Lazard, Inc. 10-Q

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds None. Issuer Repurchases of Equity Securities The following table sets forth information regarding Lazard’s purchases of its common stock on a monthly basis during the second quarter of 2023. Share repurchases are recorded on a trade date basis. Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs April 1 – April 30, 2023 Share Repurchase Program (1) - $ - - $ 203.2 million Employee Transactions (2) 465 $ 33.22 - - May 1 – May 31, 2023 Share Repurchase Program (1) - $ - - $ 203.2 million Employee Transactions (2) 95,053 $ 31.28 - - June 1 – June 30, 2023 Share Repurchase Program (1) 5,466 $ 31.35 - $ 203.0 million Employee Transactions (2) 19,739 $ 29.18 - - Total Share Repurchase Program (1) 5,466 $ 31.35 5,466 $ 203.0 million Employee Transactions (2) 115,257 $ 30.92 - - 75 _______________________ (1) Since 2021 and through the six months ended June 30, 2023, the Board of Directors of Lazard authorized the repurchase of common stock as set forth in the table below. Date Repurchase Authorization Expiration ($ in thousands) April 2021 $ 300,000 December 31, 2022 February 2022 $ 300,000 December 31, 2024 July 2022 $ 500,000 December 31, 2024 A significant portion of the Company’s purchases under the share repurchase program are used to offset a portion of the shares that have been or will be issued under the 2018 Plan. Purchases under the share repurchase program may be made in the open market or through privately negotiated transactions. The rate at which the Company purchases shares in connection with the share repurchase program may vary from quarter to quarter due to a variety of factors. Amounts shown in this line item include repurchases of common stock and exclude the shares of common stock withheld by the Company to meet the minimum statutory tax withholding requirements as described below. (2) Under the terms of the 2018 Plan, upon the settlement of RSUs, PRSUs, DSUs and delivery of restricted stock, shares of common stock may be withheld by the Company to meet the minimum statutory tax withholding requirements. During the three month period ended June 30, 2023, the Company satisfied such obligations in lieu of issuing (i) 26,890 shares of common stock upon the settlement of 79,580 RSUs and (ii) 88,367 shares of common stock upon the delivery of 176,217 shares of restricted stock. Item 3. Defaults Upon Senior Securities None. Item 4. Mine Safety Disclosures Not applicable.