Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 85

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 85
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 basis over the applicable requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.

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LAZARD, INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)(UNAUDITED)(dollars in thousands, except for per share data, unless otherwise noted)

The following is a summary of activity relating to LFI and other similar deferred compensation arrangements during the nine month period ended September 30, 2025:PrepaidCompensationAssetCompensationLiabilityBalance, January 1, 2025$52,055 $270,847 Granted40,478 40,478 Settled– (148,727)Amortization and the impact of forfeitures(53,441)(2,247)Change in fair value of underlying investments– 20,575 Other(40)4,218 Balance, September 30, 2025$39,052 $185,144 The amortization of the prepaid compensation asset will generally be recognized over a weighted average period of approximately 1.5 years subsequent to September 30, 2025.The following is a summary of the impact of LFI and other similar deferred compensation arrangements on “compensation and benefits” expense within the accompanying condensed consolidated statements of operations for the three month and nine month periods ended September 30, 2025 and 2024:Three Months EndedSeptember 30,Nine Months EndedSeptember 30,2025202420252024Amortization and the impact of forfeitures$15,797 $22,997 $51,194 $81,102 Change in the fair value of underlying investments4,823 16,732 20,575 24,904 Total$20,620 $39,729 $71,769 $106,006 Cash Retention AwardsDuring the year ended December 31, 2024, the Company granted and paid cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or