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Friday, October 16, 2009
Report: Wasserstein Death Prompts Vesting of Stock Worth $188M
FOXBusiness
The sudden death of Bruce Wasserstein, chief executive for investment bank Lazard Ltd. (LAZ), will prompt the vesting of stock valued at $188 million, according to reports.
Wasserstein, who was just 61 when he died on Wednesday, had 4.4 million restricted stock units accumulated since 2005, the Wall Street Journal reported on Friday.
The Lazard stock will vest 30 days after Wasserstein’s death, and will be worth $188 million, based upon Thursday’s closing price of $42.79 per share, the paper said. The chief executive had a 2008 compensation package comprised mostly of restricted stock valued at $20.4 million, which amounts to more than $3 million more than the pay packages for the next four Lazard executives beneath him combined, the Journal said.
Lazard was the 147th richest American, with a net worth of near $2.2 billion, according to Forbes.
Shares of Lazard slipped 84 cents or 1.96% in Friday’s trading session, closing at $41.95.
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