Jason Klurfeld
EvercoreAbout Jason Klurfeld
Jason Klurfeld (age 52) is Evercore’s General Counsel and Corporate Secretary, responsible for legal and compliance; he joined Evercore in June 2011 and was appointed General Counsel in February 2018. He previously practiced M&A and corporate law at Sullivan & Cromwell (2006–2011) and Skadden Arps (2004–2006), and served as an aide to Senator Daniel Patrick Moynihan. He holds a B.A. in economics (Hamilton College), a Master’s in History (Oxford – St. Antony’s), and a J.D. (University of Pennsylvania) . Company performance context for his 2024 incentive decision: Adjusted Net Revenues $3.003B (vs. $2.449B in 2023), Adjusted EPS $9.42, Adjusted Net Income $415.8M, and Adjusted Operating Margin 18.6% . Evercore’s $100 TSR value grew to $417 for the 2019–2024 period, reflecting strong multi‑year shareholder returns .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Sullivan & Cromwell LLP | Corporate/transactional attorney (M&A, financings, investments) | 2006–2011 | Advised on complex M&A/financing; foundation for GC role at Evercore |
| Skadden, Arps, Slate, Meagher & Flom LLP | Corporate/transactional attorney | 2004–2006 | Large‑scale deal execution experience |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Not disclosed | — | — | The proxy contains no disclosure of external directorships/roles for Mr. Klurfeld |
Fixed Compensation
| Component | 2024 | Notes |
|---|---|---|
| Base salary | $500,000 | Base salaries for NEOs have not increased since becoming executive officers |
| Special deferred cash (2018 grant) | $1.5M total; vesting: $210k each on Feb 13, 2022–2026; $225k each on Feb 13, 2027–2028 | Accelerates on change in control, death/disability, or termination without cause (subject to release); paid ~2.5 months post‑vest |
Performance Compensation
- Design: No guaranteed bonuses; 50% cash and 50% RSUs for 2024, with RSUs vesting over 4 years. Incentives are discretionary, informed by firm performance and individual contributions (no formulaic weights) .
- 2024 award: $4.50M total (Cash $2.25M; RSUs $2.25M), recognizing leadership of global compliance, regulatory response, corporate governance, recruiting and geographic expansion; risk management in partnership with CFO .
| Metric | Weighting | Target | 2024 Actual | Payout linkage | Vesting terms |
|---|---|---|---|---|---|
| Adjusted Net Revenues | Discretionary (no fixed weight) | None pre‑set | $3,003M | Incorporated holistically into 2024 incentive | RSUs deliver ratably over 4 years |
| Adjusted EPS | Discretionary | None pre‑set | $9.42 | Incorporated holistically | RSUs deliver over 4 years |
| Adjusted Net Income | Discretionary | None pre‑set | $415.8M | Incorporated holistically | RSUs deliver over 4 years |
| Adjusted Operating Margin | Discretionary | None pre‑set | 18.6% | Incorporated holistically | RSUs deliver over 4 years |
| Individual performance | Discretionary | N/A | See narrative (compliance, governance, recruiting, expansion) | $4.50M total (50% cash; 50% RSUs) | 4‑year RSU delivery |
Multi‑Year Compensation (Committee view of annual pay decisions)
| Year | Salary ($) | Cash Incentive ($) | RSUs ($) | Total ($) |
|---|---|---|---|---|
| 2022 | 500,000 | 1,875,000 | 1,875,000 | 4,250,000 |
| 2023 | 500,000 | 1,875,000 | 1,875,000 | 4,250,000 |
| 2024 | 500,000 | 2,250,000 | 2,250,000 | 5,000,000 |
Note: Summary Compensation Table differs due to SEC grant‑date timing and inclusion of deferred‑cash vesting; see SCT for 2022–2024 reported values .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership | 6,583 Class A shares; 1,200 Voting Units (LP units) – each <1% of class |
| Unvested RSUs (12/31/24) | 32,007 RSUs; aggregated market value $8,872,020 at $277.19 close |
| Upcoming vesting schedule | 9,128 (2/4/2026); 731 (2/13/2026); 6,202 (2/4/2027); 782 (2/13/2027); 2,660 (2/4/2028); 783 (2/13/2028) |
| Ownership guidelines | SMD guideline: lesser of 40,000 shares or 50% of RSUs granted over last 4 years; all NEOs met guidelines for 2024 |
| Hedging/pledging | Hedging prohibited; pledging prohibited for directors/executive officers without Committee approval |
| Clawbacks | NYSE‑compliant clawback covering incentive‑based comp for 3 fiscal years preceding a restatement; additional SMD misconduct/restatement clawback also maintained |
