Lazard (NYSE: LAZ) CEO exercises RPUs, sells shares for taxes

Rhea-AI Filing Summary

Lazard, Inc. CEO and Chairman Peter Richard Orszag reported a combination of equity awards and share sales. On March 16, 2026, he exercised 138,340 Restricted Participation Units, receiving the same number of Lazard common shares at a conversion price of $0.00 per unit.

To cover estimated taxes from this exchange, he disposed of 41,502 shares to the company at an average price of $40.82 per share. On March 17, 2026, he conducted open-market sales totaling 69,170 shares at weighted-average prices of $40.7318 and $41.6593 per share, executed under a pre-arranged Rule 10b5-1 trading plan intended to cover estimated taxes and personal expenditures. Following these transactions, he directly owns 210,942 shares of Lazard common stock.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Orszag Peter Richard

(Last) (First) (Middle)

C/O LAZARD, INC.

30 ROCKEFELLER PLAZA

(Street)

NEW YORK NEW YORK 10112

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Lazard, Inc. [ LAZ ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO & Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/16/2026		M		138,340	A	(1)	321,614	D
Common Stock	03/16/2026		D		41,502(2)	D	$40.82(3)	280,112	D
Common Stock	03/17/2026		S		67,170(4)	D	$40.7318(5)	212,942	D
Common Stock	03/17/2026		S		2,000(4)	D	$41.6593(6)	210,942	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Participation Units(7)	(8)	03/16/2026		M			138,340	(1)	(1)	Common Stock	138,340	(8)	168,206	D

Explanation of Responses:

1. Shares of Common Stock were acquired upon the exchange of the Restricted Participation Units ("RPUs") referenced in Footnote (7).

2. Represents shares of Common Stock sold to the Company to cover estimated taxes arising from the exchange of RPUs referenced in Footnote (7).

3. Represents the average of the high and low price of Common Stock on the New York Stock Exchange on the date of the exchange of the RPUs referenced in Footnote (7).

4. This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on March 13, 2025. Sales of shares pursuant to the plan are intended to cover estimated taxes and other personal expenditures.

5. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on March 17, 2026 in trades with average execution prices ranging from $40.45 to $41.44 inclusive. The Reporting Person undertakes to provide the issuer, any security holder of the issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the price ranges set forth in this report.

6. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on March 17, 2026 in trades with average execution prices ranging from $41.45 to $42.00 inclusive. The Reporting Person undertakes to provide the issuer, any security holder of the issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the price ranges set forth in this report.

7. Represents a prior grant of RPUs awarded with respect to compensation for 2022 for which service and other conditions have been satisfied.

8. Each PRU represents an interest in Lazard Group LLC that may be exchanged for one share of Common Stock.

Remarks:

	/s/ Peter R. Orszag by Shari L. Soloway under a P of A	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Lazard (LAZ) CEO Peter Orszag report?

Peter Orszag exercised equity units and sold shares. He converted 138,340 Restricted Participation Units into common stock, then disposed of 41,502 shares to the company and sold 69,170 shares in open-market trades, all reflected in this Form 4 filing.

How many Lazard (LAZ) shares did the CEO sell in the latest Form 4?

The CEO sold 69,170 Lazard common shares in the market. These sales occurred on March 17, 2026 at weighted-average prices of $40.7318 and $41.6593 per share, under a pre-arranged Rule 10b5-1 trading plan.

What equity awards did the Lazard (LAZ) CEO exercise in this filing?

He exercised 138,340 Restricted Participation Units (RPUs). Each RPU represents an interest that may be exchanged for one share of Lazard common stock, and the reported exchange converted all 138,340 RPUs into an equal number of common shares at no cash exercise price.

Why were some Lazard (LAZ) shares returned to the company by the CEO?

41,502 shares were disposed of to the company for tax coverage. The filing states these shares of common stock were sold to Lazard to cover estimated taxes arising from the exchange of Restricted Participation Units related to prior compensation.

Was the Lazard (LAZ) CEO’s stock sale made under a Rule 10b5-1 plan?

Yes, the filing notes a Rule 10b5-1 trading plan. It states the March 17, 2026 sales were effected under a plan adopted on March 13, 2025, with sales intended to cover estimated taxes and other personal expenditures.

How many Lazard (LAZ) shares does the CEO hold after these transactions?

Peter Orszag directly holds 210,942 Lazard common shares. This post-transaction holding reflects the exercise of 138,340 RPUs into stock, the tax-related disposition to the issuer, and subsequent open-market sales reported in the Form 4.