DAVID B. KAPLAN - 15 Aug 2023 Form 4 Insider Report for Ares Management Corp (ARES)

Role
Co-Founder, Director
Signature
/s/ Anton Feingold, by power of attorney
Issuer symbol
ARES
Transactions as of
15 Aug 2023
Net transactions value
-$19,669,549
Form type
4
Filing time
17 Aug 2023, 21:21:39 UTC
Previous filing
21 Apr 2023
Next filing
07 Sep 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ARES Class A Common Stock Conversion of derivative security $0 +500,000 $0.000000 500,000 15 Aug 2023 By Trently Holdings, LLC
transaction ARES Class A Common Stock Sale $11,304,391 -115,575 -23% $97.81 384,425 15 Aug 2023 By Trently Holdings, LLC F1, F2
transaction ARES Class A Common Stock Sale $4,436,783 -44,884 -12% $98.85 339,541 15 Aug 2023 By Trently Holdings, LLC F1, F3
transaction ARES Class A Common Stock Sale $2,930,927 -29,321 -8.6% $99.96 310,220 15 Aug 2023 By Trently Holdings, LLC F1, F4
transaction ARES Class A Common Stock Sale $27,614 -274 -0.09% $100.78 309,946 15 Aug 2023 By Trently Holdings, LLC F1, F5
transaction ARES Class A Common Stock Sale $969,834 -9,946 -3.2% $97.51 300,000 16 Aug 2023 By Trently Holdings, LLC F1, F6
holding ARES Class A Common Stock 1,180,052 15 Aug 2023 By Ares Owners Holdings L.P. F7

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction ARES Ares Operating Group Units Conversion of derivative security -500,000 -5% 9,421,596 15 Aug 2023 Class A Common Stock 500,000 By Ares Owners Holdings L.P. F8, F9
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Buy Plan / Sale Plan: These are also open market purchases/sales of shares, but in this case the transaction is part of a trading plan. Rule 10b5-1 allows insiders to setup a trading plan to buy/sell stocks over a certain period of time. Since the purchases/sales are predetermined, this protects the insiders from violating insider trading law.

Transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).

Explanation of Responses:

Id Content
F1 This transaction was effected pursuant to a 10b5-1 trading plan adopted on May 12, 2023 by the reporting person, or a vehicle controlled by him.
F2 The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2023 in multiple transactions at prices ranging from $97.33 to $98.31. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote and footnotes 3, 4, 5 and 6.
F3 The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2023 in multiple transactions at prices ranging from $98.33 to $99.32.
F4 The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2023 in multiple transactions at prices ranging from $99.33 to $100.31.
F5 The price reported in Column 4 is a weighted average price. These shares were sold on August 15, 2023 in multiple transactions at prices ranging from $100.70 to $100.82.
F6 The price reported in Column 4 is a weighted average price. These shares were sold on August 16, 2023 in multiple transactions at prices ranging from $97.18 to $97.86.
F7 The reporting person or a vehicle controlled by him is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of Class A Common Stock. The shares of Class A Common Stock indirectly held by the reporting person or the vehicle are the number of shares of Class A Common Stock that he or the vehicle has a right to receive as a limited partner in AOH.
F8 Pursuant to the terms of the Fifth Amended and Restated Exchange Agreement, dated as of April 1, 2021, among Ares Management Corporation, Ares Holdings L.P. and each Ares Operating Group Limited Partner (as defined in the exchange agreement), and subject to certain requirements and restrictions, the partnership units of the Ares Operating Group ("AOG Units") are exchangeable for shares of Class A Common Stock on a one-for-one basis.
F9 The reporting person or a vehicle controlled by him is a limited partner in AOH, the direct holder of the shares of AOG Units. The AOG Units indirectly held by the reporting person are the number of AOG Units that he has a right to receive as a limited partner in AOH.