Lazard, Inc. — Director's Dealing 2020

Nov 24, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2020-11-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-11-20	Restricted Class A Common Stock	M	596	—	Acquired	28685	Direct
2020-11-20	Restricted Class A Common Stock	M	318	—	Disposed	28367	Direct
2020-11-20	Class A Common Stock	M	318	—	Acquired	829073	Direct
2020-11-20	Class A Common Stock	F	318	$36.45	Disposed	828755	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-11-20	Restricted Stock Units	$	A	596	Acquired		Class A Common Stock (596)	Direct
2020-11-20	Restricted Stock Units	$	M	596	Disposed		Restricted Class A Common Stock (596)	Direct

Footnotes

F1: Restricted Stock Units ("RSUs") granted to the reporting person pursuant to the dividend equivalent reinvestment provisions of the underlying Performance-based Restricted Stock Unit ("PRSU") award are being treated as 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 agreement until the original vesting date 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 of the RSUs referenced in Footnote (1).

F4: Amount excludes 30,609 Performance-based Restricted Participation Units directly or indirectly owned by the reporting person.

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

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

F7: These RSUs will vest on or around March 1, 2021.