Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 49

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 49
---
 upon a termination by the Company other than for cause or a resignation for good reason solely due to a failure by the Company following the expiration of the applicable retention agreement to continue, to employ the executive pursuant to an agreement having terms and conditions that are reasonable at the time of such expiration (unless rejected by the executive). |

Individual Agreements The retention agreements and their respective amendments, as applicable, with each of our current NEOs in effect as of December 31, 2024 provide for certain severance benefits in the event of a qualifying termination prior to the expiration of the applicable individual agreement. In the event of a qualifying termination of an NEO on December 31, 2024 (other than Mr. Jacobs, whose entitlements under the Jacobs Letter Agreement are described further below under “—Letter Agreement with Mr. Jacobs”), the executive generally would have been entitled to receive in a lump sum: (1) any unpaid base salary accrued through the date of termination; (2) any earned but unpaid bonuses for years completed prior to the date of termination; (3) a prorated portion of the average annual bonus (or, to the extent applicable, cash distributions, and including any bonuses paid in the form of equity awards (including LFI awards), or special retention awards, in the case of Mr. Orszag, based on the grant date value of such equity or cash awards in accordance with our normal valuation methodology) paid or payable to the executive for the Company’s two completed fiscal years immediately preceding the fiscal year in which the termination occurs (the “Prorated Average Bonus”); and (4) a severance payment in an amount equal to two times the sum of such NEO’s base salary and average annual bonus (not prorated) described in clause (3), except that (y) Ms. Soto would receive the sum of twenty two and one half months of base salary and two times her average annual bonus (not prorated) described in clause (3) in lieu of the amounts under clause (4) and (z) if Messrs. Orszag or Russo or Mses. Betsch or Soto terminates his or her employment for “good reason” because his or her agreement is not renewed, the amount described in clause (4) will be reduced to one times or, in the case of Ms. Soto, reduced to the sum of ten and one half months of base salary and one times her average annual bonus. Upon a qualifying termination, each NEO (other than Ms