Form 4: Lazard Director Ann-Kristin Achleitner Receives Deferred Stock Unit Award

Lazard, Inc. Director Ann-Kristin Achleitner was awarded 3,992 Deferred Stock Units (DSUs) as part of her non-executive director compensation, aligning her interests with shareholders.

Summary

• Ann-Kristin Achleitner, a Director at Lazard, Inc. (LAZ), reported the acquisition of 3,992 Deferred Stock Units (DSUs) on June 2, 2025.
• The DSUs were awarded under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, specifically as part of the Non-Executive Director Compensation arrangement.
• These DSUs will convert into Lazard Common Stock on a one-for-one basis following the date the reporting person resigns from or ceases to be a member of the Board of Directors.
• Following this transaction, Ms. Achleitner beneficially owns a total of 23,259 Deferred Stock Units.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. This is a routine compensation event for a director, which is a positive for corporate governance as it aligns interests, but it does not indicate any significant operational or financial news for the company.

Positives

• The award of Deferred Stock Units to a non-executive director aligns their long-term interests with those of the company's shareholders, promoting sound governance.
• The compensation structure, utilizing equity, is a common practice designed to retain experienced board members and incentivize performance.

Future Outlook

The Deferred Stock Units are structured to convert into Lazard Common Stock on a one-for-one basis upon the reporting person's resignation from or cessation of membership on the Board of Directors, indicating a future equity distribution event tied to the director's tenure.

Management Comments

• "Deferred Stock Units ('DSUs') were awarded under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, as part of the Non-Executive Director Compensation arrangement."
• "The DSUs will be converted into Common Stock on a one-for-one basis following the date that the reporting person resigns from, or otherwise ceases to be a member of, the Board of Directors of Lazard, Inc."

Industry Context

The award of Deferred Stock Units to non-executive directors is a standard and widely adopted practice across publicly traded companies, particularly in the financial services industry. This method of compensation is favored for its ability to align the interests of board members with long-term shareholder value creation, as the value of the compensation is directly tied to the company's stock performance.

Comparison to Industry Standards

• The compensation structure involving Deferred Stock Units (DSUs) for non-executive directors is a common and accepted practice within the financial services industry and broader corporate governance frameworks.
• Companies like Goldman Sachs (GS), Morgan Stanley (MS), and BlackRock (BLK) frequently utilize similar equity-based compensation plans for their independent directors to foster alignment with shareholder interests and promote long-term strategic oversight.
• The one-for-one conversion of DSUs to common stock upon a director's departure is a typical vesting and payout mechanism for such awards, ensuring that the director's commitment extends throughout their service period.

Corporate Governance

Related Party Transactions

• The transaction involves an equity award to a director, which is a form of related-party transaction (insider compensation) but is part of a pre-approved compensation plan.

Stakeholder Impact

• Shareholders: The equity award aligns the director's financial interests with the long-term performance of the company, potentially leading to more shareholder-centric decision-making.
• Employees: No direct impact on general employees is indicated by this specific filing.

Next Steps

• The Deferred Stock Units will convert into Lazard Common Stock upon Ann-Kristin Achleitner's resignation from or cessation of membership on the Board of Directors of Lazard, Inc.

Key Dates

Keywords

Lazard, LAZ, SEC Form 4, Insider Transaction, Deferred Stock Units, Director Compensation, Equity Award, Corporate Governance