Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 215

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 215
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Performance units earned (b)747,800 $21.92  Settled(478,646)$32.95 (1,711,460)$29.53 –$– Balance, June 30, 20254,084,294$39.31 –2,250,000$15.06  __________________________(a)Includes PIPR awards with only service-based vesting conditions.(b)Represents P-PIPRs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted P-PIPR awards in excess of the target payout levels of such awards. Fair values shown above represent the weighted average as of grant date. The weighted-average grant date fair value of ordinary PIPRs granted in the six month period ended June 30, 2024 was $38.26. Compensation expense recognized for ordinary PIPRs and P-PIPRs is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value. Compensation expense recognized for SP-PIPRs is determined by multiplying the number of shares of common stock underlying such awards by the grant date fair value. As of June 30, 2025, the total estimated unrecognized compensation expense of all profits interest participation rights was $77,378 and the Company expects to expense such amount over a weighted-average period of approximately 2.3 years subsequent to June 30, 2025.LFI and Other Similar Deferred Compensation ArrangementsIn connection with LFI and other similar deferred compensation arrangements, granted to eligible employees, which generally require future service as a condition for vesting, the Company records a prepaid compensation asset and a corresponding compensation liability on the grant date based upon the fair value of the award. The prepaid asset is amortized on a straight-line basis over the applicable requisite service periods (which are generally similar to the comparable periods for RSUs) and is charged to “compensation and benefits” expense within the Company’s condensed consolidated statements of operations. LFI and similar deferred compensation arrangements that do not require future service are expensed immediately. The related compensation liability is accounted for at fair value as a derivative liability, which contemplates the impact of estimated forfeitures, and is adjusted for changes in fair value primarily related to changes in value of the underlying investments.

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LAZARD, INC.NOTES TO CONDENSED CONSOLID