Lazard grants $33.9M performance-based equity to CEO Orszag and asset mgmt head Russo; CFO Betsch gets retention deal

Lazard, Inc.

PRPU grants to Orszag ($18.8M) and Russo ($15.1M) vest upon stock price milestones: +25% (3yr), +50% (5yr), +100% (7yr).
CFO Betsch retention agreement through Aug 2026: $750k base salary, 2x severance, non-compete for 6 months.
Director Richard N. Haass resigns from board effective Aug 24, 2023.
On qualifying termination without cause, unvested PRPUs prorated and remain eligible to vest prior to expiry.

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