Lazard, Inc. — Director's Dealing 2021

May 3, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard Ltd (LAZ)
CIK: 0001311370
Period of Report: 2021-04-29

Reporting Person: HEYER STEVEN J (Former Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-04-29	Class A Common Stock	M	123528	—	Acquired	123528	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-04-29	Deferred Stock Units	$	A	663	Acquired		Class A Common Stock (663)	Direct
2021-04-29	Deferred Stock Units	$	M	123528	Disposed		Class A Common Stock (123528)	Direct

Footnotes

F1: On April 29, 2021, the reporting person retired from the Board of Directors of Lazard Ltd. The reporting person acquired shares of Class A common stock upon the settlement of Deferred Stock Units ("DSUs") that had been awarded to the reporting person under Lazard Ltd's 2018 Incentive Compensation Plan, 2008 Incentive Compensation Plan and 2005 Equity Incentive Plan as part of the Non-Executive Director Compensation arrangement.

F2: The reporting person has made an annual election to receive DSUs under Lazard Ltd's 2018 Incentive Compensation Plan in lieu of all or a portion of such reporting person's cash compensation payable pursuant to the Non-Executive Director Compensation arrangement.

F3: The DSUs will be converted into Class A Common Stock on a one-for-one basis following the date that the reporting person resigns from, or otherwise ceases to be a member of, the Board of Directors of Lazard Ltd.

F4: The DSUs were converted into Class A common stock on a one-for-one basis.