or make arrangements satisfactory to the Company or its applicable Affiliate regarding the payment of, any federal, state, local and foreign taxes that are required by applicable laws and regulations to be
withheld with respect to such amount. Except 

  
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as otherwise required by applicable law, the Company will report that the Employee will be taxed on the full value of the Shares underlying the Employee’s Stock Units on the date that the
Shares (including any Remaining Shares) are delivered to the Employee pursuant to Section 1.01(d), 1.01(f) or 1.02, as applicable. The obligations of the Company under this Agreement shall be conditioned on compliance by the Employee with this
Section 1.06, and the Company or its applicable Affiliate shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Employee, including deducting such amount from the delivery of Shares
or cash issued upon settlement of the Stock Units that gives rise to the withholding requirement. Notwithstanding the foregoing, the Company may, in its sole discretion and subject to such other terms and conditions as the Company may determine,
retain some or all of the Transferable Shares and have the Company or such Affiliate either (1) remit the relevant taxes on the Employee’s behalf to the appropriate taxing authorities or (2) deposit cash equal to the value of the
Shares retained by the Company or an Affiliate (as reasonably determined by the Company) into the Employee’s tax advance account. Prior to the Initial Delivery Date, the Company will notify the Employee of (i) how many Shares will be
delivered to the Employee on the Initial Delivery Date and (ii) whether the Employee will be permitted to surrender any portion of the Transferable Shares to the Company or an Affiliate. 

ARTICLE II 

Restricted Shares 
 SECTION 2.01. Issuance and Vesting of Restricted Shares; Tax Issues. (a) Delivery of Restricted Shares. In the event that the Employee, prior to the relevant Vesting Date, meets all of
the following retirement eligibility requirements: (i) minimum age fifty-six (56); (ii) minimum of five (5) years of service with the Company or its Affiliates; and (iii) actual age plus years of service with the Company or its
Affiliates at least seventy (70), the provisions of this Article II shall govern. As soon as practicable (but in no event more than 10 days) after the later of (A) the date that you return a signed copy of this Agreement to the Company (which
must be no later than 10 days following the date of this Agreement) and (B) the date the Employee meets such retirement eligibility requirements (the later of such dates, the “Retirement Eligibility Date”), the Company shall issue one
Share for each then outstanding Stock Unit to its applicable Affiliate and cause such Affiliate to deliver to the Employee one or more stock certificates or book entry credits in respect of such Shares issued upon the Employee’s eligibility to
retire (such Shares, the “Restricted Shares”). The date that such Restricted Shares are issued to the Employee is hereinafter referred to as the “Retirement Eligibility Issue Date”. The Restricted Shares issued pursuant to this
Section 2.01(a) will be in satisfaction of all then outstanding Stock Units granted pursuant to this Agreement, and following the Retirement Eligibility Issue, such Stock Units will no longer be outstanding. 

(b) Tax Reporting. Except as otherwise required by applicable law, the Company will report that the Employee will be taxed on the
full value of all Restricted Shares on the Retirement Eligibility Issue Date. 
 (c) Section 83(b) Election. The
Employee agrees that the Employee will make an election to be taxed immediately on the value of all Restricted Shares (calculated without regard to the restrictions) on the Retirement Eligibility Issue Date. In order to do so, the Employee

  
 4 

 
must file an election with the Internal Revenue Service pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”), and the applicable Treasury
Regulations thereunder with respect to the Restricted Shares within 30 days following the Retirement Eligibility Date, but in no event prior to Retirement Eligibility Issue Date. The Employee agrees that such Section 83(b) election will apply
to all of the Restricted Shares covered by this Agreement. The Employee further agrees that the Employee will provide a copy of such Section 83(b) election to the Company not later than ten (10) days after filing the election with the
Internal Revenue Service or other governmental authority. 
 (d) Disposition of Shares to Pay Taxes. (i) Subject to
approval of the Compliance Department of the Company or an Affiliate, the Employee will be permitted to dispose of 50% of the Restricted Shares (such Shares, the “Transferable Restricted Shares”) issued to the Employee pursuant to
Section 2.01(a) immediately following the Retirement Eligibility Issue Date. All Restricted Shares that are not Transferable Restricted Shares (such Shares, the “Remaining Restricted Shares”), will remain subject to the restrictions
set forth in this Agreement until the relevant Restricted Share Delivery Date (as defined in Section 2.01(g) below). Accordingly, prior to the relevant Restricted Share Delivery Date, neither the Employee nor any of the Employee’s
creditors or beneficiaries shall have the right to subject the Remaining Restricted Shares to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, hedge, exchange, attachment or garnishment or any similar transaction. For
the avoidance of doubt, the Remaining Restricted Shares shall continue to be subject to the forfeiture provisions set forth in Section 2.01(g) until the relevant Restricted Share Delivery Date. 

(ii) No later than the earlier of (A) the Retirement Eligibility Issue Date and (B) the relevant Vesting Date, the Employee
shall pay to the Company or its applicable Affiliate, or make arrangements satisfactory to the Company or its applicable Affiliate regarding the payment of, any federal, state, local and foreign taxes that are required by applicable laws and
regulations to be withheld with respect to the Restricted Shares. The obligations of the Company under this Agreement shall be conditioned on compliance by the Employee with this Section 2.01(d)(ii), and the Company or its applicable Affiliate
shall, to the extent permitted by law, have the right to deduct any such taxes from any payment otherwise due to the Employee. Notwithstanding the foregoing, on the Retirement Eligibility Issue Date, the Company or an Affiliate may, in the
Company’s sole discretion and subject to such other terms and conditions as the Company may determine, retain some or all of the Transferable Restricted Shares and have the Company or such Affiliate either (1) remit the relevant taxes on
the Employee’s behalf to the appropriate taxing authorities or (2) deposit cash equal to the value of the Shares retained by the Company or an Affiliate (as reasonably determined by the Company) into the Employee’s tax advance
account. Prior to the Retirement Eligibility Issue Date, the Company will notify the Employee of (x) how many Restricted Shares will be delivered to the Employee on the Retirement Eligibility Issue Date and (y) if the Company or an
Affiliate will retain any portion of the Transferable Restricted Shares. 
 (e) Vesting of Remaining Restricted Shares.
Subject to the terms and conditions of this Agreement, the Remaining Restricted Shares shall vest and such Shares shall no longer be subject to any restriction on the relevant Vesting Date. 

  
 5 

 (f) Retirement. On and after the Retirement Eligibility Date, the Employee will be
permitted to retire from the Company and its Subsidiaries and, subject to the restrictions set forth in this Agreement, the Remaining Restricted Shares issued pursuant to Section 2.01(a) will continue to vest following retirement. 

