Document:

Form of Administrative Services Agreement

 Exhibit 10.7 
  
 FORM OF 
  
 ADMINISTRATIVE SERVICES AGREEMENT 
  
 by and among 
  
 LAZ-MD HOLDINGS LLC, 
  
 LFCM HOLDINGS LLC 
  
 and

  
 LAZARD GROUP LLC 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
	  	DEFINITIONS	  	1
			
	 ARTICLE II
	  	AGREEMENT TO PROVIDE AND ACCEPT SERVICES	  	1
			
	 	  	Section 2.01. Provision of Services	  	1
	 	  	Section 2.02. Access	  	2
	 	  	Section 2.03. Cooperation	  	3
	 	  	Section 2.04. Performance Review	  	3
			
	 ARTICLE III
	  	TERMS AND CONDITIONS; PAYMENT; INDEPENDENT CONTRACTORS	  	3
			
	 	  	Section 3.01. Terms and Conditions of Services	  	3
	 	  	Section 3.02. Payments	  	6
	 	  	Section 3.03. Disclaimer of Warranty	  	6
	 	  	Section 3.04. Use of Services	  	6
	 	  	Section 3.05. Records and Audit Rights	  	6
			
	 ARTICLE IV
	  	TERM OF SERVICES	  	7
			
	 ARTICLE V
	  	FORCE MAJEURE	  	8
			
	 ARTICLE VI
	  	LIABILITIES	  	8
			
	 	  	Section 6.01. Consequential and Other Damages	  	8
	 	  	Section 6.02. Release and Indemnity	  	8
			
	 ARTICLE VII
	  	TERMINATION	  	10
			
	 	  	Section 7.01. Termination	  	10
	 	  	Section 7.02. Breach of Services Agreement; Change of Control; Termination of Alliance Term	  	11
	 	  	Section 7.03. Sums Due	  	11
	 	  	Section 7.04. Effect of Termination	  	12
			
	 ARTICLE VIII
	  	MISCELLANEOUS	  	12
			
	 	  	Section 8.01. Assignment	  	12
	 	  	Section 8.02. No Third-Party Beneficiaries	  	12
	 	  	Section 8.03. Amendments	  	12
	 	  	Section 8.04. Waivers	  	12
	 	  	Section 8.05. Notices	  	12
	 	  	Section 8.06. Exhibits and Schedules; Interpretation	  	13
	 	  	Section 8.07. Counterparts	  	13
	 	  	Section 8.08. Entire Agreement	  	14
	 	  	Section 8.09. Severability	  	14
	 	  	Section 8.10. Delaware Court	  	14
	 	  	Section 8.11. Governing Law	  	14
	 	  	Section 8.12. Confidentiality; Title to Data	  	14
	 	  	Section 8.13. Administrative Representatives	  	15
	 	  	Section 8.14. Dispute Resolution	  	15
		
	 Schedule 1—Lazard LAZ-MD Services
	  	 
		
	 Schedule 2—Lazard LFCM Services
	  	 
		
	 Schedule 3—LFCM Services
	  	 

 This ADMINISTRATIVE SERVICES AGREEMENT, dated as of May     , 2005 (this
“Services Agreement”), is by and among LAZ-MD Holdings LLC, a Delaware limited liability company (“LAZ-MD Holdings”), LFCM Holdings LLC, a Delaware limited liability company (“LFCM Holdings”), and
Lazard Group LLC, a Delaware limited liability company (“Lazard Group”). Each of LAZ-MD Holdings, LFCM Holdings and Lazard Group is sometimes hereinafter referred to as a “Party” and collectively are referred to as
the “Parties.” 
  
 WHEREAS, LAZ-MD Holdings, LFCM
Holdings and Lazard Group are parties to that certain Master Separation Agreement, dated as of the date hereof (the “Master Separation Agreement”), with Lazard Ltd, a Bermuda limited company, pursuant to which, on the date hereof,
certain assets of Lazard Group and its Subsidiaries were contributed, transferred and assigned to LFCM Holdings and its Subsidiaries, and pursuant to which LFCM Holdings and its Subsidiaries assumed certain liabilities of Lazard Group and its
Subsidiaries (the “Contribution”); and 
  
 WHEREAS, pursuant to the Master Separation Agreement, on the date hereof and after the Contribution, Lazard Group distributed all of the limited liability company interests in LFCM Holdings to LAZ-MD Holdings, and immediately thereafter,

 LAZ-MD Holdings distributed all of such limited liability company interests in LFCM Holdings to its members (such distributions, together with the
Contribution, the “Separation”); and 
  
 WHEREAS, the Master Separation Agreement provides that, to facilitate the Separation, the Parties hereto would enter into this Services Agreement upon consummation of the Separation, pursuant to which Lazard Group would provide certain
services to each of LAZ-MD Holdings and LFCM Holdings, and LFCM Holdings would provide certain services to Lazard Group, each on the terms and conditions set forth in this Services Agreement. 
  
 NOW, THEREFORE, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 All terms used herein and not defined herein shall have the meanings assigned to them in the Separation Agreement. 
  
 ARTICLE II 
  
 AGREEMENT TO PROVIDE AND ACCEPT SERVICES 
  
 Section 2.01. Provision of Services. (a) Lazard LAZ-MD Services. Subject in all cases to the terms and
conditions contained herein and on Schedule 1, Lazard Group shall provide, or shall cause its Subsidiaries or third parties designated by it (such designated Subsidiaries and third parties, together with Lazard Group, being herein
collectively referred to as the “Lazard Service Providers”) to provide, to LAZ-MD Holdings or its designated Subsidiaries, the services listed on Schedule 1 (the “Lazard LAZ-MD Services”) in accordance with
Section 3.01. Any decisions as to which of the Lazard Service Providers (including the 

 
decisions to use third parties) shall provide the Lazard LAZ-MD Services shall be made by Lazard Group in its sole discretion. Except as otherwise agreed in
writing by Lazard Group and LAZ-MD Holdings, each Lazard LAZ-MD Service shall be provided in exchange for the Fee with respect to such Lazard LAZ-MD Service, and shall be provided and accepted in accordance with the terms, limitations and conditions
set forth herein and on Schedule 1. 
  
 (b) Lazard LFCM
Services. Subject in all cases to the terms and conditions contained herein and on Schedule 2, Lazard Group shall provide, or shall cause the applicable Lazard Service Providers to provide, to LFCM Holdings or its designated Subsidiaries,
the services listed on Schedule 2 (the “Lazard LFCM Services”) in accordance with Section 3.01. Any decisions as to which of the Lazard Service Providers (including the decisions to use third parties) shall provide the Lazard
LFCM Services shall be made by Lazard Group in its sole discretion. Except as otherwise agreed in writing by Lazard Group and LFCM Holdings, each Lazard LFCM Service shall be provided in exchange for the Fee with respect to such Lazard LFCM Service,
and shall be provided and accepted in accordance with the terms, limitations and conditions set forth herein and on Schedule 2. 
  
 (c) LFCM Services. Subject in all cases to the terms and conditions contained herein and on Schedule 3, LFCM Holdings shall provide, or
shall cause its Subsidiaries or third parties designated by it (such designated Subsidiaries and third parties, together with LFCM Holdings, being herein collectively referred to as the “LFCM Service Providers”) to provide, to
Lazard Group or its designated Subsidiaries the services listed on Schedule 3 (the “LFCM Services”) in accordance with Section 3.01. Any decisions as to which of the LFCM Service Providers (including the decisions to use
third parties) shall provide the LFCM Services shall be made by LFCM Holdings in its sole discretion. Except as otherwise agreed in writing by LFCM Holdings and Lazard Group, each LFCM Service shall be provided in exchange for the Fee with respect
to such LFCM Service, and shall be provided and accepted in accordance with the terms, limitations and conditions set forth herein and on Schedule 3. 
  
 (d) Certain Defined Terms. As used in this Services Agreement, (i) each of Lazard Group (with respect to the Lazard LAZ-MD Services and the Lazard
LFCM Services) and LFCM Holdings (with respect to the LFCM Services) is sometimes referred to as a “Service Provider” and collectively are referred to as the “Service Providers”; (ii) each of the Lazard LFCM
Services, the Lazard LAZ-MD Services and the LFCM Services is sometimes referred to as a “Service” and collectively are referred to as the “Services”; and (iii) the Party receiving any particular Service is
sometimes referred to as the “Receiving Party.” 
  
 Section 2.02. Access. Each Receiving Party shall (a) make available on a timely basis to the Service Providers all information and materials reasonably requested by such Service Providers to enable such Service Providers to provide
the applicable Services to such Receiving Party; and (b) provide to the Service Providers reasonable access to the premises of such Receiving Party to the extent necessary for the Service Providers to provide the applicable Services to such
Receiving Party. The Service Provider shall be entitled to rely upon the genuineness, validity or truthfulness of any document, instrument or other writing presented by the Receiving Party in connection with this Services Agreement. The Service
Provider shall not be liable for any impairment of any Service caused by its not receiving information, either timely 

  

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or at all, or by its receiving inaccurate or incomplete information from the Receiving Party that is required or reasonably requested regarding that Service.

  
 Section 2.03. Cooperation. The applicable Service
Provider and Receiving Party shall cooperate with each other in all reasonable respects in matters relating to the provision and receipt of the Services. Such cooperation shall include obtaining all consents, licenses or approvals necessary to
permit each party to perform its obligations hereunder. 
  
 Section 2.04. Performance Review. The Parties will meet annually on or about October 31 to review the Service standards, performance measures and activity levels and, if applicable, any adjustments to the Fee for any particular
Service. The Parties will use their good-faith efforts to resolve any issues concerning Service standards, performance measures or changes in Fees during these meetings. Any issues that the Parties are not able to resolve pursuant to the foregoing
sentence shall be resolved in accordance with Section 8.14. 
  
 ARTICLE III 
  
 TERMS AND CONDITIONS; PAYMENT; INDEPENDENT
CONTRACTORS 
  
 Section 3.01. Terms and Conditions of
Services. (a) Unless otherwise expressly agreed by the applicable Service Provider and the Receiving Party or set forth herein, (i) in providing the Lazard LAZ-MD Services, the Lazard Service Providers shall use their commercially reasonable
efforts to exercise the same degree of care as Lazard Group and its Subsidiaries have historically exercised in providing such Lazard LAZ-MD Services to Subsidiaries of Lazard Group prior to the date hereof, (ii) in providing the Lazard LFCM
Services, the Lazard Service Providers shall use their commercially reasonable efforts to exercise the same degree of care as Lazard Group and its Subsidiaries have historically exercised in providing such Lazard LFCM Services to the LFCM Businesses
prior to the date hereof, and (iii) in providing the LFCM Services, the LFCM Service Providers shall use their commercially reasonable efforts to exercise the same degree of care as the LFCM Businesses have historically exercised in providing such
LFCM Services to Lazard Group or its applicable Subsidiaries prior to the date hereof, in each of cases (i), (ii) and (iii), including with respect to quality, priority, responsiveness and timeliness as has been historically exercised by such
Service Provider, subject in each case to adjustments to take into account the Separation and the separate nature of the Parties; provided, however, that in no event shall the scope of the Services required to be performed hereunder
exceed that described on Schedule 1, 2 or 3. Each Service Provider shall act under this Services Agreement solely as an independent contractor and not as an agent or employee of the Receiving Party. In no event shall any Service
Provider be required to provide any Service that it reasonably believes does not comply with applicable law. 
  
 (b) The provision of Services by Service Providers shall be subject to Article V hereof. 
  
 (c) If it is necessary for any Service Provider to increase in any material respect the staffing or acquire any material
equipment or make any material investments or material capital or other expenditures in order to accommodate an increase in the use of any Service beyond the level of use of such Service by or to, as applicable, the LFCM Businesses 

  

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immediately prior to the date hereof, such Service Provider shall inform the Receiving Party in writing of such increase in staffing level, equipment
acquisitions, investments or capital or other expenditures before any such cost or expense is incurred. Upon mutual agreement of the Service Provider and the Receiving Party as to the necessity of any such increase, the Receiving Party shall (unless
the Receiving Party and the Service Provider shall otherwise agree in writing) advance to the relevant Service Providers an amount equal to any upfront actual costs and expenses to be incurred in connection therewith. The Receiving Party shall
reimburse the Service Provider for the remainder of such actual costs and expenses to be incurred in connection therewith on a monthly basis after such costs and expenses are incurred by the Service Provider. If such mutual agreement is not reached,
such Service Provider shall have no obligation to make any such increase in staffing level, equipment acquisitions, investments or capital or other expenditures. 
  
 (d) If the provision of any Service requires the Receiving Party (or any of its Subsidiaries) to hold third-party licenses
or other agreements relating to software, systems and/or processes (“Required Licenses”), the Receiving Party or its applicable Subsidiary shall obtain such Required Licenses at its own expense and at no cost to the Service
Provider; provided, that, upon request of the Receiving Party, the Service Provider shall provide reasonable cooperation and assistance to such Receiving Party in the procurement of such Required Licenses. If the Receiving Party or its
applicable Subsidiary is unable to obtain any such Required License, the Service Provider and the Receiving Party shall use reasonable efforts to establish alternative arrangements to provide the Service in the absence of such Required License;
provided, that the Service Provider shall not be responsible for any interruption in or impairment of the Service relating to the establishment or terms of such alternative arrangements; and provided, further, that any portion
of the Service requiring the use of such Required Licenses shall terminate in the event that the Service Provider and the Receiving Party are, in the exercise of their reasonable efforts, unable to establish such alternative arrangements. The
Receiving Party shall be responsible for all costs and expenses associated with the establishment of such alternative arrangements or, if the relevant Parties fail to establish such alternative arrangements as specified above, any costs or expenses
associated with or arising in connection with early termination of such Service. The Service Provider shall not be obligated under this Services Agreement to provide the Service (or portion thereof) corresponding to such Required License during any
period in which the Receiving Party or its applicable Subsidiary does not have such Required License. 
  
 (e) Under no circumstances shall any Service Provider be obligated to provide any Service requiring an opinion, advice or representation as to which
liability may be created for such Service Provider or its Affiliates due to claims from the Receiving Party or any other person or entity, including any Governmental Authority (e.g., legal opinions or advice, tax opinions or advice,
compliance opinions or advice), other than such customary representations as may reasonably be required by accountants in connection with the preparation of audited financial statements. 
  
