[Form 4] Lazard, Inc. Insider Trading Activity

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

Financial Analyst

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.

Corporate Governance Expert

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.

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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hours per response:			0.5

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^*

Russo Evan L

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CEO of Asset Management

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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	09/09/2025		G		15,000(1)	D	$0	302,915(2)	D
Common Stock	09/10/2025		S		25,000	D	$55.7064(3)	277,915(2)	D
Common Stock	09/11/2025		S		50,000	D	$56.952(4)	227,915(2)	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

Explanation of Responses:

1. Represents shares of Common Stock that the Reporting Person donated as a bona fide gift to a charitable donor advised fund.

2. 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.

3. 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.

4. 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.

Remarks:

	/s/ Evan L. Russo by Shari L. Soloway under a P of A	09/11/2025
	** 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 transactions did LAZ insider Evan L. Russo report in September 2025?

The report shows a donation of 15,000 shares on 09/09/2025 and sales of 25,000 shares on 09/10/2025 at an average price of $55.7064 and 50,000 shares on 09/11/2025 at an average price of $56.952.

How many Lazard shares does Russo beneficially own after these transactions?

After the reported transactions Russo directly beneficially owned 227,915 shares of Lazard common stock, excluding other restricted units.

Does the Form 4 disclose any restricted or performance-based awards for Russo?

Yes. The filing states Russo directly beneficially owns 358,299 Restricted Participation Units and 1,000,000 Stock Price Performance-based Restricted Participation Units which are excluded from the post-transaction common stock total.

Were the sale prices for the transactions fully specified?

The filing reports weighted average prices: $55.7064 for the 09/10/2025 sales (range $55.70–$55.75) and $56.952 for the 09/11/2025 sales (range $56.90–$57.06). The filer offers to provide detailed per-trade amounts if requested.

What was the stated reason for the 15,000-share transaction on 09/09/2025?

The filing states the 15,000 shares were donated as a bona fide gift to a charitable donor-advised fund.