Amended and Restated Letter Agreement
Category: 270 Legal Recent Posts, Employment Agreements
Dear Vernon:
This letter sets forth the terms of your continued association with Lazard:
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3. Compensation. For each calendar year during which you act as a Managing Director you shall receive a salary at the rate of $500,000 per annum, paid in accordance with Lazard’s normal practices. You shall receive a guaranteed minimum amount of total compensation of $4,000,000 for calendar year 2004, and of $3,000,000 for each of calendar years 2005 and 2006, whether or not the Firm makes a profit. All guaranteed amounts shall be inclusive of salary.
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