Form 4: Lazard Executive Chairman Kenneth Jacobs Sells Shares Under 10b5-1 Trading Plan
SEC Form 4 Filing
Kenneth Jacobs, Executive Chairman of Lazard, sold shares of the company's common stock on September 3rd and 4th, 2024, under a pre-arranged Rule 10b5-1 trading plan.
Summary
- Kenneth M. Jacobs, Executive Chairman of Lazard, sold shares of Lazard's common stock on September 3rd and 4th, 2024.
- The sales were executed under a Rule 10b5-1 trading plan adopted on March 1, 2024.
- On September 3, 2024, Jacobs sold 85,740 shares at an average price of $48.05, 2,030 shares at an average price of $49.25, and 69,701 shares at an average price of $48.05 through a trust.
- On September 3, 2024, Jacobs sold 2,030 shares at an average price of $49.25 through a trust.
- On September 4, 2024, Jacobs sold 700 shares at $47.9 and 28,803 shares at an average price of $48.3.
- Following these transactions, Jacobs directly owns 1,523,722 shares and indirectly owns 204,279 shares through a trust.
Sentiment
Score: 5
Explanation: The document is a standard regulatory filing regarding stock sales by an executive. It doesn't convey any particularly positive or negative sentiment about the company's performance or prospects.
Industry Context
This filing is a routine disclosure of insider trading activity. It's common for executives to use 10b5-1 plans to sell shares over time to avoid accusations of trading on inside information. The impact on Lazard's stock price is likely to be minimal, as the sales were pre-planned and disclosed.
Stakeholder Impact
- The share sales could have a minor negative impact on shareholder sentiment, but the effect is likely to be minimal given the pre-planned nature of the transactions.
Key Dates
| Date | Description |
|---|---|
| 03/01/2024 | Date of adoption of Rule 10b5-1 trading plan |
| 09/03/2024 | Date of first reported transaction (share sales) |
| 09/04/2024 | Date of second reported transaction (share sales) |
| 09/05/2024 | Date of signature on the Form 4 filing |
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