Merchandise 5.02 Departure of Administrators or Sure Officers; Election of Administrators;
Appointment of Sure Officers; Compensatory Preparations of Sure Officers.

Appointment of Peter R. Orszag to Chief Government Officer; Kenneth M. Jacobs
Appointed Government Chairman of the Board of Administrators

On Could 26, 2023, Lazard Ltd (the “Firm”) introduced that the Firm’s Board
of Administrators appointed Mr. Peter R. Orszag, 54, at the moment Chief Government
Officer of the Monetary Advisory enterprise of the Firm and Lazard Group LLC
(“Lazard Group” and, collectively with the Firm and its and their
subsidiaries, associates, predecessors and successors, the “Agency”), (i) to
succeed Mr. Kenneth M. Jacobs as Chief Government Officer of the Firm and
Lazard Group and (ii) to function a member of the Board of Administrators of the
Firm with an preliminary time period expiring on the Firm’s Annual Common Assembly of
Shareholders in 2026 (the “Appointments”), with such Appointments, in every case,
to be efficient as of October 1, 2023 (the “Transition Date”).

Mr. Jacobs will stop to function Chief Government Officer of the Firm and
Lazard Group as of the Transition Date and has been appointed Government Chairman
of the Board of Administrators of the Firm, efficient as of the Transition Date.

Mr. Orszag turned Chief Government Officer of the Agency’s Monetary Advisory
enterprise in June 2019. Previous to such time, he was the Agency’s Head of North
American Mergers & Acquisitions since July 2018 and International Co-Head of Healthcare
since November 2016. Mr. Orszag joined the Agency in Could 2016 as a Vice Chairman
of Funding Banking from Citigroup, the place he was Vice Chairman of Company
and Funding Banking and Chairman of the Monetary Technique and Options
Group from January 2011 to February 2016. Mr. Orszag served because the Director of
the Workplace of Administration and Price range within the Obama Administration from January
2009 to July 2010, and was the Director of the Congressional Price range Workplace from
January 2007 to December 2008. Mr. Orszag is a member of the Board of Administrators
of the Peterson Institute for Worldwide Economics, the Mt. Sinai Medical
Heart and New Visions for Public Faculties in New York, and is a member of the
Nationwide Academy of Medication.

Mr. Orszag has no household relationship with any director or government officer of
the Agency, and he has no direct or oblique materials curiosity in any transaction
required to be disclosed pursuant to Merchandise 404(a) of Regulation S-Okay.

Modification to Retention Agreements with Messrs. Jacobs, Orszag and Russo

In reference to Mr. Jacobs ceasing to function Chief Government Officer of the
Firm and Lazard Group and Mr. Orszag’s Appointments, on Could 25, 2023, the
Firm and Lazard Group entered into an modification (collectively, the
“Amendments”) to the Amended and Restated Agreements Referring to Retention and
Noncompetition and Different Covenants, dated as of March 31, 2022, with every of
Messrs. Jacobs, Orszag and Russo (collectively, the “Agreements”). The fabric
phrases and situations of the Amendments are considerably the identical because the phrases
and situations of every respective Settlement, apart from the appointments and
place modifications described above and as set forth beneath.

The Amendments for every of Messrs. Orszag and Russo have a time period that expires on
March 31, 2028 or, if later, the second anniversary of a change answerable for
the Firm. Efficient as of the Transition Date, Mr. Orszag can be eligible
to obtain a base wage at an annual price of $900,000 and Mr. Jacobs can be
eligible to obtain a base wage at an annual price of $750,000.

The previous abstract of the Amendments is certified in its entirety by
reference to the Amendments hooked up as Exhibit 10.1, Exhibit 10.2 and Exhibit
10.3, respectively, as if such agreements have been absolutely set forth herein.

Merchandise 7.01 Regulation FD Disclosure.

A replica of the Firm’s press launch asserting the management modifications
described below Merchandise 5.02 above is furnished as Exhibit 99.1 to this Present
Report on Kind 8-Okay and is integrated herein by reference.

The data on this Present Report on Kind 8-Okay below Merchandise 7.01 and Exhibit
99.1 hooked up hereto shall not be deemed “filed” for functions of Part 18 of
the Securities Trade Act of 1934, as amended (the “Trade Act”), or
in any other case topic to the liabilities of that part, nor shall it’s deemed
integrated by reference in any submitting below the Securities Act of 1933, as
amended, or the Trade Act, besides as expressly set forth by particular
referencing in such submitting.

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Merchandise 9.01 Monetary Statements and Reveals.

(d) Reveals. The next reveals are filed or furnished as a part of this
Report on Kind 8-Okay:

Exhibit No.   Description

  10.1          Modification to Amended and Restated Settlement Referring to Retention and
              Noncompetition and Different Covenants, dated as of Could 25, 2023, by and
              among the many Registrant, Lazard Group LLC and Kenneth M. Jacobs
  10.2          Modification to Amended and Restated Settlement Referring to Retention and
              Noncompetition and Different Covenants, dated as of Could 25, 2023, by and
              among the many Registrant, Lazard Group LLC and Peter R. Orszag
  10.3          Modification to Amended and Restated Settlement Referring to Retention and
              Noncompetition and Different Covenants, dated as of Could 25, 2023, by and
              among the many Registrant, Lazard Group LLC and Evan L. Russo
  99.1          Press Launch issued on Could 26, 2023
104           Cowl Web page Interactive Information File (embedded inside the Inline XBRL
              doc)

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