Lazard CEO Peter Orszag Sells 125,000 Shares

What Happened
Peter Orszag, CEO and Chairman of Lazard, exchanged 500,000 Stock Price Profits Interest Participation Rights (SP-PIPRs) for common stock and then disposed of a portion of the shares. Of the exchanged shares, 75,000 were surrendered to Lazard to cover estimated taxes and 125,000 were sold in the open market on Aug 25, 2026 at a weighted average price of $43.52, generating approximately $5,440,038. The exchange of SP-PIPRs (derivative awards granted in 2023) resulted in the issuance of common shares on Aug 24, 2026.

Key Details

• Transaction dates: SP-PIPR exchange and related transactions on Aug 24, 2026; open-market sale on Aug 25, 2026. Filing date: Aug 26, 2026 (timely).
• Open-market sale: 125,000 shares sold at a weighted average price of $43.52 (execution prices ranged $43.14–$43.93); total proceeds ≈ $5,440,038.
• Tax withholding: 75,000 shares sold back to the company to cover estimated taxes arising from the exchange.
• Derivative exchange: 500,000 SP-PIPRs were exchanged for shares (each SP-PIPR can be exchanged for one share once service/conditions are satisfied).
• Plan/authorization: The open-market sales were effected pursuant to a Rule 10b5-1 trading plan (adopted Mar 13, 2025) intended to cover estimated taxes and personal expenditures.
• Shares owned after transaction: Not specified in the supplied filing excerpt.
• Footnote highlights: SP-PIPRs were a 2023 grant (previously reported); some remaining SP-PIPRs have future vesting dates (e.g., 500k scheduled to vest ~Aug 23, 2028 and 500k subject to a 2030 milestone/continued service).

Context

• This filing reflects a derivative-to-stock exchange (SP-PIPRs converted into common shares) followed by routine dispositions to satisfy tax obligations and a planned open-market sale. Sales under a 10b5-1 plan are pre-arranged and typically considered routine liquidity/tax planning rather than an immediate signal of insider sentiment.