secwatch.observer — SEC 8-K summary
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Issuer:     Lazard, Inc. (LAZ)
CIK:        0001311370
Form:       8-K
Filed at:   2023-08-25T23:59:59+00:00
Accession:  0000950157-23-000903
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1311370/000095015723000903/0000950157-23-000903-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1311370/000095015723000903/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0000950157-23-000903

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer