Document:

Document

						
	Exhibit 10.8
	
	Form of Deferred Stock Unit Award Agreement
	with Outside Directors
	

Cullen/Frost Bankers, Inc. 
2015 OMNIBUS INCENTIVE PLAN (the "Plan") 
Deferred Stock Unit Award Agreement
This Award Agreement sets forth the terms and conditions of an Award of Deferred Stock Units (“DSUs”) granted to you under the 2015 OMNIBUS INCENTIVE PLAN (the "Plan") as of [•].
1.The Plan.  This Award is made pursuant to the Plan, the terms of which are incorporated in this Award Agreement.  Capitalized terms used in this Award Agreement that are not defined in this Award Agreement have the meanings as used or defined in the Plan. References in this Award Agreement to any specific Plan provision shall not be construed as limiting the applicability of any other Plan provision.  The Award is subject to all terms and provisions of the Plan as well as the terms and provisions of this Award Agreement.
2.Award.    Subject to the terms and provisions of this Agreement and the Plan, Cullen/Frost Bankers, Inc. ("Cullen/Frost") hereby awards you as of the date hereof [•] ([•]) Deferred Stock Units.  A DSU is an unfunded and unsecured promise of Cullen/Frost to deliver (or cause to be delivered) to you on the Delivery Date (as defined below), one Share for each DSU.  Until such delivery, you have only the rights of a general unsecured creditor and no rights as a shareholder of Cullen/Frost.  
3.Delivery.  
(a)In General.  Except as provided below in this Paragraph 3 and under Paragraph 9 hereof, the “Delivery Date” shall be the date when you experience a separation from service with Cullen/Frost.  For purposes of this Award Agreement, a “separation from service” shall have the same meaning as ascribed to such term under Section 409A and the applicable regulations thereunder, applying all default provisions thereunder. 
(b)Death.  If you die before the Delivery Date, the Shares underlying your then-outstanding DSUs shall be delivered to the representative of your estate as soon as practicable after the date of death and after such documentation as may be requested by the Committee is provided to the Committee.  
4.Dividend Equivalent Rights.  Before the delivery of Shares pursuant to this Award Agreement, at or as soon as practicable after the time of distribution of any regular cash dividend paid by Cullen/Frost in respect of the Common Stock, you shall be entitled to receive an amount in cash or other property equal to such regular cash dividend payment as would have been made in respect of the Shares underlying this Award that have not yet been delivered, as if such Shares had been actually delivered. Each Dividend Equivalent Right shall be subject to the provisions of Article 18 of the Plan.
5.Non-transferability.  Except as may otherwise be provided in this paragraph or as otherwise may be provided by the Committee, the limitations set forth in Section 14.1 of the Plan shall apply to this Award.  Any purported transfer or assignment in violation of the provisions of this Paragraph or of Section 14.1 of the Plan shall be void.  The Committee may adopt procedures pursuant to which you may transfer some or all of your DSUs for no consideration to a person described in Section 14.2 of the Plan.
6.Successors and Assigns of Cullen/Frost.  The terms and conditions of this Award Agreement shall be binding upon and shall inure to the benefit of Cullen/Frost and its successors and assigns. 

