Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 214

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 214
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 all P-PIPRs will be forfeited.SP-PIPRs are eligible to vest in three tranches (each, a “Tranche”) based on the achievement of service conditions and Tranche-specific common stock price milestones measured as of a specified anniversary of the date of grant, as described below. Their aggregate fair value at the grant date, which based on the estimated probability of achieving the common stock price milestones was approximately $33,900, is expensed over the requisite service periods.Each Tranche, as described below, is subject to the executive’s continued employment through the applicable anniversary of the date of grant and requires that the applicable common stock price milestone is sustained for any 30 consecutive day period prior to the anniversary of the date of grant of the applicable Tranche (the “Expiration Date”).

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

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 six month period ended June 30, 2025:Ordinary PIPRs (a)P-PIPRsSP-PIPRsUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant 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 – $– –$–