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−Removed: (1) The Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below.
+Added: (1) The Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below as of December 31, 2024.
Date Repurchase
3 unchanged sentences
July 2022 $ 500,000 December 31, 2024
−Removed: A significant portion of the Company’s purchases under the share repurchase program are used to offset a portion of the shares that have been or will be issued under the Company’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”).
+Added: July 2024 $ 200,000 December 31, 2026
+Added: The Company’s purchases under the share repurchase program over time are used to offset dilution from the shares that have been or will be issued under the Company’s 2018 Incentive Compensation Plan, as amended (the “2018 Plan”).
Purchases under the share repurchase program may be made in the open market or through privately negotiated transactions.
−Removed: The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors.
+Added: The rate at which the Company purchases shares in connection with the share repurchase program may vary from period to period due to a variety of factors.
Amounts shown in this line item include repurchases of common stock and exclude the shares of common stock withheld by the Company to meet the minimum statutory tax withholding requirements as described below.
−Removed: (2) Under the terms of the 2018 Plan, upon the settlement of RSUs, PRSUs, deferred stock units (“DSUs”) and delivery of restricted stock, shares of common stock may be withheld by the Company to meet the minimum
−Removed: statutory tax withholding requirements.
−Removed: During the three month period ended December 31, 2023, the Company satisfied such obligations in lieu of issuing (i) 8,861 shares of common stock upon the settlement of 12,134 RSUs and (ii) 10,983 shares of common stock upon the delivery of 24,363 shares of restricted stock.
−Removed: During the year ended December 31, 2023, Lazard had in place trading plans under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which it effected stock repurchases in the open market.
+Added: As of December 31, 2024, a total of $200 million of share repurchase
+Added: authorization remained available under Lazard, Inc.’s share repurchase program which will expire on December 31, 2026.
+Added: (2) Under the terms of the 2018 Plan, upon the settlement of RSUs and PRSUs, shares of common stock may be withheld by the Company to meet the minimum statutory tax withholding requirements.
+Added: During the three month period ended December 31, 2024, the Company satisfied such obligations in lieu of issuing (i) 2,759 shares of common stock upon the settlement of 5,836 RSUs.
+Added: (3) Reflects expiration of $140.6 million share repurchase authorization on December 31, 2024.
Equity Compensation Plan Information
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.