8-KOther Events

Ares Management Corp 8-K Report, Corporate Update (Jun 16, 2022)

Filed June 16, 2022For Securities:ARESARES-PB

Summary

Ares Management Corp. (ARES) has disclosed that certain executive officers and directors have entered into Rule 10b5-1 trading plans to sell shares of Class A common stock. Specifically, David Kaplan and Bennett Rosenthal have each established plans to sell up to 500,000 shares. These sales are scheduled to commence no earlier than October 17, 2022, and will conclude by April 30, 2023, or upon the completion of the sale of all allotted shares. The company emphasizes that these plans were adopted during authorized trading periods when the participants were not in possession of material non-public information. The primary stated purpose for these sales is estate planning. While these individual plans are being disclosed, Ares Management also notes that other insiders and employees may establish similar plans in the future, but the company will not systematically report on them unless legally required.

Key Highlights

  • 1Key executives David Kaplan and Bennett Rosenthal have initiated Rule 10b5-1 trading plans.
  • 2Each executive plans to sell up to 500,000 shares of Class A common stock.
  • 3Sales are permitted to begin on or after October 17, 2022, and must conclude by April 30, 2023.
  • 4The stated purpose for these stock sales is estate planning.
  • 5The trading plans were established during periods when executives were not in possession of material non-public information.
  • 6Sales executed under these plans will be publicly reported via Form 144 and Form 4 filings.

Frequently Asked Questions

The executives, David Kaplan and Bennett Rosenthal, have entered into Rule 10b5-1 trading plans primarily for estate planning purposes. These plans allow for the predetermined sale of shares over a specified period.

David Kaplan and Bennett Rosenthal can each sell up to 500,000 shares of Class A common stock. Sales can commence no earlier than October 17, 2022, and must be completed by April 30, 2023, or when all planned shares are sold.

The company states these plans were adopted during authorized trading periods and when participants were not in possession of material non-public information. The stated purpose is estate planning, which is a common reason for executives to diversify their holdings or plan for future financial needs. Investors should monitor the actual sales and consider them in conjunction with the company's overall performance and strategic initiatives.

The Rule 10b5-1 trading plans outline the *maximum* number of shares that *may* be sold. Actual sales will occur based on the terms of the plan and may be subject to market conditions or the completion of sales within the specified timeframe. The plans expire on April 30, 2023, or earlier if all shares are sold.