Document:

Exhibit

Exhibit 10.34

PZENA INVESTMENT MANAGEMENT, LLC
AMENDED AND RESTATED 2006 EQUITY INCENTIVE PLAN
Form of Class B Unit Agreement− Delayed Exchange
THIS DELAYED EXCHANGE CLASS B UNIT AGREEMENT  ("Agreement") is made this                      (the "Date of Grant") by and between Pzena Investment Management, LLC, a limited liability company organized under the laws of the State of Delaware (the "Company") and __________________ (the "Grantee").
WHEREAS, the Grantee's provision of services to the Company is considered by the Company to be important for its growth; and
WHEREAS, the Committee has approved a grant of Class B Units pursuant to the Pzena Investment Management, LLC Amended and Restated 2006 Equity Incentive Plan (the "Plan") to the Grantee, according to the terms and conditions hereof;
NOW, THEREFORE, in consideration of the promises and mutual covenants herein set forth, and for other good and valuable consideration, receipt of which is hereby acknowledged, the parties hereto hereby mutually covenant and agree as follows.  All capitalized terms used but not defined herein shall have the respective meanings given such terms in the Plan.
Issuance of Units
The Company hereby grants to the Grantee _______________________ (___) Class B Units (the “Delayed Exchange Units”), subject to all the terms and conditions of this Agreement and all applicable terms and conditions of the Plan.  For purposes of this Agreement, "Delayed Exchange Units" means all of such Class B Units, together with any units or other securities issued in respect of or in replacement for such units as a result of a corporate or other action such as a unit dividend, unit split, merger, consolidation, reorganization or recapitalization.
Upon receipt by the Company of a copy of this Agreement duly executed and completed by the Grantee, the Grantee shall be deemed to have duly executed the Operating Agreement and the Company shall recognize the Grantee as a beneficial owner of the Delayed Exchange Units on its books and records. 
Forfeiture of Delayed Exchange Units
All Delayed Exchange Units shall be subject to a Risk of Forfeiture pursuant to Sections 5.07 and 6.02 of the Operating Agreement.

        

3.    Transfer of Delayed Exchange Units
The Delayed Exchange Units and any beneficial interest therein, may not be sold, transferred, assigned, pledged, encumbered or otherwise disposed of by the Grantee in any way at any time (including, without limitation, by operation of law) prior to the Delayed Exchange Date (as defined below) and unless permitted pursuant to the terms and conditions of the Operating Agreement or as approved by the Managing Member.
		
	4.
	Additional Award Terms

4.1.    No Delayed Exchange Units may be exchanged pursuant to Exhibit B of the Operating Agreement until the first Exchange Date established pursuant to such Exhibit B on or after the seventh anniversary of the Date of Grant for the exchange of such Delayed Exchange Units or for exchanges of Class B Units by all Class B Members. All such Delayed Exchange Units shall be exchangeable on such Exchange Date and any subsequent Exchange Date established pursuant to such Exhibit B for the exchange of such Delayed Exchange Units or for exchanges of Class B Units by all Class B Members, irrespective of the 15% limitation referred to in paragraphs (a) and (b) of Section 2.02 of such Exhibit B.

4.2.    Any and all Delayed Exchange Units, whether or not held by the Grantee or any subsequent transferee, shall not be entitled to any benefits under the Tax Receivable Agreement, dated October 30, 2007, by and among Pzena Investment Management, Inc., the Company and the Continuing Members and Exiting Members named on the signature pages thereto, and as amended on November 12, 2012.  This Section 4.2 shall be treated as part of the Operating Agreement as described in Section 761(c) of the Code and Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations.

4.3.     Except as set forth in Section 4.2, the Delayed Exchange Units shall have the right to receive dividend payments, the right to receive any payments or benefits in connection with any undistributed earnings of the Company, and any payments or benefits in connection with a Change in Control of the Company.

4.5.    The Delayed Exchange Units shall not be considered held by the Grantee for purposes of determining the total number of vested and unvested Class B units held by the Grantee under Section 2.02(a)(1) of Exhibit B of the Operating Agreement.  

