Exhibit 10.4

AS ADOPTED BY THE BOARD OF DIRECTORS  OF PZENA INVESTMENT MANAGEMENT, INC. ON  OCTOBER 24, 2007

PZENA INVESTMENT MANAGEMENT, LLC    AMENDED AND RESTATED BONUS PLAN    Effective as of October 30, 2007    Amended as of October 21, 2008

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TABLE OF CONTENTS

Page1.

Purpose

12.

Nature of Plan

13.

Definitions

14.

Bonus Awards

35.

Mandatory Deferral of Restricted Amounts

56.

Accounts

77.

Administration

88.

Amendment and Termination

99.

Unfunded Status of Accounts

910.

Effective Date

911.

Miscellaneous

9


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PZENA INVESTMENT MANAGEMENT, LLC  AMENDED AND RESTATED BONUS PLAN

Effective as of October 30, 2007

1.     Purpose

Pzena Investment Management, LLC adopted the Pzena Investment Management, LLC Bonus Plan effective as of January 1, 2007, for bonus amounts
earned in Fiscal Years beginning on or after January 1, 2007. Pzena Investment Management, LLC hereby adopts this Pzena Investment Management, LLC Amended and Restated Bonus Plan
effective as of October 30, 2007. The purpose of the Plan is to enable the Company to attract, retain, motivate and reward highly qualified individuals to provide services to the Company by
(1) providing for grants of bonus compensation to eligible employees and members of the Company; (2) providing that a portion of the bonus awards made to certain highly compensated
individuals shall be deferred on a mandatory basis under the Plan and shall vest and become payable over a four-year period; and (3) permitting members of Pzena Investment
Management, LLC to elect to receive a portion of their bonus compensation that is mandatorily deferred in the form of Restricted Share Units of the Company.

2.     Nature of Plan

The Plan is intended to be an unfunded bonus program of the Company in accordance with Department of Labor Regulations Section 2510.3-2(c). Any
deferral of bonus compensation under this Plan is intended to be for a limited period of time only and for the purposes of encouraging a Participant's continued Service with the Company, and the Plan
is not intended to provide retirement income to Participants or to defer income by Participants to termination of covered employment and beyond. The Plan is intended to satisfy the requirements of
Section 409A of the Code. The Plan shall be interpreted, operated and administered in a manner consistent with these intentions.

3.     Definitions

3.1.Accountshall mean a bookkeeping account established and maintained by the Company for a Participant in accordance with
Section 6 to which is credited all or a portion of the Participant's Bonus Award for a Fiscal Year and to which are credited income, gains and losses in accordance with Section 6.3.

3.2.Allocation Dateshall have the meaning set forth in Section 4.2.

3.3.Bonus Awardshall mean an award of bonus or incentive compensation made by the Company to an Eligible Individual with
respect to a Fiscal Year in accordance with Section 4.

3.4.Causeshall have the meaning set forth in the Operating Agreement, provided that references to an "Employee Member"
shall be replaced by references to a "Participant."

3.5.Clientshall have the meaning set forth in the Operating Agreement, provided that references to an "Employee Member"
shall be replaced by references to a "Participant."

3.6.Codeshall mean the Internal Revenue Code of 1986, as amended from time to time.

3.7.Committeemeans any committee of the board of directors of Pzena Investment Management, Inc., in its capacity as
the Managing Member of the Company, that is delegated responsibility by such board of directors for the administration of the Plan, as provided in Section 7 of the Plan; provided, that such
committee shall be comprised solely of directors of Pzena Investment Management, Inc. who are (a) "non-employee directors" under Rule 16b-3 of the
Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted and applied by regulations, rulings and cases, (b) "outside directors" under Code
Section 162(m) and (c) "independent directors" pursuant to New York Stock Exchange requirements. For any period during which no such committee is in existence, "Committee" shall mean the
Managing Member and

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all
authority and responsibility assigned to the Committee under the Plan shall be exercised, if at all, by the Managing Member.

3.8.Companyshall mean Pzena Investment Management, LLC, a Delaware limited liability company, and its subsidiaries.

