Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 223

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part II, Item 8
Chunk 223
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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.

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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)

The following is a summary of activity relating to all PIPRs during the nine month period ended September 30, 2025:Ordinary PIPRs (a)P-PIPRsSP-PIPRs (c)UnitsWeightedAverageGrant 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 – $– –$– Performance units earned (b)747,800 $21.92 Settled(478,646)$32.95 (1,711,460)$29.53 –$– Balance, September 30, 20254,084,294$39.31 –2,250,000$16.12  __________________________(a)Includes PIPR awards with only service-based vesting conditions.(b)Represents P-PIPRs earned during the nine month period ended September 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards.(