Company: LAZ
Filing Date: 2025-10-27
Form Type: 10-Q
Source: 0001311370-25-000052
Chunk: 81

Company: Lazard, Inc.
Filing Date: 2025-10-27
Form: 10-Q
Item: Part I, Item 1
Chunk 81
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 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 nine month period ended September 30, 2025:RSUsPRSUsUnitsWeightedAverageGrant DateFair ValueUnitsWeightedAverageGrant DateFair ValueBalance, January 1, 202516,212,004 $37.07 62,296 $35.44 Granted (including 550,976 RSUs relating to dividend participation)6,933,955 $53.01 – $– Forfeited(651,750)$43.37 – $– PRSUs performance units earned (a)48,342 $21.92 Settled(5,426,230)$35.69 (110,638)$29.53 Balance, September 30, 202517,067,979 $43.74 –_________________________________(a)Represents PRSUs earned during the nine month period ended September 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 nine month period ended September 30, 2024 was $38.75.As of September 30, 2025, the total estimated unrecognized compensation expense related to RSUs was $293,039. The Company expects to expense such amounts over a weighted-average period of approximately 1.8 years subsequent to September 30, 2025. 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