Apollo CEO Enters Into $2.5B Prepaid Variable Forward Contracts

Summary

Apollo Global Management, Inc. (Apollo) amended its insider trading policy to allow certain senior leaders, including CEO Marc Rowan, to enter into prepaid variable forward contracts (PVFCs) on up to 10% of their company shares if certain conditions are met. On December 9, 2024, Rowan's affiliated entities entered into PVFCs on 2,500,000 shares, representing approximately 7% of his beneficial ownership. This move, taken in light of the company's inclusion in the S&P 500 Index, aims to provide liquidity while maintaining voting rights and alignment with shareholders up to a specified share price cap.