3.9.Compensationshall mean the total remuneration paid by the Company to an Eligible Individual for services provided to
the Company in respect of a Fiscal Year, including, without limitation, base salary, guaranteed minimum base payments, Bonus Awards, commissions, sick pay and short-term disability pay (to
the extent paid from payroll), and amounts contributed by or on behalf of the Eligible Individual to any retirement plan or simplified employee plan of the Company. Notwithstanding the foregoing, an
Eligible Individual's Compensation shall exclude short-term disability pay not paid from payroll, long-term disability pay, severance pay, welfare and fringe benefits (whether
or not includible in the Eligible Individual's gross income), expense allowances and reimbursements (whether or not includible in the Eligible Individual's gross income), awards or income under the
Equity Incentive Plan (other than Restricted Share Units issued under the Equity Incentive Plan pursuant to the terms of this Plan), and, with respect to an Eligible Individual who is a member of the
Company, the Eligible Individual's distributive share, as a member, of the net income of the Company after payment of all compensation and other expenses of the Company. Notwithstanding the foregoing,
an Eligible Individual's Compensation shall not include any amount paid or payable from an Account to such Eligible Individual during a Fiscal Year.

3.10.Confidential Informationshall have the meaning set forth in the Operating Agreement.

3.11.Distribution Equivalentshall mean a right, granted pursuant to the Equity Incentive Plan, to be paid an amount
determined with respect to the distributions declared and paid with respect to outstanding Restricted Share Units.

3.12.Eligible Individualshall have the meaning set forth in Section 4.1.

3.13.Equity Incentive Planshall mean the Pzena Investment Management, LLC 2006 Equity Incentive Plan, as it may be
amended and in effect from time to time.

3.14.FICA Amountshall have the meaning set forth in Section 11.3(b).

3.15.Fiscal Yearshall mean the fiscal year of Pzena Investment Management, LLC, which is the calendar year.

3.16.Good Reasonshall mean the occurrence of any of the following events without either (i) the Participant's prior
written consent; or (ii) full cure within 30 days after the Participant gives written notice to the Company describing the event in reasonable detail and requesting cure; provided that
the Participant delivers such written notice to the Company within 30 days of the Participant's knowledge of the occurrence or existence of the event or circumstance the Participant believes
constitutes Good Reason:



3.17.Investment Optionsshall have the meaning set forth in Section 6.2.

3.18.Investment Advisory Servicesshall mean any services that involve (1) the management of an investment account or
fund (or portions thereof or a group of investment accounts or funds), (2) the giving of advice with respect to the investment and/or reinvestment of assets or funds (or any group of

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assets
or funds), or (3) otherwise acting as an "investment adviser" within the meaning of the Investment Advisers Act of 1940, as amended (whether or not required to be registered under such
act), and performing activities related or incidental thereto, provided that "Investment Advisory
Services" shall exclude any service in respect of which no compensation or economic benefit is provided directly or indirectly to any Person in respect of such service.

3.19.Managing Membershall have the meaning set forth in the Operating Agreement.

3.20.Market Valueshall have the same meaning as Fair Market Value set forth in the Equity Incentive Plan.

3.21.Operating Agreementshall mean the Company's Amended and Restated Operating Agreement, Further Amended and Restated as
of October 30, 2007, as in effect from time to time.

3.22.Participantshall mean a current or former employee or member of the Company for whom an Account is maintained pursuant
to this Plan or who holds any Restricted Share Units pursuant to the Plan.

3.23.Personshall mean any individual, partnership (whether general or limited), joint venture, corporation, limited
liability company, trust, incorporated organization, or governmental or regulatory authority or other entity.

3.24.Planshall mean this Pzena Investment Management, LLC Amended and Restated Bonus Plan, as it may be amended and
in effect from time to time.

3.25.Restricted Amountshall have the meaning set forth in Section 5.2.

3.26.Restricted Share Unitsshall mean a right granted to a Participant under Section 6.4 of the Equity Incentive
Plan to receive Units or cash at the end of a specified period.

3.27.Restriction Periodshall have the meaning set forth in the Equity Incentive Plan.

3.28.Separation from Serviceshall mean a Participant's "separation from service," as defined in Section 409A of the
Code and applicable guidance thereunder, from the Company.

3.29.Servicemeans employment with the Company, or the provision of services to the Company as a member.

3.30.Unitshall mean a "Class B Unit" in Pzena Investment Management, LLC, as defined in the Operating
Agreement.

3.31.Valuation Dateshall have the meaning set forth in Section 6.3.

