Alper Andrew M 4

What Happened

• Andrew M. Alper, a member of Lazard, Inc.'s Board of Directors, was awarded 857 Deferred Stock Units (DSUs) on May 15, 2026. The DSUs were reported as a derivative acquisition at $0.00 (award).
• This was not a cash purchase or market sale — the units were issued under an election to receive DSUs instead of cash director compensation. The filing reports the award amount only; no immediate cash value or sale occurred.

Key Details

• Transaction date: 2026-05-15; Form 4 filed 2026-05-19 (timely filing).
• Award: 857 DSUs acquired at $0.00 (transaction code A = award/grant).
• Shares owned after transaction: not specified in the filing.
• Footnote F1: Alper elected to receive DSUs under Lazard’s 2018 Incentive Compensation Plan in lieu of some/all cash non-executive director compensation.
• Footnote F2: DSUs convert to common stock on a one-for-one basis only after the reporting person resigns or otherwise ceases to be a board member.
• This is a derivative award (deferred compensation), not a current open-market purchase or sale.

Context

• DSUs are a form of deferred compensation: they represent a future entitlement to common shares but do not immediately increase outstanding common stock until conversion.
• Awards like this are routine for non-executive directors who elect to defer cash pay; they do not necessarily signal a buy/sell decision on the market.