Ryan Berry - 08 May 2023 Form 4 Insider Report for Ares Management Corp (ARES)

Role: Chief Mktg. & Strategy Officer
Signature: /s/ Anton Feingold, by power of attorney
Issuer symbol: ARES
Transactions as of: 08 May 2023
Net transactions value: -$13,195,726
Form type: 4
Filing time: 10 May 2023, 20:55:45 UTC
Previous filing: 02 Feb 2023
Next filing: 18 May 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ARES	Class A Common Stock	Options Exercise	$8,031,832	+422,728	+116%	$19.00	788,660	08 May 2023	Direct	F1
transaction	ARES	Class A Common Stock	Tax liability	$21,227,558	-258,999	-33%	$81.96	529,661	08 May 2023	Direct	F1
holding	ARES	Class A Common Stock						2,700	08 May 2023	By Retirement Savings Plan
holding	ARES	Class A Common Stock						7,387	08 May 2023	By Spouse's SEP IRA
holding	ARES	Class A Common Stock						420,151	08 May 2023	By Reporting Person and Spouse as joint tenants with right of survivorship
holding	ARES	Class A Common Stock						5,003	08 May 2023	By IRA

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	Options (Right to Buy)	Options Exercise	$0	-422,728	-100%	$0.000000^*	0	08 May 2023	Class A Common Stock	422,728	$19.00	Direct	F2
holding	ARES	Ares Operating Group Units						46,866	08 May 2023	Class A Common Stock	46,866		Ares Owners Holdings L.P.	F3, F4

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

Explanation of Responses:

Id	Content
F1	Includes 365,932 restricted units granted under the Fourth Amended and Restated 2023 Equity Incentive Plan (the "Equity Incentive Plan"). Each restricted unit represents the right to receive one share of Class A Common Stock upon vesting. The restricted units vest in installments in accordance with the applicable restricted unit award agreement.
F2	The options are fully vested as of May 1, 2019.
F3	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.
F4	The reporting person is a limited partner in Ares Owners Holdings L.P. ("AOH"), the direct holder of the shares of AOG units. The AOG units indirectly held by the reporting person are the number of AOG units that he has a right to receive as a limited partner in AOH.