SEC Contract Filing

Filing Date: 2019-04-03

Document Content:
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<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>d642761dex105.htm
<DESCRIPTION>EX-10.5
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<TITLE>EX-10.5</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.5 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">EXECUTION COPY </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AMENDED AND
RESTATED </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">AGREEMENT RELATING TO RETENTION AND </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">NONCOMPETITION AND OTHER COVENANTS </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AMENDED AND RESTATED AGREEMENT, dated as of March&nbsp;29, 2019 (this &#147;<U>Agreement</U>&#148;), by and among Lazard Ltd, a company
incorporated under the laws of Bermuda (&#147;<U>Lazard</U>&#148;), Lazard Group LLC, a Delaware limited liability company (&#147;<U>Lazard Group</U>&#148;), on its behalf and on behalf of its subsidiaries and affiliates (collectively with Lazard
and Lazard Group, and its and their predecessors and successors, the &#147;<U>Firm</U>&#148;), and Alexander F. Stern (the &#147;<U>Executive</U>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Executive previously entered into an Amended and Restated Agreement Relating to Retention and Noncompetition and Other Covenants
with Lazard and Lazard Group, dated as of March&nbsp;9, 2016 (such agreement, together with all attachments thereto, the &#147;<U>Prior Retention Agreement</U>&#148;); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, each of the parties hereto desires to amend and restate the Prior Retention Agreement, effective as of the date hereof, in order to
(a)&nbsp;extend the term of the Prior Retention Agreement and (b)&nbsp;implement certain other changes to the Prior Retention Agreement, as set forth herein; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, as of the date hereof, the Executive is the Chief Operating Officer of Lazard and Lazard Group and the Chief Executive Officer of
Financial Advisory of Lazard Group. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in consideration of the premises contained herein and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the Executive, Lazard and Lazard Group hereby agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term</U>. Subject to Section&nbsp;10(c) and to Section&nbsp;16(b), the &#147;<U>Term</U>&#148; of this Agreement shall commence as of the
date hereof and, except as set forth in the remainder of this Section&nbsp;1, shall continue indefinitely until terminated in accordance with this Section&nbsp;1. Notwithstanding the foregoing, certain provisions of this Agreement will expire upon
March&nbsp;31, 2022, subject to earlier termination in accordance with this Agreement (the date of termination of such terms, the &#147;<U>Specified Expiration Date</U>&#148;); <U>provided</U> that, upon a Change in Control (as defined in
Lazard&#146;s&nbsp;2018 Incentive Compensation Plan, as it may be amended from time to time, or any successor plan thereto (the &#147;<U>Plan</U>&#148;)), the Specified Expiration Date shall automatically be extended so that it occurs not less than
two years from the effective date of such Change in Control. Any party to this Agreement may terminate the Term (and the Executive&#146;s employment) upon three months&#146; prior written notice to the other party; <U>provided</U>, <U>however</U>,
that such notice (or pay in lieu of notice) shall not be required in the event of the termination of the Executive&#146;s employment by reason of the Executive&#146;s death or &#147;disability&#148; (within the meaning of the long-term disability
plan of the Firm applicable to the Executive) (&#147;<U>Disability</U>&#148;) or by the Firm for Cause (as defined in Section&nbsp;3(e) below), may be waived by the Firm in the event of receipt of notice of a termination by the Executive or may, if
the Firm wishes to terminate the Term with immediate effect, be satisfied by providing the Executive with his base salary during such three-month period in lieu of such notice; <U>provided</U> <U>further</U> that such notice requirements shall not
apply in the event the Executive terminates his employment for any of the circumstances described in clauses (i)-(ii) of the definition of Good Reason provided in Section&nbsp;3(e) below. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>[Reserved]</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Continued Employment</U>. (a)<U>&nbsp;Employment</U>. The Executive hereby agrees to continue in the employ of the Firm, subject to the
terms and conditions of this Agreement. References in this Agreement to &#147;continued employment&#148; shall not include providing services as a Special Advisor to the Firm pursuant to Section&nbsp;3(d)(ii)(C). </P>
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