Company: LAZ
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010240
Chunk: 28

Company: Lazard, Inc.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 28
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 Stock Price PRPUs are designed to incentivize the Company’s key executives to drive long-term growth consistent with the Lazard 2030 Strategic Plan. As described below, the Stock Price PRPUs include rigorous stock price hurdles and multi-year continued service periods extending to 2030 that both must be achieved for the awards to vest. If either requirement is not satisfied – i.e.,if the stock price does not appreciate sufficiently or if the executive departs the firm before the applicable grant date anniversary – the awards will be forfeited. We believe that the design of these awards directly aligns the interests of the Company’s top executives with the Lazard 2030 Strategic Plan and the interests of our shareholders. The Compensation Committee has no plans to grant additional Stock Price PRPUs (or other special one-time awards) to NEOs; but, in any event, does not intend to do so prior to 2030. As background, in 2023, the Compensation Committee met several times to evaluate various alternative long-term incentive compensation programs. The Compensation Committee assessed the historical PRPU program in detail. Under that program, which applied to awards granted in early 2022 and 2021, the number of shares of common stock that our NEOs receive upon vesting of a PRPU is calculated by reference to certain performance-based and market-based metrics that relate to our performance over a three-year period. While the PRPU program was effective in motivating the achievement of specific financial performance objectives, the Compensation Committee decided to simplify the long-term incentive compensation program and focus on stock price growth while also maintaining appropriate incentives to ensure the executive’s retention and continued dedication to the Company consistent with the Lazard 2030 Strategic Plan. As such, in mid-2023, the Compensation Committee approved the Stock Price PRPUs, one-time special awards of Stock PRPUs for Messrs. Orszag and Russo that vest upon achievement of certain stock price milestones. Vesting is also subject to the executive’s continued service with the Company through the applicable anniversary of the grant date, thereby incentivizing the executive’s long-term performance and retention with the Company during the time horizon of the Lazard 2030 Strategic Plan.

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TABLE OF CONTENTS

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

The Stock Price PRPUs vest in three tranches based on both the executive’s continued service through