Company: LAZ
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001628280-25-007441
Chunk: 223

Company: Lazard, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 223
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 “compensation and benefits” expense within the accompanying consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022:Year Ended December 31, 202420232022Amortization and the impact of forfeitures$100,409 $164,357 $154,878 Change in the fair value of underlying investments16,176 41,463 (44,261)Total$116,585 $205,820 $110,617 

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

Cash Retention Awards During the year ended December 31, 2024, the Company granted and paid approximately $94,000 of cash retention awards that are subject to repayment in full in connection with a termination of employment for cause or resignation without good reason on or prior to the three-year service period.In connection with these awards, the Company recorded a prepaid compensation asset on the grant date based upon the amount paid. The prepaid compensation asset is amortized over the requisite service period beginning on the grantdate and is charged to “compensation and benefits” expense in the consolidated statements of operations.Amortization expense for the year ended December 31, 2024 was $51,377. The remaining prepaid compensation asset was $37,380 as of December 31, 2024.Incentive Awards Granted in the First Quarter of 2025 In the first quarter of 2025, the Company granted approximately $441,000 of deferred incentive compensation awards to eligible employees as part of the 2024 year-end compensation process. These grants included: RSUs, PIPRs, and LFI and other similar deferred compensation arrangements.

17.    EMPLOYEE BENEFIT PLANS

The Company provides retirement and other post-retirement benefits to certain of its employees through defined benefit pension plans (the “pension plans”). The Company also offers defined contribution plans to its employees. The pension plans generally provide benefits to participants based on average levels of compensation. Expenses related to the Company’s employee benefit plans are included in “compensation and benefits” expense for the service cost component, and “operating expenses–other” for the other components of benefit costs on the consolidated statements of operations.Employer Contributions to Pension Plans—The Company’s funding policy for its U.S. and non-U.S. pension plans is to fund