Lazard, Inc. — Director's Dealing 2018

Nov 19, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2018-11-16

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-11-16	Restricted Class A Common Stock	M	2860	—	Acquired	68146	Direct
2018-11-16	Restricted Class A Common Stock	F	1524	$38.13	Disposed	66622	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2018-11-16	Restricted Stock Units	$	A	2860	Acquired		Class A Common Stock (2860)	Direct
2018-11-16	Restricted Stock Units	$	M	2860	Disposed		Restricted Class A Common Stock (2860)	Direct

Footnotes

F1: Restricted Stock Units ("RSUs") granted to the reporting person pursuant to the dividend equivalent reinvestment provisions of underlying Performance-based Restricted Stock Unit ("PRSU") awards have become subject to taxation and have been settled in the form of Restricted Class A Common Stock. The Restricted Class A Common Stock, excluding the portion retained by the Company in order to cover taxes required to be withheld, will remain subject to all restrictive covenants and sales restrictions contained in the underlying award agreements until the original vesting dates set forth therein.

F2: Represents shares of Class A Common Stock retained by the Company to cover taxes required to be withheld in connection with the settlement of RSUs.

F3: Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the settlement date.

F4: Amount excludes 596,863 shares of Class A Common Stock directly or indirectly beneficially owned by the reporting person.

F5: Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of underlying PRSU awards.

F6: Each RSU represents a contingent right to receive one share of Class A Common Stock.

F7: Of these RSUs, 859 will vest on or around March 1, 2019, 920 will vest on or around March 2, 2020, and 1,081 will vest on or around March 1, 2021.