(g) Forfeiture of Remaining Restricted Shares. In the event that the Employee violates any of the provisions of Appendix A, which
is incorporated herein by reference, all outstanding vested or unvested Restricted Shares shall be forfeited and canceled. Notwithstanding that certain Restrictive Covenants in Appendix A apply for only a limited period following Termination of
Employment, in the event that the Employee’s employment with the Company terminates by reason of retirement in accordance with Section 2.01(f) above, the Employee will forfeit any outstanding Remaining Restricted Shares that were issued
pursuant to Section 2.01(a) if the Employee does not comply with all Restrictive Covenants in Appendix A until the earlier of the relevant Vesting Date and the date the Remaining Restricted Shares otherwise become vested in accordance with
Section 2.01(h) (such date, the “Restricted Share Delivery Date”). Furthermore, in the event that the Employee incurs a Termination of Employment for Cause, the Employee will forfeit all outstanding Remaining Restricted Shares that
were issued pursuant to Section 2.01(a). 
 (h) Accelerated Vesting Events. Notwithstanding the foregoing, in the
event of a Change in Control, any unvested but outstanding Remaining Restricted Shares shall automatically vest as of the date of such Change in Control. Furthermore, in the event that the Employee dies following the Retirement Eligibility Issue
Date but prior to the end of the Restriction Period, any unvested but outstanding Remaining Restricted Shares shall automatically vest as of the date of death. 
 SECTION 2.02. Delivery of Certificates or Book Entry Credits; Restrictions on Remaining Restricted Shares. The Remaining Restricted Shares shall be evidenced in such manner as the Committee may
deem appropriate, including book-entry registration or issuance of one or more stock certificates. Any certificate or book entry credit issued or entered in respect of the Remaining Restricted Shares shall be registered in the Employee’s name
and shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to the Remaining Restricted Shares, substantially in the following form: 
 “The transferability of the shares of stock represented hereby is subject to the terms and conditions (including forfeiture) of the Lazard Ltd 2008 Incentive Compensation Plan and an Award Agreement,
as well as the terms and conditions of applicable law. Copies of such Plan and Agreement are on file at the offices of Lazard Ltd.” 
 The
Employee agrees that the certificates or book entry credits evidencing title of the Remaining Restricted Shares shall be held in escrow by the Designated Escrow Agent until the relevant Restricted Share Delivery Date and that, as a condition of the
Company’s issuance of the Remaining Restricted Shares, the Employee shall have delivered to the Company a stock power, endorsed in blank, relating to such Remaining Restricted Shares. If and when the relevant Restricted Share Delivery Date
occurs with respect to the Remaining Restricted Shares, provided that the Remaining Restricted Shares have not been forfeited pursuant to Section 2.01(g), the 

  
 6 

 
legend shall be removed from the certificates or book entry credits evidencing such Shares. As soon as practicable (but in no event more than 30 days) after the relevant Restricted Share Delivery
Date, the Company shall, subject to Section 2.01(d), cause the Designated Escrow Agent to transfer to the Employee one or more unlegended, freely-transferable stock certificates or book entry credits in respect of such Remaining Restricted
Shares. Notwithstanding the foregoing, the Company shall be entitled to hold the Remaining Restricted Shares until the Company shall have received from the Employee a duly executed Form W-9 or W-8, as applicable. 

SECTION 2.03. Nontransferability of Remaining Restricted Shares. All Remaining Restricted Shares shall remain subject to the
restrictions set forth in this Agreement, including the forfeiture provisions set forth in Section 2.01(g), until the relevant Restricted Share Delivery Date. Prior to the relevant Restricted Share Delivery Date, the Remaining Restricted Shares
shall not be transferable by the Employee, and neither the Employee nor its creditors shall have the right to subject the Remaining Restricted Shares to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, hedge, exchange,
attachment or garnishment or any similar transaction. 
 SECTION 2.04. Dividends, Rights as a Shareholder. Subject to
Section 2.01(g) and Section 2.03 and any other applicable law or agreement, from and after the Retirement Eligibility Issue Date, the Employee will have all rights and privileges of a shareholder with respect to the Restricted Shares
(including the Remaining Restricted Shares), including the right to vote the Restricted Shares and to receive dividends and other distributions with respect thereto, provided that, any dividends or other distributions that are paid on the Remaining
Restricted Shares prior to the relevant Restricted Share Delivery Date (whether payable in cash or in kind) will be held by the Designated Escrow Agent until the relevant Restricted Share Delivery Date. In the event that any Remaining Restricted
Shares are forfeited in accordance with Section 2.01(g), all dividends and other distributions held by the Designated Escrow Agent with respect to such Remaining Restricted Shares will also be forfeited. 

SECTION 2.05. Disgorgement of Tax Benefits. In the event that the Employee retires from the Company in accordance with
Section 2.01(f) and, after the Employee’s retirement, the Employee forfeits the Remaining Restricted Shares and the dividends held by the Designated Escrow Agent, the Employee shall disgorge to the Company any current or future tax benefit
the Employee may derive from the forfeiture of any Restricted Shares at the time the Employee derives such tax benefit. The Employee agrees to use reasonable best efforts to claim any tax benefit from such forfeiture that the Company reasonably
determines is available to the Employee on all relevant tax returns. Notwithstanding the foregoing, this Section 2.05 shall not apply in the event of a Qualifying Termination, a Change in Control or a Termination of Employment due to death.

 SECTION 2.06. Qualifying Termination. In the event of a Qualifying Termination following the Retirement Eligibility
Issue Date, the Restrictive Covenants set forth in Appendix A that apply for only a limited period following Termination of Employment shall apply for such limited period, rather than until the relevant Restricted Share Delivery Date. 

  
 7 

 ARTICLE III 
 General Provisions 
 SECTION 3.01. Effect of Agreement. Except as
otherwise provided hereunder, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company. The invalidity or enforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement. Nothing in this Agreement or the Plan shall confer upon the Employee any right to continue in the employ of the Company or any of its Affiliates or interfere in any way with the right of the
Company or any such Affiliates to terminate the Employee’s employment at any time. Until Shares are actually delivered to the Employee upon settlement of the Stock Units, the Employee shall not have any rights as a shareholder with respect to
the Stock Units, except as specifically provided herein. 
 SECTION 3.02. Laws Applicable to Construction; Consent to
Jurisdiction. (a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York (United States of America), without regard to principles of conflict of laws which could cause the application of the
law of any jurisdiction other than the State of New York. In addition to the terms and conditions set forth in this Agreement and Appendix A, the Stock Units and Restricted Shares are subject to the terms and conditions of the Plan, which is hereby
incorporated by reference. By signing this Agreement, the Employee agrees to and is bound by the Plan and the restrictive covenants set forth in Appendix A. 
 (b) Any controversy or claim between the Employee and the Company or its Affiliates arising out of or relating to or concerning the provisions of this Agreement or the Plan shall be finally settled by
arbitration in New York City before, and in accordance with the rules then obtaining of, the Financial Industry Regulatory Authority (“FINRA”) or, if FINRA declines to arbitrate the matter, the American Arbitration Association (the
“AAA”) in accordance with the commercial arbitration rules of the AAA. 
 (c) The Employee and the Company hereby
irrevocably submit to the exclusive jurisdiction of any state or federal court located in the City of New York over any suit, action, or proceeding arising out of relating to or concerning this Agreement or the Plan that is not otherwise required to
be arbitrated or resolved in accordance with the provisions of Section 3.02(b). This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. The Employee and the Company acknowledge that the forum
designated by this Section 3.02(c) has a reasonable relation to this Agreement, and to the Employee’s relationship to the Company. Notwithstanding the foregoing, nothing herein shall preclude the Company or the Employee from bringing any
action or proceeding in any other court for the purpose of enforcing the provisions of Section 3.02(a), 3.02(b) or this Section 3.02(c). The agreement of the Employee and the Company as to forum is independent of the law that may be
applied in the action, and the Employee and the Company agree to such forum even if the forum may under applicable law choose to apply non-forum law. The Employee and the Company hereby waive, to the fullest extent permitted by applicable law, any
objection which the Employee or the Company now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in this Section 3.02(c). The