		
	5.
	Tax Consequences

The Company makes no representation or warranty as to the tax treatment to the Grantee with respect to the Grantee’s receipt of or exchange of the Delayed Exchange Units. 
		
	6.
	Compliance with Law

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6.1.    The Grantee represents and warrants that he is acquiring the Delayed Exchange Units of his own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution of any such Delayed Exchange Units.
6.2.    The Grantee acknowledges and agrees that neither the Company nor any agent of the Company shall be under any obligation to recognize any transfer of any of the Delayed Exchange Units if, in the opinion of counsel for the Company, such transfer is in violation of the terms of this Agreement or the Operating Agreement or would result in violation by the Company of any federal or state law with respect to the offering, issuance or sale of securities.
		
	7.
	General Provisions

7.1.    This Agreement shall be governed and enforced in accordance with the laws of the State of New York, without regard to the conflict of laws principles thereof.

7.2.    The Delayed Exchange Units are granted pursuant to the Plan, and the Delayed Exchange Units and this Agreement are in all respects governed by the Plan and subject to all the terms and provisions thereof.  By signing this Agreement, the Grantee acknowledges having received and read a copy of the Plan.  This Agreement and the applicable terms of the Plan embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and thereof, and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.  Except as set forth in the Plan, this Agreement may only be modified or amended in writing signed by the Company and the Grantee.  
7.3.    The rights and obligations of each party under this Agreement shall inure to the benefit of and be binding upon such party's heirs, legal representatives, successors and permitted assigns.  The rights and obligations of the Company under this Agreement shall be assignable by the Company to any one or more persons or entities without the consent of the Grantee or any other person.  The rights and obligations of any person other than the Company under this Agreement may only be assigned in accordance with this Agreement and the Plan.
7.4.    No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.  Failure on the part of any party to complain of any act or failure to act of any other party or to declare any party in default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.
7.5.    If any provision of this Agreement shall be held illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such 

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provision and shall not in any manner affect or render illegal, invalid or unenforceable any other severable provisions of this Agreement.
7.6.    The headings in this Agreement are for convenience of identification only, do not constitute a part hereof, and shall not affect the meaning or construction hereof.
7.7.    The Grantee agrees upon request to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of this Agreement.
7.8.    All disputes relating to, arising from, or connected in any manner with this Agreement shall be resolved exclusively through final and binding arbitration under the rules and auspices of JAMS pursuant to its Arbitration Rules & Procedures.  The arbitration shall be held in the Borough of Manhattan, New York, New York.  The arbitrator shall have jurisdiction to determine any claim, including the arbitrability of any claim, submitted to him/her.  The arbitrator may grant any relief authorized by law for any properly established claim. The interpretation and enforceability of this Section 7.8 shall be governed and construed in accordance with the United States Federal Arbitration Act, 9 U.S.C. § 1, et seq.  The parties acknowledge that the purpose and effect of this Section 7.8 is solely to elect private mediation and arbitration in lieu of any judicial proceeding either party might otherwise have available in the event of a dispute, controversy or claim between the parties.  Therefore, the parties hereby waive the right to have any such dispute heard by a court or jury, as the case may be, and agrees that the exclusive procedure to redress any and all disputes, controversies and claims will be mediation and arbitration.  Nothing contained in this Section 7.8 shall be construed to limit or otherwise interfere in any respect with the authorities granted the Committee under the Plan, including without limitation, its sole and exclusive discretion to interpret the Plan and all awards granted thereunder (including pursuant to this Agreement).
7.9.    Nothing contained in this Agreement shall confer upon the Grantee any right with respect to the continuation of his employment or other association with the Company, or interfere in any way with the right of the Company, subject to the terms of the Grantee's separate employment or consulting agreement, if any, or provision of law or the Company's certificate of formation, as amended from time to time, at any time to terminate such employment or consulting agreement or otherwise modify the terms and conditions of the Grantee's employment or association with the Company.
7.10.    This Agreement may be executed in one or more counterparts, each of which when executed shall be deemed an original and all of which, taken together, shall constitute one and the same instrument.  In making proof of this Agreement it shall not be necessary to produce or account for more than one such counterpart.
7.11.    Where the context requires, pronouns and modifiers in the masculine, feminine or neuter gender shall be deemed to refer to or include the other genders.