3.32.Vesting Dateshall mean each date upon which a portion of a Participant's Account vests and/or upon which the
Restriction Period ends with respect to all or a portion of a Participant's Restricted Share Units, in accordance with Section 5.6(a).

4.     Bonus Awards

4.1.Grant of Bonus Awards.    No later than the last day of a Fiscal Year, the Committee shall designate, from
among the employees and members of the Company who provide personal services to the Company, those individuals eligible for a Bonus Award for such Fiscal Year (each, an "Eligible Individual") and
shall determine and specify for each Eligible Individual the amount of the Bonus Award that shall be awarded to such Eligible Individual for such Fiscal Year. In designating the Eligible Individuals
for a Fiscal Year and in determining the amount of the Bonus Awards to be granted, the Committee shall take into account any subjective or objective factors that it may in its sole discretion deem
relevant, including, without limitation, the performance of the Company, the Eligible Individual or the business unit within the Company to which the Eligible Individual provides services. The

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Committee
may designate as an Eligible Individual an employee or member of the Company who terminates his association with the Company during a Fiscal Year.

4.2.Time of Payment.    Unless deferred under Section 5, a Bonus Award shall be paid to the Participant in
one lump sum in cash in the calendar year following the Fiscal Year in which it was earned, but no later than the March 15th of such calendar year (the "Allocation Date").

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5.     Mandatory Deferral of Restricted Amounts

5.1.Application of Section to Eligible Individuals.    The provisions of this Section 5 shall apply to each
Eligible Individual who is allocated a Bonus Award for a Fiscal Year and whose Compensation for such Fiscal Year (including such Bonus Award) exceeds $600,000.

5.2.Restricted Amount.    An Eligible Individual's "Restricted Amount" is that portion of the Eligible
Individual's Bonus Award (but no more than 100% of such Bonus Award) for such Fiscal Year which is equal to:



5.3.Member Participants.    Each Eligible Individual who is a member of Pzena Investment Management, LLC
and who is or may be entitled to receive a Bonus Award for a Fiscal Year may elect, in accordance with procedures prescribed by the Committee, to have any Restricted Amount of such Bonus Award
credited to an Account in his name in accordance with Section 6.1, to receive the Restricted Amount in the form of Restricted Share Units in accordance with Section 5.5, or in a
combination of the two. In the absence of an election, the entire Restricted Amount shall be credited to an Account in the name of the Eligible Individual in accordance with Section 6.1.

5.4.Other Participants.    Each Eligible Individual who is an employee of the Company, who is not a member of
Pzena Investment Management, LLC and who is entitled to receive a Restricted Amount in any Fiscal Year shall have the entire Restricted Amount credited to an Account in his name in accordance
with Section 6.1.

5.5.Restricted Share Units.



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5.6.Vesting.



Vesting Date
(Time Elapsed Since Last Day
of Fiscal Year For Which
Bonus Earned)

Percentage
Vesting on Vesting Date1 year


25
%2 years


50
%3 years


75
%4 years


100
%




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6.     Accounts

6.1.Establishment of Accounts.    The Company shall establish and maintain an account (an "Account") for each
Eligible Individual who is entitled to receive a Restricted Amount in any Fiscal Year, provided that an Account shall only be established for an Eligible Individual who is a member of Pzena Investment
Management, LLC if he does not receive all of his Restricted Amount for the Fiscal Year in the form of Restricted Share Units. A separate Account shall be established for each such Participant
for each Fiscal Year. A Participant's Account shall be credited with an initial amount equal to the Restricted Amount for such Fiscal Year (or, in the case of a Participant who is a member of Pzena
Investment Management, LLC, that part of the Restricted Amount that is not received in the form of Restricted Share Units) effective as of the applicable Allocation Date.

6.2.Investment of Accounts.    The Committee may from time to time designate investment options in which a
Participant's Accounts may be notionally invested (the "Investment Options"), which may include, without limitation, funds or groups of funds to which the Company acts as investment adviser or
sub-adviser and designated stock or bond indices. Upon or prior to the establishment of an Account and in accordance with procedures established by the Committee, a Participant shall
specify how such Account is to be notionally invested among the Investment Options. At such intervals and in accordance with such procedures as the Committee may prescribe, a Participant may
reallocate the notional investment of his Accounts among the available Investment Options. Nothing in this Plan, however, will require the Company to invest any amounts in such Investment Options or
otherwise.

