[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Michael Gathy, Chief Accounting Officer of Lazard, Inc. (LAZ), acquired 86 restricted stock units (RSUs) on 08/15/2025 pursuant to dividend-equivalent reinvestment of existing RSU awards. Each RSU represents a contingent right to one share of common stock. Of the 86 RSUs, 21 are scheduled to vest on or around March 2, 2026; 35 on or around March 1, 2027; and 30 on or around March 1, 2028. Following this transaction, the reporting person beneficially owned 9,258 shares (this amount excludes 617 shares directly or indirectly beneficially owned). The Form 4 was signed on behalf of Michael Gathy under a power of attorney on 08/19/2025.

Positive

• Acquisition of 86 RSUs increases the officer’s equity stake and aligns management with shareholder interests
• Clear vesting schedule (21 in 2026, 35 in 2027, 30 in 2028) supports retention incentives
• Transaction disclosed timely via Form 4 with signature under power of attorney, demonstrating regulatory compliance

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider increased equity exposure via 86 RSUs, a modest but alignment-positive transaction.

The acquisition of 86 RSUs through dividend reinvestment modestly increases the Chief Accounting Officer's stake and aligns an executive with shareholder outcomes. The transaction is small relative to the reported beneficial ownership of 9,258 shares, so it is not materially dilutive or transformative for valuation. The staged vesting through 2028 preserves retention incentives. Impact on the company’s capital structure is immaterial.

Corporate Governance Expert

TL;DR: Routine insider award reinvestment with standard vesting schedule; governance implications minimal.

This Form 4 documents an administrative reinvestment of dividend equivalents into RSUs for a senior officer. The clear vesting dates and disclosure via Form 4 reflect customary governance and transparency practices. No unusual terms, dispositions, or accelerated vesting are disclosed. For governance oversight, the filing meets expected Section 16 reporting requirements.

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^*

Gathy Michael

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Accounting Officer

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 Unit(1)	(2)	08/15/2025	08/15/2025	A		86		(3)	(3)	Common Stock	86	(2)	9,258(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. Of these RSUs, 21 will vest on or around March 2, 2026, 35 will vest on or around March 1, 2027, and 30 will vest on or around March 1, 2028.

4. Amount excludes 617 shares of Common Stock directly or indirectly beneficially owned by the reporting person.

Remarks:

	/s/ Michael Gathy 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 Michael Gathy (LAZ) acquire on 08/15/2025?

He acquired 86 restricted stock units (RSUs) on 08/15/2025 through dividend-equivalent reinvestment.

How do these RSUs vest for Michael Gathy?

The RSUs vest in tranches: 21 on or about March 2, 2026, 35 on or about March 1, 2027, and 30 on or about March 1, 2028.

How many shares does Michael Gathy beneficially own after this transaction?

Following the reported transaction he beneficially owned 9,258 shares, excluding 617 shares he directly or indirectly owns.

What does each RSU represent in this filing?

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

When was the Form 4 signed and filed?

The Form 4 was signed on behalf of Michael Gathy under a power of attorney on 08/19/2025.