Document:

Form of the LAZ-MD Holdings Stockholders' Agreement

 Exhibit 10.1 
  
 FORM OF STOCKHOLDERS’ AGREEMENT 
  
 This STOCKHOLDERS’ AGREEMENT (including Appendix A hereto, as such Appendix A may be amended from time to time pursuant
to the provisions hereof, this “Agreement”), is made and entered into as of                 , 2005, by and among LAZ-MD Holdings LLC, a Delaware limited
liability corporation (“LAZ-MD”), the individuals listed on the signature page hereto, and, solely for the purposes of Articles I, II, IV and V hereto, Lazard Ltd, an exempted Bermuda limited company (“Lazard Ltd”).

  
  
 W I T N E S S E T H: 
  
 WHEREAS, the Covered Persons (as defined below) are beneficial owners of Class II Interests (as defined below) of LAZ-MD; and 
  
 WHEREAS, LAZ-MD holds the outstanding share of Class B Common Stock, par value $0.01 per share, of Lazard Ltd (“Class B Common Stock”);
and 
  
 WHEREAS, LAZ-MD and Lazard Ltd are parties to that certain
Master Separation Agreement (the “Master Separation Agreement”), dated as of the date hereof, with Lazard Group (as defined below) and LFCM Holdings LLC, a Delaware limited liability company, pursuant to which, inter alia,
the parties thereto have agreed to the exchange of Class II Interests effectively for Class A Common Stock, par value $0.01 per share, of Lazard Ltd (the “Common Stock”); and 
  
 WHEREAS, the Covered Persons desire to set forth herein agreements with
respect to the voting of the Class B Common Stock and various other matters; and 
  
 WHEREAS, Lazard Ltd desires to provide the Covered Persons with registration rights with respect to shares of Common Stock underlying their Class II Interests. 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual
agreements, covenants and provisions herein contained, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS AND OTHER MATTERS 
  
 Section 1.1 Definitions. Capitalized terms used in this Agreement without other definition shall, unless expressly stated otherwise, have the
meanings specified in this Section 1.1: 
  
 (a)
“Agreement” has the meaning ascribed to such term in the Recitals. 
  
 (b) A “beneficial owner” of a security includes any person who, directly or indirectly, through any contract,
arrangement, understanding, relationship or otherwise has or shares: (i) voting power, which includes the 

  

 
power to vote, or to direct the voting of, such security and/or (ii) investment power, which includes the power to dispose, or to direct the disposition of,
such security, but for purposes of this Agreement a person shall not be deemed a beneficial owner of (A) Covered Interests solely by virtue of the application of Exchange Act Rule 13d-3(d) or Exchange Act Rule 13d-5 as in effect on the date hereof,
(B) Covered Interests solely by virtue of the possession of the legal right to vote securities under applicable state or other law (such as by proxy or power of attorney), or (C) Covered Interests held of record by a “private foundation”
subject to the requirements of Section 509 of the Code. “Beneficially own” and “beneficial ownership” shall have correlative meanings. 
  
 (c) “Board” means the Board of Directors of LAZ-MD. 
  
 (d) “Class B Common Stock” has the meaning
ascribed to such term in the Recitals. 
  
 (e)
“Class II Interest” means, with respect to any Covered Person, such Covered Person’s “Class II Interest” as defined in the Operating Agreement. 
  
 (f) “Common Stock” has the meaning ascribed to such term in the Recitals. 
  
 (g) “Continuing Provisions” has the meaning
ascribed to such term in Section 5.1(b). 
  
 (h)
“Covered Persons” means those persons from time to time listed on Appendix A hereto, and all persons who may become parties to this Agreement and whose name is required to be listed on Appendix A hereto, in each case in accordance
with the terms hereof. 
  
 (i) “Covered
Interest” means, with respect to a Covered Person, such Covered Person’s Class II Interest or Lazard Group Common Interest, as the case may be. 
  

(j) “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder, and as each of the foregoing may be further amended from time to time. 
  
 (k) “Exchange Date” has the meaning set forth in the Master Separation Agreement. 
  
 (l) “Exchange Shares” has the meaning set
forth in the Master Separation Agreement. 
  
 (m)
“Governmental Authority” means any national, local or foreign (including U.S. federal, state or local) or supranational (including 

  

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European Union) governmental, judicial, administrative or regulatory (including self-regulatory) agency, commission, department, board, bureau, entity or
authority of competent jurisdiction. 
  
 (n)
“IPO Date” means the closing date of the initial public offering of the Common Stock. 
  
 (o) “LAZ-MD” has the meaning ascribed to such term in the Recitals. 
  
 (p) “Lazard Ltd” has the meaning ascribed
to such term in the Recitals. 
  
 (q)
“Lazard Group” means Lazard Group LLC, a Delaware limited liability company. 
  
 (r) “Lazard Group Common Interests” means the Common Interests in Lazard Group. 
  
 (s) “Lazard Group Operating Agreement”
means the Operating Agreement of Lazard Group LLC, as amended and restated as of the date hereof, as it may be amended from time to time. 
  
 (t) “LFCM” means LFCM Holdings LLC, a Delaware limited liability company. 
  
 (u) “LFCM Operating Agreement” means the
Operating Agreement of LFCM Holdings LLC, as of the date hereof, as it may be amended from time to time. 
  
 (v) “Master Separation Agreement” has the meaning ascribed to such term in the Recitals. 
  
 (w) “Minimum Demand Number” means, as of
any particular date, that number of shares of Common Stock equal to the quotient obtained by dividing (i) $50,000,000 by (ii) the Stock Price as of such date; provided, however, that on and after the six months following the nine-year
anniversary of the IPO Date, “$50,000,000” in this definition shall be replaced with “$20,000,000”. 
  
 (x) “Minimum Share Number” means              shares of
Common Stock (as adjusted for any stock dividend, split or combination, recapitalization, merger, amalgamation, consolidation, other reorganization or otherwise). 
  
 (y) “Operating Agreement” means the Operating Agreement of LAZ-MD Holdings LLC, as amended
and restated as of the date hereof, as it may be amended from time to time. 
  

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 (z) “Periodic Filing Date” means the date of the first to occur
following the Exchange Date of the filing of the Form 10-K or Form 10-Q of Lazard Ltd with the SEC under the Exchange Act. 
  
 (aa) “Permitted Basket Transaction” means the purchase or sale of, or the establishment of a long or short position in, a
basket or index of securities (or of a derivative financial instrument with respect to a basket or index of securities) that includes securities of LAZ-MD, in each case if such purchase, sale or establishment is permitted under LAZ-MD’s policy
on hedging with respect to securities of LAZ-MD as announced from time to time. 
  
 (bb) “Public Offering” means an underwritten public offering pursuant to an effective registration statement under the
Securities Act, other than pursuant to a registration statement on Forms S-4 or S-8 or any similar or successor form. 
  
 (cc) “Registration Expenses” means any and all expenses incident to the performance of or compliance with any
registration or marketing of securities, including all (i) registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (ii)
fees and expenses of compliance with any securities or “blue sky” laws (including reasonable fees and disbursements of counsel in connection with “blue sky” qualifications of the securities registered), (iii) expenses in
connection with the preparation, printing, mailing and delivery of any registration statements, prospectuses and other documents in connection therewith and any amendments or supplements thereto, (iv) security engraving and printing expenses, (v)
internal expenses of Lazard Ltd (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (vi) reasonable fees and disbursements of counsel for Lazard Ltd and customary fees and
expenses for independent certified public accountants retained by Lazard Ltd (including the expenses relating to any comfort letters or costs associated with the delivery by independent certified public accountants of any comfort letters requested
pursuant to Section 4.5(h)), (vii) reasonable fees and expenses of any special experts retained by Lazard Ltd in connection with such registration, (viii) reasonable fees, out-of-pocket costs and expenses of the Covered Persons, including one
counsel for all of the Covered Persons participating in the offering selected by the Covered Persons holding the majority of the Registrable Securities to be sold for the account of all Covered Persons in the offering, (ix) fees and expenses in
connection with any review by the NASD of the underwriting arrangements or other terms of the offering, and all fees and expenses of any “qualified independent underwriter,” including the fees and expenses of any counsel thereto, (x) fees
and disbursements underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities, (xi) costs of printing and producing any
agreements among underwriters, underwriting agreements, any 

  

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“blue sky” or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the
Registrable Securities, (xii) transfer agents’ and registrars’ fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering, (xiii) expenses relating to any analyst or investor
presentations or any “road shows” undertaken in connection with the registration, marketing or selling of the Registrable Securities, (xiv) fees and expenses payable in connection with any ratings of the Registrable Securities, including
expenses relating to any presentations to rating agencies and (xv) all out-of-pocket costs and expenses incurred by Lazard Ltd or its appropriate officers in connection with their compliance with Section 4.5(l). 
  
 (dd) “Registrable Securities” means all
shares of Common Stock (and any securities issued or issuable in respect of such Common Stock by way of conversion, exchange, stock dividend, split or combination, recapitalization, merger, amalgamation, consolidation, other reorganization or
otherwise) that are received by Covered Persons in exchange for (1) Class II Interests of Covered Persons or (2) Lazard Group Common Interests of Covered Persons that are received in exchange for such Covered Persons’ Class II Interests, in
each case, pursuant to Section 7.04 of the Operating Agreement (“Covered Shares”) and that may be deemed “restricted securities” as defined in Rule 144(a)(3) under the Securities Act; provided, that Covered Shares
that are eligible for sale under Rule 144(k) of the Securities Act shall cease to be Registrable Securities; provided, however, that in the event that a Covered Person beneficially owns Covered Shares that, in the aggregate, total a
number of shares of Common Stock equal to or greater than the quotient obtained by dividing (x) $25,000,000 by (y) the Stock Price as of five Business Days prior to the expected effectiveness of the applicable registration statement, any such
Covered Shares that would have ceased to be Registrable Securities pursuant to the immediately foregoing proviso shall continue to be Registrable Securities so long as such Covered Person beneficially owns Covered Shares totaling at least such
percentage of outstanding shares of Common Stock. A share of Common Stock shall cease to be a Registrable Security upon any sale of such share of Common Stock to the public pursuant to, and in accordance with, a registration statement, including any
registration statements contemplated hereby, or pursuant to Rule 144 under the Securities Act, Regulation S under the Securities Act or Section 4(1) of the Securities Act. 
  
 (ee) “Restricted Person” means any person that is not (i) a Covered Person or (ii) a
director, officer or employee of LAZ-MD acting in such person’s capacity as a director, officer or employee. 
  
 (ff) “SEC” means the Securities and Exchange Commission. 
  

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 (gg) “Securities Act” means the Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder, and as each of the foregoing may be further amended from time to time. 
  
 (hh) “Stock Price” means, as of any particular date, the closing price as of such date of a share of Common Stock on the
primary national securities exchange on which the Common Stock is traded, as reported by Bloomberg L.P. or, if Bloomberg L.P. is not available, as determined by another reputable third-party information source selected by Lazard Ltd. 
  
 (ii) “Subsidiary” means, with respect to
any person, any corporation, limited liability company, company, partnership, trust, association or other legal entity or organization of which such person (either directly or through one or more subsidiaries of such person) (a) owns, directly or
indirectly, a majority of the capital stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body of such corporation, limited liability company, partnership,
trust, association or other legal entity or organization, or (b) is otherwise entitled to exercise (1) a majority of the voting power generally in the election of the board of directors or other governing body of such corporation, limited liability
company, partnership, trust, association or other legal entity or organization or (2) control of such corporation, limited liability company, partnership, trust, association or other legal entity or organization. 
  
 (jj) “Transfer” means, with respect to any
Covered Interests, (i) when used as a verb, to sell, assign, dispose of, exchange, pledge, encumber, hypothecate or otherwise transfer such Covered Interests or any participation or interest therein, whether directly or indirectly, or agree or
commit to do any of the foregoing, and (ii) when used as a noun, a direct or indirect sale, assignment, disposition, exchange, pledge, encumbrance, hypothecation, or other transfer of such Covered Interests or any participation or interest therein
or any agreement or commitment to do any of the foregoing. 
  
 Section 1.2 Definitions Generally. Wherever required by the context of this Agreement, the singular shall include the plural and vice versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and
references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or modified from time to time. When used herein: 
  
 (a) the word “or” is not exclusive; 
  
 (b) the words “including,” “includes,”
“included” and “include” are deemed to be followed by the words “without limitation”; 
  

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 (c) the terms “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
  
 (d) the word “person” means any individual, corporation, limited liability company, trust, joint venture, association, company,
partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 
  
 (e) all section, paragraph or clause references not attributed to a particular document shall be references to such parts of this
Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this Agreement. 
  
 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES 
  
 Section 2.1
Representations and Warranties of Covered Persons. 
  
 (a) Each Covered Person severally represents and warrants to each of LAZ-MD and Lazard Ltd, as of the date of the registration of any of such Covered Person’s Registrable Securities and as of the date of any
Demand Notice delivered by or on behalf of such Covered Person, that: such Covered Person has good, valid and marketable title to the Covered Interests and Registrable Securities, as applicable, in each case free and clear of any pledge, lien,
security interest, charge, claim, equity or encumbrance of any kind, other than (A) pursuant to this Agreement or another agreement with the issuer of the Covered Interest or Registrable Securities, as the case may be, by which such Covered Person
is bound and to which the Covered Interest or Registrable Securities, as applicable, are subject, and (B) in the case of Covered Interests, the Operating Agreement or Lazard Group Operating Agreement, as applicable; and 
  
 (b) Each Covered Person severally represents and warrants to
each of LAZ-MD and Lazard Ltd, as of the date hereof and as of the date of the registration of any of such Covered Person’s Registrable Securities and as of the date of any Demand Notice delivered by or on behalf of such Covered Person, if the
Covered Person is other than a natural person, with respect to subsections (i) through (x), and if the Covered Person is a natural person, with respect to subsections (iv) through (x) only: (i) such Covered Person is duly organized and validly
existing in good standing under the laws of the jurisdiction of such Covered Person’s formation; (ii) such Covered Person has full right, power and authority to enter into and perform this Agreement; (iii) the execution and delivery of this
Agreement and the performance of the transactions contemplated herein have been duly authorized, and no further proceedings on the part of such Covered Person are necessary to authorize the 

  

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execution, delivery and performance of this Agreement; and this Agreement has been duly executed by such Covered Person; (iv) the person signing this
Agreement on behalf of such Covered Person has been duly authorized by such Covered Person to do so; (v) this Agreement constitutes the legal, valid and binding obligation of such Covered Person, enforceable against such Covered Person in accordance
with its terms (subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles); (vi) neither the
execution and delivery of this Agreement by such Covered Person nor the consummation of the transactions contemplated herein conflicts with or results in a breach of any of the terms, conditions or provisions of any agreement or instrument to which
such Covered Person is a party or by which the material assets of such Covered Person are bound (including the organizational documents of such Covered Person, if such Covered Person is other than a natural person), or constitutes a default under
any of the foregoing, or violates any law or regulation; (vii) such Covered Person has obtained all authorizations, consents, approvals and clearances of all courts, governmental agencies and authorities, and any other person, if any (including the
spouse of such Covered Person with respect to the interest of such spouse in the Covered Interests or Covered Shares of such Covered Person if the consent of such spouse is required), required to permit such Covered Person to enter into this
Agreement and to consummate the transactions contemplated herein; (viii) there are no actions, suits or proceedings pending, or, to the knowledge of such Covered Person, threatened against or affecting such Covered Person or such Covered
Person’s assets in any court or before or by any federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality which, if adversely determined, would impair the ability of such Covered Person to
perform this Agreement; (ix) the performance of this Agreement will not violate any order, writ, injunction, decree or demand of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or
instrumentality to which such Covered Person is subject; and (x) no statement, representation or warranty made by such Covered Person in this Agreement, nor any information provided by such Covered Person for inclusion in a report filed pursuant to
Section 4.5 hereof or in a registration statement filed by Lazard Ltd, contains or will contain any untrue statement of a material fact or omits or will omit to state a material fact necessary in order to make the statements, representations or
warranties contained herein or information provided therein not misleading. 
  
 Each Covered Person shall promptly notify LAZ-MD and Lazard Ltd of any breaches of such representations or covenants. 
  

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 ARTICLE III

 VOTING AGREEMENT 
  
 Section 3.1 Preliminary Vote of Covered Persons. Prior to any vote of the stockholders of Lazard Ltd, there shall be a separate, preliminary vote,
on each matter upon which a stockholder vote of Lazard Ltd is then proposed to be taken (each, a “Preliminary Vote”), of the Covered Interests beneficially owned by the Covered Persons (such Covered Interests at any such time, the
“Voting Interests”). The Preliminary Vote shall be conducted pursuant to procedures established by LAZ-MD, including meetings or by proxy or written instruction by or of the Covered Persons. 
  
 Section 3.2 Voting of the Voting Interests. Each Covered Person shall
be entitled to instruct LAZ-MD to vote the Class B Common Stock in proportion to the number of votes represented by the shares of Common Stock into which such Covered Interests are then exchangeable under the terms of the Operating Agreement and the
Agreement on the matter in question by the Voting Interests in the Preliminary Vote; provided, however, that notwithstanding anything herein to the contrary the Board shall have the ability to vote the Class B Common Stock in its discretion
(including in a manner different than as instructed by the Covered Persons) if it determines in good faith that such action is in the best interests of LAZ-MD. In the event that a Covered Person fails to participate in the Preliminary Vote, the
votes of that Covered Person will be abstained and excluded from the vote for such matters. LAZ-MD shall be obligated (a) to attend as proxy, or cause a person designated by it and acting as lawful proxy to attend as proxy, each meeting of the
stockholders of Lazard Ltd and to vote or to cause such designee to vote the Class B Common Stock over which it has the power to vote in accordance with the results of the Preliminary Vote as set forth in this Section 3.2, and (b) to develop
procedures governing Preliminary Votes. 
  
 Section 3.3
Acknowledgements; Determinations. 
  
 (a)
Each Covered Person acknowledges and agrees as follows: (i) in the event that any matters shall come before a meeting of stockholders of Lazard Ltd, or of any class of stockholders of Lazard Ltd, or any adjournment or postponement thereof (including
matters related to adjournment or postponement thereof), that were not voted upon in a Preliminary Vote, LAZ-MD may vote on such matters as LAZ-MD sees fit in its sole discretion, (ii) LAZ-MD shall be the sole record holder and legal and beneficial
owner of the Class B Common Stock and, notwithstanding anything herein to the contrary, this Agreement shall not confer any right, title or interest in, to or under the Class B Common Stock to any Covered Person, and (iii) except as expressly
provided in this Article III with respect to the voting of the Class B Common Stock, LAZ-MD shall have the right to take all action, and exercise all rights, with respect to the Class B Common Stock in its sole discretion if it determines in good
faith that such action is in the best interest of LAZ-MD, and, notwithstanding anything herein to the contrary, no Covered Person shall, by virtue of being a party to this Agreement, have any right to direct LAZ-MD to exercise, or otherwise directly
or indirectly exercise, any rights relating to the Class B Common Stock, whether arising under the 

  

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Companies Act 1981 of Bermuda and Bye-Laws of Lazard Ltd or otherwise, including the right to nominate directors of Lazard Ltd, propose business for meetings
of stockholders of Lazard Ltd or otherwise submit stockholder proposals, call any special meetings of stockholders (or any class thereof) of Lazard Ltd, tender or otherwise transfer the Class B Common Stock or to take any other action in respect of
the Class B Common Stock. 
  
 (b) Each Covered
Person acknowledges and agrees that all determinations necessary or advisable under this Article III shall be made by the Board, whose determinations shall be final and binding. The Board’s determinations and actions (including waivers) under
this Article III need not be uniform and may be made selectively among Covered Persons that are not similarly situated. 
  
 (c) Each Covered Person acknowledges and agrees that the members of the Board in acting under this Agreement shall at all times be acting
in their individual capacities and not as directors or officers of LAZ-MD, Lazard Group or Lazard Ltd and in so acting or failing to act under this Agreement shall not have any fiduciary duties to the Covered Persons as a member of the Board by
virtue of the fact that one or more of such members may also be serving as a director or officer of LAZ-MD, Lazard Group, Lazard Ltd or otherwise. 
  
 Section 3.4 Voting Related Expenses. LAZ-MD shall be responsible for all expenses of LAZ-MD and the Board incurred in the operation and
administration of Article III, including expenses of proxy solicitation for and tabulation of the Preliminary Vote, expenses incurred in preparing appropriate filings of LAZ-MD and correspondence with the SEC, lawyers’, accountants’,
agents’, consultants’, experts’, investment banking and other professionals’ fees, expenses incurred in enforcing the provisions of this Agreement and expenses incurred in maintaining any necessary or appropriate books and
records relating to this Agreement. 
  
 Section 3.5
Governmental Authorities. Each Covered Person hereby acknowledges and agrees that, unless otherwise directed by LAZ-MD or Lazard Ltd in writing, such Covered Person shall be solely responsible for making, and shall in a timely manner make,
any and all reports, filings or other notifications with any Governmental Authorities, including any reports of beneficial ownership on Schedule 13D or 13G under the Exchange Act, with respect to any rights or interests of such Covered Person under
this Article III (each a “Filing”). Such Covered Person understands and agrees that neither LAZ-MD nor Lazard Ltd has any related obligations relating to or responsibility for any such Filings. Such Covered Person shall cooperate
fully with the other Covered Persons to achieve the timely filing of any such Filings and any amendments thereto as may be required, and such Covered Person agrees that any information concerning such Covered Person which such Covered Person
furnishes in connection with the preparation and filing of any such Filing will be complete and accurate. No fewer than five business days prior to the submission of a Filing, each Covered Person submitting such Filing shall furnish to LAZ-MD and
Lazard Ltd copies of such Filing as proposed to be filed. 

  

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LAZ-MD and Lazard Ltd shall each have the right to request that the filing Covered Person modify any information contained in such Filing or amendment or
supplement thereto, and such Covered Person shall use his reasonable best efforts to comply with such request; provided that compliance with such request shall not cause any Covered Person to violate applicable law or regulation. 

 
 Section 3.6 Adjustment upon Changes in Capitalization; Adjustments upon
Changes of Control. In the event of any business combination, restructuring, recapitalization or other extraordinary transaction involving LAZ-MD or Lazard Group as a result of which securities of a person other than LAZ-MD or Lazard Group that
are exchangeable for Common Stock shall be issued or distributed in exchange for or in replacement of Covered Interests, LAZ-MD and the Covered Persons agree that this Agreement shall also continue in full force and effect with respect to such
securities of such other person, and the terms “Covered Interests,” “Class II Interests,” “Lazard Group Common Interests,” “Voting Interests,” “LAZ-MD” and “Lazard Group” shall refer to, as
applicable, such securities and such person, respectively. If the Board deems it desirable, any such adjustments may take effect from the record date or another appropriate date. In the event of any business combination, restructuring,
recapitalization or other extraordinary transaction involving Lazard Ltd that affects the capital stock of Lazard Ltd, the Board may, in its sole discretion, (a) terminate the provisions of this Article III or (b) adjust the voting structure set
forth in this Article III as necessary to preserve the initial intent of such provisions. 
  
 Section 3.7 Further Assurances. Each Covered Person agrees to execute such additional documents and take such further action as may be reasonably necessary to effect the provisions of this Article III.

  
 ARTICLE IV 
 REGISTRATION RIGHTS 
  
 Section 4.1 Annual Registration. 
  
 (a) With respect to each of the third through the ninth anniversaries of the IPO Date, Lazard Ltd shall use its reasonable best efforts to
effect the registration under the Securities Act of sales by Covered Persons of the following Registrable Securities: Registrable Securities to be issued to Covered Persons in respect of the exchange of Covered Interests in connection with such
anniversary date pursuant to the Master Separation Agreement for such period and all other Registrable Securities of any Covered Persons which Registrable Securities are reasonably expected to continue to be Registrable Securities at the expected
filing date for the registration statement with respect to such registration who have provided Lazard Ltd with a written request for registration at least 20 business days prior to the applicable anniversary date requesting registration of such
Registrable Securities (each such registration, an “Annual Registration”); provided, however, that Lazard Ltd shall not be obligated to file any such registration statement or effect such registration if the amount of
such Registrable Securities does not equal or exceed the Minimum 

  

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Share Number as of the date of such filing or registration. Lazard Ltd shall use its reasonable best efforts, subject to the restrictions in Section 4.1(d),
to file a registration statement under the Securities Act with respect to each Annual Registration as promptly as reasonably practicable following the applicable Periodic Filing Date. 
  