 (f) The Parties acknowledge that the provision of Services hereunder may require the Service Provider to enter into new or
amended agreements with third parties or obtain the consent and approval of third parties. The Service Provider shall use reasonable efforts to enter into such agreements and to obtain such consents and approvals for a time period not to 

  

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exceed the applicable termination date of such Service hereunder. The Receiving Party may accept or reject the terms of such agreement or consent and
approval; provided that in the event that the Receiving Party rejects the terms of any such agreement or such consent and approval, the Service Provider shall not be obligated to provide that portion of the Service requiring such agreement or
such consent and approval and, subject to the immediately following sentence, such portion of the Service shall terminate. If the Receiving Party rejects the terms of any such agreement or consent and approval, the Service Provider and the Receiving
Party shall, if requested by the Receiving Party, use reasonable efforts to establish alternative arrangements to provide the Service in the absence of such agreement, consent or approval; provided, that the Service Provider shall not be
responsible for any interruption in or impairment of the Service relating to the establishment or terms of such alternative arrangements; and provided, further, that such portion of the Service requiring the third-party agreement,
consent or approval shall terminate in the event that the Parties, in the exercise of their reasonable efforts, are unable to establish such alternative arrangements. The Receiving Party shall be responsible for all costs and expenses associated
with entry into such new or amended agreements, the establishment of such alternative arrangements or the obtaining of any consent or approval, or, if the Receiving Party does not accept the terms of such agreements, consents or approvals or the
Parties fail to establish such alternative arrangements as specified above, any costs or expenses associated with or arising in connection with early termination of such Service. 
  
 (g) If the provision of any Service requires the use of Service Provider-issued checks or other fund transfers by the
Service Provider on behalf of the Receiving Party (or as authorized in advance by the Receiving Party), the Service Provider shall issue such checks or make such fund transfers only to the extent they are adequately funded by the Receiving Party
prior to such check issuance or fund transfer in accordance with Section 3.02(a). 
  
 (h) The Service Provider shall have the right to shut down temporarily for maintenance purposes the operation of the facilities providing any Service whenever, in such Service Provider’s discretion, such action
is necessary; provided that such Service Provider shall provide written notice of any such shutdown to the Receiving Party as reasonably in advance of such shutdown as practicable and shall use commercially reasonable efforts to schedule such
maintenance in consultation with the Receiving Party so as not to unreasonably interfere with the Receiving Party’s business. Such Service Provider shall be relieved of its obligations to provide the Services affected by such shutdown during
the period that its facilities are so shut down but shall use reasonable efforts to minimize each period of shutdown. 
  
 (i) To the extent that it is not practicable to have the Receiving Party as the contracting party for any third-party license or agreement relating to the
provision of any Service to the Receiving Party or its applicable Subsidiary and such third-party license or agreement is necessary for the provision hereunder of such Service after the date hereof, the Service Provider shall (or shall cause its
relevant Subsidiary to) use commercially reasonable efforts to cause all such third-party contracts to extend to and be enforceable by the Receiving Party, or to assign such contracts to the Receiving Party (at the sole expense of the Receiving
Party). In the event that such contracts are not extendable or assignable, the Service Provider shall, to the extent feasible: (i) act as agent for the Receiving Party for purposes of providing such Service hereunder and in the pursuit of any
claims, issues, demands or actions against such third-party 

  

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provider, in the Service Provider’s name but at the Receiving Party’s expense and (ii) provide or make available to the Receiving Party copies of
all such licenses or agreements. 
  
 Section 3.02.
Payments. (a) Each month, each Service Provider shall deliver a statement to the Receiving Party for Services provided to such Receiving Party and its Subsidiaries during the preceding month, and each such statement shall set forth a brief
description of each such Service and the amounts charged therefor (the “Fee”) calculated in accordance with Section 3.02(b) for such Service, and the aggregate of such amounts shall be due and payable by the Receiving Party within
thirty (30) days after the date of such statement. Statements not paid within such thirty-(30)-day period shall be subject to late charges, calculated based on a rate per annum equal to the “prime rate” as set forth from time to time in
The Wall Street Journal, Eastern Edition, “Money Rates” column (or the maximum legal rate, whichever is lower), for each month or portion thereof that the statement is overdue. Notwithstanding the foregoing, with respect to any Service
requiring the use of Service Provider-issued checks or other fund transfers by the Service Provider on behalf of the Receiving Party as specified in Section 3.01(g), if requested by the Service Provider in writing to the Receiving Party, the
Receiving Party shall either (i) provide the Service Provider with immediately available funds equal to the amount of such check or other fund transfer or (ii) cause an account designated for such purpose by the Service Provider to be funded with
such amounts, as requested by the Service Provider, in each case on or prior to the date specified by the Service Provider in such written request. 
  
 (b) Schedule 1, 2 or 3, as applicable, specifies the Fee applicable to each Service, which Fee is based on historical allocation
practices among Lazard Group for such Services prior to the Separation. 
  
 Section 3.03. Disclaimer of Warranty. EXCEPT AS EXPRESSLY SET FORTH IN THIS SERVICES AGREEMENT, THE SERVICES TO BE PURCHASED UNDER THIS SERVICES AGREEMENT ARE FURNISHED AS IS, WHERE IS, WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY
KIND, EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE. 
  
 Section 3.04. Use of Services. Each Receiving Party shall not, and shall cause its Affiliates not to, resell any Services to any person whatsoever
or permit the use of any Service by any person other than such Receiving Party or its applicable Subsidiary. 
  
 Section 3.05. Records and Audit Rights. During the term hereof, each Service Provider shall use commercially reasonable efforts to maintain records
relating to its Services in a manner similar to retention with respect to other administrative services previously provided by such Service Provider, including data relating to the determination of Fees payable by the Receiving Party of such
Service, and otherwise in accordance with the record management practices and with at least the same degree of care and completeness as applicable to such Service Provider at such time. Upon reasonable advance written notice to the Service Provider,
during the term hereof, the Receiving Party shall have the right from time to time to request the Service Provider to give (and/or to cause all Subsidiaries that are providing Services to the Receiving Party to give) the Receiving Party or an agent
of the Receiving Party whom the 

  

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Receiving Party shall cause to agree with the Service Provider to abide by the confidentiality terms set forth in Section 8.12 hereof reasonable access to
relevant books and records, data centers, processing facilities and relevant staff members of the Service Provider and/or such Subsidiaries, to enable the Receiving Party to audit, at the Receiving Party’s sole expense, any aspects of the
provision of Services by the Service Provider to the Receiving Party (including the Fees invoiced by the Service Provider to the Receiving Party and the Service Provider’s processing facilities, operating practices, policies, processes and
procedures relating to the Services); provided, however, that the Receiving Party shall not have the right to conduct such audit more frequently than once in any twenty four (24)-month rolling window. In the event that the results of
such audit reasonably indicate that the aggregate amounts paid by the Receiving Party for the Services pursuant to Section 3.02 for such audited period were greater or less than the aggregate Fees that were due for such Services pursuant to Section
3.02, the applicable Parties will submit such matters to the dispute resolution mechanisms set forth in Section 8.14 unless the applicable Parties otherwise agree. 
  
 ARTICLE IV 
  
 TERM OF SERVICES 
  
 The provision of any Service shall commence on the date hereof and shall terminate on (a) in the case of any Lazard LAZ-MD Service, December 31, 2014
(other than any administrative assistance with the preparation of U.S. Internal Revenue Service Schedule K-1, “Partner’s Share of Income, Credits, Deductions, Etc.”, or any successor schedule or form, for the members of LAZ-MD for the
fiscal year ended December 31, 2014, which Schedule shall be mailed to such members as soon as practicable thereafter) and (b) in the case of any Lazard LFCM Service or LFCM Service, December 31, 2008 or, in each case, if earlier, the termination
date specified on Schedule 1, 2 or 3, as applicable, with respect to such Service; provided, that, unless otherwise specified on Schedule 1, 2 or 3, as applicable, such Service shall automatically
renew for successive one-year terms unless either party provides at least 180 days’ prior written notice to the other party that such automatic renewal shall not occur. Notwithstanding the foregoing sentence, any Service may be cancelled or
reduced in amount or any portion thereof on an earlier date (a) by mutual written agreement of the Service Provider and the Receiving Party, (b) as provided in Article VII or (c) by any Receiving Party upon 180 days’ prior written notice
thereof; provided, however, that, in the case of (b) and (c) (other than any early termination of a Service because of a breach of this Agreement by the Service Provider, a Change of Control of the Service Provider or a termination of
the Alliance Term), the Receiving Party shall pay to the Service Provider a fee equal to the aggregate Fee for such cancelled or reduced Service for the three most recently completed months prior to the date of cancellation or reduction.
Unless agreed otherwise by the relevant Parties, after any early termination of a Service (or a portion of a Service) in accordance with the proviso to the immediately preceding sentence, the Service Provider shall not be obligated to reinstate
such Service (or such portion) at a time subsequent to the effective date of such termination. 
  

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 ARTICLE V 
  
 FORCE MAJEURE 
  
 No Service Provider shall be liable for any expense, loss or damage whatsoever arising out of any interruption of Service or delay or failure to perform
under this Services Agreement that is due to acts of God, acts of a public enemy, acts of terrorism, acts of a nation or any state, territory, province or other political division thereof, fires, floods, epidemics, riots, theft, quarantine
restrictions, freight embargoes or other similar causes beyond the reasonable control of such Service Provider. In any such event, any Service Provider’s obligations hereunder shall be postponed for such time as its performance is suspended or
delayed on account thereof. Each Service Provider will promptly notify the recipient of the Service, either orally or in writing, upon learning of the occurrence of such event of force majeure. Upon the cessation of the force majeure event, such
Service Provider will use commercially reasonable efforts to resume, or to cause any other relevant Service Provider to resume, its performance with the least practicable delay. 
  
 ARTICLE VI 
  
 LIABILITIES 
  
 Section 6.01. Consequential and Other Damages. Notwithstanding anything to the contrary contained herein, none of the Service Providers shall be
liable to any Receiving Party or any of its Subsidiaries or Affiliates or any of its, its Subsidiary’s or its Affiliate’s employees, agents, members, managers, officers and directors (collectively, “Representatives”),
whether in contract, tort (including negligence and strict liability) or otherwise, at law or equity, for any special, indirect, incidental or consequential damages whatsoever (including lost profits or damages calculated on multiples of earnings
approaches) which in any way arise out of, relate to or are a consequence of, the performance or nonperformance by the Service Provider (or its applicable Subsidiary or third-party service provider) hereunder or the provision of, or failure to
provide, any Service hereunder, including with respect to loss of profits, business interruptions or claims of customers. 
  
 Section 6.02. Release and Indemnity. (a) LAZ-MD Holdings Release. Except as specifically set forth in this Services Agreement, LAZ-MD
Holdings hereby releases each Lazard Service Provider and each of its Representatives (collectively, the “Lazard Indemnitees”), from and against any and all claims, demands, complaints, liabilities, losses, damages, costs and
expenses (collectively, “Damages”) arising from, relating to or in connection with the provision of any Lazard LAZ-MD Service to, or the use of any Lazard LAZ-MD Service by, LAZ-MD Holdings or any of its Affiliates or any other
person using such Lazard LAZ-MD Service, except to the extent that such Damages were caused by acts or omissions of the applicable Lazard Service Provider or Representative, which acts or omissions are finally determined by a court of competent
jurisdiction to be the result of the willful misconduct or gross negligence of such person, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 6.02(a) to the extent that such Damages were caused by such
willful misconduct or gross negligence. 
  

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 (b) LAZ-MD Holdings Indemnity. Except as specifically set forth in this Services Agreement, LAZ-MD
Holdings hereby agrees to indemnify, defend and hold harmless the Lazard Indemnitees from and against any and all Damages arising from, relating to or in connection with any demand, claim, proceeding or complaint by a third party (each, a
“Third-Party Claim”) in respect of the provision of any Lazard LAZ-MD Service to, or the use of any Lazard LAZ-MD Service by, LAZ-MD Holdings or any of its Affiliates or any other person using such Lazard LAZ-MD Service, except to
the extent that such Damages were caused by acts or omissions of the applicable Lazard Service Provider or Representative, which acts or omissions are finally determined by a court of competent jurisdiction to be the result of the willful misconduct
or gross negligence of such person, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 6.02(b) to the extent that such Damages were caused by such willful misconduct or gross negligence. 
  
 (c) LFCM Holdings Release. Except as specifically set forth in this
Services Agreement, LFCM Holdings hereby releases the Lazard Indemnitees from and against any and all Damages arising from, relating to or in connection with the provision of any Lazard LFCM Service to, or the use of any Lazard LFCM Service by, LFCM
Holdings or any of its Affiliates or any other person using such Lazard LFCM Service, except to the extent that such Damages were caused by acts or omissions of the applicable Lazard Service Provider or Representative, which acts or omissions are
finally determined by a court of competent jurisdiction to be the result of the willful misconduct or gross negligence of such person, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 6.02(c) to the extent
that such Damages were caused by such willful misconduct or gross negligence. 
  
 (d) LFCM Holdings Indemnity. Except as specifically set forth in this Services Agreement, LFCM Holdings hereby agrees to indemnify, defend and hold harmless the Lazard Indemnitees from and against any and all
Damages arising from, relating to or in connection with any Third-Party Claim in respect of the provision of any Lazard LFCM Service to, or the use of any Lazard LFCM Service by, LFCM Holdings or any of its Affiliates or any other person using such
Lazard LFCM Service, except to the extent that such Damages were caused by acts or omissions of the applicable Lazard Service Provider or Representative, which acts or omissions are finally determined by a court of competent jurisdiction to be the
result of the willful misconduct or gross negligence of such person, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 6.02(d) to the extent that such Damages were caused by such willful misconduct or gross
negligence. 
  
 (e) Lazard Group Release. Except as
specifically set forth in this Services Agreement, Lazard Group hereby releases each LFCM Service Provider and each of its Representatives (collectively, the “LFCM Indemnitees”) from and against any and all Damages arising from,
relating to or in connection with the provision of any LFCM Service to, or the use of any LFCM Service by, Lazard Group or any of its Affiliates or any other person using such LFCM Service, except to the extent that such Damages were caused by acts
or omissions of the applicable LFCM Service Provider or Representative, which acts or omissions are finally determined by a court of competent jurisdiction to be the result of the willful misconduct or gross negligence of such person, in which case,
such LFCM Indemnitee shall not be entitled to the benefits of this Section 6.02(e) to the extent that such Damages were caused by such willful misconduct or gross negligence. 
  

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 (f) Lazard Group Indemnity. Except as specifically set forth in this Services Agreement, Lazard
Group hereby agrees to indemnify, defend and hold harmless the LFCM Indemnitees from and against any and all Damages arising from, relating to or in connection with any Third-Party Claim in respect of the provision of any LFCM Service to, or the use
of any LFCM Service by, Lazard Group or any of its Affiliates or any other person using such LFCM Service, except to the extent that such Damages were caused by acts or omissions of the applicable LFCM Service Provider or Representative, which acts
or omissions are finally determined by a court of competent jurisdiction to be the result of the willful misconduct or gross negligence of such person, in which case, such LFCM Indemnitee shall not be entitled to the benefits of this Section 6.02(f)
to the extent that such Damages were caused by such willful misconduct or gross negligence. 
  
