UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

April 24, 2013

Diamond Hill Investment Group, Inc.

(Exact Name of Registrant as Specified in its Charter)

Ohio

(State or Other Jurisdiction of Incorporation)

000-24498 65-0190407

(Commission File Number) (I.R.S. Employer Identification No.)

325 John H. McConnell Blvd, Suite 200, Columbus, Ohio 43215
(Address of Principal Executive Offices) (Zip Code)

Registrant's Telephone Number, Including Area Code: (614) 255-3333


(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 5 - Corporate Governance and Management

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On April 24, 2013, the Board of Directors of Diamond Hill Investment Group, Inc. (the "Company") approved the Diamond Hill Fixed Term Deferred Compensation Plan (the "Fixed Term Plan") and the Diamond Hill Variable Term Deferred Compensation Plan (the "Variable Term Plan", and along with the Fixed Term Plan, each a "Plan" and collectively, the "Plans"). R. H. Dillon, the Company's President and Chief Executive Officer, is eligible to participate in the Variable Term Plan, along with each person employed by the Company or any of its affiliates as a portfolio manager or research analyst who is a member of a select group of management or highly compensated employees. James F. Laird, the Company's Secretary, Treasurer and Chief Financial Officer, is eligible to participate in the Fixed Term Plan, along with each person employed by the Company or any of its affiliates who is not a portfolio manager or research analyst. Brief descriptions of the terms and conditions of the Plans are provided below. The summaries and descriptions of the Plans are qualified in their entirety by reference to the Fixed Term Plan and Variable Term Plan, copies of which are attached hereto as Exhibits 10.1 and 10.2, respectively.

Deferrals of Incentive Compensation. Pursuant to the Plans, participants may elect to defer certain Incentive Compensation, defined as the gross amount that is earned by a participant under any bonus plan maintained by the Company or any of its affiliates, excluding base salary. Participants may elect to defer up to 50% of the stock portion of their annual bonus and up to 100% of the cash portion of their annual bonus for a Plan Year (the calendar year). After the applicable deadline, a deferral election is irrevocable for that Plan year unless otherwise permitted under that Plan. Generally, the participant must submit a deferral election by December 31 of the year before the services are to be performed.

Earnings. The deferred Incentive Compensation, if any, is credited to an account for that Plan Year. The participant is 100% vested in the account, although the account is subject to the terms and conditions of the Company's Compensation Recoupment and Restitution Policy. The account will be credited with earnings and losses based on the performance of the investment selections in the participant's account.

Plan Funding. The Plans are unfunded, unsecured promises by the Company to pay the account balances under the Plans at a later date. Participants have only the rights of general unsecured creditors of the Company and do not have any interest in or right to any specific asset of the Company.

Plan Amendment and Termination. The Company may amend, modify, suspend or terminate the Plans at any time without any participant's consent unless it would retroactively reduce a participant's account balance.

Distributions Generally.

Fixed Term Plan

Under the Fixed Term Plan, the account for each Plan Year will be distributed in a single lump sum payment within 90 days following the fifth anniversary of the date the Incentive Compensation was deferred except in the event of death, Disability or a Change in Control. For example, if the participant elects to defer payment of a portion of the annual bonus paid for services performed in 2014, the participant will not receive payment until 2020 regardless of whether the participant's employment terminates prior to such date.

Variable Term Plan

Under the Variable Term Plan, the participant must elect when they wish to receive distribution of the portion of their account attributable to that Plan Year when the participant submits the Deferral Election Form to defer payment. The participant may elect to receive the account:

- In a single lump sum payment within 90 days following either:
(1) the termination of employment, or
(2) the earlier of (A) the termination of employment, or (B) on a specified date which is at least five years after the annual bonus was deferred; or

- In substantially equal annual installments for up to five years beginning on the January 1 following either:
(1) the termination of employment, or
(2) the earlier of (A) the termination of employment, or (B) on a specified date which is at least five years after the annual bonus was deferred.

In no event will a distribution occur before the fifth anniversary of the date the Incentive Compensation is deferred except for death, Disability or Change in Control. For example, if the participant elects to defer payment of a portion of the annual bonus for services performed in 2014 until the termination of employment and the participant terminates employment in 2018, the participant will not receive payment until 2020. If the participant is a "specified employee" of the Company within the meaning of the Internal Revenue Code, any distribution payable upon the termination of employment will not be, or begin to be, distributed until six months after the date of the termination of employment.

Under the Variable Term Plan, the participant may change the time or form of distribution by making an election to do so not less than 12 months before the date payment is scheduled to be made or begin. The election will not be effective for 12 months, and the distribution must be deferred at least five years from the date the amount would otherwise have been paid. For example, if a participant elects to have a portion of the 2013 annual bonus paid in 2020, the new election must be made at least 12 months prior to January 1, 2020 and the participant must elect to receive payment in 2025 or later.

Distributions Upon Death, Disability or Change in Control. In the event of death or Disability (as defined in the Plans), the participant's account will be distributed to the participant or the participant's beneficiary, as applicable, in a lump sum within 90 days after the event. In the event that the Company undergoes a Change in Control (as defined in the Plans), the account will be distributed in a lump sum within 30 days after the Change in Control.

Item 5.07. Submission of Matters to a Vote of Security Holders.

The Diamond Hill Investment Group, Inc. (the "Company") 2013 Annual Meeting of Shareholders was held on April 24, 2013.

The matters voted upon at the annual meeting and the results of the vote were as follows:

1.) To elect seven directors to the Board of Directors of the Company to hold office until the next annual meeting of shareholders or until his or her successor is duly elected and qualified or until his or her earlier death, resignation, retirement, disqualification or removal.

Each of the seven nominees for director were elected, and the voting results are set forth below:

Name of Director                   For         Withheld        Not Voted
------------------------        ---------      --------        ---------
R.H. Dillon                     2,381,561        10,540         839,217
Randolph J. Fortener            2,381,461        10,640         839,217
James F. Laird                  2,323,255        68,846         839,217
Peter J. Moran                  2,342,567        49,534         839,217
Donald B. Shackelford           2,353,269        38,832         839,217
Bradley C. Shoup                2,375,456        16,645         839,217
Frances A. Skinner              2,330,718        61,383         839,217

2.) To ratify the appointment of KPMG LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2013.

The ratification of KPMG LLP was approved, and the voting results are set forth below:

   For         Against          Abstain
---------      -------          -------
2,970,946       43,346            200

3.) To approve, on an advisory basis, the compensation of the Company's executive officers.

The compensation of the Company's executive officers was approved, and the voting results are set forth below:

   For         Against          Abstain         Not Voted
---------      -------          -------         ---------
2,339,442       50,741            1,818          839,317

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits.

(a) - (c) Not applicable.

(d)     Exhibits.

Exhibit No.                          Description
-----------      ------------------------------------------------------
10.1             Diamond Hill Fixed Term Deferred Compensation Plan
10.2             Diamond Hill Variable Term Deferred Compensation Plan

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

DIAMOND HILL INVESTMENT GROUP, INC.

Date: April 30, 2013                        By: /s/ James F. Laird
                                            -------------------------------
                                            James F. Laird, Chief Financial
                                            Officer and Secretary


DIAMOND HILL
FIXED TERM DEFERRED COMPENSATION PLAN

1.00 Purpose As of the Effective Date, the Company adopts this Plan for the purpose of allowing certain employees the opportunity to defer compensation for a fixed period of time. This Plan does not provide retirement income or systemically defer compensation until termination of employment. This Plan is not, and is not intended to be, an "employee pension benefit plan" within the meaning of, or subject to, the provisions of ERISA.

