Director Andrew Alper takes 721 Lazard (NYSE: LAZ) deferred stock units

Rhea-AI Filing Summary

Lazard, Inc. director Andrew M. Alper received 721 Deferred Stock Units (DSUs) as a grant under the company’s 2018 Incentive Compensation Plan. These units were elected in lieu of cash compensation and carry a zero dollar acquisition price. Following this award, Alper directly holds 98,849 DSUs, which will convert into an equal number of common shares after he leaves Lazard’s Board of Directors.

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^*

Alper Andrew M

(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)
02/17/2026

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)	02/17/2026	02/17/2026	A		721		(2)	(2)	Common Stock	721	$0	98,849	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/ Andrew M. Alper by Shari L. Soloway under a P of A	02/18/2026
	** 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 Lazard (LAZ) director Andrew M. Alper report on this Form 4?

Andrew M. Alper reported receiving 721 Deferred Stock Units as a grant under Lazard’s 2018 Incentive Compensation Plan. These units were taken instead of cash director fees and increase his directly held DSU balance to 98,849 units tied to future common stock.

How many Deferred Stock Units did Andrew M. Alper acquire from Lazard (LAZ)?

He acquired 721 Deferred Stock Units in this transaction. The grant reflects an annual election to receive director compensation in DSUs rather than cash, adding to his existing holdings and aligning compensation with Lazard’s future common stock performance.

What is the price per Deferred Stock Unit in Andrew M. Alper’s Lazard (LAZ) Form 4?

The reported price per Deferred Stock Unit was $0.00 because this was a grant of compensation, not an open-market purchase. The DSUs are awarded under Lazard’s 2018 Incentive Compensation Plan instead of paying the director cash fees.

When will Andrew M. Alper’s Lazard (LAZ) Deferred Stock Units convert into common stock?

The Deferred Stock Units will convert into Lazard common stock on a one-for-one basis after Alper resigns from, or otherwise ceases to be, a member of the Board of Directors, according to the Form 4 footnotes.

How many Lazard (LAZ) Deferred Stock Units does Andrew M. Alper hold after this grant?

Following this grant, Alper directly holds 98,849 Deferred Stock Units. This total includes the newly awarded 721 units, all of which are scheduled to convert into Lazard common stock on a one-for-one basis when his board service ends.

Why did Andrew M. Alper receive Deferred Stock Units instead of cash from Lazard (LAZ)?

Alper made an annual election to receive Deferred Stock Units in lieu of some or all of his cash compensation under Lazard’s Non-Executive Director Compensation arrangement, using the 2018 Incentive Compensation Plan to defer and stock-link his director fees.