---
schema_version: "secwatch.filing_event.v1"
accession: "0000950157-23-000903"
form_type: "8-K"
ticker: "LAZ"
cik: "0001311370"
company_name: "Lazard, Inc."
filed_at: "2023-08-25T23:59:59+00:00"
generated_at: "2026-06-11T03:21:58.409345+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950157-23-000903
- form_type: 8-K
- ticker: LAZ
- cik: 0001311370
- company_name: Lazard, Inc.
- filed_at: 2023-08-25T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1311370/000095015723000903/0000950157-23-000903-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1311370/000095015723000903/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950157-23-000903
- JSON: https://secwatch.observer/filing/0000950157-23-000903.json
- Plain text: https://secwatch.observer/filing/0000950157-23-000903.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.