2.00 Definitions Whenever used in this Plan, the following terms have the meanings given to them in this Article 2.00, unless another meaning is expressly provided elsewhere in this Plan. Also, the form of any term will include all of its other forms.

2.01 Account: A bookkeeping account established for each Participant under Section 6.01 of this Plan.

2.02 Affiliate: Any entity that, along with the Company, would be considered a single employer under Code 414(b) and 414(c).

2.03 Beneficiary: The person or persons designated by a Participant to receive any portion of such Participant's Plan Benefit that is unpaid at the Participant's death. Such designation shall be made on a form prescribed by the Plan Administrator and shall be effective only when filed with the Plan Administrator. If a Participant has not made an effective designation of a Beneficiary or Beneficiaries, the Participant's Beneficiary will be his or her surviving spouse or, if there is no surviving spouse, the Participant's estate. The identity of a Participant's Beneficiary will be based only on the information included on the latest beneficiary designation form filed by the Participant with the Plan Administrator and will not be inferred from any other evidence.

2.04 Board: The Board of Directors of the Company.

2.05 Change in Control: Provided that such definition shall be interpreted in a manner that is consistent with the definition of a "change in control event" under Code 409A and Treasury Regulation 1.409A-3(i)(5), a "Change in Control" of the Company shall mean the first to occur of any of the following:

     (a) the date that any person, or more than one person
         acting as a group, acquires ownership of stock of the
         Company that, together with stock already held by such
         person or group, constitutes more than fifty percent (50%)
         of the total fair market value or total voting power of the
         stock of the Company;

     (b) the date that any one person, or more than one person acting
         as a group, acquires (or has acquired during the twelve (12)
         month period ending on the date of the most recent acquisition
         by such person or persons) ownership of stock of the Company
         possessing thirty percent (30%) or more of the total voting
         power of the stock of the Company;

     (c) the date that any one person, or more than one person acting
         as a group, acquires (or has acquired during the twelve (12)
         month period ending on the date of the most recent acquisition
         by such person or persons) assets from the Company that have a
         total gross fair market value equal to or more than forty
         percent (40%) of the total gross fair market value of all of the
         assets of the Company immediately prior to such acquisition or
         acquisitions; or

     (d) the date that a majority of members of the Board is replaced
         during any twelve (12) month period by directors whose appointment
         or election is not endorsed by a majority of the members of the
         Board prior to the date of the appointment or election.

2.06    Code:  The Internal Revenue Code of 1986, as amended.

2.07    Committee:  The Compensation Committee of the Board.

2.08    Company: Diamond Hill Investment Group, Inc., and its successors.

2.09    Deferral Election Form:  The form each Eligible Employee and
        Participant, as the case may be, must complete to defer Incentive
        Compensation under this Plan.

2.10    Disability:  A Participant shall be considered disabled if:

     (a) the Participant is unable to engage in any substantial gainful
         activity by reason of any medically determinable physical or
         mental impairment which can be expected to result in death or
         can be expected to last for a continuous period of not less than
         twelve (12) months; or

     (b) the Participant is, by reason of any medically determinable
         physical or mental impairment which can be expected to result in
         death or can be expected to last for a continuous period of not
         less than twelve (12) months, receiving income replacement benefits
         for a period of not less than three (3) months under an accident and
         health plan covering employees of the Participant's employer; or

     (c) the Participant is determined to be totally disabled by the Social
         Security Administration or Railroad Retirement Board.

2.11    Effective Date:  May 1, 2013.

2.12    Eligible Employee:  Each person employed by the Company or any of its
        Affiliates who is not a portfolio manager or research analyst.

2.13    ERISA:  The Employee Retirement Income Security Act of 1974, as amended.

2.14    Incentive Compensation:  The gross amount that is earned by a
        Participant under any bonus plan maintained by the Company or any of
        its Affiliates.  For the avoidance of doubt, Incentive Compensation
        shall not include base salary.

2.15    Participant:  An Eligible Employee who becomes a participant in this Plan
        as described in Article 3.00.

2.16    Plan:  The Diamond Hill Deferred Compensation Plan, as amended from
        time to time.

2.17    Plan Administrator:  The delegee(s) appointed by the Committee to
        administer the Plan pursuant to Section 10.01(d).

2.18    Plan Benefit:  The aggregate amount of a Participant's Accounts as of the
        applicable Valuation Date.

2.19    Plan Year:  Each calendar year during which this Plan is in effect.

2.20    Termination:  A "separation from service" within the meaning of Code 409A
        and Treasury Regulation 1.409A-1(h).

2.21    Unforeseeable Emergency:  A severe financial hardship to a Participant
        within the meaning of Code 409A resulting from: (a) an illness or
        accident of the Participant or the Participant's spouse, Beneficiary
        or dependent (as defined in Code 152, without regard to Code
        152(b)(1), (b)(2) and (d)(1)(B)); (b) loss of the Participant's
        property due to casualty; or (c) other similar or extraordinary and
        unforeseeable circumstances arising as a result of events beyond the
        control of the Participant.

2.22    Valuation Date:  The last day of each calendar month or any other
        date or dates fixed by the Plan Administrator for the valuation and
        adjustment of an Account.

3.00    Participation

3.01    Commencement of Participation.  Subject to Section 3.02 of this Plan, each
        Eligible Employee shall become a Participant on the date on which the
        Eligible Employee submits an effective Deferral Election Form.

3.02    Loss of Eligible Employee Status.  A Participant who is no longer an
        Eligible Employee shall not be permitted to submit a Deferral Election
        Form.  All deferrals then in effect for such Participant shall cease as
        of the earlier to occur of (a) the Participant's Termination or
        (b) the end of the Plan Year in which the Participant is determined to
        no longer be an Eligible Employee.  Amounts credited to the Accounts of
        a Participant who is no longer an Eligible Employee shall continue
        to be administered in accordance with the terms and conditions of this
        Plan and shall be distributed as provided in Article 7.00.

4.00    Deferrals and Contributions

4.01    Deferrals.
     (a) Deferral Elections - In General.

         (i)   A Participant may elect to defer Incentive Compensation
               under this Plan by submitting a signed Deferral Election Form to
               the Plan Administrator within the deadlines imposed by this Plan
               and set forth in Section 4.01(b).  Any deferral election made by
               a Participant for a Plan Year shall be irrevocable after the
               expiration of the applicable deadline described in
               Section 4.01(b); provided, however, that a cessation of
               deferrals shall be allowed if the Participant suffers an
               Unforeseeable Emergency, becomes Disabled, or to the
               extent permitted by Treasury Regulation 1.409A-3(j)(4)(viii).

         (ii)  Amounts deferred under this Plan shall not be made available
               to the Participant, except as provided in Article 7.00, and
               shall reduce the Incentive Compensation payable to the
               Participant in the year of the deferral in accordance with the
               provisions of the applicable Deferral Election Form; provided,
               however, that all such amounts shall be subject to the rights of
               the general creditors of the Company and its Affiliates as
               provided in Article 12.00 of this Plan.

     (b) Timing of Deferral Elections.  A deferral election under this Plan
         shall be effective only if it is made in a timely manner as follows:

         (i)   In General.  Except as permitted under subsections (ii) and
               (iii) of this Section 4.01(b), a Deferral Election Form must
               be submitted to the Plan Administrator by the last day of the
               Plan Year preceding the Plan Year in which services giving rise
               to the Incentive Compensation to be deferred are to be performed.

