Company: LAZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001628280-25-021162
Chunk: 152

Company: Lazard, Inc.
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 3
Chunk 152
---
Item 3.     Defaults Upon Senior Securities

None.

Item 4.     Mine Safety Disclosures

Not applicable.

Item 5.     Other Information

New Retention Agreements with Peter R. Orszag, Alexandra Soto and Christian A. Weideman

Effective April 24, 2025, the Company entered into new retention agreements (the “Retention Agreements”) with Mr. Orszag and Ms. Soto (the “Named Executives”) relating to the continuation of employment in their respective roles with Lazard. The Retention Agreements replace Mr. Orszag’s and Ms. Soto’s prior retention agreements with Lazard.

The Retention Agreements do not have fixed terms. The Retention Agreements continue to provide for annual base salaries and eligibility for discretionary annual bonuses. The Retention Agreement for Ms. Soto decreases the cash severance multiple from 2.0 to 1.5. The Retention Agreements also decrease (from two to one) the number of years of additional age and service credit under Lazard’s retiree healthcare benefit plans the Named Executive would receive upon a qualifying termination, and provide 12 months of continued health benefits.

The Named Executives continue to be subject to post-termination restrictive covenants, including perpetual confidentiality and non-disparagement covenants, and the Retention Agreements extend the period of the non-competition and non-solicitation covenants to nine months following termination, while providing for injunctive relief for three months following termination.

The foregoing summary of the Retention Agreements does not purport to be complete and is qualified in its entirety by the full text of each Retention Agreement, a copy of each of which is filed with this Form 10-Q.

The Company also entered into a similar retention agreement with Mr. Weideman, effective April 24, 2025. A copy of the retention agreement with Mr. Weideman is filed with this Form 10-Q.

Securities Trading Plans of Directors and Executive Officers

On March 13, 2025, Peter R. Orszag, the Company’s Chief Executive Officer and Chairman, adopted a trading plan for the sale of shares of the Company’s common stock, which is designated to satisfy the affirmative defense conditions of Rule 10b5-1 under the Exchange Act. The plan expires on September 15, 2026 or upon the sale of the maximum number of shares under the