Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 24

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 24
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)                              |     |    55% |     |      7% |
| Total Shareholder Return (3-Year CAGR)(4)                         |     |    12% |     |    (1)% |

| (1) | Adjusted net revenue, adjusted compensation and benefits expense, adjusted compensation ratio, adjusted non-compensation expense, adjusted non-compensation ratio and adjusted operating income are non-GAAP measures. For a description of how to calculate each non-GAAP measure and a reconciliation between each non-GAAP measure and the respective comparable GAAP financial measure, see Annex A to this Proxy Statement: Calculation of Non-GAAP Measures. |

| (2) | Adjusted operating margin is a non-GAAP measure and is defined as adjusted operating income divided by adjusted net revenue. |

| (3) | We calculate our return of capital during 2024 by reference to the following: (i) we paid $179 million to our shareholders in dividends; (ii) we repurchased $60 million of our common stock; and (iii) we satisfied employee tax obligations of $64 million in cash in lieu of share issuance upon vesting of equity grants. We use the same methodology to calculate our return of capital during applicable prior years. |

| (4) | We calculate Total Shareholder Return (“TSR”) for this purpose by measuring the closing price of our common stock as of December 31 of the final year of the measurement period against the closing price of our common stock as of December 31 of the year preceding the measurement period, plus the amount of dividends paid on our common stock during the measurement period (assuming the reinvestment of such dividends when they are paid). |

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TABLE OF CONTENTS

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

Selected 2024 Compensation Program Highlights This section generally focuses on compensation awarded with respect to 2024 performance, which includes equity-based incentive awards granted in March 2025 and year-end annual cash incentive bonuses paid in February 2025. Compensation decisions for our NEOs in 2024 reflect our continued commitment to prudent compensation practices throughout our organization and recognize the strong leadership of our NEOs in taking action to position the Company to achieve its Lazard 2030 goals. The Compensation Committee also aimed to make compensation decisions that would create direct alignment between our key leaders and our shareholders and would retain those leaders to