 (g) Indemnification Procedures. If a Third-Party Claim is made against any person entitled to indemnification pursuant to Section 6.02 (an “Indemnified Party”), and if such Indemnified Party
intends to seek indemnity with respect thereto under Section 6.02, such Indemnified Party shall promptly notify in writing the party obligated to indemnify such Indemnified Party (the “Indemnifying Party”) of the nature of the
claim. The failure by the Indemnified Party to give notice as provided above shall not relieve the Indemnifying Party of its obligations under this Article VI, except to the extent that the Indemnifying Party’s rights are actually prejudiced as
a result of such failure to give notice. Upon receipt of notice of the assertion of a claim, the Indemnifying Party shall have the right to assume, reasonably and promptly, the defense of the claim at its own expense. The Indemnified Party shall
have the right to employ separate counsel and to participate in (but not control) any such action, but the fees and expenses of such counsel shall be at the expense of the Indemnified Party. If the Indemnifying Party does not reasonably promptly
assume the defense, the Indemnified Party shall have the right to employ counsel and to control the defense against the claim, and the reasonable fees and expenses of such counsel shall be at the expense of the Indemnifying Party. The Indemnifying
Party shall not enter into any settlement of a claim that includes any term other than just a payment of money, nor any settlement of a claim that does not include as an unconditional term thereof the giving by the claimant or plaintiff to the
Indemnified Party a full release from all liability with respect to the claim, in each case, without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld). The Indemnified Party, if it shall control
the defense of the claim, shall not enter into any settlement of a claim without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld). The Indemnified Party shall provide all reasonable cooperation
and assistance, at the Indemnifying Party’s expense, in the defense of any claim for which indemnification is available and shall furnish such records, information, testimony and attend such conferences, discovery proceedings, hearings, trials
and appeals as may reasonably be requested. 
  
 ARTICLE VII

  
 TERMINATION 
  
 Section 7.01. Termination. The obligation of any Service Provider to
provide or cause to be provided any Service shall cease on the earlier of (a) the date on which the provision of such Services has terminated or been canceled pursuant to Article IV, or (b) the date on which 

  

 -10- 

 
such Service is terminated by any Party in accordance with the terms of Section 7.02. This Services Agreement shall terminate, and all provisions of this
Services Agreement shall become null and void and of no further force and effect, except for the provisions set forth in Section 7.04, on the date on which no Service Provider has any obligation to provide any Service under this Services Agreement.

  
 Section 7.02. Breach of Services Agreement; Change of
Control; Termination of Alliance Term. (a) Subject to Article V, in the event of a material breach by any Service Provider or any Receiving Party of any of its material obligations under this Services Agreement, including any failure by a
Receiving Party to make payments to the Service Provider when due, that is not cured in all material respects within 30 days after receiving written notice thereof from the non-breaching Party, the non-breaching Party may terminate this Services
Agreement immediately with respect to the Services provided between the non-breaching Party and the breaching Party by providing written notice of such termination.  
  
 (b) In addition to the foregoing, either Lazard Group or LFCM Holdings may, upon at least 180 days’ prior written
notice to the other, terminate this Services Agreement with respect to the Lazard LFCM Services or LFCM Services upon a Change of Control of LFCM Holdings or Lazard Group, or upon termination or expiration of the Alliance Term (as defined in that
certain Business Alliance Agreement, dated as of the date hereof (the “Business Alliance Agreement”), by and between Lazard Group and LFCM Holdings). Either Lazard Group or LAZ-MD Holdings may, upon at least 180 days’ prior
written notice to the other, terminate this Services Agreement with respect to the Lazard LAZ-MD Services upon a Change of Control of LAZ-MD Holdings or Lazard Group. For purposes of this Section 7.02(b), a “Change of Control”
means, with respect to any person (the “Target Person”), the consummation of any transaction or series of related transactions involving: (i) any purchase or acquisition (whether by way of merger, share exchange, consolidation,
business combination, consolidation or similar transaction or otherwise) by another person or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended), other than any Affiliate of the Target
Person prior to such transaction or series of related transactions (an “Acquiring Person”), of either (A) the majority of the securities entitled to elect the board of directors or equivalent governing body of the Target Person, or
(B) all or substantially all of the assets of the Target Person and its Subsidiaries, taken together as a whole; or (ii) any sale, lease, exchange, transfer, license or disposition of all or substantially all of the assets of the Target Person and
its Subsidiaries, taken together as a whole, to an Acquiring Person; provided, however, that (x) the Separation shall not be deemed to be a Change of Control and (y) any sale, transfer or disposition of all or part of Lazard
Alternative Investment Holdings LLC or its Subsidiaries pursuant to the North American Option (as defined in the Business Alliance Agreement) or the European Option (as defined in the Business Alliance Agreement) shall not be deemed to be a Change
of Control. 
  
 Section 7.03. Sums Due. In the event of a
termination of this Services Agreement, the Service Providers shall be entitled to the immediate payment of, and the Receiving Party shall, within five (5) Business Days, pay to the Service Providers, all accrued amounts for Services, taxes and
other amounts due under this Services Agreement as of the date of termination. Payments not made within five (5) Business Days of termination of this Services Agreement shall be subject to late charges as provided in Section 3.02(a). 
  

 -11- 

 Section 7.04. Effect of Termination. Sections 3.02, 3.03, 3.05, 7.03, this Section 7.04 and
Article VI and Article VIII hereof shall survive any termination of this Services Agreement. 
  
 ARTICLE VIII 
  
 MISCELLANEOUS

  
 Section 8.01. Assignment. This Services Agreement shall
bind and inure to the benefit of and be enforceable by the Parties hereto and their respective successors and permitted assigns. No Party may assign its rights or obligations under this Services Agreement without the prior written consent of the
other Parties hereto . Any purported assignment or transfer in violation of this Section 8.01 shall be null and void and of no effect. 
  
 Section 8.02. No Third-Party Beneficiaries. Except as provided in Section 6.02, this Services Agreement is for the sole benefit of the Parties and
their successors and permitted assigns, and nothing herein expressed or implied shall give or be construed to give to any person, other than the Parties and their successors and permitted assigns, any legal or equitable rights hereunder, whether as
third-party beneficiaries or otherwise. 
  
 Section 8.03.
Amendments. Except as otherwise provided in this Services Agreement, including Section 8.13(b), no amendment to this Services Agreement shall be effective unless it shall be in writing and signed by each Party hereto; provided,
however, that (a) Lazard Group and LFCM Holdings shall have the right to amend, by mutual written agreement, any provision of this Services Agreement to the extent related solely to the Lazard LFCM Services or the LFCM Services; and (b)
Lazard Group and LAZ-MD Holdings shall have the right to amend, by mutual written agreement, any provision of this Services Agreement to the extent related solely to the Lazard LAZ-MD Services. 
  
 Section 8.04. Waivers. No failure or delay on the part of any Party in
exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of the Parties hereunder are cumulative and are not exclusive of any rights or remedies which they would otherwise have hereunder. No provision of this
Services Agreement may be waived except pursuant to a writing executed by the waiving Party. 
  
 Section 8.05. Notices. All notices or other communications required or permitted to be given hereunder shall be in writing and shall be delivered by hand or sent by facsimile or sent, postage prepaid, by
registered, certified or express mail or reputable overnight courier service and shall be deemed given when so delivered by hand or facsimile, or if mailed, three days after mailing (one business day in the case of express mail or overnight courier
service), as follows (or at such other address for a Party as shall be specified by notice given in accordance with this Section 8.05): 
  

 -12- 

 (a) If to Lazard Group, to: 
  
 Lazard Group LLC 
 [Address] 
 Attention: General Counsel 
 Fax: 
  
 with a copy to:

  
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street

 New York, New York 10019 
 Attention: Adam D. Chinn, Esq. and Craig M. Wasserman, Esq. 
 Fax: (212) 403-2000 
  
 If to LAZ-MD Holdings, to: 
  
 LAZ-MD Holdings LLC 
 [Address] 
 Attention: Board of Directors

 Fax: 
  
 If to LFCM Holdings, to: 
  
 LFCM Holdings LLC 
 [Address] 
 Attention: President 
 Fax: 
  
 Section 8.06. Exhibits and Schedules; Interpretation. The headings
contained in this Services Agreement or in any Schedule are for reference purposes only and shall not affect in any way the meaning or interpretation of this Services Agreement. All Schedules referred to herein are hereby incorporated in and made a
part of this Services Agreement as if set forth in full herein. Any capitalized terms used in any Schedule but not otherwise defined therein, shall have the meaning as defined in this Services Agreement. When a reference is made in this Services
Agreement to an Article, Section or Schedule, such reference shall be to an Article or Section of, or a Schedule to, this Services Agreement unless otherwise indicated. For all purposes hereof, the terms “include” and “including”
shall be deemed followed by the words “without limitation.” The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Services Agreement shall refer to this Services Agreement
as a whole and not to any particular provision of this Services Agreement. No provision of this Services Agreement shall be interpreted or construed against any Party hereto solely because such Party or its legal representative drafted such
provision. 
  
 Section 8.07. Counterparts. This Services
Agreement may be executed in two or more counterparts, and by facsimile, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement. 
  

 -13- 

 Section 8.08. Entire Agreement. This Services Agreement, including the Schedules, the Separation
Agreement, the Business Alliance Agreement and the License Agreement (as defined in the Business Alliance Agreement) constitute the entire agreement and understanding among the Parties with respect to the subject matter hereof and supersedes all
prior agreements and understandings and negotiations, both written and oral, between the Parties with respect to the subject matter of this Services Agreement. No representation, inducement, promise, understanding, condition or warranty not set
forth herein has been made or relied upon by any Party hereto. 
  
 Section 8.09. Severability. If any term or other provision of this Services Agreement is invalid, illegal or incapable of being enforced by any applicable rule of law or public policy, all other conditions and provisions of this
Services Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any
term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Services Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable
manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
  
 Section 8.10. Delaware Court. Each of the Parties agrees that all actions or proceedings arising out of or in connection with this Services Agreement, or for recognition and enforcement of any judgment arising
out of or in connection with this Services Agreement, shall be tried and determined exclusively in the state or federal courts in the State of Delaware, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding
for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion,
as a defense, counterclaim or otherwise, in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) that it or its property is exempt or immune from jurisdiction of any
such court or from any legal process commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii)
this Services Agreement, or the subject matter hereof or thereof, may not be enforced in or by any of the aforesaid courts. 
  
 Section 8.11. Governing Law. THIS SERVICES AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS
OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE OF LAW PRINCIPLES OF SUCH STATE WHICH WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE.

  
 Section 8.12. Confidentiality; Title to Data. (a) Each
of the Parties agrees that any confidential information of the other Party received in the course of performance under this Services Agreement shall be kept strictly confidential by the Parties, except that each of Lazard Group and LFCM Holdings
may, for the purpose of providing Services pursuant to this Services Agreement, disclose such information to any of its Subsidiaries or to third-party Service 

  

 -14- 

 
Providers; provided that any such third party shall have agreed to be bound by this Section 8.12; and any Party may disclose such information to the
extent reasonably necessary in connection with the enforcement of this Services Agreement or as required by law, any Governmental Authority or legal process, including any tax audit or litigation or if requested by any Governmental Authority. The
obligations under this Section 8.12 shall not apply to (i) information that becomes generally available to the public other than as a result of a disclosure, directly or indirectly, by the receiving Party or its Affiliates; (ii) information that
becomes available to a party on a non-confidential basis from a source other than the other Party (provided that such source is not known by such party to be bound by a confidentiality agreement with or other obligation of secrecy to the
other Party); (iii) information to the extent required by a court of competent jurisdiction or other Governmental Authority or otherwise as required by law, including disclosure obligations imposed under the United States federal securities laws; or
(iv) information on a “need-to-know” basis under an obligation of confidentiality to it, its Affiliates, and its and its Affiliates’ consultants, legal counsel, employees, directors, officers, accountants, banks and other financing
sources and their advisors. 
  
 (b) LAZ-MD Holdings and LFCM
Holdings acknowledge that neither of them will acquire any right, title or interest (including any license rights or rights of use) in any firmware or software, and the licenses therefor that are owned by any Lazard Service Provider, by reason of
the provision of the Lazard LAZ-MD Services or the Lazard LFCM Services provided hereunder. Lazard Group acknowledges that it will not acquire any right, title or interest (including any license rights or rights of use) in any firmware or software,
and the licenses therefor that are owned by any LFCM Service Provider, by reason of the provision of the LFCM Services provided hereunder. 
  
 Section 8.13. Administrative Representatives. (a) The Chief Financial Officer of Lazard Group, a Director designated by the Board of Directors of
LAZ-MD Holdings, and the Chief Financial Officer of LFCM Holdings shall serve as administrative representatives (“Administrative Representative(s)”) of Lazard Group, LAZ-MD Holdings and LFCM Holdings, respectively, to facilitate
day-to-day communications and performance under this Services Agreement. Each Party may treat an act of an Administrative Representative of any other Party as being authorized by such other Party to act for and bind such Party. Each Party may
replace its Administrative Representative by giving written notice of the replacement to the other Parties. 
  
 (b) No additional schedules, modifications to the existing Schedule or modifications or amendments to this Services Agreement shall be effective unless
and until executed by the Administrative Representatives of each of the Service Provider and the Receiving Party with respect to such Service. 
  
 Section 8.14. Dispute Resolution. If the Parties are unable to resolve any service or performance issues or if there is a material breach of this
Services Agreement that has not been corrected within thirty (30) days of receipt of notice of such breach, the Administrative Representatives of the Parties in dispute shall meet promptly to review and resolve such issues and breaches in good faith
(the date on which such persons first so meet, the “Discussion Date”). If such persons are unable to fully resolve any such issues and breaches in good faith promptly after the Discussion Date, any remaining disputes shall be
resolved in accordance with Section 8.10. 
  

 -15- 

 IN WITNESS WHEREOF, the Parties have executed this Services Agreement as of the date first written above.

