Eugene I. Lee Jr - Jul 29, 2021 Form 4 Insider Report for DARDEN RESTAURANTS INC (DRI)

Signature
Anthony G. Morrow, Attorney-in-fact for Lee, Eugene I. Jr.
Stock symbol
DRI
Transactions as of
Jul 29, 2021
Transactions value $
-$4,507,512
Form type
4
Date filed
8/2/2021, 03:52 PM
Previous filing
Jul 30, 2021
Next filing
Aug 6, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DRI Common Stock Options Exercise $1.84M +30.7K +12.09% $59.68 285K Jul 29, 2021 Direct
transaction DRI Common Stock Sale -$4.62M -30.7K -10.78% $150.18 254K Jul 29, 2021 Direct F1, F2
transaction DRI Common Stock Options Exercise $0 +29.2K +11.47% $0.00 284K Jul 30, 2021 Direct F3
transaction DRI Common Stock Tax liability -$1.72M -11.5K -4.05% $150.23 272K Jul 30, 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 Stock Option (Right to Buy) Options Exercise $0 -30.7K -100% $0.00* 0 Jul 29, 2021 Common Stock 30.7K $59.68 Direct F4
transaction DRI Performance Restricted Stock Units (CEO) Options Exercise $0 -29.2K -100% $0.00* 0 Jul 30, 2021 Common Stock 29.2K Direct F3, F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on April 5, 2021.
F2 This transaction was executed in multiple trades at prices ranging from $150.00 to $150.63. The price reported above reflects the weighted average sale price. The reporting person hereby undertakes to provide upon request to the SEC staff, the Issuer or a security holder of the Issuer full information regarding the number of shares and prices at which the transaction was effected.
F3 Performance restricted stock units convert into common stock on a one-for-one basis.
F4 This option vested in two equal annual installments beginning on July 27, 2019.
F5 On June 29, 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.
F6 Includes 1,959 additional shares delivered as dividend equivalents upon settlement pursuant to the terms of the applicable award agreement.
F7 Earned PSUs settled 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.