Document:

Directors' Fee Deferral Unit Plan

 Exhibit 10.37 
 LAZARD LTD 
 DIRECTORS’ FEE DEFERRAL UNIT PLAN 
 Section 1 
 Introduction 
 1.1 The Plan. Lazard Ltd (the “Company”) hereby establishes the Lazard Ltd Directors’ Fee Deferral Unit Plan (the
“Plan”) for the members of its Board of Directors (the “Board of Directors”) who are not officers or employees of the Company (“Directors”). 
 1.2 Purpose. The Company currently requires that Directors receive a portion of their director fees (“Fees”) in deferred stock
units (“DSUs”) granted under the Company’s 2005 Equity Incentive Plan (the “Equity Incentive Plan”) (such DSUs that Directors are required to receive, “Mandatory DSUs”) and a portion of such
Fees in cash (such portion, the “Cash Fees”). The Company wishes to permit Directors to elect to receive additional DSUs pursuant to the Equity Incentive Plan in lieu of some or all of their Cash Fees, which the Company believes
will advance the Company’s interests in attracting and retaining well-qualified Directors and will provide a vehicle to increase the identity of interest between Directors and stockholders. The Plan is intended to permit such elections and to
set forth the terms of such elections. 
 Section 2 
 Opportunity to Defer Cash Fees 
 Each Director may elect in accordance with Section 3.1 to receive
DSUs pursuant to the Equity Incentive Plan in lieu of all or any part of the Cash Fees to be received by such Director for service on the Board of Directors (including annual and committee retainers) (any such election, a “DSU
Election”). The number of DSUs (which shall include fractional DSUs) that shall be granted to a Director pursuant to a DSU Election shall equal the value of Cash Fees that the applicable Director has elected to forego pursuant to such DSU
Election, divided by the market value (determined in accordance with Section 4.8) of a share of Lazard Ltd Class A common stock, par value $0.01 per share (“Lazard Stock”) on the date on which the foregone Cash Fees would otherwise
have been paid. 
 Section 3 
 DSU Elections; DSUs 
 3.1 DSU Elections. A person who becomes a Director during a calendar year may elect by a
written notice delivered to the Company within 30 days after becoming a Director to receive DSUs in lieu of some or all of the Cash Fees to be earned in the portion of such year following the delivery of such notice to the Company. Each other
Director may elect by filing a written election with the Company on or before December 31 of a given calendar year to receive DSUs in lieu of some or all 

 of the Cash Fees to be earned for the following calendar year. Notwithstanding the foregoing, each person serving as a
Director as of the date of adoption of the Plan by the Board of Directors shall have the right to make an initial deferral election under the Plan by filing a written deferral election with the Company no later than 30 days after the date the Plan
is adopted by the Board, to be effective with respect to Cash Fees earned for service subsequent to such election. Any election made pursuant to this Section 3.1 shall be irrevocable, except that superseding elections may be filed prior to December
31 of a given calendar year with respect to Cash Fees to be earned for service in subsequent calendar years. 
 3.2 Terms of DSUs. The
terms (including time and form of payment and treatment of dividends on Lazard Stock) governing DSUs granted as a result of a DSU Election hereunder shall be the same terms that apply to the grant of Mandatory DSUs that most immediately precedes the
effectiveness of such DSU Election. 
 Section 4 
 General Provisions 
 4.1 Plan Administration. The Plan shall be administered by the Nominating
& Governance Committee of the Board of Directors (the “Committee”). The Committee shall have discretionary authority to interpret and administer the Plan, to correct errors in administration, and otherwise to implement the Plan,
in each case consistent with its purposes and intent. The Committee shall also have the power to take such other actions as are necessary so that transactions pursuant to the Plan do not result in liability under Section 16(b) of the Securities
Exchange Act of 1934. All actions of the Committee with respect to the Plan shall be final and binding on all persons. 
 4.2 Retention
Rights. Establishment of the Plan shall not be construed to give a Director the right to be retained on the Board of Directors or to any benefits not specifically provided by the Plan. 
 4.3 Interests Not Transferable. Except as to withholding of any tax required under the laws of the United States or any state or locality and
except with respect to designation of a beneficiary to receive benefits in the event of the death of a Director, no benefit payable at any time pursuant to DSUs granted hereunder shall be subject in any manner to alienation, sale, transfer,
assignment, pledge, attachment, or other legal process, or encumbrance of any kind. 
 4.4 Funding. Benefits payable with respect to
DSUs acquired hereunder shall be paid directly by the Company. The Company shall not be required to fund or otherwise segregate assets to be used for payment of such benefits. 
 4.5 Amendment and Termination. The Board of Directors reserves the right at any time to modify, amend or terminate the Plan, provided, however,
that no such action shall adversely affect DSUs previously granted. 
 4.6 Governing Law and Interpretation. The Plan shall be
governed by and construed in accordance with the laws of the State of New York, without reference to principles of conflict of laws. The captions of the Plan are not part of the provisions hereof and shall have no force or effect. 
  

 2 

 4.7 Number. Words in the plural shall include the singular and the singular shall include the
plural. 
 4.8 Value of Lazard Stock. The market value of Lazard Stock for purposes hereof on a given day shall be the closing price,
at the close of normal trading hours, of Lazard Stock on the New York Stock Exchange Composite Tape on that day (or, if quotations for Lazard Stock are not reported on the New York Stock Exchange Composite Tape on that day, such closing price of
Lazard Stock on the New York Stock Exchange Composite Tape on the first day preceding such day on which such quotations are so reported). 
 4.9 Effective Date. The Plan shall be effective as of the date it is adopted by the Board of Directors (the “Effective Date”). 
  

