Company: LAZ
Filing Date: 2025-04-30
Form Type: DEFA14A
Source: 0001140361-25-016471
Chunk: 4

Company: Lazard, Inc.
Filing Date: 2025-04-30
Form: DEFA14A
Chunk 4
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 multiple years. We were directly responsive to the feedback from shareholders, including in our statement on page 30 of the 2025 Proxy Statement that the Compensation Committee has no plans to grant additional Stock Price PRPUs (or other special one-time awards) to named executive officers; and, in any event, does not intend to do so prior to 2030. ISS research notes that it is unclear whether “two other primary points of feedback” around annual incentive determinations and concerns over a high burn rate were sufficiently addressed. Although we discussed these topics with our shareholders, they were not primary areas of shareholder concern. Our discussions with shareholders on our burn rate centered on the calculation method. And as noted on page 14 of the 2025 Proxy Statement, shareholder feedback on our annual incentive approach “reflected an understanding of market practice in the financial services industry ... and the inclusion of qualitative factors on a short-term basis.” Shareholder feedback was focused on more clarity on the decision-making process, which we responded to by expanding our discussion on 2024 individual performance considerations and the relationship between CEO compensation and net revenue. Our shareholders did not focus on changes to our incentive compensation program in our 2024 outreach. However, given our emphasis on pay-for-performance and the concerns raised in the ISS Report, we are committing to incorporate performance-based metrics into our incentive compensation program after conducting a comprehensive review, with the Compensation Committee’s independent compensation consultant, of our program. Part of this review will involve continued shareholder engagement in 2025 to determine how shareholders would like us to implement such changes. The resulting updates to our program will be disclosed in the proxy statement for Lazard’s 2026 Annual Meeting of Shareholders. Based on the above, we request that ISS review its analysis and provide an updated recommendation.

| Sincerely,                                       |
| Compensation Committee of the Board of Directors |
| Andrew M. Alper (Chair)                          
 Michelle Jarrard                                 
 Iris Knobloch                                    
 Dan Schulman                                     |

| Page 3 |

Annex A The chart below shows results for ISS’s Relative Degree of Alignment (RDA) test relative to four different peer groups: (1) the Changed ISS Peer Group, which is used in the ISS Report, (2) the Changed ISS Peer Group excluding Freedom Holding, which, as outlined above, is not an appropriate peer for Lazard, (3) the Original ISS Peer Group, which was used in last year’s ISS report, and (4) the Lazard Peer Group. Lazard