 (b) Lazard Ltd shall have the right to require that sales or other dispositions in connection with any
Annual Registration are subject to reasonable limitations or restrictions on size and manner of sale. 
  
 (c) Lazard Group shall be liable for and pay all Registration Expenses in connection with any Annual Registration, regardless of whether
such Registration is effected. 
  
 (d) Upon
notice to each Covered Person participating in the applicable Annual Registration, Lazard Ltd may postpone effecting a registration pursuant to this Section 4.1 on one occasion during any period of six consecutive months for a reasonable time
specified in the notice but not exceeding 120 days (which period may not be extended or renewed), if (i) Lazard Ltd shall determine in good faith that effecting the registration would materially and adversely affect an offering of securities of such
company the preparation of which had then been commenced or (ii) Lazard Ltd is in possession of material non-public information the disclosure of which during the period specified in such notice Lazard Ltd believes in good faith would not be in the
best interests of Lazard Ltd. 
  
 Section 4.2 Demand
Registration. 
  
 (a) If at any time
following the third IPO Anniversary Date, Lazard Ltd shall receive a written request (a “Demand Notice”) from a Covered Person or group of Covered Persons (a “Demand Requesting Covered Person”) that Lazard Ltd
effect the registration under the Securities Act of all or any portion of such Covered Person’s or Covered Persons’ Registrable Securities representing Registrable Securities requested to be included in such registration equal to or in
excess of the Minimum Demand Number as of the date on which the Demand Registration is made (a “Demand Registration”), specifying the intended method of disposition thereof, then Lazard Ltd shall use its reasonable best efforts to
effect, as expeditiously as reasonably practicable, subject to the restrictions in Section 4.2(d), the registration under the Securities Act of the Registrable Securities for which such Demand Requesting Covered Person has requested registration
under this Section 4.2, all to the extent necessary to permit the disposition (in accordance with the intended methods thereof as aforesaid) of the Registrable Securities so to be registered. Notwithstanding the foregoing, (i) a Demand Requesting
Covered Person shall be entitled to no more than one demand registration during any six-month period, and (ii) Lazard Ltd shall not be obligated make a Demand Registration with respect to a Demand Requesting Covered Person in the event 

  

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that an Annual Registration or Piggyback Registration (as defined below) had been available to any such Demand Requesting Covered Person within the 180 days
preceding the date of the Demand Notice. 
  
 (b)
At any time prior to the effective date of the registration statement relating to such registration, the Demand Requesting Covered Person may revoke such Demand Registration request by providing a notice to Lazard Ltd revoking such request. Lazard
Group shall be liable for and pay all Registration Expenses in connection with any Demand Registration. 
  
 (c) If a Demand Registration involves an underwritten Public Offering and the managing underwriter advises Lazard Ltd and the Demand
Requesting Covered Person that, in its view, the number of shares of Registrable Securities requested to be included in such registration exceeds the largest number of shares that can be sold without having an adverse effect on such offering,
including the price at which such shares can be sold (the “Maximum Offering Size”), Lazard Ltd shall include in such registration, in the priority listed below, up to the Maximum Offering Size: 
  
 (i) first, all Registrable Securities requested to be
registered in the Demand Registration by the Demand Requesting Covered Person and all other Registrable Securities requested to be included in such registration by any Covered Persons (allocated, if necessary for the offering not to exceed the
Maximum Offering Size, pro rata among such Covered Persons on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each); 
  
 (ii) second, any securities proposed to be registered by
Lazard Ltd or any securities proposed to be registered for the account of any other persons, with such priorities among them as Lazard Ltd shall determine. 
  
 (d) Upon notice to the Demand Requesting Covered Person, Lazard Ltd may postpone effecting a registration pursuant to this Section 4.1 on
one occasion during any period of six consecutive months for a reasonable time specified in the notice but not exceeding 120 days (which period may not be extended or renewed), if (i) Lazard Ltd shall determine in good faith that effecting the
registration would materially and adversely affect an offering of securities of such company the preparation of which had then been commenced or (ii) Lazard Ltd is in possession of material non-public information the disclosure of which during the
period specified in such notice Lazard Ltd believes in good faith would not be in the best interests of Lazard Ltd. 
  
 Section 4.3 Piggyback Registration. 
  

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 (a) Subject to any contractual obligations to the contrary, if Lazard Ltd proposes to
register any of the equity securities issued by it under the Securities Act (other than a registration on Form S-8 or S-4, or any successor forms, relating to shares of Common Stock issuable upon exercise of employee stock options or in connection
with any employee benefit or similar plan of Lazard Ltd or in connection with a direct or indirect acquisition by Lazard Ltd of another Person or as a recapitalization or reclassification of securities of Lazard Ltd), whether or not for sale for its
own account, Lazard Ltd shall each such time give prompt notice at least 15 business days prior to the anticipated filing date of the registration statement relating to such registration to the Covered Person, which notice shall set forth such
Covered Person’s rights under this Section 4.3 and shall offer such Covered Person the opportunity to include in such registration statement the number of Registrable Securities of the same class or series as those proposed to be registered as
such Covered Person may request (a “Piggyback Registration”), subject to the provisions of Section 4.3(b) and the Public Offering Limitations. Upon the request of such Covered Person made within five business days after the receipt
of notice from Lazard Ltd (which request shall specify the number of Registrable Securities intended to be registered by such Covered Person), Lazard Ltd shall use its reasonable best efforts to effect the registration under the Securities Act of
all Registrable Securities that Lazard Ltd has been so requested to register by all such other Covered Persons, to the extent necessary to permit the disposition of the Registrable Securities so to be registered, provided that (i) if such
registration involves an underwritten Public Offering, all such Covered Persons requesting to be included in Lazard Ltd’s registration must sell their Registrable Securities to the underwriters selected by Lazard Ltd in on the same terms and
conditions as apply to Lazard Ltd or the Requesting Covered Persons, as applicable, and (ii) if, at any time after giving notice of its intention to register any securities pursuant to this Section 4.3(a) and prior to the effective date of the
registration statement filed in connection with such registration, Lazard Ltd shall determine for any reason not to register such securities, Lazard Ltd shall give notice to all such Covered Persons and, thereupon, shall be relieved of its
obligation to register any Registrable Securities in connection with such registration. No registration effected under this Section 4.3 shall relieve Lazard Ltd of its obligations to effect an Annual Registration or Demand Registration to the extent
required by Section 4.1 or Section 4.2, respectively. Lazard Group shall pay all Registration Expenses in connection with each Piggyback Registration. 
  
 (b) Subject to any contractual obligations to the contrary, if a Piggyback Registration involves an underwritten Public Offering (other
than any Demand Registration, in which case the provisions with respect to priority of inclusion in such offering set forth in Section 4.2(c) shall apply) and the managing underwriter advises Lazard Ltd that, in its view, the number of Registrable
Securities that Lazard Ltd and such Covered Persons intend to include in such registration exceeds the Maximum Offering Size, Lazard Ltd 

  

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shall include in such registration, in the following priority, up to the Maximum Offering Size: 
  
 (i) first, so much of Lazard Ltd securities proposed to be
registered for the account of Lazard Ltd; 
  
 (ii) second, to Lazard Ltd securities proposed to be registered pursuant to any demand registration rights of third parties; 
  
 (iii) third, all Registrable Securities requested to be included in such registration by any Covered Persons (allocated, if necessary for
the offering not to exceed the Maximum Offering Size, pro rata among such Covered Persons on the basis of the relative number of shares of Registrable Securities so requested to be included in such registration by each); and 
  
 (iv) fourth, any securities proposed to be registered for
the account of any other Persons with such priorities among them as Lazard Ltd shall determine. 
  
 Section 4.4 Lock-Up Agreements. If any registration of Registrable Securities shall be effected in connection with a Public Offering, neither
Lazard Ltd nor the Covered Person shall effect any public sale or distribution, including any sale pursuant to Rule 144, of any shares of Common Stock or other security of Lazard Ltd (except as part of such Public Offering) during the period
beginning 14 days prior to the effective date of the applicable registration statement until the earlier of (i) such time as Lazard Ltd and the lead managing underwriter shall agree and (ii) 180 days (such period, the “Lock-Up Period” for
the applicable registration statement). 
  
 Section 4.5
Registration Procedures. Whenever a Covered Person requests that any Registrable Securities be registered pursuant to Section 4.2 or 4.3 or in respect of any Annual Registration pursuant to Section 4.1, subject to the provisions of such
Sections, Lazard Ltd shall use its reasonable best efforts to effect the registration and the sale of such Registrable Securities in accordance with the intended method of disposition thereof as promptly as practicable, and, in connection with any
such request: 
  
 (a) Lazard Ltd shall as
expeditiously as reasonably practicable prepare and file with the SEC and the Registrar of Companies in Bermuda a registration statement on any form for which Lazard Ltd then qualifies or that counsel for Lazard Ltd shall deem appropriate and which
form shall be available for the sale of the Registrable Securities to be registered thereunder in accordance with the intended method of distribution thereof, and use its reasonable best efforts to cause such filed registration statement to become
and remain effective for a period of not less than 40 days, or in the case of a shelf registration statement, 60 days (or such shorter period in which all of the Registrable Securities of the Registering Covered Persons included in such registration
statement shall have actually been sold thereunder). 
  

 -15- 

 (b) Prior to filing a registration statement or prospectus or any amendment or supplement
thereto, Lazard Ltd shall, if requested, furnish to each participating Covered Person and each underwriter, if any, of the Registrable Securities covered by such registration statement copies of such registration statement as proposed to be filed,
and thereafter Lazard Ltd shall furnish to such Covered Person and underwriter, if any, such number of copies of such registration statement, each amendment and supplement thereto (in each case including all exhibits thereto and documents
incorporated by reference therein), the prospectus included in such registration statement (including each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 or Rule 430A under the Securities Act and
such other documents as such Covered Person or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities owned by such Covered Person. The Covered Person shall have the right to request that Lazard Ltd
modify any information contained in such registration statement, amendment and supplement thereto pertaining to such Covered Person and Lazard Ltd shall use its all reasonable best efforts to comply with such request, provided,
however, that Lazard Ltd shall not have any obligation so to modify any information if Lazard Ltd reasonably expects that so doing would cause the prospectus to contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading. 
  
 (c) After the filing of the registration statement, Lazard Ltd shall (i) cause the related prospectus to be supplemented by any required
prospectus supplement, and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act and the Companies Act 1981 of Bermuda, (ii) comply with the provisions of the Securities Act with respect to the disposition of all Registrable
Securities covered by such registration statement during the applicable period in accordance with the intended methods of disposition by the Registering Covered Persons thereof set forth in such registration statement or supplement to such
prospectus and (iii) promptly notify each Registering Covered Person holding Registrable Securities covered by such registration statement of any stop order issued or threatened by the SEC or any state securities commission and take all reasonable
best efforts to prevent the entry of such stop order or to remove it if entered. 
  
 (d) Lazard Ltd shall use its reasonable best efforts to (i) register or qualify the Registrable Securities covered by such registration
statement under such other securities or “blue sky” laws of such jurisdictions in the United States as any Registering Covered Person holding such Registrable Securities reasonably (in light of such Covered Person’s intended plan of
distribution) requests and (ii) cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of Lazard Ltd and do any and all
other acts and things that may be reasonably necessary or advisable to enable such Covered Person to consummate the disposition of the Registrable 

  

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Securities owned by such Covered Person, provided that Lazard Ltd shall not be required to (A) qualify generally to do business in any jurisdiction
where it would not otherwise be required to qualify but for this Section 4.5(d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 
  
 (e) Lazard Ltd shall immediately notify each Registering
Covered Person holding such Registrable Securities covered by such registration statement, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the occurrence of an event requiring the preparation
of a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each such Covered Person and file with the SEC and the Registrar of Companies in Bermuda any such supplement or amendment.

  
 (f) Lazard Ltd shall select an underwriter or
underwriters in connection with any Public Offering. In connection with any Public Offering, Lazard Ltd shall enter into customary agreements (including an underwriting agreement in customary form) and take such all other actions as are reasonably
required in order to expedite or facilitate the disposition of such Registrable Securities in any such Public Offering, including the engagement of a “qualified independent underwriter” in connection with the qualification of the
underwriting arrangements with the NASD. 
  
 (g)
Subject to execution of confidentiality agreements satisfactory in form and substance to Lazard Ltd in the exercise of its good faith judgment, Lazard Ltd will give to each Registering Covered Person, its counsel and accountants (i) reasonable and
customary access to its books and records and (ii) such opportunities to discuss the business of Lazard Ltd with its directors, officers, employees, counsel and the independent public accountants who have certified its financial statements, as shall
be appropriate, in the reasonable judgment of counsel, to such Registering Covered Person, to enable them to exercise their due diligence responsibility. 
  
 (h) Lazard Ltd shall use its reasonable best efforts to furnish to each Registering Covered Person and to each such underwriter, if any, a
signed counterpart, addressed to such Covered Person or underwriter, of (i) an opinion or opinions of counsel to Lazard Ltd and (ii) a comfort letter or comfort letters from Lazard Ltd’s independent public accountants, each in customary form
and covering such matters of the kind customarily covered by opinions or comfort letters, as the case may be, as a majority of the Registering Covered Persons therefor reasonably requests. 
  

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 (i) Each such Covered Person registering securities under this Article IV shall promptly
furnish in writing to Lazard Ltd such information regarding the distribution of the Registrable Securities as Lazard Ltd may from time to time reasonably request and such other information as may be legally required or advisable in connection with
such registration. 
  
 (j) The Covered Person
agrees that, upon receipt of any notice from Lazard Ltd of the happening of any event of the kind described in Section 4.5(e), such Covered Person shall forthwith discontinue disposition of Registrable Securities pursuant to the registration
statement covering such Registrable Securities until such Covered Person’s receipt of the copies of the supplemented or amended prospectus contemplated by Section 4.5(e), and, if so directed by Lazard Ltd, such Covered Person shall deliver to
Lazard Ltd all copies, other than any permanent file copies then in such Covered Person’s possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. If Lazard Ltd shall give such
notice, Lazard Ltd shall extend the period during which such registration statement shall be maintained effective (including the period referred to in Section 4.5(a)) by the number of days during the period from and including the date of the giving
of notice pursuant to Section 4.5(e) to the date when Lazard Ltd shall make available to such Covered Person a prospectus supplemented or amended to conform with the requirements of Section 4.5(e). 
  
 (k) Lazard Ltd shall use its reasonable efforts to list all
Registrable Securities covered by such registration statement on any securities exchange or quotation system on which any of the Registrable Securities are then listed or traded. 
  
 (l) Lazard Ltd shall have appropriate officers of Lazard Ltd (i) prepare and make presentations at any
“road shows” and before analysts and rating agencies, as the case may be, (ii) take other actions to obtain ratings for any Registrable Securities and (iii) otherwise use their reasonable best efforts to cooperate as reasonably requested
by the underwriters in the offering, marketing or selling of the Registrable Securities. 
  
 Section 4.6 Indemnification by Lazard Ltd. Lazard Ltd agrees to indemnify and hold harmless the Registering Covered Person holding Registrable Securities covered by a registration statement, its officers,
directors, employees, partners and agents, and each Person, if any, who controls such Covered Person within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages,
liabilities and expenses (including reasonable expenses of investigation and reasonable attorneys’ fees and expenses) (“Damages”) caused by or relating to any untrue statement or alleged untrue statement of a material fact
contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if Lazard Ltd shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by or
relating to any omission or alleged omission to state therein a material fact required to be 

  

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stated therein or necessary to make the statements therein not misleading, except insofar as such Damages are caused by or related to any such untrue
statement or omission or alleged untrue statement or omission so made based upon information furnished in writing to Lazard Ltd by such Covered Person or on such Covered Person’s behalf expressly for use therein, provided that, with
respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus, or in any prospectus, as the case may be, the indemnity agreement contained in this paragraph shall not apply to the extent that
any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the Person asserting any such Damages at or prior to the written confirmation of the
sale of the Registrable Securities to such Person if it is determined that Lazard Ltd provided such prospectus to such Covered Person and it was the responsibility of such Covered Person to provide such Person with a current copy of the prospectus
(or such amended or supplemented prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such Damages. 
  
 Section 4.7 Indemnification by Participating Covered Persons. Each
Covered Person who holds Registrable Securities covered by any registration statement agrees to indemnify and hold harmless Lazard Ltd, its affiliates and their respective officers, directors and agents and each Person, if any, who controls Lazard
Ltd within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from Lazard Ltd to such Covered Person, but only (i) with respect to information furnished in writing
by such Covered Person or on such Covered Person’s behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus or (ii) to the
extent that any Damages result from the fact that a current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) was not sent or given to the Person asserting any such Damages at or prior to the written
confirmation of the sale of the Registrable Securities concerned to such Person if it is determined that it was the responsibility of such Covered Person to provide such Person with a current copy of the prospectus (or such amended or supplemented
prospectus, as the case may be) and such current copy of the prospectus (or such amended or supplemented prospectus, as the case may be) would have cured the defect giving rise to such loss, claim, damage, liability or expense. The Covered Person
also agrees to indemnify and hold harmless underwriters of the Registrable Securities, their officers and directors and each Person who controls such underwriters within the meaning of either Section 15 of the Securities Act or Section 20 of the
Exchange Act on substantially the same basis as that of the indemnification of Lazard Ltd provided in this Section 4.5. As a condition to including Registrable Securities in any registration statement filed in accordance with Article IV, Lazard Ltd
may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect to similar securities. No Registering Covered
Person shall be liable under this Section 4.7 for any Damages in excess of the net proceeds realized by such Covered Person in the sale of Registrable Securities of such Covered Person to which such Damages relate. 
  

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 Section 4.8 Conduct of Indemnification Proceedings. If any proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this Article IV, such Person (an “Indemnified Party”) shall promptly notify the Person against whom such indemnity may
be sought (the “Indemnifying Party”) in writing and the Indemnifying Party shall have the right to assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume
the payment of all fees and expenses, provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder except to the extent that the Indemnifying
Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party
unless (i) the Indemnifying Party and the Indemnified Party shall have mutually agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them. It is understood that, in connection with any proceeding or related proceedings in the same jurisdiction, the Indemnifying Party shall not be liable for the reasonable fees
and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be reimbursed as they are incurred. In the case of any such separate
firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The Indemnifying Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such
consent, or if there be a final judgment for the plaintiff, the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or
judgment. Without the prior written consent of the Indemnified Party, no Indemnifying Party shall effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or could have been a party and indemnity
could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability arising out of such proceeding. 
  
 Section 4.9 Contribution. If the indemnification provided for in this
Article VI is unavailable to the Indemnified Parties in respect of any Damages, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result
of such Damages (i) as between Lazard Ltd and the Registering Covered Person holding Registrable Securities covered by a registration statement on the one hand and the underwriters on the other, in such proportion as is appropriate to reflect the
relative benefits received by Lazard Ltd and such Covered Person on the one hand and the underwriters on the other, from the offering of the Registrable Securities, or if such allocation is not permitted by applicable law, in such proportion as is
appropriate to reflect not only the relative benefits but also the relative fault of Lazard Ltd and such Covered Person on the one hand and of such underwriters on the other in connection with the statements or omissions that resulted in such
Damages, as well as any other relevant equitable considerations and (ii) as between Lazard Ltd on the one hand and such Covered Person on the other, in such 

  

 -20- 

 
proportion as is appropriate to reflect the relative fault of Lazard Ltd and of such Covered Person in connection with such statements or omissions, as well
as any other relevant equitable considerations. The relative benefits received by Lazard Ltd and such Covered Person, on the one hand, and such underwriters, on the other hand, shall be deemed to be in the same proportion as the total proceeds from
the offering (net of underwriting discounts and commissions but before deducting expenses) received by Lazard Ltd and such Covered Person bear to the total underwriting discounts and commissions received by such underwriters, in each case as set
forth in the table on the cover page of the prospectus. The relative fault of Lazard Ltd and such Covered Person on the one hand and of such underwriters on the other shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by Lazard Ltd and such Covered Person or by such underwriters. The relative fault of Lazard Ltd on the one hand
and of such Covered Person on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information
supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 
  
 Lazard Ltd and the Covered Person agree that it would not be just and equitable if contribution pursuant to this Section 4.9
were determined by pro rata allocation (even if the underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an Indemnified Party as a result of the Damages referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses
reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 4.9, no underwriter shall be required to contribute any amount in excess of the
amount by which the total price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds the amount of any Damages that such underwriter has otherwise been required to pay by reason of
such untrue or alleged untrue statement or omission or alleged omission, and no Registering Covered Person shall be required to contribute any amount in excess of the amount by which the total price at which the Registrable Securities of such
Covered Person were offered to the public (less underwriters’ discounts and commissions) exceeds the amount of any Damages that such Covered Person has otherwise been required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

  
 Section 4.10 Participation in Public Offering. No
Covered Person may participate in any Public Offering hereunder unless such Covered Person (a) agrees to sell such Covered Person’s securities on the basis provided in any underwriting arrangements approved by the Covered Persons entitled
hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, 

  

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underwriting agreements and other documents reasonably required under the terms of such underwriting arrangements and the provisions of this Agreement in
respect of registration rights. 
  
 Section 4.11 Other
Indemnification. Indemnification similar to that specified herein (with appropriate modifications) shall be given by Lazard Ltd and the Registering Covered Person participating therein with respect to any required registration or other
qualification of securities under any federal or state law or regulation or governmental authority other than the Securities Act. 
  
 Section 4.12 Cooperation by Lazard Ltd. If the Covered Person shall transfer any Registrable Securities pursuant to Rule 144, Lazard Ltd shall use
its commercially reasonable efforts to cooperate with the Covered Person and shall provide to the Covered Person such information as the Covered Person shall reasonably request. 
  
 Section 4.13 No Transfer of Registration Rights. Except as set forth in Section 4.14, none of the rights of the
Covered Person under this Article VI shall be assignable by any Covered Person to any person acquiring securities unless the person so acquiring such securities shall already be a Covered Person. 
  
 Section 4.14 Parties in Interest. Each Covered Person shall be
entitled to receive the benefits of this Agreement and shall be bound by the terms and provisions of this Agreement by reason of such Covered Person’s election to participate in a registration under this Article IV. All of the terms and
provisions of this Article IV shall be binding upon, shall inure to the benefit of and shall be enforceable by the respective successors and permitted assigns of Lazard Ltd and any Covered Person with respect to registrations hereunder. Unless
otherwise specified by Lazard Ltd in its sole discretion, any transferee (including, without limitation, any charitable foundation or public charities) of any Covered Person permitted in accordance with the applicable (in the case of Covered
Interests) limited liability company agreement and otherwise in accordance with this Agreement that shall acquire Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, shall, without any further
action of any kind, be entitled to receive the benefits of and be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement to the aforesaid extent as if such person was a Covered Person
hereunder with respect to the relevant registration. Lazard Ltd may, however, as a condition thereto require any such transferee to be added to Appendix A hereto in accordance with Section 5.2(b) hereof or otherwise sign an agreement acknowledging
that is bound by the terms and provisions of the Agreement as if such transferee were a Covered Person with respect to the relevant registration. 
  
 Section 4.15 Acknowledgement Regarding Lazard Ltd. All determinations necessary or advisable under this Article IV shall be made by Lazard Ltd, the
determinations of which shall be final and binding. 
  
 Section
4.16 Mergers, Recapitalizations, Exchanges or Other Transactions Affecting Registrable Securities. The provisions of this Agreement shall 

  

 -22- 

 
apply to the full extent set forth herein with respect to the Registrable Securities, to any and all securities or capital stock of LAZ-MD, Lazard Group or
Lazard Ltd or any successor or assign of any such company (whether by merger, amalgamation, consolidation, sale of assets or otherwise) that may be issued in respect of, in exchange for, or in substitution of such Registrable Securities, by reason
of any dividend, split, issuance, reverse split, combination, recapitalization, reclassification, merger, amalgamation, consolidation or otherwise. 
  
 ARTICLE V 
 MISCELLANEOUS

  
 Section 5.1 Term of the Agreement; Termination of
Certain Provisions. 
  
 (a) The term of this
Agreement shall continue until the first to occur of (i) such time as no Covered Person holds any Covered Interests or Registrable Securities and (ii) such time as this Agreement is terminated by the affirmative vote of Covered Persons that
beneficially own not less than 66 2/3% of the outstanding Voting Interests. 
  
