Michael R. McFerran - Jul 1, 2021 Form 4 Insider Report for Ares Management Corp (ARES)

Role: COO & CFO
Signature: /s/ Naseem Sagati Aghili, by power of attorney
Stock symbol: ARES
Transactions as of: Jul 1, 2021
Transactions value $: -$3,564,214
Form type: 4
Date filed: 7/6/2021, 09:57 PM
Previous filing: Jun 16, 2021
Next filing: Aug 3, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARES	Class A Common Stock	Options Exercise		+113K	+13.2%		965K	Jul 1, 2021	Direct	F1, F2
transaction	ARES	Class A Common Stock	Tax liability	-$3.56M	-55.8K	-5.78%	$63.90	909K	Jul 1, 2021	Direct	F2, F3

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	-113K	-33.33%	$0.00	225K	Jul 1, 2021	Class A Common Stock	113K		Direct	F4
holding	ARES	Options (Right to Buy)						144K	Jul 1, 2021	Class A Common Stock	144K	$18.35	Direct	F5

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

Explanation of Responses:

Id	Content
F1	Reflects the vesting of 112,500 restricted units granted on January 22, 2021 under the Ares Management Corporation Second Amended and Restated 2014 Equity Incentive Plan (the "Equity Incentive Plan") on July 1, 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 817,421 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 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: (i) 112,500 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 $65.00; and (ii) 112,500 units will vest if, over all trading days that occur during any 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, in each case generally subject to the reporting person's continued service through the applicable vesting date.
F5	The options are fully vested as of March 23, 2020.