         (ii)  First Year of Eligibility.  Notwithstanding the foregoing, if
               and to the extent permitted by the Plan Administrator, during
               the first Plan Year in which an Eligible Employee is eligible
               to participate in this Plan, the Eligible Employee may submit
               a Deferral Election Form to the Plan Administrator no later
               than thirty (30) days after the date on which the Eligible
               Employee becomes so eligible, with respect to Incentive
               Compensation to be earned for services performed after such
               election is made; provided, however, that this subsection (ii)
               shall not apply if, at such time, the Eligible Employee also
               is eligible to participate in any other arrangement that,
               along with this Plan, is treated as a single nonqualified
               deferred compensation plan under Code 409A and the Treasury
               Regulations promulgated thereunder.

         (iii) Performance-Based Compensation. Notwithstanding the foregoing
               and to the extent permitted by the Plan Administrator, a
               Deferral Election Form with respect to any performance-based
               compensation (within the meaning of Code 409A) may be
               submitted by an Eligible Employee or a Participant by the
               date that is not later than six months before the end of the
               performance period on which the performance-based
               compensation is based; provided that in no event
               may an election to defer be made after such performance-based
               compensation has become readily ascertainable.

     (c) Additional Requirements for Deferral Elections.  Deferrals made
         pursuant to a Deferral Election Form must be made in whole
         percentages of up to 50% of the stock portion of the
         Participant's Incentive Compensation for a Plan Year and up to
         100% of the cash portion of the Participant's Incentive
         Compensation for a Plan Year and subject to such other
         limitations as the Plan Administrator may impose from time to
         time in its  sole discretion.

4.02    Crediting of Contributions.  Deferrals of Incentive Compensation,
        if any, shall be credited to a Participant's Account for the
        applicable Plan Year as soon as administratively practicable
        following distribution of the Incentive Compensation.

5.00    Vesting

5.01    Deferrals of Incentive Compensation.  Subject to Section 5.02, a
        Participant shall be one hundred percent (100%) vested in the portion of
        his or her Plan Benefit.

5.02    Clawback.  Notwithstanding anything in this Plan to the contrary, a
        Participant's Plan Benefit shall be subject to terms and conditions of
        the Company's Compensation Recoupment and Restitution Policy.

6.00    Accounts
6.01    Establishment of Accounts.  The Plan Administrator shall establish and
        maintain an Account for each Participant for each Plan Year a Deferral
        Election Form is submitted by the Participant.  The applicable Account
        of the Participant shall be credited with, to the extent applicable,
        any deferrals of Incentive Compensation for the Plan Year, and the
        Participant's allocable share of any deemed earnings or losses on the
        foregoing.  Each of the Participant's Accounts shall be reduced by
        any distributions made from such Accounts plus, subject to
        Article 8.00 of this Plan and to the extent permitted by applicable
        law, any federal, state and local tax withholding as may be
        required by law.

6.02    Establishment of Subaccounts.  Within each Participant's Account,
        separate subaccounts shall be maintained to the extent necessary for
        the administration of this Plan.

6.03    Earnings or Losses on Accounts.

     (a) The Company shall invest the Accounts on behalf of the Participant or
         credit the Accounts with earnings or interest as though the Accounts
         were invested in such investments and under such criteria as the
         Plan Administrator may determine in its sole discretion.  The
         Company may also permit the Participant to direct the investment or
         deemed investment of the Participant's Accounts in such investments
         as the Company may make available for this purpose from time to time
         or as the Participant may select. The Company assumes no
         responsibility or liability with respect to any loss or expense that
         may arise, result or be incurred from any investment or deemed
         investment of the Accounts.   Any costs or expenses incurred by the
         Company in the investment of the Accounts shall be debited against
         the Accounts. The Accounts shall be credited with earnings or
         debited for losses, as the case may be, based on its investment or
         deemed investment pursuant to Section 6.03(b) of this Plan.

    (b) As of each Valuation Date, each of the Participant's Accounts will
        be credited with earnings and charged with losses equal to the
        amount by which the Accounts would have been credited or charged
        since the prior Valuation Date had the Participant's Accounts been
        invested as described in Section 6.03(a) of this Plan.

    (c) Notwithstanding the foregoing, Participants' Accounts shall merely
        be bookkeeping entries on the books of the Company and its
        Affiliates, as applicable, and no Participant or Beneficiary shall
        obtain any property right or interest in any investment or any
        other particular assets of the Company or any of its Affiliates.

7.00    Distribution of Participant Accounts

7.01    Distributions Upon Fifth Anniversary.  Subject to Section 7.02 of
        this Plan, a Participant's Account for each Plan Year will be
        distributed in a lump sum payment within ninety (90) days
        following the fifth anniversary of the date the Incentive
        Compensation was deferred.

7.02    Distributions Upon Death, Disability or Change in Control.

    (a) Death.  Notwithstanding anything in this Plan to the contrary, if
        a Participant dies before his or her Plan Benefit has been fully
        distributed, the Plan Benefit will be distributed to the
        Participant's Beneficiary in a lump sum within ninety
        (90) days after the date of the Participant's death.

    (b) Disability. Notwithstanding anything in this Plan to the contrary,
        if a Participant becomes Disabled before his or her Plan Benefit
        has been fully distributed, the Plan Benefit will be distributed
        to the Participant in a lump sum within ninety (90) days after
        the date of the Participant's Disability.

    (c) Change in Control.  Notwithstanding anything in this Plan to the
        contrary, if a Change in Control occurs before a Participant's
        Plan Benefit has been fully distributed, the Plan Benefit will
        be distributed to the Participant in a lump sum within thirty
        (30) days after the Change in Control.

7.03    Payments Upon Income Inclusion. The Company may accelerate the
        time of a payment to a Participant to pay an amount the
        Participant includes in income as a result of this Plan failing
        to meet the requirements of Code 409A. Such payment shall
        not exceed the amount required to be included in income as a
        result of the failure to comply with Code 409A.

7.04    Full Discharge.  Once the Participant's Plan Benefit has been
        fully distributed, none of the Company, its Affiliates, the
        Board, the Committee, the Plan Administrator, their delegates or
        this Plan will have any further liability under this Plan to the
        Participant or the Participant's Beneficiary.

8.00    Tax Withholding

The Company or any Affiliate, as applicable, shall withhold from other amounts owed to a Participant or require the Participant to remit to the Company or the Affiliate, as applicable, an amount sufficient to satisfy federal, state and local tax withholding requirements with respect to any Plan Benefit or the vesting, payment or cancellation of any Plan Benefit.

9.00 Claims Procedure Any Participant or Beneficiary (a "claimant") who believes that he or she is entitled to an unpaid Plan Benefit may file a written notification of his or her claim with the Plan Administrator in accordance with the procedures established by the Plan Administrator. The claimant shall provide all information, verification, documents, or forms as may be required by the Plan Administrator to appropriately process such claim.

10.00   Administration

10.01   Administration.
    (a) The Committee is expressly empowered to interpret this Plan,
        determine all questions arising in the administration,
        interpretation and application of this Plan; employ actuaries,
        accountants, counsel and other persons the Committee deems
        necessary in connection with the administration of this Plan,
        request any information from the Company or any of its Affiliates
        the Committee deems necessary to determine whether the Company or
        any Affiliate would be considered insolvent or subject to a
        proceeding in bankruptcy, and take all other
        necessary and proper actions to fulfill its duties under this Plan.

    (b) The Committee shall not be liable for any actions by it hereunder,
        unless due to its own negligence, willful misconduct or lack of
        good faith.

    (c) The Committee (and any delegate under Section 10.01(d) of this Plan)
        shall be indemnified and saved harmless by the Company from and
        against all personal liability to which the Committee may be
        subject by reason of any act done or omitted to be done in its
        official capacity as administrator in good faith in the
        administration of this Plan, including all expenses reasonably
        incurred in its defense in the event the Company fails to provide
        such defense upon the request of the Committee.

