[Form 4] Lazard, Inc. Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

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
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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).

X

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)
09/15/2025

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
Common Stock	09/15/2025		M		64,949	A	(1)	235,234	D
Common Stock	09/15/2025		D		19,485(2)	D	$55.59(3)	215,749	D
Common Stock	09/16/2025		S		32,475(4)	D	$54.09(5)	183,274	D

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(6)	(7)	09/15/2025		M			64,949	(1)	(1)	Common Stock	64,949	$0(7)	0(8)	D

Explanation of Responses:

1. Shares of Common Stock were acquired upon the exchange of a prior grant of Restricted Stock Units ("RSUs") into shares of Common Stock.

2. Represents shares of Common Stock sold to the Company to cover estimated taxes.

3. 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).

4. 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.

5. 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.

6. Represents a prior grant of RSUs awarded for which service and other conditions have been satisfied.

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

8. 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.

Remarks:

	/s/ Peter R. Orszag by Shari L. Soloway under a P of A	09/17/2025
	** 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 Peter R. Orszag report on the Form 4 for LAZ?

The report shows an exchange of 64,949 RSUs into 64,949 shares, sale of 19,485 shares to Lazard for tax withholding, and sale of 32,475 shares in market trades.

Were the sales executed under a pre-established trading plan?

Yes. The filing states the 32,475-share sale was effected pursuant to a Rule 10b5-1 trading plan adopted on 03/13/2025.

What prices were reported for the share transactions?

The NYSE closing price used for the withholding calculation was $55.59. The market sales on 09/16/2025 had a weighted average price of $54.09 with execution prices ranging from $53.76 to $54.53.

How many LAZ shares does the reporting person own after these transactions?

The Form 4 reports a post-transaction beneficial ownership of 183,274 shares.

Did the Form 4 include any derivative holdings or exclusions?

The filing notes RSUs convert to common stock one-for-one and excludes prior grants of 1,250,000 Stock Price Performance-based Restricted Participation Units and 306,546 Restricted Participation Units that were previously disclosed in the company's proxy statement.