Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 71

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 71
---
 appreciated 25% above the average trailing 30 consecutive day stock price preceding the date of grant (the “Grant Date Stock Price”); •40% if, during the five years following the date of grant, the common stock price has appreciated 50% above the Grant Date Stock Price;•40% if, during the seven years following the date of grant, the common stock price has appreciated 100% above the Grant Date Stock Price.If the service conditions and common stock price milestones, as described above, are not achieved as of the Expiration Date, all SP-PIPRs in such Tranche will be forfeited.

28

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 all PIPRs during the three month period ended March 31, 2025:Ordinary PIPRs (a)P-PIPRsSP-PIPRsUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueBalance, January 1, 20253,331,563 $35.77 963,660 $35.44 2,250,000$15.06 Granted1,444,345 $44.93 – $– –$– Forfeited(212,968)$36.41 – $– –$– Performance units earned (b)747,800 $21.92  Settled(478,646)$32.95 (1,711,460)$29.53 –$– Balance, March 31, 20254,084,294$39.31 –2,250,000$15.06  __________________________(a)Includes PIPR awards with only service-based vesting conditions.(b)Represents P-PIPRs earned during the three month period ended March 31, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards. Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs granted in the three month period ended March 31, 2024 was $38.26. Compensation expense recognized for ordinary PIPRs