Evan L. Russo - Mar 11, 2024 Form 4 Insider Report for Lazard, Inc. (LAZ)

Role: CEO of Asset Management
Signature: /s/ Evan L. Russo by Shari L. Soloway under a P of A
Stock symbol: LAZ
Transactions as of: Mar 11, 2024
Transactions value $: -$5,891,250
Form type: 4
Date filed: 3/13/2024, 05:27 PM
Previous filing: Feb 26, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LAZ	Common Stock	Options Exercise		+169K	+80.68%		377K	Mar 11, 2024	Direct	F1, F2
transaction	LAZ	Common Stock	Disposed to Issuer	-$2.94M	-75K	-19.87%	$39.20	302K	Mar 11, 2024	Direct	F2, F3, F4
transaction	LAZ	Common Stock	Sale	-$2.95M	-75K	-24.8%	$39.35	227K	Mar 13, 2024	Direct	F2, F5

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		-169K	-100%		0	Mar 11, 2024	Common Stock	169K		Direct	F1, F6, F7

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

Explanation of Responses:

Id	Content
F1	Shares of Common Stock were acquired upon the exchange of a prior grant of Performance-based Restricted Participation Units ("PRPUs") into shares of Common Stock.
F2	Amount excludes 84,336 shares of Common Stock indirectly beneficially owned by the reporting person by trust and 198,946 restricted participation units directly or indirectly beneficially owned by the reporting person.
F3	Represents shares of Common Stock sold to the Company to cover estimated taxes arising from the exchange of the PRPUs referenced in Footnote (1).
F4	Represents the average of the high and low price of Common Stock on the New York Stock Exchange on the date of the exchange of the PRPUs referenced in Footnote (1).
F5	The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on March 13, 2024 in trades with average execution prices ranging from $39.25 to $39.50, 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.
F6	Represents a prior grant of PRPUs awarded with respect to compensation for 2020 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.
F7	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 Common Stock.