Lazard, Inc. — Director's Dealing 2020

Feb 24, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2020-02-20

Reporting Person: Stern Alexander F. (President)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-02-20	Performance-based Restricted Stock Units	$	A	109129	Acquired		Class A Common Stock (109129)	Direct
2020-02-20	Performance-based Restricted Participation Units	$	A	31010	Acquired		Class A Common Stock (31010)	Direct

Footnotes

F1: Represents prior grants of Performance-based Restricted Stock Units ("PRSUs") awarded with respect to compensation for 2016 and 2017 for which performance conditions have been satisfied. The grants were previously reflected in the Company's proxy statements for the relevant years.

F2: Each PRSU (the performance conditions of which have been satisfied) represents a contingent right to receive one share of Class A Common Stock.

F3: Of these PRSUs, 89,649 will vest on or around March 2, 2020, and 19,480 will vest on or around March 1, 2021.

F4: Represents a prior grant of Performance-based Restricted Participation Units ("PRPUs") awarded with respect to compensation for 2018 for which performance conditions have been satisfied. The grant was previously reflected in the Company's proxy statement for the relevant year.

F5: Each PRPU (the performance and other conditions of which have been satisfied) represents an interest in Lazard Group LLC that may be exchanged for one share of Class A Common Stock.

F6: These PRPUs will vest on or around March 1, 2022.

F7: Amount excludes 283,595 shares of Class A Common Stock directly or indirectly beneficially owned by the reporting person.