Summary
Apollo Global Management, Inc. (AGM) has announced a significant equity award to its Chief Financial Officer, Martin Kelly. On December 9, 2024, the Compensation Committee approved the grant of Restricted Stock Units (RSUs) valued at $10 million. This award is intended to recognize Mr. Kelly's performance, ensure his retention, and better align his compensation with industry peers. The RSUs are scheduled to be granted on December 20, 2024, and are structured to provide an intended value of approximately $3.3 million annually over the next three years. However, the vesting and delivery of the underlying shares are contingent upon AGM meeting specific performance fee income requirements, with delivery not expected until 2028. The award includes provisions for retention, with share delivery delayed if Mr. Kelly resigns voluntarily before the end of 2027, and forfeiture under circumstances such as termination for cause or breach of restrictive covenants. Dividend equivalents will be paid on the RSUs.
Key Highlights
- 1AGM's CFO, Martin Kelly, to receive $10 million in Restricted Stock Units (RSUs).
- 2The RSU grant is intended to reward performance, enhance retention, and align compensation with peers.
- 3The award is structured to provide an intended value of $3.3 million per year for the next three years.
- 4Delivery of underlying shares is subject to AGM achieving performance fee income requirements.
- 5Underlying shares are not expected to be delivered until 2028.
- 6Voluntary resignation before December 31, 2027, will delay share delivery by two years.
- 7Forfeiture of RSUs is possible if Mr. Kelly breaches restrictive covenants or is terminated for cause.