Alper Andrew M 4

What Happened

• Andrew M. Alper, a member of Lazard, Inc.'s Board of Directors, received an award of 721 Deferred Stock Units (DSUs) on February 17, 2026. The filing reports the acquisition at $0.00 per unit (recorded value $0) because these are deferred/derivative units rather than an immediate share purchase.
• This award was made under Lazard’s 2018 Incentive Compensation Plan as part of an election to receive DSUs instead of cash compensation. The DSUs convert into common stock on a one-for-one basis when the reporting person resigns or otherwise ceases to be a director.

Key Details

• Transaction date: 2026-02-17; Form 4 filed: 2026-02-18 (timely filing).
• Transaction type/code: Award/Grant (A); 721 DSUs granted at $0.00 per unit (derivative).
• Shares owned after transaction: not specified in this filing.
• Footnotes: F1 — DSUs were elected in lieu of cash compensation under the Non‑Executive Director Compensation arrangement. F2 — DSUs convert 1:1 into Lazard common stock upon the reporting person’s departure from the board.
• No indication of a sale, purchase of common stock, or tax withholding in this filing.

Context

• DSU grants are deferred compensation: they do not represent an immediate purchase of shares and are typically paid out (converted to stock) after the director leaves the board. Such awards are routine for non‑executive director pay and do not by themselves signal a buy or sell view on the stock.