Orszag Peter Richard 4

What Happened

• Peter R. Orszag, CEO & Chairman of Lazard, converted 138,340 Restricted Participation Units (RPUs) into common stock on March 16, 2026. Following the conversion, he sold shares to cover taxes and under a pre-established trading plan, disposing of a total of ~110,672 shares for roughly $4.51 million.
• Specifics: 41,502 shares were sold back to the company at $40.82 per share for $1,694,112 (tax withholding). On March 17, 2026 he sold 67,170 shares at a weighted average price of $40.73 for $2,735,955 and 2,000 shares at $41.66 for $83,319 (total proceeds ≈ $4,513,386).

Key Details

• Transaction dates: conversion on 2026-03-16; sales on 2026-03-16 and 2026-03-17. Form filed 2026-03-18 (appears timely).
• Prices/values: 41,502 @ $40.82 = $1,694,112; 67,170 @ $40.73 (weighted avg; executions ranged $40.45–$41.44) = $2,735,955; 2,000 @ $41.66 (weighted avg; executions ranged $41.45–$42.00) = $83,319.
• Footnotes: RPUs were a prior 2022 award that vested and were exchangeable 1-for-1 for shares (F1, F7, F8). The sale to the issuer covered estimated taxes (F2, F3). The March 17 sales were effected under a Rule 10b5-1 plan adopted March 13, 2025 to cover taxes and other personal expenditures (F4–F6).
• Shares owned after the transactions are not specified in the provided filing.

Context

• This was primarily a conversion of restricted units into shares followed by sell-to-cover and planned sales — a routine executive liquidity event rather than an open-market "buy" signal. The use of a 10b5-1 trading plan indicates the March 17 sales were pre-arranged.