Form 4: Lazard Inc. Director Acquires Deferred Stock Units

Andrew M. Alper, a director of Lazard, Inc., acquired 775 Deferred Stock Units (DSUs) convertible to common stock, according to a recent SEC Form 4 filing.

Summary

• On May 15, 2025, Andrew M. Alper, a director of Lazard, Inc., acquired 775 Deferred Stock Units (DSUs).
• These DSUs were obtained under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, in lieu of a portion of Alper's cash compensation.
• The DSUs will convert to common stock on a one-for-one basis when Alper ceases to be a member of the Board of Directors.
• Following the transaction, Alper directly owns 92,693 shares of Lazard, Inc. common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. A director taking compensation in stock shows confidence in the company's future, but it's a routine transaction.

Positives

• The acquisition of DSUs by a director demonstrates alignment with the company's long-term performance.
• The director chose to receive equity in lieu of cash, showing confidence in the company's future.

Future Outlook

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

Directors receiving stock-based compensation is a common practice in the financial industry to align their interests with those of shareholders.

Comparison to Industry Standards

• Stock-based compensation for directors is a standard practice across the financial services industry.
• Companies like Goldman Sachs, Morgan Stanley, and JP Morgan Chase also utilize stock options and restricted stock units as part of their director compensation packages.
• The specific amount and terms of these awards vary based on company size, performance, and individual director roles.

Stakeholder Impact

• The transaction signals to shareholders that the director's interests are aligned with theirs.
• Employees may view this as a positive sign of management's commitment to the company's success.

Key Dates

Keywords

Lazard Inc., Director, Deferred Stock Units, DSUs, SEC Form 4, Beneficial Ownership, Andrew M. Alper, Incentive Compensation Plan, Common Stock