Apollo (APO) Insider Leon D. Black Acquires 1 Share via Derivative

What Happened

• Leon D. Black (the Reporting Person) entered into a variable share forward transaction with an unaffiliated bank on August 7, 2026 and the Form 4 reports an acquisition of 1 share via a derivative (transaction code J). The filing shows no per-share price (N/A) for this reported 1-share derivative item.
• The underlying arrangement covers up to 2,000,000 shares of Apollo common stock. Under the agreement the Reporting Person pledged 2,000,000 shares as collateral, will receive a prepayment from the bank, and may settle each component in either shares or cash depending on formulas tied to the stock’s volume-weighted average price (VWAP), a Floor Price and a Cap Price.

Key Details

• Transaction date: August 7, 2026; reported on Form 4 filed Aug 11, 2026 (no late-filing indication in this record).
• Reported transaction: Other acquisition/disposition (code J) — 1 share acquired (derivative); price listed as N/A.
• Arrangement size: Variable share forward covering up to 2,000,000 shares with up to 8 settlement components.
• Collateral and rights: 2,000,000 shares pledged to secure the transaction; Reporting Person retained voting and ordinary dividend rights in pledged shares (subject to certain payments).
• Settlement mechanics: Number of shares to deliver (or cash equivalent) on each settlement date is tied to settlement VWAP relative to a Floor Price and a Cap Price per the agreement (see footnotes F2–F5).
• Ownership reporting: Footnote notes shares are held indirectly by Mr. Black through a wholly‑owned LLC; the filing disclaims beneficial ownership of group-held securities except to the extent of his pecuniary interest. Total post-transaction beneficial holdings are not specified on this Form 4.

Context

• This is a derivative monetization/financing-style transaction (a variable share forward) rather than a simple open-market buy or sale. Such transactions typically provide upfront cash and allow settlement in shares or cash later, with delivered amounts adjusted based on future stock prices per the contract terms.