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Apollo Global Management, Inc. (NYSE:APO), a prominent investment management firm, has announced the award of restricted stock units (RSUs) valued at $10 million to its Chief Financial Officer, Martin Kelly. The RSUs, which are set to be granted on December 20, 2024, aim to acknowledge Kelly's contributions and ensure his continued alignment with the company's financial goals.
The decision, made by the Compensation Committee of Apollo's Board of Directors on Monday, reflects a strategic move to retain key executives and align their compensation with industry standards. The RSUs are structured to provide a long-term incentive, with shares scheduled for delivery in 2028, contingent upon meeting specific performance metrics related to Apollo's fee income.
The grant is designed to be factored into Kelly's annual compensation for the next three years, effectively distributing the value of the award at approximately $3.3 million per year. This approach underscores the company's commitment to competitive pay practices within its peer group.
In the event of Kelly's voluntary resignation before December 31, 2027, the delivery of shares from vested RSUs would be deferred to 2030. Additionally, the agreement includes provisions that would prevent any delivery of shares if Kelly were to breach certain restrictive covenants, such as non-competition and non-solicitation clauses, or if his employment were terminated for cause.
Furthermore, the RSUs will accrue dividend equivalents, ensuring that the CFO receives corresponding payments during the vesting period, further tying his compensation to the performance of the company's stock.
This executive compensation update is based on an 8-K filing with the Securities and Exchange Commission by Apollo Global Management, which operates under Delaware jurisdiction with headquarters in New York City. The company, formerly known as Tango Holdings, Inc., has been publicly traded since its name change on April 22, 2021. Apollo Global Management specializes in investment advice, as indicated by its SIC classification.
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