Jarrard Michelle 4

What Happened

• Michelle Jarrard, a member of Lazard, Inc.'s Board of Directors, was granted 4,010 Deferred Stock Units (DSUs) on June 1, 2026. The Form 4 reports the transaction as an award/grant (code A) with an acquisition price of $0.00. This is a compensation grant (derivative award), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-01; Form 4 filed: 2026-06-03 (timely filing).
• Transaction type/code: Grant/Award (A); instrument: Deferred Stock Units (derivative).
• Units granted: 4,010 DSUs; reported price: $0.00; total dollar value not stated on the filing.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes: (F1) DSUs were awarded under Lazard’s 2018 Incentive Compensation Plan as part of Non‑Executive Director compensation. (F2) DSUs convert into common stock on a one‑for‑one basis when the director resigns or otherwise ceases board service.
• Filing timeliness: filed within the typical two-business-day window (not reported as late).

Context

• DSUs are a form of deferred compensation: they do not represent immediate common‑stock ownership or an open‑market investment, and they convert to shares only after the director leaves the board. Such grants are routine for non‑executive director compensation and should be viewed as pay rather than a direct bullish signal.