Gathy Michael 4

What Happened

• Michael Gathy, Chief Accounting Officer of Lazard, received an award of 92 restricted stock units (RSUs) on February 20, 2026. The transaction is reported as an award/grant (code A) with an acquisition price of $0 (derivative award).
• The filing notes these RSUs were issued pursuant to dividend equivalent reinvestment provisions of underlying RSU awards. Each RSU represents a contingent right to one share of Lazard common stock and will convert to shares upon vesting.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-23.
• Transaction type/code: Award/Grant (A); 92 RSUs acquired at $0.00 (derivative).
• Vesting schedule: 23 RSUs vest on/around Mar 2, 2026; 38 on/around Mar 1, 2027; 31 on/around Mar 1, 2028.
• Shares owned after transaction: not specified in the provided summary of the filing.
• Footnotes: F1 – RSUs from dividend equivalent reinvestment; F2 – each RSU equals one share when vested; F3 – vesting dates above.
• Filing timeliness: Form filed Feb 23, 2026 for a Feb 20, 2026 transaction (filed within normal reporting window).

Context

• RSU grants are compensation/benefit awards rather than open-market purchases or sales, so they do not directly signal a buy/sell decision by the insider. They become actual shares only as they vest according to the schedule above.
• For investors, note the near-term vesting of 23 RSUs (early March 2026), which is when stock delivery (and any related tax withholding) would typically occur.