Employment Terms
| Topic | Terms (Mr. Klurfeld) |
|---|---|
| Employment status | At‑will |
| Non‑compete | While employed (no post‑employment non‑compete) |
| Non‑solicit | Employees/consultants: 12 months; certain actual/prospective clients: 6 months after termination |
| Annual RSUs (bonus equity) | 4‑year ratable delivery; accelerated on change in control, death, disability, qualifying retirement, or termination without cause (with release) |
| Special equity grant | One‑time 30,000 RSUs (granted Mar 10, 2025); cliff‑vest on 4th anniversary; full acceleration on change in control, death/disability, or termination without cause/for good reason |
| Deferred cash (2018) | $1.5M with scheduled vesting; accelerates on change in control, death/disability, or termination without cause (with release) |
| Potential payouts (12/31/24 assumptions) | On change in control, death/disability, or termination without cause: accelerated vesting of equity ($8.872M) and deferred cash ($0.870M) (values at $277.19) |
| Perquisites | Perquisites < $10,000; thus not itemized for NEOs |
Performance & Track Record (role‑relevant highlights)
- 2024 contributions cited by the Committee: enhanced global compliance policies, timely regulatory response, corporate governance liaison with lead shareholders, leadership in recruiting and geographic expansion, and firmwide operational/reputational risk management with the CFO .
- Company results used in pay context: Net Revenues (GAAP $2.98B; Adjusted $3.00B), Net Income (GAAP $378.3M; Adjusted $415.8M), EPS (GAAP $9.08; Adjusted $9.42), Operating Margin (GAAP 17.7%; Adjusted 18.6%) .
- Shareholder returns: $100 investment in 2019 grew to $417 by 2024, outpacing peer average index cited in the proxy .
Vesting Schedules and Potential Selling Pressure
| Vest date | RSUs scheduled to vest |
|---|---|
| Feb 4, 2026 | 9,128 |
| Feb 13, 2026 | 731 |
| Feb 4, 2027 | 6,202 |
| Feb 13, 2027 | 782 |
| Feb 4, 2028 | 2,660 |
| Feb 13, 2028 | 783 |
Reference value context: total unvested RSUs for Mr. Klurfeld were valued at $8.872M as of 12/31/24 using $277.19/share; actual liquidity windows will depend on trading plans and company insider‑trading policy .
Compensation Structure Analysis
- Cash vs equity mix: Roughly half of 2024 incentive in RSUs with 4‑year delivery (more at‑risk, longer horizon; supportive of retention) .
- Shift in risk: Evercore does not use stock options; RSUs are used to align executives with absolute share performance (downside‑sensitive) .
- Discretion and metrics: No formulaic weights or targets; Committee evaluates Adjusted Net Revenues, Adjusted EPS, Adjusted Net Income, and Adjusted Operating Margin holistically alongside qualitative leadership and risk stewardship .
- Anti‑dilution posture: Company repurchases to offset dilution from equity awards; $590.6M returned in 2024 through dividends and buybacks .
Governance, Policies, and Red Flags
- Hedging/pledging prohibited for executives; ownership guidelines met by all NEOs in 2024 (alignment positive) .
- Clawbacks in place (NYSE‑compliant plus additional SMD policy) .
- No tax gross‑ups disclosed for Mr. Klurfeld (contrast: Altman has a potential excise‑tax gross‑up) .
- Say‑on‑Pay support ~93% in prior year, with no material program changes – indicates investor acceptance of pay model .
Investment Implications
- Alignment/retention: Significant unvested equity ($8.9M at 12/31/24) with multi‑year delivery, plus a 30,000‑RSU special grant vesting in 2029, reduce near‑term departure risk and align incentives with long‑term TSR and EPS compounding .
- Selling pressure: Clear vesting calendar through 2028; monitor Form 4s around scheduled February vesting windows for potential incremental supply (company has offset dilution historically) .
- Governance quality: Robust anti‑hedging/pledging, ownership guidelines, and clawback policies, combined with strong Say‑on‑Pay results, support investor confidence in incentive integrity .
- Pay‑for‑performance transparency: Discretionary framework relies on holistic metrics; while flexible, it provides less ex‑ante visibility. However, the equity‑heavy structure with four‑year delivery and strong firm results mitigate concerns about weak pay‑performance linkage .