Summary
Ares Management Corporation (ARES) announced that its executive officer and director, Michael J. Arougheti, along with a controlled entity, has established a Rule 10b5-1 trading plan to sell up to 1.5 million shares of Class A common stock. This plan, adopted on September 9, 2021, is intended for estate planning purposes and will commence no earlier than January 10, 2022, with an expiration date of December 31, 2022. While this plan allows for a significant number of shares to be sold over time, it's important for investors to note that these transactions are pre-scheduled and executed under specific market conditions, mitigating concerns about insider selling based on non-public information. The company emphasizes that the plan was adopted during an authorized trading period and when the participant was not in possession of material non-public information. The sales will be publicly disclosed via Form 144 and Form 4 filings.
Key Highlights
- 1Executive officer and director Michael J. Arougheti is initiating a Rule 10b5-1 trading plan.
- 2The plan allows for the sale of up to 1,500,000 shares of Ares Management Corporation's Class A common stock.
- 3The trading plan was established on September 9, 2021, and has an expiration date of December 31, 2022.
- 4Trading under the plan can commence no sooner than January 10, 2022.
- 5The primary purpose of this trading plan is estate planning.
- 6The plan was adopted during an authorized trading window and when the executive was not in possession of material non-public information.
- 7Transactions under the plan will be publicly reported via Form 144 and Form 4 filings.