AMENDMENT TO TAX RECEIVABLE AGREEMENT

Exhibit 10.26

AMENDMENT TO TAX RECEIVABLE AGREEMENT

This Amendment to the Tax Receivable Agreement dated as of October 30, 2007 (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 “Amendment”);

WHEREAS, pursuant to Section 7.06 of the Agreement, provisions therein may generally be modified or amended by written consent;

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; and

WHEREAS, pursuant to Section 11.01(a) of the Operating Agreement, terms and provisions therein may generally be modified or amended at any time and from time to time by written consent.

NOW THEREFORE, pursuant to the above referenced sections, the Tax Receivable Agreement is amended as follows:

“For the avoidance of doubt, to the extent that (i) the Corporation’s deductions with respect to any Basis Adjustment is limited in a particular Taxable Year or (ii) the Corporation lacks sufficient funds to satisfy or is prevented under any credit agreement or other agreement from satisfying its obligations to make all Tax Benefit Payments due in a particular Taxable year, the limitation on the deduction, or the Tax Benefit Payments that may be made, as the case may be, shall be taken into account or made for the Applicable member as PIM may determine in its sole discretion, and in a manner that it considers to be equitable to all Continuing and Exiting Members.”

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 Amendment has been duly executed to be effective as of December 31, 2012.

Pzena Investment Management, Inc.,

The Corporation

Pzena Investment Management, LLC,

PIM

MEMBERS