Lazard, Inc. — Director's Dealing 2010

Aug 31, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2010-08-27

Reporting Person: JORDAN VERNON E JR (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-08-30	Class A common stock	M	115	—	Acquired	68781	Direct
2010-08-30	Class A common stock	F	52	$32.22	Disposed	68729	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-08-27	Restricted Stock Units	$	A	115	Acquired	2010-08-30	Class A common stock (115)	Direct
2010-08-30	Restricted Stock Units	$	M	115	Disposed	2010-08-30	Class A common stock (115)	Direct

Footnotes

F1: Pursuant to an amendment to the retirement policy governing the restricted stock units ("RSUs") of Lazard Ltd (the "Company"), the reporting person met the retirement requirements and is therefore eligible to receive restricted shares for the RSUs that were granted as dividend equivalents on August 27, 2010. The amendment provided that 45% of the reporting person's shares could be sold or withheld by the Company to pay applicable taxes and the remainder would be subject to certain restrictions on transfer, and covenants, in accordance with the underlying award.

F2: The shares of Class A common stock were acquired upon the conversion of Restricted Stock Units.

F3: Shares withheld by the Company to cover estimated taxes.

F4: Additional Restricted Stock Units were acquired on August 27, 2010 pursuant to the dividend equivalent reinvestment provisions of the Restricted Stock Unit Award granted on February 11, 2010.

F5: Each Restricted Stock Unit represents a contingent right to receive one share of Class A common stock of Lazard Ltd.