Lazard, Inc. — Director's Dealing 2017

Mar 3, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2017-03-01

Reporting Person: Hoffman Scott D (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-01	Class A Common Stock	M	98607	—	Acquired	129031	Direct
2017-03-01	Class A Common Stock	D	30424	$43.06	Disposed	98607	Direct
2017-03-02	Class A Common Stock	S	20000	$43.16	Disposed	78607	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-01	Performance-based Restricted Stock Units	$	M	88466	Disposed	2017-03-01	Class A Common Stock (88466)	Direct
2017-03-01	Restricted Stock Units	$	M	10141	Disposed	2017-03-01	Class A Common Stock (10141)	Direct

Footnotes

F1: Shares of Class A Common Stock were acquired upon the vesting of a prior grant of Performance-based Restricted Stock Units ("PSRUs") awarded with respect to compensation for 2013, including certain Restricted Stock Units ("RSUs") that had been acquired pursuant to the dividend equivalent reinvestment provisions of the underlying PRSU award. The grant was previously reflected in the Company's proxy statements.

F2: Represents shares of Class A Common Stock sold to the Company to cover estimated taxes arising from the settlement of PRSUs and RSUs.

F3: Represents the New York Stock Exchange closing price of Class A Common Stock on February 28, 2017, the trading day immediately preceding the vesting date.

F4: Represents shares of Class A Common Stock sold to cover the remaining amount of estimated taxes arising from the settlement of PRSUs and RSUs.

F5: Reflects a weighted average purchase price of $43.16 per share, at prices ranging from $42.79 to $43.77 per share. The reporting person will provide, upon request by the staff of the Securities and Exchange Commission, the Company, or a security holder of the Company, full information regarding the number of shares sold at each separate price.

F6: Each PRSU (the performance conditions of which have been satisfied) represents a contingent right to receive one share of Class A Common Stock.

F7: Each RSU represents a contingent right to receive one share of Class A Common Stock.