Lazard, Inc. — Director's Dealing 2024

Mar 13, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard, Inc. (LAZ)
CIK: 0001311370
Period of Report: 2024-03-11

Reporting Person: Russo Evan L (CEO of Asset Management)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-03-11	Common Stock	M	168539	—	Acquired	377448	Direct
2024-03-11	Common Stock	D	75000	$39.20	Disposed	302448	Direct
2024-03-13	Common Stock	S	75000	$39.35	Disposed	227448	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-11	Performance-based Restricted Participation Units	$	M	168539	Disposed		Common Stock (168539)	Direct

Footnotes

F1: Shares of Common Stock were acquired upon the exchange of a prior grant of Performance-based Restricted Participation Units ("PRPUs") into shares of Common Stock.

F2: Amount excludes 84,336 shares of Common Stock indirectly beneficially owned by the reporting person by trust and 198,946 restricted participation units directly or indirectly beneficially owned by the reporting person.

F3: Represents shares of Common Stock sold to the Company to cover estimated taxes arising from the exchange of the PRPUs referenced in Footnote (1).

F4: Represents the average of the high and low price of Common Stock on the New York Stock Exchange on the date of the exchange of the PRPUs referenced in Footnote (1).

F5: The price reported in Column 4 is the weighted average price. The shares were sold in multiple transactions that were executed on March 13, 2024 in trades with average execution prices ranging from $39.25 to $39.50, inclusive. The Reporting Person undertakes to provide the issuer, any security holder of the issuer or the staff of the U.S. Securities and Exchange Commission, upon request, full information regarding the number of shares of Common Stock sold at each separate price within the price range set forth in this report.

F6: Represents a prior grant of PRPUs awarded with respect to compensation for 2020 for which performance and other conditions have been satisfied. The grant at target was previously reflected in the Company's proxy statement for the relevant year.

F7: 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 Common Stock.