Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 129

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 1A
Chunk 129
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 exclude the shares of common stock withheld by the Company to meet the minimum statutory tax withholding requirements as described below. As of March 31, 2025, a total of $164 million of share repurchase authorization remained available under Lazard, Inc.’s share repurchase program, which will expire on December 31, 2026.  

(2)Under the terms of the 2018 Plan, upon the settlement of RSUs and PRSUs, shares of common stock may be withheld by the Company to meet the minimum statutory tax withholding requirements. During the three month period ended March 31, 2025, the Company satisfied such obligations in lieu of issuing 1,805,468 shares of common stock upon the settlement of 4,279,900 of RSUs.

Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Mine Safety Disclosures

Not applicable.

Item 5.     Other Information

New Retention Agreements with Peter R. Orszag, Alexandra Soto and Christian A. Weideman

Effective April 24, 2025, the Company entered into new retention agreements (the “Retention Agreements”) with Mr. Orszag and Ms. Soto (the “Named Executives”) relating to the continuation of employment in their respective roles with Lazard. The Retention Agreements replace Mr. Orszag’s and Ms. Soto’s prior retention agreements with Lazard.

The Retention Agreements do not have fixed terms. The Retention Agreements continue to provide for annual base salaries and eligibility for discretionary annual bonuses. The Retention Agreement for Ms. Soto decreases the cash severance multiple from 2.0 to 1.5. The Retention Agreements also decrease (from two to one) the number of years of additional age and service credit under Lazard’s retiree healthcare benefit plans the Named Executive would receive upon a qualifying termination, and provide 12 months of continued health benefits.

The Named Executives continue to be subject to post-termination restrictive covenants, including perpetual confidentiality and non-disparagement covenants, and the Retention Agreements extend the period of the non-competition and non-solicitation covenants to nine months following termination, while providing for injunctive relief for three months following termination.

The foregoing summary of the Retention Agreements does not purport to be complete and is qualified in its entirety by the full text of each Ret