Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 55

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 55
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 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”).SP-PIPRs vest:•20% if, during the three years following the date of grant, the common stock price has 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.The following is a summary of activity relating to all PIPRs during the year ended December 31, 2024: Ordinary PIPRs (a)P-PIPRsSP-PIPRs UnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueBalance, January 1, 20242,640,769$36.19 1,958,829$41.12 2,250,000$15.06 Granted1,368,964$38.26 –$– –$– Forfeited(76,737)$36.13 –$– –$– Settled(601,433)$43.23 (995,169)$46.63 –$– Balance, December 31, 20243,331,563$35.77 963,660$35.44 2,250,000$15.06 _____________________(a)Includes PIPR awards with only service-based vesting conditions. 

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LAZARD, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(dollars in thousands, except for per share data, unless otherwise noted)

Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs and SP-PIPRs granted in 2023 was $34.50 and $15.06, respectively. The weighted-average grant date fair value of ordinary PIPRs and P-PIPRs granted in 202