Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 31

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 31
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 the same marketplace with these companies, among other, larger financial services firms and private companies, including hedge funds and private equity funds, for highly qualified and talented financial service professionals. Though none of these firms serve as comparators for both of Lazard’s businesses, CAP believes this peer group is appropriate in terms of size and represents a reasonable mix of firms in each of Lazard’s businesses. Due to limited standalone public company comparators, the analysis that CAP prepared for the Compensation Committee in 2024 continued to include subsidiary businesses of larger financial services firms that are similar to Lazard in terms of complexity to provide a more complete picture of the competitive market for our NEOs. The Compensation Committee also reviewed data, including compensation expense and revenue changes, with respect to certain other companies with which we compete for financial service professionals, but that substantially exceed our market capitalization; however, this review was for informational purposes only and these companies served only as reference points to provide a broader perspective on competitive pay levels and practices. CAP’s analysis compared the total direct compensation for our NEOs, which was calculated with respect to 2024 base salary and annual cash incentive bonuses, PIPRs and RSUs, to the total direct compensation for the appropriate NEOs in the peer group described above, or an appropriate subset of that peer group, calculated based on compensation levels for 2023 (as reported in 2024). CAP constructed a compensation reference range for each individual NEO based on the peer group data (or subset thereof). Although the Compensation Committee considered the level of compensation paid by the firms in the peer group in connection with its compensation decisions, the Committee did not target compensation at a particular level relative to the peer group (or relevant subset thereof). This information was only one of several data points that the Committee considered. See “Awarded Compensation Table” below for a table describing the compensation paid to each of our NEOs for 2024, presented in the manner that it was considered by the Compensation Committee (which was similar to the methodology used by CAP in calculating total direct compensation paid by the firms in the comparator group). 2024 Compensation for Each of Our NEOs—Compensation Decisions 2024 Base Salaries . During 2024, we had retention agreements with each of our NEOs that establish their respective minimum annual base salaries, as described further below in “Compensation of Executive Officers—Grants of Plan Based Awards—Individual Agreements with Our NEOs” below. The base salaries for our NEOs were negotiated and were meant to