Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 213

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 213
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 The Company may experience significant variation in its revenue and earnings on an annual basis. Accordingly, the results of any pending matter or matters could be significant when compared to the Company’s earnings in any 

104

LAZARD, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)(dollars in thousands, except for per share data, unless otherwise noted)

particular year. The Company believes, however, based on currently available information, that the results of any pending matters, in the aggregate, will not have a material effect on its business or financial condition.

15.    STOCKHOLDERS’ EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS

Share Repurchase Program—The Board of Directors of Lazard authorized the repurchase of Lazard, Inc. common stock (“common stock”) as set forth in the table below as of December 31, 2024.DateRepurchaseAuthorizationExpirationFebruary 2022$300,000 December 31, 2024July 2022$500,000 December 31, 2024July 2024$200,000 December 31, 2026The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under Lazard’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”). Pursuant to the share repurchase program, purchases have been made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors. Purchases with respect to such program are set forth in the table below:Year Ended December 31:Number ofSharesPurchasedAveragePrice PerShare202219,666,798$35.17 20232,782,662$36.67 20241,409,988$42.20 There were 22,467,315 and 25,340,287 shares of our common stock held by our subsidiaries at December 31, 2024 and 2023, respectively. Such shares of common stock are reported, at cost, as “Common stock held by subsidiaries” on the accompanying consolidated statements of financial condition.During 2024, 2023 and 2022, certain of our executive officers received common stock in connection with the vesting or settlement of previously-granted deferred equity incentive awards. The vest