Lazard, Inc. — Director's Dealing 2020

Mar 3, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2020-02-28

Reporting Person: Stern Alexander F. (President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-03-02	Class A Common Stock	M	137848	—	Acquired	421443	Direct
2020-03-02	Class A Common Stock	M	22079	—	Acquired	443522	Direct
2020-03-02	Class A Common Stock	D	78301	$35.82	Disposed	365221	Direct
2020-03-03	Class A Common Stock	S	50000	$37.95	Disposed	315221	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-28	Restricted Stock Units	$	A	3230	Acquired		Class A Common Stock (3230)	Direct
2020-03-02	Performance-based Restricted Stock Units	$	M	137848	Disposed	2020-03-02	Class A Common Stock (137848)	Direct
2020-03-02	Restricted Stock Units	$	M	22079	Disposed	2020-03-02	Class A Common Stock (22079)	Direct

Footnotes

F1: Shares of Class A Common Stock were acquired upon the vesting of a prior grant of Performance-based Restricted Stock Units ("PRSUs") awarded with respect to compensation for 2016, 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 vesting of PRSUs and RSUs.

F3: Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the vesting date of PRSUs and RSUs referenced in Footnote (1).

F4: Represents shares of Class A Common Stock sold to the Company.

F5: Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the transaction date.

F6: Amount excludes 31,010 Performance-based Restricted Participation Units directly or indirectly owned by the reporting person.

F7: Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of underlying PRSU awards.

F8: Each RSU represents a contingent right to receive one share of Class A Common Stock.

F9: Of these RSUs, 2,072 vested on or around March 2, 2020 and 1,158 will vest on or around March 1, 2021.

F10: Each PRSU (the performance conditions of which have been satisfied) represents a contingent right to receive one share of Class A Common Stock.