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the month, day and year first set forth above.
PZENA INVESTMENT MANAGEMENT, LLC

By:    Pzena Investment Management, Inc.,
its Managing Member

By: ___________________________
Name: 
Title: 

GRANTEE

________________________________
Name:    
Address: 
               
               
    
    

5Exhibit

EXHIBIT 10.46
WILSON BANK & TRUST
Director Survivor Income Agreement 

This DIRECTOR Survivor Income Agreement is made this 6th day of  April, 2015, by and between Wilson Bank & Trust with its main office in Lebanon, Tennessee, (“Bank”), and William Jordan (“Director”).

Whereas, to encourage the Director to remain in service to the Bank, the Bank is willing to provide benefits to the Director’s beneficiary(ies) if the Director dies prior to terminating services.  The Bank will pay the benefits from its general assets, but only so long as one of its general assets is a life insurance policy on the Director’s life.  

Now Therefore, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Bank and the Director hereby agree as follows.

		
	1.
	Definitions

Whenever used in this Agreement, the following words and phrases shall have the meanings specified: 

		
	1.
	Termination of Service means that the Director shall have ceased being a member of the Board of Directors for any reason whatsoever.  For purposes of this Agreement, if there is a dispute over the status of the Director or the date of termination, the Bank shall have the sole and absolute right to decide the dispute.

		
	2.
	Entitlement to Benefit

		
	1.
	Pre-Termination Survivor Income Benefit.  If the Director dies prior to Termination of Service with the Bank, the Bank shall pay to the Director’s designated beneficiary in a single lump sum the survivor income benefit described in Paragraph 2.3.

		
	2.
	Contingency for Payment.  The Bank will pay the benefits from its general assets, but only so long as one of the Bank’s general assets is an enforceable life insurance policy on the Director’s life that was issued by Massachusetts Mutual Life Insurance Company or Midland National Life Insurance Company.

		
	3.
	Amount of Benefits.  If the Director dies prior to Termination of Service, the Bank shall pay the amount shown on Schedule A, attached to this Agreement.  Any payments hereunder shall be paid to the Director’s beneficiary(ies) in a single lump sum within 90 days after submission of proof of a claim substantiating the Director’s death.

		
	3.
	Beneficiaries

		
	1.
	Beneficiary Designations.  The Director shall designate a beneficiary by filing a written designation with the Bank.   The Director's beneficiary designation shall be deemed automatically revoked if the beneficiary predeceases the Director.  If the Director dies without a valid beneficiary designation, all payments shall be made to the Director's estate.

		
	2.
	Facility of Payment.  If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Bank may pay such benefit to the guardian, legal representative, or person having the care or custody of such minor, incompetent person or incapable person. The Bank may require proof of incompetence, minority, or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Bank from all liability with respect to such benefit.

		
	4.
	General Limitations

		
	1.
	Termination.  Notwithstanding any provision of this Agreement to the contrary, the Bank shall not pay any benefit under this Agreement if Termination of Service occurs as defined in Paragraph 1.1 above.

		
	2.
	Suicide or Misstatement.  The Bank shall not pay any benefit under this Agreement if the Director commits suicide within three years after the date of this Agreement.  In addition, the Bank shall not pay any benefit under this Agreement if the Director has made any material misstatement of fact on any application or resume provided to the Bank, or on any application for any benefits provided by the Bank to the Director.

