[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Stephen R. Howe, Jr., a director of Lazard, Inc. (LAZ), elected to receive Deferred Stock Units (DSUs) in lieu of cash compensation on 08/15/2025. He was granted 74 DSUs under Lazard's 2018 Incentive Compensation Plan, which will convert one-for-one into common stock when he resigns or otherwise ceases to serve on the board. The reported transaction shows a $0 price for the DSUs and indicates the reporting person beneficially owns 10,232 shares following the transaction. The Form 4 was executed on 08/19/2025 by a power of attorney.

Insights

Financial Analyst

TL;DR: Routine director compensation election converted to DSUs; small incremental increase in reported beneficial ownership, no cash outlay or market trade.

The filing documents a non-cash election by Director Stephen R. Howe, Jr. to receive 74 Deferred Stock Units under the companys 2018 Incentive Compensation Plan instead of cash compensation. The DSUs carry a stated conversion feature of one DSU to one share of common stock upon cessation of board service. The transaction is recorded at $0, consistent with deferred award accounting, and increases the directors reported beneficial ownership to 10,232 shares. This is a routine, non-market-moving insider reporting event that discloses executive compensation mechanics rather than an active open-market purchase or sale.

Corporate Governance Expert

TL;DR: Director used a standard compensation election to defer cash into DSUs; disclosure clarifies post-election ownership and conversion terms.

The Form 4 clearly states that Mr. Howe made an annual election to receive Deferred Stock Units in lieu of some or all non-executive director cash compensation. The filing specifies the plan governing the award (2018 Incentive Compensation Plan, as amended) and the conversion condition: DSUs convert one-for-one to common stock upon resignation or cessation of board service. The use of a power of attorney for filing execution is noted. The filing is a routine governance disclosure with neutral material impact on shareholders.

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)
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
Deferred Stock Units(1)	$0(2)	08/15/2025	08/15/2025	A		74		(2)	(2)	Common Stock	74	$0	10,232	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	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 transaction did Stephen R. Howe, Jr. report on Form 4 for LAZ?

The Form 4 reports an election to receive 74 Deferred Stock Units (DSUs) under Lazard's 2018 Incentive Compensation Plan on 08/15/2025.

How and when do the DSUs reported convert to common stock?

The DSUs will convert on a one-for-one basis into common stock following the date the reporting person resigns from or otherwise ceases to be a member of Lazard's Board of Directors.

What was the reported price and number of DSUs acquired?

The filing shows 74 DSUs acquired at a reported price of $0.

What is the reporting persons beneficial ownership after this transaction?

Following the reported transaction the reporting person beneficially owns 10,232 shares (direct ownership).

When was the Form 4 executed and by whom?

The Form 4 was signed on 08/19/2025 by Stephen R. Howe, Jr. via a power of attorney (executed by Shari L. Soloway under a POA).