 3First Amendment to the Senior Revolving Credit Agreement

 Exhibit 10.38 
  
 Execution Version 
  
 FIRST AMENDMENT 
 (Credit Agreement)

  
 FIRST AMENDMENT, dated as of March 28, 2006
(this “Amendment”), to the SENIOR REVOLVING CREDIT AGREEMENT, dated as of May 10, 2005 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among LAZARD GROUP LLC, a
Delaware limited liability company (the “Company”), the Banks from time to time parties thereto, CITIBANK, N.A., a national banking association (“Citibank”), and THE BANK OF NEW YORK, New York Branch (“The
Bank of New York”), and JPMORGAN CHASE BANK, N.A., a New York banking corporation as a Bank (in such capacity, “JPMorgan Chase Bank”, and together with Citibank and The Bank of New York, the “Banks”) and as
Administrative Agent for the Banks thereunder (in such capacity, the “Administrative Agent”). 
  
 W I T N E S S E T H : 
  
 WHEREAS, the Company, the Banks and the Administrative Agent are parties to the Credit Agreement; 
  
 WHEREAS, the Company has requested, and upon this Amendment becoming effective, the Banks have agreed, to amend certain provisions of the Credit Agreement
upon the terms and conditions set forth herein. 
  
 NOW,
THEREFORE, the parties hereto agree as follows: 
  
 SECTION 1.
DEFINITIONS 
  
 1.1 Defined Terms. Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given such terms in the Credit Agreement. 
  
 SECTION 2. AMENDMENTS TO CREDIT AGREEMENT 
  
 2.1 Amendment of Section 7.2. Section 7.2 is hereby amended by (i) adding a new paragraph (s) after paragraph (r) thereof
to read in its entirety as follows; (ii) by deleting the “and” appearing after clause (q) thereof and (iii) by deleting the “.” at the end of clause (r) thereof and inserting, in lieu thereof “;
and”: 
  
 “(s) Indebtedness under the
4.25% senior note in the principal amount of $96,000,000 and under the 4.60% subordinated note in the principal amount of $50,000,000, both due February 28, 2008 and issued by the Company in favor of Banca Intesa S.p.A., and incurred by the
Company in connection with the dissolution of the Intesa Strategic Alliance and any Permitted Refinancing Indebtedness incurred to Refinance such Indebtedness; provided that the senior note is used to repurchase the equity interest of Banca
Intesa S.p.A. in Lazard & Co. S.r.l. and the subordinated note is used to refinance in full that certain 3.0% subordinated promissory note, dated June 10, 2003, in the principal amount of 

 2 
  

 
$50,000,000, issued by Lazard & Co. S.r.l. in favor of Banca Intesa S.p.A.” 
  
 SECTION 3. MISCELLANEOUS 
  
 3.1 Limited Effect. Except as expressly amended, modified and supplemented hereby, the Credit Agreement is, and shall remain, in full force and
effect in accordance with its terms. 
  
 3.2 Effectiveness.
This Amendment shall become effective as of the date (the “First Amendment Effective Date”) of receipt by the Administrative Agent of counterparts hereof duly executed by the Company and Lenders constituting the Required Lenders.

  
 3.3 Representations and Warranties. On and as of the
date hereof and after giving effect to this Amendment, the Company hereby confirms, reaffirms and restates the representations and warranties set forth in Section 4 of the Credit Agreement mutatis mutandis, except to the extent that such
representations and warranties expressly relate to a specific earlier date in which case the Company hereby confirms, reaffirms and restates such representations and warranties as of such earlier date. 
  
 3.4 Counterparts. This Amendment may be executed by one or more of the
parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. A set of the copies of this Amendment signed by all the parties shall be lodged with the
Company and the Administrative Agent. This Amendment may be delivered by facsimile transmission of the relevant signature pages hereof. 
  
 3.5 GOVERNING LAW. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND
INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  
 [Signature page to follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their respective
officers thereunto duly authorized as of the day and year first above written. 
  

			
	LAZARD GROUP LLC
		
	By:	 	  /S/    MICHAEL J. CASTELLANO        
	 	 	

	 	 	 Name:   Michael J. Castellano
 Title:     Chief Financial Officer

	
	 JPMORGAN CHASE BANK, N.A., as
 Administrative Agent and as a Bank

		
	By:	 	  /S/    THOMAS H. MULLIGAN         
	 	 	

	 	 	 Name:   Thomas H. Mulligan
 Title:     Managing Director

	
	 CITIBANK, N.A., as a Bank

		
	By:	 	  /S/    MATTHEW NICHOLLS         
	 	 	

	 	 	 Name:   Matthew Nicholls
 Title:     Managing Director

	
	 THE BANK OF NEW YORK, N.A., as a Bank

		
	By:	 	  /S/    JOSEPH CIACCIARELLI         
	 	 	

	 	 	 Name:   Joseph Ciacciarelli
 Title:     Managing Director

	 	 	 
	 	 	 
		
	 	 	 

  
 Signature page to First Amendment to the Credit Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00103-of-00352.parquet"}]]