 (b) Unless this Agreement is theretofore terminated pursuant to Section 5.1(a) hereof, a Covered Person shall be bound by the provisions of this Agreement with respect to any Covered Interest or Registrable Security
until such time as such Covered Person ceases to hold any Covered Interest or Registrable Security. Thereafter, such Covered Person shall no longer be bound by the provisions of this Agreement other than Sections 4.7, 4.8, 4.9 and 4.11 and Article V
(the “Continuing Provisions”), and such Covered Person’s name shall be removed from Appendix A to this Agreement. 
  
 (c) Any transferee of a Covered Interest pursuant to, and in accordance with, a permitted transfer under the Operating Agreement or the
Lazard Group Operating Agreement (each, a “Permitted Transferee”) shall be added to Appendix A as a Covered Person; provided that such Permitted Transferee shall first sign an agreement in the form approved by Lazard Ltd
acknowledging that such Permitted Transferee is bound by the terms and provisions of the Agreement. 
  
 Section 5.2 Amendments; Waiver. 
  
 (a) The provisions of this Agreement may be amended only by the affirmative vote of a majority of the outstanding Voting Interests and the
consent of Lazard Ltd and LAZ-MD; provided, that, (a) any amendment to Section 5.1(a) shall require the affirmative approval of 66 2/3% of the outstanding Voting Interests and (b) with respect to Article III hereof (and the defined terms to
the extent used therein), the provisions of such article may be amended only by the affirmative vote of a majority of the outstanding Voting Interests and the consent of LAZ-MD; and, provided, further, that with respect 

  

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to Article IV hereof (and the defined terms to the extent used therein), the provisions of such article may be amended only by the affirmative vote of a
majority of the outstanding Voting Interests and the consent of Lazard Ltd. 
  
 (b) In addition to any other vote or approval that may be required under this Section 5.2, any amendment of this Agreement that has the effect of changing the obligations of LAZ-MD or Lazard Ltd hereunder to make such
obligations materially more onerous to LAZ-MD or Lazard Ltd shall require the approval of LAZ-MD or Lazard Ltd, as the case may be. 
  
 (c) Each Covered Person understands that it is intended that each Class II Member on the date hereof will be a Covered Person under this
Agreement, and each Covered Person further understands that from time to time certain other persons may become Covered Persons and certain Covered Persons will cease to be bound by the provisions of this Agreement pursuant to the terms hereof. This
Agreement may be amended from time to time by LAZ-MD (without the approval of any other person), but solely for the purposes of (i) adding to Appendix A Permitted Transferees of the Covered Interests as provided in Section 5.1(c) who sign this
Agreement and (ii) removing from Appendix A such persons as shall cease to be bound by the provisions of this Agreement pursuant to Sections 5.1(b) hereof, which additions and removals shall be given effect from time to time by appropriate changes
to Appendix A. 
  
 (d) No provision of this
Agreement may be waived except by an instrument in writing executed by the party against whom the waiver is to be effective. 
  
 Section 5.3 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD
TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 Section 5.4 Resolution
of Disputes. 
  
 (a) Lazard Ltd shall have
the sole and exclusive power to seek enforcement of the provisions contained in Articles IV of this Agreement on behalf of the Covered Persons. Lazard Ltd may in its sole discretion request LAZ-MD to conduct such enforcement, and LAZ-MD agrees to
conduct such enforcement as requested and directed by Lazard Ltd. 
  
 (b) All disputes arising under this Agreement (each a “Disputes”) shall be determined in accordance with this Section 5.4. Each Dispute shall first be reviewed by the Board (“Board
Review”). Any party to a Dispute may invoke Board Review by written notice to the other party or parties thereto and the Board. As soon as practicable and in any event within thirty (30) days after receipt of notice of a Dispute, the Board
shall attempt in good faith to resolve such Dispute. In the event that any Dispute remains 

  

 -24- 

 
unresolved forty-five (45) days after notice thereof to the Board, such Dispute shall be finally determined by an arbitral tribunal under the Rules of
Arbitration (the “ICC Rules”) of the International Chamber of Commerce (the “ICC”) and in accordance with Section 5.4(c). 
  
 (c) The arbitral tribunal determining any Dispute shall be comprised of three arbitrators. Each party to a Dispute shall designate one
arbitrator. If a party fails to designate an arbitrator within a reasonable period, the ICC shall designate an arbitrator for such party, including upon a request by another party. The two arbitrators designated by the parties to a Dispute (or, if
applicable, the ICC) shall designate a third arbitrator. In the event that the two arbitrators designated by the parties to a Dispute (or, if applicable, the ICC) are unable to agree upon a third arbitrator within a reasonable period, the third
arbitrator shall be selected in accordance with the ICC Rules by the ICC. The language, place and procedures of the arbitration of any Dispute shall be as agreed upon by the parties to such Dispute or, failing such agreement within a reasonable
period, as determined in accordance with the ICC Rules in order to ensure a speedy, efficient and just resolution of such Dispute. If neither the parties nor the arbitral tribunal can agree upon procedures, the arbitration shall be conducted in
accordance with the ICC’s procedures. The hearings and taking of evidence of any Dispute may be conducted at any locations that will, in the judgment of the arbitral tribunal, result in a speedy, efficient and just resolution of such Dispute.
The parties to any dispute shall use their best efforts to cooperate with each other and the arbitral tribunal in order to obtain a resolution as quickly as possible, including by adopting the ICC’s “fast-track” procedure (as provided
for in Article 32(1) of the ICC Rules) if appropriate. 
  
 (d) Notwithstanding any provision of the Agreement to the contrary, this Section 5.4(c) shall be construed to the maximum extent possible to comply with the laws of the State of Delaware, including the Uniform Arbitration Act (10 Del. C.
§ 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a court of competent jurisdiction that any provision or wording of this Section 5.4(c), including the ICC Rules and any rules of the
American Arbitration Association, shall be invalid or unenforceable under the Delaware Arbitration Act, or other applicable law, such invalidity shall not invalidate all of this Section 5.4(c). In that case, this Section 5.4(c) shall be construed so
as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware Arbitration Act or other applicable law, and, in the event such term or provision cannot be so limited, this Section 5.4(c) shall be
construed to omit such invalid or unenforceable provision. 
  
 (e) Notwithstanding the provisions of paragraphs (a) and (b) above, Lazard Ltd may bring, or may cause LAZ-MD to bring, on behalf of Lazard Ltd or on behalf of one or more Covered Persons, an action or special
proceeding in a state or federal court of competent jurisdiction sitting in the State of Delaware, whether or not an arbitration proceeding has theretofore 

  

 -25- 

 
been or is ever initiated, for the purpose of temporarily, preliminarily or permanently enforcing the provisions of Article IV and, for the purposes of this
paragraph (c), each Covered Person (i) expressly consents to the application of paragraph (d) to any such action or proceeding, (ii) agrees that proof shall not be required that monetary damages for breach of the provisions of this Agreement would
be difficult to calculate and that remedies at law would be inadequate and (iii) irrevocably appoints                  of LAZ-MD, c/o The Corporation Trust Company,
Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801 as such Covered Person’s agent for service of process in connection with any such action or proceeding, who shall promptly advise such Covered Person of any such service
of process. 
  
 (f) EACH COVERED PERSON HEREBY
IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED IN THE STATE OF DELAWARE OVER ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO OR CONCERNING THIS AGREEMENT THAT IS NOT OTHERWISE ARBITRATED
ACCORDING TO THE PROVISIONS OF PARAGRAPH (B) HEREOF. This includes any suit, action or proceeding to compel arbitration or to enforce an arbitration award. The parties acknowledge that the forum designated by this paragraph (d) has a reasonable
relation to this Agreement, and to the parties’ relationship with one another. Notwithstanding the foregoing, nothing herein shall preclude the LAZ-MD or Lazard Ltd from bringing any action or proceeding in any other court for the purpose of
enforcing the provisions of this Section 5.4. 
  
 (g) The agreement of the parties as to forum is independent of the law that may be applied in the action, and they each agree to such forum even if the forum may under applicable law choose to apply non-forum law. The parties hereby waive,
to the fullest extent permitted by applicable law, any objection which they now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding brought in any court referred to in paragraph (d)(i). The
parties 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 paragraph (d)(i). The parties 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 parties. 
  
 Section 5.5 Relationship of Parties; Acknowledgements. 
  
 (a) The terms of this Agreement are intended not to create a separate entity for U.S. federal income tax purposes, and nothing in this
Agreement shall be read to create any partnership, joint venture or separate entity among the parties or to create any trust or other fiduciary relationship between them. 
  

 -26- 

 (b) Each Covered Person, by executing this Agreement, acknowledges and agrees that such
person is a member of each of LAZ-MD and LFCM and bound by the terms of the Operating Agreement and the LFCM Operating Agreement, respectively. 
  
 Section 5.6 Transfer Restrictions; Legends. 
  
 (a) General Restrictions on Transfer. Each Covered Person acknowledges and agrees that the Covered Interests have not been
registered under the Securities Act. Each Covered Person agrees that such person shall not Transfer any Covered Interests (or solicit any offers in respect of any Transfer of any Covered Interests), except in compliance with the Securities Act, any
other applicable securities or “blue sky” laws, and the terms and conditions of this Agreement and the Operating Agreement. Any attempt to Transfer any Covered Interests not in compliance with this Agreement or the Operating Agreement
shall be null and void, and neither LAZ-MD nor Lazard Ltd, as the case may be, shall, and shall cause any transfer agent not to, give any effect in the applicable company’s stock records to such attempted Transfer. 
  
 (b) Legends. Each Covered Person acknowledges that
the following legend shall appear on the certificates for Covered Shares reflecting the restrictions set forth in Section 5.6(a). Lazard Ltd shall, at the request of any Covered Person, remove from each certificate evidencing Covered Shares the
following legend if Lazard Ltd is reasonably satisfied (based upon an opinion of counsel) that the securities evidenced thereby may be publicly sold without registration under the Securities Act: 
  
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED, OR ANY FOREIGN OR STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR OTHERWISE DISPOSED OF EXCEPT (1) IN COMPLIANCE THEREWITH OR (2) UPON THE FURNISHING TO LAZARD LTD BY THE HOLDER OF THIS CERTIFICATE AN OPINION OF COUNSEL REASONABLY
ACCEPTABLE TO LAZARD LTD THAT SUCH TRANSACTION IS NOT REQUIRED TO BE REGISTERED UNDER APPLICABLE SECURITIES LAWS. 
  
 Section 5.7 Notices. 
  
 (a) Any communication, demand or notice to be given hereunder will be duly given (and shall be deemed to be received) when delivered in
writing by hand or first class mail or by telecopy to a party at its address as indicated below: 
  

 -27- 

 If to a Covered Person, 
  
 [Name of Covered Person] 
 c/o LAZ-MD Holdings LLC 
 30 Rockefeller Plaza 
 New York, New York 10020 
 Telecopy: (212)
632-2000 
 Attention: Board of Directors 
  
 If to LAZ-MD, at 
  
 LAZ-MD Holdings LLC 
 30 Rockefeller Plaza

 New York, New York 10020 
 Telecopy: (212) 632-2000 
 Attention: Board of Directors 
  
 If to Lazard Ltd, at 
  
 Lazard Ltd 
 30 Rockefeller Plaza

 New York, New York 10020 
 Telecopy: (212) 632-2000 
 Attention: General Counsel 
  
 LAZ-MD shall be responsible for notifying each Covered Person of the receipt of a communication, demand or
notice under this Agreement relevant to such Covered Person at the address of such Covered Person then in the records of LAZ-MD (and each Covered Person shall notify LAZ-MD of any change in such address for communications, demands and notices).

  
 (b) Unless otherwise provided to the contrary
herein, any notice which is required to be given in writing pursuant to the terms of this Agreement may be given by telecopy. 
  
 Section 5.8 Severability. If any provision of this Agreement is finally held to be invalid, illegal or unenforceable, (a) the remaining terms and
provisions hereof shall be unimpaired and (b) the invalid or unenforceable term or provision shall be deemed replaced by a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or
unenforceable term or provision. 
  
 Section 5.9 Specific
Performance. Each party hereto acknowledges that the remedies at law of the other parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any part to this Agreement, without posting any
bond, and in addition to all other remedies that may be available, shall, subject to Section 5.4, be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any
other equitable remedy that may be then available. 
  

 -28- 

 Section 5.10 Assignment; Successors. This Agreement shall be binding upon and inure to the benefit
of the respective legatees, legal representatives, successors and assigns of the Covered Persons; provided, however, that a Covered Person may not assign this Agreement or any of his rights or obligations hereunder, and any purported
assignment in breach hereof by a Covered Person shall be void; and provided further that no assignment of this Agreement by LAZ-MD, Lazard Ltd or to a successor of LAZ-MD or Lazard Ltd (by operation of law or otherwise) shall be valid unless
such assignment is made to a person which succeeds to the business of such Person substantially as an entirety. 
  
 Section 5.11 No Third-Party Rights. Other than as expressly provided herein, nothing in this Agreement will be construed to give any person other
than the parties to this Agreement any legal or equitable right, remedy, or claim under or with respect to this Agreement or any provision of this Agreement. This Agreement and all of its provisions and conditions are for the sole and exclusive
benefit of the parties to this Agreement and their successors and assigns. 
  
 Section 5.12 Section Headings. The headings of sections in this Agreement are provided for convenience only and will not affect its construction or interpretation. 
  
 Section 5.13 Execution in Counterparts. This Agreement may be executed
in any number of counterparts, each of which shall be deemed an original, but all such counterparts shall together constitute but one and the same instrument. 
  

 -29- 

 IN WITNESS WHEREOF, the parties hereto have duly executed or caused to be duly executed this Agreement as
of the dates indicated. 
  

					
	 LAZ-MD HOLDINGS LLC

		
	 By
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	LAZARD LTD (solely for the purposes of Articles I, II, IV and V hereto)
		
	 By
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  
 [Signature Page
to Stockholders’ Agreement] 
  

 -30-Form of Fourth Amended and Restated Limited Liability Company Operating Agm't

 Exhibit 10.2 
  
 FORM OF 
  
 OPERATING AGREEMENT 
  
 OF 
  
 LAZARD
GROUP LLC 
  
 Dated as of
                , 2005 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE I	  	 
		
	DEFINITIONS	  	 
			
	SECTION 1.01.	  	Definitions	  	4
	SECTION 1.02.	  	Other Definitional Provisions	  	13
	SECTION 1.03.	  	References to Schedules	  	13
	
	ARTICLE II
	
	FORMATION, CONTINUATION AND POWERS
			
	SECTION 2.01.	  	Formation and Continuation	  	14
	SECTION 2.02.	  	Name	  	14
	SECTION 2.03.	  	Purpose and Scope of Activity	  	14
	SECTION 2.04.	  	Principal Place of Business	  	14
	SECTION 2.05.	  	Registered Agent and Office	  	14
	SECTION 2.06.	  	Authorized Persons	  	15
	SECTION 2.07.	  	Specific Authorization	  	15
	
	ARTICLE III
	
	MANAGEMENT
			
	SECTION 3.01.	  	Management Generally	  	15
	SECTION 3.02.	  	Lazard Board	  	15
	SECTION 3.03.	  	Officers	  	18
	SECTION 3.04.	  	Resignations	  	21
	SECTION 3.05.	  	Members	  	21
	
	ARTICLE IV
	
	MEMBERS AND INTERESTS
			
	SECTION 4.01.	  	Members	  	22
	SECTION 4.02.	  	Managing Member	  	22
	SECTION 4.03.	  	Interests	  	22
	SECTION 4.04.	  	Admission and Withdrawal of Members	  	24
	SECTION 4.05.	  	Liability to Third Parties; Capital Account Deficits	  	26
	SECTION 4.06.	  	Classes	  	26
	SECTION 4.07.	  	Certificates	  	27

  

 -i- 

					
	ARTICLE V
	
	CAPITAL AND ACCOUNTING MATTERS
			
	SECTION 5.01.	  	Capital	  	27
	SECTION 5.02.	  	Withdrawals; Return on Capital	  	27
	SECTION 5.03.	  	Allocation of Profits and Losses	  	27
	SECTION 5.04.	  	Allocations and Tax Matters	  	28
	SECTION 5.05.	  	Board Determinations	  	29
	SECTION 5.06.	  	Books and Accounts	  	29
	SECTION 5.07.	  	Tax Matters Partner	  	30
	SECTION 5.08.	  	Tax Information	  	30
	SECTION 5.09.	  	Withholding	  	30
	
	ARTICLE VI
	
	DISTRIBUTIONS
			
	SECTION 6.01.	  	Distributions in Respect of Profit Participation Interests	  	31
	SECTION 6.02.	  	Distributions in Respect of Common Interests	  	32
	SECTION 6.03.	  	Limitation on Distributions	  	32
	
	ARTICLE VII
	
	TRANSFERS OF INTERESTS
			
	SECTION 7.01.	  	Transfer of Interests	  	32
	SECTION 7.02.	  	Permitted Transfers	  	32
	SECTION 7.03.	  	First Redemption	  	34
	SECTION 7.04.	  	Second Redemption	  	34
	SECTION 7.05.	  	Lazard Group Exchange	  	34
	SECTION 7.06.	  	Estate Transfers	  	35
	SECTION 7.07.	  	Encumbrances	  	35
	SECTION 7.08.	  	Legend	  	36
	SECTION 7.09.	  	Effect of Transfer Not in Compliance with This Article	  	36
	
	ARTICLE VIII
	
	DISSOLUTION
			
	SECTION 8.01.	  	Dissolution	  	36
	SECTION 8.02.	  	Liquidation	  	37
	SECTION 8.03.	  	Distributions	  	37

  

 -ii- 

					
	ARTICLE IX
	
	INDEMNIFICATION AND EXCULPATION
			
	SECTION 9.01.	  	Exculpation	  	38
	SECTION 9.02.	  	Indemnification	  	38
	SECTION 9.03.	  	Non-Exclusivity of Rights	  	41
	SECTION 9.04.	  	Insurance	  	41
	SECTION 9.05.	  	Survival	  	41
	
	ARTICLE X
	
	MISCELLANEOUS
			
	SECTION 10.01.	  	Use of Firm Name	  	41
	SECTION 10.02.	  	Amendments	  	41
	SECTION 10.03.	  	Benefits of Agreement	  	42
	SECTION 10.04.	  	Waiver of Notice	  	42
	SECTION 10.05.	  	Arbitration	  	42
	SECTION 10.06.	  	Successors and Assigns	  	43
	SECTION 10.07.	  	Confidentiality	  	43
	SECTION 10.08.	  	Notices	  	44
	SECTION 10.09.	  	No Waiver of Rights	  	44
	SECTION 10.10.	  	Power of Attorney	  	44
	SECTION 10.11.	  	Severability	  	45
	SECTION 10.12.	  	Headings	  	45
	SECTION 10.13.	  	Entire Agreement	  	45
	SECTION 10.14.	  	Governing Law	  	45
	SECTION 10.15.	  	Counterparts	  	45
	SECTION 10.16.	  	Effectiveness	  	45
	SECTION 10.17.	  	Corporate Opportunity; Fiduciary Duty	  	45

  

			
	Exhibits

	  	 
	Exhibit A	  	Acknowledgement
	Exhibit B	  	Certain Tax Related Matters

  

 -iii- 

 OPERATING AGREEMENT (together with all exhibits, annexes and schedules hereto, this
“Agreement”) of LAZARD GROUP LLC (formerly known as Lazard LLC), a Delaware limited liability company (the “Company”), dated as of
                , 2005. 
  
 WHEREAS, the Amended and Restated Limited Partnership Agreement made as of May 6, 1988, as amended (the “Partnership Agreement”),
constituted the partnership agreement of Lazard Partners Limited Partnership, a Delaware limited partnership (the “Partnership”); and 
  
 WHEREAS, effective as of 5:00 a.m., New York City time, on March 3, 2000, the Partnership was converted into the Company under the Delaware Limited
Liability Company Act (6 Del. C. § 18-101, et seq.) (as amended from time to time and any successor statute thereto, the “Act”) and the ownership, capital and profit sharing interests in the Partnership were
reorganized into ownership, capital and profit sharing interests in the Company; and 
  
 WHEREAS, on March 3, 2000, certain members of Lazard Frères & Co. LLC, a New York limited liability company (“LFNY”), and certain shareholders of Lazard Frères S.A.S., a French
Société par Actions Simplifiée (“LF”), and Maison Lazard S.A.S., a French Société par Actions Simplifiée (“ML” and, together with LF, “LFP”),
transferred their ownership, capital and profit sharing interests in LFNY and LFP to the Company in exchange for ownership, capital and profit sharing interests in the Company; and 
  
 WHEREAS, as of March 16, 2001, the members of the Company entered into an Amended and Restated Operating Agreement of the
Company, dated as of March 16, 2001 (the “First Amended Operating Agreement”), amending and restating in its entirety the Operating Agreement of the Company dated March 3, 2000 (the “Original Operating Agreement”)
to reflect certain amendments thereto; and 
  
 WHEREAS, as of May
30, 2001, the members of the Company entered into a Second Amended and Restated Operating Agreement of the Company, dated as of May 30, 2001 (the “Second Amended Operating Agreement”), amending and restating in its entirety the
First Amended Operating Agreement to reflect certain amendments thereto; and 
  
 WHEREAS, as of January 1, 2002, the members of the Company entered into a Third Amended and Restated Operating Agreement of the Company, dated as of January 1, 2002 (the “Initial Third Amended Operating
Agreement”), amending and restating in its entirety the Second Amended Operating Agreement to reflect certain amendments thereto; and 
  
 WHEREAS, the members of the Company amended the Initial Third Amended Operating Agreement pursuant to Amendment No.1 dated as of January 10, 2003,
Amendment No. 2, dated as of December 10, 2003, and Amendment No. 3, dated as of December 15, 2004, to reflect certain amendments thereto; and 
  
 WHEREAS, on December 16, 2004, the Company entered into that certain Class B-1 and Class C Members Transaction Agreement relating to Lazard LLC (the
“Transaction Agreement”); and 

 WHEREAS, the members of the Company further amended the Initial Third Amended Operating Agreement
pursuant to Amendment No. 4, dated as of the date hereof and Amendment No. 5, dated as of the date hereof, to reflect certain amendments thereto (as so amended through Amendment No. 5, the “Third Amended Operating Agreement”); and

  
 WHEREAS, on the date hereof after the effectiveness of the
amendments to the Third Amended Operating Agreement on the date hereof, the Company entered into that certain Master Separation Agreement (the “Master Separation Agreement”) with Lazard Ltd, a Bermuda company (“Lazard
Ltd”), LAZ-MD Holdings LLC, a Delaware limited liability company (“LAZ-MD”), and LFCM Holdings LLC, a Delaware limited liability company and currently wholly owned subsidiary of the Company (“LFCM”); and

  
 WHEREAS, pursuant to the Transaction Agreement, on the date
hereof and after entry into the Master Separation Agreement, certain Class B-1 Members and Class C Members (each as defined in the Third Amended Operating Agreement) transferred Class B-1 Interests and Class C Interests (each as defined in the Third
Amended Operating Agreement) to LAZ-MD, and simultaneously therewith, pursuant to Section 6.02(b) of the Third Amended Operating Agreement, all other Interests (as defined in the Third Amended Operating Agreement) were transferred to LAZ-MD in
exchange for limited liability company interests in LAZ-MD (the “Forced Sale”); and 
  
 WHEREAS, pursuant to and simultaneously with the consummation of the Exchange and the Forced Sale, all members of the Company immediately prior to the
Exchange and the Forced Sale ceased to be members of the Company, and LAZ-MD was admitted to the Company as the sole member and is continuing the Company without dissolution; and 
  
 WHEREAS, LAZ-MD, as the sole member of the Company, is entering into this Agreement to amend and restate in its entirety the
Third Amended Operating Agreement, effective immediately, to reflect, among other things, (1) the recapitalization of the Company’s limited liability company interests into new classes of limited liability company interests having the rights
and obligations set forth herein, (2) the reconstitution of the management and governance of the Company as set forth herein, and (3) the change in the name of the Company to “Lazard Group LLC”; and 
  
 WHEREAS, on the date hereof, immediately after the effectiveness of this
Agreement, the Company is causing the filing of a Certificate of Amendment to its Certificate of Formation with the Secretary of State of the State of Delaware to reflect the change in the Company’s name from “Lazard LLC” to
“Lazard Group LLC”; and 
  
 WHEREAS, pursuant to, and
subject to satisfaction or waiver of the conditions set forth in, the Transaction Agreement and the Master Separation Agreement, on the date hereof, LAZ-MD shall redeem the limited liability company interests in LAZ-MD that were issued in exchange
for Class B-1 Interests and Class C Interests (each as defined in the Third Amended Operating Agreement) for the Redeemable Interests (as defined below), effective immediately after effectiveness of this Agreement (the “First
Redemption”); and 
  

 -2- 

 WHEREAS, pursuant to, and subject to satisfaction or waiver of the conditions set forth in, the
Transaction Agreement and the Master Separation Agreement, immediately after consummation of the First Redemption, the Company shall contribute all of its right, title and interests in and to certain businesses and assets of the Company (the
“Separated Business”) to LFCM, and the Company shall delegate, and LFCM shall assume, certain liabilities, including liabilities relating to the Separated Business, and the Company shall distribute all of the limited liability
company interests in LFCM to LAZ-MD, in each case, on the terms and subject to the conditions set forth in the Master Separation Agreement (collectively, the “Separation”); and 
  
 WHEREAS, pursuant to, and subject to satisfaction or waiver of the conditions
set forth in, the Transaction Agreement and the Master Separation Agreement, immediately after consummation of the Separation, (1) Lazard Ltd shall consummate the initial public offering of shares of Class A common stock, par value $.01 per share,
of Lazard Ltd (the “Lazard Ltd Common Stock”), (2) Lazard Ltd shall cause Lazard Ltd Sub A (as defined below) to contribute to the Company a portion of the net proceeds from such initial public offering on the terms and subject to
the conditions set forth in the Master Separation Agreement (the “Lazard Ltd Sub A Contribution”), and Lazard Ltd shall cause Lazard Ltd Sub B (as defined below) to contribute to the Company a portion of the net proceeds from such
initial public offering on the terms and subject to the conditions set forth in the Master Separation Agreement (the “Lazard Ltd Sub B Contribution”), and (3) in exchange therefor, the Company shall issue to Lazard Ltd Sub A a
Common Interest (each as defined herein) and to Lazard Ltd Sub B a Common Interest and admit each of Lazard Ltd Sub A and Lazard Ltd Sub B as Common Members and Lazard Group Finance LLC, a Delaware limited liability company
(“FinanceCo”), as the Managing Member, in each case in accordance with the Master Separation Agreement and effective immediately upon consummation of the contributions in accordance with this Agreement (the “Common Stock
Offering Transaction”); and 
  
 WHEREAS, pursuant to, and
subject to satisfaction or waiver of the conditions set forth in, the Transaction Agreement and the Master Separation Agreement, immediately after the consummation of the Separation, the Company shall sell debt securities to certain institutional
investors and shall sell debt securities to FinanceCo (such sales, together with the Common Stock Offering Transaction, the “Financing Transactions”); and 
  
 WHEREAS, pursuant to, and subject to satisfaction or waiver of the conditions set forth in, the Transaction Agreement and
the Master Separation Agreement, immediately after consummation of the Financing Transactions, the Company shall redeem the Redeemable Interests for the Redemption Consideration (as defined below) (the “Second Redemption”); and

  
 WHEREAS, each of the Lazard Board (as defined in the Third
Amended Operating Agreement) and LAZ-MD, in its capacity as the sole member of the Company, has approved and adopted this Agreement. 
  

