Statement of Changes in Beneficial Ownership (4)
June 04 2021 - 4:20PM
Edgar (US Regulatory)
FORM 4
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
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3235-0287
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
*
Cai Chenyu Caroline |
2. Issuer Name and Ticker or Trading Symbol
Pzena Investment Management, Inc.
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PZN
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Executive Vice President |
(Last)
(First)
(Middle)
PZENA INVESTMENT MANAGEMENT, INC., 320 PARK AVE, 8TH FLOOR |
3. Date of Earliest Transaction
(MM/DD/YYYY)
6/3/2021 |
(Street)
NEW YORK, NY 10022
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line)
_X
_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1.Title of Security (Instr. 3)
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2. Trans. Date
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2A. Deemed Execution Date, if any
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3. Trans. Code (Instr. 8)
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
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5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)
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6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
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Code
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V
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Amount
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(A) or (D)
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Price
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Class B common stock, par value $0.000001 (1) | 6/3/2021 | | M | | 5500 | A | (2) | 845696 | I | Pzena Investment Management, LP (3) |
Class B common stock, par value $0.000001 (1) | 6/3/2021 | | F | | 3780 | D | $12.03 | 841916 | I | Pzena Investment Management, LP (3) |
Class B common stock, par value $0.000001 (1) | 6/3/2021 | | G(4) |
V
| 10000 | D | $0 | 831916 | I | Pzena Investment Management, LP (3) |
Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivate Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Trans. Date | 3A. Deemed Execution Date, if any | 4. Trans. Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) |
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares |
Class B Unit Option (2) | $4.77 | 6/3/2021 | | M | | | 5500 | 12/21/2013 (2) | 12/21/2021 (2) | Class B Units | 5500 | (2) | 5615 | I | Pzena Investment Management, LP (3) |
Class B Unit (5) | (5) | 6/3/2021 | | M | | 5500 | | (5) | (5) | Class A common stock, par value $0.01 | 5500 | (4)(5) | 845696 | I | Pzena Investment Management, LP (3) |
Class B Unit (5) | (5) | 6/3/2021 | | F | | | 3780 | (5) | (5) | Class A common stock, par value $0.01 | 3780 | $12.03 | 841916 | I | Pzena Investment Management, LP (3) |
Class B Unit (5) | (5) | 6/3/2021 | | G (4) |
V
| | 10000 | (5) | (5) | Class A common stock, par value $0.01 | 10000 | $0 | 831916 | I | Pzena Investment Management, LP (3) |
Explanation of Responses: |
(1) | Each holder of a Class B Unit of Pzena Investment Management, LLC (the "Operating Company") is also issued one share of Pzena Investment Management, Inc.'s (the "Issuer") Class B common stock, par value $0.000001 per share, in exchange for the par value thereof. Holders of Class B common stock are not entitled to participate in any dividends or other distributions made by the Issuer to holders of its capital stock, except for the right to receive the par value thereof upon the Issuer's liquidation or dissolution. |
(2) | On December 21, 2011, the Operating Company granted the Reporting Person the right to acquire Class B Units of the Operating Company for $4.77 per unit until December 21, 2021, subject to earlier expiration upon the occurrence of certain events. Pursuant to the Amended and Restated Certificate of Incorporation of Pzena Investment Management, Inc., when the Operating Company issues a Class B Unit to a new or existing member of the Operating Company, the Issuer will concurrently issue one share of its Class B Shares to the holder of such Class B Unit in exchange for the par value thereof. |
(3) | Pursuant to the Amended and Restated Agreement of Limited Partnership ("LPA") of Pzena Investment Management, LP ("PIM LP"), dated as of December 30, 2019, whenever a Class B Unit is issued to the Reporting Person, the Reporting Person will be deemed to immediately and automatically contribute such Unit and related Class B common stock, to PIM LP and PIM LP will concurrently issue to him a corresponding limited partnership interest. Pursuant to the LPA, each limited partnership interest in PIM LP will be cancelled upon redemption by the Reporting Person for Class B Units and related Class B common stock subject to the terms of the LPA. The Issuer is the general partner of PIM LP. |
(4) | This transaction involved a charitable gift of securities by the Reporting Person to the Fidelity Investments Charitable Gift Fund. |
(5) | Represents units of the Operating Company classified as "Class B Units" under the Operating Company's Amended and Restated Operating Agreement dated as of December 30, 2019 (the "Amended Pzena LLC Agreement"), among the Issuer, as the Managing Member of the Operating Company and the holders of such reclassified units of the Operating Company. Pursuant to the Amended Pzena LLC Agreement, each Class B Unit is exchangeable for a share of Class A common stock of the Issuer subject to the timing and volume limitations set forth in the Amended Pzena LLC Agreement. |
Reporting Owners
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Reporting Owner Name / Address | Relationships |
Director | 10% Owner | Officer | Other |
Cai Chenyu Caroline PZENA INVESTMENT MANAGEMENT, INC. 320 PARK AVE, 8TH FLOOR NEW YORK, NY 10022 |
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| Executive Vice President |
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Signatures
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/s/ Joan F. Berger, as attorney-in-fact for Chenyu Caroline Cai | | 6/4/2021 |
**Signature of Reporting Person | Date |
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