Lazard, Inc.
For the period ended May 8, 2025. Filed Mar 25, 2025.
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May 8, 2025 · Filed Mar 25, 2025
Contents
Selected 2024 Compensation Program Highlights
This section generally focuses on compensation awarded with respect to 2024 performance, which includes equity-based incentive awards granted in March 2025 and year-end annual cash incentive bonuses paid in February 2025.
Compensation decisions for our NEOs in 2024 reflect our continued commitment to prudent compensation practices throughout our organization and recognize the strong leadership of our NEOs in taking action to position the Company to achieve its Lazard 2030 goals. The Compensation Committee also aimed to make compensation decisions that would create direct alignment between our key leaders and our shareholders and would retain those leaders to continue to execute on our growth strategy.
Changes in our CEO’s awarded compensation from year to year align with changes in our adjusted net revenue, demonstrating that our compensation outcomes are linked to company performance. As used in the following chart, total core compensation refers to the base salary and incentive compensation awarded to the CEO for their performance in the applicable year.
| * | Adjusted net revenue is a non-GAAP measure. For a description of how to calculate adjusted net revenue and a reconciliation between adjusted net revenue and the comparable GAAP financial measure, see Annex A to this Proxy Statement: Calculation of Non-GAAP Measures. |
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| • | Performance-based compensation represented approximately 94% of 2024 total compensation (comprising salary, annual cash incentive bonuses and long-term equity-based incentive awards) for our CEO, Mr. Orszag, and an average of approximately 90% of 2024 total compensation for our other NEOs. |
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| • | In 2024, approximately 75% or more of the incentive-based compensation for our NEOs was in equity-based awards in the form of profits interest participation rights (“PIPRs”) (or, in the case of Ms. Soto, RSUs), creating direct alignment between our NEOs’ compensation and the performance of our Company and supporting retention through multi-year service requirements. We delivered the remainder of performance-based incentive compensation awarded in 2024 in the form of annual cash incentive bonuses. |
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