Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 225

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 225
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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 prior to the three-year service period.In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grant date and is charged to “compensation and benefits” expense in the condensed consolidated statements of operations. Amortization expense for the three month and nine month periods ended September 30, 2025 was $4,360 and $12,132, respectively. The remaining prepaid compensation asset was $22,843 as of September 30, 2025.

14.    EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses-other” for the other components of benefit