		
	3.
	Removal.  Notwithstanding any provision of this Agreement to the contrary, if the Director is removed from service or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(e)(4) or (g)(1), or is terminated for cause, all obligations of the Bank under this Agreement shall terminate as of the effective date of the order or Termination for Cause.  Termination for Cause means the Bank has terminated the Director’s service for any of the following reasons:

		
	(a)
	Gross negligence or gross neglect of duties;

		
	(b)
	Commission of a felony or of a gross misdemeanor involving moral turpitude; or

		
	(c)
	Fraud, disloyalty, or willful violation of any law or significant Bank policy committed in connection with the Director’s service and resulting in an adverse effect on the Bank.

		
	4.
	Insolvency.  Notwithstanding any provision of this Agreement to the contrary, if the Department of Banking appoints the Federal Deposit Insurance Corporation as receiver for the Bank all obligations under this Agreement shall terminate as of the date of the Bank’s declared insolvency.

		
	5.
	Claims and Review Procedures

		
	1.
	Claims Procedure.  A participant or beneficiary (claimant) who has not received benefits under the Agreement that he or she believes should be paid shall make a claim for such benefits as follows:

		
	(a)
	Initiation: Written Claim.  The claimant initiates a claim by submitting to the Bank a written claim for the benefits.

		
	(b)
	Timing of Bank Response. The Bank shall respond to such claimant within 90 days after receiving the claim. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 90 days by notifying the claimant in writing, prior to the end of the initial 90-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

		
	(c)
	Notice of Decision. If the Bank denies part or all of the claim, the Bank shall notify the claimant in writing of such denial. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

		
	i.
	The specific reasons for the denial;

		
	ii.
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	iii.
	A description of any additional information or material necessary for the claimant to perfect the claim and an explanation of why it is needed;

		
	iv.
	An explanation of the Agreement’s review procedures and the time limits applicable to such procedures; and

		
	v.
	A statement of the claimant’s right to bring a civil action under ERISA (Employee Retirement Income Security Act) Section 502(a) following an adverse benefit determination on review.

		
	2.
	Review Procedure. If the Bank denies part or all of the claim, the claimant shall have the opportunity for a full and fair review by the Bank of the denial, as follows:

		
	(a)
	Initiation: Written Request.  To initiate the review, the claimant, within 60 days after receiving the Bank’s notice of denial, must file with the Bank a written request for review.

		
	(b)
	Additional Submissions: Information Access.  The claimant shall then have the opportunity to submit written comments, documents, records, and other information relating to the claim. The Bank shall also provide the claimant, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits.

		
	(c)
	Considerations on Review.  In considering the review, the Bank shall take into account all materials and information the claimant submits relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination.

		
	(d)
	Timing of Bank Response.  The Bank shall respond in writing to such claimant within 60 days after receiving the request for review. If the Bank determines that special circumstances require additional time for processing the claim, the Bank can extend the response period by an additional 60 days by notifying the claimant in writing, prior to the end of the initial 60-day period, that an additional period is required. The notice of extension must set forth the special circumstances and the date by which the Bank expects to render its decision.

		
	(e)
	Notice of Decision.  The Bank shall notify the claimant in writing of its decision on review. The Bank shall write the notification in a manner calculated to be understood by the claimant. The notification shall set forth:

		
	i.
	The specific reasons for the denial;

		
	ii.
	A reference to the specific provisions of the Agreement on which the denial is based;

		
	iii.
	A statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant (as defined in applicable ERISA regulations) to the claimant’s claim for benefits; and

		
	iv.
	A statement of the claimant’s right to bring a civil action under ERISA Section 502(a).

		
	6.
	Miscellaneous

		
	1.
	Amendments and Termination.  The Bank may amend or terminate this Agreement at any time if, pursuant to legislative, judicial, or regulatory action, continuation of the Agreement would (i) cause benefits to be taxable to the Director prior to actual receipt, or (ii) result in significant financial penalties or other significantly detrimental ramifications to the Bank (other than the financial impact of paying the benefits).  In addition, the Bank may modify Schedule A at its sole discretion.

		
	2.
	Binding Effect.  This Agreement shall bind the Director and the Bank and their beneficiaries, survivors, executors, administrators and transferees.

