Belardi James Richard 4

What Happened

• James Richard Belardi, a director of Apollo Global Management (and Executive Chairman of Athene Holding Ltd.), exercised options on Feb 13, 2026 to acquire 147,813 shares at an exercise price of $29.55 per share (aggregate cost ≈ $4,367,874). The derivative/options position was cancelled on exercise.
• To satisfy tax withholding obligations, 29,254 of the newly acquired shares were withheld (disposed) on Feb 17, 2026 at a reported value of $132.43 per share (≈ $3,874,107). Net shares received from this transaction = 147,813 − 29,254 = 118,559 shares.

Key Details

• Transaction dates: Exercise on 2026-02-13; shares withheld for taxes on 2026-02-17. Form filed 2026-02-18 (appears timely).
• Exercise details: 147,813 shares acquired @ $29.55 (M code — option exercise). The related derivative was disposed (cancelled) upon conversion.
• Tax withholding: 29,254 shares withheld (F code) at $132.43/sh, per issuer withholding to cover tax obligations.
• Net shares delivered to reporting person: 118,559 (147,813 − 29,254).
• Holdings note: Reported amounts include 71,157 restricted stock units (RSUs) per footnote. The exercised option was fully vested. The option had previously been held by a family trust and transferred to direct ownership per a transfer exemption.
• Beneficial ownership: Reporting person disclaims beneficial ownership of securities held indirectly except to the extent of pecuniary interest (see remarks).

Context

• This was an option exercise with a net-share settlement / tax-withholding component (common cashless-style outcome). Withholding shares to cover taxes is routine and not the same as an open-market sale intended as a disposition for cash. The option was fully vested at exercise.