Summary
Ares Management Corporation (ARES) announced that R. Kipp de Veer, an executive officer and director, has entered into a Rule 10b5-1 trading plan to sell up to 281,498 shares of Class A common stock. This plan, established for estate planning purposes, was adopted during an authorized trading period and without the possession of material non-public information. Trading under the plan is scheduled to commence no sooner than July 6, 2022, and will conclude by February 1, 2023, or earlier if all shares are sold. The company is not obligated to report on other individual insider trading plans unless required by law. Investors should note that Rule 10b5-1 trading plans allow insiders to pre-arrange the sale of company stock at a predetermined time and price, providing a defense against accusations of insider trading. While this particular plan is for estate planning, the sale of a significant number of shares by a key executive could be perceived by the market. The company will disclose transactions through Form 144 and Form 4 filings.
Key Highlights
- 1Executive R. Kipp de Veer entered into a Rule 10b5-1 trading plan to sell up to 281,498 ARES shares.
- 2The plan was established on March 7, 2022, and is set to expire on February 1, 2023.
- 3Trading under the plan can begin no earlier than July 6, 2022.
- 4The stated purpose for the trading plan is estate planning.
- 5The plan was adopted during an authorized trading window and without material non-public information.
- 6Transactions made under this plan will be publicly disclosed via Form 144 and Form 4 filings.