Lazard CEO gets $96.3 mln stock award
NEW YORK (Reuters) - Lazard Ltd (LAZ.N: Quote, Profile, Research, Stock Buzz) Chairman and Chief Executive Bruce Wasserstein received restricted stock worth $96.3 million as part of new five-year employment agreement, the merger advisory firm said on Wednesday.
Wasserstein received 2.7 million shares of restricted stock that vests after five years. He may receive additional restricted stock over the next three years at the discretion of Lazard's compensation committee, the company said. His base annual salary is $900,000.
Under his former employment agreement, Wasserstein received an annual base salary of $4.8 million and incentive compensation. For 2007, he received incentive restricted stock worth $36.2 million, the company said.
Lazard shares on Tuesday closed at $35.66. The stock is down 31 percent over the past year.
(Reporting by Tim McLaughlin; editing by John Wallace)
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