[Form 4] Lazard, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dmitry Shevelenko, a Lazard, Inc. director, was awarded 2,126 Deferred Stock Units (DSUs) under the companys 2018 Incentive Compensation Plan on 09/16/2025. The DSUs are part of the Non-Executive Director Compensation arrangement and will convert one-for-one into common stock only after the reporting person resigns or otherwise ceases to be a member of Lazards Board. The Form 4 covering this award was signed by Dmitry Shevelenko via power of attorney on 09/18/2025 and lists his business address at Lazard, Inc., 30 Rockefeller Plaza, New York, NY 10112.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-compensation award; aligns director payout with future share issuance upon board exit.

The filing documents a standard grant of 2,126 Deferred Stock Units to a non-executive director under the firm's 2018 Incentive Compensation Plan. DSUs convert to common shares one-for-one only upon the directors departure from the board, which preserves current share count until conversion and ties the directors economic outcome to long-term share performance. This is a customary governance practice for non-executive directors and does not itself change board composition or current outstanding share counts.

Securities Analyst

TL;DR: Transaction is a non-cash, deferred award with no immediate cash proceeds or exercised options.

The Form 4 reports an award of 2,126 DSUs at $0 price, indicating no sale or purchase of shares occurred at grant. Because conversion to common stock is contingent on cessation of board service, there is no immediate change in Lazards public float. For investors, this is a disclosure of insider compensation rather than a liquidity or financing event.

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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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Shevelenko Dmitry

(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)
09/16/2025

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)	(2)	09/16/2025		A		2,126		(2)	(2)	Common Stock	2,126	$0	2,126	D

Explanation of Responses:

1. Deferred Stock Units ("DSUs") were awarded under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, as part of 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/ Dmitry Shevelenko by Shari L. Soloway under a PoA	09/18/2025
	** 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 director Dmitry Shevelenko receive according to the Form 4 (LAZ)?

He was awarded 2,126 Deferred Stock Units (DSUs) under Lazards 2018 Incentive Compensation Plan on 09/16/2025.

When will the DSUs convert into Lazard common stock?

The DSUs convert one-for-one into common stock only after the reporting person resigns or otherwise ceases to be a member of the Board.

Did the Form 4 report any immediate purchase or sale of shares by the director?

No. The DSUs were granted at a $0 price and are a deferred award, so there was no immediate purchase or sale reported.

Who signed the Form 4 and when was it signed?

The Form 4 was signed on behalf of Dmitry Shevelenko by Shari L. Soloway under a power of attorney on 09/18/2025.

What address is listed for the reporting person on the Form 4?

C/O Lazard, Inc., 30 Rockefeller Plaza, New York, NY 10112.