Form 4: Lazard Director Jane L. Mendillo Acquires Deferred Stock Units

Lazard director Jane L. Mendillo acquired 636 deferred stock units (DSUs) as part of her compensation.

Summary

• Jane L. Mendillo, a director at Lazard, Inc., acquired 636 deferred stock units (DSUs) on November 15, 2024.
• These DSUs were received as part of her annual election to receive stock units instead of cash compensation under Lazard's 2018 Incentive Compensation Plan.
• The DSUs will convert to common stock on a one-for-one basis when Ms. Mendillo leaves the board of directors.
• Following this transaction, Ms. Mendillo beneficially owns 73,254 DSUs.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally. The use of DSUs is a common practice and does not indicate any significant positive or negative sentiment.

Positives

• The acquisition of DSUs aligns the director's interests with the long-term performance of the company.
• The use of DSUs as compensation can help conserve cash for the company.

Future Outlook

The DSUs will convert to common stock upon the director's resignation or departure from the board.

Industry Context

The use of deferred stock units is a common practice in executive compensation, particularly for board members, to align their interests with the long-term performance of the company.

Comparison to Industry Standards

• Many financial services firms use deferred stock units as part of their compensation packages for directors and executives.
• This practice is similar to other companies such as Goldman Sachs and Morgan Stanley, which also use equity-based compensation to align management and shareholder interests.
• The specific terms of the DSU grants, such as vesting schedules and conversion ratios, are generally consistent with industry norms.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the long-term performance of the company.

Key Dates

Keywords

Deferred Stock Units, DSUs, Director Compensation, Lazard, Stock Options, Incentive Compensation, Form 4, Beneficial Ownership