PZENA RICHARD STANTON (Chairman, CEO and Co-CIO) 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

PZENA RICHARD STANTON

Filed: 1/3/2020ACC: 0001567619-20-000411

InsiderPZENA RICHARD STANTONCIK 1408706

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IssuerPZENA INVESTMENT MANAGEMENT, INC.CIK 1399249

DirectorOfficer· Chairman, CEO and Co-CIO

Since Jan 2019

+479.19K

Net shares

Net buyer

$0.00

Total acquired

Open market trades

0B · 0S

Total transactions

479.19K acquired

Non-Derivative Transactions1

Class B common stock, par value $0.000001

Indirect

A · Award

+239.60K

Price / share

—

Trade value

—

% of position

1.3%

1/1/2020

17.95M→18.19M

Total

Net shares

+239.60K

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	1/1/2020	A · Award	+239.60K	—	—	1.3%	17.95M	18.19M
Total			+239.60K		$0.00

Derivative Transactions1

Delayed Exchange Class B Units

Indirect

A · Award

Converts to

Class A common stock, par value $0.01

239.60K shares

+239.60K

Strike price

Held after

18.19M

Exercisable

—

1/1/2020

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable	Held After
Delayed Exchange Class B Units Indirect	Class A common stock, par value $0.01239.60K shares	1/1/2020	A · Award	+239.60K		—	18.19M

Non-Derivative Holdings (Post-Transaction)2

Class B common stock, par value $0.000001

Indirect

Shares owned6.26M

Class B common stock, par value $0.000001

Indirect

Shares owned42.40K

Total

6.30M indirect6.30M

Security Title	Shares Owned	Ownership Type
Class B common stock, par value $0.000001	6.26M	Indirect
Class B common stock, par value $0.000001	42.40K	Indirect
Total	6.30M	6.30M indirect

Derivative Holdings (Post-Transaction)2

Class B Units

Indirect

Underlying security

Class A common stock, par value $0.01

Underlying shares

6.26M

Shares owned

6.26M

Exercise price

Expiration

—

Exercise window

—

Class B Units

Indirect

Underlying security

Class A common stock, par value $0.01

Underlying shares

42.40K

Shares owned

42.40K

Exercise price

Expiration

—

Exercise window

—

Total

Underlying

6.30M

Owned

6.30M

Security	Underlying	Exercise Window	Expiration	Underlying Shares	Shares Owned
Class B Units Indirect	Class A common stock, par value $0.01	—	—	6.26M	6.26M
Class B Units Indirect	Class A common stock, par value $0.01	—	—	42.40K	42.40K
Total				6.30M	6.30M