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

Kenneth Jacobs, Executive Chairman of Lazard, sold shares of common stock between May 31 and June 3, 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 between May 31, 2024, and June 3, 2024.
• The sales were executed under a Rule 10b5-1 trading plan adopted on March 1, 2024.
• On May 31, 2024, 152,272 shares were sold at an average price of $40.2, and 1,859 shares were sold at an average price of $41.21.
• On June 3, 2024, 6,762 shares were sold at an average price of $40.
• Additionally, shares held by the Kenneth M. Jacobs 2005 GRAT, of which Jacobs is a co-trustee, were sold under the same 10b5-1 trading plan.
• On May 31, 2024, 93,422 shares held by the trust were sold at an average price of $40.2, and 1,141 shares were sold at an average price of $41.21.
• On June 3, 2024, 4,149 shares held by the trust were sold at an average price of $40.
• Following these transactions, Jacobs directly owns 1,982,829 shares and indirectly owns 485,567 shares through the trust.

Sentiment

Score: 5

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

Industry Context

Executive share sales are a common occurrence, often executed under pre-arranged trading plans to avoid accusations of insider trading. The impact on the stock price depends on the size of the sale relative to the trading volume and overall market sentiment.

Stakeholder Impact

• The share sales could have a minor impact on shareholders depending on market perception of the transactions.

Key Dates