  
 8 

 
Employee and the Company undertake not to commence any action arising out of or relating to or concerning this Agreement in any forum other than a forum described in this Section 3.02(c),
or, to the extent applicable, Section 3.02(b). The Employee and the Company agree that, to the fullest extent permitted by applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court shall be
conclusive and binding upon the Employee and the Company. 
 SECTION 3.03. Conflicts and Interpretation. In the event of
any conflict between this Agreement and the Plan, the Plan shall control. In the event of any ambiguity in this Agreement, or any matters as to which this Agreement is silent, the Plan shall govern including, without limitation, the provisions
thereof pursuant to which the Committee has the power, among others, to (i) interpret the Plan, (ii) prescribe, amend and rescind rules and regulations relating to the Plan, and (iii) make all other determinations deemed necessary or
advisable for the administration of the Plan. 
 SECTION 3.04. Amendment. Any modification, amendment or waiver to this
Agreement that shall materially impair the rights of the Employee with respect to the Stock Units or the Restricted Shares shall require an instrument in writing to be signed by both parties hereto, except such a modification, amendment or waiver
made to cause the Plan or the Stock Units or the Restricted Shares to comply with applicable law, tax rules, stock exchange rules or accounting rules and which is made to similarly situated employees. The waiver by either party of compliance with
any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 

SECTION 3.05. Sections 409A and 457A of the Code. It is intended that the Stock Units and the Restricted Shares shall be exempt
from Sections 409A and 457A of the Code pursuant to the “short-term deferral” rule applicable to each such section, as set forth in the regulations or other guidance published by the Internal Revenue Service thereunder. 

SECTION 3.06. Headings. The headings of paragraphs herein are included solely for convenience of reference and shall not affect
the meaning or interpretation of any of the provisions of this Agreement. 
 SECTION 3.07. Counterparts. This Agreement
may be executed in counterparts, which together shall constitute one and the same original. 

  
 9 

 IN WITNESS WHEREOF, as of the date first above written, the Company has caused this
Agreement to be executed on behalf of its applicable Affiliate by a duly authorized officer and the Employee has hereunto set the Employee’s hand. 

 

					
	LAZARD LTD,
			
		 	by	 	  

		 	Name:	 	
		 	Title:	 	
			
		 		 	  

  
 10 

 APPENDIX A 
 Restrictive Covenants 
 The Employee acknowledges that the grant of the
Stock Units and/or Restricted Shares pursuant to the Stock Unit and Restricted Stock Agreement (the “Agreement”) confers a substantial benefit upon the Employee, and agrees to the following covenants, which are designed, among other
things, to protect the interests of the Company and its Affiliates (collectively, the “Firm”) in confidential and proprietary information, trade secrets, customer and employee relationships, orderly transition of responsibilities, and
other legitimate business interests. The Employee acknowledges that, pursuant to Sections 1.01(e) and 2.01(g) of the Agreement, all outstanding vested or unvested Stock Units and, if applicable, all Remaining Shares or Remaining Restricted Shares,
will be forfeited upon a violation by the Employee of the following covenants: 
 SECTION 1 Confidential Information. The
Employee shall not at any time (whether prior to or following the Employee’s Termination of Employment) disclose or use for the Employee’s own benefit or purposes or the benefit or purposes of any other person, corporation or other
business organization or entity, other than the Firm, any trade secrets, information, data, or other confidential or proprietary information relating to the customers, developments, programs, plans or business and affairs of the Firm, provided that
the foregoing shall not apply to information that is not unique to the Firm or that is generally known to the industry or the public other than as a result of the Employee’s breach of this covenant or as required pursuant to an order of a
court, governmental agency or other authorized tribunal (provided that the Employee shall provide the Firm prior written notice of any such required disclosure). The Employee agrees that upon the Employee’s Termination of Employment, the
Employee or, in the event of the Employee’s death, the Employee’s heirs or estate at the request of the Firm, shall return to the Firm immediately all books, papers, plans, information, letters and other data, and all copies thereof or
therefrom, in any way relating to the business of the Firm. Without limiting the foregoing, the existence of, and any information concerning, any dispute between the Employee and the Firm shall be subject to the terms of this Section 1, except
that the Employee may disclose information concerning such dispute to the arbitrator or court that is considering such dispute, and to the Employee’s legal counsel, spouse or domestic partner, and tax and financial advisors (provided that such
persons agree not to disclose any such information). 
 SECTION 2 Non-Competition. The Employee acknowledges and
recognizes the highly competitive nature of the businesses of the Firm. The Employee further acknowledges that the Employee has been and shall be provided with access to sensitive and proprietary information about the clients, prospective clients,
knowledge capital and business practices of the Firm, and has been and shall be provided with the opportunity to develop relationships with clients, prospective clients, consultants, employees, representatives and other agents of the Firm, and the
Employee further acknowledges that such proprietary information and relationships are extremely valuable assets in which the Firm has invested and shall continue to invest substantial time, effort and expense. The Employee agrees that while employed
by the Firm and thereafter until 

 
(i) (A) three months after the Employee’s date of Termination of Employment for any reason other than a termination by the Firm without Cause or (B) one month after the date
of the Employee’s Termination of Employment by the Firm without Cause (in either case, the date of such Termination of Employment, the “Date of Termination”) or (ii) the end of any longer period during which any similar covenants
would be applicable to the Employee pursuant to any other agreement between the Employee and the Firm (such period, the “Noncompete Restriction Period”), the Employee shall not, directly or indirectly, on the Employee’s behalf or on
behalf of any other person, firm, corporation, association or other entity, as an employee, director, advisor, partner, consultant or otherwise, provide services or perform activities for, or acquire or maintain any ownership interest in, a
“Competitive Enterprise.” For purposes of this Appendix, “Competitive Enterprise” shall mean a business (or business unit) that (x) engages in any activity or (y) owns or controls a significant interest in any entity
that engages in any activity, that in either case, competes anywhere with any activity that is similar to an activity in which the Firm is engaged up to and including the Employee’s Date of Termination. Notwithstanding anything in this
Appendix, the Employee shall not be considered to be in violation of this Appendix solely by reason of owning, directly or indirectly, any stock or other securities of a Competitive Enterprise (or comparable interest, including a voting or profit
participation interest, in any such Competitive Enterprise) if the Employee’s interest does not exceed 5% of the outstanding capital stock of such Competitive Enterprise (or comparable interest, including a voting or profit participation
interest, in such Competitive Enterprise). The Employee acknowledges that the Firm is engaged in business throughout the world. Accordingly, and in view of the nature of the Employee’s position and responsibilities, the Employee agrees that the
provisions of this Section 2 shall be applicable to each jurisdiction, foreign country, state, possession or territory in which the Firm may be engaged in business while the Employee is providing services to the Firm. 

