Form 4: Lazard Director Daniel Schulman Reports Acquisition of Deferred Stock Units

Lazard, Inc. Director Daniel H. Schulman has reported the acquisition of 4,753 Deferred Stock Units as part of his non-executive director compensation plan.

Summary

• Daniel H. Schulman, a Director of Lazard, Inc. (LAZ), acquired 4,753 Deferred Stock Units (DSUs) on June 2, 2025.
• These DSUs were awarded under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, specifically as part of the Non-Executive Director Compensation arrangement.
• Each DSU will convert into one share of Lazard Common Stock following Mr. Schulman's resignation from, or cessation of service on, the Board of Directors.
• Following this transaction, Mr. Schulman's beneficial ownership of Deferred Stock Units increased to 10,679.

Sentiment

Score: 7

Explanation: The acquisition of Deferred Stock Units by a director is generally viewed positively as it aligns the director's interests with those of shareholders, indicating confidence in the company's long-term prospects. This is a routine compensation event.

Positives

• Director Daniel H. Schulman acquired 4,753 Deferred Stock Units, increasing his beneficial ownership to 10,679 DSUs, which aligns his interests with shareholders.
• The award is part of the company's established 2018 Incentive Compensation Plan for Non-Executive Directors, indicating a structured and transparent approach to compensation.

Future Outlook

The Deferred Stock Units will convert into Common Stock on a one-for-one basis following the date the reporting person resigns from, or otherwise ceases to be a member of, the Board of Directors of Lazard, Inc.

Management Comments

• The filing indicates that the Deferred Stock Units were awarded under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, as part of the Non-Executive Director Compensation arrangement.

Industry Context

This Form 4 filing reflects a routine equity award to a non-executive director, a common practice in the financial services industry to align director interests with long-term shareholder value. Such compensation structures are typical for publicly traded companies like Lazard, Inc., a global financial advisory and asset management firm.

Comparison to Industry Standards

• The award of Deferred Stock Units (DSUs) as part of non-executive director compensation is a standard practice across many industries, including financial services.
• Companies like Goldman Sachs, Morgan Stanley, and other investment banks often utilize similar equity-based compensation plans to incentivize and retain board members, aligning their long-term interests with company performance and shareholder returns.
• The one-for-one conversion upon cessation of board service is also a common feature of such plans, ensuring that the value of the award is realized upon the director's departure.

Stakeholder Impact

• Shareholders: The acquisition of equity by a director aligns their interests with long-term shareholder value, potentially fostering more robust governance and strategic decisions.

Next Steps

• The Deferred Stock Units will convert into Common Stock on a one-for-one basis following the reporting person's resignation or cessation from the Board of Directors of Lazard, Inc.

Key Dates

Recommendation

Keywords

Lazard, LAZ, Daniel Schulman, Form 4, SEC filing, Deferred Stock Units, DSU, Director compensation, insider transaction, equity award