Form 4: Lazard CAO Gathy Reports RSU Vesting, Tax Withholding

Lazard's Chief Accounting Officer, Michael Gathy, reported the vesting of 2,251 Restricted Stock Units and the subsequent sale of 813 shares for tax obligations.

Summary

• Michael Gathy, Lazard's Chief Accounting Officer, acquired 2,251 shares of Common Stock on March 2, 2026, through the vesting of Restricted Stock Units (RSUs).
• These acquired shares include those from dividend equivalent reinvestment provisions of the underlying awards.
• Concurrently, 813 shares of Common Stock were withheld by Lazard, Inc. to cover tax liabilities associated with the RSU vesting.
• The shares withheld for taxes were valued at $50.6 per share, based on the New York Stock Exchange closing price on the trading day prior to vesting.
• Following these transactions, Michael Gathy beneficially owns 1,438 shares of Common Stock directly.
• Additionally, 2,251 Restricted Stock Units vested on March 2, 2026, converting into common stock.
• Michael Gathy continues to beneficially own 7,194 derivative securities (Restricted Stock Units).

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral event, reflecting a standard, pre-scheduled executive compensation transaction with no material positive or negative implications for the company's operational or financial performance.

Positives

• Vesting of Restricted Stock Units indicates a scheduled compensation event for the Chief Accounting Officer.
• The acquisition of 2,251 shares of common stock increases the officer's direct ownership in the company.

Negatives

• The disposition of 813 shares to cover tax obligations reduces the net shares acquired from the RSU vesting.

Industry Context

StockSavvy.ai notes that routine insider transaction filings like this Form 4 are common across the financial services industry, reflecting standard executive compensation practices involving equity awards. The vesting and subsequent tax-related sales are typical events for executives receiving Restricted Stock Units.

Comparison to Industry Standards

• This transaction is a standard executive compensation event, consistent with equity award vesting practices observed at comparable financial advisory firms and investment banks such as Evercore Inc. (EVR), Moelis & Company (MC), and Greenhill & Co., Inc. (GHL).
• The practice of withholding shares for tax purposes upon RSU vesting is a common mechanism to manage tax liabilities for executives across the industry.

Stakeholder Impact

• Shareholders: Minimal direct impact as this is a routine compensation event. It slightly increases the float of shares held by an insider, but also involves a sale for tax purposes.
• Employees: Reflects standard executive compensation practices, which can be a positive for employee morale regarding equity incentives.

Key Dates

Recommendation

This Form 4 filing details a routine, pre-scheduled executive compensation event involving the vesting of Restricted Stock Units and subsequent tax-related share sales. Such transactions are common and do not typically indicate a change in the company's fundamental performance or outlook. Therefore, it does not provide new information that would warrant a change in investment recommendation; a 'hold' stance is maintained based solely on this filing.

Keywords

Lazard, LAZ, Form 4, Insider Trading, Restricted Stock Units, RSU Vesting, Executive Compensation, Michael Gathy, Chief Accounting Officer, Stock Ownership