Cardenas Ricardo - Mar 28, 2023 Form 4 Insider Report for DARDEN RESTAURANTS INC (DRI)

Role
President and CEO, Director
Signature
Jessica P. Lange, Attorney-in-fact for Cardenas, Ricardo
Stock symbol
DRI
Transactions as of
Mar 28, 2023
Transactions value $
-$1,146,132
Form type
4
Date filed
3/30/2023, 05:15 PM
Previous filing
Jan 4, 2023
Next filing
Apr 3, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction DRI Common Stock Options Exercise $828K +12.7K +26.36% $65.02 61K Mar 28, 2023 Direct F1
transaction DRI Common Stock Sale -$1.97M -12.7K -20.86% $155.02 48.3K Mar 28, 2023 Direct F1, F2

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 -12.7K -100% $0.00* 0 Mar 28, 2023 Common Stock 12.7K $65.02 Direct F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Includes shares acquired pursuant to the Darden Restaurants, Inc. Employee Stock Purchase Plan and dividend reinvestment feature of the Plan.
F2 This transaction was executed in multiple trades at prices ranging from $154.76 to $155.385. 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 The number of stock options was adjusted in connection with the spin-off (the Spin-Off) of Four Corners Property Trust, Inc. (FCPT) from Darden Restaurants, Inc. (Darden) on November 9, 2015. The adjustment reflects the product of (i) the number of shares subject to the stock option awards immediately prior to the Spin-Off and (ii) the ratio of (A) the pre-Spin-Off closing price on November 9, 2015 of Darden Common Stock (Darden Pre-Spin-Off Price) and (B) the difference between the Darden Pre-Spin-Off Price and the volume weighted average price of FCPT Common Stock trading on the NYSE on the trading day immediately following the distribution date (adjusted to reflect the Darden-to-FCPT pro rata share distribution ratio in the Spin-Off).
F4 This option vested in two equal annual installments beginning July 29, 2018.