 -3- 

 NOW, THEREFORE, the Member hereby amends and restates in its entirety the Third Amended Operating
Agreement and adopts the following as the “limited liability company agreement” of the Company within the meaning of the Act: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Definitions. As used in this Agreement, the following terms have the meanings set forth below: 
  
 “Accounting Period” means (i) in the case of the first Accounting Period, the period commencing on the date of this Agreement and ending
at the next Closing of the Books Event, and (ii) in the case of each subsequent Accounting Period, the period commencing immediately after a Closing of the Books Event and ending at the next Closing of the Books Event. 
  
 “Acknowledgment” means a Membership Acknowledgement and
Agreement with respect to the Profit Participation Interests in the form attached hereto as Exhibit A. 
  
 “Act” has the meaning set forth in the recitals to this Agreement. 
  
 “Adjusted Percentage Interest” means, with respect to a Common Member (other than a Lazard Ltd Member) the
product of (i) the Tax Rate (as determined by the Company in its sole discretion) applicable to such Common Member and (ii) a fraction, the numerator of which is the Percentage Interest of such Common Member and the denominator of which is the sum
of the Percentage Interests for all Common Members (other than the Lazard Ltd Members). 
  
 “Affiliate” means, with respect to any person, any other person that directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such
person. 
  
 “Agreement” has the meaning set forth
in the preamble to this Agreement. 
  
 “Alternative Tax
Rate” means the weighted average of the Tax Rates (weighted in proportion to relative Percentage Interests) applicable to Common Members other than the Lazard Ltd Members. 
  
 “Ancillary Agreements” means “Ancillary Agreements” as defined in that Master Separation
Agreement. 
  
 “Applicable Tax Rate” means the
greater of the Lazard Ltd Tax Rate and the Alternative Tax Rate. 
  
 “Bankruptcy Event” means the occurrence of any of the events described in Section 18-304 of the Act or any similar provision of any successor statute. 
  
 “Cap” has the meaning set forth in Section 5.04. 
  
 “Capital” means, with respect to any Member, such
Member’s Common Capital and/or Profit Participation Capital, as applicable. 
  

 -4- 

 “Capital Account” has the meaning set forth in Section 5.01. 
  
 “Certificate of Conversion” means the certificate of
conversion converting the Partnership into the Company filed with the office of the Secretary of State of the State of Delaware on March 2, 2000. 
  
 “Certificate of Formation” means the certificate of formation of the Company filed with the office of the Secretary of State of the State
of Delaware on March 2, 2000. 
  
 “Closing of the Books
Event” means any of (i) the close of the last day of each calendar year and each calendar quarter, (ii) the close of any date on which there occurs a dissolution of the Company, the admission of a new Common Member or the withdrawal of a
Common Member, or (iii) any other time that the Lazard Board determines to be appropriate for an interim closing of the Company’s books. 
  
 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. 
  
 “Common Capital” means, with respect to any Common Member,
the balance in such Member’s Common Capital Account from time to time. 
  
 “Common Capital Account” has the meaning set forth in Section 5.01. 
  
 “Common Interest” means, with respect to any Common Member, such Member’s Common Units and Common Capital and rights and obligations
with respect to the Company pursuant to this Agreement and applicable law by virtue of such Member holding such Common Units and having such Common Capital. 
  
 “Common Member” means any person who, from time to time, is entitled to a Common Interest pursuant to and in compliance with this
Agreement and who shall have been admitted to the Company as a Common Member in accordance with this Agreement and shall not have ceased to be a Common Member under the terms of this Agreement. 
  
 “Common Member’s Proportionate Tax Share” means (i)
with respect to a Lazard Ltd Member, the product of (x) the Lazard Ltd Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, and (y) a fraction, the numerator of which is the Percentage Interest of such Lazard Ltd
Member for such fiscal year, fiscal quarter or other period and the denominator of which is the sum of the Percentage Interests for all Lazard Ltd Members for such fiscal year, fiscal quarter or other period and (ii) with respect to a Common Member
other than a Lazard Ltd Member, the product of (x) the Remaining Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, and (y) a fraction, the numerator of which is the Adjusted Percentage Interest of such Common
Member for such fiscal year, fiscal quarter or other period and the denominator of which is the sum of the Adjusted Percentage Interests for all Common Members (other than the Lazard Ltd Members) for such fiscal year, fiscal quarter or other period.
In the event that the Percentage Interest of a Common Member changes during any fiscal year, fiscal quarter or other period, the Common Member’s Proportionate Tax Share of such Common Member and the other Common Members, as the case may be, for
such fiscal year, fiscal quarter or other period shall be appropriately adjusted to take into account the Common Members’ varying interests. 
  

 -5- 

 “Common Stock Offering Transaction” has the meaning set forth in the recitals to this
Agreement. 
  
 “Common Tax Distribution” means,
for each fiscal year, fiscal quarter or other period of the Company during the term of the Company, the product of (i) the aggregate amount of taxable income or gain allocated to the Common Members pursuant to Section 5.04(a)(ii) for such fiscal
year, fiscal quarter or other period and (ii) the Applicable Tax Rate for such fiscal year, fiscal quarter or other period. 
  
 “Common Units” has the meaning set forth in Section 4.03(b). 
  
 “Company” has the meaning set forth in the preamble to this Agreement. 
  
 “Conversion Agreement” means the Conversion Agreement dated
as of March 3, 2000, among the requisite percentage of the partners of the Partnership. 
  
 “Coordination Agreement” means the Amended and Restated Coordination Agreement, to be entered into as of the date hereof, by and among the Company, LFP, LB, LFNY and LAM. 
  
 “Delaware Arbitration Act” has the meaning set forth in
Section 10.05(d). 
  
 “Directors” has the meaning
set forth in Section 3.02(a). 
  
 “Disputes” has
the meaning set forth in Section 10.05. 
  
 “Dividend
Distribution” means, for each Common Member, the product of (1) the number of Common Units held by such Member and (2) the per share cash dividend, if any, to be paid on such date as declared by the Board of Directors of Lazard Ltd.

  
 “Elective Lazard Group Exchange” has the
meaning set forth in Section 7.05(b). 
  
 “Encumbrance” has the meaning set forth in Section 7.07. 
  
 “Estate Transfer” has the meaning set forth in Section 7.06. 
  
 “Estate Transferee” has the meaning set forth in Section 7.06. 
  
 “Executive Review” has the meaning set forth in Section 10.05(b). 
  
 “FinanceCo” has the meaning set forth in the recitals to
this Agreement. 
  
 “Financing Transactions” has
the meaning set forth in the recitals to this Agreement. 
  

 -6- 

 “First Amended Operating Agreement” has the meaning set forth in the recitals to this
Agreement. 
  
 “First Redemption” has the meaning
set forth in the recitals to this Agreement. 
  
 “Forced
Sale” has the meaning set forth in the recitals to this Agreement. 
  
 “Governing Agreements” means the constitutional or organizational documents (including, if applicable, any limited liability company agreement, certificate of incorporation or formation, articles of
incorporation or formation, bylaws, statuts or similar documents or agreements) of each House. 
  
 “Head of Lazard and Chairman of the Executive Committee” means the Chief Executive Officer of the Company. 
  
 “Houses” means LB, LFNY, LFP and the Other Houses.

  
 “ICC” has the meaning set forth in Section
10.05(b). 
  
 “ICC Rules” has the meaning set
forth in Section 10.05(b). 
  
 “Immediate Lazard Group
Exchange” has the meaning set forth in Section 7.05(a). 
  
 “Initial Third Amended Operating Agreement” has the meaning set forth in the recitals to this Agreement. 
  
 “Interest” means a Common Interest, a Profit Participation Interest and, until the consummation of the Second Redemption, a Redeemable
Interest. 
  
 “LAM” means Lazard Asset Management
LLC, a Delaware limited liability company and a Subsidiary of the Company. 
  
 “LAZ-MD” has the meaning set forth in the recitals to this Agreement. 
  
 “LAZ-MD Common Members” means all of the Common Members other than Lazard Ltd and its Subsidiaries (including Lazard Ltd Sub A and Lazard
Ltd Sub B). 
  
 “LAZ-MD Exchange” means a
“LAZ-MD Exchange” as defined in the LAZ-MD Operating Agreement. 
  
 “LAZ-MD Exchangeable Interest” means a “Class II Interest” of LAZ-MD having the rights and obligations set forth in the limited liability company agreement of LAZ-MD as in effect from time
to time. 
  
 “LAZ-MD Exchanging Member” means a
“LAZ-MD Exchanging Member” as defined in the LAZ-MD Operating Agreement. 
  

 -7- 

 “LAZ-MD Operating Agreement” means the Operating Agreement of LAZ-MD Holdings LLC, dated
as of the date hereof, as it may be amended from time to time. 
  
 “Lazard Board” has the meaning set forth in Section 3.01. 
  
 “Lazard Group Exchange” has the meaning set forth in Section 7.05(b). 
  
 “Lazard Group Exchange Consideration” has the meaning set forth in Section 7.05(a). 
  
 “Lazard Ltd” has the meaning set forth in the recitals to
this Agreement. 
  
 “Lazard Ltd Affiliate” has
the meaning set forth in Section 10.17(a). 
  
 “Lazard Ltd
Board” has the meaning set forth in Section 3.02(f). 
  
 “Lazard Ltd Bye-Laws” means the Bye-Laws of Lazard Ltd, as amended and restated as of the date hereof and as further amended or supplemented from time to time. 
  
 “Lazard Ltd Common Stock” has the meaning set forth in the recitals to this Agreement. 
  
 “Lazard Ltd Member” means Lazard Ltd Sub A and Lazard Ltd
Sub B. 
  
 “Lazard Ltd Nominating Committee” has
the meaning set forth in Section 3.02(f). 
  
 “Lazard Ltd
Recipient” has the meaning set forth in Section 7.02(a). 
  
 “Lazard Ltd Sub A” means the Subsidiary of Lazard Ltd designated as such on Schedule 1.01. 
  
 “Lazard Ltd Sub A Contribution” has the meaning set forth in the recitals to this Agreement. 
  
 “Lazard Ltd Sub B” means the Subsidiary of Lazard Ltd
designated as such on Schedule 1.01. 
  
 “Lazard
Ltd Sub B Contribution” has the meaning set forth in the recitals to this Agreement. 
  
 “Lazard Ltd Tax Distribution” means the product of (i) the Common Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable and (ii) the aggregate Percentage Interest of the
Lazard Ltd Members. 
  
 “Lazard Ltd Tax Rate”
means the greater of Lazard Ltd Sub A’s Tax Rate and Lazard Ltd Sub B’s Tax Rate. 
  
 “Lazard Mark” means (a) any service mark or trademark which includes the word “Lazard” or the initials “LF,” including fund names and designations such as “Lazard Asset

  

 -8- 

 Management,” or (b) any other word or design service mark or trademark which (1) has been used or licensed by any of
LB (or any of its predecessor companies), LFNY, LF, ML or the Company or (2) has been designated as a Lazard Mark by the Lazard Board on or after the date hereof. 
  
 “Lazard Name” means any of the firm names Lazard, Lazard Brothers or Lazard Frères or any other firm
name which includes the word “Lazard.” 
  
 “LB” means Lazard & Co., Holdings Limited, an English private limited company. 
  
 “LF” means Lazard Frères S.A.S., a French Société par Actions Simplifiée. 
  
 “LFCM” has the meaning set forth in the recitals to this
Agreement. 
  
 “LFNY” means Lazard Frères
& Co. LLC, a New York limited liability company. 
  
 “LFP” means each of LF and ML. 
  
 “Managing Director” means (a) a managing director or limited managing director of LFNY, (b) an Associé-Gérant of LF, (c) a managing director or limited managing director of LB or (d) a managing director,
limited managing director or comparable executive of one of the Other Houses, as applicable; provided, however, that “Managing Director” shall exclude any managing director or limited managing director of LAM, in their
capacity as such. 
  
 “Managing Member” has the
meaning set forth in Section 4.02. 
  
 “Mandatory Lazard
Group Exchange” has the meaning set forth in Section 7.05(b). 
  
 “Mandatory LAZ-MD Exchange” means a “Mandatory Exchange” as defined in the LAZ-MD Operating Agreement. 
  
 “Master Separation Agreement” has the meaning set forth in the recitals to this Agreement. 
  
 “MD Common Member” has the meaning set forth in Section
7.05(b). 
  
 “Members” means the Common Members,
Profit Participation Members, the Managing Member and, until the consummation of the Second Redemption, a Redeemable Member, and “Member” means any of the foregoing. 
  
 “ML” means Maison Lazard S.A.S., a French Société par Actions Simplifiée.

  
 “Original Operating Agreement” has the
meaning set forth in the recitals to this Agreement. 
  
 “Other Houses” means LAM and all Subsidiaries of the Company that shall be designated by the Company as a house (but excluding LB, LFNY and LFP). 
  

 -9- 

 “Partial LAZ-MD Mandatory Exchange” means a “Partial LAZ-MD Mandatory
Exchange” as defined in the Master Separation Agreement. 
  
 “Partnership” has the meaning set forth in the recitals to this Agreement. 
  
 “Partnership Agreement” has the meaning set forth in the recitals to this Agreement. 
  
 “Percentage Interest” means, with respect to a Common
Member, the ratio, expressed as a percentage, of the number of Common Units held by such Common Member over the number of Common Units held by all Common Members. 
  
 “Profit Participation Capital” means, with respect to any Profit Participation Member, the balance in such
Member’s Profit Participation Capital Account from time to time. 
  
 “Profit Participation Capital Account” has the meaning set forth in Section 5.01. 
  
 “Profit Participation Interest” means, with respect to any Profit Participation Member, such Member’s Profit Participation
Percentage and Profit Participation Capital and rights and obligations with respect to the Company pursuant to this Agreement and applicable law by virtue of such Member holding such Profit Participation Percentage and having such Profit
Participation Capital. 
  
 “Profit Participation
Member” means any person who has acquired a Profit Participation Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Company as a Profit Participation Member in accordance with this Agreement
and shall not have ceased to be a Profit Participation Member under the terms of this Agreement. 
  
 “Profit Participation Percentage” means, with respect to any Accounting Period, (1) the profit percentage of a Profit Participation
Member under the terms of this Agreement for such Accounting Period determined in accordance with Section 4.03, or (2) the profit percentage constituting the Unallocated Float. 
  
 “Profit Participation Member’s Proportionate Tax Share” means, with respect to a Profit Participation
Member, the product of (x) the Profit Participation Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, and (y) the Profit Participation Percentage of such Profit Participation Member for such fiscal year, fiscal
quarter or other period. In the event that the Profit Participation Percentage of a Profit Participation Member changes during any fiscal year, fiscal quarter or other period, the Profit Participation Member’s Proportionate Tax Share of such
Profit Participation Member and the other Profit Participation Members, as the case may be, for such fiscal year, fiscal quarter or other period shall be appropriately adjusted to take into account the Profit Participation Members’ varying
interests. 
  
 “Profit Participation Tax
Distribution” means, for each fiscal year, fiscal quarter or other period of the Company during the term of the Company, the product of (i) the aggregate amount of taxable income or gain allocated to the Profit Participation Members
pursuant to Section 5.04(a)(i) for such fiscal year, fiscal quarter or other period and (ii) the Applicable Tax Rate for such fiscal year, fiscal quarter or other period. 
  

 -10- 

 “Proportionate Distribution Amount” has the meaning set forth in Section 8.03(a).

  
 “Quarterly Common Tax Distribution” means,
for each Common Member for each of the first three fiscal quarters of the Company during the term of the Company, such Common Member’s Proportionate Tax Share for such fiscal quarter. 
  
 “Quarterly Profit Participation Tax Distribution” means, for
each Profit Participation Member for each of the first three fiscal quarters of the Company during the term of the Company, such Profit Participation Member’s Proportionate Tax Share for such fiscal quarter. 
  
 “Redeemable Class B-1 Interest” means, with respect to any
Redeemable Class B-1 Member, such Member’s interest in the Company designated as a “Redeemable Class B-1 Interest” and such Member’s rights and obligations with respect to the Company pursuant to this Agreement and applicable law
by virtue of such Member holding such Redeemable Class B-1 Interest. 
  
 “Redeemable Class B-1 Member” means any person who has acquired a Redeemable Class B-1 Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Company as a Redeemable Class B-1
Member in accordance with this Agreement and shall not have ceased to be a Redeemable Class B-1 Member under the terms of this Agreement. 
  
 “Redeemable Class C Interest” means, with respect to any Redeemable Class C Member, such Member’s interest in the Company designated
as a “Redeemable Class C Interest” and such Member’s rights and obligations with respect to the Company pursuant to this Agreement and applicable law by virtue of such Member holding such Redeemable Class C Interest. 
  
 “Redeemable Class C Member” means any person who has
acquired a Redeemable Class C Interest pursuant to and in compliance with this Agreement and who shall have been admitted to the Company as a Redeemable Class C Member in accordance with this Agreement and shall not have ceased to be a Redeemable
Class C Member under the terms of this Agreement. 
  
 “Redeemable Interest” means, with respect to any Redeemable Member, such Member’s Redeemable Class B-1 Interest and Redeemable Class C Interest. 
  
 “Redeemable Member” means any Redeemable Class B-1 Member or Redeemable Class C Member. 
  
 “Redemption Consideration” has the meaning set forth in
Section 4.03(d). 
  
 “Remaining Tax Distribution”
means the excess of the Common Tax Distribution for the fiscal year, fiscal quarter or other period, as applicable, over the Lazard Ltd Tax Distribution. 
  
 “Retirement” means, with respect to any Profit Participation Member, (1) the resignation, removal (including, for the avoidance of doubt,
for cause) or withdrawal of such 
  

 -11- 

 Member from the Company, (2) such Member ceasing to be a Managing Director, (3) the purported Transfer by such Member of
his or her Profit Participation Interest in violation of Article VII, (4) the death of such Member, or (5) the occurrence with respect to such Member of any of the events set forth in Section 18-304 of the Act. “Retired” and
“Retiring” have meanings correlative thereto. 
  
 “Second Amended Operating Agreement” has the meaning set forth in the recitals to this Agreement. 
  
 “Second Redemption” has the meaning set forth in the recitals to this Agreement. 
  
 “Separated Business” has the meaning set forth in the
recitals to this Agreement. 
  
 “Separation” has
the meaning set forth in the recitals to this Agreement. 
  
 “Subsidiary” means, with respect to any person, any corporation, limited liability company, company, partnership, trust, association or other legal entity or organization of which such person (either directly or through one
or more Subsidiaries of such person) (a) owns, directly or indirectly, a majority of the capital stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other governing body
of such corporation, limited liability company, partnership, trust, association or other legal entity or organization, or (b) is otherwise entitled to exercise (1) a majority of the voting power generally in the election of the board of directors or
other governing body of such corporation, limited liability company, partnership, trust, association or other legal entity or organization or (2) control of such corporation, limited liability company, partnership, trust, association or other legal
entity or organization. 
  
 “Tax Rate” means,
with respect to a Common Member, the highest aggregate marginal statutory federal, state, local and foreign income, franchise and branch profits tax rate (determined taking into account the deductibility of state and local income taxes for federal
income tax purposes and the creditability or deductibility of foreign income taxes for federal income tax purposes) applicable to a person or entity, as appropriate, whose principal tax residence is in the same national jurisdiction as such Common
Member on income of the same character and source as the income allocated to such Common Member pursuant to Section 5.04(a)(ii) for such fiscal year, fiscal quarter or other period; provided, that in the case of a Common Member that is a
partnership, grantor trust or other pass-through entity under United States federal income tax law, such Common Member’s Tax Rate shall be the weighted average of the Tax Rates of such Common Member’s members, grantor-owners or other
beneficial owners (weighted in proportion to their relative economic interests in such Common Member) and provided further that if any such member, grantor-owner or other beneficial owner of such Common Member is itself a partnership, grantor trust
or other-pass through entity similar principles shall be applied to determine the Tax Rate of such member, grantor-owner or other beneficial owner. 
  
 “Third Amended Operating Agreement” has the meaning set forth in the recitals to this Agreement. 
  

 -12- 

 “Transaction Agreement” has the meaning set forth in the recitals to this Agreement.

  
 “Transfer” means any transfer, sale,
conveyance, assignment, gift, hypothecation, pledge or other disposition, whether voluntary or by operation of law, of all or any part of an Interest or any right, title or interest therein. 
  
 “Transferee” means the transferee in a Transfer or proposed
Transfer. 
  
 “Transferor” means the transferor
in a Transfer or proposed Transfer. 
  
 “Unallocated
Float” means any Profit Participation Percentage for any Accounting Period that is not allocated to a particular Member. 
  
 SECTION 1.02. Other Definitional Provisions. Wherever required by the context of this Agreement, the singular shall include the plural and vice
versa, and the masculine gender shall include the feminine and neuter genders and vice versa, and references to any agreement, document or instrument shall be deemed to refer to such agreement, document or instrument as amended, supplemented or
modified from time to time. When used herein: 
  
 (a) the word “or” is not exclusive; 
  
 (b) the word “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any person, means the direct or indirect possession of the power
to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities, by contract or otherwise; 
  
 (c) the words “including,” “includes,” “included” and “include” are deemed to be followed by the
words “without limitation”; 
  
 (d) the
terms “herein,” “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular section, paragraph or subdivision; 
  
 (e) the word “person” means any individual,
corporation, limited liability company, trust, joint venture, association, company, partnership or other legal entity or a government or any department or agency thereof or self-regulatory organization; and 
  
 (f) all section, paragraph or clause references not
attributed to a particular document shall be references to such parts of this Agreement, and all exhibit, annex and schedule references not attributed to a particular document shall be references to such exhibits, annexes and schedules to this
Agreement. 
  