  

					
	 LAZ-MD HOLDINGS LLC

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 LFCM HOLDINGS LLC

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 LAZARD GROUP LLC

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:Form of Business Alliance Agreement

 Exhibit 10.8 
  
 FORM OF 
  
 BUSINESS ALLIANCE AGREEMENT 
  
 by and between 
  
 LAZARD GROUP LLC 
  
 and 
  
 LFCM HOLDINGS LLC 
  
 Dated as of May     , 2005 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I
	  	 DEFINITIONS
	  	1
	 Section 1.1
	  	 Certain Defined Terms
	  	1
	 Section 1.2
	  	 General
	  	5
			
	 ARTICLE II
	  	 ALLIANCE
	  	5
	 Section 2.1
	  	 Alliance Management
	  	5
	 Section 2.2
	  	 Lazard Group Referral Agreement
	  	6
	 Section 2.3
	  	 LFCM Holdings Referral Agreement
	  	8
	 Section 2.4
	  	 Brokerage Accounts and Transactions
	  	9
	 Section 2.5
	  	 Alliance Term
	  	9
	 Section 2.6
	  	 Termination of Alliance
	  	9
	 Section 2.7
	  	 Effect of Termination of Alliance Term
	  	10
			
	 ARTICLE III
	  	 OPTIONS TO PURCHASE
	  	10
	 Section 3.1
	  	 Option to Purchase LAI North America
	  	10
	 Section 3.2
	  	 Closing of the Purchase and Sale of LAI North America
	  	11
	 Section 3.3
	  	 Option to Purchase LAI Europe
	  	12
	 Section 3.4
	  	 Closing of the Purchase and Sale of LAI Europe
	  	13
	 Section 3.5
	  	 Further Assurances
	  	14
	 Section 3.6
	  	 Costs and Expenses
	  	14
	 Section 3.7
	  	 Covenants Regarding the Merchant Banking Business
	  	14
	 Section 3.8
	  	 Lazard Group Non-Compete
	  	21
	 Section 3.9
	  	 Acknowledgement of Existing Obligations
	  	23
	 Section 3.10
	  	 No Obligation to Provide Capital or Funding
	  	23
			
	 ARTICLE IV
	  	 LFCM NON-COMPETE
	  	23
	 Section 4.1
	  	 LFCM Non-Compete
	  	23
			
	 ARTICLE IV
	  	 GENERAL TERMS AND CONDITIONS
	  	25
	 Section 5.1
	  	 Complete Agreement
	  	25
	 Section 5.2
	  	 Expenses
	  	25
	 Section 5.3
	  	 Governing Law
	  	25
	 Section 5.4
	  	 Notices
	  	25
	 Section 5.5
	  	 Amendment, Modification or Waiver
	  	26
	 Section 5.6
	  	 Successors and Assigns; No Third Party Beneficiaries
	  	26
	 Section 5.7
	  	 Counterparts
	  	26
	 Section 5.8
	  	 Delaware Court
	  	26
	 Section 5.9
	  	 Interpretation
	  	27
	 Section 5.10
	  	 Severability
	  	27
	 Section 5.11
	  	 No Joint Venture
	  	27
	 Section 5.12
	  	 No Individual Authority
	  	27
	 Section 5.13
	  	 Non-Exclusivity
	  	27
	 Section 5.14
	  	 Regulatory Obligations
	  	27

  
 EXHIBIT A – Alliance Managers

 EXHIBIT B – Members of the Underwriting Committee 
  
 SCHEDULES 
  

 -i- 

 BUSINESS ALLIANCE AGREEMENT 
  
 This BUSINESS ALLIANCE AGREEMENT (this “Agreement”), dated as of May     , 2005,
is made and entered into by and between Lazard Group LLC, a Delaware limited liability company (“Lazard Group”), and LFCM Holdings LLC, a Delaware limited liability company (“LFCM Holdings”). Lazard Group and LFCM
Holdings are sometimes referred to herein individually as a “Party” and collectively as the “Parties”. Capitalized terms used in this Agreement that are not otherwise defined herein shall have the meanings ascribed
to them in the Separation Agreement (as defined herein). 
  
 RECITALS 
  
 WHEREAS, Lazard Group and LFCM
Holdings have entered into a certain Master Separation Agreement, dated as of the date hereof (as it may be amended from time to time, the “Separation Agreement”), which sets forth the principal corporate transactions required to
effect the separation of Lazard Group’s businesses into two separate companies and to recapitalize Lazard Group through a series of transactions; and 
  
 WHEREAS, pursuant to the provisions of the Separation Agreement, from and after the consummation of the Separation as provided in the Separation
Agreement, (a) the LFCM Companies will be engaged in the LFCM Businesses, (b) the Lazard Group Companies will be engaged in the Lazard Group Businesses, (c) the LFCM Companies will own and control the LFCM Assets and assume and be responsible for
the LFCM Liabilities, and (d) the Lazard Group Companies will own and control the Lazard Group Assets and retain and be responsible for the Lazard Group Liabilities; and 
  
 WHEREAS, Section 2.6(a) of the Separation Agreement provides that, after the Contribution and prior to the First
Distribution, each of Lazard Group and LFCM Holdings shall enter into this Agreement, which is the Business Alliance Agreement referred to in the Separation Agreement; and 
  
 WHEREAS, the Parties desire to enter into this Agreement to set forth the terms of their agreement regarding certain
business alliances, arrangements, understandings and relationships between them and among the other members of each of their respective Groups following the completion of the Separation (the “Alliance”). 
  
 NOW, THEREFORE, in consideration of the premises, and of the representations,
warranties, covenants and agreements set forth herein, and intending to be legally bound hereby, the Parties hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 Section 1.1 Certain Defined Terms. As used in this Agreement, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined):

  

 “Affiliate” means, with respect to any specified person, a person that directly, or
indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified person. 
  
 “Capital Support” means, with respect to any Fund, committing at least an amount of funds sufficient to pay the capital commitment of the
general partner or similar managing entity required by investors of such Fund at the applicable time and places. 
  
 “Change of Control” means, with respect to any person (the “Target Person”), the consummation of any transaction or
series of related transactions involving: (i) any purchase or acquisition (whether by way of merger, share exchange, consolidation, business combination, consolidation or similar transaction or otherwise) by another person or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended), other than any Affiliate of the Target Person prior to such transaction or series of related transactions (such other person or group, an “Acquiring
Person”), of either (A) the majority of the securities entitled to elect the board of directors or equivalent governing body of the Target Person, (B) the majority of the limited liability company interests or limited partnership interests
of the Target Person, (C) the general partnership interest or managing member interest of the Target Person, or (D) all or substantially all of the assets of the Target Person and its Subsidiaries, taken together as a whole; or (ii) any sale, lease,
exchange, transfer, license or disposition of all or substantially all of the assets of the Target Person and its Subsidiaries, taken together as a whole, to an Acquiring Person; provided, however, that (x) any sale, transfer or
disposition of all of the outstanding limited liability company interests in LAI North America to Lazard Group pursuant to the exercise of the North American Option shall not be deemed to be a Change of Control of LFCM Holdings, LAI Holdings, LAI
North America or any Subsidiary of LAI North America and (y) any sale, transfer or disposition of all of the outstanding limited liability company interests in LAI Europe to Lazard Group pursuant to the exercise of the European Option shall not be
deemed to be a Change of Control of LFCM Holdings, LAI Holdings, LAI Europe or any Subsidiary of LAI Europe. 
  
 “Controlled Affiliate” means, with respect to any person, any Affiliate of such person controlled by such person or any Subsidiary of
such person. 
  
 “Equity Rights” means any (a)
securities, options, warrants, calls, rights, conversion rights, preemptive rights, rights of first refusal, redemption rights, repurchase rights or plans, “tag-along” or “drag-along” rights, or (b) commitments, agreements,
arrangements or undertakings to issue or grant any of the foregoing. 
  
 “European Competitive Business” means the management, sponsorship or formation of alternative investment Funds (including related joint ventures and alliances and including management, general partner and investment
activities) whose primary objective is to make privately negotiated investments in companies or entities primarily doing business in Europe or headquartered in Europe with substantial business in Europe; provided, however, that the
term “European Competitive Business” shall not include (a) any business or activity conducted by Lazard Group or any of its Subsidiaries immediately after the Separation or conducted by Wasserstein & Co., LP or Wasserstein & Co.,
Inc. or (b) any business or activity that is permitted to be conducted by Fonds Partenaire Group or any Lazard 

  

 -2- 

 
Group Company (other than LEPEP) as of the date hereof under the LEPEP Operating Agreement, even if such LEPEP Operating Agreement is terminated after the
date of this Agreement.  
  
 “European Merchant
Banking Business” means the management, sponsorship or formation of alternative investment Funds (including related joint ventures and alliances and including management, general partner and investment activities) whose primary objective is
to make privately negotiated investments in companies or other entities primarily doing business in Europe or headquartered in Europe with substantial business in Europe, real estate located in Europe or loans relating to real estate located in
Europe. 
  
 “Financial Advisory or Asset Management
Opportunity” means any opportunity to provide financial advisory and investment banking services or asset management services (other than any services within the scope of the North American Merchant Banking Business or the European Merchant
Banking Business); provided, however, that for purposes of clarity, the term “Financial Advisory or Asset Management Opportunity” shall not include (i) underwriting and/or public distribution of equity, debt or convertible
securities, including any securities of any Funds managed by LAI Holdings or its Subsidiaries or (ii) any such opportunity with respect to a Fund managed by LAI Holdings or its Subsidiaries or any portfolio company of any such Fund. 
  
 “Fund” means any fund or similar investment vehicle through
which commingled capital is managed, including any co-investment vehicle, alternative investment vehicle, side-by-side vehicle or managed accounts incidental thereto; provided, however, that the term “Fund” shall not include
any investment of the foregoing or any portfolio company of the foregoing. 
  
 “Lazard Competitive Business” means any business of the type or nature engaged in or operated by Lazard Group and the Lazard Group Companies; provided, however, that the term
“Lazard Competitive Business” shall not include (a) the North American Merchant Banking Business, (b) the European Merchant Banking Business or (c) the Capital Markets Business; provided, further, however, that the
term “Lazard Competitive Business” shall include (i) the North American Merchant Banking Business as of and if the North American Closing shall have occurred; and (ii) the European Merchant Banking Business as of and if the Europe Closing
shall have occurred. 
  
 “Lazard Group
Representative” means             ; provided, however, that Lazard Group shall have the right to add or remove any Lazard Group Representative by providing
LFCM Holdings with at least 5 business days’ prior written notice. 
  
 “LFCM Representative” means             ; provided, however, that LFCM Holdings shall have the right to add or remove any LFCM Representative
by providing Lazard Group with at least 5 business days’ prior written notice. 
  
 “LFCM Retained Interest” means any Net Carry or other economic benefit to which LFCM Holdings shall be entitled to receive as set forth in Schedule 3.7(c)(i). 
  
 “License Agreement” means that certain License Agreement,
dated as of the date hereof, by and among Lazard Strategic Coordination Company LLC, Lazard Frères & Co. LLC, Lazard Frères S.A.S., Lazard & Co., Holdings Limited and LFCM Holdings. 
  
 “Net Carry”, with respect to any Fund, means the aggregate
carry for such Fund less the share of the carry allocated or reserved for allocation to the managers of such Fund, 

  

 -3- 

 
subject in each case to the “clawback” obligations, if any, to return some or all of the carried interest distributions in accordance with the
agreement governing such Fund. 
  
 “Non-Compete
Term” means the latest to occur of (a) the expiration or termination of the Alliance Term, (b) the expiration of the North American Option, (c) the North American Closing, (d) the expiration of the European Option, (e) the European Closing
or (f) the termination or revocation of all of the Lazard Licenses (as defined in the License Agreement). 
  
 “North America” means the United States, Canada, Bermuda and the Cayman Islands. 
  
 “North American Competitive Business” means the management,
sponsorship or formation of alternative investment Funds (including related joint ventures and alliances and including management, general partner and investment activities) whose primary objective is to make privately negotiated investments in
companies or other entities primarily doing business in North America or headquartered in North America with substantial business in North America, real estate located in North America or loans relating to real estate located in North America;
provided, however, that the term “North American Competitive Business” shall not include any business or activity conducted by Lazard Group or any of its Subsidiaries immediately after the Separation or conducted by
Wasserstein & Co., LP or Wasserstein & Co., Inc.  
  
 “North American Merchant Banking Business” means the management, sponsorship or formation of alternative investment Funds (including related joint ventures and alliances and including management, general partner and
investment activities) whose primary objective is to make privately negotiated investments in companies or other entities primarily doing business in North America or headquartered in North America with substantial business in North America, real
estate located in North America or loans relating to real estate located in North America. 
  
 “Revenue” means all fees, compensation, commissions and similar payments, including engagement fees, transaction and “success” fees, “break up” fees, referral fees, commitment
fees, management fees, underwriting fees, selling concessions and other derivative fees; provided that the amount of any such Revenue shall be reduced by the aggregate amount of out-of-pocket costs and expenses (including reasonable
attorneys’ fees) reasonably incurred by any LFCM Company or any Lazard Group Company in connection with any Underwriting and Distribution Opportunity (including any Lazard Referred Opportunity) for which any LFCM Company is engaged, including
the activities described in Sections 2.2(a) and 2.2(b).  
  
 “Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
  
 “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, company, partnership, trust, association or other legal entity or organization, or (b) is otherwise
entitled to exercise (1) a majority of the voting 

  

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power generally in the election of the board of directors or other governing body of such corporation, limited liability company, company, partnership,
trust, association or other legal entity or organization or (2) control of such corporation, limited liability company, company, partnership, trust, association or other legal entity or organization; provided, however, that
“Subsidiary” shall not include any Fund or any investment or portfolio company of any Fund. 
  
 “Underwriting and Distribution Opportunity” means the underwriting and/or public distribution or private investments in public equities
(or PIPEs) or Rule 144A offerings of equity, debt or convertible securities primarily in the United States and/or the United Kingdom. 
  
 Section 1.2 General. 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. 
  
 ARTICLE II 
  
 ALLIANCE 
  
 Section 2.1 Alliance Management. 
  
 (a) Alliance Managers. Each Party shall name one or more representatives to be its Alliance manager for this
Agreement (collectively, the “Alliance Managers”). The initial 

  

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Alliance Managers for each Party are listed in Exhibit A hereto. Either Party may replace any of its Alliance Managers at its sole discretion at any
time upon reasonable advance notice to the other. 
  
 (b)
Meetings. Meetings of the Alliance Managers shall be held from time to time as agreed by the Alliance Managers and shall occur at least annually. Such meetings may be conducted either in person, by video conference or by telephone.

  
 (c) Responsibilities. The Alliance Managers shall be
responsible for engaging the appropriate representatives of their respective companies to facilitate the ability of the Parties to meet their obligations hereunder. The responsibilities of the Alliance Managers shall include: 
  
 (i) Overall management of the collaborative Alliance of the
Parties as contemplated by this Agreement and the Separation Agreement; and 
  
 (ii) Providing a forum for the expeditious resolution of conflicts or disputes between or among the Parties and/or other members of each Group arising out of this Agreement. 
  