7.Amendment.   The Committee reserves the right at any time to amend the terms and conditions set forth in this Award Agreement in any respect in accordance with Article 3 of the Plan, and the Board may amend the Plan in any respect in accordance with Article 21 of the Plan. Notwithstanding the foregoing and Sections 21.2 and 21.4 of the Plan, no such amendment shall materially adversely affect your rights and obligations under this Award Agreement without your consent (or the consent of your estate, if such consent is obtained after your death), except that the Committee reserves the right to accelerate the delivery of the Shares, provided such acceleration would not subject you to additional tax under Section 409A.  Any amendment of this Award Agreement shall be in writing signed by an authorized member of the Board or any other person or persons authorized by the Board.
8.Governing Law.  THIS AWARD SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS.
9.Compliance of Award Agreement and Plan With Section 409A.  
(a)     References in this Award Agreement to “Section 409A” refer to Section 409A of the Code, including any amendments or successor provisions to that Section and any regulations and other administrative guidance thereunder, in each case as they may be from time to time amended or interpreted through further administrative guidance.  This Award Agreement and the Plan provisions that apply to this Award are intended and shall be construed to comply with Section 409A (including, where applicable, the requirements applicable to and the conditions for exemption from treatment as a “deferral of compensation” or “deferred compensation” as those terms are defined in the regulations under Section 409A (“409A deferred compensation”), whether by reason of short-term deferral treatment or other exceptions or provisions).  The Committee shall have full authority to give effect to this intent. To the extent necessary to give effect to this intent, in the case of any conflict or potential inconsistency between the provisions of the Plan and this Award Agreement, the provisions of this Award Agreement shall govern, and in the case of any conflict or potential inconsistency between this Paragraph 9 and the other provisions of this Award Agreement, this Paragraph 9 shall govern.  
(b)     Except as provided below, delivery of Shares shall be made within 90 days after the Delivery Date.
Notwithstanding the foregoing, if you are determined to be a “specified employee” upon the Delivery Date, delivery of the Shares underlying your Award shall be made on the first day of the seventh month following the Delivery Date.
(c)     Notwithstanding any provisions of this Award Agreement or the Plan to the contrary, to the extent necessary to comply with Section 409A, any securities, other Awards or other property that Cullen/Frost may deliver in respect of your DSUs shall not have the effect of deferring delivery or payment, income inclusion, or a substantial risk of forfeiture, beyond the date on which such delivery, payment or inclusion would occur or such risk of forfeiture would lapse, with respect to the Shares that would otherwise have been deliverable (unless the Committee elects a later date for this purpose in a manner otherwise consistent with Section 409A, including, to the extent applicable, the subsequent election provisions of Section 409A(a)(4)(C) of the Code and Treasury Regulations section 1.409A-2(b)).
(d)     Notwithstanding the timing provisions of Paragraph 3(b), the delivery of Shares referred to therein shall be made within 90 days after the date of death.
(e)     Notwithstanding any provision of Paragraph 4 or Article 18 of the Plan to the contrary, the Dividend Equivalent Rights with respect to each of your outstanding DSUs shall be paid to you within the calendar year in which occurs the date of distribution of any regular cash dividends paid by Cullen/Frost in respect of a Share the record date for which occurs on or after the date of grant. The payment shall be in an amount (less applicable withholding) equal to such regular dividend payment as would have been made in respect of the Shares underlying such outstanding DSUs.
(f)    Delivery of Shares in respect of this Award may be made, if and to the extent elected by the Committee, later than the Delivery Date or other date or period specified herein above (but, in the case of any Award that constitutes 409A deferred compensation, only to the extent that the later date is permitted under Section 409A).
10.Headings.  The headings in this Award Agreement are for the purpose of convenience only and are not intended to define or limit the construction of the provisions hereof.

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IN WITNESS WHEREOF, Cullen/Frost and you have caused this Award Agreement to be duly executed and delivered.
Date:                
                        CULLEN/FROST BANKERS, INC.

 ______________________________
 [•], Chairman    

 
Accepted and Agreed:

____________________________   
[•], Director     

-3-EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 VOTING
AGREEMENT 
 VOTING AGREEMENT (this “Agreement”), dated as of July 26, 2022, by and among Pzena Investment
Management, Inc., a Delaware corporation (the “Corporation”) on the one hand, and Richard S. Pzena, John P. Goetz, William L. Lipsey, Chenyu Caroline Cai, and Allison Fisch (collectively, the “Stockholders”), on the
other hand. 
 WHEREAS, each Stockholder is a stockholder of the Corporation; 

WHEREAS, as of the date hereof, the Stockholders are collectively the beneficial owners (as defined in Rule
13d-3 under the Exchange Act) of 225,307 shares of Class A common stock of the Corporation (the “Class A Original Shares”) and 28,652,157 Class B Partnership
Interests in Pzena Investment Management, LP, a Delaware Limited Partnership (“PIM LP” and such interests the “Class B PIM LP Interests”), which they were issued in exchange for shares of
Class B common stock of the Corporation (the “Class B Original Shares” and collectively with the Class A Original Shares and Class B PIM LP Interests, the “Original Shares” and,
together with (i) any additional shares of common stock of the Corporation, (ii) any additional Class B PIM LP Interests, and (iii) any securities convertible into or exercisable for shares of common stock of the Corporation or
Class B PIM LP Interests, in each case, that may be acquired, directly or indirectly, by the Stockholders after the date hereof, the “Subject Shares”); 

