X0306 4 2020-02-28 0 0001311370 Lazard Ltd LAZ 0001450474 Stern Alexander F. C/O LAZARD LTD 30 ROCKEFELLER PLAZA NEW YORK NY 10112 0 1 0 0 President Class A Common Stock 2020-03-02 4 M 0 137848 A 421443 D Class A Common Stock 2020-03-02 4 M 0 22079 A 443522 D Class A Common Stock 2020-03-02 4 D 0 78301 35.82 D 365221 D Class A Common Stock 2020-03-03 4 S 0 50000 37.95 D 315221 D Restricted Stock Units 2020-02-28 4 A 0 3230 A Class A Common Stock 3230 33550 D Performance-based Restricted Stock Units 2020-03-02 4 M 0 137848 D 2020-03-02 2020-03-02 Class A Common Stock 137848 38961 D Restricted Stock Units 2020-03-02 4 M 0 22079 D 2020-03-02 2020-03-02 Class A Common Stock 22079 11471 D Shares of Class A Common Stock were acquired upon the vesting of a prior grant of Performance-based Restricted Stock Units ("PRSUs") awarded with respect to compensation for 2016, including certain Restricted Stock Units ("RSUs") that had been acquired pursuant to the dividend equivalent reinvestment provisions of the underlying PRSU award. The grant was previously reflected in the Company's proxy statements. Represents shares of Class A Common Stock sold to the Company to cover estimated taxes arising from the vesting of PRSUs and RSUs. Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the vesting date of PRSUs and RSUs referenced in Footnote (1). Represents shares of Class A Common Stock sold to the Company. Represents the New York Stock Exchange closing price of Class A Common Stock on the trading day immediately preceding the transaction date. Amount excludes 31,010 Performance-based Restricted Participation Units directly or indirectly owned by the reporting person. Additional RSUs were acquired pursuant to the dividend equivalent reinvestment provisions of underlying PRSU awards. Each RSU represents a contingent right to receive one share of Class A Common Stock. Of these RSUs, 2,072 vested on or around March 2, 2020 and 1,158 will vest on or around March 1, 2021. Each PRSU (the performance conditions of which have been satisfied) represents a contingent right to receive one share of Class A Common Stock. /s/ Alexander F. Stern by Scott D. Hoffman under a P of A 2020-03-03