    (d) In exercising its authority under this Plan, the Committee may
        allocate all or any part of its responsibilities and powers to
        any one or more of its members and may delegate all or any part
        of its responsibilities and powers to any person or persons
        selected by it.  Any such allocation or delegation may be revoked
        at any time.

10.02   Compensation and Expenses.

    (a) The Committee and any delegate under Section 10.01(d) of this
        Plan will serve without compensation for services to this Plan.
        The Company and, if applicable, its Affiliates, will furnish the
        Committee and any delegate under Section 10.01(d) of this Plan
        with all clerical or other assistance necessary to perform his
        or her duties.

    (b) The Company and its Affiliates will pay all expenses of
        administering this Plan.

10.03   Effect of Actions.

    (a) All actions taken and all determinations made by the Committee
        and the Plan Administrator in good faith will be final and
        binding upon all Participants, Beneficiaries, the Company and
        its Affiliates and any other person interested in this Plan.
        To the extent the Plan Administrator has been granted
        discretionary authority under this Plan, its prior exercise of
        this authority will not obligate the Plan Administrator to
        exercise its authority in a like fashion thereafter.

    (b) This Plan will be interpreted by the Committee in accordance
        with its terms and their intended meaning.  The construction
        and interpretation of the provisions of this Plan are vested
        with the Committee, in its absolute discretion, including,
        without limitation, the determination of benefits and
        eligibility.  All decisions, determinations and
        interpretations will be final, conclusive and
        binding upon all parties having an interest in this Plan.

11.00   Amendments and Termination

The Company may, at any time, in its sole discretion, amend, modify, suspend or terminate this Plan in whole or in part, except that no such amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts allocated to a Participant's Accounts without the Participant's consent. In the event that this Plan is terminated, the distribution of the amounts credited to a Participant's Accounts shall not be accelerated but shall be paid at such time and in such manner as determined under the terms of this Plan immediately prior to termination as if this Plan had not been terminated; provided, however, that the Company, in its sole discretion, may distribute a Participant's Plan Benefit in accordance with Treasury Regulation 1.409A-3(j)(4)(ix).

12.00 Prohibition Against Funding This Plan is an unfunded, unsecured promise by the Company and its Affiliates to pay only those Plan Benefits that are accrued by Participants under the terms of this Plan. Neither the Company nor any of its Affiliates are required to segregate any assets into a fund established exclusively to pay Plan Benefits. The Participants and their Beneficiaries have only the rights of general unsecured creditors and do not have any interest in or right to any specific asset of the Company or any of its Affiliates. The Company or one of its Affiliates, as applicable, shall be designated the owner and beneficiary of any investment acquired in connection with obligations under this Plan.

13.00 Miscellaneous

13.01 No Contract. The adoption and maintenance of this Plan shall not be deemed to constitute a contract of employment or otherwise between the Company or any of its Affiliates and any employee or Participant or other person, or to be consideration for, or an inducement or condition of, any employment. Nothing contained herein shall be deemed to give any employee or Participant or other person the right to be retained in the service of the Company or any of its Affiliates or to interfere with the right of the Company or any of its Affiliates (which right is expressly reserved) to discharge, with or without Cause, any employee or Participant or other person at any time without any liability for any claim either against this Plan (except to the extent provided herein) or against the Company or any of its Affiliates.

13.02 No Alienation. The right of a Participant or any other person to receive Plan Benefits may not be assigned, transferred, pledged or encumbered except as provided in the Participant's designation of a Beneficiary, by will or by applicable laws of descent and distribution. Any attempt to assign, transfer, pledge or encumber a Plan Benefit will be null and void and of no legal effect. Any action taken (or attempted to be taken) contrary to the provisions of this Section 13.02 will be null and void and of no effect whatsoever; the Company, its Affiliates, the Committee and the Plan Administrator may disregard such action (or attempted action) and will not in any manner be bound by it; and they, and each of them, will suffer no liability by doing so. If any Participant or other person acts (or attempts to take any action) contrary to this
Section 13.02, the Company, its Affiliates, the Committee and the Plan Administrator will be reimbursed and indemnified on demand out of the interest of such Participant in this Plan for any loss, cost or expense incurred as a result of disregarding or acting in disregard of that action (or attempted action).

13.03 Governing Law. This Plan, and applicable forms associated with this Plan, will be governed by and construed in accordance with the laws of the United States and, to the extent applicable, the laws of the State of Ohio, excluding any conflicts of laws principles.

13.04 Headings. Headings and subheadings in this document are inserted for convenience of reference only. They constitute no part of this Plan.

13.05 Invalid Provision. If any provision of this Plan is held to be illegal or invalid for any reason, this Plan will be construed and enforced as if the offending provision had not been included in this Plan. However, that determination will not affect the legality or validity of the remaining parts of this Plan.

13.06 Coordination with Other Plans. A Participant's or his or her Beneficiary's rights to any Plan Benefits will be determined solely by reference to the terms of this Plan document and will be unaffected by any other document or agreement between the Participant or the Beneficiary and the Company or any of its Affiliates.

13.07 Code 409A. Although the Company makes no guarantee with respect to the treatment of payment or benefits under this Plan, this Plan is intended to comply with the requirements of Code 409A and the Treasury Regulations promulgated thereunder, and the Company will interpret, apply and administer this Plan in accordance with this intent. Notwithstanding the foregoing, none of the Company, its Affiliates, the Committee or the Plan Administrator shall have any liability to a Participant for failure to comply with the requirements of Code 409A. Notwithstanding any provision in this Plan to the contrary, any Plan Benefit payable to a Participant who is a "specified employee" (as defined in Code 409A) of the Company or any of its Affiliates upon the Participant's Termination shall not be (or begin to be) distributed until six months after the date on which the Participant Terminates (or, if earlier, the date on which the Participant dies).

IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer, effective as of the Effective Date.

Diamond Hill Investment Group, Inc.

By: ___________________________________

Title: _________________________________


DIAMOND HILL
VARIABLE TERM DEFERRED COMPENSATION PLAN

1.00 Purpose As of the Effective Date, the Company adopts this Plan for the purpose of providing deferred compensation to a select group of management and highly compensated employees. This Plan is an unfunded arrangement and is intended to be exempt from the participation, vesting, funding and fiduciary requirements set forth in Title I of ERISA.

2.00 Definitions Whenever used in this Plan, the following terms have the meanings given to them in this Article 2.00, unless another meaning is expressly provided elsewhere in this Plan. Also, the form of any term will include all of its other forms.

2.01    Account:  A bookkeeping account established for each Participant
        under Section 6.01 of this Plan.

2.02    Affiliate:  Any entity that, along with the Company, would be
        considered a single employer under Code 414(b) and 414(c).

2.03    Beneficiary:  The person or persons designated by a Participant
        to receive any portion of such Participant's Plan Benefit that is
        unpaid at the Participant's death.  Such designation shall be
        made on a form prescribed by the Plan Administrator and shall
        be effective only when filed with the Plan Administrator.  If a
        Participant has not made an effective designation of a
        Beneficiary or Beneficiaries, the Participant's Beneficiary will
        be his or her surviving spouse or, if there is no surviving
        spouse, the Participant's estate.  The identity of a
        Participant's Beneficiary will be based only on the information
        included on the latest beneficiary designation form filed by
        the Participant with the Plan Administrator and will not be
        inferred from any other evidence.

