Berry Corp (BRY) insider reports RSU conversion after CRC merger
Rhea-AI Filing Summary
Berry Corp's vice president and chief financial officer filed a Form 4 to report equity changes tied to the completion of the company’s merger with California Resources Corporation (CRC). On December 18, 2025, Dornoch Merger Sub, LLC merged with and into Berry Corp, with Berry surviving as a wholly owned subsidiary of CRC.
As part of this transaction, 28,324 Berry restricted stock units not subject to performance conditions and not otherwise accelerated at the merger’s effective time were canceled and replaced with CRC restricted stock units. The new CRC awards are based on an exchange ratio of 0.0718 CRC common shares for each Berry share underlying the original awards and continue under the same vesting and other terms that applied before the merger.
Positive
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Negative
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Insights
Merger completion converts Berry executive RSUs into CRC RSUs on set terms.
The filing shows that the merger between Berry Corp and California Resources Corporation closed on December 18, 2025, with Berry becoming a wholly owned CRC subsidiary. For the reporting officer, 28,324 Berry restricted stock units that were not performance-based and not accelerated at closing were canceled and exchanged into CRC restricted stock units.
The exchange uses a fixed ratio of 0.0718% CRC common stock per Berry share underlying each affected RSU, and the new CRC awards keep the same vesting schedule and other terms that applied before the effective time. This preserves the economic structure and incentives for the executive through equivalent CRC equity rather than cash, aligning compensation with the combined company’s stock.
The disclosure is focused on this individual’s award conversion mechanics rather than broader merger consideration details. Future company filings from CRC or Berry’s successor entities would typically provide a more comprehensive view of post-merger capital structure and integration progress.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | 2025 Restricted Stock Units | 28,324 | $0.00 | -- |
Footnotes (1)
- On December 18, 2025, the transactions contemplated by the Agreement and Plan of Merger, dated September 14, 2025 (the "Merger Agreement"), by and among Berry Corporation (bry) (the "Issuer"), California Resources Corporation ("CRC"), and Dornoch Merger Sub, LLC ("Merger Sub") were consummated. Pursuant to the Merger Agreement, Merger Sub merged with and into the Issuer with the Issuer surviving as a wholly owned subsidiary of CRC (the "Merger"). Pursuant to the Merger Agreement, each outstanding restricted stock unit not subject to performance-based vesting conditions that was not accelerated at the effective time of the Merger (the "Effective Time") in accordance with its terms ("Double Trigger RSU") was canceled in exchange for a restricted stock unit of CRC denominated in a number of shares of common stock, par value $0.01 per share, of CRC equal to the product of (x) the number of shares of the Issuer's common stock, par value $0.001 per share, subject to such Double Trigger RSU multiplied by (y) 0.0718 and remains subject to the same terms and conditions (including vesting terms) as were applicable prior to the Effective Time.
