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: BHUTANI ASHISH (Director, CEO of Lazard Asset Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-03-01	Class A Common Stock	M	170984	—	Acquired	618900	Direct
2017-03-01	Class A Common Stock	F	95444	$43.06	Disposed	523456	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2017-03-01	Performance-based Restricted Stock Units	$	M	153402	Disposed	2017-03-01	Class A Common Stock (153402)	Direct
2017-03-01	Restricted Stock Units	$	M	17582	Disposed	2017-03-01	Class A Common Stock (17582)	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 withheld by the Company to cover estimated taxes arising from the vesting 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: Each PRSU (the performance conditions of which have been satisfied) represents a contingent right to receive one share of Class A Common Stock.

F5: Each RSU represents a contingent right to receive one share of Class A Common Stock.