Howe Stephen R. Jr. 4
4 · Lazard, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Lazard (LAZ) Director Stephen R. Howe Jr. Receives 83 DSUs
What Happened Stephen R. Howe Jr., a member of Lazard, Inc.'s Board of Directors, was awarded/acquired 83 deferred stock units (DSUs) on February 17, 2026. The filing reports the units at $0.00 each (total reported value $0) as a derivative award under the company’s equity plan rather than an open‑market purchase or sale.
Key Details
- Transaction date and type: 2026-02-17 — Award/Acquisition (Code A) of 83 DSUs at $0.00.
- Filing date: 2026-02-18 (next-business-day filing); no late filing indicated in the report.
- Shares owned after transaction: not specified in the Form 4.
- Footnotes:
- F1: Howe elected to receive Deferred Stock Units under Lazard’s 2018 Incentive Compensation Plan in lieu of all or part of his cash compensation for non-executive directors.
- F2: DSUs convert to common stock on a one-for-one basis when the reporting person resigns from or otherwise ceases to be a Lazard director.
- Transaction nature: derivative award (deferred compensation), not a purchase or sale.
Context Deferred Stock Units are a form of director compensation that vests or converts into shares at a future event (here, when the director leaves the board). Such grants are routine for non‑executive directors and do not necessarily signal a personal bullish or bearish view on the stock. Purchases by insiders tend to be more informative about sentiment than routine awards.
Insider Transaction Report
- Award
Deferred Stock Units
[F1][F2]2026-02-17+83→ 10,398 totalExercise: $0.00→ Common Stock (83 underlying)
Footnotes (2)
- [F1]The reporting person has made an annual election to receive Deferred Stock Units ("DSUs") under Lazard, Inc.'s 2018 Incentive Compensation Plan, as amended, in lieu of all or a portion of such reporting person's cash compensation payable pursuant to the Non-Executive Director Compensation arrangement.
- [F2]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.