Michael J. Arougheti - Jul 30, 2021 Form 4 Insider Report for Ares Management Corp (ARES)

Role: Co-Founder, CEO and President, Director
Signature: /s/ Naseem Sagati Aghili, by power of attorney
Stock symbol: ARES
Transactions as of: Jul 30, 2021
Transactions value $: -$10,520,225
Form type: 4
Date filed: 8/3/2021, 08:27 PM
Previous filing: Jul 6, 2021
Next filing: Sep 14, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARES	Class A Common Stock	Options Exercise		+300K	+29.19%		1.33M	Jul 30, 2021	Direct	F1, F2
transaction	ARES	Class A Common Stock	Tax liability	-$10.5M	-147K	-11.07%	$71.61	1.18M	Jul 30, 2021	Direct	F2, F3
holding	ARES	Class A Common Stock						1.1M	Jul 30, 2021	By Ares Owners Holdings L.P.	F4

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	Restricted Units	Options Exercise	$0	-300K	-50%	$0.00	300K	Jul 30, 2021	Class A Common Stock	300K		Direct	F5
holding	ARES	Ares Operating Group Units						10.4M	Jul 30, 2021	Class A Common Stock	10.4M		By Ares Owners Holdings L.P.	F6, F7

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects the vesting of 300,000 restricted units granted on January 22, 2021 under the Ares Management Corporation Third Amended and Restated 2014 Equity Incentive Plan (the "Equity Incentive Plan") on July 30, 2021 pursuant to the vesting conditions of such restricted units. Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting.
F2	Includes 633,332 restricted units granted under the Equity Incentive Plan. These restricted units vest in installments in accordance with the applicable restricted unit award agreement.
F3	Consists of Class A Common Stock withheld by the Issuer in order to satisfy the minimum tax withholding obligations of the reporting person arising in connection with the vesting of restricted units representing the right to receive one share of Class A Common Stock under the Equity Incentive Plan.
F4	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.
F5	The restricted units were granted on January 22, 2021 pursuant to the Equity Incentive Plan, each of which represents the right to receive one share of Class A Common Stock upon vesting. The restricted units are subject to market price-based vesting conditions as follows: 300,000 units will vest if, over all trading days that occur during any 30 consecutive calendar day period on or prior to January 22, 2029, the volume-weighted average price per share of Class A Common Stock is at least $75.00, generally subject to the reporting person's continued service through the applicable vesting date.
F6	Pursuant to the terms of the Fifth Amended and Restated Exchange Agreement, dated as of April 1, 2021, among Ares Holdco LLC, Ares Holdings L.P., Ares Management Corporation, 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.
F7	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 or the vehicle are the number of AOG units that he or the vehicle has a right to receive as a limited partner in AOH.