 SECTION 1.03. References to Schedules. The
Chief Executive Officer and General Counsel shall maintain and revise from time to time all schedules referred to in this Agreement in accordance with this Agreement. Notwithstanding anything in Section 10.02 to the contrary, any such revision shall
not be deemed an amendment to this Agreement, and shall 
  

 -13- 

 not require any act, vote or approval of any person. The Company shall not be obligated by this Agreement to distribute
or otherwise provide to the Members copies of or access to such schedules. 
  
 ARTICLE II 
  
 FORMATION,
CONTINUATION AND POWERS 
  
 SECTION 2.01. Formation and
Continuation. Effective as of 5:00 a.m., New York City time, on March 3, 2000, the Partnership was converted into a limited liability company pursuant to the provisions of the Act by the filing of the Certificate of Conversion and the
Certificate of Formation. Pursuant to the Act, the existence of the Company is deemed to have commenced on June 12, 1984, the date the Partnership was formed. Pursuant to the Conversion Agreement, the Certificate of Conversion and the Certificate of
Formation, the business of the Partnership was continued by the Company. The Company became the owner of all the assets of the Partnership and became liable for all the obligations of the Partnership, as provided in the Conversion Agreement.
Pursuant to the Act, for all purposes of the laws of the State of Delaware, the Company is deemed to be the same entity as the Partnership. The name of the Company is hereby changed from “Lazard LLC” to “Lazard Group LLC,” and a
Certificate of Amendment to the Certificate of Formation is being filed by                 , as a designated “authorized person” within the meaning of
the Act, on the date hereof to reflect such change. This Agreement shall be effective upon execution by LAZ-MD as the sole initial Member. 
  
 SECTION 2.02. Name. The name of the Company is “Lazard Group LLC”. 
  
 SECTION 2.03. Purpose and Scope of Activity. The Company has been formed for the object and purpose of, and the
nature of the business to be conducted by the Company is, engaging in any lawful business purpose or activity for which limited liability companies may be formed under the Act, and engaging in any and all activities necessary or incidental to the
foregoing. The Company shall possess and may exercise all the powers and privileges granted by the Act or by any other law or by this Agreement, together with any powers incidental thereto, that are necessary or convenient to the conduct, promotion
or attainment of the business, purposes or activities of the Company. 
  
 SECTION 2.04. Principal Place of Business. For purposes of the Act, the principal place of business of the Company shall be located in New York, New York or at such other place as may hereafter be designated from time to time by the
Lazard Board. Company, committee and board meetings shall take place at the Company’s principal place of business unless decided otherwise for any particular meeting. 
  
 SECTION 2.05. Registered Agent and Office. The registered agent for service of process is, and the mailing address of
the registered office of the Company in the State of Delaware is in care of, The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware. At any time, the Company may designate another registered agent and/or registered office.

  

 -14- 

 SECTION 2.06. Authorized Persons. The execution and causing to be filed of the Certificate of
Conversion, the Certificate of Formation and the Certificate of Amendment to the Certificate of Formation by the applicable authorized persons are hereby specifically ratified, adopted and confirmed. The officers of the Company are hereby designated
as authorized persons, within the meaning of the Act, to act in connection with executing and causing to be filed, when approved by the appropriate governing body or bodies hereunder, any certificates required or permitted to be filed with the
Secretary of State of the State of Delaware and any certificates (and any amendments and/or restatements thereof) necessary for the Company to file in any jurisdiction in which the Company is required to make a filing. 
  
 SECTION 2.07. Specific Authorization. The execution, delivery and
performance by the Company and                 , on behalf of the Company, of each of the Transaction Agreement, the Master Separation Agreement and
                 are hereby ratified for all purposes hereunder. The Company is hereby authorized to execute, deliver and perform, and each Director and officer
on behalf of the Company is hereby authorized to execute and deliver, the Coordination Agreement, each Ancillary Agreement to which the Company is a party and each other document, agreement or notice contemplated by the Master Separation Agreement
and the Transaction Agreement and all documents, agreements, certificates, or financing statements contemplated by, or related to, any such agreements or the Transaction Agreement or the Master Separation Agreement. 
  
 ARTICLE III 
  
 MANAGEMENT 
  
 SECTION 3.01. Management Generally. Except as otherwise expressly provided in this Agreement with respect to the Managing Member, the business and
affairs of the Company shall be managed under the direction of the board of directors of the Company (the “Lazard Board”). In addition to the powers and authorities by this Agreement expressly conferred upon them, the Lazard Board
may exercise all such powers of the Company and do all such lawful acts and things as are not by the Act or by this Agreement required to be exercised or done by the Members or the Managing Member. Certain powers and authorities of the Lazard Board
may be concurrently allocated to or executed by the Chief Executive Officer, or one or more other officers, when and to the extent expressly delegated thereto by the Lazard Board in accordance with this Agreement; provided, that, subject to
the provisions of Section 3.02, any such delegation may be revoked at any time and for any reason by the Lazard Board. Approval by or action taken by the Lazard Board in accordance with this Agreement shall constitute approval or action by
the Company and shall be binding on the Members. Each Director on the Lazard Board shall be a “manager” of the Company within the meaning of the Act. 
  

SECTION 3.02. Lazard Board. (a) Composition. The Lazard Board shall consist of
                 (            ) managers (the “Directors”); provided
that the number of Directors may be increased or decreased from time to time exclusively by the Managing Member. The members of the Lazard Board are set forth on Schedule 3.02(a). Schedule 3.02(a) shall be amended pursuant to Section
1.03 to reflect any change in the identity of the members of, or increase or decrease in the size of, the Lazard Board in accordance with this Agreement. Each Director shall continue in such position until his or her successor shall have been duly
elected and shall have 
  

 -15- 

 qualified or until the earlier of his or her death, disability, resignation, retirement or removal from such position.

  
 (b) Vacancies; Removal. Vacancies resulting from death,
resignation, retirement, removal from office or other cause, and newly created directorships resulting from any increase in the authorized number of Directors, may be filled only by the Managing Member. Any Director may be removed at any time, with
or without cause, by the Managing Member in its sole discretion. 
  
 (c) Compensation of Directors. Directors of the Company, in their capacity as such, shall not be entitled to compensation, unless, and to the extent, approved by the Managing Member. 
  
 (d) Meetings. Meetings of the Lazard Board shall be held at the
Company’s principal place of business or such other place, within or without the State of Delaware, that has been designated from time to time by the Lazard Board. Meetings of the Lazard Board for any purpose or purposes may be called at any
time by (i) the Managing Member, (ii) the Chief Executive Officer, (iii) the Chairman of the Board, or (iv) a majority of the Directors then in office. Notice of any meeting of the Lazard Board shall be given to each Director at his business or
residence in writing by hand delivery, first-class or overnight mail or courier service, electronic mail transmission, telegram or facsimile transmission, or orally by telephone. If mailed by first-class mail, such notice shall be deemed adequately
delivered when deposited in the United States mails so addressed, with postage thereon prepaid, at least five (5) days before such meeting. If by telegram, overnight mail or courier service, such notice shall be deemed adequately delivered when the
telegram is delivered to the telegraph company or the notice is delivered to the overnight mail or courier service company at least twenty-four (24) hours before such meeting. If by electronic mail transmission, such notice shall be deemed
adequately delivered when the notice is transmitted at least twenty-four (24) hours before such meeting. If by facsimile transmission, such notice shall be deemed adequately delivered when the notice is transmitted at least twelve (12) hours before
such meeting. If by telephone or by hand delivery, the notice shall be given at least twelve (12) hours prior to the time set for the meeting. Neither the business to be transacted at, nor the purpose of, any regular or special meeting of the Lazard
Board need be specified in the notice of such meeting. A meeting may be held at any time without notice if all the Directors are present or if those not present waive notice of the meeting in accordance with Section 3.02(g) of this Agreement.
Notwithstanding anything to the contrary set forth herein, notice of any meeting of the Lazard Board to discuss, resolve or act upon (1) the removal of, or any request for the resignation or retirement of, the Chairman of the Board or the Chief
Executive Officer from such office or (2) any revocation, reduction or limitation of the powers or authorities delegated or otherwise granted to the Chairman of the Board or the Chief Executive Officer shall in each case be deemed adequately
delivered only if given to each of the Directors and, if such person is not a Director, the Chairman of the Board or Chief Executive Officer, as applicable, in each case in accordance with this Section 3.02(d) at least seven (7) business days before
the date of such meeting (it being understood that the failure to provide adequate notice in accordance with this sentence shall invalidate any action or resolution of the Lazard Board to remove, or to request the resignation or retirement of, the
Chairman of the Board or the Chief Executive Officer from such office or to revoke, reduce or limit the powers or authorities delegated or otherwise granted to the Chairman of the Board or the Chief Executive Officer taken at such meeting).

  

 -16- 

 (e) Quorum; Alternates; Participation in Meetings by Conference Telephone Permitted. The presence
of a majority of the Directors then in office shall constitute a quorum for the transaction of business. If at any meeting of the Lazard Board there shall be less than a quorum present, a majority of the Directors present may adjourn the meeting
from time to time without further notice. Directors may participate in a meeting of the Lazard Board through use of conference telephone or similar communications equipment, so long as all Directors participating in such meeting can communicate with
and hear one another. The Directors present at a duly organized meeting may continue to transact business until adjournment, notwithstanding the withdrawal of enough Directors to leave less than a quorum. 
  
 (f) Vote Required for Action. The act of the majority of the Directors
present at a meeting of the Lazard Board at which a quorum is present shall be the act of the Lazard Board; provided, however, that, notwithstanding anything herein to the contrary, any action or resolution of the Lazard Board (i) to
remove, or to request the resignation or retirement of, the Chairman of the Board or the Chief Executive Officer from such office or (ii) to revoke, reduce or limit the powers or authorities delegated or otherwise granted to the Chairman of the
Board or the Chief Executive Officer shall in each case require (1) the approval of each of the Nominating and Governance Committee of the Board of Directors of Lazard Ltd (the “Lazard Ltd Nominating Committee”) and the Board of
Directors of Lazard Ltd (the “Lazard Ltd Board”) in accordance with Article 24 of the Lazard Ltd Bye-Laws and (2) after each of the approvals set forth in clause (1) of this proviso have been so obtained, the affirmative vote of a
majority of the Directors then in office, to be an act of the Lazard Board. 
  
 (g) Waiver of Notice; Consent to Meeting. Notice of a meeting need not be given to any Director who signs a waiver of notice or a consent to holding the meeting or an approval of the minutes thereof, whether
before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to such Director. All such waivers, consents and approvals shall be filed with the Company’s records and made a
part of the minutes of the meeting. 
  
 (h) Action by Lazard
Board Without a Meeting. Any action required or permitted to be taken by the Lazard Board may be taken without a meeting and without prior notice if a majority of the Directors then in office shall individually or collectively consent in writing
to such action. Such written consent or consents shall be filed with the minutes of the proceedings of the Lazard Board. Such action by written consent shall have the same force and effect as a vote of the Lazard Board in favor of such action.
Notwithstanding anything to the contrary set forth herein, any action or resolution of the Lazard Board (i) to remove, or request the resignation or retirement of, the Chairman of the Board or the Chief Executive Officer from such office or (ii) to
revoke, reduce or limit the powers or authorities delegated or otherwise granted to the Chairman of the Board or the Chief Executive Officer may in each case only be taken or made at a meeting of the Lazard Board held in accordance with Section
3.02(d) (including the last sentence thereof). 
  

 -17- 

 (i) Executive and Other Committees. The Lazard Board may, by resolution adopted by a majority of
the Lazard Board then in office, designate an Executive Committee to exercise, subject to applicable provisions of law, all the powers of the Lazard Board in the management of the business and affairs of the Company when the Lazard Board is not in
session, including without limitation the power to make distributions, to authorize the issuance of Interests if and to the extent permitted by this Agreement and to approve mergers of the Company, and may, by resolution similarly adopted, designate
one or more other committees. The Executive Committee and each such other committee shall consist of two or more Directors of the Company. The Lazard Board may designate one or more Directors as alternate members of any committee, who may replace
any absent or disqualified member at any meeting of the committee. Any such committee, other than the Executive Committee (the powers of which are expressly provided for herein), may to the extent permitted by law exercise such powers and shall have
such responsibilities as shall be specified in the designating resolution. In the absence or disqualification of any member of such committee or committees, the member or members thereof present at any meeting and not disqualified from voting,
whether or not constituting a quorum, may unanimously appoint another member of the Lazard Board to act at the meeting in the place of any such absent or disqualified member. Each committee shall keep written minutes of its proceedings and shall
report such proceedings to the Lazard Board when required. A majority of any committee may determine its action and fix the time and place of its meetings, unless the Lazard Board shall otherwise provide. Notice of such meetings shall be given to
each member of the committee in the manner provided for in Section 3.02(d). The Lazard Board shall have power at any time to fill vacancies in, to change the membership of, or to dissolve any such committee. Nothing herein shall be deemed to prevent
the Lazard Board from appointing one or more committees consisting in whole or in part of persons who are not Directors of the Company; provided, however, that no such committee shall have or may exercise any authority of the Lazard
Board. Notwithstanding anything herein to the contrary, no committee (including the Executive Committee) shall have the power or authority (i) to remove, or to request the resignation or retirement of, the Chairman of the Board or the Chief
Executive Officer from such office or (ii) to revoke, reduce or limit the powers or authorities delegated or otherwise granted to the Chairman of the Board or the Chief Executive Officer, which actions may only be taken by the Lazard Board in
accordance with this Section 3.02. 
  
 (j) Records. The
Lazard Board shall cause to be kept a record containing the minutes of the proceedings of the meetings of the Lazard Board and of the Members, appropriate books and registers and such books of records and accounts as may be necessary for the proper
conduct of the business of the Company. 
  
 (k) Agents. To
the extent of their powers set forth in this Agreement, the Directors are agents of the Company for the purpose of the Company’s business, and the actions of the Directors taken in accordance with such powers set forth in this Agreement shall
bind the Company. Notwithstanding the last sentence of Section 18-402 of the Act, except as provided in this Agreement or in a resolution of the Directors, a Director may not bind the Company. 
  
 SECTION 3.03. Officers. (a) The elected officers of the Company shall
be a Chairman of the Board of Directors, a Chief Executive Officer, a Vice Chairman, a President, a Chief Financial Officer, a General Counsel, a Treasurer, and such other officers as the Lazard Board from time to time may deem proper. The Chairman
of the Board shall be chosen from 
  

 -18- 

 among the Directors. All officers elected by the Lazard Board shall each have such powers and duties as generally pertain
to their respective offices if the Company were a Delaware corporation, subject to the specific provisions of this Section 3.03. Such officers shall also have such powers and duties as from time to time may be conferred by the Lazard Board or by any
committee thereof. The Lazard Board or any committee thereof may from time to time elect, or the Chairman of the Board or Chief Executive Officer may appoint, such other officers (including one or more Assistant Vice Presidents, Assistant
Secretaries, Assistant Treasurers, and Assistant Controllers) and such agents, as may be necessary or desirable for the conduct of the business of the Company. Such other officers and agents shall have such duties and shall hold their offices for
such terms as shall be provided in this Agreement or as may be prescribed by the Lazard Board or such committee or by the Chairman of the Board or Chief Executive Officer, as the case may be; provided that, notwithstanding anything in this
Section 3.03 to the contrary, such powers and duties may not impair, and shall be subordinate to, the powers and duties of the Lazard Board set forth in Section 3.01 hereof. The identity and office of the Officers are set forth on Schedule
3.03(a). Schedule 3.03(a) shall be amended pursuant to Section 1.03 to reflect any change in the identity or office of the Officers in accordance with this Agreement. 
  
 (b) Term of Office. Each officer shall hold office until his or her successor shall have been duly elected and shall
have qualified or until his or her death or until he or she shall resign or retire, but any officer may be removed from office with or without cause at any time by the Lazard Board (subject to the provisions of Section 3.02 in the case of the
Chairman of the Board and the Chief Executive Officer) or, except in the case of an officer or agent elected by the Lazard Board, by the Chairman of the Board or Chief Executive Officer. Such removal shall be without prejudice to the contractual
rights, if any, of the person so removed. 
  
 (c) Chairman of
the Board. The Chairman of the Board shall preside at all meetings of the Members (if any shall be called) and of the Lazard Board. The Chairman of the Board may also serve as Chief Executive Officer, if so elected by the Lazard Board.

  
 (d) Chief Executive Officer. The Chief Executive
Officer shall act in a general executive capacity and shall be responsible for the general management of the affairs of the Company and shall perform all duties incidental to his or her office that may be required by law and all such other duties as
are properly required of him by the Lazard Board. He or she shall make reports to the Lazard Board and the Members, and shall see that all orders and resolutions of the Lazard Board and of any committee thereof are carried into effect. The Chief
Executive Officer shall, in the absence of or because of the inability to act of the Chairman of the Board, perform all duties of the Chairman of the Board and preside at all meetings of Members (if any shall be called) and of the Lazard Board.

  
 (e) Vice Chairman. The Vice Chairman shall be the chief
administrative officer of the Company. He or she shall assist the Chief Executive Officer in the general supervision of the Company’s administration and operations; and, in general, he or she shall perform all the duties incident to the office
of Vice Chairman and such other duties as from time to time may be assigned to him by the Lazard Board, the Chairman of the Board or the Chief Executive Officer. 
  
 (f) President. The President shall assist the Chief Executive Officer with respect to strategic matters involving the
Company; and, in general, he or she shall perform all the duties incident to the office of President and such other duties as from time to time may be assigned to him by the Lazard Board, the Chairman of the Board or the Chief Executive Officer.

  

 -19- 

 (g) Chief Financial Officer. The Chief Financial Officer shall be the chief financial officer of
the Company and act in an executive financial capacity. He or she shall assist the Chief Executive Officer in the general supervision of the Company’s financial policies and affairs; and, in general, he or she shall perform all the duties
incident to the office of Chief Financial Officer and such other duties as from time to time may be assigned to him by the Lazard Board, the Chairman of the Board or the Chief Executive Officer. 
  
 (h) General Counsel. The General Counsel shall keep or cause to be
kept in one or more books provided for that purpose, the minutes of all meetings of the Lazard Board, the committees of the Lazard Board and the Members (if any shall be called); he or she shall see that all notices are duly given in accordance with
the provisions of this Agreement and as required by law; he or she shall be custodian of the records; and he or she shall see that the books, reports, statements, certificates and other documents and records required by law to be kept and filed are
properly kept and filed; and, in general, he or she shall perform all the duties incident to the office of General Counsel and such other duties as from time to time may be assigned to him by the Lazard Board, the Chairman of the Board or the Chief
Executive Officer. 
  
 (i) Treasurer. The Treasurer shall
exercise general supervision over the receipt, custody and disbursement of corporate funds. The Treasurer shall cause the funds of the Company to be deposited in such banks as may be authorized by the Lazard Board, or in such banks as may be
designated as depositaries in the manner provided by resolution of the Lazard Board. He or she shall have such further powers and duties and shall be subject to such directions as may be granted or imposed upon him from time to time by the Lazard
Board, the Chairman of the Board or the Chief Executive Officer. 
  
 (j) Executive Vice Presidents. Each Executive Vice President shall have such powers and shall perform such duties as shall be assigned to him by the Lazard Board. 
  
 (k) Other Officers. The Lazard Board may from time to time as it deems advisable appoint other officers of the
Company and assign titles and functional titles to any such individual. Such officers shall have such functions, powers and obligations, including such power to bind the Company as the Lazard Board shall delegate to them. 
  
 (l) Contracts. Notwithstanding any other provision contained in this
Agreement and except as required by law, any contracts or other instruments may be executed and delivered in the name and on the behalf of the Company by such officer or officers of the Company as the Lazard Board may from time to time direct. Such
authority may be general or confined to specific instances as the Lazard Board may determine. The Chairman of the Board, the Chief Executive Officer, the Vice Chairman, the President, Chief Financial Officer, General Counsel or any Executive Vice
President may execute bonds, contracts, deeds, leases and other instruments to be made or executed for or on behalf of the Company. Subject to any restrictions imposed by the Lazard Board, the Chairman of the Board, the Chief Executive Officer, the
Vice Chairman, the President, Chief Financial Officer, General Counsel or any Executive Vice President may delegate contractual powers to others under his jurisdiction, it being understood, however, that any such delegation of power shall not
relieve such officer of responsibility with respect to the exercise of such delegated power. 
  

 -20- 

 (m) Proxies. Unless otherwise provided by resolution adopted by the Lazard Board, the Chairman of
the Board, the Chief Executive Officer, the Vice Chairman, the President, Chief Financial Officer, General Counsel or any Executive Vice President may from time to time appoint an attorney or attorneys or agent or agents of the Company, in the name
and on behalf of the Company, to cast the votes which the Company may be entitled to cast as the holder of stock or other securities in any other person, any of whose stock or other securities may be held by the Company, at meetings of the holders
of the stock or other securities of such other person, or to consent in writing, in the name of the Company as such holder, to any action by such other person, and may instruct the person or persons so appointed as to the manner of casting such
votes or giving such consent, and may execute or cause to be executed in the name and on behalf of the Company and under its corporate seal or otherwise, all such written proxies or other instruments as he or she may deem necessary or proper in the
premises. 
  
 (n) Removal. Any officer elected, or agent
appointed, by the Lazard Board may be removed by the affirmative vote of a majority of the Lazard Board then in office with or without cause, subject, in the case of the Chairman of the Board or the Chief Executive Officer, to the provisions of
Section 3.02. Any officer or agent appointed by the Chairman of the Board or the Chief Executive Officer may be removed by such person with or without cause. No elected officer shall have any contractual rights against the Company for compensation
by virtue of such election beyond the date of the election of his successor, his death, his resignation or his removal, whichever event shall first occur, except as otherwise provided in an employment contract or under an employee deferred
compensation plan. 
  
 (o) Vacancies. A newly created
elected office and a vacancy in any elected office because of death, resignation, or removal may be filled by the Lazard Board for the unexpired portion of the term at any meeting of the Lazard Board. Any vacancy in an office appointed by the
Chairman of the Board or the Chief Executive Officer because of death, resignation, or removal may be filled by the Chairman of the Board or the Chief Executive Officer. 
  
 SECTION 3.04. Resignations. Any Director or any officer, whether elected or appointed, may resign at any time by
giving written notice of such resignation to the Chairman of the Board, the Chief Executive Officer or General Counsel, and such resignation shall be deemed to be effective as of the close of business on the date said notice is received by the
Chairman of the Board, the Chief Executive Officer or General Counsel, or at such later time as is specified therein. No formal action shall be required of the Lazard Board or the Members (including the Managing Member) to make any such resignation
effective. 
  
 SECTION 3.05. Members. (a) No Member
Voting Rights. The Members shall not have voting rights under the Act, this Agreement or otherwise, and shall not be entitled to consent to, approve or authorize any actions by the Company, except (1) in the case of the Managing Member, as set
forth herein, and (2) in the case of the Common Members, as explicitly provided in Section 10.02. Without in any way limiting the foregoing, the Members shall not have voting rights with respect to the matters set forth in Sections 18-209, 18-213,
18-216, 
  

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 18-702, 18-704, 18-801 and 18-803 of the Act, all of which voting and approval rights shall be vested in the Lazard
Board, except as expressly set forth herein with respect to the Managing Member. 
  
 (b) Authority of Members. Except as expressly set forth herein with respect to the Managing Member, no Member shall have any power or authority, in such Member’s capacity as a Member, to act for or bind
the Company except to the extent that such Member is so authorized in writing prior thereto by the Lazard Board. Without limiting the generality of the foregoing, except as expressly set forth herein with respect to the Managing Member, no Member,
as such, shall, except as so authorized, have any power or authority to incur any liability or execute any instrument, agreement or other document for or on behalf of the Company, whether in the Company’s name or otherwise. 
  
 ARTICLE IV 
  
 MEMBERS AND INTERESTS 
  
 SECTION 4.01. Members. The Company shall have a Managing Member, Common Members, Profit Participation Members and, until the consummation of the
Second Redemption, Redeemable Members. Schedule 4.01 sets forth the name and address of the Members. Schedule 4.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or address of the Members in accordance
with this Agreement. Each person admitted to the Company as a Member pursuant to this Agreement shall be a member of the Company until such person ceases to be a Member in accordance with the provisions of this Agreement. 
  