SECTION 3 Nonsolicitation of Clients. The Employee hereby agrees that during the Noncompete Restriction Period, the Employee shall
not, in any manner, directly or indirectly, (i) Solicit a Client to transact business with a Competitive Enterprise or to reduce or refrain from doing any business with the Firm, to the extent the Employee is soliciting a Client to provide them
with services the performance of which would violate Section 2 above if such services were provided by the Employee, or (ii) interfere with or damage (or attempt to interfere with or damage) any relationship between the Firm and a Client.
For purposes of this Appendix, the term “Solicit” means any direct or indirect communication of any kind whatsoever, regardless of by whom initiated, inviting, advising, persuading, encouraging or requesting any person or entity, in any
manner, to take or refrain from taking any action, and the term “Client” means any client or prospective client of the Firm to whom the Employee provided services, or for whom the Employee transacted business, or whose identity became
known to the Employee in connection with the Employee’s relationship with or employment by the Firm, whether or not the Firm has been engaged by such Client pursuant to a written agreement; provided that an entity which is not a client of the
Firm shall be considered a “prospective client” for purposes of this sentence only if the Firm made a presentation or written proposal to such entity during the 12-month period preceding the Date of Termination or was preparing to make
such a presentation or proposal at the time of the Date of Termination. 

  
 2 

 SECTION 4 No Hire of Employees. The Employee hereby agrees that while employed by the
Firm and thereafter until (i) six months after the Date of the Termination of Employment for any reason or (ii) the end of any longer period during which any similar covenants would be applicable to the Employee pursuant to any other
agreement between the Employee and the Firm (such period, the “No Hire Restriction Period”), the Employee shall not, directly or indirectly, for himself or on behalf of any third party at any time in any manner, Solicit, hire, or otherwise
cause any employee who is at the associate level or above (including, without limitation, managing directors), officer or agent of the Firm to apply for, or accept employment with, any Competitive Enterprise, or to otherwise refrain from rendering
services to the Firm or to terminate his or her relationship, contractual or otherwise, with the Firm, other than in response to a general advertisement or public solicitation not directed specifically to employees of the Firm. 

SECTION 5 Nondisparagement. The Employee shall not at any time (whether prior to or following the Employee’s Termination of
Employment), and shall instruct the Employee’s spouse, domestic partner, parents, and any of their lineal descendants (it being agreed that in any dispute between the parties regarding whether the Employee breached such obligation to instruct,
the Firm shall bear the burden of demonstrating that the Employee breached such obligation) not to, make any comments or statements to the press, employees of the Firm, any individual or entity with whom the Firm has a business relationship or any
other person, if such comment or statement is disparaging to the Firm, its reputation, any of its affiliates or any of its current or former officers, members or directors, except for truthful statements as may be required by law. 

SECTION 6 Notice of Termination Required. The Employee agrees to provide a period of advance written notice to the Firm prior to
the Employee’s Termination of Employment equal to (i) three months or (ii) any longer notice period required pursuant to any other agreement between the Employee and the Firm. The Employee hereby agrees that, if, during the
three-month period after the Employee has provided notice of termination to the Firm or prior thereto, the Employee enters (or has entered into) a written agreement to provide services or perform activities for a Competitive Enterprise that would
violate Section 2 if performed during the Noncompete Restriction Period, such action shall be deemed a violation of this Section 6. 
 SECTION 7 Covenants Generally. The Employee’s covenants as set forth in this Appendix are referred to herein as the “Covenants.” If any of the Covenants is finally held to be
invalid, illegal or unenforceable (whether in whole or in part), such Covenant shall be deemed modified to the extent, but only to the extent, of such invalidity, illegality or unenforceability and the remaining such Covenants shall not be affected
thereby; provided, however, that if any of such Covenants is finally held to be invalid, illegal or unenforceable because it exceeds the maximum scope determined to be acceptable to permit such provision to be enforceable, such Covenant shall
be deemed to be modified to the minimum extent necessary to modify such scope in order to make such 

  
 3 

 
provision enforceable hereunder. The Employee hereby agrees that prior to accepting employment with any other person or entity during his period of service with the Firm or during the Noncompete
Restriction Period or the No Hire Restriction Period, the Employee shall provide such prospective employer with written notice of the provisions of this Appendix, with a copy of such notice delivered no later than the date of the Employee’s
commencement of such employment with such prospective employer, to the General Counsel of the Company. The Employee acknowledges and agrees that the terms of the Covenants: (i) are reasonable in light of all of the circumstances, (ii) are
sufficiently limited to protect the legitimate interests of the Firm, (iii) impose no undue hardship on the Employee and (iv) are not injurious to the public. The Employee acknowledges and agrees that the Employee’s breach of the
Covenants will cause the Firm irreparable harm, which cannot be adequately compensated by money damages. The Employee further acknowledges that the Covenants and notice period requirements set forth herein shall operate independently of, and not
instead of, any other restrictive covenants or notice period requirements to which the Employee is subject pursuant to other plans and agreements involving the Firm. 

  
 4Intellectual Property Agreement

 Exhibit 10.1 
 INTELLECTUAL PROPERTY AGREEMENT 
 This Intellectual Property Agreement
(“Agreement”) effective as of the Closing Date, is by and between Intel Corporation, a Delaware corporation (“Buyer”), and Cray Inc., a Washington corporation (“Seller”). Buyer and Seller are
sometimes referred to in this Agreement as the “Parties” and each individually as a “Party.” Capitalized terms used in this Agreement but not otherwise defined will have the meanings set forth in Appendix A to this Agreement.

 A.        Buyer and Seller have entered into the Asset Purchase Agreement and certain
Transaction Documents pursuant to which Buyer is acquiring the Purchased Assets. 

B.        In connection with the transactions contemplated by the Asset Purchase Agreement,
Seller desires to obtain from Buyer, and Buyer desires to grant to Seller, a nonexclusive license to certain intellectual property rights within the Purchased Assets. 
 In consideration of the foregoing and the representations, warranties, covenants and agreements contained in this Agreement, the Asset Purchase Agreement and Transaction Documents, and intending to be
legally bound hereby, the Parties agree as follows: 
 ARTICLE I 

LICENSES TO SELLER 

Section 1.1        Buyer Licensed Patent License.    Subject to Section 1.7
(Agreed-Upon Exclusions) and the other terms and conditions of this Agreement, Buyer hereby grants and agrees to grant to Seller and its Licensed Subsidiaries, an irrevocable (except as set forth in Article III), perpetual, fully-paid, royalty-free,
worldwide, nonexclusive, and nontransferable (except as set forth in Section 6.14 (Assignment)) license (without the right to sublicense except as set forth in Section 1.5 (Rights Upon Divestiture) and in this Section 1.1) under the
Buyer Licensed Patents to make, have made, use, sell (directly or indirectly), offer to sell, import, and otherwise dispose of any products and services (such license, the “Buyer Licensed Patents License”). Subject to
Section 1.7 (Agreed-Upon Exclusions), Seller and its Licensed Subsidiaries may grant sublicenses of the Buyer Licensed Patents License to third parties to facilitate the development, manufacture, commercialization, and use of any products or
services of Seller and its Licensed Subsidiaries. 
 Section 1.2        Buyer Licensed Copyrights
License.    Subject to Section 1.7 (Agreed-Upon Exclusions) and the other terms and conditions of this Agreement, Buyer hereby grants and agrees to grant to Seller and its Licensed Subsidiaries, an irrevocable (except as
set forth in Article III), perpetual, fully-paid, royalty-free, worldwide, nonexclusive, and nontransferable (except as set forth in Section 6.14 (Assignment) license under the Buyer Licensed Copyrights: (a) to reproduce, distribute,
display, and perform Current Use Materials, in each case, solely in connection with the manufacture, procurement, use, assembly, testing, marketing, distribution, fulfillment, sale, delivery, provision, configuration, installation, service, and
other commercialization of the Current Seller ASICs to which such Current Use Materials pertain; and (b) to make derivative works of the Current Use Materials in order to perform Permitted Fixes as

