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.