 SECTION 4.02. Managing Member. The Company shall have a managing
member (the “Managing Member”) who shall have the rights, powers, duties and obligations set forth in this Agreement and no other rights, powers, duties or obligations. The Managing Member shall be a member of the Company that does
not hold an Interest in its capacity as the Managing Member. Schedule 4.01 sets forth the name and address of the Managing Member. Schedule 4.01 shall be amended pursuant to Section 1.03 to reflect any change in the identity or address
of the Managing Member in accordance with this Agreement. The Managing Member shall not be allocated, distributed or entitled to receive any interest in the profits, losses, assets or capital of the Company by reason of being designated as the
Managing Member.  
  
 SECTION 4.03. Interests. (a)
The Recapitalization of the Interests of the Company. Pursuant to the amendments effected by this Agreement, effective immediately, all of the limited liability company interests in the Company outstanding immediately prior to the
effectiveness of this Agreement shall be cancelled, and replaced in their entirety as follows: (1) the Class A Interests and the Class B-2 Interests (each as defined in the Third Amended Operating Agreement) shall be cancelled and replaced in their
entirety with the Common Interests set forth on Schedule 4.03, (2) the Class B-1 Interests (as defined in the Third Amended Operating Agreement) shall be cancelled and replaced in their entirety with the Redeemable Class B-1 Interests, (3)
the Class C Interests (as defined in the Third Amended Operating Agreement) shall be cancelled and replaced in their entirety with the Redeemable Class C Interests, and (4) all other limited liability company interests in the Company shall be
cancelled. The Company shall have three classes of Interests: Common Interests, Profit Participation Interests and, until the consummation of the Second Redemption, Redeemable Interests. 
  

 -22- 

 (b) Common Interests. (i) The Common Interests shall consist of, and be issued as, units
(“Common Units”) and Common Capital. The total number of authorized Common Units is 500,000,000, which is the total number of authorized shares of Lazard Ltd Common Stock on the date hereof. The number of authorized Common Units
shall not be changed, modified or adjusted; provided, that in the event that the total number of authorized shares of Lazard Ltd Common Stock shall be increased or decreased after the date hereof in accordance with the Bye-Laws of Lazard Ltd,
then the total number of authorized Common Units shall be correspondingly adjusted to the same number. Interests representing fractional Units may be issued. The number of Common Units issued to each Common Member is set forth on Schedule
4.03. Schedule 4.03 shall be amended pursuant to Section 1.03 to reflect any change in the number or the issuance or allocation of the Common Units in accordance with this Agreement. 
  
 (ii) Any authorized but unissued Common Units may be issued (1) by the Lazard
Board, or (2) as provided in Section 4.04(a)(i) below, in each case without any further action or approval of any other person (except that each person issued Common Units must as a condition to such issuance be admitted to the Company as a Member).
 
  
 (c) Profit Participation Interests. (i)
The Profit Participation Interests shall consist of, and be allocated as, Profit Participation Percentages and Profit Participation Capital. The aggregate of all Profit Participation Percentages shall total 100%. The Profit Participation Percentages
allocated to each of the Profit Participation Members and the Profit Participation Percentage contained in the Unallocated Float are set forth on Schedule 4.03. Schedule 4.03 shall be amended pursuant to Section 1.03 to reflect any
change in identity of the Profit Participation Members and the Profit Participation Percentages in accordance with this Agreement. 
  
 (ii) In any Accounting Period, the Company (by action of the Chief Executive Officer or the Lazard Board) may from time to time change or otherwise modify
any or all of the Profit Participation Percentages in his or her sole discretion, including by changing any Member’s Profit Participation Percentage to zero, allocating additional Profit Participation Interests from the Unallocated Float to new
or existing Profit Participation Members or increasing or decreasing the aggregate Profit Participation Percentages allocated to the Members (with a corresponding decrease or increase in the Profit Participation Percentage contained in the
Unallocated Float); provided that the aggregate of all Profit Participation Percentages allocated to the Members and the Profit Participation Percentages contained in the Unallocated Float shall total 100%. 
  
 (iii) Notwithstanding anything herein to the contrary, the Lazard Board shall
have the power, in its sole discretion, to terminate the Profit Participation Interests, effective at the time specified in the resolutions of the Lazard Board approving such termination or, if not so specified in such resolutions, at the time that
the resolutions approving such termination were approved by the Lazard Board. Upon termination of the Profit Participation Interests, all Profit Participation Interests shall immediately cease to be outstanding and shall no longer be allocable by
the Company, and such termination shall have the effects set forth in Section 4.04(b)(ii). 
  

 -23- 

 (d) Redeemable Interests. (i) The Redeemable Interests shall consist of Redeemable Class B-1
Interests and Redeemable Class C Interests. The Redeemable Class B-1 Interests shall consist solely of the right to receive the type and amount of consideration set forth opposite the applicable Redeemable Class B-1 Member’s name set forth on
Schedule 4.03(d). The Redeemable Class C Interests shall consist solely of the right to receive the type and amount of consideration set forth opposite the applicable Redeemable Class C Member’s name set forth on Schedule 4.03(d)
(the consideration to be paid in respect of the Redeemable Class B-1 Interests and Redeemable Class C Interests pursuant to this Section 4.03(d), the “Redemption Consideration”). The Redeemable Interests shall not have or consist of
any capital accounts or rights in respect of the profits, gain or capital of the Company. Schedule 4.03(d) shall be amended pursuant to Section 1.03 to reflect any change in the identity of the Redeemable Members in accordance with this
Agreement. 
  
 (ii) The Company shall have the right to effect the
Second Redemption by redeeming the Redeemable Interests for the Redemption Consideration at any time after the First Redemption. Upon the redemption of the Redeemable Interests, all Redeemable Interests shall immediately cease to be outstanding and
shall no longer be allocable by the Company, and such termination shall have the effects set forth in Section 4.04(c)(ii) and Section 4.04(c)(iii), as applicable. 
  
 SECTION 4.04. Admission and Withdrawal of Members. (a) Common Members. (i) Effective immediately upon the
consummation of, in the case of Lazard Ltd Sub A, the Lazard Ltd Sub A Contribution or, in the case of Lazard Ltd Sub B, the Lazard Ltd Sub B Contribution, Lazard Ltd Sub A or Lazard Ltd Sub B, as applicable, shall be admitted to the Company as a
Common Member and shall be issued a Common Interest pursuant to the Master Separation Agreement and this Agreement, and Lazard Ltd Sub A shall be issued an additional amount of Common Units and Common Capital pursuant to (A) any exercise of the
Over-allotment Option (as defined in the Master Separation Agreement) in the amounts, on the terms and subject to the conditions set forth in the Master Separation Agreement and this Agreement, (B) the Third Party Investment (as defined in the
Master Separation Agreement) in the amounts, on the terms and subject to the conditions set forth in the Master Separation Agreement and this Agreement, and (C) the Second Redemption as contemplated by Schedule 4.03(d) in the amounts, on the
terms and subject to the conditions set forth in the Master Separation Agreement and this Agreement. 
  
 (ii) Any recipient of Common Units pursuant to any issuance under Section 4.03(b)(ii)(1) who is not a Common Member at the time of such issuance shall be
admitted as an additional Common Member, and the issuance of the Common Interest shall be only effective, upon the execution, and delivery to the Company, by such recipient of an agreement in which such person agrees to be bound by this Agreement
and any other agreements, documents or instruments specified by the Lazard Board. The admission of a Transferee as a Common Member pursuant to any Transfer permitted by Section 7.02(a) shall be governed by Section 7.02. 
  
 (iii) Effective immediately upon the Transfer of a Common Member’s
entire Common Interest as provided in Section 7.02(a), such Member (or his estate) shall cease to have any interest in the profits, losses, assets, properties or capital of the Company (other than, in the event such Member is a Profit Participation
Member, such Member’s Profit Participation Interest) and shall cease to be a Common Member. 
  

 -24- 

 (b) Profit Participation Members. (i) Each of the Managing Directors as of immediately after the
consummation of the Separation and the Recapitalization (each as defined in the Master Separation Agreement) who are set forth on Schedule 4.04(b) shall be admitted to the Company as a Profit Participation Member and issued a Profit
Participation Interest immediately upon the execution, and delivery to the Lazard Board, by such person of an Acknowledgement; provided that in the event that a Managing Director shall not execute and deliver to the Lazard Board an
Acknowledgement within sixty (60) days after the date hereof, such Managing Director shall not be admitted as a Profit Participation Member. The admission of a Transferee as a Profit Participation Member pursuant to any Transfer permitted by Section
7.02(b) shall be governed by Section 7.02. 
  
 (ii) Effective
immediately upon the earliest of (1) Retirement of a Profit Participation Member or (2) termination of the Profit Participation Interests as provided in Section 4.03(c)(iii), such Member (or his estate) shall cease to have any interest in the
profits, losses, assets, properties or capital of the Company (other than, in the event such Member is a Common Member, such Member’s Common Interest) and shall cease to be a Profit Participation Member; provided that, for the avoidance
of doubt, under no circumstances shall any Profit Participation Member be entitled to receive or otherwise be distributed any of the Profit Participation Capital associated with such Member’s Profit Participation Interest in the event of the
occurrence of any of the events set forth in clauses (1) – (2) of this sentence, which Profit Participation Capital shall be cancelled and cease to exist. Upon the Retirement of a Profit Participation Member, the Profit Participation Percentage
associated with such Member’s Profit Participation Interest shall cease to be allocated and become part of the Unallocated Float. 
  
 (c) Redeemable Members. (i) The initial Redeemable Member is set forth on Schedule 4.03(d). The admission of a Transferee as a Redeemable
Member pursuant to any Transfer permitted by Section 7.02(c) shall be governed by Section 7.02. 
  
 (ii) Effective immediately upon the payment or delivery of a Redeemable Class B-1 Member’s Redemption Consideration with respect to such
Member’s Redeemable Class B-1 Interest, such Member shall cease to have any interest in the profits, losses, assets, properties or capital of the Company (other than, in the event such Member is a Common Member and/or a Profit Participation
Member, such Member’s Common Interest and/or Profit Participation Interest, as applicable, and, if such Member is a Redeemable Class C Member, such Member’s Redeemable Class C Interest (unless redeemed as provided in clause (iii) below)),
shall cease to have any right to receive any amounts in respect of its Redeemable Class B-1 Interest, and shall cease to be a Redeemable Class B-1 Member. 
  
 (iii) Effective immediately upon the payment or delivery of a Redeemable Class C Member’s Redemption Consideration with respect to such Member’s
Redeemable Class C Interest, such Member shall cease to have any interest in the profits, losses, assets, properties or capital of the Company (other than, in the event such Member is a Common Member and/or a Profit Participation Member, such
Member’s Common Interest and/or Profit Participation Interest, as applicable, and, if such Member is a Redeemable Class B-1 Member, such Member’s 
  

 -25- 

 Redeemable Class B-1 Interest (unless redeemed as provided in clause (ii) above)), shall cease to have any right to
receive any amounts in respect of its Redeemable Class C Interest, and shall cease to be a Redeemable Class C Member. 
  
 (d) Managing Member. (i) The initial Managing Member is LAZ-MD. Effective immediately upon consummation of the Common Stock Offering Transaction,
LAZ-MD shall automatically cease to be the Managing Member (but shall otherwise remain a Member with respect to its Interests), and FinanceCo shall be admitted as, and become, the Managing Member. Notwithstanding anything in this Agreement to the
contrary, the Managing Member may resign from the Company, and Lazard Ltd shall be entitled to remove the Managing Member for any reason (with or without cause), and in each case Lazard Ltd shall be entitled to appoint a new Managing Member. If the
Managing Member shall resign pursuant to this Section or Lazard Ltd elects to remove the Managing Member, an additional member selected by Lazard Ltd in its sole discretion shall be admitted to the Company as the Managing Member upon its execution
and delivery of an agreement to bound by the terms of this Agreement. Such admission shall be deemed effective immediately prior to the resignation or removal, and, immediately following such admission, the resigning or removed Managing Member shall
cease to be a member of the Company (but, if applicable, shall otherwise remain a Member with respect to its Interests). 
  
 (ii) Notwithstanding anything herein to the contrary, upon the occurrence of a Bankruptcy Event with respect to FinanceCo, FinanceCo shall immediately
cease to be the Managing Member of the Company, without any further action required on the part of FinanceCo or the Company, and Lazard Ltd (or, upon execution by such person of an agreement to be admitted to the Company as the Managing Member and
be bound by this Agreement, any designee of Lazard Ltd) shall be admitted to the Company as the Managing Member, and such admission shall be deemed effective immediately upon such Bankruptcy Event. 
  
 (e) No Additional Members. No additional Members shall be admitted to
the Company except in accordance with this Article IV. 
  
 SECTION
4.05. Liability to Third Parties; Capital Account Deficits. Except as may otherwise be expressly provided by the Act, the debts, obligations and liabilities of the Company, whether arising in contract, tort or otherwise, shall be solely the
debts, obligations and liabilities of the Company, and the Members (including the Managing Member) and Directors shall not be obligated personally for any such debt, obligation or liability of the Company solely by reason of being Members or acting
as managers or the Managing Member of the Company. The Members shall not be liable to make up any deficit in their Capital Accounts. 
  
 SECTION 4.06. Classes. As used in this Agreement, all Common Members, Profit Participation Members and Redeemable Members shall be deemed to be
separate Members even if any Member holds more than one class of Interest. References to a certain class of Interest (or Unit or Capital) with respect to any Member shall refer solely to that class of Interest (or Unit or Capital) of such Member and
not to any other class of Interest (or Unit or Capital), if any, held by such Member. 
  

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 SECTION 4.07. Certificates. The Company shall issue all Common Interests, and may in its
discretion issue other Interests, in certificated form in accordance with Section 18-702(c) of the Act, which certificates shall be held by the Company as custodian for the applicable Members. The form of any such certificates shall be approved by
the Lazard Board and include the legend required by Section 7.08. 
  
 ARTICLE V 
  
 CAPITAL AND ACCOUNTING MATTERS 

 
 SECTION 5.01. Capital. (a) Capital Accounts. There shall be
established on the books and records of the Company a capital account for each Common Member (a “Common Capital Account”) and a capital account for each Profit Participation Member (a “Profit Participation Capital
Account”; any of a Profit Participation Capital Account or a Common Capital Account, a “Capital Account”). Schedule 5.01 sets forth the names, Common Capital Accounts and Profit Participation Capital Accounts of the
Members as of the date hereof. Such Schedule shall be deemed to be amended from time to time to reflect any change in the identity, Common Capital Accounts or Profit Participation Capital Accounts in accordance with this Agreement. 
  
 (b) Capital Contributions. (i) Pursuant to the Common Stock Offering
Transaction, (A) Lazard Ltd Sub A shall make a capital contribution to the Company of an amount in cash equal to the Lazard Ltd Sub A Contribution, and, upon consummation of such capital contribution and admission as a Common Member as provided in
Section 4.04(a), Lazard Ltd Sub A’s Common Capital Account shall accordingly be credited by an amount equal to the Lazard Ltd Sub A Contribution, and (B) Lazard Ltd Sub B shall make a capital contribution to the Company of an amount in cash
equal to the Lazard Ltd Sub B Contribution, and, upon consummation of such capital contribution and admission as a Common Member as provided in Section 4.04(a), Lazard Ltd Sub B’s Common Capital Account shall accordingly be credited by an
amount equal to the Lazard Ltd Sub B Contribution.  
  
 (ii) Except as otherwise provided in Section 5.01(b)(i), no capital contributions shall be required (1) unless otherwise determined by the Lazard Board and agreed to by the contributing Member, (2) unless otherwise determined by the Lazard
Board in connection with the admission of a new Member or the issuance of additional Interests to a Member, or (3) except as provided in the Master Separation Agreement. 
  
 (iii) The Company may invest or cause to be invested all amounts received by the Company as capital contributions in its
sole discretion. 
  
 SECTION 5.02. Withdrawals; Return on
Capital. No Member shall be entitled to withdraw or otherwise receive any distributions in respect of any Capital, except (a) in the case of Common Interests, as provided in Section 8.03 or as approved by the Lazard Board, or (b) in the case of
Profit Participation Interests, as provided in Section 6.01. The Members shall not be entitled to any return on their Capital. 
  
 SECTION 5.03. Allocation of Profits and Losses. As of the end of each Accounting Period, the balance in each Member’s Capital Account shall be
adjusted by 
  

 -27- 

 (x) increasing such balance by (i) such Member’s allocable share of each item of the Company’s income and gain
for such Accounting Period (allocated in accordance with Section 5.04(a)) and (ii) the amount of cash or the fair market value of other property (determined in accordance with Section 5.05) contributed to the Company by such Member in respect of
such class of Capital during such Accounting Period, net of liabilities assumed by the Company with respect to such other property, and (y) decreasing such balance by (i) the amount of cash or the fair market value of other property (determined in
accordance with Section 5.05) distributed to such Member in respect of such class of Capital or Interest pursuant to this Agreement, net of liabilities (if any) assumed by such Member with respect to such other property and (ii) such Member’s
allocable share of each item of the Company’s deduction and loss for such Accounting Period (allocated in accordance with Section 5.04(a)). The balances in each Members’ Capital Account shall also be adjusted at the time and in the manner
permitted by the capital accounting rules of the U.S. Treasury Regulation section 1.704-1(b)(2)(iv)(f). The foregoing and the other provisions of this Agreement relating to the maintenance of Capital Accounts are intended to comply with Treasury
Regulation section 1.704-1(b), and shall be interpreted and applied in a manner consistent therewith. 
  
 SECTION 5.04. Allocations and Tax Matters. (a) Book Allocations. After giving effect to the allocations set forth in Section 2 of Exhibit
B hereto, for purposes of computing Capital Accounts and allocating any items of income, gain, loss or deduction thereto, with respect to each Accounting Period: 
  
 (i) first, an amount of income or gain equal to the Profit Participation Amount for such Accounting Period
shall be allocated among the Profit Participation Capital Accounts of the Profit Participation Members in proportion to their respective Profit Participation Percentages as of the end of such Accounting Period; and 
  
 (ii) thereafter, all other items of income, gain, loss or
deduction of the Company (calculated in the manner contemplated by the capital accounting rules of the Treasury Regulations promulgated under Section 704(b) of the Code) shall be allocated among the Common Capital Accounts of the Common Members in
proportion to their respective Common Units as of the end of such Accounting Period. 
  
 For the purposes of this Agreement: 
  
 (A) “Fixed Percentage” means           %; provided, however, that in the event that the Profit Participation Amount would in any Accounting Period
exceed the product of (1)           % and (2) the Operating Revenue for such Accounting Period (such product, the “Cap”), the Fixed Percentage shall, for such Accounting
Period, be an amount (expressed as a percentage) equal to a fraction, the numerator of which shall be the Cap and the denominator of which shall be the Operating Income, in each case for such Accounting Period; 
  
 (B) “Operating Expenses” means, with
respect to any Accounting Period, an amount equal to the excess, if any, of (1) the consolidated expenses of the Company over (2) the sum of (a) the aggregate amount of compensation paid or payable to Managing Directors, (b) all minority interest,
(c) all interest expense (but excluding all “operating” 
  

 -28- 

 interest expense, including in respect of Lazard Frères Banque S.A.), (d) all income taxes, and
(e) all extraordinary losses, in each case as determined in accordance with generally accepted accounting principles in the United States of America and otherwise in accordance with Section 5.05. For the avoidance of doubt, “Operating
Expense” shall exclude amounts allocable to Profit Participation Members in respect of their Profit Participation Interests; 
  
 (C) “Operating Income” means, with respect to any Accounting Period, an amount equal to the excess, if any, of (1) the
Operating Revenue over (2) the Operating Expenses, in each case for such Accounting Period. 
  
 (D) “Operating Revenue” means, with respect to any Accounting Period, an amount equal to the excess, if any, of (1) the
sum of (a) the consolidated net revenue of the Company and (b) all interest expense (but excluding all “operating” interest expense, including in respect of Lazard Frères Banque S.A.), over (2) all extraordinary gains, in each case
as determined in accordance with generally accepted accounting principles in the United States of America and otherwise in accordance with Section 5.05; and 
  
 (E) “Profit Participation Amount” means, with respect to any Accounting Period, an amount equal to the product of (1) the
Fixed Percentage and (2) the Operating Income, in each case for such Accounting Period. 
  
 In any calculation of Operating Income, all gains and losses arising from the sale of a business segment or a significant asset outside the ordinary course of business shall be excluded from Operating Revenue and Operating Expense, as
applicable. 
  
 (b) Tax Allocations. Except as otherwise
required under Section 704(c) of the Code and the Treasury Regulations promulgated thereunder, the Company shall cause each item of income, gain, loss or deduction recognized by the Company to be allocated among the Members for U.S. federal, state
and local income and, where relevant, non-U.S. tax purposes in the same manner that each such item is allocated to the Members’ Capital Accounts or as otherwise provided herein. Allocations required by Section 704(c) of the Code shall be
made using any reasonable method permitted by the Treasury Regulations promulgated under Section 704(c) of the Code that is selected by the tax matters partner. 
  
 SECTION 5.05. Board Determinations. All determinations, valuations and other matters of judgment required to be made
for purposes of this Article V, including with respect to calculations of Profit Participation Amount, Ordinary Revenue and Ordinary Expenses and accounting procedures and tax matters not expressly provided for by the terms of this Agreement, or for
determining the value of any type or form of proceeds, contribution or distributions hereunder shall be made by the Lazard Board. In the event an additional Member is admitted to the Company and contributes property to the Company, or an existing
Member contributes additional property to the Company, pursuant to this Agreement, the value of such contributed property shall be the fair market value of such property as determined by the Lazard Board. 
  
 SECTION 5.06. Books and Accounts. (a) The Company shall at all times
keep or cause to be kept true and complete records and books of account, which records and book 
  

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 shall be maintained in accordance with U.S. generally accepted accounting principles. Such records and books of account
shall be kept at the principal place of business of the Company. The Managing Member and the Lazard Board shall have access thereto and the right to receive copies thereof. As permitted by Section 18-305(g) of the Act, no Member shall be entitled to
review such records and books of account (including any of the Schedules hereto) unless the Lazard Board, in its sole discretion, shall permit such review. The Company’s accounts shall be maintained in United States dollars. 
  
 (b) The Company’s fiscal year shall begin on the first day of January
and end on the thirty-first day of December of each year, or shall be such other period designated by the Board. At the end of each fiscal year the Company’s accounts shall be prepared, presented to the Board and submitted to the Company’s
auditors for examination. 
  
 (c) The Company’s auditors
shall be an independent accounting firm of international reputation to be appointed from time to time by the Lazard Board or the Managing Member. The Company’s auditors shall be entitled to receive promptly such information, accounts and
explanations from the Lazard Board, each officer and each Member that they deem reasonably necessary to carry out their duties. The Members shall provide such financial, tax and other information to the Company as may be reasonably necessary and
appropriate to carry out the purposes of the Company. 
  
 SECTION
5.07. Tax Matters Partner. Lazard Ltd Sub A is hereby designated as the tax matters partner of the Company, in accordance with the Treasury Regulations promulgated pursuant to Section 6231 of the Code and any similar provisions under any
other state or local or non-U.S. tax laws. Lazard Ltd Sub A shall have the authority, in its sole discretion, to (a) make an election under Section 754 of the Code on behalf of the Company, and each Member agrees to provide such information and
documentation as Lazard Ltd Sub A may reasonably request in connection with any such election, (b) determine the manner in which “excess nonrecourse liabilities” (within the meaning of Treasury Regulation section 1.752-3(a)(3)) are
allocated among the Members and (c) make any other election or determination with respect to taxes (including with respect to depreciation, amortization and accounting methods). 
  
 SECTION 5.08. Tax Information. The Company shall use commercially reasonable efforts to prepare and mail as soon as
reasonably practicable after the end of each taxable year of the Company, or as soon as practicable thereafter, to each Member other than the Managing Member (and each other Person that was such a Member during such taxable year or its legal
representatives), U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.,” or any successor schedule or form, for such Person. 
  
 SECTION 5.09. Withholding. The Company is authorized to withhold from distributions and allocations to the Members,
and to pay over to any federal, state, local or foreign governmental authority any amounts believed in good faith to be so withheld pursuant to the Code or any provision of any other federal, state, local or foreign law and, for all purposes under
this Agreement, shall treat such amounts as distributed to those Members with respect to which such amounts were withheld. 
  

