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 · 3 exercises

CAI CHENYU CAROLINE

Filed: 12/23/2019ACC: 0001567619-19-023561

InsiderCAI CHENYU CAROLINECIK 1768116

→

IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

Officer· Executive Vice President

Since Feb 2019

-50.50K

Net shares

Net seller

$675.3K

Total sold

Open market trades

0B · 0S

Total transactions

170.66K acquired · 221.16K disposed

Non-Derivative Transactions6

Class B common stock, par value $0.000001

Indirect

M · Option Exercise

+5.88K

Price / share

—

Trade value

—

% of position

0.8%

12/19/2019

714.33K→720.21K

Class B common stock, par value $0.000001

Indirect

F · Tax Withholding

−2.86K

Price / share

$7.06

Trade value

$20.17K

% of position

0.4%

12/19/2019

720.21K→717.35K

Class B common stock, par value $0.000001

Indirect

M · Option Exercise

+51.95K

Price / share

—

Trade value

—

% of position

7.2%

12/20/2019

717.35K→769.30K

Class B common stock, par value $0.000001

Indirect

F · Tax Withholding

−25.24K

Price / share

$7.57

Trade value

$191.04K

% of position

3.3%

12/20/2019

769.30K→744.06K

Class A common stock, par value $0.01

Direct

M · Option Exercise

+55K

Price / share

—

Trade value

—

% of position

24.3%

12/20/2019

226.14K→281.14K

Class A common stock, par value $0.01

Direct

F · Tax Withholding

−52.14K

Price / share

$8.90

Trade value

$464.06K

% of position

18.5%

12/20/2019

281.14K→229K

Total

Net shares

+32.59K

Net value

-$675.27K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class B common stock, par value $0.000001 Indirect	12/19/2019	M · Option Exercise	+5.88K	—	—	0.8%	714.33K	720.21K
Class B common stock, par value $0.000001 Indirect	12/19/2019	F · Tax Withholding	−2.86K	$7.06	$20.17K	0.4%	720.21K	717.35K
Class B common stock, par value $0.000001 Indirect	12/20/2019	M · Option Exercise	+51.95K	—	—	7.2%	717.35K	769.30K
Class B common stock, par value $0.000001 Indirect	12/20/2019	F · Tax Withholding	−25.24K	$7.57	$191.04K	3.3%	769.30K	744.06K
Class A common stock, par value $0.01 Direct	12/20/2019	M · Option Exercise	+55K	—	—	24.3%	226.14K	281.14K
Class A common stock, par value $0.01 Direct	12/20/2019	F · Tax Withholding	−52.14K	$8.90	$464.06K	18.5%	281.14K	229K
Total			+32.59K		-$675.27K

Derivative Transactions7

Phantom Class B Units

Direct

M · Option Exercise

Converts to

Class B Units

5.88K shares

−5.88K

Strike price

Held after

23.53K

Exercisable

—

12/19/2019

Class B Units

Indirect

M · Option Exercise

Converts to

Class A common stock, par value $0.01

5.88K shares

+5.88K

Strike price

Held after

720.21K

Exercisable

—

12/19/2019

Class B Units

Indirect

F · Tax Withholding

Converts to

Class A common stock, par value $0.01

2.86K shares

−2.86K

Strike price

Held after

717.35K

Exercisable

—

12/19/2019

Phantom Class B Units

Direct

M · Option Exercise

Converts to

Class B Units

51.95K shares

−51.95K

Strike price

Held after

155.84K

Exercisable

—

12/20/2019

Class B Units

Indirect

M · Option Exercise

Converts to

Class A common stock, par value $0.01

51.95K shares

+51.95K

Strike price

Held after

769.30K

Exercisable

—

12/20/2019

Class B Units

Indirect

F · Tax Withholding

Converts to

Class A common stock, par value $0.01

25.24K shares

−25.24K

Strike price

Held after

744.06K

Exercisable

—

12/20/2019

Class A Common Stock Option

Direct

M · Option Exercise

Converts to

Class A common stock, par value $0.01

55K shares

−55K

Strike price

Held after

0.00

Exercisable

—

12/20/2019

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Phantom Class B Units Direct	Class B Units5.88K shares	12/19/2019	M · Option Exercise	−5.88K		—	23.53K
Class B Units Indirect	Class A common stock, par value $0.015.88K shares	12/19/2019	M · Option Exercise	+5.88K		—	720.21K
Class B Units Indirect	Class A common stock, par value $0.012.86K shares	12/19/2019	F · Tax Withholding	−2.86K		—	717.35K
Phantom Class B Units Direct	Class B Units51.95K shares	12/20/2019	M · Option Exercise	−51.95K		—	155.84K
Class B Units Indirect	Class A common stock, par value $0.0151.95K shares	12/20/2019	M · Option Exercise	+51.95K		—	769.30K
Class B Units Indirect	Class A common stock, par value $0.0125.24K shares	12/20/2019	F · Tax Withholding	−25.24K		—	744.06K
Class A Common Stock Option Direct	Class A common stock, par value $0.0155K shares	12/20/2019	M · Option Exercise	−55K	8	—	0.00