Form 4: Lazard Executive Chairman Kenneth Jacobs Sells Shares Under 10b5-1 Trading Plan

Kenneth Jacobs, Executive Chairman of Lazard, sold 207,000 shares of common stock at $45.227 per share and 127,000 shares held by trust at $45.227 per share on July 16, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Kenneth M. Jacobs, the Executive Chairman of Lazard, sold shares of Lazard, Inc. common stock on July 16, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on March 1, 2024.
• A total of 207,000 shares were sold directly at a weighted average price of $45.227 per share.
• An additional 127,000 shares held in the Kenneth M. Jacobs 2005 GRAT, of which Jacobs is a co-trustee, were sold at the same weighted average price.
• Following the transactions, Jacobs directly owns 1,729,722 shares and indirectly owns 330,279 shares through the trust.

Sentiment

Score: 5

Explanation: The sentiment is neutral. The filing simply reports stock sales under a pre-arranged trading plan, which doesn't inherently indicate positive or negative sentiment about the company's future.

Industry Context

Insider sales are a common occurrence, and the use of a 10b5-1 trading plan suggests the sales were pre-planned and not based on any specific non-public information. Investors often monitor insider transactions for signals about a company's prospects, but sales under a 10b5-1 plan are generally viewed as less informative.

Stakeholder Impact

• The stock sale could have a minor negative impact on shareholder sentiment, although the existence of a 10b5-1 plan mitigates this concern.

Key Dates