2.04    Board:  The Board of Directors of the Company.

2.05    Change in Control:  Provided that such definition shall be
        interpreted in a manner that is consistent with the definition
        of a "change in control event" under Code 409A and Treasury
        Regulation 1.409A-3(i)(5), a "Change in Control" of the Company
        shall mean the first to occur of any of the following:

    (a) the date that any person, or more than one person acting as a
        group, acquires ownership of stock of the Company that, together
        with stock already held by such person or group, constitutes
        more than fifty percent (50%) of the total fair market
        value or total voting power of the stock of the Company;

    (b) the date that any one person, or more than one person acting
        as a group, acquires (or has acquired during the twelve (12)
        month period ending on the date of the most recent
        acquisition by such person or persons) ownership of stock of
        the Company possessing thirty percent (30%) or more of the
        total voting power of the stock of the Company;

    (c) the date that any one person, or more than one person acting
        as a group, acquires (or has acquired during the twelve (12)
        month period ending on the date of the most recent
        acquisition by such person or persons) assets from the Company
        that have a total gross fair market value equal to or more
        than forty percent (40%) of the total gross fair market value
        of all of the assets of the Company immediately prior to
        such acquisition or acquisitions; or

    (d) the date that a majority of members of the Board is replaced
        during any twelve (12) month period by directors whose
        appointment or election is not endorsed by a majority of the
        members of the Board prior to the date of the appointment or
        election.

2.06    Code:  The Internal Revenue Code of 1986, as amended.

2.07    Committee:  The Compensation Committee of the Board.

2.08    Company: Diamond Hill Investment Group, Inc., and its successors.

2.09    Deferral Election Form:  The form each Eligible Employee and
        Participant, as the case may be, must complete to defer Incentive
        Compensation under this Plan and to designate the time and form
        of distribution of his or her Plan Benefit.

2.10    Disability:  A Participant shall be considered disabled if:

    (a) the Participant is unable to engage in any substantial gainful
        activity by reason of any medically determinable physical or
        mental impairment which can be expected to result in death or
        can be expected to last for a continuous period of not less than
        twelve (12) months; or

    (b) the Participant is, by reason of any medically determinable
        physical or mental impairment which can be expected to result
        in death or can be expected to last for a continuous period of
        not less than twelve (12) months, receiving income replacement
        benefits for a period of not less than three (3) months under
        an accident and health plan covering employees of the
        Participant's employer; or

    (c) the Participant is determined to be totally disabled by the
        Social Security Administration or Railroad Retirement Board.

2.11    Distribution Election Change Form:  The form each Eligible
        Employee and Participant, as the case may be, may complete to
        change a prior designation as to the time or form of
        distribution of his or her Plan Benefit.

2.12    Effective Date:  May 1, 2013.

2.13    Eligible Employee:  Each person employed by the Company or any
        of its Affiliates as a portfolio manager or research analyst
        who is a highly compensated employee or a member of a select
        group of management (both within the meaning of Title I of
        ERISA) of the  Company or any of its Affiliates, as
        determined by the Committee in its sole discretion.

2.14    ERISA:  The Employee Retirement Income Security Act of 1974,
        as amended.

2.15    Incentive Compensation:  The gross amount that is earned by a
        Participant under any bonus plan maintained by the Company or
        any of its Affiliates. For the avoidance of doubt, Incentive
        Compensation shall not include base salary.

2.16    Participant:  An Eligible Employee who becomes a participant
        in this Plan as described in Article 3.00.

2.17    Plan:  The Diamond Hill Deferred Compensation Plan, as amended
        from time to time.

2.18    Plan Administrator:  The delegee(s) appointed by the Committee
        to administer the Plan pursuant to Section 10.01(d).

2.19    Plan Benefit:  The aggregate amount of a Participant's Accounts
        as of the applicable Valuation Date.

2.20    Plan Year:  Each calendar year during which this Plan is in effect.

2.21    Termination:  A "separation from service" within the meaning of
        Code 409A and Treasury Regulation 1.409A-1(h).

2.22    Unforeseeable Emergency:  A severe financial hardship to a
        Participant within the meaning of Code 409A resulting from: (a) an
        illness or accident of the Participant or the Participant's spouse,
        Beneficiary or dependent (as defined in Code 152, without regard to
        Code 152(b)(1), (b)(2) and (d)(1)(B)); (b) loss of the Participant's
        property due to casualty; or (c) other similar or extraordinary and
        unforeseeable circumstances arising as a result of events beyond the
        control of the Participant.

2.23    Valuation Date:  The last day of each calendar month or any other
        date or dates fixed by the Plan Administrator for the valuation and
        adjustment of an Account.

3.00    Participation

3.01    Commencement of Participation.  Subject to Section 3.02 of this
        Plan, each Eligible Employee shall become a Participant on the date
        on which the Eligible Employee submits an effective Deferral Election
        Form.

3.02    Loss of Eligible Employee Status.  A Participant who is no longer
        an Eligible Employee shall not be permitted to submit a Deferral
        Election Form.  All deferrals then in effect for such Participant
        shall cease as of the earlier to occur of (a) the Participant's
        Termination or (b) the end of the Plan Year in which the Participant
        is determined to no longer be an Eligible Employee. Amounts credited
        to the Accounts of a Participant who is no longer an Eligible
        Employee shall continue to be administered in accordance with the
        terms and conditions of this Plan and shall be distributed as provided
        in Article 7.00.

4.00    Deferrals and Contributions

4.01    Deferrals.

    (a) Deferral Elections - In General.

        (i)   A Participant may elect to defer Incentive Compensation under
              this Plan by submitting a signed Deferral Election Form to the
              Plan Administrator within the deadlines imposed by this Plan
              and set forth in Section 4.01(b).  Any deferral election made
              by a Participant for a Plan Year shall be irrevocable after
              the expiration of the applicable deadline described in
              Section 4.01(b); provided, however, that a cessation of
              deferrals shall be allowed if the Participant suffers an
              Unforeseeable Emergency, becomes Disabled, or to the extent
              permitted by Treasury Regulation 1.409A-3(j)(4)(viii).

        (ii)  Amounts deferred under this Plan shall not be made available
              to the Participant, except as provided in Article 7.00, and
              shall reduce the Incentive Compensation payable to the
              Participant in the year of the deferral in accordance with the
              provisions of the applicable Deferral Election Form; provided,
              however, that all such amounts shall be subject to the rights
              of the general creditors of the Company and its Affiliates
              as provided in Article 12.00 of this Plan.

    (b) Timing of Deferral Elections.  A deferral election under this Plan
        shall be effective only if it is made in a timely manner as follows:

        (i)   In General.  Except as permitted under subsections (ii) and
              (iii) of this Section 4.01(b), a Deferral Election Form must
              be submitted to the Plan Administrator by the last day of the
              Plan Year preceding the Plan Year in which services giving
              rise to the Incentive Compensation to be deferred
              are to be performed.

        (ii)  First Year of Eligibility.  Notwithstanding the foregoing, if
              and to the extent permitted by the Plan Administrator, during
              the first Plan Year in which an Eligible Employee is eligible
              to participate in this Plan, the Eligible Employee may submit
              a Deferral Election Form to the Plan Administrator no later
              than thirty (30) days after the date on which the Eligible
              Employee becomes so eligible, with respect to Incentive
              Compensation to be earned for services performed after such
              election is made; provided, however, that this subsection (ii)
              shall not apply if, at such time, the Eligible Employee also
              is eligible to participate in any other arrangement that,
              along with this Plan, is treated as a single nonqualified
              deferred compensation plan under Code 409A and the
              Treasury Regulations promulgated thereunder.
        (iii) Performance-Based Compensation. Notwithstanding the foregoing
              and to the extent permitted by the Plan Administrator, a
              Deferral Election Form with respect to any performance-based
              compensation (within the meaning of Code 409A) may be
              submitted by an Eligible Employee or a Participant by the
              date that is not later than six months before the end of
              the performance period on which the performance-based
              compensation is based; provided that in no event may an
              election to defer be made after such performance-based
              compensation has become readily ascertainable.

