[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lazard, Inc. (LAZ) reported that one of its directors elected to receive part of their board compensation in equity rather than cash. On 11/17/2025, the director acquired 83 Deferred Stock Units (DSUs) at a price of $0 under Lazard’s 2018 Incentive Compensation Plan, as amended, in lieu of cash compensation. Following this transaction, the director beneficially owns 10,315 derivative securities in the form of DSUs, held directly. Each DSU is designed to convert into one share of Lazard common stock after the director resigns from, or otherwise ceases to be a member of, the company’s Board of Directors.

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).

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^*

Howe Stephen R. Jr.

(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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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
Deferred Stock Units(1)	$0(2)	11/17/2025		A		83		(2)	(2)	Common Stock	83	$0	10,315	D

Explanation of Responses:

1. The reporting person has made an annual election to receive Deferred Stock Units ("DSUs") under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, in lieu of all or a portion of such reporting person's cash compensation payable pursuant to the Non-Executive Director Compensation arrangement.

2. The DSUs will be converted into Common Stock on a one-for-one basis following the date that the reporting person resigns from, or otherwise ceases to be a member of, the Board of Directors of Lazard, Inc.

Remarks:

	/s/ Stephen R. Howe, Jr. by Shari L. Soloway under a P of A	11/17/2025
	** 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 Lazard, Inc. (LAZ) disclose in this Form 4 filing?

Lazard, Inc. disclosed that one of its directors acquired 83 Deferred Stock Units (DSUs) on 11/17/2025 as part of their non-executive director compensation, electing to receive equity instead of cash under the company’s 2018 Incentive Compensation Plan, as amended.

How many Lazard (LAZ) Deferred Stock Units does the director own after this transaction?

After acquiring 83 DSUs in the reported transaction, the director beneficially owns a total of 10,315 derivative securities in the form of Deferred Stock Units, all reported as held directly.

At what price were the Lazard (LAZ) Deferred Stock Units acquired in this Form 4?

The 83 Deferred Stock Units reported in this Form 4 were acquired at a price of $0, reflecting that they were granted as compensation under Lazard, Inc.’s 2018 Incentive Compensation Plan rather than purchased for cash.

When will the Lazard (LAZ) Deferred Stock Units convert into common stock?

According to the disclosure, the Deferred Stock Units will convert into Lazard common stock on a one-for-one basis after the reporting person resigns from, or otherwise ceases to be a member of, Lazard, Inc.’s Board of Directors.

Why did the Lazard (LAZ) director receive Deferred Stock Units instead of cash?

The director made an annual election to receive Deferred Stock Units under Lazard, Inc.’s 2018 Incentive Compensation Plan, as amended, in lieu of all or a portion of the cash compensation payable under the company’s Non-Executive Director Compensation arrangement.

Does this Lazard (LAZ) Form 4 involve derivative or non-derivative securities?

This Form 4 reporting focuses on derivative securities, specifically Deferred Stock Units (DSUs) that are ultimately settled in Lazard common stock on a one-for-one basis after the director leaves the Board.