AI English summary of an SEC filing — figures as filed
Ares Management ARESAres Management said on January 31, 2024 it entered into Incentive Fee Agreements with Michael J Arougheti, R. Kipp deVeer and certain other senior professionals in its Credit Group. The company said it agreed to grant a total of 1.6 million RSUs in exchange for reductions in Incentive Fee Allocations in 2024.
Key points
AI summaryAres Management said on January 31, 2024 it entered into Incentive Fee Agreements with Michael J Arougheti, R. Kipp deVeer and certain other senior professionals in its Credit Group. The company said it agreed to grant a total of 1.6 million RSUs in exchange for reductions in Incentive Fee Allocations in 2024.
The company said the grants include 400,000 RSUs each for Arougheti and deVeer. Arougheti is Co-Founder, Chief Executive Officer and President, and deVeer heads the Credit Group.
The company said each RSU represents the right to receive 1 share of Class A Common Stock upon vesting. It said the RSUs vest in four equal installments on June 30 of each year from 2026 to 2029, generally subject to continued service through the applicable vesting date.
The company said the Incentive Fee Agreements give it the right, but not the obligation, to further reduce Incentive Fee Allocations. It said that in exchange for reductions in 2025, it may grant up to 1.0 million additional RSUs, and in exchange for reductions in 2026, up to 800,000 additional RSUs. Shares issued in settlement of RSUs before June 30, 2029 will be subject to a lock-up restriction.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
Incentive Fee Agreements signed and 1.6 million RSUs granted
Ares Management said on January 31, 2024 it entered into Incentive Fee Agreements with Michael J Arougheti, R. Kipp deVeer and certain other senior professionals in its Credit Group. The company said it agreed to grant a total of 1.6 million RSUs in exchange for reductions in Incentive Fee Allocations in 2024.
Source · Based on the filing body and exhibits
Arougheti and deVeer receive 400,000 RSUs each
The company said the grants include 400,000 RSUs each for Arougheti and deVeer. Arougheti is Co-Founder, Chief Executive Officer and President, and deVeer heads the Credit Group.
Source · Based on the filing body and exhibits
RSU vesting schedule and service conditions
The company said each RSU represents the right to receive 1 share of Class A Common Stock upon vesting. It said the RSUs vest in four equal installments on June 30 of each year from 2026 to 2029, generally subject to continued service through the applicable vesting date.
Source · Based on the filing body and exhibits
Right to additional RSU grants and lock-up in 2025 and 2026
The company said the Incentive Fee Agreements give it the right, but not the obligation, to further reduce Incentive Fee Allocations. It said that in exchange for reductions in 2025, it may grant up to 1.0 million additional RSUs, and in exchange for reductions in 2026, up to 800,000 additional RSUs. Shares issued in settlement of RSUs before June 30, 2029 will be subject to a lock-up restriction.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
You can verify the report’s figures and statements in the original filing on SEC EDGAR.