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APO > SEC Filings for APO > Form 8-K on 20-Mar-2014All Recent SEC Filings




Change in Directors or Principal Officers, Financial Statements and

Item 5.02. Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Marc Spilker, the President of Apollo Global Management, LLC (the "Company"), has stepped down from his responsibilities as President and a member of the Executive Committee of the Company. Mr. Spilker will continue as an employee of the Company through May 19, 2014. He will also serve as a Senior Advisor through December 31, 2014 and assist the Company with transitioning his duties during such period. In connection with this transition, Mr. Spilker and the Company entered into an agreement on March 19, 2014 that provides that his base salary will continue until May 19, 2014. Upon executing the agreement, Mr. Spilker forfeited 50% of his unvested options to purchase Class A shares of the Company, and 50% of his unvested restricted share units. Provided the agreement, which contains a release of claims by Mr. Spilker, is not revoked by him during the seven-day revocation period ending March 26, 2014, he will vest in the remaining portion of his unvested options (corresponding to 1,250,000 option shares) and restricted share units (corresponding to 625,000 restricted share units). The agreement entitles Mr. Spilker to a payment of $950,000 for his services as Senior Advisor. Mr. Spilker remains subject to a non-competition covenant and a non-solicitation of employees and business relations covenant for 12 months after the date of the agreement, and certain other restrictive covenants.

A copy of a press release issued by the Company is attached as Exhibit 99.1 hereto and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

No. Description

99.1 Press release dated March 20, 2014.

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