Company: APO
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001193125-25-096971
Chunk: 57

Company: Apollo Global Management, Inc.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 57
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 available for distribution is a function of the performance of the applicable fund and these distributions can fluctuate significantly from year to year, particularly for limited life funds that make a relatively small number of investments and may dispose of several**

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of them in one year but none in other years. We believe that our participating named executive officers’ eligibility for performance fees generated by the funds we manage aligns their interests with those of our stockholders and fund investors. The value of our participating employees’ performance fee entitlements increases as the profit earned by the investment fund increases, and we believe that the lack of an artificial cap on this growth is both industry standard and important to aligning our employees with our fund investors. We currently have two principal types of performance fee programs, which we refer to as “dedicated” and “incentive pool.”

Performance Fees: Dedicated.Messrs. Kelly, Kleinman and Belardi have historically been awarded rights to participate in a dedicated percentage of the performance fee income earned by the general partners of certain funds which we manage, but Messrs. Belardi and Kleinman do not receive new performance fee awards. In 2024, Messrs. Kelly and Kleinman, and Ms. Chatterjee, received distributions on vested dedicated performance fee rights (for Mr. Kleinman, all such rights were granted to him prior to 2022). Dedicated performance fee rights in the private equity funds we manage are typically subject to vesting conditions, which rewards long-term commitment to the Company, thereby enhancing the alignment of participants’ interests with that of the Company. Unlike Messrs. Rowan, Belardi and Kleinman, Mr. Kelly and Ms. Chatterjee received new performance fee rights in 2024. In 2024, Mr. Kelly and Ms. Chatterjee received awards under a program in which accrued performance fees may be notionally invested by participants in a fund we manage until they are paid. Rights to payments under the program vest after three years, subject to continued employment, with payments made shortly after vesting. As with other amounts distributed in respect of other performance fees, our financial statements characterize performance fee income allocated to participating professionals in respect of their dedicated performance fee rights as compensation. Unlike dividends, amounts paid in respect of dedicated performance fees are included in the “All Other Compensation” column of the Summary Compensation Table for the fiscal year in which such fees were paid.

A portion of the performance fees distributed by certain of the legacy investment funds we manage is required to