Form 4: Lazard Director Stephen R. Howe Jr. Awarded Over 4,000 Deferred Stock Units

Lazard, Inc. Director Stephen R. Howe Jr. was granted 4,119 Deferred Stock Units as part of his non-executive director compensation, increasing his total beneficial ownership to 10,158 DSUs.

Summary

• Stephen R. Howe Jr., a Director of Lazard, Inc. (LAZ), was awarded 4,119 Deferred Stock Units (DSUs) on June 2, 2025.
• The DSUs were granted under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, as part of the Non-Executive Director Compensation arrangement.
• Following this transaction, Mr. Howe Jr. beneficially owns a total of 10,158 Deferred Stock Units.
• These DSUs will convert into Lazard Common Stock on a one-for-one basis upon Mr. Howe Jr.'s resignation from, or cessation of being a member of, the Board of Directors.

Sentiment

Score: 7

Explanation: The award of equity compensation to a director is a positive step for aligning interests, though it's a routine compensation event rather than a significant strategic announcement.

Positives

• The award of Deferred Stock Units to a director aligns their long-term interests with those of the shareholders, promoting a focus on sustained company performance.

Future Outlook

The Deferred Stock Units will convert into Lazard, Inc. 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.

Industry Context

This transaction represents a standard practice in corporate governance where non-executive directors receive a portion of their compensation in equity, such as Deferred Stock Units. This method is widely adopted across the financial services industry and other sectors to align the interests of board members with the long-term performance and shareholder value of the company.

Comparison to Industry Standards

• Equity-based compensation for non-executive directors, such as Deferred Stock Units, is a common practice across the financial services industry and broader public markets. This aligns director incentives with long-term shareholder value, similar to practices at firms like Goldman Sachs, Morgan Stanley, or BlackRock, where directors often receive a portion of their compensation in restricted stock units or similar equity awards.

Corporate Governance

Stakeholder Impact

• Shareholders: Interests are further aligned with the director through equity ownership, potentially leading to more shareholder-centric decision-making.

Next Steps

• Conversion of Deferred Stock Units into common stock upon Stephen R. Howe Jr.'s departure from the Lazard, Inc. Board of Directors.

Key Dates

Recommendation

Keywords

Lazard Inc, LAZ, Form 4, SEC filing, Deferred Stock Units, DSUs, Director Compensation, Equity Award, Insider Transaction