Hogbin Christopher 4

What Happened

• Christopher Hogbin, Lazard’s CEO, Asset Management, had 48,332 restricted stock units (RSUs vest) on March 17, 2026, which converted into 48,332 shares of common stock. To satisfy tax withholding, 24,674 shares were withheld (valued at $40.06 per share for a withholding value of $988,440). Separately, 11,829 shares were sold in open-market transactions under a 10b5-1 plan: 7,885 shares on March 18 at $40.37 ($318,317) and 3,944 shares on March 19 at $39.37 ($155,275), producing total sale proceeds of $473,592. After withholding and sales, 11,829 shares from the vesting event were retained.

Key Details

• Transaction dates & prices:
  • RSU vesting/conversion: Mar 17, 2026 — 48,332 shares converted (code M).
  • Tax withholding: Mar 17, 2026 — 24,674 shares withheld at $40.06 (code F) = $988,440 (value based on NYSE prior close).
  • Open-market sales under 10b5-1: Mar 18, 2026 — 7,885 shares @ $40.37 = $318,317; Mar 19, 2026 — 3,944 shares @ $39.37 = $155,275 (codes S).
• Net shares retained from this vesting: 11,829 shares (48,332 acquired − 36,503 disposed/withheld).
• Notable footnotes: RSUs vested on Mar 17, 2026; shares withheld to cover taxes; sales were made pursuant to a 10b5-1 trading plan adopted Dec 11, 2025 and intended to cover estimated taxes and personal expenditures.
• Filing: Report filed Mar 19, 2026 for transactions occurring Mar 17–19, 2026; filing appears timely (no late-filing flag shown).

Context

• These were vested RSUs converting to common stock (not option exercises with an out‑of‑pocket exercise price). The tax withholding is a routine cashless method to cover taxes on vesting. The open-market sales were executed under a pre-established 10b5-1 plan, indicating pre-arranged sell instructions rather than ad-hoc market timing.