Eugene I. Lee Jr - Jun 22, 2021 Form 4 Insider Report for DARDEN RESTAURANTS INC (DRI)

Role
Chairman and CEO, Director
Signature
Jessica P. Lange, Attorney-in-fact for Lee, Eugene I. Jr.
Stock symbol
DRI
Transactions as of
Jun 22, 2021
Transactions value $
$0
Form type
4
Date filed
6/24/2021, 02:43 PM
Previous filing
May 28, 2021
Next filing
Jul 1, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding DRI Common Stock 229K Jun 22, 2021 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction DRI Performance Restricted Stock Units (CEO) Award $0 +27.2K $0.00 27.2K Jun 22, 2021 Common Stock 27.2K Direct F1, F2, F3, F4
transaction DRI Performance Restricted Stock Units (FY19) Award $0 +27.6K $0.00 27.6K Jun 22, 2021 Common Stock 27.6K Direct F2, F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On July 26, 2017, the Reporting Person was awarded 81,735 target special performance restricted stock units (PSUs) that vest in three tranches subject to the achievement of performance criteria (achievement of three-year, four-year and five-year EBITDA targets.) 26.7% vested on May 31, 2020, 33.3% vested on May 30, 2021 and the remaining 40% will vest on May 29, 2022.
F2 Performance restricted stock units convert into common stock on a one-for-one basis.
F3 On June 22, 2021, the Compensation Committee of the Board of Directors determined the final results under the applicable performance criteria resulting in 27,218 PSUs being earned in accordance with the provisions of the applicable award agreement. Pursuant to the terms of the applicable award agreement, additional shares of Darden common stock representing accrued dividend equivalents will be delivered to the Reporting Person upon settlement of the PSUs.
F4 Earned PSUs will settle into common stock on the fifth business day following the Chief Financial Officer's certification of the Company's achievement of the performance goal for the applicable performance period.
F5 On July 25, 2018, the Reporting Person was awarded 26,058 target performance restricted stock units (PSUs) subject to the achievement of performance criteria (relative total shareholder return as compared to a selected comparison group) from July 25, 2018 through May 30, 2021.
F6 On June 22, 2021, the Compensation Committee of the Board of Directors determined the final results under the applicable performance criteria resulting in 27,621.48 PSUs being earned in accordance with the provisions of the applicable award agreement. Pursuant to the terms of the applicable award agreement, additional shares of Darden common stock representing accrued dividend equivalents will be delivered to the Reporting Person upon settlement of the PSUs.
F7 This grant vests in two equal annual installments beginning on July 25, 2021.