    (c) Additional Requirements for Deferral Elections.  Deferrals made
        pursuant to a Deferral Election Form must be made in whole
        percentages of up to 50% of the stock portion of the
        Participant's Incentive Compensation for a Plan Year and up to 100%
        of the cash portion of the Participant's Incentive Compensation for
        a Plan Year and subject to such other limitations as the Plan
        Administrator may impose from time to time in its sole discretion.

4.02    Crediting of Contributions.  Deferrals of Incentive Compensation,
        if any, shall be credited to a Participant's Account for the
        applicable Plan Year as soon as administratively practicable
        following distribution of the Incentive Compensation.

5.00    Vesting

5.01    Deferrals of Incentive Compensation.  Subject to Section 5.02, a
        Participant shall be one hundred percent (100%) vested in the
        portion of his or her Accounts attributable to deferrals of
        Incentive Compensation under Section 4.01 of this Plan and any
        deemed earnings or losses on the investment of such deferrals.

5.02    Clawback.  Notwithstanding anything in this Plan to the contrary,
        a Participant's Plan Benefit shall be subject to terms and
        conditions of the Company's Compensation Recoupment and
        Restitution Policy.

6.00    Accounts

6.01    Establishment of Accounts.  The Plan Administrator shall
        establish and maintain an Account for each Participant for each
        Plan Year a Deferral Election Form is submitted by the Participant.
        The applicable Account of the Participant shall be credited with,
        to the extent applicable, any deferrals of Incentive Compensation
        for the Plan Year, and the Participant's allocable share of any
        deemed earnings or losses on the foregoing.  Each of the
        Participant's Accounts shall be reduced by any distributions made
        from such Accounts plus, subject to Article 8.00 of this Plan and
        to the extent permitted by applicable law, any federal, state and
        local tax withholding as may be required by law.

6.02    Establishment of Subaccounts.  Within each Participant's Account,
        separate subaccounts shall be maintained to the extent necessary
        for the administration of this Plan.  For example, it may be
        necessary to maintain separate subaccounts where the Participant
        has specified different Deferral Dates, methods of payment
        or investment directions.

6.03    Earnings or Losses on Accounts.

    (a) The Company shall invest the Accounts on behalf of the Participant
        or credit the Accounts with earnings or interest as though the
        Accounts were invested in such investments and under such criteria
        as the Plan Administrator may determine in its sole discretion.
        The Company may also permit the Participant to direct the investment
        or deemed investment of the Participant's Accounts in such
        investments as the Company may make available for this purpose
        from time to time or as the Participant may select.  The Company
        assumes no responsibility or liability with respect to any loss or
        expense that may arise, result or be incurred from any investment
        or deemed investment of the Accounts. Any costs or expenses
        incurred by the Company in the investment of the Accounts shall be
        debited against the Accounts.   The Accounts shall be credited with
        earnings or debited for losses, as the case may be, based on its
        investment or deemed investment pursuant to Section 6.03(b) of
        this Plan.

    (b) As of each Valuation Date, each of the Participant's Accounts
        will be credited with earnings and charged with losses equal to the
        amount by which the Accounts would have been credited or charged
        since the prior Valuation Date had the Participant's Accounts been
        invested as described in Section 6.03(a) of this Plan.

    (c) Notwithstanding the foregoing, Participants' Accounts shall merely
        be bookkeeping  entries on the books of the Company and its
        Affiliates, as applicable, and no Participant or Beneficiary
        shall obtain any property right or interest in any investment or
        any other particular assets of the Company or any of its Affiliates.

7.00    Distribution of Plan Benefits

7.01    Distributions Upon Termination (Other than Death) or at a
        Specified Time.

    (a) Subject to Section 7.05 of this Plan, a Participant's Accounts will
        be distributed in accordance with the applicable Deferral Election
        Form.  A Participant may elect, at the time he submits a Deferral
        Election Form as specified in Section 4.01(b), to have distributions
        of the Incentive Compensation deferred for that Plan Year, as
        adjusted pursuant to Section 6.03, made: (i) in a single lump sum
        payment within ninety (90) days following either: (A) the
        Participant's Termination; or (B) the earlier of (1) a date
        specified by the Participant on a valid Deferral Election Form in
        accordance with Section 4.01(b), or (2) the Participant's
        Termination; or (ii) in up to five (5) substantially equal annual
        installments beginning on the January 1 following either: (A) the
        Participant's Termination and on each January 1 thereafter; or
        (B) the earlier of (1) a date specified by the Participant on a
        valid Deferral Election Form in accordance with Section
        4.01(b) and every January 1 thereafter, or (2) the Participant's
        Termination and on each January 1 thereafter.  Notwithstanding
        the foregoing, subject to Section 7.02 of the Plan, no
        distribution shall occur until at least the fifth anniversary of
        the date the Incentive Compensation was deferred unless in the
        event of death, Disability or Change in Control.

    (b) A Participant may elect to change the time or form of
        distribution of the Participant's Plan Benefit (based on the
        alternatives described in Section 7.01(a) of this Plan) by
        submitting a Distribution Election Change Form to the Plan
        Administrator; provided, however, that: (i) such change may not
        take effect until at least twelve (12) months after the date on
        which such election is made; (ii) the payment with respect to
        which such change is made must be deferred (other than a distribution
        upon death) for a period of not less than five (5) years from the
        date such payment would otherwise have been paid (or in the case of
        installment payments treated as a single payment, from the date
        the first amount was scheduled to be paid); and (iii) such change
        must be made not less than twelve (12) months before the date the
        payment is scheduled to be paid (or in the case of installment
        payments treated as a single payment, from the date the first
        amount was scheduled to be paid).

7.02    Distributions Upon Death, Disability or Change in Control.

    (a) Death.  Notwithstanding anything in this Plan to the contrary,
        if a Participant dies before his or her Plan Benefit has begun to be
        distributed or has been fully distributed, the Plan Benefit will
        be distributed to the Participant's Beneficiary in a lump sum
        within ninety (90) days after the date of the Participant's death.
        If a Participant dies after the Participant's Termination and after
        his or her Plan Benefit has been fully distributed, no additional
        benefit will be due to such Participant or his or her Beneficiary
        under this Plan.

    (b) Disability. Notwithstanding anything in this Plan to the contrary,
        if a Participant becomes Disabled before his or her Plan Benefit
        has begun to be distributed or has been fully distributed, the
        Plan Benefit will be distributed to the Participant in a lump sum
        within ninety (90) days after the date of the Participant's
        Disability.

    (c) Change in Control.  Notwithstanding anything in this Plan to the
        contrary, if a Change in Control occurs before a Participant's Plan
        Benefit has begun to be distributed or has been fully distributed,
        the Plan Benefit will be distributed to the Participant in a lump
        sum within thirty (30) days after the Change in Control.

7.03    Unforeseeable Emergency.  A Participant may request a distribution
        of his or her Plan Benefit upon the occurrence of an Unforeseeable
        Emergency.  As a condition of receiving a distribution under this
        Section 7.03, the Participant must file a written application with
        the Plan Administrator specifying the nature of the Unforeseeable
        Emergency, the amount needed to address the Unforeseeable
        Emergency and supplying any other information that the Plan
        Administrator, in its discretion, may need to ensure the conditions
        specified in this Section 7.03 are satisfied.  The Plan
        Administrator shall, in its sole discretion, determine whether an
        Unforeseeable Emergency exists.  If the Plan Administrator determines
        that an Unforeseeable Emergency exists, the Company or an Affiliate,
        as applicable, shall distribute an amount to the Participant that
        shall not be greater than the amount reasonably necessary, in the
        Plan Administrator's determination, to satisfy the emergency need
        (which may include the amount necessary to pay any federal, state,
        local or foreign income taxes or penalties reasonably anticipated
        to result from the distribution) or, if less, the value of the
        Participant's Plan Benefit as of the Valuation Date immediately
        preceding the distribution date.  A distribution on account of an
        Unforeseeable Emergency may not be made to the extent that such
        emergency is or may be relieved through reimbursement or
        compensation from insurance or otherwise, or by liquidation of the
        Participant's assets, to the extent that the liquidation of such
        assets would not cause a severe financial hardship.

