CAI CHENYU CAROLINE (Executive Vice President) exercised options at PZENA INVESTMENT MANAGEMENT, INC.

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 2 exercises

CAI CHENYU CAROLINE

Filed: 12/16/2019ACC: 0001567619-19-023151

InsiderCAI CHENYU CAROLINECIK 1768116

→

IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

Officer· Executive Vice President

Since Feb 2019

-75.47K

Net shares

Net seller

$671.0K

Total sold

Open market trades

0B · 0S

Total transactions

80K acquired · 155.47K disposed

Non-Derivative Transactions4

Class A common stock, par value $0.01

Direct

M · Option Exercise

+30K

Price / share

—

Trade value

—

% of position

13.5%

12/12/2019

221.61K→251.61K

Class A common stock, par value $0.01

Direct

F · Tax Withholding

−28.35K

Price / share

$8.81

Trade value

$249.79K

% of position

11.3%

12/12/2019

251.61K→223.25K

Class A common stock, par value $0.01

Direct

M · Option Exercise

+50K

Price / share

—

Trade value

—

% of position

22.4%

12/13/2019

223.25K→273.25K

Class A common stock, par value $0.01

Direct

F · Tax Withholding

−47.11K

Price / share

$8.94

Trade value

$421.20K

% of position

17.2%

12/13/2019

273.25K→226.14K

Total

Net shares

+4.53K

Net value

-$670.99K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class A common stock, par value $0.01 Direct	12/12/2019	M · Option Exercise	+30K	—	—	13.5%	221.61K	251.61K
Class A common stock, par value $0.01 Direct	12/12/2019	F · Tax Withholding	−28.35K	$8.81	$249.79K	11.3%	251.61K	223.25K
Class A common stock, par value $0.01 Direct	12/13/2019	M · Option Exercise	+50K	—	—	22.4%	223.25K	273.25K
Class A common stock, par value $0.01 Direct	12/13/2019	F · Tax Withholding	−47.11K	$8.94	$421.20K	17.2%	273.25K	226.14K
Total			+4.53K		-$670.99K

Derivative Transactions2

Class A Common Stock Option

Direct

M · Option Exercise

Converts to

Class A common stock, par value $0.01

30K shares

−30K

Strike price

8.00

Held after

105K

Exercisable

—

12/12/2019

Class A Common Stock Option

Direct

M · Option Exercise

Converts to

Class A common stock, par value $0.01

50K shares

−50K

Strike price

8.00

Held after

55K

Exercisable

—

12/13/2019

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Class A Common Stock Option Direct	Class A common stock, par value $0.0130K shares	12/12/2019	M · Option Exercise	−30K	8.00	—	105K
Class A Common Stock Option Direct	Class A common stock, par value $0.0150K shares	12/13/2019	M · Option Exercise	−50K	8.00	—	55K