 
defined in Section 1.8 (Permitted Fixes) (such license, the “Buyer Licensed Copyrights License”). Subject to Section 1.7 (Agreed-Upon Exclusions), Seller and its
Licensed Subsidiaries may grant sublicenses of the Buyer Licensed Copyrights License to third parties in connection with the manufacture, procurement, use, assembly, testing, marketing, distribution, fulfillment, sale, delivery, provision,
configuration, installation, service, and other commercialization of the Current Seller ASICs to which such Current Use Materials pertain, or in connection with the performance of Permitted Fixes, provided that any disclosure to such third parties
of Buyer Licensed Trade Secrets embodied in Works of Authorship covered by the Buyer Licensed Copyrights (and any use of such Buyer Licensed Trade Secrets by such third parties) will be only as permitted by Section 1.3 (Buyer Licensed Trade
Secrets License) and Article II. 
 Section 1.3        Buyer Licensed Trade Secrets
License.    Subject to Section 1.7 (Agreed-Upon Exclusions) and the other terms and conditions of this Agreement, Buyer hereby grants and agrees to grant to Seller and its Licensed Subsidiaries, an irrevocable (except as
set forth in Article III), perpetual, fully-paid, royalty-free, worldwide, nonexclusive, and nontransferable (except as set forth in Section 6.14 (Assignment) license under the Buyer Licensed Trade Secrets to use the Buyer Licensed Trade
Secrets (such license, the “Buyer Licensed Trade Secrets License”). The Buyer Licensed Trade Secrets will be deemed Confidential Information of Buyer and the Buyer Trade Secret License will be subject to the terms and conditions of
Article II. But, subject to Section 1.7 (Agreed-Upon Exclusions), Seller and its Licensed Subsidiaries may disclose the Buyer Licensed Trade Secrets to and allow use of the Buyer Licensed Trade Secrets by third parties as reasonably necessary
in connection with the research, development, design, manufacture, procurement, use, assembly, testing, marketing, qualification, distribution, fulfillment, sale, delivery, provision, configuration, installation, service, and other commercialization
of the products and services of Seller and its Licensed Subsidiaries (and, as applicable, the products and services of any third party to whom the Buyer Licensed Trade Secrets License is sublicensed pursuant to Section 1.5), provided that such
third parties are bound in writing by confidentiality terms at least as protective as those set forth in Article II. Except as expressly set forth in the preceding sentence or as expressly permitted by Article II, Seller and its Licensed
Subsidiaries will not (and will have no right to) disclose or allow any third party to use any Buyer Licensed Trade Secret. To avoid doubt, neither Seller’s transfer and assignment to Buyer of Trade Secrets pursuant to the Asset Purchase
Agreement, nor the Buyer Licensed Trade Secrets License, nor any restrictions or limitations on that license as set forth in this Agreement, will be construed to limit Seller’s rights set forth in Addendum No. 1 to the CNDA (as defined in
the Asset Purchase Agreement) with respect to Residuals (as defined therein). 
 Section
1.4        Buyer Licensed Trademarks License.    Subject to Section 1.7 (Agreed-Upon Exclusions) and the other terms and conditions of this Agreement, Buyer hereby grants and
agrees to grant to Seller and its Licensed Subsidiaries, a fully-paid, royalty-free, worldwide, nontransferable (except as set forth in Section 6.14 (Assignment)) license under the Buyer Licensed Trademarks to use and display the Buyer Licensed
Trademarks in connection with the marketing, promotion, advertisement, distribution, fulfillment, lease, sale, delivery, provision, configuration, installation, service or other commercialization of the Current Seller ASICs (such license, the
“Buyer Licensed Trademarks License”). Seller and its Licensed Subsidiaries will use and display the Buyer Licensed Trademarks only in connection with Current Seller ASICs 

  
 2 

 
that are of a quality that is consistent with the quality of the Current Seller ASICs as commercialized by Seller, and only in substantially the same manner as used by Seller, in the twelve
(12) months prior to the Closing Date. Seller shall comply with any reasonable trademark usage guidelines of Buyer with respect to the use by Seller of the Buyer Licensed Trademarks, as furnished to Seller by Buyer from time to time. All
proprietary rights and goodwill in the Buyer Licensed Trademarks arising from use by Seller shall inure to the benefit of Buyer. If, by operation of law or otherwise, Seller is deemed to acquire or own any rights in the Buyer Licensed Trademarks,
Seller hereby assigns any such rights to Buyer, and at the request of Buyer, shall execute any and all documents necessary to confirm or otherwise establish the rights of Buyer therein. Subject to Section 1.7 (Agreed-Upon Exclusions), Seller
and its Licensed Subsidiaries may grant sublicenses of the Buyer Licensed Trademarks consistent with the terms of this Agreement to third parties in connection with the marketing, promotion, advertisement, distribution, fulfillment, lease, sale,
delivery, provision, configuration, installation, service or other commercialization of the Current Seller ASICs. 
 Section
1.5        Rights Upon Divestiture.    Subject to Article III, the license rights granted under this Agreement to each Licensed Subsidiary of Seller shall continue in force
notwithstanding any divestiture by Seller of such Licensed Subsidiary or any other transaction or event that causes such Licensed Subsidiary to cease to be a Subsidiary of Seller. In addition, subject to Article III, if Seller or any Licensed
Subsidiary sells, spins-out, or otherwise transfers to a third party in one transaction or a series of related transactions all or substantially all of the assets related to any Seller or Licensed Subsidiary business that practices under any of the
licenses granted under this Agreement, Seller or the Licensed Subsidiary may sublicense its rights under such licenses to allow such third party: (a) to practice such licenses in connection with the use of such assets or the continued operation
of such Seller or Licensed Subsidiary business; and (b) to grant further sublicenses, under these same terms, in the event of subsequent divestitures. To avoid doubt, all such rights retained by Licensed Subsidiaries and all such sublicenses
granted by Seller or any Licensed Subsidiary or sublicensee are subject to Section 1.7 (Agreed-Upon Exclusions); provided, however, that a sublicense granted under this Section 1.5 will not, in and of itself, be construed as a violation of
clause (a)(i) of Section 1.7. 
 Section 1.6        Licenses by
Subsidiaries.    To the extent that any of the Buyer Licensed Patents, Buyer Licensed Copyrights, Buyer Licensed Trade Secrets, or Buyer Licensed Trademarks are owned by any Subsidiary of Buyer, Buyer grants the licenses set
forth in this Agreement on behalf of itself and such Subsidiary, and Buyer represents and warrants that it has full power and authority to grant such licenses on such Subsidiary’s behalf. If a Subsidiary of Buyer ceases to be a Subsidiary of
Buyer and holds, as of such time, any Patents, Copyrights, Trade Secrets, or Trademarks under which Seller and its Licensed Subsidiaries are licensed under this Agreement, or if Buyer or any of its Subsidiaries transfers or assigns any such Patents,
Copyrights, Trade Secrets, or Trademarks to any third party, such licenses will nevertheless continue for the term defined in this Agreement (and will remain subject to the applicable restrictions, limitations and termination rights as set forth in
this Agreement). 