6.3.Allocation of Income and Losses.    As of the last day of each month or such other dates as the Committee
shall determine (each, a "Valuation Date"), income, gains and losses shall be credited or debited, as appropriate, to a Participant's Account as if the Account balance had been invested in the
Investment Options in which it is notionally invested.

6.4.Payments from Accounts and Settlement of Restricted Share Units.



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7.     Administration

7.1.Power and Authority of the Committee.    The Plan shall be administered by the Committee, which shall have the
full discretionary power and authority to:



7.2.Determinations of Committee Final and Binding.    All determinations and interpretations by the Committee in
carrying out and administering the Plan shall be made in the Committee's sole discretion and shall be final, conclusive and binding for all purposes and upon all persons.

7.3.Indemnification of Committee.    The Company agrees to indemnify and hold harmless each individual person who
serves as a member of the Committee to the fullest extent permitted by law for all acts done in good faith and without gross negligence including defense of all litigation, including legal fees. The
Company may purchase insurance to further protect each member of the Committee.

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8.     Amendment and Termination

Pzena Investment Management, LLC may amend, suspend or terminate this Plan at any time in writing, and each such amendment, suspension or termination shall
be binding upon its subsidiaries, all Participants and all other persons. Notwithstanding the foregoing, no amendment or termination of this Plan shall adversely affect any then existing deferred
amounts in any Account or any rights with respect to such amounts under this Plan; provided, however, that, upon termination of the Plan, the Company may accelerate the time of payment of all or any
part of the Accounts in accordance with the requirements of Section 409A of the Code and the guidance thereunder.

9.     Unfunded Status of Accounts

The Accounts established under this Plan shall be unfunded. The right of any Participant to receive future payments from any Account shall be an unsecured claim
against the general assets of the Company, and no Participant or any other person shall have any interest in any specific asset or assets of the Company by reason of any Account hereunder, nor any
rights to receive distribution of any of the Accounts except as and to the extent expressly provided hereunder. With respect to the payment of amounts held under the Accounts, the Participants have
the status of unsecured general creditors of the Company. The Company shall not be required to purchase, hold or dispose of any investments pursuant to this Plan; however, if in order to cover its
obligations hereunder the Company elects to purchase any investments, the same shall continue for all purposes to be a part of the general assets and property of the Company, subject to the claims of
its general creditors and shall not be deemed to create a trust, and no person other than the Company shall by virtue of the provisions of this Plan have any interest in such assets other than an
interest as a general creditor.

10.   Effective Date

This Plan shall be effective January 1, 2007 and shall apply to Bonus Awards earned in Fiscal Years beginning on and after January 1, 2007.

11.   Miscellaneous

11.1.Assignability.    No right or interest of a Participant under this Plan to any amounts in a Participant's
Account or to any Bonus Award shall be subject to alienation, assignment, transfer, pledge or encumbrance of any kind; provided, however, that nothing in this Section 11.1 shall prevent
transfer by will or by the applicable laws of descent and distribution. No loans will be issued by the Plan against a Participant's Account.

11.2.No Guarantee of Employment.    The Plan shall not be construed to give any Participant the right to be
retained in the employment of the Company or to interfere with the right of the Company to terminate the employment of any person at any time.

11.3.Taxation of Accounts and Compliance with Section 409A of the Code.



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11.4.Withholding.    Any payment or other distribution of benefits under the Plan may be reduced by any amount
(including employment taxes) required to be withheld by the Company under any applicable law, rule, regulation, order or other requirement of any governmental authority. In addition, the Company has
full authority to withhold any taxes (including employment taxes) applicable to amounts deferred hereunder from other compensation owing to any Participant that is not being deferred hereunder. If a
Participant becomes entitled to a distribution under the Plan, and if at such time such Participant has outstanding any debt, obligation or other liability representing an amount owing to the Company,
then the Company may offset such amount against the amount of benefits otherwise distributable to the Participant under this Plan to the extent permitted by applicable law.

11.5.Governing Law.    The Plan shall be construed, administered and enforced in accordance with the laws of the
State of New York.

11.6.Gender and Number.    Where the context admits, words in the masculine gender shall include the feminine and
the neuter genders, the singular shall include the plural, and the plural shall include the singular.

11.7.Headings.    The headings of Sections are included solely for convenience of reference and are not intended
in any way to modify or otherwise to affect the text of the Plan.

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