Evan L. Russo - 13 Mar 2025 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
Issuer symbol: LAZ
Transactions as of: 13 Mar 2025
Net transactions value: -$4,509,000
Form type: 4
Filing time: 17 Mar 2025, 18:42:40 UTC
Previous filing: 14 Feb 2025
Next filing: 11 Sep 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	LAZ	Common Stock	Options Exercise		+254,467	+156%		417,915	13 Mar 2025	Direct	F1, F2
transaction	LAZ	Common Stock	Disposed to Issuer	$4,509,000	-100,000	-24%	$45.09	317,915	13 Mar 2025	Direct	F2, F3, F4

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		-254,467	-100%		0	13 Mar 2025	Common Stock	254,467		Direct	F1, F5, F6, F7
transaction	LAZ	Restricted Participation Units	Award		+159,353	+80%		358,299	14 Mar 2025	Common Stock	159,353		Direct	F7, F8, F9

* 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 the Performance-based Restricted Participation Units ("PRPUs") referenced in Footnote (5).
F2	Excludes 19,336 shares held in Jamker Investments LLC, of which the Reporting Person is an authorized individual. Jamker Investments LLC is beneficially owned directly and indirectly (via a trust) 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 (5).
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 (5).
F5	Represents a prior grant of PRPUs awarded with respect to compensation for 2021 of which performance and other conditions have been satisfied. The grant at target was reflected in the Company's proxy statement for the relevant year.
F6	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.
F7	Amount excludes a prior grant of 1,000,000 Stock Price Performance-based Restricted Participation Units, which was reflected in the Company's proxy statement for the relevant year.
F8	These Restricted Participation Units ("RPUs") will vest on or around March 15, 2027.
F9	Each RPU represents an interest in Lazard Group LLC that has satisfied its minimum value condition and that may be exchanged for one share of Common Stock.