[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Peter R. Orszag, the CEO & Chairman and a director of Lazard, Inc. (LAZ), acquired 596 restricted stock units (RSUs) on 08/15/2025 through the dividend equivalent reinvestment provisions of existing RSU awards. Each RSU represents a contingent right to one share of common stock and the newly acquired RSUs vest on or around 09/03/2025. After this transaction the report shows 64,949 RSU shares beneficially owned following the reported transaction, excluding 170,285 shares of common stock directly or indirectly beneficially owned by the reporting person. The Form 4 was signed by power of attorney on 08/19/2025.

Positive

• Insider alignment: CEO Peter R. Orszag received 596 RSUs, reinforcing executive equity ownership alignment with shareholders.
• Transparent disclosure: Form 4 specifies vesting date (on or around 09/03/2025) and the mechanism (dividend equivalent reinvestment).

Negative

• None.

Insights

Financial Analyst

TL;DR: CEO acquired 596 RSUs via dividend reinvestment, a routine insider acquisition with limited immediate market impact.

The acquisition is described as dividend-equivalent reinvestment into additional RSUs rather than an open-market purchase, indicating this was automatic under existing compensation terms rather than a discretionary buy. The size of the award (596 RSUs) is small relative to the total disclosed beneficial holdings (170,285 shares plus 64,949 RSU-equivalents), so it is unlikely to materially affect valuation or outstanding share metrics. Vesting is scheduled on or around 09/03/2025, which is consistent with typical executive compensation schedules.

Corporate Governance Expert

TL;DR: The Form 4 documents a standard, plan-driven issuance to an executive, reflecting compensation mechanics not extraordinary insider activity.

This filing reports additional RSUs granted via dividend reinvestment provisions of existing awards, a common feature in equity compensation plans to preserve value. The disclosure includes the necessary detail on vesting and excludes other beneficially owned shares from the RSU count as required. The use of a power of attorney to sign the form is procedural and properly noted. No governance red flags or unusual transaction codes are reported.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

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 NY 10112

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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

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

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

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

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 Stock Units(1)	(2)	08/15/2025	08/15/2025	A		596		(3)	(3)	Common Stock	596	(2)	64,949(4)	D

Explanation of Responses:

1. Additional Restricted Stock Units ("RSUs") were acquired pursuant to the dividend equivalent reinvestment provisions of underlying RSU awards.

2. Each RSU represents a contingent right to receive one share of Common Stock.

3. The RSUs vest on or around September 3, 2025.

4. Amount excludes 170,285 shares of Common Stock directly or indirectly beneficially owned by the reporting person.

Remarks:

	/s/ Peter R. Orszag by Shari L. Soloway under a P of A	08/19/2025
	** 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.

FAQ

What did Peter R. Orszag report on the Form 4 for LAZ?

He reported acquisition of 596 restricted stock units (RSUs) on 08/15/2025 under dividend equivalent reinvestment provisions.

How many RSUs does each unit represent according to the filing?

Each RSU represents a contingent right to receive one share of Lazard common stock.

When do the newly acquired RSUs vest?

The RSUs vest on or around 09/03/2025 as disclosed in the Form 4.

How many shares does the report say the reporting person beneficially owns after the transaction?

The report shows 64,949 RSU-equivalent shares beneficially owned following the transaction, excluding 170,285 common shares directly or indirectly beneficially owned.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by power of attorney for Peter R. Orszag on 08/19/2025.