7.04    Limited Cash-Out. Notwithstanding any provision in the Plan to
        the contrary, the Plan Administrator, in its sole discretion, may
        require a lump sum distribution of a Participant's Plan Benefit
        if: (a) the distribution results in the termination and
        liquidation of the entirety of the Participant's interest under
        this Plan and all agreements, methods, programs or other
        arrangements with respect to which deferrals of compensation are
        treated as having been deferred under a single nonqualified
        deferred compensation plan under Code 409A; and (b) the
        aggregate distribution under the arrangements is not greater
        than the applicable dollar amount under Code 402(g)(1)(B),
        as in effect in the year of distribution.

7.05    Distributions to Specified Employees. Notwithstanding any provision
        in this Plan to the contrary, any Plan Benefit payable to a
        Participant who is a "specified employee" (as defined in Code 409A)
        of the Company or any of its Affiliates upon the Participant's
        Termination shall not be (or begin to be) distributed until six
        months after the date on which the Participant Terminates (or, if
        earlier, the date on which the Participant dies). The first payment
        to be made shall include the cumulative amount (if any) of any
        amounts that could not be paid during such postponement period.

7.06    Payments Upon Income Inclusion. The Company may accelerate the
        time or schedule of a payment to a Participant to pay an amount
        the Participant includes in income as a result of this Plan
        failing to meet the requirements of Code 409A. Such payment shall
        not exceed the amount required to be included in income as a result
        of the failure to comply with Code 409A.

7.07    Full Discharge.  Once the Participant's Plan Benefit has been
        fully distributed, none of the Company, its Affiliates, the Board,
        the Committee, the Plan Administrator, their delegates or this Plan
        will have any further liability under this Plan to the Participant
        or the Participant's Beneficiary.

8.00    Tax Withholding

The Company or any Affiliate, as applicable, shall withhold from other amounts owed to a Participant or require the Participant to remit to the Company or the Affiliate, as applicable, an amount sufficient to satisfy federal, state and local tax withholding requirements with respect to any Plan Benefit or the vesting, payment or cancellation of any Plan Benefit.

9.00    Claims Procedure

9.01    Filing Claims.  Any Participant or Beneficiary (a "claimant") who
        believes that he or she is entitled to an unpaid Plan Benefit may
        file a written notification of his or her claim with the Plan
        Administrator.

9.02    Notification to Claimant.  If the claim is wholly or partially
        denied, the Plan Administrator will, within a reasonable period of
        time, and within ninety (90) days of the receipt of such claim, or
        if the claim is a claim on account of Disability, within
        forty-five (45) days of the receipt of such claim, provide
        the claimant with written notice of the denial setting forth in a
        manner calculated to be understood by the claimant:

    (a) The specific reason or reasons for which the claim was denied;

    (b) Specific reference to pertinent Plan provisions, rules, procedures
        or protocols upon which the Plan Administrator relied to deny the
        claim;

    (c) A description of any additional material or information that the
        claimant may file to perfect the claim and an explanation of why
        this material or information is necessary;

    (d) An explanation of this Plan's claims review procedure and the
        time limits applicable to such procedure and a statement of the
        claimant's right to bring a civil action under ERISA 502(a)
        following an adverse determination upon review; and

    (e) In the case of an adverse determination of a claim on account
        of Disability, if an internal rule, guideline, protocol, or other
        similar criterion was relied upon, either a copy of the specific
        rule, guideline, protocol, or other similar criterion, or a
        statement that such a rule, guideline, protocol, or other similar
        criterion was relied upon in making the adverse determination
        and that a copy of such rule, guideline, protocol, or other
        criterion will be provided free of charge to the claimant upon
        request.

        If special circumstances require the extension of the time period
        described above, the claimant will be notified before the end of
        the initial period of the circumstances requiring the extension
        and the date by which the Plan Administrator expects to reach a
        decision.  If the claim is on account of Disability, an extension
        notice must explain (i) the circumstances requiring delay;
        (ii) the standards for entitlement for a benefit;
        (iii) unresolved issues; (iv) information needed to resolve those
        issues; and (v) the date the Plan Administrator expects to decide
        the claim.  Any extension for deciding a claim will not be for
        more than an additional ninety (90) day period, or if the claim
        is on account of Disability, for not more than two (2) additional
        thirty (30) day periods.

9.03    Review Procedure.  If a claim has been wholly or partially denied,
        the affected claimant, or his or her authorized representative may:

    (a) Request that the Plan Administrator reconsider its initial denial
        by filing a written appeal within sixty (60) days after receiving
        written notice that all or part of the initial claim was denied
        (one hundred eighty (180) days in the case of a denial of a claim
        on account of Disability);

    (b) Review pertinent documents and other material upon which the
        Plan Administrator relied when denying the initial claim; and

    (c) Submit a written description of the reasons for which the claimant
        disagrees with the Plan Administrator's initial adverse decision.

        An appeal of an initial denial of benefits and all supporting
        material must be made in writing within the time periods described
        above and directed to the Plan Administrator.  The Plan
        Administrator is solely responsible for reviewing all benefit
        claims and appeals and taking all appropriate steps to implement
        its decision.

        The Plan Administrator's decision on review will be sent to the
        claimant in writing and will include:

        (i)   Specific reason or reasons for the decision;

        (ii)  Specific references to pertinent Plan provisions upon
              which the decision is based;

        (iii) The claimant's ability to review and receive copies of
              all documents relating to the claimant's claim for
              benefits, free of charge;

        (iv)  An explanation of any voluntary review procedures
              describing the steps to be taken by a claimant who wishes
              to submit the claimant's claims for review and the time
              limits applicable to such procedures;

        (v)   A statement of the claimant's right to bring a civil
              action under ERISA Section 502(a); and

        (vi)  In the case of an adverse determination of a claim on
              account of Disability, if an internal rule, guideline,
              protocol, or other similar criterion was relied upon,
              either a copy of the specific rule, guideline, protocol,
              or other similar criterion, or a statement that such a
              rule, guideline, protocol, or other similar criterion
              was relied upon in making the adverse determination
              and that a copy of such rule, guideline, protocol, or
              other criterion will be provided free of charge to the
              claimant upon request.

        The Plan Administrator will consider all information submitted
        by the claimant, regardless of whether the information was part
        of the original claim.

        The Plan Administrator's decision on review will be made not
        later than sixty (60) days (forty-five (45) days in the case
        of a claim on account of Disability) after the Plan
        Administrator's receipt of the request for review, unless
        special circumstances require an extension of time for processing,
        in which case a decision will be rendered as soon as possible,
        but not later than one hundred twenty (120) days (ninety (90) days
        in the case of a claim on account of Disability) after receipt of
        the request for review.  This notice to the claimant will
        indicate the special circumstances requiring the extension and
        the date by which the Plan Administrator expects to render a
        decision and will be provided to the claimant prior to the
        expiration of the initial forty-five (45) day or sixty (60)
        day period.

        Notwithstanding the foregoing, in the case of a claim on account
        of Disability: (A) the review of the denied claim shall be
        conducted by the Plan Administrator's designee or a named
        fiduciary who is neither the individual who made the benefit
        determination nor a subordinate of such person; and (B) no
        deference shall be given to the initial benefit determination.
        For issues involving medical judgment, the Plan
        Administrator's designee or the named fiduciary, as applicable,
        must consult with an independent health care professional who may
        not be the health care professional who decided the initial claim.