WHEREAS all holders of Class B common stock of the Corporation (“Class B Stock”), including PIM LP,
have entered into a Class B Stockholders’ Agreement, dated as of October 30, 2007 (the “Class B Stockholders’ Agreement”), which provides for a preliminary vote of the holders of Class B
Stock prior to any vote of the stockholders of the Corporation (the “Preliminary Stock Vote”) and which requires each holder of Class B Stock to vote with respect to all the shares of Class B Stock held by such holder on
all matters in which action is proposed to be taken in accordance with the vote of the majority of the shares of Class B common stock present and voting in the Preliminary Stock Vote; 

WHEREAS, pursuant to the Class B Stockholders’ Agreement, each holder of Class B Stock irrevocably made, constituted and
appointed Richard S. Pzena, with full power of substitution, as his, her or its true attorney-in-fact and agent, for and in his, her or its name, place and stead, to act
as his, her or its proxy to (i) vote the Class B Stock then owned by such holder at any meeting of stockholders of the Corporation in accordance with the Preliminary Stock Vote and (ii) vote the Class B Stock then owned by such
holder in such proxy holder’s discretion upon any other business which is not presented in the notice of such meetings but properly comes before such meetings; 

WHEREAS, pursuant to the Amended and Restated Agreement of Limited Partnership of PIM LP (the “LPA”), prior to any vote of
the stockholders of the Corporation, the limited partners shall hold a preliminary vote (the “Preliminary LP Vote”) directing the general partner of PIM LP how to vote with respect to any action called to vote at any meeting of the
stockholders of the Corporation; 

 WHEREAS, pursuant to the LPA, PIM LP will vote the shares of Class B Stock it holds
based on the majority vote resulting from the Preliminary LP Vote, which shares or units shall be voted in a block; 
 WHEREAS,
contemporaneously with the execution and delivery of this Agreement, the Corporation has entered into an Agreement and Plan of Merger, by and among the Corporation, PIM LLC and Panda Merger Sub, LLC, a Delaware limited liability company
(“Merger Sub”) (as amended, supplemented, restated or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, among other things, the Corporation will merge with and into Merger Sub, with
Merger Sub continuing as the surviving entity in such merger (the “Merger”); 
 WHEREAS, in order to induce the Corporation
to enter into the Merger Agreement, each Stockholder has agreed to enter into this Agreement and abide by the covenants and obligations with respect to the Subject Shares set forth herein; and 

WHEREAS, capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger
Agreement. 
 NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration given to each party hereto, the
receipt of which is hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

AGREEMENT TO VOTE 

Section 1.1 Voting of Subject Shares; Irrevocable Proxy. 

(a) Each Stockholder agrees to vote (or cause the holder of record on any applicable record date to vote), in person or by proxy, all of their
Subject Shares in connection with any meeting of the stockholders of the Corporation or of the limited partners of PIM LP, as applicable (including any adjournment or postponement thereof), or any action by written consent in lieu of a meeting of
stockholders of the Corporation or limited partners of PIM LP, as applicable, (i) in favor of the approval of the Merger Agreement and the approval of any other matter that is required to be approved by the stockholders of the Corporation in
order to effect the transactions contemplated by the Merger Agreement (including any proposal to adjourn or postpone a meeting of the stockholders of the Corporation to a later date if there are not sufficient votes to approve the Merger Agreement
on the date on which the meeting is held); and (ii) against (A) any action that would result in a liquidation, dissolution, recapitalization, extraordinary dividend or other significant corporate reorganization of the Corporation; or
(B) any action that would reasonably be expected to prevent, interfere with or delay the consummation of the Merger and the other transactions contemplated by the Merger Agreement or that would otherwise be inconsistent with the Merger and the
other transactions contemplated by the Merger Agreement, and in connection therewith, each Stockholder agrees to execute any documents that are necessary or appropriate in order to effectuate the foregoing. Each Stockholder shall be present (in
person or by proxy) at any meeting of the stockholders of the Corporation or of the limited partners of PIM LP (including any adjournment or postponement thereof) called to approve the Merger Agreement or otherwise cause the Subject Shares to be
counted as present thereat for purposes of establishing a quorum. 