  
 3 

 Section 1.7        Agreed-Upon Exclusions. 

 

	(a)	All rights, interests and licenses granted by Buyer to Seller under this Agreement, and all sublicenses of such rights, interests and licenses granted by Seller, are
and will remain subject to the exclusions, limitations and restrictions described in this Section 1.7. Seller has no right to and will not: (i) license or sublicense the distribution, selling, or other commercialization of any Interconnect
Products on a stand-alone or substantially stand-alone basis (including in any OEM-type licensing or other arrangement for integration or use in any third-party products or systems) without the prior written consent of Buyer, except to the extent
set forth in Section 1.8 (Permitted Fixes); (ii) sell any Interconnect Products on a stand-alone or substantially stand-alone basis (including in any OEM-type relationship or otherwise for integration or use in any third-party products or
systems), except to the extent set forth in Section 1.8 (Permitted Fixes) or to Designated Government Agencies for their internal use in connection with Seller’s custom engineering services; (iii) permit any third party (by way of any
license, transfer, sublicense or otherwise) to integrate tangible embodiments of any Buyer Licensed Patents, Buyer Licensed Copyrights, or Buyer Licensed Trade Secrets, into any Processors or to use Buyer Licensed Trademarks in connection with any
Processors; and (iv) without limiting the foregoing, license or sublicense any Buyer Licensed Patents, Buyer Licensed Copyrights, Buyer Licensed Trade Secrets, or Buyer Licensed Trademarks to, or disclose Buyer Licensed Trade Secrets to or
allow Buyer Licensed Trade Secrets to be used by, any of the Designated Entities or any of their respective Affiliates. For the avoidance of doubt, the licenses granted by this Agreement shall remain subject to the foregoing exclusions, limitations
and restrictions in this Section 1.7 notwithstanding any transfer or sublicense (whether by assignment, acquisition or otherwise). In no event may Seller transfer or assign (and Seller has no right to transfer or assign) this Agreement or any
of its rights or interests hereunder, whether directly or indirectly, by operation of law, acquisition, merger, as a result of liquidation or dissolution, or otherwise, to any of the Designated Entities or any of their respective Affiliates, without
the prior written approval of Buyer, and any such attempted transfer or assignment will be null and void and without effect; provided, however (but without limiting Article III), any then-existing sublicenses validly granted under this Agreement,
and the rights of any previously divested Licensed Subsidiary under this Agreement, shall survive any such attempted transfer or assignment of this Agreement. 

 

	(b)	Notwithstanding anything to the contrary in this Agreement, if Seller provides written notice to Buyer that Seller reasonably believes that Buyer has suspended (for a
continuous period of more than six (6) months) or canceled the Buyer Interconnect Program intended for the high-end of the high performance computing market (i.e. the “Top 100”) and Buyer does not provide a written notice to Seller
with adequate assurances to the contrary within thirty (30) days of Seller’s notice, then any field-of-use, non-compete, and other exclusions, limitations and restrictions on the licenses granted to Seller and its Subsidiaries (including
but not limited to those described in this Section 1.7) will be terminated and of no further force and effect thereafter. 

Section 1.8        Permitted Fixes.    To the extent necessary to (a) perform bug
fixes, minor modifications and re-spins to make the Current Seller ASICs suitable for general availability 

  
 4 

 
(“GA”) release, (b) fix, correct and address bug fixes, problems and errors in the Current Seller ASICs identified after GA release or (c) make other minor modifications and
minor improvements to the Current Seller ASICs in connection with the foregoing (such activities, collectively, “Permitted Fixes”), Seller will be excused from the exclusions, limitations, and restrictions set forth in
Section 1.7(a)(i), Section 1.7(a)(ii) and Section 1.7(a)(iii). At Seller’s expense, via the delivery method specified by Buyer, Seller shall promptly deliver to Buyer all such information regarding Permitted Fixes that would (but
for the absence of Excluded Seller Interconnect Technology) allow engineers with experience reasonably commensurate with that of the Identified Employees (as defined in the Asset Purchase Agreement) to implement the Permitted Fixes in the materials
already provided to Buyer, but in no case shall such information encompass Excluded Seller Interconnect Technology (as defined in the Asset Purchase Agreement). Seller hereby assigns and agrees to assign to Buyer all right, title and interest in and
to the Permitted Fixes, and such Permitted Fixes (and all Intellectual Property Rights therein) will be included within the scope of Buyer Licensed Patents License, Buyer Licensed Copyrights License, Buyer Licensed Trade Secrets License and Buyer
Licensed Trademarks License granted under this Agreement. At Seller’s expense and during the term of the Escrow Agreement, Seller will also forward updated Deposit Materials (as defined in the Escrow Agreement) to the Escrow Agent once per
calendar quarter in which Permitted Fixes were prepared. 
 Section 1.9        GHAL
License.    Buyer acknowledges that the Software included in the Assigned Technology and known as the Generic Hardware Abstraction Layer (“GHAL”) is intended for use in conjunction with a Linux operating
environment. To maintain license compatibility with that operating environment, Buyer hereby authorizes Seller to redistribute and/or modify the GHAL under the terms of the GNU General Public License as published by the Free Software Foundation,
version 2 or any later version (the “GPL”) (see www.gnu.org/licenses/gpl-2.0.html). The license limitations, restrictions, and conditions set forth in this Agreement (including but not limited to any restrictions on
distribution or disclosure of source code) shall not apply to the GHAL to the extent they conflict with the terms of the GPL. 

ARTICLE II 

CONFIDENTIAL INFORMATION 

Section 2.1        Confidential Information.    “Confidential
Information” of Buyer means the Buyer Licensed Trade Secrets. 
 Section
2.2        Confidentiality Obligations.    Seller will use Confidential Information of Buyer only as expressly permitted by the Buyer Licensed Trade Secrets License. Except as
expressly permitted by Section 1.3 (Buyer Licensed Trade Secrets License), Seller will not disclose Confidential Information of Buyer to any third party. Seller will use at least the same degree of care to protect the Confidential Information
of Buyer that it uses to protect its own Trade Secrets of a similar nature and, in any event, no less than a reasonable degree of care. 

  
 5 

 Section 2.3        Scope.    Confidential
Information does not include, and the restrictions set forth in Section 2.2 (Confidentiality Obligations) will not apply to any information that (a) is or has been disclosed publicly by Buyer or a third party through no fault of Seller;
(b) is rightfully received by Seller from a third party that is not bound by a duty of confidentiality to Discloser; or (c) is independently developed by Seller without use of Buyer’s Confidential Information. In addition, a
disclosure by Seller will not be a breach of this Article II to the extent such disclosure is compelled pursuant to legal, judicial, or administrative proceedings, or otherwise required by law, or court, governmental, or regulatory authority. In the
event of such compelled disclosure, Seller will use reasonable efforts to advise Buyer of such disclosure in a timely manner prior to making such disclosure so that Buyer may apply for such legal protection as may be available to limit the scope of
such compelled disclosure and preserve the confidentiality of the information which is required to be disclosed. 
 ARTICLE
III 
 EFFECTIVE DATE, TERM AND TERMINATION 
 This Agreement and the rights and licenses granted and retained hereunder will become effective on the Closing Date, and will continue perpetually thereafter, provided that (a) Buyer may terminate
the Buyer Licensed Trademark License, with respect to Seller or any Licensed Subsidiary, in the event that Seller or such Licensed Subsidiary materially breaches any of the conditions or obligations set forth in Section 1.4 and fails to cure
such breach within thirty (30) days after notice from Buyer; and (b) without limiting Section 1.7 and notwithstanding anything to the contrary in Section 1.7, the licenses granted hereunder to any Licensed Subsidiary will
automatically terminate without any action required by the Parties if Seller divests, sells, spins-out or otherwise transfers such Licensed Subsidiary, to any of the Designated Entities or any of their respective Affiliates. 

