Form 4: Apollo President Zelter Reports RSU Grant, Tax Withholding

Apollo Global Management President James C. Zelter reported the acquisition of 29,313 restricted stock units and the disposition of 15,122 shares for tax obligations.

Summary

• James C. Zelter, President and Director of Apollo Global Management, Inc. (APO), reported transactions involving the company's common stock.
• On February 10, 2026, Zelter acquired 29,313 Restricted Stock Units (RSUs) under the 2019 Omnibus Equity Incentive Plan. These RSUs represent the contingent right to receive one share of common stock per vested RSU and vest in installments.
• On February 11, 2026, Zelter disposed of 15,122 shares of common stock at a price of $132.43 per share. This disposition was to satisfy tax withholding obligations related to the delivery of shares granted under the Plan.
• Following these transactions, Zelter directly beneficially owns 5,017,458 shares, which includes 4,874,539 vested and unvested RSUs.
• Additionally, Zelter indirectly beneficially owns 372,473 shares through The James C. Zelter 2024 GRAT No. 1, 453,308 shares through The James C. Zelter 2025 GRAT No. 1, and 999,940 shares through Zelter APO Series LLC.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a neutral to slightly positive event. The RSU grant reinforces executive alignment, while the tax-related sale is a routine, non-discretionary transaction.

Positives

• The grant of 29,313 Restricted Stock Units (RSUs) to President James C. Zelter indicates continued alignment of management's interests with shareholder value through equity incentives.

Negatives

• The disposition of 15,122 shares of common stock, valued at $132.43 per share, to cover tax withholding obligations represents a reduction in direct beneficial ownership.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that RSU grants are a standard component of executive compensation in the asset management industry, aligning executive incentives with long-term company performance. The subsequent sale of shares for tax withholding is a common practice following RSU vesting or delivery, rather than an indication of a change in sentiment.

Comparison to Industry Standards

• StockSavvy.ai observes that the use of Restricted Stock Units (RSUs) as a significant component of executive compensation, as seen with Apollo Global Management, is a prevalent practice among leading alternative asset managers such as Blackstone (BX), KKR (KKR), and Carlyle Group (CG).
• These firms commonly structure equity awards to vest over several years, promoting long-term commitment and performance.
• The disposition of shares to cover tax obligations upon RSU vesting is also a standard, expected event across the industry, reflecting tax liabilities on compensation rather than a discretionary sale.

Stakeholder Impact

• Shareholders: The RSU grant aligns executive incentives with long-term shareholder value. The tax-related sale is a routine event with minimal impact on overall share float.
• Employees: The equity incentive plan demonstrates a commitment to performance-based compensation, potentially influencing broader employee compensation strategies.

Next Steps

• RSUs will vest in installments according to the applicable RSU award agreement, provided the reporting person remains in service.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving an RSU grant and a subsequent tax-related share disposition. Such transactions are common and generally do not signal a material change in the company's fundamentals or outlook. The RSU grant reinforces management's long-term alignment with the company, which is a positive, but the overall impact on investment thesis is neutral, supporting a 'hold' recommendation.

Keywords

Apollo Global Management, APO, James C. Zelter, Form 4, Insider Trading, Restricted Stock Units, RSU, Equity Incentive Plan, Tax Withholding, Beneficial Ownership