Company: LAZ
Filing Date: 2025-04-30
Form Type: DEFA14A
Source: 0001140361-25-016471
Chunk: 0

Company: Lazard, Inc.
Filing Date: 2025-04-30
Form: DEFA14A
Chunk 0
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant ☒ Filed by a Party other than the Registrant ☐ Check the appropriate box:

| ☐ | Preliminary Proxy Statement |

| ☐ | Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) |

| ☐ | Definitive Proxy Statement |

| ☒ | Definitive Additional Materials |

| ☐ | Soliciting Material under §240.14a-12 |

Lazard, Inc. (Name of Registrant as Specified in Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box):

| ☒ | No fee required. |

| ☐ | Fee paid previously with preliminary materials. |

| ☐ | Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. |

Institutional Shareholder Services 702 King Farm Boulevard, Suite 400 Rockville, MD 20850 Re: Lazard, Inc. – Inconsistencies in ISS Report on Say-on-Pay Proposal We write to express our strong concern regarding your research regarding our say-on-pay proposal in your proxy report (“ISS Report”). This letter follows the Company’s letter of April 24, 2025 expressing our initial concerns about your analysis and the subsequent meeting. We will also file this letter with the SEC in order to make it widely available to our shareholders. We were surprised by your recommendation given the Company’s strong financial performance in 2024 (which was reflected in our TSR of 55%), reasonable compensation levels (CEO awarded compensation was in the 86th percentile, which is less than the peer median in the ISS Report), and acknowledged responsiveness to shareholders’ primary identified concern of repeated use of special Stock Price PRPU awards over multiple years (noting no such intent). Notably, there are two specific methodological errors that if corrected results in a “low” concern in ISS’s quantitative analysis. Therefore, the current ISS Report merits a revised analysis and recommendation on our say-on-pay proposal for the following reasons: Summary ISS research relies on a new and unprecedented peer group. By ISS’s own