Summary
Ares Management Corporation (ARES) filed an 8-K on August 27, 2020, disclosing that certain executive officers and directors have entered into Rule 10b5-1 Trading Plans to sell shares of the Company's Class A common stock. These plans, entered into for estate planning purposes, allow for pre-scheduled sales of stock over a period of time, commencing no sooner than 30 days after the plan's adoption. The disclosed plans involve David Kaplan and Bennett Rosenthal, with specific maximum share amounts and expiration dates outlined. These pre-arranged trading plans are designed to provide liquidity for personal financial needs while adhering to insider trading regulations. The sales will occur during authorized trading periods and when the participants are not in possession of material non-public information. Investors should note that these transactions will be publicly disclosed through Form 144 and Form 4 filings, offering transparency into insider selling activity. The company explicitly states it is not admitting the materiality of this information by disclosing it.
Key Highlights
- 1Certain ARES executive officers and directors have adopted Rule 10b5-1 Trading Plans to sell Company stock.
- 2The plans are for estate planning purposes and allow for pre-scheduled stock sales.
- 3David Kaplan plans to sell up to 600,000 shares by October 1, 2021.
- 4Bennett Rosenthal plans to sell up to 375,000 shares by September 16, 2021.
- 5Sales under these plans can begin no sooner than 30 days after the plan's adoption date.
- 6Transactions under these plans will be publicly disclosed via Form 144 and Form 4 filings.
- 7The Company adopted these plans during authorized trading periods and when participants were not in possession of material non-public information.