  
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 (b) In furtherance of the foregoing, each Stockholder hereby irrevocably grants to, and
appoints, until the termination of this Agreement in accordance with Section 2.1, Richard S. Pzena, Joan F. Berger and Geoff Bauer, and each of them individually, as such Stockholder’s proxy and attorney-in-fact (with full power of substitution and resubstitution), for and in the name, place and stead of such Stockholder, to vote or grant a written consent in respect
of all of such Stockholder’s Subject Shares, or execute and deliver a proxy to vote or grant a written consent in respect of the Subject Shares, on the matters and in the manner specified in Section 1.1(a). Each
Stockholder hereby affirms that such irrevocable proxy is given in connection with, and in consideration of, the execution of the Merger Agreement by the Corporation, and that such irrevocable proxy is given to secure the performance of the duties
of such Stockholder under this Agreement. Each Stockholder hereby further affirms that such proxy is irrevocable and is coupled with an interest sufficient in law to support an irrevocable power and may under no circumstances be revoked. Such proxy
is executed and intended to be irrevocable in accordance with the provisions of Section 212 of the DGCL or with the provisions of Section 15-123 of the Delaware Revised Uniform Partnership Act until
the termination of this Agreement in accordance with Section 2.1. Each Stockholder shall execute any further agreement or form reasonably necessary or appropriate to confirm and effectuate the grant of the proxy
contemplated herein. Each Stockholder hereby revokes (or causes to be revoked) any and all previous proxies, powers of attorney, instructions or other requests with respect to such Stockholder’s Subject Shares (other than each
Stockholder’s appointment of Richard S. Pzena as his, her or its attorney-in-fact, agent and proxy under Section 1.2(b) of the Class B Stockholders’
Agreement, which, for the avoidance of doubt, shall remain irrevocable and binding). 
 Section 1.2 No Transfers; No Inconsistent
Arrangements. Except as provided hereunder, each Stockholder agrees not to, directly or indirectly, (a) transfer (which term shall include any sale, assignment, tender, gift, pledge, distribution, hypothecation or other disposition), or
consent to, agree to or permit any such transfer of, any or all of the Subject Shares or any interest therein (except for a transfer for estate or tax planning purposes where the transferee or third party agrees in writing with the Corporation to be
bound by the terms hereof, subject to the consent of the Corporation (not to be unreasonably withheld)), or create or permit to exist any Liens, proxies, voting trusts or agreements, options, rights, understandings or arrangements or any other
encumbrances whatsoever on title, transfer, or exercise of any rights of a stockholder in respect of such Subject Shares (collectively, “Encumbrances”) that would prevent such Stockholder from voting the Subject Shares in accordance
with this Agreement or from complying with its other obligations under this Agreement, other than any restrictions imposed by applicable law on any such Subject Shares; (b) enter into any contract, option or other agreement, arrangement or
understanding inconsistent with the terms of this Agreement with respect to any transfer of Subject Shares or any interest therein; (c) grant or permit the grant of any proxy, power of attorney or other authorization in or with respect to the
Subject Shares relating to the subject matter hereof; (d) deposit or permit the deposit of the Subject Shares into a voting trust or enter into a voting agreement or arrangement with respect to the Subject Shares; or (e) take or permit any
other action that would, or would reasonably be expected to, restrict, limit or interfere, in any way, with the performance of its obligations hereunder or the transactions contemplated hereby (any of the

  
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actions set forth in clauses (a) through (e) above, and any conversion, exchange or other disposition of the Subject Shares in a transaction related to an Acquisition Proposal being referred
to in this Agreement as a “Transfer”). Any action taken in violation of the foregoing sentence shall be null and void ab initio. To the extent a Stockholder’s Subject Shares are represented by certificates, such
Stockholder shall make available to the Corporation such certificates in order for the Corporation to mark such certificates with legends required by the DGCL regarding the foregoing Transfer restrictions. If any involuntary Transfer of any of the
Subject Shares shall occur, the transferee (which term, as used herein, shall include the initial transferee and any and all subsequent transferees of the initial transferee) shall take and hold such Subject Shares subject to all of the
restrictions, liabilities and rights under this Agreement, which shall continue in full force and effect until the valid termination of this Agreement. 

