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: 1/5/2021ACC: 0001567619-21-000413

InsiderLIPSEY WILLIAM LOUISCIK 1409995

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IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

DirectorOfficer· Pres, Marketing/Client Srvc

Since Dec 2018

+84.19K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

268.37K acquired · 184.19K disposed

Non-Derivative Transactions3

Class B common stock, par value $0.000001

Indirect

G · Gift

−75K

Price / share

—

Trade value

—

% of position

1.7%

12/17/2020

4.45M→4.38M

Class B common stock, par value $0.000001

Indirect

M · Option Exercise

+34.19K

Price / share

—

Trade value

—

% of position

0.8%

12/31/2020

4.38M→4.41M

Class B common stock, par value $0.000001

Indirect

A · Award

+100K

Price / share

—

Trade value

—

% of position

2.3%

1/1/2021

4.41M→4.51M

Total

Net shares

+59.19K

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	12/17/2020	G · Gift	−75K	—	—	1.7%	4.45M	4.38M
Class B common stock, par value $0.000001 Indirect	12/31/2020	M · Option Exercise	+34.19K	—	—	0.8%	4.38M	4.41M
Class B common stock, par value $0.000001 Indirect	1/1/2021	A · Award	+100K	—	—	2.3%	4.41M	4.51M
Total			+59.19K		$0.00

Derivative Transactions4

Class B Units

Indirect

G · Gift

Converts to

Class A common stock, par value $0.01

75K shares

−75K

Strike price

Held after

4.38M

Exercisable

—

12/17/2020

Class B Units

Indirect

M · Option Exercise

Converts to

Class A common stock, par value $0.01

34.19K shares

+34.19K

Strike price

Held after

4.41M

Exercisable

—

12/31/2020

Phantom Class B Units

Direct

M · Option Exercise

Converts to

Class B Units

34.19K shares

−34.19K

Strike price

Held after

30.15K

Exercisable

—

12/31/2020

Delayed Exchange Class B Units

Indirect

A · Award

Converts to

Class A common stock, par value $0.01

100K shares

+100K

Strike price

Held after

4.51M

Exercisable

—

1/1/2021

Security	Converts To	Date	Type	Shares	Exercisable	Held After
Class B Units Indirect	Class A common stock, par value $0.0175K shares	12/17/2020	G · Gift	−75K	—	4.38M
Class B Units Indirect	Class A common stock, par value $0.0134.19K shares	12/31/2020	M · Option Exercise	+34.19K	—	4.41M
Phantom Class B Units Direct	Class B Units34.19K shares	12/31/2020	M · Option Exercise	−34.19K	—	30.15K
Delayed Exchange Class B Units Indirect	Class A common stock, par value $0.01100K shares	1/1/2021	A · Award	+100K	—	4.51M

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