Ashish Bhutani - Mar 1, 2022 Form 4 Insider Report for Lazard Ltd (LAZ)

Role: CEO of Lazard Asset Management, Director
Signature: /s/ Ashish Bhutani by Scott D. Hoffman under a P of A
Stock symbol: LAZ
Transactions as of: Mar 1, 2022
Transactions value $: -$3,300,868
Form type: 4
Date filed: 3/3/2022, 06:54 PM
Previous filing: Feb 25, 2022
Next filing: Feb 15, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LAZ	Class A Common Stock	Options Exercise		+218K	+30.59%		930K	Mar 1, 2022	Direct	F1
transaction	LAZ	Class A Common Stock	Disposed to Issuer	-$3.3M	-95.5K	-10.26%	$34.58	835K	Mar 1, 2022	Direct	F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LAZ	Performance-based Restricted Participation Units	Options Exercise		-218K	-81.54%		49.3K	Mar 1, 2022	Class A Common Stock	218K		Direct	F1, F4, F5

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares of Class A Common Stock were acquired upon the exchange of a prior grant of Performance-based Restricted Participation Units ("PRPUs") into shares of Class A Common Stock.
F2	Represents shares of Class A Common Stock sold to the Company to cover estimated taxes arising from the exchange of the PRPUs referenced in Footnote (1).
F3	Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the exchange date of the PRPUs referenced in Footnote (1).
F4	Represents a prior grant of PRPUs awarded with respect to compensation for 2018 for which performance and other conditions have been satisfied. The grant at target was previously reflected in the Company's proxy statement for the relevant year.
F5	Each PRPU (the performance and other conditions of which have been satisfied) represents an interest in Lazard Group LLC that may be exchanged for one share of Class A Common Stock.