Section 1.3 Documentation and Information. Each Stockholder (a) consents to and authorizes the publication and disclosure by
the Corporation of Stockholder’s identity and holding of Subject Shares, and the nature of its commitments, arrangements and understandings under this Agreement (including, for the avoidance of doubt, the disclosure of this Agreement), in any
(i) press release, the Proxy Statement and any other disclosure document or (ii) consent, approval, authorization or permit of, action by, filing with or notification to any Governmental Entity required in connection with the Merger
Agreement and the transactions contemplated by the Merger Agreement, including the Merger, and (b) agrees to give to the Corporation as promptly as practicable any information related to the foregoing that the Corporation may reasonably request
for the preparation of any such disclosure documents. Each Stockholder agrees to notify the Corporation as promptly as practicable of any required corrections with respect to any written information supplied by such Stockholder specifically for use
in any such disclosure document, if and to the extent such Stockholder becomes aware that any such information shall have become false or misleading in any material respect. 

Section 1.4 Changes to Subject Shares. Each Stockholder agrees that all shares of common stock of the Corporation that such
Stockholder purchases, acquires the right to vote or otherwise acquires beneficial ownership (as defined in Rule 13d-3 under the Exchange Act) of after the execution of this Agreement, including shares issued
upon the exercise of Company Options, or any interests in PIM LP issued for a corresponding share of common stock of the Corporation, shall be subject to the terms of this Agreement and shall constitute “Subject Shares” for all purposes of
this Agreement. In the event of any stock dividend or distribution, or any change to the Subject Shares by reason of any stock dividend or distribution, split-up, recapitalization, combination, exchange of
shares or any other similar transaction, the term “Subject Shares” as used in this Agreement shall be deemed to refer to and include the Subject Shares and all such stock dividends and distributions and any securities into which or for
which any or all of the Subject Shares may be changed or exchanged or which are received in the relevant transaction. Each Stockholder hereby agrees, while this Agreement is in effect, to notify the Corporation promptly in writing of the number and
description of any additional Subject Shares of which such Stockholder acquires beneficial ownership or ownership of record. 

  
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 Section 1.5 Representations and Warranties. Each Stockholder represents and
warrants to the Corporation as follows: 
 (a) Schedule A hereto sets forth a complete and accurate schedule of each Stockholder and
the number of such Stockholder’s Original Shares subject hereto. 
 (b) Such Stockholder (i) is the sole beneficial owner (within
the meaning of Rule 13d-3 under the Exchange Act) of, and has good title to such Stockholder’s Subject Shares, free and clear of any and all Encumbrances except for Encumbrances arising (A) hereunder
or (B) any restrictions on transfer imposed by applicable federal or state securities laws; (ii) has the sole right to vote and dispose of, and holds sole power to issue instructions with respect to, the matters set forth in this Agreement
with no material limitations, qualifications or other restrictions on such rights, subject to applicable federal or state securities laws and the terms of this Agreement; and (iii) has not entered into any agreement to Transfer any Subject
Shares. 
 (c) This Agreement has been duly and validly executed and delivered by each Stockholder and, assuming this Agreement constitutes
a valid and binding obligation of the Corporation, constitutes a legal, valid and binding agreement of each Stockholder enforceable against each Stockholder in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equitable principles. 

