LAZ Form 4: Orszag converts RSUs and executes 10b5-1 sale totaling 32,475 shares
Rhea-AI Filing Summary
Lazard, Inc. (LAZ) reporting person Peter R. Orszag, CEO & Chairman and director, exchanged a prior grant of 64,949 RSUs for 64,949 shares of common stock on 09/15/2025. On that date 19,485 shares were sold back to the company to cover estimated taxes at an NYSE closing price of $55.59. On 09/16/2025 an additional 32,475 shares were sold in transactions effected under a Rule 10b5-1 trading plan at a weighted average price of $54.09. Following these transactions, the reporting person beneficially owned 183,274 shares.
Positive
- 64,949 RSUs were exchanged into 64,949 shares, reflecting vesting and settlement of prior compensation.
- Disposition transactions were executed under a documented Rule 10b5-1 trading plan, indicating pre-cleared, compliant sales.
Negative
- The reporting person sold 32,475 shares in market transactions at a weighted average price of $54.09.
- After the transactions the reporting person beneficially owned 183,274 shares, as disclosed in the Form 4.
Insights
TL;DR: Insider converted RSUs to stock and sold shares under a 10b5-1 plan, with modest disposals relative to typical executive grants.
The filing shows a routine exchange of vested restricted stock units into 64,949 shares, with 19,485 shares surrendered to the company for tax withholding and 32,475 shares sold under a pre-established Rule 10b5-1 plan at an average price of $54.09. These actions are consistent with standard executive compensation settlement and planned liquidity events rather than opportunistic market timing, since the sales were executed under an adopted trading plan. The remaining reported beneficial ownership is 183,274 shares, which is a disclosed post-transaction position.
TL;DR: Transactions are documented and executed under a 10b5-1 plan, indicating compliance with insider-trading controls.
The report discloses that the reporting person serves as CEO & Chairman and is a director, and that share dispositions were effected pursuant to a Rule 10b5-1 trading plan adopted on 03/13/2025. The filing also records shares withheld to satisfy tax obligations, a common practice for RSU settlements. Signature and a power-of-attorney filing are included. There are no statements of amendments or unexplained transactions in this Form 4.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 32,475 | $54.09 | $1.76M |
| Exercise | Restricted Stock Units | 64,949 | $0.00 | -- |
| Exercise | Common Stock | 64,949 | $0.00 | -- |
| Disposition | Common Stock | 19,485 | $55.59 | $1.08M |
Footnotes (1)
- Shares of Common Stock were acquired upon the exchange of a prior grant of Restricted Stock Units ("RSUs") into shares of Common Stock. Represents shares of Common Stock sold to the Company to cover estimated taxes. Represents the New York Stock Exchange closing price of Common Stock on the trading day immediately preceding the exchange date of the RSUs referenced in Footnote (6). 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. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on September 16, 2025 in trades with average execution prices ranging from $53.76 to $54.53 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. Represents a prior grant of RSUs awarded for which service and other conditions have been satisfied. Each RSU represents a contingent right to receive one share of Common Stock. Amount excludes a prior grant of 1,250,000 Stock Price Performance-based Restricted Participation Units and 306,546 Restricted Participation Units, each of which was reflected in the Company's proxy statement for the relevant year.