 Section 2.2 Lazard Group Referral Agreement. 
  
 (a) Lazard Group Referrals. If Lazard Group or any Lazard Group
Company becomes aware of any Underwriting and Distribution Opportunity through its activities in the Lazard Competitive Business, the Lazard Group Representative shall deliver notice (a “Lazard Referral Notice”) to the LFCM
Representative informing LFCM Holdings of such Underwriting and Distribution Opportunity and offering to refer such Underwriting and Distribution Opportunity to LFCM Holdings, subject in each case to applicable law, the applicable client’s
consent, any existing contractual or fiduciary obligations of any Lazard Group Company and the arrangements set forth on Schedule 2.2(a). During the period beginning on the date of receipt by the LFCM Representative of the Lazard Referral
Notice and expiring on the date (the “Lazard Referral Expiration Date”) that is ten (10) business days thereafter, LFCM Holdings shall have the right to participate with Lazard Group in seeking such Underwriting and Distribution
Opportunity with Lazard Group by having the LFCM Representative deliver notice (the “LFCM Acceptance Notice”) to the Lazard Group Representative of such decision, subject in each case to applicable law, the applicable client’s
consent and any then-existing contractual or fiduciary obligations of any Lazard Group Company. Lazard Group shall not, and shall cause the Lazard Group Companies not to, refer any Underwriting and Distribution Opportunity to any person other than
an LFCM Company unless (i) otherwise requested by the applicable client or required by any then-existing contractual obligation or fiduciary obligation, (ii) LFCM Holdings shall not accept the offer set forth in the Lazard Referral Notice or (iii)
the LFCM Representative shall fail to deliver an LFCM Acceptance Notice to the Lazard Group Representative on or prior to the Lazard Referral Expiration Date. For purposes of clarity, nothing in this Agreement shall require any LFCM Company to
accept, effect or participate in any underwriting or public distribution of equity, debt or convertible securities in respect of any Underwriting and Distribution Opportunity. 
  

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 (b) Assistance. If the applicable client agrees to engage any LFCM Company in any Underwriting and
Distribution Opportunity referred to it by Lazard Group pursuant to Section 2.2(a) (each, a “Lazard Referred Opportunity”), upon request of such LFCM Company, Lazard Group shall, or shall cause the appropriate Lazard Group Company,
to provide commercially reasonable assistance with respect to due diligence and other customary corporate finance activities, consistent with past practice, to such LFCM Company in connection with such Lazard Referred Opportunity; provided,
however, that no Lazard Group Company shall be obligated to provide financing or to lend any funds to any LFCM Company, or guarantee any obligations or otherwise place any of its capital at risk, in connection therewith or take such actions
that in its view could reasonably be expected to result in an adverse regulatory or other risk to such Lazard Group Company or violate any applicable law. 
  
 (c) Lazard Referral Fee; Expense Reimbursement. In consideration of the referrals described in Section 2.2(a) and any assistance described in
Section 2.2(b), LFCM Holdings shall (i) pay to Lazard Group a fee (the “Lazard Referral Fee”) equal to one-half of the aggregate Revenue paid by the applicable client in respect of any Underwriting and Distribution Opportunity for
which any LFCM Company is engaged (including any Lazard Referred Opportunity); and (ii) reimburse Lazard Group for all unreimbursed out-of-pocket costs and expenses (including reasonable attorneys’ fees) reasonably incurred by any Lazard Group
Company in connection with the activities described in Sections 2.2(a) and 2.2(b) (the “Unreimbursed Lazard Referral Expenses”). 
  
 (d) Payment. LFCM Holdings shall pay to Lazard Group the Lazard Referral Fee and Unreimbursed Lazard Referral Expenses by wire transfer of
immediately available funds in United States dollars to an account specified by Lazard Group promptly (and in no event later than five (5) business days) after any LFCM Company is paid the Revenue by the applicable client in respect of a Lazard
Referred Opportunity. 
  
 (e) Underwriting Committee. The
Parties agree to establish an underwriting committee (the “Underwriting Committee”), which shall be comprised of an even number of members and have at least four (4) members. Half of the members of the Underwriting Committee shall
be appointed by LFCM Holdings and the other half of the members of the Underwriting Committee shall be appointed by Lazard Group. The initial members on the Underwriting Committee are listed in Exhibit B hereto. Each of LFCM Holdings and
Lazard Group may at any time and for any reason or no reason replace or remove any member appointed by LFCM Holdings or Lazard Group, respectively. Notwithstanding anything to the contrary set forth in Section 2.2(a), (b), (c) or (d), no LFCM
Company shall have the right to undertake or engage or participate in any underwriting or distribution of equity, debt or convertible securities without the prior approval of at least two-thirds of the members on the Underwriting Committee.

  
 (f) Release. LFCM Holdings hereby releases, on behalf
of itself and each LFCM Company, each Lazard Group Company and each of its Subsidiaries or Affiliates or any of its, its Subsidiary’s or its Affiliate’s, employees, agents, members, managers, officers and directors (together, the
“Lazard Indemnitees”) from and against any and all claims, demands, complaints, liabilities, losses, damages, costs and expenses (collectively, “Damages”) arising from, relating to or in connection with the
provision of any assistance by any Lazard Group Company pursuant to Section 2.2(b), except to the extent that such Damages were caused by acts or omissions 

  

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of such Lazard Indemnitee, which acts or omissions are finally determined by a court of competent jurisdiction to be the result of the gross negligence or
willful misconduct of such Lazard Indemnitee, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 2.2(f) to the extent that such Damages were caused by such gross negligence or willful misconduct. 

 
 (g) Indemnity. LFCM Holdings hereby agrees to indemnify, defend and
hold harmless the Lazard Indemnitees from and against any and all Damages arising from, relating to or in connection with any demand, claim, proceeding or complaint by a third party (each, a “Third-Party Claim”) in respect of any
Underwriting or Distribution Opportunity for which any LFCM Company is engaged (including any Lazard Referred Opportunity), except to the extent that such Damages were caused by acts or omissions of such Lazard Indemnitee, which acts or omissions
are finally determined by a court of competent jurisdiction to be the result of the gross negligence or willful misconduct of such Lazard Indemnitee, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 2.2(g)
to the extent that such Damages were caused by such gross negligence or willful misconduct. Lazard Group hereby agrees to indemnify, defend and hold harmless each LFCM Company and each of its Subsidiary’s or its Affiliate’s, employees,
agents, members, managers, officers and directors (together, the “LFCM Indemnitees”) from and against any and all Damages to the extent arising from, relating to or in connection with any Lazard Group Company’s gross negligence
or willful misconduct in respect of the assistance it provides pursuant to Section 2.2(b), except to the extent that such Damages were caused by acts or omissions of any LFCM Indemnitee, which acts or omissions are finally determined by a court of
competent jurisdiction to be the result of the gross negligence or willful misconduct of such Lazard Indemnitee, in which case, such Lazard Indemnitee shall not be entitled to the benefits of this Section 2.2(g) to the extent that such Damages were
caused by such gross negligence or willful misconduct. 
  
 Section
2.3 LFCM Holdings Referral Agreement. 
  
 (a) LFCM
Referrals. If LFCM Holdings or any LFCM Company becomes aware of any Financial Advisory or Asset Management Opportunity through the North American Merchant Banking Business or the European Merchant Banking Business, the LFCM Representative shall
deliver notice (a “LFCM Referral Notice”) to the Lazard Group Representative informing Lazard Group of such Financial Advisory or Asset Management Opportunity and offering to refer such Financial Advisory or Asset Management
Opportunity to Lazard Group, subject in each case to applicable law, the applicable client’s consent and any then-existing contractual or fiduciary obligations of any LFCM Company. During the period beginning on the date of receipt by the
Lazard Group Representative of the LFCM Referral Notice and expiring on the date (the “LFCM Referral Expiration Date”) that is ten (10) business days thereafter, Lazard Group shall have the right to accept such Financial Advisory or
Asset Management Opportunity by having the Lazard Group Representative deliver notice (the “Lazard Acceptance Notice”) to the LFCM Representative of such decision, subject in each case to applicable law, the applicable client’s
consent and any then-existing contractual or fiduciary obligations of any LFCM Company. LFCM Holdings shall not, and shall cause the LFCM Companies not to, refer any Financial Advisory or Asset Management Opportunity to any person other than a
Lazard Group Company unless (i) otherwise requested by the applicable client or required by any then-existing contractual obligation or fiduciary obligation, (ii) Lazard Group shall not accept the offer set forth in the 

  

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LFCM Referral Notice or (iii) the Lazard Group Representative shall fail to deliver a Lazard Acceptance Notice to the LFCM Representative on or prior to the
LFCM Referral Expiration Date. For purposes of clarity, nothing in this Agreement shall require any Lazard Group Company to accept, effect or participate in any Financial Advisory or Asset Management Opportunity. 
  
 (b) LFCM Referral Fee. In consideration of the referrals described in
Section 2.3(a), Lazard Group shall pay to LFCM Holdings a customary finders’ fee as Lazard Group and LFCM Holdings shall mutually agree for each Financial Advisory or Asset Management Opportunity referred by an LFCM Company for which any Lazard
Group Company is engaged. 
  
 Section 2.4 Brokerage Accounts
and Transactions. As long as Lazard Capital Markets LLC (“LCM”) shall be a Controlled Subsidiary of LFCM Holdings, Lazard Group agrees to use its commercially reasonable efforts to cause: (i) Lazard Frères & Co. LLC
(“LF&Co”) and its Subsidiaries to maintain their proprietary and employee accounts at LCM on the same terms and conditions in effect as of the date hereof with respect to the Capital Markets Business (and LFCM Holdings shall
cause LCM to maintain such proprietary and employee accounts at LCM on such terms and conditions); (ii) Lazard Asset Management Securities LLC (“LAM Securities”) to enter into and maintain a clearing agreement with LCM, on terms
mutually agreeable to the parties thereto, pursuant to which LAM Securities will introduce customer accounts and transactions to LCM; and (iii) Lazard Asset Management LLC (“LAM”) to refer customer accounts and transactions to LCM
in accordance with applicable law, rules and regulations and customer agreements. LCM shall not be obligated to accept any account or transaction referred by LF&Co, LAM or LAM Securities, and Lazard Group shall not be obligated to comply with
this Section 2.4, if prohibited by applicable law, rule or regulation. Upon the request of Lazard Group, LFCM Holdings shall cause LCM to provide all information relating to any proprietary and employee account of LF&Co and its Subsidiaries at
LCM described in clause (i) of this Section 2.4 if, in the opinion of Lazard Group, such information is necessary to comply with applicable law or regulation. The allocation of fees and costs for such services shall be set forth on Schedule
2.4. 
  
 Section 2.5 Alliance Term. Unless earlier
terminated by either Party as permitted under the provisions of this Agreement, the obligations set forth in this Article II shall commence on the date hereof and shall continue for five (5) years thereafter (the “Alliance Term”);
provided, however, that the Alliance Term shall automatically renew for successive one-year terms unless either party elects otherwise by providing the other party with prior written notice delivered no later than 150 days prior to the
end of such term and no earlier than 210 days prior to the end of such term. 
  
 Section 2.6 Termination of Alliance. 
  
 (a) The Alliance Term may be terminated for cause by either Party if the other Party is in breach of any of its material obligations under this Article II and fails to remedy such breach within thirty (30) days of
receipt by the other Party of a written notice from the non-breaching Party that specifies the material breach. 
  

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 (b) In addition, either Party may terminate the Alliance Term, which termination shall occur immediately
after written notice of such termination is delivered to the other Party, if: 
  
 (i) the non-terminating Party or any significant Subsidiary of such Party shall make an assignment for the benefit of creditors; 
  
 (ii) the non-terminating Party or any significant Subsidiary of such Party shall petition or apply to any
tribunal for the appointment of a trustee or receiver of it, or of any substantial part of its assets, or commence any proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or
liquidation law of any jurisdiction whether now or hereafter in effect; 
  
 (iii) any bankruptcy, insolvency, receivership or similar petition or application is filed, or any proceedings are commenced against the non-terminating Party or any significant Subsidiary of such Party and the
non-terminating Party or any significant Subsidiary of such Party by any act indicates its approval thereof, consent thereto, or acquiescence therein, or any order is entered appointing a trustee or receiver, adjudicating the non-terminating Party
bankrupt or insolvent, or approving the petition in any such proceedings and such order remains unstayed or undischarged for more than sixty (60) days; or 
  
 (iv) any order is entered in any proceedings against the non-terminating Party or any significant Subsidiary of such Party decreeing the
dissolution of the non-terminating Party or such significant Subsidiary and such order remains unstayed or undischarged for more than sixty (60) days. 
  
 (c) Either Party may terminate the Alliance Term, upon written notice delivered within 90 days of the occurrence of a Change of Control of either Party.
Such written notice shall specify the time and date of such termination (or, if not specified, such termination shall be effective 10 days after the delivery of such notice). The Party undergoing the Change of Control shall use its reasonable best
efforts to notify the other Party of such event at the earliest time that it is legally permitted and practically able to do so. 
  
 Section 2.7 Effect of Termination of Alliance Term. Upon any expiration or earlier termination of the Alliance Term and the obligations of the
Parties under this Article II, the rights and obligations of the Parties under Article II shall terminate, except for the rights and obligations under Sections 2.2(c), 2.2(d), 2.2(f) and 2.2(g) and any claims or causes of actions of the Parties with
respect to material breaches of this Article II prior to the effective time of such termination, which shall survive such termination. 
  
 ARTICLE III 
  
 OPTIONS TO PURCHASE 
  
 Section 3.1 Option to Purchase LAI North America. Lazard Group shall have the right and option, to be exercised at any time on or prior to the ninth anniversary of the date hereof and in Lazard Group’s
sole and absolute discretion, to purchase and acquire all of the outstanding 

  

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limited liability company interests in Lazard Alternative Investments LLC, a Delaware limited liability company (“LAI North America”), for
an aggregate purchase price of eight million dollars (U.S. $8,000,000) (the “North American Option”). To exercise the North American Option, Lazard Group shall deliver a written notice (the “North American Option
Notice”) to LFCM Holdings setting forth (a) that Lazard Group is exercising the North American Option and (b) the date, time and location of the purchase and sale of all of the outstanding limited liability company interests of LAI North
America pursuant to the exercise of the North American Option; provided, however, that such date shall be at least 45 business days after the North American Option Notice is delivered to LFCM Holdings. 
  
 Section 3.2 Closing of the Purchase and Sale of LAI North America.