ARTICLE IV 

LIMITATIONS 
 No rights or
licenses are granted to any Party under this Agreement, by implication, estoppel, statute, or otherwise, except as expressly provided in Article I. The rights and licenses granted by Buyer in Article I will not include or result in any license,
release, covenant, or other rights being provided to Seller by implication, estoppel, statute, or otherwise, with respect to any additional Intellectual Property or Intellectual Property Rights of Buyer, even if such additional Intellectual Property
or Intellectual Property Rights are necessary for Seller to exercise the rights expressly granted in this Agreement. Nothing in this Agreement will be construed to require any delivery of any physical devices, Software, source code, object code, or
other items by any Party to another Party, or to require any support obligations whatsoever on the part of any Party with respect to any physical devices, Software, source code, object code, or other items; provided, however, that notwithstanding
anything to the contrary in the Asset Purchase Agreement or other Transaction Documents, Buyer acknowledges and agrees that Seller may retain copies of any Software, source code, object code, or other files or materials constituting tangible
embodiments of Buyer Licensed Copyrights, Buyer Licensed Trade Secrets and Buyer Licensed Trademarks as reasonably necessary to effectively exercise the license rights granted under this Agreement. 

  
 6 

 ARTICLE V 
 DISCLAIMERS; LIMITATION OF LIABILITY 
 Section
5.1        NO PARTY MAKES ANY REPRESENTATIONS OR WARRANTIES UNDER THIS AGREEMENT WITH RESPECT TO ANY INTELLECTUAL PROPERTY, INTELLECTUAL PROPERTY RIGHTS, OR ANY OTHER SUBJECT MATTER HEREOF. EACH PARTY’S
REPRESENTATIONS AND WARRANTIES WITH RESPECT TO THE SUBJECT MATTER OF THIS AGREEMENT ARE ONLY AS SET FORTH IN THE ASSET PURCHASE AGREEMENT (AND NOTHING IN THIS AGREEMENT WILL LIMIT ANY SUCH REPRESENTATIONS AND WARRANTIES MADE IN THE ASSET PURCHASE
AGREEMENT). EACH PARTY EXPRESSLY DISCLAIMS ALL REPRESENTATIONS OR WARRANTIES, EXPRESS, IMPLIED, ORAL OR WRITTEN, STATUTORY OR OTHERWISE, UNDER THIS AGREEMENT, INCLUDING ANY WARRANTY OF MERCHANTABILITY, NON-INFRINGEMENT OF THIRD PARTY INTELLECTUAL
PROPERTY RIGHTS, OR FITNESS FOR A PARTICULAR PURPOSE. 
 Section 5.2        NO PARTY WILL HAVE ANY
OBLIGATION HEREUNDER TO INSTITUTE ANY ACTION OR SUIT AGAINST THIRD PARTIES FOR INFRINGEMENT OF ANY OF ITS INTELLECTUAL PROPERTY RIGHTS OR TO DEFEND ANY ACTION OR SUIT BROUGHT BY A THIRD PARTY WHICH CHALLENGES OR CONCERNS ANY OF ITS INTELLECTUAL
PROPERTY RIGHTS. NONE OF THE PARTIES, NOR ANY OF THEIR RESPECTIVE SUBSIDIARIES, IS REQUIRED TO FILE ANY PATENT APPLICATION, OR TO SECURE ANY PATENT OR PATENT RIGHTS, OR TO MAINTAIN ANY PATENT IN FORCE. 

Section 5.3        WITHOUT LIMITATION OF ANY PARTY’S INDEMNIFICATION OR OTHER OBLIGATIONS UNDER THE ASSET
PURCHASE AGREEMENT OR OTHER TRANSACTION DOCUMENTS, IN NO EVENT WILL ANY PARTY BE LIABLE UNDER THIS AGREEMENT FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES OF ANY KIND, OR ANY LOST PROFITS, LOST REVENUE OR LOST BUSINESS, ARISING OUT
OF OR RELATING TO THIS AGREEMENT, WHETHER LIABILITY IS BASED IN CONTRACT, TORT, PRODUCT LIABILITY OR ANY OTHER THEORY OF LIABILITY. THE FOREGOING LIMITATION OF LIABILITY WILL APPLY REGARDLESS OF WHETHER A PARTY KNOWS, HAS BEEN ADVISED OF, OR SHOULD
HAVE KNOWN OF THE POSSIBILITY OF SUCH DAMAGES. 
 ARTICLE VI 

MISCELLANEOUS 
 Section
6.1        Entire Agreement.    This Agreement, the Asset Purchase Agreement and the other Transaction Documents constitute the entire agreement among the Parties hereto with
respect to the subject matter hereof and thereof and supersede all other prior and contemporaneous agreements and understandings, both written and oral, among the Parties with respect to the subject matter hereof. In the event of any conflict
or inconsistency between the terms of this 

  
 7 

 
Agreement and the terms of any other Transaction Document (as they pertain to the subject matter hereof), the terms of this Agreement shall govern. 

Section 6.2        Severability.    If any term or other provision of this Agreement
is invalid, illegal or incapable of being enforced by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, so long as the economic or legal substance of the
transaction contemplated by this Agreement is not affected in any manner materially adverse to any Party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible, in a mutually acceptable manner, in order that the Transactions shall be consummated as originally contemplated to the fullest extent
possible. 
 Section 6.3        Notices.    All notices
and other communications hereunder shall be in writing and shall be deemed duly given (i) on the date of delivery if delivered personally, (ii) if by facsimile, upon electronic confirmation of receipt by facsimile, provided that a
copy of such notice or other communication is promptly mailed by registered or certified mail, return receipt requested, postage prepaid, following the transmission of such facsimile, (iii) on the first (1st) Business Day following the date of dispatch if delivered utilizing
a next-day service by a nationally recognized next-day courier or (iv) on the earlier of confirmed receipt or the fifth (5th) Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested,
postage prepaid. In addition to the requirements of the immediately foregoing sentence, a copy (which copy shall not constitute notice) of all notices and other communications hereunder shall be sent by email, with the subject line “Project
Stillwater Notice.” All notices hereunder shall be delivered to the addresses set forth below: 
  

	(a)	if to Buyer: 

  

			
	 Intel Corporation

2200 Mission College Boulevard
 Santa Clara, CA
95054

	Attention:	  	 Marty Linné
 Kate
Merrill
 Edward Vermeer

	Fax:	  	(408) 653-8050
	Email:	  	Marty.M.Linne@intel.com
		  	 Kate.Merrill@intel.com

Edward.Vermeer@intel.com

	
	with a copy to (which copy shall not constitute notice):
	
	 Morrison & Foerster LLP
 425 Market Street
 San Francisco, CA 94109

	Attention:	  	 Robert S. Townsend

Paul Jahn

	Fax:	  	(415) 268-7522
	Email:	  	 rtownsend@mofo.com

pjahn@mofo.com

  
 8 

	(b)	if to Seller: 

  

			
	 Cray Inc.
 901
Fifth Avenue, Suite 1000
 Seattle, WA 98164

	Attention:	  	General Counsel
	Fax:	  	(206) 701-2218
	Email:	  	piraino@cray.com
	
	with a copy to (which copy shall not constitute notice):
	
	 Fenwick & West LLP
 1191 Second Avenue, Floor 10
 Seattle, WA 98101

	Attention:	  	Alan C. Smith
	Fax:	  	(206) 389-4511
	Email:	  	acsmith@fenwick.com

 or to such other address as the Party to whom notice is given may have previously furnished to the others in writing in
the manner set forth above. 
 Section 6.4        Attorneys’ Fees.    In
the event an Action is brought to enforce or interpret any provision of this Agreement, the prevailing Party shall be entitled to recover reasonable attorneys’ fees and costs in an amount to be fixed by the court. 

