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 · 1 exercise

CAI CHENYU CAROLINE

Filed: 6/4/2021ACC: 0001567619-21-011712

InsiderCAI CHENYU CAROLINECIK 1768116

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IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

Officer· Executive Vice President

Since Feb 2019

-22.06K

Net shares

Net seller

$45.5K

Total sold

Open market trades

0B · 0S

Total transactions

11K acquired · 33.06K disposed

Non-Derivative Transactions3

Class B common stock, par value $0.000001

Indirect

M · Option Exercise

+5.50K

Price / share

—

Trade value

—

% of position

0.7%

6/3/2021

840.20K→845.70K

Class B common stock, par value $0.000001

Indirect

F · Tax Withholding

−3.78K

Price / share

$12.03

Trade value

$45.47K

% of position

0.4%

6/3/2021

845.70K→841.92K

Class B common stock, par value $0.000001

Indirect

G · Gift

−10K

Price / share

—

Trade value

—

% of position

1.2%

6/3/2021

841.92K→831.92K

Total

Net shares

−8.28K

Net value

-$45.47K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class B common stock, par value $0.000001 Indirect	6/3/2021	M · Option Exercise	+5.50K	—	—	0.7%	840.20K	845.70K
Class B common stock, par value $0.000001 Indirect	6/3/2021	F · Tax Withholding	−3.78K	$12.03	$45.47K	0.4%	845.70K	841.92K
Class B common stock, par value $0.000001 Indirect	6/3/2021	G · Gift	−10K	—	—	1.2%	841.92K	831.92K
Total			−8.28K		-$45.47K

Derivative Transactions4

Class B Unit Option

Indirect

M · Option Exercise

Converts to

Class B Units

5.50K shares

−5.50K

Strike price

4.77

Held after

5.62K

Exercisable

—

6/3/2021

Class B Unit

Indirect

M · Option Exercise

Converts to

Class A common stock, par value $0.01

5.50K shares

+5.50K

Strike price

Held after

845.70K

Exercisable

—

6/3/2021

Class B Unit

Indirect

F · Tax Withholding

Converts to

Class A common stock, par value $0.01

3.78K shares

−3.78K

Strike price

Held after

841.92K

Exercisable

—

6/3/2021

Class B Unit

Indirect

G · Gift

Converts to

Class A common stock, par value $0.01

10K shares

−10K

Strike price

Held after

831.92K

Exercisable

—

6/3/2021

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Class B Unit Option Indirect	Class B Units5.50K shares	6/3/2021	M · Option Exercise	−5.50K	4.77	—	5.62K
Class B Unit Indirect	Class A common stock, par value $0.015.50K shares	6/3/2021	M · Option Exercise	+5.50K		—	845.70K
Class B Unit Indirect	Class A common stock, par value $0.013.78K shares	6/3/2021	F · Tax Withholding	−3.78K		—	841.92K
Class B Unit Indirect	Class A common stock, par value $0.0110K shares	6/3/2021	G · Gift	−10K		—	831.92K