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

Kenneth Jacobs, Executive Chairman of Lazard, sold shares of common stock on July 9, 2024, under a pre-arranged Rule 10b5-1 trading plan.

Summary

• Kenneth M. Jacobs, Executive Chairman of Lazard, sold shares of Lazard, Inc. common stock on July 9, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on March 1, 2024.
• A total of 46,107 shares were sold at a weighted average price of $40.1853.
• An additional 28,288 shares held in the Kenneth M. Jacobs 2005 GRAT were sold at the same weighted average price.
• Following the transactions, Jacobs directly owns 1,936,722 shares and indirectly owns 457,279 shares through a trust.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing related to stock sales by an executive under a pre-arranged trading plan. It doesn't inherently indicate positive or negative sentiment.

Industry Context

Sales by executives are a normal part of corporate governance. The use of a 10b5-1 plan suggests the sales were pre-planned and not based on any inside information.

Stakeholder Impact

• The stock sale could have a minor impact on shareholders, potentially creating slight downward pressure on the stock price in the short term.

Key Dates