Section 6.5        Governing Law.    This Agreement shall be deemed to be made and in
all respects shall be interpreted, construed and governed by and in accordance with the Laws of the State of Delaware without regard to the conflicts of laws principles thereof. 
 Section 6.6        Submission to Jurisdiction.    The Parties hereby irrevocably submit to the jurisdiction of the courts of the State of
Delaware, and the federal courts of the U.S. sitting in Delaware solely in respect of the interpretation and enforcement of the provisions of this Agreement, and hereby waive, and agree not to assert, as a defense in any Action for the
interpretation or enforcement of this Agreement, the Transaction Documents or of any such other document, that it is not subject thereto or that such Action may not be brought or is not maintainable in said courts or that the venue thereof may not
be appropriate or that this Agreement, any Transaction Document or any such other document may not be enforced in or by such courts. The Parties hereby consent to and grant any such court jurisdiction over the Person of such Parties and over the
subject matter of such dispute and agree that mailing of process or other papers in connection with any such Action in the manner provided in Section 6.3 (Notices) as permitted by Applicable Law, shall be valid and sufficient service thereof.

  
 9 

 Section 6.7        Interpretation; Article and Section
References.    The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement. All references in this Agreement
to Articles, Sections, subsections, clauses, and Appendices are references to Articles, Sections, subsections, clauses, and Appendices, respectively, in and to this Agreement, unless otherwise specified. All words used in this Agreement will be
construed to be of such gender or number as the circumstances require. The words “include” or “including” mean “include, without limitation,” or “including, without limitation,” as the case may be, and the
language following “include” or “including” shall not be deemed to set forth an exhaustive list. The word “or” shall not be limiting or exclusive. References to days are to calendar days; provided, that any
action otherwise required to be taken on a day that is not a Business Day shall instead be taken on the next Business Day. Unless otherwise specifically provided or the context otherwise requires, all references in this Agreement to Seller mean and
shall refer to Seller and its Subsidiaries and each of their successors, assigns and (if applicable) predecessors-in-interest. As used in this Agreement, the singular or plural number shall be deemed to include the other whenever the context so
requires. All Appendices annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth herein. 
 Section 6.8        No Third Party Beneficiaries.    This Agreement shall be binding upon and inure solely to the benefit of each Party
hereto and its successors and permitted assigns and (to the extent set forth herein) its Subsidiaries and their successors and permitted assigns, and nothing in this Agreement is intended to or shall confer upon any other Person any legal or
equitable rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement. 
 Section
6.9        Counterparts; Electronic Signature.    This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original but all of which shall
constitute one and the same agreement. This Agreement may be executed by facsimile or electronic (.pdf) signature and a facsimile or electronic (.pdf) signature shall constitute an original for all purposes. 

Section 6.10        Amendment and Modification.    This Agreement may not be amended,
modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument in writing specifically designated as an amendment hereto, signed by an authorized representative of each of the Parties. 

Section 6.11        Specific Performance.    Each of the Parties hereby acknowledges
and agrees that it may cause irreparable injury to the other Party or Parties if any of the provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached, for which damages, even if available, may
not be an adequate remedy. Accordingly, each Party agrees that the other Party or Parties shall have the right to seek injunctive relief by any court of competent jurisdiction to prevent breaches of the provisions of this Agreement and to enforce
specifically this Agreement and the terms and provisions hereof in any action or proceeding, in addition to any other remedy to which it may be entitled, at law or in equity. 
 Section 6.12        Waivers.    No failure or delay of a Party in exercising any right or remedy hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such 

  
 10 

 
right or power, or any abandonment or discontinuance of steps to enforce such right or power, or any course of conduct, preclude any other or further exercise thereof or the exercise of any other
right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. Any agreement on the part of any Party to any such waiver shall be valid only
if set forth in a written instrument executed and delivered by such Party. 
 Section 6.13        No
Presumption Against Drafting Party.    The Parties agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any Applicable Law or rule of
construction providing that ambiguities in an agreement or other document will be construed against the Party drafting such agreement or document. 
 Section 6.14        Assignment.    Seller may not transfer or assign (or have any right to transfer or assign) this Agreement or any of
its rights or interests hereunder, whether directly or indirectly, by operation of law, acquisition, merger, as a result of liquidation or dissolution, or otherwise, without the prior written approval of Buyer and any such attempted transfer or
assignment will be null and void and without effect. Notwithstanding the foregoing, but subject to Section 1.7 (Agreed-Upon Exclusions), Seller may transfer or assign this Agreement without the written consent of Buyer in connection with the
acquisition, merger, transfer, or assignment, by operation of law or otherwise, of all or substantially all of Seller’s business or assets to which the licenses granted under this Agreement pertain, if the assignee agrees in writing to be bound
by the terms of this Agreement. 
 Section 6.15        Bankruptcy.    Each
Party acknowledges that all licenses and other rights granted by it under or pursuant to this Agreement are, and will otherwise be deemed to be, for purposes of Section 365(n) of the United States Bankruptcy Code (the “Bankruptcy
Code”), licenses of rights to “intellectual property” as defined under Section 101 of the Bankruptcy Code. Each Party acknowledges that if a Party, as a debtor, rejects this Agreement, the other Party may elect to retain its
rights under this Agreement to the extent provided in Section 365(n) of the Bankruptcy Code. Each Party irrevocably waives all arguments and defenses arising under 11 U.S.C. 365(c)(1) or successor provisions to the effect that Applicable Law
excuses the Party, other than the debtor, from accepting performance from or rendering performance to an entity other than the debtor or debtor in possession as a basis for opposing assumption of the Agreements by the other Party in a case under
Chapter 11 of the Bankruptcy Code to the extent that such consent is required under 11 U.S.C. § 365(c)(1) or any successor statute. 
 [Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the Parties hereto have caused this Intellectual Property Agreement to be duly executed
and delivered as of the date set forth above. 
  

			
	INTEL CORPORATION
		
	By: 	 	/s/ MARTY M. LINNÉ
		
	Name: 	 	Marty M. Linné
		
	Title: 	 	Assistant Secretary
		
	Date: 	 	May 2, 2012
	
	CRAY INC.
		
	By: 	 	/s/ PETER J.UNGARO
		
	Name: 	 	Peter J. Ungaro
		
	Title: 	 	President and CEO
		
	Date: 	 	May 2, 2012

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