  
 (a) The closing of the purchase and sale of all of the
outstanding limited liability company interests of LAI North America pursuant to the exercise of the North American Option (the “North America Closing”) shall be held on the date and at the time and location designated in the North
American Option Notice, or as otherwise mutually agreed by Lazard Group and LFCM Holdings; provided, however, that the North America Closing shall not occur until the purchase and sale of all of the outstanding limited liability
company interests of LAI North America as contemplated by this Agreement shall not (i) be prohibited by applicable law or (ii) require any material consent that has not been obtained, unless Lazard Group shall waive the receipt of such material
consent. 
  
 (b) If the North American Option is exercised, each
party shall use reasonable best efforts to effectuate the purchase and sale of all of the outstanding limited liability company interests of LAI North America, including (i) promptly making all registrations and filings with, and obtaining all
necessary consents from, all governmental authorities and taking all reasonable steps as may be necessary or advisable to obtain an approval or waiver from all applicable governmental authorities, (ii) promptly taking such steps to obtain all
required third-party consents for the transaction, and (iii) the duly approved and authorized prompt execution and delivery of such further instruments of assignment, transfer, conveyance, endorsement, direction or authorization and other documents
as may be reasonably requested to effectuate the purchase and sale. 
  
 (c) At the North America Closing, LFCM Holdings shall deliver to Lazard Group or its designated Subsidiaries (i) all duly approved and authorized instruments of assignment, transfer, conveyance, endorsement, direction or authorization and
other documents as may be reasonably requested by Lazard Group to effectuate the transfer of all of LFCM Holdings’ and its Subsidiaries’ right, title and interest in, to and under all of the outstanding limited liability company interests
in LAI North America, free and clear of all Liens (other than any restrictions on transfer under the Securities Act), (ii) a certificate, dated as of the North America Closing, as to the non-foreign status of LFCM Holdings, in the form of Exhibit
A hereto, as well as any applicable state or local withholding certificate reasonably requested by Lazard Group, (iii) an agreement, executed by LFCM Holdings and Lazard Group and in form reasonably acceptable to LFCM Holdings and Lazard Group,
whereby (A) LFCM Holdings shall represent and warrant to Lazard Group that (1) it is duly organized, validly existing, has the necessary company power and authority to consummate the subject transactions and requires no consents other than those set
forth on a schedule to such agreement, (2) immediately after the North America Closing, Lazard Group or its designated Subsidiary shall own all of the outstanding limited liability company 

  

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interests in LAI North America, free and clear of all Liens, other than any Liens created by Lazard Group or its Subsidiaries upon acquisition of such
interests and other than any restrictions on transfer under the Securities Act, (3) all of the North American Merchant Banking Business of LFCM Holdings and its Subsidiaries shall have been conducted solely within LAI North America and its
Subsidiaries and the Funds managed by LAI North America or its Subsidiaries, (4) it has complied with all of its covenants set forth in this Agreement to the extent relating to or affecting the North American Merchant Banking Business, and (5)
except as set forth on the balance sheet of LAI North America and its Subsidiaries or set forth on a disclosure schedule to the agreement, neither LAI North America nor any of the Subsidiaries of LAI North America has any material Liabilities; (B)
Lazard Group shall agree to assume all of the Liabilities of LFCM Holdings and its Subsidiaries to the extent that such Liabilities relate primarily to the North American Merchant Banking Business and such Liabilities are specifically disclosed on a
disclosure schedule, and LFCM Holdings shall agree, and shall cause its Subsidiaries, to transfer and convey all of the assets owned by LFCM Holdings and its Subsidiaries to the extent that such assets relate primarily to the North American Merchant
Banking Business (other than the LFCM Retained Interest); (C) Lazard Group shall represent and warrant to LFCM Holdings that it is duly organized, validly existing, has the necessary company power and authority to consummate the subject
transactions; (D) LFCM Holdings shall agree to indemnify Lazard Group, its Affiliates, representatives and successors for any Liabilities to the extent resulting from a breach of LFCM Holdings’ representations, warranties or covenants set forth
in such agreement (including for any liability or obligation of LAI North America or any of its Subsidiaries that is not primarily related to the North American Merchant Banking Business); provided that the maximum amount payable under such
indemnification obligation for a breach of representation or warranty (other than a breach of the representation relating to the title of the limited liability company interests in LAI North America or the representation relating to the liabilities
of LFCM Holdings or its Subsidiaries, including LAI North America and its Subsidiaries) is U.S. $8,000,000); and (E) Lazard Group shall agree to indemnify LFCM Holdings, its Affiliates, representatives and successors for any Liabilities to the
extent resulting from a breach of Lazard Group’s representations, warranties or covenants set forth in such agreement. 
  
 (d) At the North America Closing, and in consideration of the agreement and deliveries set forth in Section 3.2(c), Lazard Group shall deliver to LFCM
Holdings, by wire transfer to an account designated by LFCM Holdings, an amount in immediately available funds equal to eight million dollars (U.S. $8,000,000). 
  

Section 3.3 Option to Purchase LAI Europe. Lazard Group shall have the right and option, to be exercised at any time on or prior to the ninth
anniversary of the date hereof and in Lazard Group’s sole and absolute discretion, to purchase and acquire all of the issued shares in the share capital of Lazard Alternative Investments (Europe) Limited, a private limited company organized
under the laws of England and Wales (“LAI Europe”), for an aggregate purchase price of two million dollars (U.S. $2,000,000) (the “European Option”). To exercise the European Option, Lazard Group shall deliver a
written notice (the “European Option Notice”) to LFCM Holdings setting forth (a) that Lazard Group is exercising the European Option and (b) the date, time and location of the purchase and sale of all of the issued shares in the
share capital of LAI Europe pursuant to the exercise of the European Option; provided, however, that such date shall be at least 45 business days after the European Option Notice is delivered to LFCM Holdings. 
  

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 Section 3.4 Closing of the Purchase and Sale of LAI Europe. 
  
 (a) The closing of the purchase and sale of all of the issued shares in the
share capital of LAI Europe pursuant to the exercise of the European Option (the “Europe Closing”) shall be held on the date and at the time and location designated in the European Option Notice, or as otherwise mutually agreed by
Lazard Group and LFCM Holdings; provided, however, that the Europe Closing shall not occur until the purchase and sale of all of the issued shares in the share capital of LAI Europe as contemplated by this Agreement shall not (i) be
prohibited by applicable law or (ii) require any material consent that has not been obtained, unless Lazard Group shall waive the receipt of such material consent. 
  
 (b) If the European Option is exercised, each party shall use reasonable best efforts to effectuate the purchase and sale of
all of the issued shares in the share capital of LAI Europe, including (i) promptly making all registrations and filings with, and obtaining all necessary consents from, all governmental authorities and taking all reasonable steps as may be
necessary or advisable to obtain an approval or waiver from all applicable governmental authorities, (ii) promptly taking such steps to obtain all required third-party consents for the transaction and (iii) the duly approved and authorized prompt
execution and delivery of such further instruments of assignment, transfer, conveyance, endorsement, direction or authorization and other documents as may be reasonably requested to effectuate the purchase and sale. 
  
 (c) At the Europe Closing, LFCM Holdings shall deliver to Lazard Group or its
designated Subsidiaries (i) all duly approved and authorized instruments of assignment, transfer, conveyance, endorsement, direction or authorization and other documents as may be reasonably requested by Lazard Group to effectuate the transfer of
all of LFCM Holdings’ and its Subsidiaries’ right, title and interest in, to and under all of the issued shares in the share capital of LAI Europe, free and clear of all Liens (other than any restrictions on transfer under the Securities
Act), (ii) a certificate, dated as of the Europe Closing, as to the non-foreign status of LFCM Holdings, in the form of Exhibit A hereto, as well as any applicable state or local withholding certificate reasonably requested by Lazard Group,
(iii) an agreement, executed by LFCM Holdings and Lazard Group and in form reasonably acceptable to LFCM Holdings and Lazard Group, pursuant to which (A) LFCM Holdings shall represent and warrant to Lazard Group that (1) it is duly organized,
validly existing, has the necessary company power and authority to consummate the subject transactions and requires no consents other than those set forth on a schedule to the agreement, (2) immediately after the Europe Closing, Lazard Group or its
designated Subsidiary shall own all right, title and interest in, to and under all of the issued shares in the share capital of LAI Europe, free and clear of all Liens, other than any Liens created by Lazard Group or its Subsidiaries upon
acquisition of such shares and other than any restrictions on transfer under the Securities Act, (3) all of the European Merchant Banking Business of LFCM Holdings and its Subsidiaries shall have been conducted solely within LAI Europe and its
Subsidiaries and the Funds managed by LAI Europe or its Subsidiaries, (4) it has complied with all of its covenants set forth in this Agreement to the extent relating to or affecting the European Merchant Banking Business, and (5) except as set
forth on the balance sheet of LAI Europe and its Subsidiaries or set forth on a disclosure schedule to the agreement, neither LAI Europe nor any of the Subsidiaries of LAI Europe has any material Liabilities; (B) Lazard Group shall agree to assume
all of the Liabilities of LFCM Holdings and its Subsidiaries to the extent that such Liabilities relate primarily to the European Merchant Banking Business and such Liabilities are specifically disclosed on a disclosure schedule, and LFCM Holdings
shall agree, and shall cause its Subsidiaries, to transfer and convey all of the assets owned by LFCM Holdings and its Subsidiaries to the extent that such assets relate primarily to the 

  

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European Merchant Banking Business (other than the LFCM Retained Interest); (C) Lazard Group shall represent and warrant to LFCM Holdings that it is duly
organized, validly existing, has the necessary company power and authority to consummate the subject transactions; (D) LFCM Holdings shall agree to indemnify Lazard Group, its Affiliates, representatives and successors for any Liabilities to the
extent resulting from a breach of LFCM Holdings’ representations, warranties or covenants set forth in such agreement (including for any liability or obligation of LAI Europe or any of its Subsidiaries that is not primarily related to the
European Merchant Banking Business); provided that the maximum amount payable under such indemnification obligation for a breach of representation or warranty (other than a breach of the representation relating to the title of the limited
liability company interests in LAI Europe or the representation relating to the liabilities of LFCM Holdings or its Subsidiaries, including LAI Europe and its Subsidiaries) is U.S. $2,000,000; and (E) Lazard Group shall agree to indemnify LFCM
Holdings, its Affiliates, representatives and successors for any Liabilities to the extent resulting from a breach of Lazard Group’s representations, warranties or covenants set forth in such agreement. 
  
 (d) At the Europe Closing, and in consideration of the agreement and
deliveries set forth in Section 3.4(c), Lazard Group shall deliver to LFCM Holdings, by wire transfer to an account designated by LFCM Holdings, an amount in immediately available funds equal to two million dollars (U.S. $2,000,000). 
  
 Section 3.5 Further Assurances. Each party agrees that, if Lazard
Group exercises the North American Option or the European Option, each party shall execute, acknowledge, deliver, file, record and publish such further certificates, amendments to certificates, instruments and documents, and do all such other acts
and things as may be required by law, or as may be required to carry out the intent and purposes of this Agreement with respect to the North American Option or the European Option, as applicable. 
  
 Section 3.6 Costs and Expenses. Each party shall pay its own costs and
expenses in connection with the exercise of the North American Option and European Option and the purchase and sale of all of the outstanding limited liability company interests of LAI North America and issued shares in the share capital of LAI
Europe, respectively, pursuant thereto. 
  
 Section 3.7
Covenants Regarding the Merchant Banking Business. 
  
 (a)
Covenants Relating to the North American Merchant Banking Business. LFCM Holdings hereby agrees that, on the date hereof and until the earlier of (1) the expiration of the North American Option or (2) the North America Closing, except with
the prior written consent of Lazard Group, LFCM Holdings shall, and shall cause its Subsidiaries to: 
  
 (i) conduct all of the North American Merchant Banking Business of LFCM Holdings and its Subsidiaries, and hold all of the assets, rights,
property and interests relating to the North American Merchant Banking Business, in each case solely in and through LAI North America, its wholly owned Subsidiaries, its Controlled Subsidiaries that are general partners, managers or persons acting
in a comparable capacity of a Fund and the Funds managed by LAI North America or its Controlled Subsidiaries; 
  

 -14- 

 (ii) (A) not conduct any business or activity other than the North American Merchant
Banking Business in or through LAI North America or its Subsidiaries and the Funds managed by LAI North America or its Subsidiaries, and (B) cause LAI North America and its Subsidiaries not to assume any liabilities or obligations other than those
primarily related to the North American Merchant Banking Business; 
  
 (iii) use reasonable efforts to cause the North American Merchant Banking Business of LFCM Holdings and its Subsidiaries to be conducted in the ordinary course in all material respects consistent with past practice;

  
 (iv) (A) except for (1) distributions to the
equityholders of any non-wholly owned Subsidiary of LAI North America, (2) distributions or dividends (in each case consisting of either cash or securities received as in-kind distribution from a Fund) from any Subsidiary of LAI North America to LAI
North America, (3) distribution or dividends (in each case consisting of either cash or securities received as in-kind distribution from a Fund) representing realized profits, realized income or realized gain from LAI North America to LAI Holdings,
from LAI Holdings to LFCM Holdings, or from LFCM Holdings to its members or (4) redemptions or repurchases of equity interests or shares of capital stock in LAI North America or any of its Subsidiaries that are held by investment professionals or
officers whose employment with LAI North America or any of its Subsidiaries has terminated, not make any distributions or declare, pay or set aside any dividends with respect to, or split, combine, redeem, reclassify, purchase or otherwise acquire,
directly or indirectly, any equity interests or shares of capital stock of, or other equity or voting interest in, LAI North America or any of its Subsidiaries, or (B) except for issuances of non-voting equity securities to investment professionals
and officers of the general partner, manager or persons acting in a comparable capacity of a Fund managed by LAI North America or its Subsidiaries in return for capital contributed or services provided by such investment professionals and officers,
not make any other changes in the capital structure of LAI North America or any of its Subsidiaries; 
  
 (v) except for issuances of non-voting equity securities to investment professionals and officers of the general partner, manager or
persons acting in a comparable capacity of a Fund managed by LAI North America or its Subsidiaries in return for capital support contributed or services provided by such investment professionals and officers, not authorize for issuance, issue, sell,
deliver or agree or commit to issue, sell or deliver (A) any equity interests or capital stock of or other equity or voting interest in, LAI North America or any of its Subsidiaries or (B) any Equity Rights in respect of any security convertible
into, exchangeable for or evidencing the right to subscribe for or acquire either (1) any equity interests or shares of capital stock of, or other equity or voting interest in, LAI North America or any of its Subsidiaries or (2) any securities
convertible into, exchangeable for, or evidencing the right to subscribe for or acquire, any shares of the capital stock of, or other equity or voting interest in, LAI North America or any of its Subsidiaries; 
  
