Lazard, Inc. — Director's Dealing 2025

Mar 17, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Lazard, Inc. (LAZ)
CIK: 0001311370
Period of Report: 2025-03-13

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-03-13	Common Stock	M	254467	—	Acquired	417915	Direct
2025-03-13	Common Stock	D	100000	$45.09	Disposed	317915	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-03-13	Performance-based Restricted Participation Units	$	M	254467	Disposed		Common Stock (254467)	Direct
2025-03-14	Restricted Participation Units	$	A	159353	Acquired		Common Stock (159353)	Direct

Footnotes

F1: Shares of Common Stock were acquired upon the exchange of the Performance-based Restricted Participation Units ("PRPUs") referenced in Footnote (5).

F2: Excludes 19,336 shares held in Jamker Investments LLC, of which the Reporting Person is an authorized individual. Jamker Investments LLC is beneficially owned directly and indirectly (via a trust) 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 (5).

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 (5).

F5: Represents a prior grant of PRPUs awarded with respect to compensation for 2021 of which performance and other conditions have been satisfied. The grant at target was reflected in the Company's proxy statement for the relevant year.

F6: 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.

F7: Amount excludes a prior grant of 1,000,000 Stock Price Performance-based Restricted Participation Units, which was reflected in the Company's proxy statement for the relevant year.

F8: These Restricted Participation Units ("RPUs") will vest on or around March 15, 2027.

F9: Each RPU represents an interest in Lazard Group LLC that has satisfied its minimum value condition and that may be exchanged for one share of Common Stock.