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

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 25
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 continue to execute on our growth strategy. Changes in our CEO’s awarded compensation from year to year align with changes in our adjusted net revenue, demonstrating that our compensation outcomes are linked to company performance. As used in the following chart, total core compensation refers to the base salary and incentive compensation awarded to the CEO for their performance in the applicable year.

| * | Adjusted net revenue is a non-GAAP measure. For a description of how to calculate adjusted net revenue and a reconciliation between adjusted net revenue and the comparable GAAP financial measure, see Annex A to this Proxy Statement: Calculation of Non-GAAP Measures. |

| • | Performance-based compensation represented approximately 94% of 2024 total compensation (comprising salary, annual cash incentive bonuses and long-term equity-based incentive awards) for our CEO, Mr. Orszag, and an average of approximately 90% of 2024 total compensation for our other NEOs. |

| • | In 2024, approximately 75% or more of the incentive-based compensation for our NEOs was in equity-based awards in the form of profits interest participation rights (“PIPRs”) (or, in the case of Ms. Soto, RSUs), creating direct alignment between our NEOs’ compensation and the performance of our Company and supporting retention through multi-year service requirements. We delivered the remainder of performance-based incentive compensation awarded in 2024 in the form of annual cash incentive bonuses. |

2024 Shareholder Feedback We continue to solicit feedback from shareholders and other parties to keep informed of current and evolving viewpoints. In response to such feedback, our Compensation Committee has continued to assess and enhance our compensation programs as discussed under “Shareholder Feedback on Executive Compensation.”

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TABLE OF CONTENTS

| Proxy   
 Summary |     | Governance |     | Executive    
 Compensation |     | Audit   
 Matters |     | Shareholder 
 Proposals   |     | General     
 Information |

Our Compensation Philosophy and Objectives We Align Compensation with Long-Term Shareholder Interests

| • | We grant a substantial portion of compensation in the form of at-risk, forward-looking, long-term incentive awards, including those subject to performance-based vesting criteria and multi-year vesting periods, thereby helping to retain our executives and giving shareholders the stability of highly productive, experienced management who help to advance our strong firm culture. |

| • | The value of equity-based awards fluctuates based on our ability to achieve growth and deliver operating performance that produces value for our shareholders. |

We Pay for Performance