 (vi) not sell, transfer, assign, convey, lease, license,
mortgage, pledge or otherwise subject to any Lien any of the material properties or assets, tangible or intangible, relating to the North American Merchant Banking Business (other than any Fund or portfolio company or investment of any Fund) or LAI
North America or any of its Subsidiaries, except in the ordinary course of business consistent with past practice; 
  

 -15- 

 (vii) cause LAI North America and its Subsidiaries not to incur, assume or guarantee
(including by way of any agreement to “keep well” or of any similar arrangement) or cancel or waive any claims under any indebtedness or other claims or rights of substantial value or amend or modify the terms relating to any such
indebtedness, claims or rights, except in the ordinary course of business consistent in nature with past practice (which exceptions include, for the avoidance of doubt, ordinary course guarantees of “clawback” obligations to return some or
all of any carried interest distributions); 
  
 (viii) except for investments made that are to be warehoused and subsequently sold to a Fund whose formation has been approved by the Lazard LAI Directors, cause LAI North America and its Subsidiaries not to acquire any business or person,
by merger or consolidation, purchase of substantial assets or equity interests, or by any other manner, in a single transaction or a series of related transactions, or enter into any contract, letter of intent or similar arrangement (whether or not
enforceable) with respect to the foregoing; 
  
 (ix) other than any agreement, contract or transaction to invest in any Fund for which LAI North America or its Subsidiaries is the general partner, manager or persons acting in a comparable capacity and other than transactions in the
ordinary course of business with the Capital Markets Business that are on an arm’s length basis, cause LAI North America and its Subsidiaries not to enter into any agreement, contract or transaction between itself, on the one hand, and any
Affiliate of LFCM Holdings and its Subsidiaries (other than LAI North America and its Subsidiaries), on the other hand; 
  
 (x) not enter into any agreement for any transaction or series of related transactions, or engage in any transaction or series of related
transactions that, upon the consummation of such transaction or series of related transactions, would result in any Change of Control of LAI Holdings, LAI North America or any Subsidiary of LAI North America; 
  
 (xi) cause LAI Holdings to have a board of directors
comprised of five members, at least two of whom shall be designated by Lazard Group (the “Lazard LAI Directors”), which two Lazard LAI Directors shall not be removed without the prior written consent of Lazard Group; 
  
 (xii) include a provision in the operating agreement of LAI
Holdings that would require approval of both Lazard LAI Directors for any changes to the capital structure of LAI Holdings or its Subsidiaries; 
  

 -16- 

 
associated persons or vehicles of such investment professionals or officers) of the general partner, manager or persons acting in a comparable capacity of
such Funds; 
  
 (xiii) include a provision in the
operating agreement of LAI Holdings and its Subsidiaries, as applicable, that would require prior approval of both Lazard LAI Directors to adopt, amend or modify any governance or economic arrangements (including governance and economic arrangements
between LFCM Holdings and its Subsidiaries, on the one hand, and Lazard Group and its Subsidiaries, on the other hand, and including the allocation of carried interest and management fees) for (1) each Fund existing as of the date hereof managed by
LFCM Holdings or any of its Subsidiaries and (2) each other Fund set forth on Schedule 3.7(a)(xiii) formed after the date hereof that is managed by LFCM Holdings or any of its Subsidiaries, subject, in the case of Funds existing as of the
date hereof and the Funds set forth on Schedule 3.7(a)(xiii), to agreements existing as of the date hereof, including the appointment of investment committees, Bruce Wasserstein’s veto rights as Head of Lazard and contractual
arrangements with Fund managers; 
  
 (xiv) from
the date hereof until the earliest of (A) the fifth anniversary of the date hereof, (B) the expiration of the North American Option and (C) the North America Closing, support, financially or otherwise, the development of the North American Merchant
Banking Business in accordance with current business plans and methods of operations, including contemplated staffing plans, and provide LAI Holdings and its Subsidiaries with adequate financial support toward this end, including adequate funding to
pay for any losses of the general partner or manager (or comparable person) of such Funds; provided that the funding obligation shall not exceed the aggregate amounts set forth in Schedule 3.7(a)(xiv); 
  
 (xv) subject to Section 3.7(a)(xiv), pay all of the
financial obligations of LAI Holdings or any of its Subsidiaries to the extent not paid and perform all of the covenants and obligations of LAI Holdings or any of its Subsidiaries to the extent not performed, including any and all obligations of LAI
Holdings and its Subsidiaries to any third party; 
  
 (xvi) require the approval of the board of directors of LFCM Holdings (in addition to the board of directors of LAI Holdings) to approve any budget of LAI Holdings or any of its Subsidiaries and any material deviations from such budget;

  
 (xvii) use the amounts provided by Lazard
Group to LFCM Holdings set forth on Schedule 3.7(a)(xvii) for the purposes set forth on such Schedule; and 
  
 (xviii) not enter into any agreement with any investor or group of investors in any Fund for which LAI North America or its Subsidiaries
is the general partner, manager or persons acting in a comparable capacity that would require approval or consent of such investor or a group of investors in order for Lazard Group to acquire all of the outstanding limited liability company
interests in LAI North America pursuant to the North American Option. 
  

 -17- 

 (b) Covenants Relating to the European Merchant Banking Business. LFCM Holdings hereby agrees
that, on the date hereof and until the earlier of (1) the expiration of the European Option or (2) the Europe Closing, except with the prior written consent of Lazard Group, LFCM Holdings shall, and shall cause its Subsidiaries to: 
  
 (i) except as set forth on Schedule 3.7(b)(i),
conduct all of the European Merchant Banking Business of LFCM Holdings and its Subsidiaries, and hold all of the assets, rights, property and interests relating to the European Merchant Banking Business, in each case solely in and through LAI
Europe, its wholly owned Subsidiaries, its Controlled Subsidiaries that are general partners, managers or persons acting in a comparable capacity of a Fund and the Funds managed by LAI Europe or its Controlled Subsidiaries; 
  
 (ii) (A) not conduct any business or activity other than the
European Merchant Banking Business in or through LAI Europe or its Subsidiaries and the Funds managed by LAI Europe or its Subsidiaries, and (B) cause LAI Europe and its Subsidiaries not to assume any liabilities or obligations other than those
primarily related to the European Merchant Banking Business; 
  
 (iii) use reasonable efforts to cause the European Merchant Banking Business of LFCM Holdings and its Subsidiaries to be conducted in the ordinary course in all material respects; 
  
 (iv) (A) except for (1) distributions to the equityholders
of any non-wholly owned Subsidiary of LAI Europe and payments of profit shares to investment professionals or officers, (2) distributions or dividends (in each case consisting of either cash or securities received as in-kind distribution from a
Fund) from any Subsidiary of LAI Europe to LAI Europe, (3) distributions or dividends (in each case consisting of either cash or securities received as in-kind distribution from a Fund) representing realized profits, realized income or realized gain
from LAI Europe to LAI Holdings, from LAI Holdings to LFCM Holdings, or from LFCM Holdings to its members or (4) redemptions or repurchases of equity interests or shares of capital stock in LAI Europe or any of its Subsidiaries that are held by
investment professionals or officers whose employment with LAI Europe or any of its Subsidiaries has terminated, not make any distributions or declare, pay or set aside any dividends with respect to, or split, combine, redeem, reclassify, purchase
or otherwise acquire, directly or indirectly, any equity interests or shares of capital stock of, or other equity or voting interest in, LAI Europe or any of its Subsidiaries, or (B) except for issuances of non-voting equity securities to investment
professionals and officers of the general partner, manager or persons acting in a comparable capacity of a Fund managed by LAI Europe or its Subsidiaries in return for capital contributed or services provided by such investment professionals and
officers, not make any other changes in the capital structure of LAI Europe or any of its Subsidiaries; 
  
 (v) except for issuances of non-voting equity securities to investment professionals and officers of the general partner, manager or
persons acting in a comparable capacity of a Fund managed by LAI Europe or its Subsidiaries in return for capital contributed or services provided by such investment professionals and officers, not authorize for issuance, issue, sell, deliver or
agree or commit to issue, sell or deliver (A) any equity interests or capital stock of or other equity or voting interest in, LAI Europe or any 

  

 -18- 

 
of its Subsidiaries or (B) any Equity Rights in respect of any security convertible into, exchangeable for or evidencing the right to subscribe for or
acquire either (1) any equity interests or shares of capital stock of, or other equity or voting interest in, LAI Europe or any of its Subsidiaries or (2) any securities convertible into, exchangeable for, or evidencing the right to subscribe for or
acquire, any shares of the capital stock of, or other equity or voting interest in, LAI Europe or any of its Subsidiaries; 
  
 (vi) not sell, transfer, assign, convey, lease, license, mortgage, pledge or otherwise subject to any Lien any of the material properties
or assets, tangible or intangible, relating to the European Merchant Banking Business (other than any Fund or portfolio company or investment of any Fund) or LAI Europe or any of its Subsidiaries, except in the ordinary course of business;

  
 (vii) cause LAI Europe and its Subsidiaries
not to incur, assume or guarantee (including by way of any agreement to “keep well” or of any similar arrangement) or cancel or waive any claims under any indebtedness or other claims or rights of substantial value or amend or modify the
terms relating to any such indebtedness, claims or rights, except in the ordinary course of business consistent with past practice (which exceptions include, for the avoidance of doubt, ordinary course guarantees of “clawback” obligations
to return some or all of any carried interest distributions); 
  
 (viii) except for investments made that are to be warehoused and subsequently sold to a Fund whose formation has been approved by the Lazard LAI Directors, cause LAI Europe and its Subsidiaries not to acquire any
business or person, by merger or consolidation, purchase of substantial assets or equity interests, or by any other manner, in a single transaction or a series of related transactions, or enter into any contract, letter of intent or similar
arrangement (whether or not enforceable) with respect to the foregoing; 
  
 (ix) other than any agreement, contract or transaction to invest in any Fund for which LAI Europe or its Subsidiaries is the general partner, manager or persons acting in a comparable capacity and other than
transactions in the ordinary course of business with the Capital Markets Business that are on an arm’s length basis, cause LAI Europe and its Subsidiaries not to enter into any agreement, contract or transaction between itself, on the one hand,
and any Affiliate of LFCM Holdings and its Subsidiaries (other than LAI Europe and its Subsidiaries), on the other hand; 
  
 (x) not enter into any agreement for any transaction or series of related transactions, or engage in any transaction or series of related
transactions that, upon the consummation of such transaction or series of related transactions, would result in any Change of Control of LAI Holdings, LAI Europe or any Subsidiary of LAI Europe; 
  
 (xi) cause LAI Holdings to have a board of directors
comprised of five members, at least two of which shall be Lazard LAI Directors, which two Lazard LAI Directors shall not be removed without the prior written consent of Lazard Group; 
  

 -19- 

 (xii) include a provision in the operating agreement of LAI Holdings that would require
approval of both Lazard LAI Directors for any changes to the capital structure of LAI Holdings or its Subsidiaries; 
  
 (xiii) include a provision in the operating agreement of LAI Holdings and its Subsidiaries, as applicable, that would require prior
approval of both Lazard LAI Directors to adopt, amend or modify any governance or economic arrangements (including governance and economic arrangements between LFCM Holdings and its Subsidiaries, on the one hand, and Lazard Group and its
Subsidiaries, on the other hand, and including allocation of carried interest and management fees) for (1) each Fund existing as of the date hereof managed by LFCM Holdings or any of its Subsidiaries and (2) each other Fund set forth on 

Schedule 3.7(b)(xiii) formed after the date hereof that is managed by LFCM Holdings or any of its Subsidiaries, subject, in the case of Funds
existing as of the date hereof and the Funds set forth on Schedule 3.7(b)(xiii), to agreements existing as of the date hereof, including the appointment of investment committees, Bruce Wasserstein’s veto rights as Head of Lazard and
contractual arrangements with Fund managers; 
  
 (xiv) from the date hereof, support, financially or otherwise, the development of the European Merchant Banking Business in accordance with current business plans and methods of operations, including contemplated staffing plans, and provide
LAI Holdings and its Subsidiaries with adequate financial support toward this end, including adequate funding to pay for any losses of the general partner or manager (or comparable person) of such Funds; provided that the funding obligation
shall not exceed the aggregate amounts contemplated in Schedule 3.7(b)(xiv); 
  
 (xv) subject to Section 3.7(b)(xiv), pay all of the financial obligations of LAI Holdings or any of its Subsidiaries to the extent
not paid and perform all of the covenants and obligations of LAI Holdings or any of its Subsidiaries to the extent not performed, including any and all obligations of LAI Holdings and its Subsidiaries to any third party; 
  
 (xvi) require the approval of the board of directors of LFCM
Holdings (in addition to the board of directors of LAI Holdings) to approve any budget of LAI Holdings or any of its Subsidiaries and any material deviations from such budget; 
  

 -20- 

 (xvii) use the amounts provided by Lazard Group to LFCM Holdings set forth on Schedule
3.7(b)(xvii) for the purposes set forth on such Schedule; and 
  
 (xviii) not enter into any agreement with any investor or group of investors in any Fund for which LAI Europe or its Subsidiaries is the general partner, manager or person acting in a comparable capacity that would
require approval or consent of such investor or a group of investors in order for Lazard Group to acquire all of the issued shares in the share capital of LAI Europe pursuant to the European Option. 
  
 (c) Formation of Funds 
  
 (i) None of LAI Holdings nor any of its Subsidiaries shall,
and LFCM Holdings shall cause LAI Holdings and its Subsidiaries not to, form, sponsor or manage any Fund after the date hereof (other than any Fund that LAI Holdings or any of its Subsidiaries sponsors or manages as of the date hereof) unless the
conditions set forth on Schedule 3.7(c)(i) have been met. 
  
 (ii) For purposes of Section 3.7(a) and (b), the phrase “general partner, manager or person acting in a comparable capacity of a Fund” shall, with respect to Corporate Partners II Limited, include Corporate
Partners II Holdings LLC. 
  
 Section 3.8 Lazard Group
Non-Compete. 
  
 (a) Subject to Section 3.8(c), Lazard Group
agrees that, during the period commencing on the date hereof and until the earlier of (1) the expiration of the North American Option or (2) the North America Closing, Lazard Group shall not, and shall cause its Controlled Affiliates not to,
directly or indirectly, conduct, own, manage, have control of, by itself or in combination with other persons (whether as employer, proprietor, owner, shareholder, partner, member, trustee or otherwise), any business that engages in or competes with
any North American Competitive Business. 
  
