[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Andrew M. Alper, a director of Lazard, Inc. (LAZ), elected on 08/15/2025 to receive 651 Deferred Stock Units (DSUs) in lieu of cash compensation under the company's 2018 Incentive Compensation Plan. The DSUs are slated to convert into common stock on a one-for-one basis when Mr. Alper resigns or otherwise ceases to be a board member. Following the reported DSU award, the filing shows 97,400 shares of common stock beneficially owned by the reporting person. The Form 4 was signed by power of attorney and filed on 08/19/2025.

Positive

• Director aligned with shareholders by electing DSUs that convert one-for-one into common stock upon leaving the board
• Clear disclosure of ownership: reporting shows 97,400 shares beneficially owned following the DSU award

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director elected deferred stock units instead of cash; this is a routine compensation election with limited immediate governance impact.

The election by a director to take DSUs instead of cash is a common mechanism to align long-term interests with shareholders while deferring current cash outflows. The DSUs will convert one-for-one into common shares only upon cessation of board service, which preserves retention incentives but does not immediately change voting power. The report discloses 651 DSUs and total beneficial ownership of 97,400 shares, providing transparency on the director's stake. Overall this is procedural and non-disruptive.

Securities Analyst

TL;DR: The transaction is a non-derivative award election with no cash price and no immediate market transaction; impact on share count is contingent.

The Form 4 records an annual election to receive 651 DSUs at $0 price, reflecting a deferred compensation choice rather than an open-market purchase or sale. Since conversion to common stock occurs only after the director leaves the board, there is no immediate dilution or market transaction. The filing increases reported beneficial ownership disclosure to 97,400 shares, which is relevant for ownership analysis but not material to outstanding share counts today.

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
Estimated average burden
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^*

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)
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		651		(2)	(2)	Common Stock	651	$0	97,400	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	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 did Andrew M. Alper report on Form 4 for LAZ?

The Form 4 reports an annual election to receive 651 Deferred Stock Units (DSUs) in lieu of cash compensation, dated 08/15/2025.

When will the DSUs convert to Lazard common stock?

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

How many shares does the reporting person beneficially own after the transaction?

The filing shows 97,400 shares of common stock beneficially owned following the reported transaction.

Was there any cash price paid for the DSUs?

No cash price was reported; the DSUs are shown with a $0 price in the filing.

When was the Form 4 filed and who signed it?

The Form 4 was signed by /s/ Andrew M. Alper by Shari L. Soloway under a Power of Attorney and dated 08/19/2025.