Form 4: Lazard Director Michelle Jarrard Receives Deferred Stock Unit Award

Lazard, Inc. Director Michelle Jarrard was awarded 3,992 Deferred Stock Units as part of her non-executive director compensation, increasing her total beneficial ownership to 43,379 DSUs.

Summary

• Michelle Jarrard, a Director of Lazard, Inc. (LAZ), was awarded 3,992 Deferred Stock Units (DSUs) on June 2, 2025.
• The DSUs were granted under Lazard, Inc.'s 2018 Incentive Compensation Plan as part of the Non-Executive Director Compensation arrangement.
• Following this transaction, Ms. Jarrard beneficially owns a total of 43,379 Deferred Stock Units.
• Each DSU will convert into one share of Lazard, Inc. Common Stock upon Ms. Jarrard's resignation from, or cessation of being a member of, the Board of Directors.

Sentiment

Score: 7

Explanation: The filing reports a routine equity compensation award to a director, which is a positive for aligning management interests with shareholders, but does not provide operational or financial performance updates that would significantly alter the company's outlook.

Positives

• The award of Deferred Stock Units to a director aligns their interests with those of the shareholders, promoting long-term value creation.
• This compensation method is a standard practice for attracting and retaining qualified board members.

Future Outlook

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

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 equity-based compensation, such as Deferred Stock Units, to non-executive directors is a common and widely accepted practice across publicly traded companies in the financial services industry and beyond. This method is used to align the interests of board members with long-term shareholder value and to provide competitive compensation.

Comparison to Industry Standards

• The practice of compensating non-executive directors with equity, specifically Deferred Stock Units, is a standard corporate governance practice observed across major financial institutions and public companies globally.
• While specific compensation amounts vary by company size, industry, and individual director responsibilities, the mechanism of granting DSUs for a $0 price as part of a compensation plan is consistent with industry benchmarks for non-cash compensation.

Corporate Governance

Related Party Transactions

• The award of Deferred Stock Units to Michelle Jarrard, a Director of Lazard, Inc., constitutes a related party transaction as it involves compensation from the company to a member of its board. This is a standard and disclosed form of director compensation.

Stakeholder Impact

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

Next Steps

• The Deferred Stock Units will convert into Lazard, Inc. Common Stock upon Michelle Jarrard's departure from the Board of Directors.

Key Dates

Keywords

Lazard, LAZ, Form 4, SEC filing, Deferred Stock Units, DSUs, Director compensation, Equity award, Michelle Jarrard, Insider transaction