Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 27

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 27
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 our NEOs with our shareholders by motivating long-term performance and retention |     | •Delivered through a combination of annual cash bonuses and equity-based incentive awards                                                                                      
 •Annual cash incentive bonuses represent a minority of each NEO’s incentive compensation, approximately 28% for our CEO and an average of approximately 25% for our other NEOs 
 •Equity-based incentive awards are delivered in the form of either PIPRs or RSUs, which are earned based on continued service over a three-year vesting period                 |

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TABLE OF CONTENTS

| Proxy   
 Summary |     | Governance |     | Executive    
 Compensation |     | Audit   
 Matters |     | Shareholder 
 Proposals   |     | General     
 Information |

Compensation Program Design—Base Salary Base salaries are intended to reflect the experience, skill, and knowledge of our NEOs in their particular roles and responsibilities. Compensation Program Design—Performance-Based Incentive Compensation All compensation opportunity is based on a rigorous assessment of a combination of Company, business segment (in the case of the CEO of Asset Management), and individual performance. Performance-based awards are tailored to appropriately incentivize our NEOs and to account for the highly competitive market for executive talent. Incentives are delivered in a mix of cash and long-term incentives delivered in the form of equity awards that are subject to multi-year service vesting, which enhances the ongoing alignment between our NEOs and shareholders, supports retention of our NEOs, and aligns with competitive market practice in our industry. Annual Cash Incentive Bonuses Year-end annual cash incentive bonuses are paid in a lump sum shortly following the applicable year. Long-term Equity-based Incentive Awards Long-term incentives consist of PIPRs or RSUs. PIPRs are equity incentive awards that, subject to certain conditions, may be exchanged for shares of our common stock to the extent that both (i) the service-based vesting conditions and (ii) the Minimum Value Condition, which requires certain economic appreciation in the assets of Lazard Group to satisfy partnership tax rules before the fifth anniversary of the grant date, is achieved. If both conditions are not satisfied, the PIPRs will be forfeited. In early 2025 and 2024, our NEOs received long-term incentive compensation awards in respect of 2024 and 2023 compensation, respectively, in the form of PIPRs or RSUs. Stock Price PRPUs—Retention through 2030 and Alignment with the Lazard 2030 Strategic Plan The