 (b) Subject to
Section 3.8(c), Lazard Group agrees that, during the period commencing on the date hereof and until the earlier of (1) the expiration of the European Option or (2) the Europe Closing, Lazard Group shall not, and shall cause its Controlled Affiliates
not 

  

 -21- 

 
to, directly or indirectly, conduct, own, manage, have control of, by itself or in combination with other persons (whether as employer, proprietor, owner,
shareholder, partner, member, trustee or otherwise), any business that engages in or competes with any European Competitive Business. 
  
 (c) Notwithstanding the foregoing, but except as set forth in Section 3.9, nothing in this Agreement shall: 
  
 (i) prohibit Lazard Group or any of its Affiliates from
acquiring or holding, as a passive investment, securities of any person listed on a stock exchange or automated quotation system to the extent that such investment does not directly or indirectly confer upon Lazard Group or any of its Affiliates
more than 5% of the voting power with respect to, or interests in the profits of, such person; 
  
 (ii) prohibit Lazard Group or any of its Affiliates from acquiring or holding securities of any person whose principal business is not the
European Competitive Business or the North American Competitive Business; provided, however, that if Lazard Group or any of its Controlled Affiliates shall acquire any person and, but for the exception provided in this 
 Section 3.8(c)(ii), such acquisition would be in violation of Section 3.8(a) or 3.8(b), then Lazard Group shall not form any successor Fund that
engages in or competes with any North American Competitive Business or European Competitive Business, as applicable; 
  
 (iii) limit or otherwise restrict the ability of Lazard Group, any Lazard Group Company or any Controlled Affiliate of Lazard Group to
conduct any financial advisory or asset management services (including with respect to the placement of securities by, or advisory of, any merchant banking or private investment funds or management companies but excluding the management, sponsorship
or formation of alternative investment Funds whose primary objective is to make privately negotiated investments in companies or other entities primarily doing business in North America or Europe, real estate located in North America or Europe or
headquartered in North America with substantial business in North America or in Europe with substantial business in Europe or loans relating to real estate located in North America or Europe), including the activities and services incidental
thereto; or 
  
 (iv) limit or otherwise restrict
the ability of Lazard Group, any Lazard Group Company or any Controlled Affiliate of Lazard Group to invest in or through, or hold investments in or through, any company (other than any Fund) or to invest, as a passive investment, in or through, or
hold investments in or through, any Fund. 
  
 (d) Lazard Group
acknowledges and agrees that the restrictive covenants and other agreements contained in this Section 3.8 are an essential part of this Agreement, the Separation Agreement and the transactions contemplated thereby, and constitute a material
inducement to LFCM Holdings’ entering into and performing its obligations under this Agreement and the Separation Agreement. It is the intention of the parties hereto that if any of the restrictions or covenants contained herein is held to
cover a geographic area or to be for a length of time that is not permitted by applicable law, or is in any way construed to be too broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the
extent such provision would then be valid or enforceable under applicable law, such provision shall be construed and interpreted or reformed to provide for a restriction or covenant having the maximum 

  

 -22- 

 
enforceable geographic area, time period and other provisions as shall be valid and enforceable under applicable law. Lazard Group acknowledges, stipulates
and agrees that a breach or non-compliance of any of its obligations under this Section 3.8 will result in irreparable harm and continuing damage to the LFCM Companies for which there will be no adequate remedy at law, and therefore agree that the
LFCM Companies shall be entitled to specific enforcement of the terms hereof and any other equitable remedy to which the LFCM Companies may be entitled, including injunctive relief. In the event of a breach or threatened breach of this Section 3.8,
each LFCM Company and its successors or assigns may, in addition to other rights and remedies existing in its favor, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or
prevent any violations of, the provisions of this Section 3.8 without posting a bond or other security. 
  
 Section 3.9 Acknowledgement of Existing Obligations. 
  
 (a) Lazard Group hereby acknowledges that it will comply with its obligations with respect to the Funds managed by LAI Holdings or its Subsidiaries
existing as of the date hereof, which obligations are set forth on Schedule 3.9(a). 
  
 (b) Notwithstanding Section 3.8, Lazard Group hereby agrees that it will, and will cause its applicable Subsidiaries, to comply with the covenants under the agreements for the Funds managed by LAI Holdings or its
Subsidiaries, which covenants and agreements and applicable Subsidiaries are set forth on Schedule 3.9(b) and relate to (i) allocation of certain investment opportunities and restrictions on forming funds with the same investment parameters
and (ii) with respect to certain funds targeted to make investments in a specific sector or industry, restrictions on accepting certain assignments relating to the purchase or sale of assets, properties or companies in such sector or industry. To
the extent that any covenant set forth on Schedule 3.9(b) would require an employee or managing director of Lazard Group or any of its Subsidiaries to comply with such covenant, and LAI Holdings or its Subsidiaries shall have informed Lazard
Group of such covenant, Lazard Group shall use commercially reasonable efforts to cause such employees or managing director to comply with such covenants, including by notifying such employee or managing director of such covenant. 
  
 Section 3.10 No Obligation to Provide Capital or Funding. Except as
set forth on Schedule 3.10, the Parties agree that, after the Separation, Lazard Group shall have no obligation to provide capital or other funding or services with respect to any Fund managed by LAI Holdings or any of its Subsidiaries that
is formed after the date hereof, unless otherwise agreed in writing by Lazard Group after the date hereof. 
  
 ARTICLE IV 
  
 LFCM NON-COMPETE 
  
 Section 4.1 LFCM
Non-Compete. 
  
 (a) Subject to Section 4.1(b), LFCM Holdings
agrees that, during the Non-Compete Term, LFCM Holdings shall not, and shall cause its Controlled Affiliates (it being understood that any Fund or investment or portfolio company of a Fund shall not be deemed to be a 

  

 -23- 

 
Controlled Affiliate of LFCM Holdings) not to, directly or indirectly, conduct, own, manage, have control of, by itself or in combination with other persons
(whether as employer, proprietor, owner, shareholder, partner, member, trustee or otherwise), any business that engages in or competes with any Lazard Competitive Business; provided that upon the latest to occur of (i) expiration of the
Alliance Term, (ii) termination of the Alliance Term (other than a termination of the Alliance Term because of a breach by LFCM Holdings of this Agreement), (iii) the expiration or earlier termination of the Capital Markets License (as defined in
the License Agreement) (provided, further, that, so long as the LFCM License (as defined in the License Agreement) is in effect, the foregoing proviso shall be applicable only so long as the LFCM Holdings shall not be using any of the
Licensed Marks (as defined in the License Agreement) under the LFCM License), this non-compete obligation shall not apply to LFCM. 
  
 (b) Notwithstanding the foregoing, nothing in this Agreement shall: 
  
 (i) prohibit LFCM Holdings or any of its Affiliates from acquiring or holding, as a passive investment,
securities of any person listed on a stock exchange or automated quotation system to the extent that such investment does not directly or indirectly confer upon LFCM Holdings or any of its Affiliates more than 5% of the voting power with respect to,
or interests in the profits of, such person; 
  
 (ii) prohibit the formation, sponsorship, investment or management activities of, or investments in, any Fund formed, sponsored or managed by LFCM Holdings or any of its Subsidiaries (or for which LFCM Holdings or any of its Subsidiaries
acts in a similar capacity); 
  
 (iii) prohibit
LFCM Holdings or any of its Affiliates from conducting, owning, managing, having control of, by itself or in combination with other persons (whether as employer, proprietor, owner, shareholder, partner, member, trustee or otherwise), any business
that engages in or competes with any Lazard Competitive Business if: (A) such business was not a Lazard Competitive Business as of the date hereof and (B) LFCM Holdings or its Affiliates shall have conducted, owned, managed, had control of, as
applicable, such business prior to the time at which such business engaged in or competed with any Lazard Competitive Business; and 
  
 (iv) prohibit LCM from engaging, forming, sponsoring or managing one hedge Fund that invests solely in distressed debt securities;
provided that the terms and conditions set forth on Schedule 4.1(b)(iv) are satisfied. 
  
 (c) LFCM Holdings acknowledges and agrees that the restrictive covenants and other agreements contained in this Section 4.1 are an essential part of this
Agreement, the Separation Agreement, the License Agreement and the transactions contemplated thereby, and constitute a material inducement to Lazard Group’s entering into and performing its obligations under this Agreement and the Separation
Agreement. It is the intention of the parties hereto that if any of the restrictions or covenants contained herein is held to cover a geographic area or to be for a length of time that is not permitted by applicable law, or is in any way construed
to be too broad or to any extent invalid, such provision shall not be construed to be null, void and of no effect, but to the extent such provision would then be valid or enforceable under applicable law, such provision shall be construed and
interpreted or reformed to provide for a restriction or covenant having the maximum enforceable geographic area, time period and other provisions as shall be valid and enforceable under applicable law. LFCM Holdings acknowledges, stipulates and
agrees that a breach or non-compliance of any of its obligations under this Section 4.1 will result in irreparable harm and continuing damage to the Lazard Group Companies for which there will be no adequate remedy at law, and therefore agree that
the Lazard Group Companies 

  

 -24- 

 
shall be entitled to specific enforcement of the terms hereof and any other equitable remedy to which the Lazard Group Companies may be entitled, including
injunctive relief. In the event of a breach or threatened breach of this Section 4.1, each Lazard Group Company and its successors or assigns may, in addition to other rights and remedies existing in its favor, apply to any court of competent
jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions of this Section 4.1 without posting a bond or other security. 
  
 ARTICLE V 
  
 GENERAL TERMS AND CONDITIONS 
  

Section 5.1 Complete Agreement. (a) This Agreement and the Exhibits hereto, the Separation Agreement and the Annexes, Exhibits and Schedules
thereto shall constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous negotiations, commitments and writings with respect to such subject matter. 
  
 (b) Each Party represents to the other Party hereto as follows: 

 
 (i) such Party has the requisite company power and
authority and has taken all company action necessary in order to execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby; and 
  
 (ii) this Agreement has been duly executed and delivered by such Party and constitutes a valid and binding
agreement of it enforceable in accordance with the terms hereof (assuming the due execution and delivery hereof by the other Party hereto). 
  
 Section 5.2 Expenses. Except as expressly set forth in this Agreement, all third party fees, costs and expenses paid or incurred in connection with
the transactions contemplated by this Agreement shall be paid by the Party incurring such fees, costs or expenses. 
  
 Section 5.3 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (other than the
laws regarding choice of laws and conflicts of laws that would apply the substantive laws of any other jurisdiction) as to all matters, including matters of validity, construction, effect, performance and remedies. 
  
 Section 5.4 Notices. All notices, consents, waivers and other
communications required or permitted by this Agreement shall be in writing and shall be deemed given to a Party when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b) sent by
facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee, if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to
the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party may designate by notice to the other Party): 
  

 -25- 

 If to Lazard Group: 
  
 Lazard Group LLC 
 [Address] 
 Attention: General Counsel 
 Fax:  
  
 If to LFCM
Holdings: 
  
 LFCM Holdings LLC 
 [Address] 
 Attention: Chief Executive Officer

 Fax: 
  
 Section 5.5 Amendment, Modification or Waiver. This Agreement may be amended, modified, waived or supplemented, in whole or in part, only by a
written agreement signed by all of the Parties. The waiver by such Parties of any breach of this Agreement shall not be construed as a waiver of any subsequent breach. 
  
 Section 5.6 Successors and Assigns; No Third-Party Beneficiaries. (a) This Agreement and all of the provisions hereof
shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns, but neither this Agreement nor any of the rights, interests and obligations hereunder shall be assigned or otherwise transferred, in whole or
in part, by any Party without the prior written consent of each of the Parties. 
  
 (b) This Agreement is solely for the benefit of the Parties and is not intended to confer upon any other persons any rights or remedies hereunder. 
  
 Section 5.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
  
 Section 5.8 Delaware Court. Each of the Parties agrees that all actions or proceedings arising out of or in connection with this Agreement, or for recognition and enforcement of any judgment arising out of or in connection with this
Agreement, shall be tried and determined exclusively in the state or federal courts in the State of Delaware, and each of the Parties hereby irrevocably submits with regard to any such action or proceeding for itself and in respect to its property,
generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise,
in any such action or proceeding: (a) any claim that it is not subject to personal jurisdiction in the aforesaid courts for any reason; (b) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process
commenced in such courts; and (c) that (i) any of the aforesaid courts is an inconvenient or inappropriate forum for such action or proceeding, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement, or the subject matter
hereof, may not be enforced in or by any of the aforesaid courts. 
  

 -26- 

 Section 5.9 Interpretation. The Article and Section headings contained in this Agreement are
solely for the purpose of reference, are not part of the agreement of the Parties and shall not in any way affect the meaning or interpretation of this Agreement. 
  
 Section 5.10 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being
enforced by any applicable rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is
not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the Parties hereto shall negotiate in good faith to modify this Agreement so as
to effect the original intent of the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the extent possible. 
  
 Section 5.11 No Joint Venture. Notwithstanding any provision hereof, this Agreement does not create, and is not
intended to create, a joint venture, partnership or agency relationship between the Parties. For all purposes of this Agreement, each Party shall be and act as an independent contractor and not as partner, joint venturer or agent of the other and
shall not bind nor attempt to bind the other to any contract. Each Party shall be free to manage and control its business as it sees fit, without the management, control or assistance of the other Party, except as otherwise prescribed herein.

  
 Section 5.12 No Individual Authority. Neither Party
shall, without the express, prior written consent of the other Party, take any action for or on behalf of or in the name of the other Party, or assume, undertake or enter into any commitment, debt, duty or obligation binding upon any other Party,
except for actions expressly provided for in this Agreement. 
  
 Section 5.13 Non-Exclusivity. Unless otherwise expressly set forth herein or in any other agreement between the Parties or other members of their respective Groups, the undertakings referenced herein and the relationship between the
Parties, and all aspects thereof are and shall be non-exclusive. Provided that such activities do not otherwise constitute a breach of this Agreement or the Separation Agreement, each Party may develop itself, or purchase or otherwise acquire from
third parties, any products or services, and each Party may engage in any business, even if such business is competitive with the business of the other Party. 
  

Section 5.14 Regulatory Obligations. Nothing in this Agreement shall require either Party or any of its Subsidiaries to violate or breach any
applicable law, including any regulatory obligations binding on such person. 
  
 [Remainder of page left intentionally blank] 
  

 -27- 

 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be executed by its duly authorized
representative. 
  

			
	 LAZARD GROUP LLC

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

	
	 LFCM HOLDINGS LLC

		
	 By:
	 	 
	 	 	 Name:

	 	 	 Title:

  
 [Signature Page
to Business Alliance Agreement]

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