Company: LAZ
Filing Date: 2025-07-25
Form Type: 10-Q
Source: 0001311370-25-000022
Chunk: 212

Company: Lazard, Inc.
Filing Date: 2025-07-25
Form: 10-Q
Item: Part II, Item 8
Chunk 212
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 period ended June 30, 2025:RSUsPRSUsUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueBalance, January 1, 202516,212,004 $37.07 62,296 $35.44 Granted (including 394,800 RSUs relating to dividend participation)6,522,672 $53.28 – $– Forfeited(610,626)$43.51 – $– PRSUs performance units earned (a)48,342 $21.92 Settled(4,680,290)$34.63 (110,638)$29.53 Balance, June 30, 202517,443,760 $43.56 –_________________________________(a)Represents PRSUs earned during the six month period ended June 30, 2025 under the performance conditions of previously-granted PRSU awards in excess of the target payout levels of such awards.The weighted-average grant date fair value of RSUs granted in the six month period ended June 30, 2024 was $38.70.As of June 30, 2025, the total estimated unrecognized compensation expense related to RSUs was $356,051. The Company expects to expense such amounts over a weighted-average period of approximately 1.8 years subsequent to June 30, 2025. 

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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)

PIPRs PIPRs are equity incentive awards that, subject to certain vesting and other conditions described below, may be exchanged for shares of common stock pursuant to the 2018 Plan. They are a class of membership interests in Lazard Group that are intended to qualify as “profits interests” for U.S. federal income tax purposes and are recorded as noncontrolling interests within stockholders’ equity in the Company’s condensed consolidated statements of financial condition until they are exchanged into common stock, at which time there is a reclassification to additional paid-in-capital. PIPRs, with the exception of Stock Price PIPRs (“SP-PIPRs”), as explained below, generally provide for vesting approximately three years following the grant date, so long as applicable vesting and other conditions have been satisfied. PIPRs are subject to continued employment and other