Lazard, Inc. — Director's Dealing 2020

May 27, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2020-05-22

Reporting Person: JACOBS KENNETH M (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-22	Restricted Class A Common Stock	M	1192	—	Acquired	46471	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-05-22	Restricted Stock Units	$	A	1192	Acquired		Class A Common Stock (1192)	Direct
2020-05-22	Restricted Stock Units	$	M	1192	Disposed		Restricted Class A Common Stock (1192)	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 that the reporting person is permitted to sell in order to pay the related taxes (in accordance with the applicable award agreement), 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: Amount excludes 2,028,043 shares of Class A Common Stock and 47,917 Performance-based Restricted Participation Units directly or indirectly beneficially owned by the reporting person.

F3: Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of the underlying PRSU award.

F4: Each RSU represents a contingent right to receive one share of Class A Common Stock.

F5: These RSUs will vest on or around March 1, 2021.