(d) The execution, delivery and performance by each Stockholder of this Agreement and the consummation of the transactions contemplated hereby
do not and will not (i) conflict with, or result in the breach or termination of, or constitute a default (with or without the giving of notice or the lapse of time or both) under, or give to others any rights of termination, amendment,
acceleration or cancellation of, or result in the creation of an Encumbrance on any of the Subject Shares pursuant to, any note, bond, mortgage, indenture, contract, agreement, lease, license, permit or other instrument or obligation of any kind to
which such Stockholder is a party or by which the Subject Shares are bound; or (ii) conflict with, violate, or require any consent, approval, or notice under, any provision of any judgment, order or decree of any federal, state, local or
foreign statute or Law applicable to Stockholder or any of the Subject Shares. 
 (e) The execution and delivery of this Agreement by each
Stockholder does not, and the performance by each Stockholder of its obligations under this Agreement and the consummation by it of the transactions contemplated hereby will not, require any Stockholder to obtain any consent, approval, authorization
or permit of, or to make any filing with or notification to, any Governmental Entity, other than the filings of any reports (or amendments thereto) with the SEC. 

(f) As of the date hereof, there is no Action pending against such Stockholder, or, to the knowledge of such Stockholder, threatened against
or affecting such Stockholder that would reasonably be expected to restrict, impair or prohibit the performance by such Stockholder of its obligations under this Agreement. 

(g) Each Stockholder understands and acknowledges that each of the parties to the Merger Agreement are entering into the Merger Agreement in
reliance upon the execution and delivery of this Agreement by such Stockholder and the representations, warranties and covenants of such Stockholder contained herein. Each Stockholder understands and acknowledges that the Merger Agreement governs
the terms of the Merger and the other transactions contemplated thereby. 

  
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 ARTICLE II 

MISCELLANEOUS 

Section 2.1 Termination. This Agreement shall terminate in its entirety upon the earliest to occur of (a) the termination of
the Merger Agreement in accordance with its terms and (b) the Effective Time; provided, however, that the provisions of this Article II (Miscellaneous) shall survive any termination of this Agreement. In the event of
termination of this Agreement, this Agreement shall become void and of no effect with no liability on the part of any party hereto; provided, however, that the termination of this Agreement shall not prevent any party hereto from
seeking any remedies (at law or in equity) against any other party hereto for such party’s breach of any of the terms of this Agreement occurring prior to such termination. 

Section 2.2 Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on
the date of delivery if delivered personally, or by facsimile, upon confirmation of receipt, (b) on the first Business Day following the date of dispatch if delivered by a recognized next-day courier
service, or (c) on the fifth Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such notice: 
 (i) if to the Stockholders to: 

320 Park Avenue, 8th Floor 

New York, NY 10022 
 and 

(ii) if to the Corporation, in accordance with Section 8.6 of the Merger Agreement, or to such other persons, addresses or facsimile numbers as may be
designated in writing to each other party hereto by the person entitled to receive such communication as provided above. 
 Section 2.3
Amendments; Waivers; Extensions. 
 (a) This Agreement may not be amended except by an instrument in writing signed on behalf of each
of the parties. 
 (b) At any time prior to the Effective Time, the parties may, to the extent permitted by applicable law, (i) extend
the time for the performance of any of the obligations or other acts of the other party, (ii) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant hereto, and (iii) waive
compliance with any of the agreements or conditions contained herein. Any agreement on the part of a party to any such extension or waiver shall be valid only if set forth in a written instrument signed on behalf of such party. The failure of a
party to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of those rights. No single or partial exercise of any right, remedy, power 

  
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or privilege hereunder shall preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. Any waiver shall be effective only in the specific
instance and for the specific purpose for which given and shall not constitute a waiver to any subsequent or other exercise of any right, remedy, power or privilege hereunder. 

Section 2.4 Expenses. All costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such
costs and expenses, whether or not the transactions contemplated by this Agreement or the Merger Agreement are consummated. 

Section 2.5 Binding Effect; Benefit; Assignment. Neither this Agreement nor any of the rights, interests or obligations of the
parties hereunder shall be assigned by either party (whether by operation of law or otherwise) without the prior written consent of the other party, and any attempt to make any such assignment without such consent shall be null and void. Subject to
the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 

Section 2.6 Governing Law. This Agreement and all disputes or controversies arising out of or relating to this Agreement shall be
governed by, and construed in accordance with, the internal laws of the State of Delaware, without regard to the laws of any other jurisdiction that might be applied because of the conflicts of law principles of the State of Delaware. 

