Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 68

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 68
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 2025.PRSUs are a type of RSU that is incrementally subject to performance-based and service-based vesting conditions and a market-based condition. The number of shares of common stock that a recipient receives upon vesting of a PRSU is calculated by reference to certain performance-based and market-based metrics that relate to Lazard, Inc.’s performance over a three-year period. The target number of shares of common stock subject to each PRSU is one; however, based on the achievement of both the performance-based and market-based conditions, the number of shares of common stock that may be received will range from zero to 2.4 times the target number. PRSUs vest on a single date approximately three years following the date of the grant, provided the applicable service and performance conditions are satisfied. PRSUs include dividend participation rights that are subject to the same vesting restrictions (including performance conditions) as the 

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

underlying PRSUs to which they relate and are settled in cash at the same rate that dividends are paid on common stock. Compensation expense recognized for PRSU awards is determined by multiplying the number of shares of common stock underlying such awards that, based on the Company’s estimate, are considered probable of vesting, by the grant date fair value.The following is a summary of activity relating to RSUs and PRSUs during the three month period ended March 31, 2025:RSUsPRSUsUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueBalance, January 1, 202516,212,004 $37.07 62,296 $35.44 Granted (including 212,342 RSUs relating to dividend participation)6,198,780 $53.87 – $– Forfeited(469,607)$42.95 – $– PRSUs performance units earned (a)48,342 $21.92 Settled(4,169,262)$34.51 (110,638)$29.53 Balance, March 31, 202517,771,915 $43.37 –__________________________________(a)Represents PRSUs earned during the three month period ended March 31, 2025 under the performance conditions