Lazard Insider Russo Reports 15k-Share Donation and 75k-Share Sales in Sept 2025
Rhea-AI Filing Summary
Evan L. Russo, an officer (CEO of Asset Management) of Lazard, Inc. (LAZ), reported three transactions in September 2025 affecting his beneficial ownership of Lazard common stock. On 09/09/2025 he donated 15,000 shares as a bona fide gift to a charitable donor-advised fund. On 09/10/2025 he sold 25,000 shares at a weighted average price of $55.7064. On 09/11/2025 he sold 50,000 shares at a weighted average price of $56.952. After these transactions he directly beneficially owned 227,915 shares, excluding 358,299 restricted participation units and 1,000,000 stock price performance-based restricted participation units that he directly beneficially owns.
Positive
- Donated 15,000 shares to a charitable donor-advised fund, explicitly reported as a bona fide gift
- Disclosed weighted-average sale prices and offered to provide trade-level details upon request, enhancing transparency
- Significant restricted compensation holdings remain: 358,299 Restricted Participation Units and 1,000,000 performance-based Restricted Participation Units
Negative
- Sells totaling 75,000 shares (25,000 on 09/10/2025 and 50,000 on 09/11/2025) reduced direct common stock holdings
- Post-transaction direct common stock balance of 227,915 shares reflects reduction from prior holdings reported here
Insights
TL;DR: Officer executed modest sales and a charitable donation, leaving substantial restricted units outside the reported common stock balance.
These filings show an officer-level insider reducing open-market common stock holdings by 75,000 shares via two weighted-average-price sales on consecutive days while donating 15,000 shares to charity. The remaining direct common stock holding is 227,915 shares. Importantly, the reporter separately holds 358,299 restricted participation units and 1,000,000 performance-based units not included in the post-transaction common stock total, which represent additional economic exposure to the company. For investors, the disclosure clarifies the mix between immediately liquid common shares and larger restricted/long-term incentive holdings.
TL;DR: Transactions combine philanthropy and routine liquidity while substantial restricted awards remain in place.
The report documents a charitable gift and routine sales by an executive, executed under standard reporting codes (G and S). The donation is explicitly described as a bona fide gift to a donor-advised fund. Sales were executed at disclosed weighted average prices with the filer offering to provide trade-level breakdowns if requested. From a governance perspective, the disclosure appears complete and conforms to Section 16 reporting requirements; the large number of outstanding restricted and performance units suggests continued alignment with long-term shareholder interests.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 50,000 | $56.952 | $2.85M |
| Sale | Common Stock | 25,000 | $55.7064 | $1.39M |
| Gift | Common Stock | 15,000 | $0.00 | -- |
Footnotes (1)
- Represents shares of Common Stock that the Reporting Person donated as a bona fide gift to a charitable donor advised fund. Amount excludes (i) 358,299 Restricted Participation Units directly beneficially owned by the reporting person, and (ii) 1,000,000 Stock Price Performance-based Restricted Participation Units directly beneficially owned by the reporting person. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on September 10, 2025 in trades with average execution prices ranging from $55.70 to $55.75, 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 range set forth in this report. The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on September 11, 2025 in trades with average execution prices ranging from $56.90 to $57.06, 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 range set forth in this report.
