Lazard (NYSE: LAZ) CEO sells 125K shares, still holds 1M SP-PIPRs
Rhea-AI Filing Summary
Lazard, Inc. (LAZ) reported that CEO & Chairman Peter Richard Orszag executed a series of equity transactions involving Common Stock and derivative awards. On August 24, 2026, he exercised 250,000 Stock Price Profits Interest Participation Rights (SP-PIPRs), receiving 250,000 shares of Common Stock, and disposed of 75,000 shares back to the company to cover estimated taxes from that exchange. On August 25, 2026, he sold 125,000 shares of Common Stock at a weighted average price of $43.5203 per share under a Rule 10b5-1 trading plan adopted on March 13, 2025, with sales intended to cover estimated taxes and other personal expenditures. Following the derivative exercise, 1,000,000 SP-PIPRs remain outstanding, including 500,000 scheduled to vest on or around August 23, 2028, and 500,000 scheduled to vest on or around August 23, 2030, subject to continued service and, for the latter, a stock price milestone.
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Insider Trade Summary 10b5-1
Exercise and sale activity reported; no spread calculated
Exercise and Sale
4 txns
Insider
Orszag Peter Richard
Role
CEO & Chairman
Sold
125,000 shs ($5.44M)
Approx. gross sale proceeds
$5.44M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock F4, F5 | 125,000 | $43.5203 | $5.44M |
| Exercise | Stock Price Profits Interest Participation Rights F6, F7, F8, F1, F9 | 250,000 | -- | -- |
| Exercise | Common Stock F1 | 250,000 | -- | -- |
| Disposition | Common Stock F2, F3 | 75,000 | -- | -- |
Holdings After Transaction:
Stock Price Profits Interest Participation Rights — 1,000,000 shares (Direct);
Common Stock — 260,942 shares (Direct)
Footnotes (9)
- F1. Shares of Common Stock were acquired upon the exchange of the Stock Price Profits Interest Participation Rights ("SP-PIPRs", previously referred to as Stock Price Performance-based Restricted Participation Units) referenced in Footnote (6).
- F2. Represents shares of Common Stock sold to the Company to cover estimated taxes arising from the exchange of SP-PIPRs referenced in Footnote (6).
- F3. 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 SP-PIPRs referenced in Footnote (6).
- F4. 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.
- F5. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on August 25, 2026 in trades with average execution prices ranging from $43.14 to $43.93 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.
- F6. Represents a prior grant of SP-PIPRs awarded in 2023 for which service and other conditions have been satisfied. The grant was previously reflected in the Company's annual report for the relevant year.
- F7. Each SP-PIPR (the service and other conditions of which have been satisfied) represents an interest in Lazard Group LLC that may be exchanged for one share of Common Stock.
- F8. Each SP-PIPR represents an interest in Lazard Group LLC that has satisfied its service and other conditions and may be exchanged for one share of Common Stock.
- F9. Of these SP-PIPRs, 500,000 are scheduled to vest on or around August 23, 2028, subject to continued service through that date, and 500,000 are scheduled to vest on or around August 23, 2030, subject to the achievement of a stock price milestone and continued service through that date. These SP-PIPRs were previously reported on the Reporting Person's Form 4 filed on February 26, 2024 as Stock Price Performance-based Restricted Participation Units, which reflected the prior grant of such awards in 2023.
Key Figures
Common Stock sold: 125,000 shares
Sale weighted average price: $43.5203 per share
Sale price range: $43.14–$43.93 per share
+5 more
8 metrics
Common Stock sold
125,000 shares
Sale on August 25, 2026 by CEO & Chairman Peter Richard Orszag
Sale weighted average price
$43.5203 per share
Weighted average price for 125,000-share sale on August 25, 2026
Sale price range
$43.14–$43.93 per share
Execution price range for August 25, 2026 Common Stock sales
SP-PIPRs exercised
250,000
SP-PIPRs exchanged for 250,000 shares of Common Stock on August 24, 2026
Shares disposed to issuer
75,000 shares
Common Stock disposed to Lazard to cover estimated taxes from SP-PIPR exchange
SP-PIPRs remaining
1,000,000
SP-PIPRs outstanding after the reported exercise transaction
SP-PIPRs vesting 2028
500,000
Scheduled to vest on or around August 23, 2028, subject to continued service
SP-PIPRs vesting 2030
500,000
Scheduled to vest on or around August 23, 2030, subject to stock price milestone and continued service
Key Terms
Rule 10b5-1 trading plan, Stock Price Profits Interest Participation Rights, weighted average price, stock price milestone, +1 more
5 terms
Rule 10b5-1 trading plan regulatory
"This transaction was effected pursuant to a Rule 10b5-1 trading plan adopted"
A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.
Stock Price Profits Interest Participation Rights financial
"Represents a prior grant of SP-PIPRs awarded in 2023 for which"
weighted average price financial
"The price reported in Column 4 is the weighted average price."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
stock price milestone financial
"subject to the achievement of a stock price milestone and continued service"
disposition to issuer financial
"transaction_code_description: "Disposition to issuer""
FAQ
What did LAZ CEO Peter Orszag sell in this Form 4 filing?
Peter Richard Orszag reported selling 125,000 shares of Lazard, Inc. Common Stock on August 25, 2026 at a weighted average price of $43.5203 per share. The sales were executed under a Rule 10b5-1 trading plan adopted on March 13, 2025.
What derivative awards did the LAZ CEO exercise in this Form 4?
On August 24, 2026, Orszag exercised 250,000 Stock Price Profits Interest Participation Rights (SP-PIPRs), each exchangeable for one share of Lazard Common Stock. This exercise resulted in the acquisition of 250,000 Common shares.
Is the LAZ CEO’s sale part of a pre-arranged trading plan?
Yes. The Form 4 indicates the transaction was effected pursuant to a Rule 10b5-1 trading plan adopted by Orszag on March 13, 2025. Footnotes state that sales under the plan are intended to cover estimated taxes and other personal expenditures.
How many Lazard SP-PIPRs does the CEO still hold and when do they vest?
After the reported exercise, Orszag has 1,000,000 SP-PIPRs outstanding: 500,000 scheduled to vest on or around August 23, 2028 (subject to continued service) and 500,000 scheduled to vest on or around August 23, 2030, subject to a stock price milestone and continued service.
AI-generated analysis. How Rhea-AI works. Not financial advice.
