Form 4: Apollo Global Management Executive Enters Forward Sale Agreement for Up to 500,000 Shares

Joshua Harris, through affiliated entities, entered into a forward sale agreement involving up to 500,000 shares of Apollo Global Management, Inc. common stock.

Summary

• Joshua Harris, through MJH Partners III LLC, a wholly-owned subsidiary of MJH Partners II LLC, entered into a delayed draw variable share forward sale transaction with an unaffiliated bank on July 11, 2024.
• The agreement relates to up to 500,000 shares of Apollo Global Management, Inc. common stock.
• MJHP III is obligated to deliver up to 500,000 shares of common stock (or cash equivalent) to settle the agreement.
• MJHP III pledged 500,000 shares of common stock to secure its obligations under the agreement but retains voting and ordinary dividend rights.
• The number of shares to be delivered depends on the Settlement Price, Floor Price, and Cap Price as defined in the agreement.
• The settlement can be in cash or shares, depending on the agreement terms and whether a prepayment was received.
• Joshua Harris disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing describing a financial transaction. It doesn't inherently convey positive or negative sentiment about the company's prospects.

Future Outlook

The document outlines a financial transaction, but does not provide a future outlook for the company.

Management Comments

• Each of the Reporting Persons disclaims beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein.

Industry Context

Forward sale agreements are often used by executives to manage their personal finances and diversify their holdings while maintaining some exposure to the company's stock. This type of transaction allows the executive to monetize a portion of their stock holdings without immediately selling the shares on the open market.

Comparison to Industry Standards

• Forward sale agreements are a relatively common financial tool used by corporate executives and major shareholders.
• Similar transactions have been undertaken by executives at companies like Blackstone and KKR to manage their personal liquidity and investment strategies.
• The terms of these agreements, such as the floor price, cap price, and settlement mechanisms, can vary widely depending on the specific circumstances and the negotiating power of the parties involved.

Stakeholder Impact

• The transaction could have a minor impact on shareholders if the shares are eventually sold on the open market, potentially increasing the supply of shares.
• The agreement does not directly impact employees, customers, suppliers, or creditors.

Key Dates