LIPSEY WILLIAM LOUIS (Pres, Marketing/Client Srvc) received a stock award from PZENA INVESTMENT MANAGEMENT, INC.

Compensation award — not an open‑market transaction. Less informative as a directional signal.

A · 1 award

LIPSEY WILLIAM LOUIS

Filed: 1/3/2020ACC: 0001567619-20-000416

InsiderLIPSEY WILLIAM LOUISCIK 1409995

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IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

DirectorOfficer· Pres, Marketing/Client Srvc

Since Dec 2018

+507.61K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

572.56K acquired · 64.95K disposed

Non-Derivative Transactions2

Class B common stock, par value $0.000001

Indirect

M · Option Exercise

+64.95K

Price / share

—

Trade value

—

% of position

1.6%

12/31/2019

4.17M→4.23M

Class B common stock, par value $0.000001

Indirect

A · Award

+221.33K

Price / share

—

Trade value

—

% of position

5.2%

1/1/2020

4.23M→4.45M

Total

Net shares

+286.28K

Net value

$0.00

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Class B common stock, par value $0.000001 Indirect	12/31/2019	M · Option Exercise	+64.95K	—	—	1.6%	4.17M	4.23M
Class B common stock, par value $0.000001 Indirect	1/1/2020	A · Award	+221.33K	—	—	5.2%	4.23M	4.45M
Total			+286.28K		$0.00

Derivative Transactions3

Class B Units

Indirect

M · Option Exercise

Converts to

Class A common stock, par value $0.01

64.95K shares

+64.95K

Strike price

Held after

4.23M

Exercisable

—

12/31/2019

Phantom Class B common stock

Direct

M · Option Exercise

Converts to

Class B Units

64.95K shares

−64.95K

Strike price

Held after

64.34K

Exercisable

—

12/31/2019

Class B Units

Indirect

A · Award

Converts to

Class A common stock, par value $0.01

221.33K shares

+221.33K

Strike price

Held after

4.45M

Exercisable

—

1/1/2020

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Class B Units Indirect	Class A common stock, par value $0.0164.95K shares	12/31/2019	M · Option Exercise	+64.95K	—	4.23M
Phantom Class B common stock Direct	Class B Units64.95K shares	12/31/2019	M · Option Exercise	−64.95K	—	64.34K
Class B Units Indirect	Class A common stock, par value $0.01221.33K shares	1/1/2020	A · Award	+221.33K	—	4.45M

Non-Derivative Holdings (Post-Transaction)1

Class B common stock, par value $0.000001

Indirect

Shares owned1.27M

Total

1.27M indirect1.27M

Security Title	Shares Owned	Ownership Type
Class B common stock, par value $0.000001	1.27M	Indirect
Total	1.27M	1.27M indirect

Derivative Holdings (Post-Transaction)1

Class B Units

Indirect

Underlying security

Class A common stock, par value $0.01

Underlying shares

1.27M

Shares owned

1.27M

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

1.27M

Owned

1.27M

Security	Underlying	Exercise Price	Exercise Window	Expiration	Underlying Shares	Shares Owned
Class B Units Indirect	Class A common stock, par value $0.01		—	—	1.27M	1.27M
Total					1.27M	1.27M