[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Lazard, Inc. (LAZ) director Andrew M. Alper reported receiving 728 Deferred Stock Units (DSUs) on 11/17/2025 under the company’s 2018 Incentive Compensation Plan. These DSUs were elected in lieu of cash compensation under the non-executive director compensation arrangement. Following this grant, Alper beneficially owns 98,128 DSUs, held in direct form. Each DSU will convert into one share of Lazard common stock after he resigns from, or otherwise ceases to be, a member of the 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)
11/17/2025

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)	11/17/2025		A		728		(2)	(2)	Common Stock	728	$0	98,128	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	11/17/2025
	** 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 Lazard, Inc. (LAZ) disclose in this Form 4 filing?

The filing reports that director Andrew M. Alper received 728 Deferred Stock Units (DSUs) on 11/17/2025 as part of his non-executive director compensation, elected in lieu of cash under Lazard’s 2018 Incentive Compensation Plan.

How many Lazard (LAZ) Deferred Stock Units does the director now beneficially own?

After the reported transaction, Andrew M. Alper beneficially owns 98,128 Deferred Stock Units related to Lazard, Inc. common stock, held in direct ownership form.

What are Deferred Stock Units (DSUs) in the Lazard (LAZ) director compensation plan?

Under Lazard’s 2018 Incentive Compensation Plan, Deferred Stock Units (DSUs) represent a right to receive Lazard common stock in the future. Each DSU converts into one share of common stock after the director leaves the Board.

When will the Lazard (LAZ) DSUs reported in this Form 4 convert into common stock?

The 728 DSUs granted to Andrew M. Alper, and his other DSUs, will be converted into Lazard common stock on a one-for-one basis after he resigns from, or otherwise ceases to be, a member of the Board of Directors.

Was the Lazard (LAZ) Form 4 transaction part of a 10b5-1 trading plan?

The form includes a checkbox indicating that a transaction may be made under a Rule 10b5-1(c) contract, instruction, or written plan, which is intended to satisfy the rule’s affirmative defense conditions.

Is this Lazard (LAZ) Form 4 filed by one or multiple reporting persons?

The document states that the Form 4 is filed by one reporting person, identifying Andrew M. Alper as a director of Lazard, Inc.