        To the extent permitted by law, the decision of the Plan
        Administrator (if no review is properly requested) or the
        decision of the review official on review, as the case may be,
        will be final and binding on all parties.  No legal action for
        benefits under this Plan will be brought unless and until the
        claimant has exhausted his or her remedies under this Article 9.00.

10.00   Administration

10.01   Administration.

    (a) The Committee is expressly empowered to interpret this Plan,
        determine all questions arising in the administration,
        interpretation and application of this Plan; employ actuaries,
        accountants, counsel and other persons the Committee deems
        necessary in connection with the administration of this Plan,
        request any information from the Company or any of its Affiliates
        the Committee deems necessary to determine whether the Company
        or any Affiliate would be considered insolvent or subject to a
        proceeding in bankruptcy, and take all other necessary and
        proper actions to fulfill its duties under this Plan.

    (b) The Committee shall not be liable for any actions by it
        hereunder, unless due to its own negligence, willful
        misconduct or lack of good faith.

    (c) The Committee (and any delegate under Section 10.01(d) of
        this Plan) shall be indemnified and saved harmless by the
        Company from and against all personal liability to which the
        Committee may be subject by reason of any act done or omitted to
        be done in its official capacity as administrator in good faith in
        the administration of this Plan, including all expenses reasonably
        incurred in its defense in the event the Company fails to provide
        such defense upon the request of the Committee.

    (d) In exercising its authority under this Plan, the Committee may
        allocate all or any part of its responsibilities and powers to
        any one or more of its members and may delegate all or any part
        of its responsibilities and powers to any person or persons
        selected by it.  Any such allocation or delegation may be revoked
        at any time.

10.02   Compensation and Expenses.

    (a) The Committee and any delegate under Section 10.01(d) of this
        Plan will serve without compensation for services to this Plan.
        The Company and, if applicable, its Affiliates, will furnish the
        Committee and any delegate under Section 10.01(d) of this Plan
        with all clerical or other assistance necessary to perform his
        or her duties.

    (b) The Company and its Affiliates will pay all expenses of
        administering this Plan.

10.03   Effect of Actions.

    (a) All actions taken and all determinations made by the Committee
        and the Plan Administrator in good faith will be final and binding
        upon all Participants, Beneficiaries, the Company and its
        Affiliates and any other person interested in this Plan.  To the
        extent the Plan Administrator has been granted discretionary
        authority under this Plan, its prior exercise of this authority
        will not obligate the Plan Administrator to exercise its authority
        in a like fashion thereafter.

    (b) This Plan will be interpreted by the Committee in accordance
        with its terms and their intended meaning.  The construction
        and interpretation of the provisions of this Plan are vested with
        the Committee, in its absolute discretion, including, without
        limitation, the determination of benefits and eligibility.
        All decisions, determinations and interpretations will be final,
        conclusive and binding upon all parties having an interest in
        this Plan.

11.00   Amendments and Termination

The Company may, at any time, in its sole discretion, amend, modify, suspend or terminate this Plan in whole or in part, except that no such amendment, modification, suspension or termination shall have any retroactive effect to reduce any amounts allocated to a Participant's Accounts without the Participant's consent. In the event that this Plan is terminated, the distribution of the amounts credited to a Participant's Accounts shall not be accelerated but shall be paid at such time and in such manner as determined under the terms of this Plan immediately prior to termination as if this Plan had not been terminated; provided, however, that the Company, in its sole discretion, may distribute a Participant's Plan Benefit in accordance with Treasury Regulation 1.409A-3(j)(4)(ix).

12.00 Prohibition Against Funding

This Plan is an unfunded, unsecured promise by the Company and its Affiliates to pay only those Plan Benefits that are accrued by Participants under the terms of this Plan. Neither the Company nor any of its Affiliates are required to segregate any assets into a fund established exclusively to pay Plan Benefits. This Plan shall be unfunded for tax purposes and for purposes of Title I of ERISA. The Participants and their Beneficiaries have only the rights of general unsecured creditors and do not have any interest in or right to any specific asset of the Company or any of its Affiliates. The Company or one of its Affiliates, as applicable, shall be designated the owner and beneficiary of any investment acquired in connection with obligations under this Plan.

13.00   Miscellaneous

13.01   No Contract.  The adoption and maintenance of this Plan shall not be
        deemed to constitute a contract of employment or otherwise between
        the Company or any of its Affiliates and any employee or Participant
        or other person, or to be consideration for, or an inducement or
        condition of, any employment.  Nothing contained herein shall be
        deemed to give any employee or Participant or other person the
        right to be retained in the service of the Company or any of its
        Affiliates or to interfere with the right of the Company or any of
        its Affiliates (which right is expressly reserved) to discharge, with
        or without Cause, any employee or Participant or other person at any
        time without any liability for any claim either against this
        Plan (except to the extent provided herein) or against the Company or
        any of its Affiliates.

13.02   No Alienation.  The right of a Participant or any other person to
        receive Plan Benefits may not be assigned, transferred, pledged
        or encumbered except as provided in the Participant's designation
        of a Beneficiary, by will or by applicable laws of descent and
        distribution.  Any attempt to assign, transfer, pledge or encumber
        a Plan Benefit will be null and void and of no legal effect.
        Any action taken (or attempted to be taken) contrary to the provisions
        of this Section 13.02 will be null and void and of no effect
        whatsoever; the Company, its Affiliates, the Committee and the Plan
        Administrator may disregard such action (or attempted action) and
        will not in any manner be bound by it; and they, and each of them,
        will suffer no liability by doing so.  If any Participant or other
        person acts (or attempts to take any action) contrary to this
        Section 13.02, the Company, its Affiliates, the Committee and the
        Plan Administrator will be reimbursed and indemnified on demand
        out of the interest of such Participant in this Plan for any loss,
        cost or expense incurred as a result of disregarding or acting in
        disregard of that action (or attempted action).

13.03   Governing Law.  This Plan, and applicable forms associated with
        this Plan, will be governed by and construed in accordance with
        the laws of the United States and, to the extent applicable, the
        laws of the State of Ohio, excluding any conflicts of laws principles.

13.04   Headings.  Headings and subheadings in this document are inserted for
        convenience of reference only.  They constitute no part of this Plan.

13.05   Invalid Provision.  If any provision of this Plan is held to be
        illegal or invalid for any reason, this Plan will be construed and
        enforced as if the offending provision had not been included in this
        Plan.  However, that determination will not affect the legality or
        validity of the remaining parts of this Plan.

13.06   Coordination with Other Plans.  A Participant's or his or her
        Beneficiary's rights to any Plan Benefits will be determined solely
        by reference to the terms of this Plan document and will be
        unaffected by any other document or agreement between the Participant
        or the Beneficiary and the Company or any of its Affiliates.

13.07   Code 409A.  Although the Company makes no guarantee with respect
        to the treatment of payment or benefits under this Plan, this Plan
        is intended to comply with the requirements of Code 409A and the
        Treasury Regulations promulgated thereunder, and the Company will
        interpret, apply and administer this Plan in accordance with this
        intent.  Notwithstanding the foregoing, none of the Company, its
        Affiliates, the Committee, or the Plan Administrator shall have
        any liability to a Participant for failure to comply with the
        requirements of Code 409A.

IN WITNESS WHEREOF, the Company has caused this Plan to be executed by its duly authorized officer, effective as of the Effective Date.

Diamond Hill Investment Group, Inc.

By: ___________________________________

Title: _________________________________