Form 4: Lazard Director Alper Acquires 728 Deferred Stock Units

Lazard Director Andrew M. Alper acquired 728 Deferred Stock Units, increasing his beneficial ownership to 98,128 derivative securities.

Summary

• Andrew M. Alper, a Director of Lazard, Inc., acquired 728 Deferred Stock Units (DSUs) on November 17, 2025.
• These DSUs were received in lieu of a portion of his cash compensation, as per an annual election under Lazard, Inc.'s 2018 Incentive Compensation Plan.
• The DSUs will convert into Lazard Common Stock on a one-for-one basis after Mr. Alper resigns or ceases to be a member of the Board of Directors.
• Following this transaction, Mr. Alper beneficially owns 98,128 derivative securities, specifically Deferred Stock Units.

Sentiment

Score: 7

Explanation: The filing indicates a routine compensation event where a director elects to receive equity, which is generally viewed positively as it aligns management's interests with shareholders. It does not present any negative or unexpected information.

Positives

• The acquisition of Deferred Stock Units by a director aligns their long-term interests with those of the shareholders, as the value of their compensation is tied to the company's stock performance.

Future Outlook

The Deferred Stock Units acquired by Mr. Alper are set to convert into Lazard Common Stock on a one-for-one basis following his resignation or cessation of service on the Board of Directors, indicating a future increase in his direct common stock ownership.

Management Comments

• The reporting person has made an annual election to receive Deferred Stock Units in lieu of all or a portion of such reporting person's cash compensation payable pursuant to the Non-Executive Director Compensation arrangement.

Industry Context

The practice of compensating non-executive directors with equity-based awards, such as Deferred Stock Units, is a common corporate governance strategy across the financial services industry and broader public markets. It aims to align the interests of directors with long-term shareholder value.

Comparison to Industry Standards

• This compensation structure, where directors elect to receive equity in lieu of cash, is a standard practice among publicly traded companies, including peers in the investment banking and asset management sectors like Evercore Inc. (EVR) or Moelis & Company (MC).
• The one-for-one conversion of DSUs to common stock upon departure is also a typical feature of such plans, ensuring that the director's long-term commitment is rewarded with company equity.

Corporate Governance

Related Party Transactions

• The acquisition of Deferred Stock Units by Andrew M. Alper, a director, from Lazard, Inc. constitutes a related party transaction, which is a standard part of the company's director compensation plan.

Stakeholder Impact

• Shareholders: The equity compensation structure aligns the interests of the director with long-term shareholder value, potentially leading to more shareholder-centric decision-making.
• Employees: No direct impact mentioned for general employees.

Next Steps

• Conversion of the Deferred Stock Units into Lazard Common Stock upon Andrew M. Alper's resignation or cessation of service from the Board of Directors.

Key Dates

Recommendation

This Form 4 filing details a routine compensation event where a director elected to receive Deferred Stock Units in lieu of cash. While it demonstrates alignment of interests, it does not introduce new material information that would significantly alter the investment thesis for Lazard, Inc. A 'hold' recommendation is appropriate as this transaction is not a catalyst for a 'buy' or 'sell' decision based solely on this filing.

Keywords

Lazard, LAZ, Andrew M. Alper, Deferred Stock Units, DSU, Insider Transaction, SEC Form 4, Director Compensation, Equity Compensation