SCHULMAN DANIEL H 4

What Happened

Daniel H. Schulman, a director of Lazard, Inc. (LAZ), was granted 4,358 Deferred Stock Units (DSUs) on June 1, 2026. The filing reports an acquisition at $0.00 per unit (derivative award), so no cash was exchanged at grant. This transaction is a compensation award to a non‑executive director rather than a market purchase or sale.

Key Details

• Transaction date: 2026-06-01; Form 4 filed 2026-06-03.
• Transaction type: Award/Grant of 4,358 Deferred Stock Units (derivative; reported at $0.00).
• Shares owned after transaction: Not disclosed in this Form 4.
• Footnotes:
  • DSUs were awarded under Lazard’s 2018 Incentive Compensation Plan as part of non‑executive director compensation.
  • DSUs convert one-for-one into common stock after the director resigns or otherwise ceases board service.
• No late‑filing flag shown in the filing; Form 4 was submitted two days after the transaction date.

Context

DSUs are a form of deferred compensation for directors and do not represent immediately issued common shares. They will become actual shares (one DSU = one common share) only when the director leaves the board, so this award does not change current voting power or open‑market activity. This is a routine director compensation grant, not a buy or sell indicating an expressed market view.