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 ARTICLE VI 
  
 DISTRIBUTIONS 
  
 SECTION 6.01. Distributions in Respect of Profit Participation Interests. (a) Subject to the last sentence of this Section 6.01(a), the Company
shall distribute to each Profit Participation Member from such Member’s Profit Participation Capital Account as promptly as practicable after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company an amount
equal to such Profit Participation Member’s Quarterly Profit Participation Tax Distribution for such fiscal quarter. In addition, the Company shall distribute to each Profit Participation Member from such Member’s Profit Participation
Capital Account as promptly as practicable after the end of each fiscal year an amount equal to the excess, if any, of such Profit Participation Member’s Proportionate Tax Share for such fiscal year over the aggregate amount of Quarterly Profit
Participation Tax Distributions made to such Profit Participation Member with respect to such fiscal year. If, at the end of any fiscal year of the Company, the aggregate amount of Quarterly Profit Participation Tax Distributions made to a Profit
Participation Member exceeds such Profit Participation Member’s Proportionate Tax Share, in each case with respect to such fiscal year, then (i) in the case of any Profit Participation Member who is an executive officer of the Company or Lazard
Ltd or any other Affiliate of the Company designated by the Company, the amount of such excess shall reduce the amount of any future distributions that would otherwise be made to such Profit Participation Member, including any distributions pursuant
to this Section 6.01(a) or Section 6.01(b) and (ii) in the case of any other Profit Participation Member, the amount of such excess shall be treated as an advance, and, at the election of the Company, shall be repaid to the Company by such Profit
Participation Member or shall reduce the amount of any future distributions that would otherwise be made to such Profit Participation Member, including any distributions pursuant to this Section 6.01(a) or Section 6.01(b). 
  
 (b) The Company shall, after the end of each fiscal year, distribute to each
Profit Participation Member from such Member’s Profit Participation Capital Account an amount (if positive) equal to the aggregate of all Profit Participation Amounts allocated to such Member’s Profit Participation Capital Account pursuant
to Section 5.04(a) during such fiscal year (reduced by the amount of any distributions pursuant to Section 6.01(a)), with such distribution to occur on such date and time as determined by the Company; provided that no distribution shall be
made to such person pursuant to this Section 6.01(b) unless such person shall continue to be a Profit Participation Member as of the date and time of distribution; provided further that distributions pursuant to this Section 6.01(b)
shall be made to a Profit Participation Member only to the extent of the positive balance in such Member’s Profit Participation Capital Account unless otherwise determined by the Lazard Board. Notwithstanding the foregoing, the Company may (i)
withhold all or a portion of the distributions otherwise payable to any Profit Participation Member pursuant to the immediately foregoing sentence, or (ii) distribute to any Profit Participation Member all or a portion of the positive balance, if
any, in such Member’s Profit Participation Capital Account as of the end of the applicable fiscal year (after giving effect to (A) the allocations pursuant to Section 5.04(a) with respect to the Accounting Period ending on December 31 of such
fiscal year and (B) any distributions pursuant to the first sentence of this Section 6.01(b)). 
  

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 SECTION 6.02. Distributions in Respect of Common Interests. (a) Subject to the last sentence of
this Section 6.02(a), the Company shall distribute to each Common Member from such Member’s Common Capital Account as promptly as practicable after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company an
amount equal to such Common Member’s Quarterly Common Tax Distribution for such fiscal quarter. In addition, the Company shall distribute to each Common Member from such Member’s Common Capital Account as promptly as practicable after the
end of each fiscal year an amount equal to the excess, if any, of such Common Member’s Proportionate Tax Share for such fiscal year over the aggregate amount of Quarterly Common Tax Distributions made to such Common Member with respect to such
fiscal year. If, at the end of any fiscal year of the Company, the aggregate amount of Quarterly Common Tax Distributions made to a Common Member exceeds such Common Member’s Proportionate Tax Share, in each case with respect to such fiscal
year, then (i) in the case of any Common Member who is an executive officer of the Company or Lazard Ltd or any other Affiliate of the Company designated by the Company, the amount of such excess shall reduce the amount of any future distributions
that would otherwise be made to such Common Member, including any distributions pursuant to this Section 6.02(a) or Section 6.02(b) and (ii) in the case of any other Common Member, the amount of such excess shall be treated as an advance, and, at
the election of the Company, shall be repaid to the Company by such Common Member or shall reduce the amount of any future distributions that would otherwise be made to such Common Member, including any distributions pursuant to this Section 6.02(a)
or Section 6.02(b). 
  
 (b) Lazard Ltd shall have the right to
cause Lazard Group to distribute to each Common Member from such Member’s Common Capital Account amounts in connection with any dividends on Lazard Ltd Common Stock or as otherwise determined by Lazard Ltd, in each case at such times, and in
such amounts per Common Unit, as determined by Lazard Ltd in its sole discretion; provided that such other distributions are pro rata according to the number of Common Units held (subject to Section 7.05(c)(iii)). 
  
 SECTION 6.03. Limitation on Distributions. Notwithstanding any
provision to the contrary contained in this Agreement, the Company, and the Lazard Board on behalf of the Company, shall not be required to make a distribution to a Member on account of its interest in the Company if such distribution would violate
the Act or any other applicable law. 
  
 ARTICLE VII 
  
 TRANSFERS OF INTERESTS 
  
 SECTION 7.01. Transfer of Interests. No Member may Transfer or agree
or otherwise commit to Transfer all or any portion of, or any of rights, title and interest in and to, its Interest, except as permitted by the terms and conditions set forth in this Article VII. The Schedules shall be deemed to be amended from time
to time to reflect any change in the Members or Interests to reflect any Transfer permitted by this Article VII. 
  
 SECTION 7.02. Permitted Transfers. (a) Common Interests. No Common Member may Transfer or agree or otherwise commit to Transfer all or any
portion of, or any of rights, title and interest in and to, its Common Interest, except (i) any Transfer for which the 
  

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 Lazard Board shall have given its prior approval; (ii) LAZ-MD may Transfer all or a portion of its Common Interest
pursuant to a LAZ-MD Exchange; (iii) any Common Member who received its Common Interest pursuant to a LAZ-MD Exchange may Transfer all or any portion of such Common Interest to an Estate Transferee pursuant to an Estate Transfer; (iv) any Common
Member who received its Common Interest pursuant to a LAZ-MD Exchange or any Estate Transferee may Transfer all or any portion of such Common Interest to Lazard Ltd Sub A and Lazard Ltd Sub B as directed by Lazard Ltd (such recipient, the
“Lazard Ltd Recipient”) pursuant to a Lazard Group Exchange; and (v) LAZ-MD may Transfer all or a portion of its Common Interests pursuant to Section 8.4(c) of the Master Separation Agreement. 
  
 (b) Profit Participation Interests. No Profit Participation Member may
Transfer or agree or otherwise commit to Transfer all or any portion of, or any of its rights, title and interest in and to, its Profit Participation Interest. 
  

(c) Redeemable Interests. No Redeemable Member may Transfer or agree or otherwise commit to Transfer all or any portion of, or any of its
rights, title and interest in and to, any of its Redeemable Interests, except (i) LAZ-MD may Transfer all of its Redeemable Interests pursuant to the First Redemption, (ii) a Redeemable Member shall Transfer its Redeemable Interest to the Company
pursuant to the Second Redemption, and (iii) the stockholders of Lazard Ltd Sub A may indirectly Transfer all of Lazard Ltd Sub A’s Redeemable Interest by the Transfer of the entire capital stock of Lazard Ltd Sub A to Lazard Ltd in exchange
for shares of Lazard Ltd Common Stock pursuant to the Master Separation Agreement. 
  
 (d) Admission as a Member. Notwithstanding anything to the contrary set forth herein, a Transferee pursuant to this Section 7.02 shall become a Member, and shall be listed as a “Common Member” or
“Profit Participation Member,” as applicable, on Schedule 4.01, and shall be deemed to receive the Interest being Transferred, in each case at such time as such Transferee executes and delivers to the Company an agreement in which the
Transferee agrees to be admitted as a Member and bound by this Agreement and any other agreements, documents or instruments specified by the Company; provided that a Transferee who shall (A) at the time of such Transfer be a Member of the
applicable class of Interests being Transferred or (B) have previously entered into an agreement pursuant to which the Transferee shall have agreed to become a Member and be bound by this Agreement (which agreement is in effect at the time of such
Transfer), shall not be required to enter into a new agreement to be bound by this Agreement with respect to such Interests or such other agreement, documents or instruments as a condition to receiving the Interest and being admitted or continuing
as a Member, in each case unless otherwise determined by the Company; and provided further that a Transferee pursuant to the First Redemption shall for the avoidance of doubt not be required to execute and deliver any additional
agreements as a condition to receiving the Interest and being admitted as a Member. 
  
 (e) Transfer of Capital. (a) Notwithstanding anything herein to the contrary, each Member who Transfers an Interest (or a portion thereof) shall be deemed to have Transferred (a) in the case of a Common
Interest, the entire Common Interest, including the Common Units and Common Capital with respect to such Interest (or, if a portion of a Common Interest is being Transferred, such number of Common Units and a proportionate amount of Common Capital
with respect to such Common Units) to the Transferee, (b) in the case of a Profit 
  

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 Participation Interest, the entire Profit Participation Interest, including the Profit Participation Percentage and
Profit Participation Capital with respect to such Interest (or, if a portion of a Profit Participation Interest is being Transferred, such portion of Profit Participation Profit Percentage and a proportionate amount of Profit Participation Capital
with respect to such Profit Participation Percentage) to the Transferee, and (c) in the case of a Redeemable Interest, the entire Redeemable Interest, including all rights to the Redemption Consideration (or if a portion of a Redeemable Interest is
being Transferred, such portion of the right to receive the Redemption Consideration) to the Transferee. 
  
 SECTION 7.03. First Redemption. Each of the transferees set forth on Schedule 4.03(d) shall upon consummation of the First Redemption be admitted
as a Redeemable Member and deemed to receive the Redeemable Interest being transferred to such person, subject to, in the case of any transferees who shall not be Class III Redeemable Members or Class IV Redeemable Members (each as defined in the
LAZ-MD Operating Agreement), the execution, and delivery to the Company, by such transferee of an agreement by such transferee to become a Member and be bound by the terms of this Agreement and any other agreements, documents or instruments
specified by the Company. 
  
 SECTION 7.04. Second
Redemption. Notwithstanding anything herein to the contrary, upon the consummation of the Second Redemption, (i) all of the Redeemable Interests (including all of the Members’ rights, title and interests in and to such Interests) shall be
automatically and immediately transferred to, and redeemed by, the Company free and clear of all liens or other encumbrances, without any action required on the part of any Member or any further action on the part of the Company, as applicable, and
(ii) in exchange therefor each former Redeemable Member shall only have the right to receive the applicable Redemption Consideration from the Company with respect to such person’s redeemed Redeemable Interest(s). 
  
 SECTION 7.05. Lazard Group Exchange. (a) Immediate Exchange.
Subject to Section 7.05(b), in the event of a LAZ-MD Exchange in which the transferee of a Common Interest from LAZ-MD shall be the LAZ-MD Exchanging Member, immediately after the receipt of such Common Interest by the LAZ-MD Exchanging Member, such
Common Interest shall be automatically transferred free and clear of all liens and encumbrances to the applicable Lazard Ltd Recipient, without any action required on the part of any person to effect such transfer (an “Immediate Lazard Group
Exchange”), and, in exchange therefor, the applicable Lazard Ltd Recipient shall transfer to the LAZ-MD Exchanging Member the amount of Lazard Ltd Common Stock (or other consideration) required by the Master Separation Agreement (the
“Lazard Group Exchange Consideration”) on the terms, and subject to the conditions, set forth in this Article VII and in the Master Separation Agreement. In the event of a LAZ-MD Exchange pursuant to the proviso to Section 7.4(b) of
the LAZ-MD Operating Agreement, the Common Interest shall be automatically transferred free and clear of all liens and encumbrances to the applicable Lazard Ltd Recipient, without any action required on the part of any person to effect such
transfer, immediately upon the cancellation of the LAZ-MD Class II Interest at the time set forth in such proviso, and, in exchange therefor, the applicable Lazard Ltd Recipient shall transfer to [•] the applicable Lazard Group Exchange
Consideration. 
  

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 (b) Partial LAZ-MD Mandatory Exchange. In the event of a Partial LAZ-MD Mandatory Exchange, then
(i) the provisions of Section 7.05(a) shall not apply to the Common Interest transferred to the LAZ-MD Exchanging Member, (ii) the LAZ-MD Exchanging Member shall be admitted as a Common Member as provided in Section 7.02(d) (a “MD Common
Member”) and shall have the right to transfer all or a portion of its Common Interest for the applicable Lazard Group Exchange Consideration at such times, on the terms, and subject to the conditions, set forth in the Master Separation
Agreement (an “Elective Lazard Group Exchange”) in exchange for the applicable Lazard Group Exchange Consideration, and (iii) the Company shall have the right to cause all of the MD Common Members to transfer their entire Common
Interests in accordance with the Master Separation Agreement (a “Mandatory Lazard Group Exchange,” and any of a Mandatory Lazard Group Exchange, an Immediate Lazard Group Exchange and an Elective Lazard Group Exchange, an
“Lazard Group Exchange”) in exchange for the applicable Lazard Group Exchange Consideration. 
  
 (c) Additional Limitations on Partial LAZ-MD Mandatory Exchanges. Notwithstanding anything herein to the contrary, the Company shall have the right
to subject any Common Interest transferred to an MD Common Member pursuant to a Partial LAZ-MD Mandatory Exchange to limitations and other restrictions in respect of distributions pursuant to Section 6.02(b) as the Lazard Board shall determine to be
appropriate to put such MD Common Member in a substantially similar position with respect to distributions had such Partial LAZ-MD Mandatory Exchange not occurred and such Member had continued to hold limited liability company interests at LAZ-MD;
provided that the Company shall give written notice of such limitations and obligations to the MD Common Members subject thereto (it being understood that the failure to give such notice shall not affect the validity or enforceability of any
such limitations and obligations); and, provided further, that, effective immediately upon the transfer of all or a portion of such Common Interest to a Lazard Ltd Recipient, all such limitations and obligations with respect to such
Common Interest (or portion thereof) being transferred shall immediately expire. 
  
 (d) Acknowledgement. Each MD Common Member acknowledges and agrees to the terms of exchange of such Member’s Common Interest set forth in Article VIII of the Master Separation Agreement. 
  
 SECTION 7.06. Estate Transfers. A Member may transfer its Common
Interest to any trust for the benefit of such Member, his direct descendants or a spouse (an “Estate Transferee”); provided that (i) such transfer receives the prior approval of the Company (which approvals may be given in
the sole discretion of the Company), (ii) the trustee and any successor trustees for any such trust are approved by the Company and (iii) the transferee executes and delivers to the Company an agreement in which the transferee agrees to be bound by
this Agreement and any other agreements, documents or instruments specified by the Company. In addition, a Member who is an individual may transfer his Common Interest by operation of law by virtue of the death of such Member to such Member’s
estate, direct descendants or spouse. Any transfer in accordance with this Section 7.06 is referred to herein as an “Estate Transfer.” 
  
 SECTION 7.07. Encumbrances. No Member (other than Lazard Ltd or one of its controlled Subsidiaries) may without the consent of the Company charge
or encumber his Interest or subject his Interest to a lien, pledge, security interest, right of first refusal, option or 
  

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 other similar limitation (an “Encumbrance”) except in each case for those created by this Agreement.
Notwithstanding anything to the contrary set forth in this Article VII, the incurrence of any Encumbrance permitted by this Section 7.07 shall not be deemed to be a Transfer. 
  
 SECTION 7.08. Legend. Each Member agrees that any certificate issued to it to evidence its Interests shall have
inscribed conspicuously on its front or back the following legend: 
  
 THE LIMITED LIABILITY COMPANY INTEREST IN LAZARD GROUP LLC REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR REGISTERED OR
QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION, AND THIS LIMITED LIABILITY COMPANY INTEREST MAY NOT BE TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED, ENCUMBERED OR OTHERWISE DISPOSED OF, IN WHOLE OR IN PART, EXCEPT (A)
EITHER (1) WHILE A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE REGISTRATIONS AND QUALIFICATIONS ARE IN EFFECT OR (2) PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (INCLUDING, IF
APPLICABLE, REGULATION S THEREUNDER) AND SUCH OTHER APPLICABLE LAWS AND (B) IF PERMITTED BY THE OPERATING AGREEMENT OF LAZARD GROUP LLC AS IT MAY BE AMENDED FROM TIME TO TIME, WHICH CONTAINS STRICT PROHIBITIONS ON TRANSFERS, SALES, ASSIGNMENTS,
PLEDGES, HYPOTHECATIONS, ENCUMBRANCES OR OTHER DISPOSITIONS OF THIS LIMITED LIABILITY COMPANY INTEREST. 
  
 SECTION 7.09. Effect of Transfer Not in Compliance with This Article. Any purported Transfer of all or any part of a Member’s Interest, or any
interest therein, that is not in compliance with this Article VII shall, to the fullest extent permitted by law, be void and shall be of no effect. 
  
 ARTICLE VIII 
  
 DISSOLUTION 
  
 SECTION 8.01. Dissolution. The Company shall be dissolved and its affairs shall be wound up upon (a) a decision made at any time by the Lazard Board to dissolve the Company, (b) the termination of the legal existence of the last
remaining member of the Company or the occurrence of any other event which terminates the continued membership of the last remaining member of the Company in the Company unless the Company is continued without dissolution in a manner permitted by
this Agreement or the Act, or (c) the entry of a decree of judicial dissolution under Section 18-802 of the Act. Subject to clause (b) of the immediately preceding sentence, the Company shall not be dissolved solely by reason of, and shall continue
notwithstanding, the death, Retirement, resignation, bankruptcy or dissolution of any Member (including any Managing Member). None of the Members shall have any right to 
  

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 terminate, dissolve or have redeemed their class of Interests (other than in respect of Redeemable Interests pursuant to
the Second Redemption) or, to the fullest extent permitted by law, to terminate, wind up or dissolve the Company. 
  
 SECTION 8.02. Liquidation. Upon a dissolution pursuant to Section 8.01, the Company’s business and assets shall be wound up promptly in an
orderly manner. The Lazard Board shall be the liquidator to wind up the affairs of the Company. In performing its duties, the Lazard Board is authorized to sell, exchange or otherwise dispose of the Company’s business and assets in accordance
with the Act in any reasonable manner that the Lazard Board determines to be in the best interests of the Members. Upon completion of the winding-up of the Company, the Lazard Board shall prepare and submit to each Common Member a final statement
with respect thereto. 
  
 SECTION 8.03. Distributions. (a)
In the event of a dissolution of the Company pursuant to Section 8.01, the Company shall apply and distribute the proceeds of the dissolution as provided below: 
  
 (i) first: to the creditors of the Company, including Members that are creditors of the Company to
the extent permitted by law, in satisfaction of the liabilities of the Company (by payment or by the making of reasonable provision for payment thereof, including the setting up of any reserves which the Managing Member determines, in its sole
discretion, are necessary therefor); 
  
 (ii)
second: to each Common Member in proportion to (and to the extent of) the positive balances in their respective Common Capital Accounts; and 
  
 (iii) thereafter: to the Common Members in proportion to the number of Common Units held by each such Common Member; 
  
 provided, however, that notwithstanding the foregoing, if the amount received by the Lazard
Ltd Members pursuant clauses (ii) and (iii) above is less than the amount that the Lazard Ltd Members would have received had the Company distributed the proceeds of the dissolution in proportion to the number of Common Units held by each Common
Member (the “Proportionate Distribution Amount”), then (x) the Lazard Ltd Member shall receive the Proportionate Distribution Amount and (y) the remaining proceeds of the dissolution shall be distributed to the Common Member other than the
Lazard Ltd Members in accordance with the clauses (ii) and (iii) above. 
  
 (b) Cancellation of Certificate of Formation. Upon completion of a liquidation and distribution pursuant to Section 8.03(a) following a dissolution of the Company pursuant to Section 8.01, the Managing Member shall execute,
acknowledge and cause to be filed a certificate of cancellation of the Certificate of Formation of the Company in the office of the Secretary of State of the State of Delaware. 
  

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 ARTICLE IX 
  
 INDEMNIFICATION AND EXCULPATION 
  
 SECTION 9.01. Exculpation. A Director shall not be personally liable to the Company or its Members for monetary damages for breach of fiduciary
duty as a Director, except to the extent such exemption from liability or limitation thereof is not permitted under the Act as the same exists or may hereafter be amended. Any repeal or modification of the immediately preceding sentence shall not
adversely affect any right or protection of a Director existing hereunder with respect to any act or omission occurring prior to such repeal or modification. 
  
 SECTION 9.02. Indemnification. (a) Each person who was or is made a party or is threatened to be made a party to or is involved in any action,
suit, or proceeding, whether civil, criminal, administrative or investigative (hereinafter a “proceeding”), by reason of the fact that he or she, or a person of whom he or she is the legal representative, is or was (i) a Director or
officer of the Company, (ii) a director or officer of Lazard Ltd or (iii) serving at the request of the Company (including as evidenced in a written letter signed by a proper officer of the Company) as a director, officer, employee or agent of
another corporation or of a partnership, joint venture, trust or other enterprise or person, including service with respect to employee benefit plans maintained or sponsored by the Company, in each case whether the basis of such proceeding is
alleged action in an official capacity as a Director, director, officer, employee or agent or in any other capacity while serving as a Director, director, officer, employee or agent, shall be indemnified and held harmless by the Company to the
fullest extent authorized by the General Corporation Law of the State of Delaware (the “DGCL”) as the same exists or may hereafter be amended (but, in the case of any such amendment, only to the extent that such amendment permits
the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment), if the Company were a corporation organized under the DGCL, against all expense, liability and loss (including
attorneys’ fees, judgments, fines, excise taxes or penalties arising under the Employee Retirement Income Security Act of 1974, and amounts paid or to be paid in settlement) reasonably incurred or suffered by such person in connection therewith
and such indemnification shall continue as to a person who has ceased to be a Director, director, officer, employee or agent and shall inure to the benefit of his or her heirs, executors and administrators; provided, however, that
except as provided in Section 9.02(c), the Company shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the
Lazard Board. The right to indemnification conferred in this Section 9.02 shall be a contract right. The right to indemnification conferred in this Section in the case of any Director or officer of the Company or any director or officer of Lazard
Ltd shall include (and, in the case of any other person entitled to indemnification hereunder, may at the option of the Chief Executive Officer, General Counsel or the Lazard Board include) the right to be paid by the Company the expenses incurred
in defending any such proceeding in advance of its final disposition, such advances to be paid by the Company within 20 days after the receipt by the Company of a statement or statements from the claimant requesting such advance or advances from
time to time; provided, however, that the payment of such expenses incurred by any such person in advance of the final disposition of a proceeding shall be made only upon delivery to the Company of an undertaking by or on behalf of
such person to repay all amounts so advanced if it shall ultimately be determined that such person is not entitled to be indemnified under this Section 9.02 or otherwise. 
  
 (b) To obtain indemnification under this Section 9.02, a claimant shall submit to the Company a written request, including
therein or therewith such documentation and 
  

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 information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what
extent the claimant is entitled to indemnification. Upon written request by a claimant for indemnification pursuant to the first sentence of this Section 9.02(b), a determination, if required by the DGCL if the Company were a corporation organized
under the DGCL, with respect to the claimant’s entitlement thereto shall be made as follows: (1) if requested by the claimant, by Independent Counsel (as hereinafter defined), or (2) if no request is made by the claimant for a determination by
Independent Counsel, by the Chief Executive Officer or General Counsel of the Company, whose determination shall be approved by the Lazard Board (by a majority vote of a quorum consisting of Disinterested Directors (as hereinafter defined)),
provided, that (i) if a quorum of the Lazard Board consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, such determination shall be approved by Independent Counsel
in a written opinion to the Lazard Board, a copy of which shall be delivered to the claimant, or (ii) if a quorum of Disinterested Directors so directs, such determination shall be approved by the Common Members. In the event the determination of
entitlement to indemnification is to be made by Independent Counsel at the request of the claimant, the Independent Counsel shall be selected by the Lazard Board unless there shall have occurred within two years prior to the date of the commencement
of the action, suit or proceeding for which indemnification is claimed a “Change of Control” as defined in the Lazard Ltd 2005 Equity Incentive Plan, in which case the Independent Counsel shall be selected by the claimant unless the
claimant shall request that such selection be made by the Lazard Board. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within 10 days after such determination. 
  
