Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 84

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 84
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edAverageGrant 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, September 30, 20254,084,294$39.31 –2,250,000$16.12  __________________________(a)Includes PIPR awards with only service-based vesting conditions.(b)Represents P-PIPRs earned during the nine month period ended September 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.(c)The change in the weighted average grant date fair value of SP-PIPRs as of September 30, 2025 reflects a modification of certain 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 nine month period ended September 30, 2024 was $38.26. Compensation expense recognized for ordinary PIPRs and P-PIPRs is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Compensation expense recognized for SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of September 30, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $58,173 and the Company expects to expense such amount over a weighted-average period of approximately 1.8 years subsequent to September 30, 2025.LFI and Other Similar Deferred Compensation ArrangementsIn connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line