Exhibit 10.35

SECOND AMENDMENT TO TAX RECEIVABLE AGREEMENT
 
This Second Amendment to the Tax Receivable Agreement dated as of October 30,
2007, as amended as of December 31, 2012 (the “Agreement”), is hereby entered
into by and among Pzena Investment Management, Inc., a Delaware corporation (the
“Corporation”), Pzena Investment Management, LLC, a Delaware limited liability
company (“PIM”) and each of the undersigned parties hereto identified as the
“Members” Capitalized terms used but not defined herein have the meanings set
forth in the Agreement.
 
Preliminary Statement
 
WHEREAS, the Corporation, PIM and certain Members wish to amend the Agreement to
clarify certain tax benefits payment provisions therein (this “Second
Amendment”);
 
WHEREAS, pursuant to Section 7.06 of the Agreement, provisions therein may
generally be modified or amended by written consent of the Corporation, PIM and
Members who would be entitled to receive at least two-thirds of the Early
Termination Payments payable to all Members thereunder if the Corporation had
exercised its right of early termination on the date of the most recent Exchange
prior to such amendment;
 
WHEREAS, Section 7.13 of the Agreement states that the Agreement shall be
treated as part of the Pzena Investment Management, LLC Amended and Restated
Operating Agreement, as further amended (the “LLC Agreement”); and
 
WHEREAS, pursuant to Section 11.01(a) of the LLC Agreement, terms and provisions
therein may generally be modified or amended at any time and from time to time
by written consent of the Corporation (as Managing Member as defined in the LLC
Agreement), and a Majority in Interest of the Class B Members (as defined in the
LLC Agreement).
 
NOW THEREFORE, pursuant to the above referenced sections, the Agreement is
amended as follows:
 
1.
The term “Advisory Firm Letter” shall be deleted from Article I “Definitions”

2.
The words “and an Advisory Firm Letter supporting such Schedule” shall be
deleted from Section 2.04(a)(x)

3.
Except as set forth herein, the provisions of the Agreement remain in full force
and effect.

 
This Amendment may be executed in one or more counterparts, and each of such
counterparts shall for all purposes be deemed to be an original.

IN WITNESS WHEREOF, this Second Amendment has been duly executed to be effective
as of December 18, 2017.
 
Pzena Investment Management, Inc.,
The Corporation
/s/ Richard S. Pzena
By: Richard S. Pzena, Chief Executive Officer

 Pzena Investment Management, LLC,
PIM
/s/ Richard S. Pzena
By: Richard S. Pzena, Chief Executive Officer

Pzena Investment Management, LP
By: Pzena Investment Management, Inc. its General Partner
/s/ Richard S. Pzena
By: Richard S. Pzena, Chief Executive Officer

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IN WITNESS WHEREOF, this Second Amendment has been duly executed to be effective
as of December 18, 2017.

MEMBERS who would be entitled to receive at least two-thirds of the Early
Termination Payments:
_/s/ William Greenblatt_________
The Aaron Pzena Family Trust
By: William Greenblatt as Trustee
/s/ Jeffrey Pzena________________
The Daniel Pzena Family Trust
By: Jeffrey Pzena as Trustee
 
 
/s/ Robin Pzena________________
The Eric Pzena Family Trust
By: Robin Pzena as Trustee
/s/ Laura Pzena_________________
The Michele Pzena Family Trust
By: Laura Pzena as Trustee
 
 
/s/ Richard S. Pzena_____________
Richard S. Pzena
/s/ John P. Goetz________________
John P. Goetz
 
 
/s/ Gary Bachman_______________
The Carrie Esther Goetz Trust
By: Gary Bachman as Trustee
/s/ Gary Bachman_______________
The Rachel Theresa Goetz Trust
By: Gary Bachman as Trustee
 
 
/s/ William L. Lipsey____________
William L. Lipsey

/s/ Amy Lipsey__________________
The William L. Lipsey Dynasty Trust
By: Amy Lipsey as Trustee
 
 
/s/ Benjamin S. Silver___________
Benjamin S. Silver
/s/ Caroline Cai__________________
Caroline Cai
 
 
/s/ Jennifer Hay_____________________
Fidelity Investments Charitable Gift Fund
By: Jennifer Hay as Director of Operations
/s/ Joel Greenblatt_________________
Milestone Associates, LLC
By: Joel Greenblatt as Manager
 
 
/s/ John Flynn_______________________
John Flynn
/s/ Allison Fisch___________________
Allison Fisch