Section 2.7 Counterparts. This Agreement may be executed in counterparts (including by electronic means), each of which shall be
considered one and the same agreement and this Agreement shall become effective when a counterpart signed by each party shall be delivered to the other party, it being understood that both parties need not sign the same counterpart. Delivery of an
executed signature page of this Agreement by facsimile or other customary means of electronic transmission (e.g., “pdf”) shall be effective as delivery of a manually executed counterpart hereof. 

Section 2.8 Venue; Waiver of Jury Trial. 

(a) Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of
the Delaware Court of Chancery, and any state appellate court therefrom within the State of Delaware (unless the Delaware Court of Chancery shall decline to accept jurisdiction over a particular matter, in which case, in any Delaware federal court
within the State of Delaware), in any action or proceeding arising out of or relating to this Agreement or the agreements delivered in connection herewith or the transactions contemplated hereby or thereby for any reason other than the failure to
serve process in accordance with this Section 2.8, and irrevocably waive the defense of an inconvenient forum or an improper venue to the maintenance of any such action or proceeding. Any service of process to be made in
such action or proceeding may be made by delivery of process in accordance with the notice provisions contained in Section 2.2. The consents to jurisdiction set forth in this Section 2.8 shall not
constitute general consents to service of process in the State of Delaware and shall have no effect for any purpose except as provided in this Section 2.8 and shall not be deemed to confer rights on any person other than
the parties. The parties agree that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable law. In addition, each of the
parties hereto agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and irrevocably waives any and all right to trial by jury with respect to any action related to or
arising out of this Agreement. 

  
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 (b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH OF THE PARTIES HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING DIRECTLY INVOLVING ANY MATTERS (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER
VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 2.8. 

Section 2.9 Entire Agreement; Third Party Beneficiaries. This Agreement (including the documents and the instruments referred to
herein) (a) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof and (b) is not intended to confer upon any person
other than the parties hereto any rights or remedies hereunder. 
 Section 2.10 Severability. Any term or provision of this
Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability and shall not render invalid or unenforceable the remaining terms and provisions of
this Agreement or affect the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be
only so broad as is enforceable. 
 Section 2.11 Enforcement. The parties agree that irreparable damage would occur in the event
that any of the provisions of this Agreement were not performed in accordance with their specific terms on a timely basis or were otherwise breached. It is accordingly agreed that, in the event of any breach or threatened breach by any other party
of any covenant or obligation contained in this Agreement, the non-breach party shall be entitled (in addition to any other remedy that may be available to it, including monetary damages) to seek and obtain
(on behalf of themselves and the third-party beneficiaries of this Agreement) (a) a decree or order of specific performance to enforce the observance and performance of such covenant or obligation, and (b) an Injunction, restraining such
breach or threatened breach. No party or any other person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this
Section 2.11, and each party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or similar instrument. 

  
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 Section 2.12 Stockholder Capacity. No person executing this Agreement who is or
becomes during the term hereof a director or officer of the Corporation shall be deemed to make any agreement or understanding herein in his or her capacity as such director or officer. Each Stockholder signs solely in his, her or its capacity as
the beneficial owner of the Subject Shares and nothing herein shall limit or prohibit any Stockholder or any of its representatives, in his or her capacity as an officer or director of the Corporation, from taking any action or failing to take any
action in such capacity. 
 Section 2.13 Waiver of Appraisal Rights. To the full extent permitted by Law, each Stockholder
hereby irrevocably and unconditionally waives, and agrees not to exercise, any rights of appraisal (including under Section 262 of the DGCL), any dissenters’ rights and any similar rights relating to the Merger that such Stockholder may
have, directly or indirectly, by virtue of the ownership of any Subject Shares, or may acquire in connection with the Merger. 

