Company: APO
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001193125-25-096971
Chunk: 56

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 56
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 this process, we reviewed assets under management, market capitalization, and business mix, with a focus on alternative asset managers and large investment banks with an asset management business. The composition of our peer group is reviewed annually by the Compensation Committee in consultation with Semler Brossy.

The key elements of the compensation of our named executive officers during fiscal year 2024 are described below.

Annual Salary. Each of our named executive officers receives an annual salary. The 2024 base salaries of our named executive officers are set forth in the Summary Compensation Table below. Messrs. Rowan and Kleinman receive an annual base salary of $100,000. In general, the other NEOs’ base salaries are based on market practice, including higher fixed compensation for individuals in control functions to reinforce their focus on risk management.

Performance Fees.As announced in November 2023, we target sharing 65% to 75% of the performance fees that are earned from investment funds we manage with Apollo employees across all groups, in connection with our efforts to shift our compensation mix for senior employees generally, toward greater performance fee income. The portion of performance fees not allocated to our employees remains with Apollo for reinvestment in our businesses or may be returned to our stockholders through dividends or share repurchases. Performance fee entitlements with respect to the funds we manage confer rights to participate in distributions made to investors following the realization of an investment or receipt of operating profit from an investment by the fund, provided the fund has attained the applicable performance return hurdle for that fund. Performance fees earned generally constitute 20% or less of the profits realized on the investment funds we manage, once the specified performance return hurdle is achieved, with our employees receiving their allocable share of the performance fees, and the remaining profits being distributed to our fund investors. Our longtime practice of paying performance fees is consistent with market practice at alternative asset management firms and has recently been adopted or expanded by certain members of our peer group. It creates direct alignment among investment professionals, stockholders and fund investors because payments are not made unless the specified performance return hurdle is achieved. Distributions of performance fees from limited life funds are typically subject to contingent repayment (generally net of tax) if the fund fails to achieve specified investment returns (for example, an 8% preferred return for most of the investments we manage) due to diminished performance of later investments. Distributions of operating profit earned from funds that are not designed to have a limited life are generally not subject to contingent repayment. The actual gross amount of performance fees