SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
  
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Russo Evan L
(Last) (First) (Middle)
C/O LAZARD, INC.
30 ROCKEFELLER PLAZA
(Street)
NEW YORK NY 10112
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Lazard, Inc. [ LAZ ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
CEO of Asset Management
3. Date of Earliest Transaction (Month/Day/Year)
03/13/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/13/2025 M 254,467 A (1) 417,915(2) D
Common Stock 03/13/2025 D 100,000(3) D $45.09(4) 317,915(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Performance-based Restricted Participation Units(5) (6) 03/13/2025 M 254,467 (1) (1) Common Stock 254,467 (6) 0(7) D
Restricted Participation Units (8) 03/14/2025 A 159,353 (8) (8) Common Stock 159,353 (9) 358,299(7) D
Explanation of Responses:
1. Shares of Common Stock were acquired upon the exchange of the Performance-based Restricted Participation Units ("PRPUs") referenced in Footnote (5).
2. 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.
3. Represents shares of Common Stock sold to the Company to cover estimated taxes arising from the exchange of the PRPUs referenced in Footnote (5).
4. 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).
5. 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.
6. 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.
7. 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.
8. These Restricted Participation Units ("RPUs") will vest on or around March 15, 2027.
9. 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.
Remarks:
/s/ Evan L. Russo by Shari L. Soloway under a P of A 03/17/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
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