Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 51

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 51
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-based awards with a grant date value of $2,000,000, generally subject to the same

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TABLE OF CONTENTS

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

terms described above in respect of his 2022 special retention awards, except subject to vesting on September 3, 2025. In the event Mr. Orszag terminates his employment without “good reason” or is terminated for “cause” on or prior to September 3, 2025, he is required to repay the special cash retention award paid in 2023. The Prorated Average Bonus is also payable in the event of a termination due to death or disability. None of the NEOs is entitled to an excise tax gross-up payment with respect to Section 280G of the Internal Revenue Code. Instead, each NEO party to a retention agreement as of December 31, 2024 would be subject to a “net better” cutback, whereby change-in-control payments are limited to the threshold amount under Section 280G if it would be more favorable to such NEO on a net after-tax basis than receiving the full payments and paying the excise taxes. These potential reductions are not reflected in the amounts set forth above. Except in the case of a qualifying termination that occurs on or following a change in control of the Company, the severance benefits described above are conditioned upon the applicable NEO timely delivering an irrevocable waiver and release of claims in favor of the Company and its affiliates. Award Agreements – “Double-Trigger” Vesting Beginning in 2013, we adopted “double-trigger” vesting for NEO long-term incentive awards in the event of a change in control. Long-term incentive awards granted to our NEOs in 2013 and later generally will not immediately accelerate vesting upon a change in control, but will instead require both a change in control and another event (such as a qualifying termination) in order to vest. In addition, beginning in 2019, pursuant to the 2018 Plan, we adopted “double-trigger” vesting for such awards granted to all our other employees. Upon a change in control, (i) PIPRs, RSUs, PRPUs, PRSUs, Stock Price PRPUs, and LFIs generally will not accelerate, but will instead require both a change in control and another customary