Howe Stephen R. Jr. 4

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.