Section 2.14 Regulatory Filings. To the extent any filing under the HSR Act is required to be made by any Stockholder, each such
Stockholder shall make an appropriate filing pursuant to the HSR Act with respect to the transactions contemplated by or related to the Merger Agreement as promptly as practicable after the date of this Agreement and shall use its reasonable best
efforts to cooperate in good faith with the Corporation to obtain the necessary clearance under the HSR Act. Each such Stockholder shall supply as promptly as practicable to the appropriate Governmental Entity any additional information and
documentary material that may be reasonably requested pursuant to the HSR Act. Without limiting the foregoing, each such Stockholder shall not, and shall cause his or her controlled affiliates not to, without the prior written consent of the
Corporation, extend (or take any action with the effect of extending) any waiting period or comparable period under the HSR Act. Prior to making any application to or filing with any Governmental Entity in connection with the transactions
contemplated by or related to the Merger Agreement, each party hereto will provide the other party with any information or documents that the other party may reasonably require to prepare any such filing or application. In addition, each Stockholder
agrees to (i) use his or her reasonable best efforts to make all applications, submissions, requests and filings necessary in order to obtain any other Governmental Consents (or any other consents or approvals of any Governmental Entity),
including the Ontario Securities Commission Clearance (as defined in the Merger Agreement), required to be made or obtained by him or her, if any, in connection with the transactions contemplated hereby or by the Merger Agreement, (ii) to
provide all information regarding himself or herself (or any of their related or affiliated parties) necessary in connection with the applications, submissions, requests or filings by the Company, Purchaser or any of their Subsidiaries in order to
obtain any other Governmental Consents, including the Ontario Securities Commission Clearance, and (iii) to take all actions reasonably related thereto and reasonably necessary in order to obtain any other Governmental Consent (or such other
consents or approvals of any Governmental Entity), including the Ontario Securities Commission Clearance, required to be made or obtained by him or her. Each Stockholder agrees to take such actions within the timeframes contemplated by
Section 5.6 of the Merger Agreement.

  
 9 

 Section 2.15 Special Committee Approval. No amendment or waiver of any provision
of this Agreement, and no decision, confirmation or determination shall be made, approval or consent granted, or any other action taken, by the Corporation under or with respect to this Agreement without first obtaining the approval of the Special
Committee of the Board of Directors of the Corporation. Any purported action taken in violation of this Section 2.15 shall be null and void ab initio. 

Section 2.16 Further Assurances; Cooperation. Each Stockholder agrees to execute and deliver, or cause to be executed and
delivered, all further documents and instruments and use its reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Law, to perform its
obligations under this Agreement. Each Stockholder agrees not to (a) take any action, or fail to take any action within his or her reasonable control, that would be reasonably likely to adversely affect or delay the ability of such Stockholder
to comply with and perform its covenants and agreements under this Agreement and (b) purchase or otherwise acquire, directly or indirectly, any additional shares of Class A common stock of the Corporation. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized signatories as of the day and year first above written. 
  

					
	PZENA INVESTMENT MANAGEMENT, INC.
		
	By:	 	 /s/ Richard S. Pzena

		 	Name:	 	Richard S. Pzena
		 	Title:	 	Chief Executive Officer

 [Signature Page to Voting Agreement] 

 
	
	RICHARD S. PZENA:
	
	 /s/ Richard S. Pzena

	Richard S. Pzena
	
	JOHN P. GOETZ:
	
	 /s/ John P. Goetz

	John P. Goetz
	
	WILLIAM L. LIPSEY:
	
	 /s/ William L. Lipsey

	William L. Lipsey
	
	CHENYU CAROLINE CAI:
	
	 /s/ Chenyu Caroline Cai

	Chenyu Caroline Cai
	
	ALLISON FISCH:
	
	 /s/ Allison Fisch

	Allison Fisch

 [Signature Page to Voting Agreement] 

 SCHEDULE A 

 

					
	 	  	 Class A Original Shares
	  	 Class B Original Shares

	Richard Pzena	  	106	  	17,547,719
	John Goetz	  	—  	  	5,209,084
	Bill Lipsey	  	4,700	  	4,576,514
	Caroline Cai	  	178,598	  	940,133
	Allison Fisch	  	41,903	  	378,707

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00346-of-00352.parquet"}]]