		
	3.
	No Guarantee to Serve as Director.  This Agreement is not a contract for service as a Director. It does not give the Director the right to remain a Director of the Bank, nor does it interfere with the Bank's right to discharge the Director. It also does not require the Director to remain in service nor interfere with the Director's 

right to terminate service at any time.

		
	4.
	Non-Transferability.  Benefits under this Agreement cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

		
	5.
	Tax Withholding.  The Bank shall withhold any taxes that are required to be withheld from the benefits provided under this Agreement.

		
	6.
	Applicable Law.  Except to the extent preempted by the laws of the United States of America, the validity, interpretation, construction, and performance of this Agreement shall be governed by and construed in accordance with the laws of the state of Tennessee, without giving effect to the principles of conflict of laws of such state.

		
	7.
	Unfunded Arrangement.  The Director’s beneficiary(ies) are general unsecured creditors of the Bank for the payment of benefits under this Agreement. The benefits represent the mere promise by the Bank to pay such benefits. The rights to benefits are not subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment, or garnishment by creditors. Any insurance on the Director's life is a general asset of the Bank to which the Director and the Director’s beneficiary(ies) have no preferred or secured claim.

		
	8.
	Entire Agreement.  This Agreement constitutes the entire agreement between the Bank and the Director as to the subject matter hereof. No rights are granted to the Director’s beneficiary by virtue of this Agreement other than those specifically set forth herein.

		
	9.
	Administration.  The Bank shall have all powers which are necessary to administer this Agreement, including but not limited to:

		
	(a)
	Interpreting the provisions of the Agreement;

		
	(b)
	Establishing and revising the method of accounting for the Agreement;

		
	(c)
	Maintaining a record of benefit payments; and

		
	(d)
	Establishing rules and prescribing any forms necessary or desirable to administer the Agreement.

		
	10.
	Named Fiduciary.  For purposes of the Employee Retirement Income Security Act of 1974, if applicable, the Bank shall be the named fiduciary and plan administrator under this Agreement. The named fiduciary may delegate to others certain aspects of the management and operation responsibilities of the plan, including the employment of advisors and the delegation of ministerial duties to qualified individuals.

		
	11.
	Severability.   If for any reason any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not held so invalid, and each such other provision shall, to the full extent consistent with the law, continue in full force and effect.  If any provision of this Agreement shall be held invalid in part, such invalidity shall in no way affect the remainder of such provision, not held so invalid and the remainder of such provision, together with all other provisions of this Agreement, shall continue in full force and effect to the full extent consistent with the law.

		
	12.
	Headings.  The headings of Sections herein are included solely for convenience of reference and shall not affect the meaning or interpretation of any provision of this Agreement.

		
	13.
	Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following addresses or to such other address as either party may designate by like notice.

		
	(a)
	If to the Bank, to:

Wilson Bank & Trust
ATT: Lisa Pominski    
PO 768
Lebanon, TN 37088

		
	(b)
	If to the Director, to:

William P Jordan
_________________________________
_________________________________

and to such other or additional person or persons as either party shall have designated to the other party in writing by like notice.

IN WITNESS WHEREOF, the Director and a duly authorized Bank Officer have signed this Agreement. 

		
	Director: 
	Bank:                

Wilson Bank & Trust
WILLIAM JORDAN            

By:                      
     (Signature of Director)

Its:      President                

SCHEDULE A

	
		
	WILLIAM JORDAN

	Age
	Benefit Amount

	51
	400,000 

	52
	400,000 

	53
	400,000 

	54
	400,000 

	55
	400,000 

	56
	400,000 

	57
	400,000 

	58
	400,000 

	59
	400,000 

	60
	400,000 

	61
	400,000 

	62
	400,000 

	63
	400,000 

	64
	400,000 

	65
	400,000 

	66
	400,000 

	67
	400,000 

	68
	400,000 

	69
	400,000 

	70
	400,000 

	71
	400,000 

	72
	400,000 

	73
	400,000 

	74
	400,000 

	75
	384,907 

	76
	369,564 

	77
	353,447 

	78
	336,538 

	79
	318,891 

	80
	0

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