 (c) If a claim under Section 9.02(a) is not paid in full by the Company
within thirty days after a written claim pursuant to Section 9.02(b) has been received by the Company, the claimant may at any time thereafter bring suit against the Company to recover the unpaid amount of the claim and, if successful in whole or in
part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action (other than an action brought to enforce a claim for expenses incurred in defending any proceeding in advance of its
final disposition where the required undertaking, if any is required, has been tendered to the Company) that the claimant has not met the standard of conduct that makes it permissible under the DGCL as the same exists or may hereafter be amended
(but, in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights than said law permitted the Company to provide prior to such amendment) for the Company to indemnify the
claimant for the amount claimed if the Company were a corporation organized under the DGCL, but the burden of proving such defense shall be on the Company. Neither the failure of the Company (including the Lazard Board, Independent Counsel or Common
Members) to have made a determination prior to the commencement of such action that indemnification of the claimant is proper in the circumstances because he or she or she has met the applicable standard of conduct set forth in the DGCL, nor an
actual determination by the Company (including its Lazard Board, Independent Counsel or Common Members) that the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has
not met the applicable standard of conduct. 
  
 (d) If a
determination shall have been made pursuant to Section 9.02(b) that the claimant is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding commenced pursuant to Section 9.02(c). 
  

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 (e) The Company shall be precluded from asserting in any judicial proceeding commenced pursuant to
Section 9.02(c) that the procedures and presumptions of this Section 9.02 are not valid, binding and enforceable and shall stipulate in such proceeding that the Company is bound by all the provisions of this Section 9.02. 
  
 (f) The right to indemnification and the payment of expenses incurred in
defending a proceeding in advance of its final disposition conferred in this Section 9.02 shall not be exclusive of any other right which any person may have or hereafter acquire under any statute, provision of this Agreement, agreement, vote of the
Common Members or Disinterested Directors or otherwise. No amendment or other modification of this Section 9.02 shall in any way diminish or adversely affect the rights of any Director, officer, employee or agent of the Company hereunder in respect
of any occurrence or matter arising prior to any such repeal or modification. 
  
 (g) The Company may, to the extent authorized from time to time by the Lazard Board, grant rights to indemnification, and rights to be paid by the Company the expenses incurred in defending any proceeding in advance
of its final disposition, to any employee or agent of the Company to the fullest extent of the provisions of this Section 9.02 with respect to the indemnification and advancement of expenses of Directors and officers of the Company. 
  
 (h) If any provision or provisions of this Section 9.02 shall be held to be
invalid, illegal or unenforceable for any reason whatsoever: (1) the validity, legality and enforceability of the remaining provisions of this Section 9.02 (including, without limitation, each portion of any subsection of this Section 9.02
containing any such provision held to be invalid, illegal or unenforceable, that is not itself held to be invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (2) to the fullest extent possible, the provisions
of this Section 9.02 (including, without limitation, each such portion of any subsection of this Section 9.02 containing any such provision held to be invalid, illegal or unenforceable) shall be construed so as to give effect to the intent
manifested by the provision held invalid, illegal or unenforceable. 
  
 (i) For purposes of this Article IX: 
  
 (i) “Disinterested Director” means a Director of the Company who is not and was not a party to the matter in respect of which indemnification is sought by the claimant. 
  
 (ii) “Independent Counsel” means a law
firm, a member of a law firm, or an independent practitioner, that is experienced in matters of corporation law and shall include any person who, under the applicable standards of professional conduct then prevailing, would not have a conflict of
interest in representing either the Company or the claimant in an action to determine the claimant’s rights under this Section 9.02. 
  
 (j) Any notice, request or other communication required or permitted to be given to the Company under this Section 9.02 shall be in writing and either
delivered in person or sent by telecopy, telex, telegram, overnight mail or courier service, or certified or registered mail, postage prepaid, return receipt requested, to the General Counsel of the Company and shall be effective only upon receipt
by the General Counsel. 
  

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 (k) Notwithstanding any other provision contained in this Agreement, the parties hereto hereby
acknowledge that in accordance with Section 8.04 of the Third Amended Operating Agreement, Article 8 of the Third Amended Operating Agreement shall survive the adoption of this Agreement with respect to any Liability (as defined in the Third Amended
Operating Agreement) arising prior to the adoption of this Agreement. 
  
 SECTION 9.03. Non-Exclusivity of Rights. The right to indemnification and the payment of expenses incurred in defending a proceeding in advance of its final disposition conferred in this Section shall not be exclusive of any other
right which any person may have or hereafter acquire under any statute, provision of this Agreement, agreement, vote of Disinterested Directors or otherwise. 
  
 SECTION 9.04. Insurance. The Company may maintain insurance, at its expense, to protect itself and any Director, officer, employee or agent of the
Company or another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Company would have the power to indemnify such person against such expense, liability or loss under the
DGCL if the Company were a corporation organized under the DGCL. 
  
 SECTION 9.05. Survival. This Article IX shall survive any termination of this Agreement. 
  
 ARTICLE X 
  
 MISCELLANEOUS 
  
 SECTION 10.01. Use of Firm
Name. The right to use the firm name, Lazard Group LLC, shall belong to the Company; provided that the use, sale or other disposition of any Lazard Name or any Lazard Mark shall be governed by the terms of the Coordination Agreement.

  
 SECTION 10.02. Amendments. Except as provided in
Section 1.03 with respect to this Agreement or Section 2.01 with respect to the Certificate of Formation, the Certificate of Formation and this Agreement may not be amended except with (and any such amendment shall be authorized upon obtaining) the
approval of the Lazard Board and the Managing Member, and the approval of any other Member or other person shall not be required; provided that any amendment to Sections 4.03(b) (other than any amendment to such Section that shall increase or
decrease the number of authorized Common Units in an equal amount to any increase or decrease in the number of authorized shares of Lazard Ltd Common Stock), 4.04(a)(ii), 4.05, 5.04(a)(i), 6.02, 7.02(a), 7.05, 7.06, 8.03(a) or any of the defined
terms contained in such Section in each case that is materially adverse to the LAZ-MD Common Members, or any amendment to this proviso, shall require the additional prior approval of the LAZ-MD Common Members (by the affirmative vote of LAZ-MD
Common Members holding a majority of the Common Units held by all LAZ-MD Common Members); provided further that any amendment to Section 3.01, 
  

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 the last sentence of Section 3.02(d), the proviso to Section 3.02(f), the last sentence of 3.02(h), the last sentence of
Section 3.02(i), Section 3.03(b), Section 3.03(n) or any of the defined terms contained in such Sections, or any amendment to this proviso, shall require the additional prior approval of each of the Lazard Ltd Nominating Committee and the Lazard Ltd
Board in accordance with Article 24 of the Lazard Ltd Bye-Laws; provided, however, that the Lazard Board may authorize, without further approval of another person or group, (a) any amendment to this Agreement to correct any
technicality, incorrect statement or error apparent on the face hereof in order to further the intent of the parties hereto or (b) correction of any formality or error apparent on the face hereof or incorrect statement or defect in the execution
hereof. Any merger or consolidation of the Company with any third party that shall amend or otherwise modify the terms of this Agreement shall require the approval of the persons referred to above to the extent the approval of such persons would
have been required had such amendment or modification been effected by an amendment to this Agreement. 
  
 SECTION 10.03. Benefits of Agreement. Except as provided in Article IX, none of the provisions of this Agreement shall be for the benefit of or
enforceable by any creditor of the Company or by any creditor of any of the Members. Except as provided in Article IX, nothing in this Agreement shall be deemed to create any right in any person not a party hereto, and this instrument shall not be
construed in any respect to be a contract in whole or in part for the benefit of any third person. Without limiting the generality of the foregoing, except as provided in Article IX, no person not a party hereto shall have any right to compel
performance by a manager of its obligations hereunder. 
  
 SECTION
10.04. Waiver of Notice. Whenever any notice is required to be given to any Member or Director under the provisions of the Act or this Agreement, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether
before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at, nor the purpose of, any meeting of the Members (if any shall be called) or the Lazard Board or committee
thereof need be specified in any waiver of notice of such meeting. 
  
 SECTION 10.05. Arbitration. (a) All disputes, controversies and claims arising out of or relating to the Coordination Agreement, any Governing Agreement, the Company’s affairs, the rights or interests of the Members or the
estate of any deceased Member (to the extent that they are related to any of the foregoing), or any breach or termination or alleged breach or termination of the Coordination Agreement or any Governing Agreement (“Disputes”),
whether arising during or after the Company’s term or liquidation, shall be determined in accordance with this Section 10.05. 
  
 (b) All Disputes shall first be reviewed by the Chief Executive Officer (“Executive Review”). Any party to a Dispute may invoke Executive
Review by written notice to the other party or parties thereto and the Chief Executive Officer. As soon as practicable and in any event within 30 days after receipt of notice of a Dispute, the Chief Executive Officer shall attempt in good faith to
resolve such Dispute. In the event that any Dispute remains unresolved 45 days after notice thereof to the Chief Executive Officer, such Dispute shall be finally determined by an arbitral tribunal under the Rules of Arbitration (the “ICC
Rules”) of the International Chamber of Commerce (the “ICC”) and in accordance with Section 10.05(c). 
  

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 (c) The arbitral tribunal determining any Dispute shall be comprised of three arbitrators. Each party to
a Dispute shall designate one arbitrator. If a party fails to designate an arbitrator within a reasonable period, the ICC shall designate an arbitrator for such party, including upon a request by another party. The two arbitrators designated by the
parties to a Dispute (or, if applicable, the ICC) shall designate a third arbitrator. In the event that the two arbitrators designated by the parties to a Dispute (or, if applicable, the ICC) are unable to agree upon a third arbitrator within a
reasonable period, the third arbitrator shall be selected in accordance with the ICC Rules by the ICC. The language, place and procedures of the arbitration of any Dispute shall be as agreed upon by the parties to such Dispute or, failing such
agreement within a reasonable period, as determined in accordance with the ICC Rules in order to ensure a speedy, efficient and just resolution of such Dispute. If neither the parties nor the arbitral tribunal can agree upon procedures, the
arbitration shall be conducted in accordance with the ICC’s procedures. The hearings and taking of evidence of any Dispute may be conducted at any locations that will, in the judgment of the arbitral tribunal, result in a speedy, efficient and
just resolution of such Dispute. The parties to any dispute shall use their best efforts to cooperate with each other and the arbitral tribunal in order to obtain a resolution as quickly as possible, including by adopting the ICC’s
“fast-track” procedure (as provided for in Article 32(1) of the ICC Rules) if appropriate. 
  
 (d) Notwithstanding any provision of this Agreement to the contrary, this Section 10.05 shall be construed to the maximum extent possible to comply with
the laws of the State of Delaware, including the Uniform Arbitration Act (10 Del. C. § 5701 et seq.) (the “Delaware Arbitration Act”). If, nevertheless, it shall be determined by a court of competent jurisdiction
that any provision or wording of this Section 10.05, including the ICC Rules, shall be invalid or unenforceable under the Delaware Arbitration Act or other applicable law, such invalidity shall not invalidate all of this Section 10.05. In that case,
this Section 10.05 shall be construed so as to limit any term or provision so as to make it valid or enforceable within the requirements of the Delaware Arbitration Act or other applicable law, and, in the event such term or provision cannot be so
limited, this Section 10.05 shall be construed to omit such invalid or unenforceable provision. 
  
 SECTION 10.06. Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, their respective
estates, heirs, legal representatives, successors and permitted assigns, any additional Member admitted in accordance with the provisions hereof and any successor to a trustee of a trust that is or becomes a party hereto. 
  
 SECTION 10.07. Confidentiality. Each Member that is not a controlled
Affiliate of Lazard Ltd expressly agrees, whether or not at the time a Member of the Company or providing services to the Company and/or any of its Subsidiaries, to maintain the confidentiality of, and not disclose to any Person other than the
Company, a Member, a Managing Director (including, for this purpose, any managing director or limited managing director of LAM) or any financial, legal or other advisor to the Company, any information relating to the business, clients, affairs or
financial structure, position or results of the Company or its affiliates (including any Affiliate) or any Dispute that shall not be generally known to the public or the securities industry; provided that such Member may disclose any such
information (a) to the extent required by any applicable law, rule or regulation in the opinion of counsel or by the order of any 
  

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 securities exchange, banking supervisory authority or other governmental or self-regulatory organization of competent
jurisdiction (provided that such Member notifies the Company of such requirement prior to making such disclosure and cooperates with the Company in seeking to prevent or minimize such disclosure), (b) to his or its legal counsel and financial
advisers (who shall agree to abide by the terms of this Section), or (c) with the prior written consent of the Company. 
  
 Notwithstanding any other provision contained in this Agreement, the Members hereby expressly acknowledge and agree that to the fullest extent permitted
by law, with respect to all persons who were members or former members of the Company prior to Exchange and Forced Sale, the obligations of such members and the former members set forth in Section 9.06 of the Third Amended Operating Agreement shall
continue in full force and effect, and is not invalidated or otherwise altered by Section 10.07 of this Agreement. 
  
 SECTION 10.08. Notices. Except as provided in Section 3.02(d), all notices and other communications required or permitted by this Agreement shall
be made in writing and any such notice or communication shall be deemed delivered when delivered in person, properly transmitted by telecopier or one business day after it has been sent by an internationally recognized overnight courier to the
address for notices shown in the Company’s records (or any other address provided to the Company in writing for this purpose) or, if given to the Company, to the principal place of business of the Company in New York, New York. Communications
by telecopier also shall be sent concurrently by overnight courier, but shall in any event be effective as stated above. Each Member and Director may from time to time change its address for notices under this Section by giving at least five
days’ prior written notice of such changed address to the Company. 
  
 SECTION 10.09. No Waiver of Rights. No failure or delay on the part of any Member in the exercise of any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or of any other right or power. The waiver by any Member or manager of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach
hereunder. All rights and remedies existing under this Agreement are cumulative and are not exclusive of any rights or remedies otherwise available. 
  
 SECTION 10.10. Power of Attorney. Each Member agrees that, by its execution of this Agreement, such Member irrevocably constitutes and appoints the
Chief Executive Officer and the General Counsel, each acting alone, as its true and lawful attorney-in-fact coupled with an interest, with full power and authority, in its name, place and stead to make, execute, acknowledge and record (a) all
certificates, instruments or documents, including fictitious name or assumed name certificates, as may be required by, or may be appropriate under, the laws of any state or jurisdiction in which the Company is doing or intends to do business and (b)
all agreements, documents, certificates or other instruments amending this Agreement or the Certificate of Formation that may be necessary or appropriate to reflect or accomplish (i) a change in the name or location of the principal place of
business of the Company or a change of name or address of a Member, (ii) the disposal or increase by a Member of his Interest in the Company or any part thereof, (iii) a distribution and reduction of the capital contribution of a Member or any other
changes in the capital of the Company, (iv) the dissolution 
  

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 or termination of the Company, (v) the addition or substitution of a person becoming a Member of the Company and (vi) any
amendment to this Agreement, in each case only to the extent expressly authorized and conducted in accordance with the preceding sections of this Agreement. The power granted hereby is coupled with an interest and shall survive the subsequent
disability or incapacity of the principal. 
  
 SECTION 10.11.
Severability. If any one or more of the provisions contained in this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions contained
herein shall not in any way be affected or impaired. 
  
 SECTION
10.12. Headings. The Article, Section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 
  
 SECTION 10.13. Entire Agreement. This Agreement amends and restates in
its entirety the Third Amended Operating Agreement. This Agreement, including the exhibits, annexes and schedules hereto and the Acknowledgements, and the Master Separation Agreement, Section 3(a) of the Transaction Agreement and [•],
constitute the entire agreement among the parties hereto and supersede all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and thereof. In the event of any inconsistency
between the provisions of this Agreement and the provisions of the Coordination Agreement and [•], the provisions of this Agreement shall prevail. 
  

SECTION 10.14. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to its conflicts of law principles. 
  
 SECTION 10.15.
Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement. 
  
 SECTION 10.16. Effectiveness. The Original Operating Agreement was effective for all financial and accounting purposes as of January 3, 2000. This
Agreement shall be effective immediately upon execution hereof by each of [•], on behalf of the Lazard Board, and LAZ-MD on the date hereof. 
  
 SECTION 10.17. Corporate Opportunity; Fiduciary Duty. (a) To the greatest extent permitted by law, none of Lazard Ltd, any Affiliate of Lazard Ltd
(excluding for this purpose the Company and its Subsidiaries, LAZ-MD and LFCM and its Subsidiaries) (each such Affiliate of Lazard Ltd, a “Lazard Ltd Affiliate”) and none of their respective officers, directors, employees or agents
shall owe any fiduciary duty to, nor shall any of Lazard Ltd or any Lazard Ltd Affiliate be liable for breach of fiduciary duty to, the Company, any Subsidiary of the Company or any other holder of Interests or Affiliate of such holder (or any of
their respective officers, directors, employees or agents). To the greatest extent permitted by law, in taking any action, making any decision or exercising any discretion with respect to the Company, each of Lazard Ltd and each Lazard Ltd Affiliate
shall be entitled to consider such interests and factors as it desires, including its own interests and those of other Lazard Ltd Affiliates, and shall have 
  

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 no duty or obligation (1) to give any consideration to the interests of or factors affecting the Company, the holders of
Interests or any other person, or (2) to abstain from participating in any vote or other action of the Company or any Affiliate thereof, the Lazard Board or any committee or similar body of any of the foregoing. Lazard Ltd and any Lazard Ltd
Affiliate (and their respective officers, directors, employees or agents) shall not violate a duty or obligation to the Company merely because such person’s conduct furthers such person’s own interest, except as specifically set forth in
clause (c) of this Section. Such persons may lend money to and transact other business with the Company. The rights and obligations of any such person who lends money to, contracts with, borrows from or transacts business with the Company are the
same as those of a person who is not involved with the Company, subject to other applicable law. To the greatest extent permitted by law, no transaction with the Company shall be voidable solely because any such person has a direct or indirect
interest in the transaction. Nothing herein contained shall prevent any such person from conducting any other business, including, without limitation, serving as an officer, director, employee, or stockholder of any corporation, a trustee of any
trust, an executor or administrator of any estate, or an administrative official of any other business or not-for-profit entity, or from receiving any compensation in connection therewith. 
  
 (b) Except as may be otherwise provided in a written agreement between the
Company and Lazard Ltd, none of Lazard Ltd or any Lazard Ltd Affiliate shall owe any duty to refrain from engaging in the same or similar activities or lines of business as the Company. In the event that Lazard Ltd or any Lazard Ltd Affiliate
acquires knowledge of a potential transaction or matter which may be a corporate opportunity for Lazard Ltd or any Lazard Ltd Affiliate, on the one hand, and the Company, on the other hand, Lazard Ltd or such Lazard Ltd Affiliate, as the case may
be, shall, to the fullest extent permitted by law, have no duty to communicate or offer such corporate opportunity to the Company. 
  
 (c) In the event that a Director or officer of the Company who is also a director or officer of Lazard Ltd or any Lazard Ltd Affiliate acquires knowledge
of a potential transaction or matter which may be a corporate opportunity for both the Company, on the one hand, and Lazard Ltd or any Lazard Ltd Affiliate, as applicable, on the other hand, such Director or officer of the Company shall, to the
fullest extent permitted by law, have fully satisfied and fulfilled any fiduciary duty of such Director or officer to the Company and its Members with respect to such corporate opportunity, if such Director or officer of the Company acts in a manner
consistent with the following policy: 
  
 (i) a
corporate opportunity offered to any individual who is an officer of the Company, and who is also a director but not an officer of Lazard Ltd or any Lazard Ltd Affiliate, shall belong to the Company unless such opportunity is expressly offered to
such individual in his or her capacity as a director of Lazard Ltd or such Lazard Ltd Affiliate (in which case it shall belong to Lazard Ltd); 
  
 (ii) a corporate opportunity offered to any individual who is a Director but not an officer of the Company, and who is also a director or
officer of Lazard Ltd or any Lazard Ltd Affiliate shall belong to Lazard Ltd or the applicable Lazard Ltd Affiliate unless such opportunity is expressly offered to such individual in his or her capacity as a Director (in which case it shall belong
to the Company); and 
  

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 (iii) a corporate opportunity offered to any individual who is an officer of both the
Company and Lazard Ltd or any Lazard Ltd Affiliate shall belong to Lazard Ltd or such Lazard Ltd Affiliate unless such opportunity is expressly offered to such individual in his or her capacity as an officer of the Company (in which case it shall
belong to the Company). 
  
 (d) To the greatest extent permitted
by law, neither LAZ-MD nor any of its officers, directors, employees or agents shall owe any fiduciary duty to, nor shall LAZ-MD be liable for breach of fiduciary duty to, the Company, any Subsidiary of the Company or any other holder of Interests
or Affiliate of such holder (or any of their respective officers, directors, employees or agents). In taking any action, making any decision or exercising any discretion with respect to the Company, LAZ-MD shall be entitled to consider such
interests and factors as it desires, including its own interests, and shall have no duty or obligation (1) to give any consideration to the interests of or factors affecting the Company, the holders of Interests or any other person, or (2) to
abstain from participating in any vote or other action of the Company or any Affiliate thereof, the Lazard Board or any committee or similar body of any of the foregoing. LAZ-MD (and its officers, directors, employees or agents) shall not violate a
duty or obligation to the Company merely because such person’s conduct furthers such person’s own interest, except as specifically set forth in clause (e) of this Section. Such persons may lend money to and transact other business with the
Company. The rights and obligations of any such person who lends money to, contracts with, borrows from or transacts business with the Company are the same as those of a person who is not involved with the Company, subject to other applicable law.
No transaction with the Company shall be voidable solely because any such person has a direct or indirect interest in the transaction. To the greatest extent permitted by law, nothing herein contained shall prevent any such person from conducting
any other business, including, without limitation, serving as an officer, director, employee, or stockholder of any corporation, a trustee of any trust, an executor or administrator of any estate, or an administrative official of any other business
or not-for-profit entity, or from receiving any compensation in connection therewith. 
  
 (e) In the event that a Director or officer of the Company who is also a director or officer of LAZ-MD acquires knowledge of a potential transaction or matter which may be a corporate opportunity for both the Company,
on the one hand, and LAZ-MD, on the other hand, such Director or officer of the Company shall, to the fullest extent permitted by law, have fully satisfied and fulfilled any fiduciary duty of such Director or officer to the Company and its Members
with respect to such corporate opportunity, if such director or officer acts in a manner consistent with the following policy: a corporate opportunity offered to any individual who is an officer of the Company or a Director, and who is also a
director or officer of LAZ-MD, shall belong to the Company unless such opportunity is first expressly offered to the Company, affirmatively rejected by the Lazard Board and then offered to LAZ-MD by the Lazard Board. 
  
 (f) Any person purchasing or otherwise acquiring any Interest shall be deemed
to have notice of and to have consented to the provisions of this Section. 
  
 (g) For purposes of this Section only, a director of the Company who is chairman of the Lazard Board or of a committee thereof shall not be deemed to be an officer of the Company by reason of holding such position,
unless such individual is an employee of the Company. 
  

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 (h) Except to the extent otherwise modified herein, each Director and officer of the Company shall have
fiduciary duties identical to those of directors and officers of business corporations organized under the DGCL. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) of a Director,
officer or other person otherwise existing at law or in equity, are agreed by the parties hereto to replace such other duties of such person. 
  
 (i) Neither the alteration, amendment, termination, expiration or repeal of this Section nor the adoption of any provision of this Agreement inconsistent
with this Section shall eliminate or reduce the effect of this Section in respect of any matter occurring, or any cause of action, suit or claim that, but for this Section, would accrue or arise, prior to such alteration, amendment, termination,
expiration, repeal or adoption. 
  

 -48- 

 IN WITNESS WHEREOF, the undersigned, acting pursuant to the resolutions of the Lazard Board adopted on
the date hereof, has duly executed this Agreement to reflect approval by the Lazard Board as of the date first above written. 
  

			
	By:	 	  

	 	 	Name:
	 	 	Title:

  

			
	Accepted and agreed (with such acceptance and agreement to constitute approval of this Agreement for all purposes under Section 9.02 of the Third Amended Operating Agreement) as of
the date hereof:
	
	LAZ-MD HOLDINGS LLC
		
	By:	 	  

	 	 	Name:
	 	 	Title:

 AGREEMENT TO BECOME MEMBERS 
  
 Each of the undersigned hereby agrees to be admitted to the Company as a Member as set forth in, and to be bound by, this
Agreement, as of the date first above written. 
  
 LAZARD LTD (solely for the
purposes of, and upon the occurrence of the events set forth in, Section 4.04(d)) 
  

			
	By:	 	  

	 	 	Name:
	 	 	Title:
	
	LAZARD GROUP FINANCE LLC
		
	By:	 	  

	 	 	Name:
	 	 	Title:
	
	LLTD CORP II
		
	By:	 	  

	 	 	Name:
	 	 	Title:
	
	LLTD 2 S.AR.L.
		
	By:	 	  

	 	 	Name:
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00081-of-00352.parquet"}]]