Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 63

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 63
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 structure of the Company and various assumptions regarding potential future operating profitability. The assumptions reflected in the estimate involve significant judgment and if our structure or actual income are different than our assumptions, we could be required to accelerate payments under the Amended and Restated Tax Receivable Agreement. As such, the actual amount and timing of payments under the Amended and Restated Tax Receivable Agreement could differ materially from our estimates. The Company made one payment of approximately $31 million under the Amended and Restated Tax Receivable Agreement in 2024. The Company currently does not expect that a payment will be made under the Amended and Restated Tax Receivable Agreement in 2025.

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TABLE OF CONTENTS

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Certain Relationships with Our Directors, Executive Officers, Principal Shareholders, and Employees During 2024 and 2023, certain of our executive officers received shares of our common stock in connection with the vesting or settlement of previously granted deferred equity incentive awards. The vesting or settlement, as applicable, of such equity awards gave rise to a tax payable by the executive officers, and, consistent with our past practice, the Company purchased shares of our common stock from certain of our executive officers equal in value to all or a portion of the estimated amount of such tax. In 2024, such purchases, together with any incremental sales to the Company, totaled 117,500, 160,000 and 75,000 shares of common stock from Peter R. Orszag, Kenneth M. Jacobs and Evan L. Russo, respectively. Each such transaction, including its terms, was reported in a Form 4 filing with the SEC. The Vanguard Group beneficially owns more than 5% of our common stock. The Company and its affiliates engage in asset management or other transactions or arrangements with, and provide ordinary course financial services to, entities and funds within The Vanguard Group and its affiliates or their respective clients, including by acting as a sub-advisor to certain funds managed by The Vanguard Group. These transactions and arrangements are negotiated on an arm’s-length basis, contain customary terms and conditions, and are unrelated to the ownership of our common stock by The Vanguard Group or its related funds and entities. In 2024, the Company received $30,532,910 for services provided to The Vanguard Group or its related funds and entities. F