Berry Corp (BRY) director reports equity conversion in CRC merger Form 4

Rhea-AI Filing Summary

Berry Corporation director reports equity conversion and cancellation related to merger with California Resources. On December 18, 2025, Berry Corporation ("Berry") completed its previously agreed merger with California Resources Corporation ("CRC"), in which Dornoch Merger Sub, LLC merged into Berry and Berry became a wholly owned subsidiary of CRC.

At the effective time of the merger, each share of Berry common stock beneficially owned by the reporting director was converted into the right to receive 0.0718 shares of CRC common stock, with cash paid instead of any fractional CRC shares. In connection with the transaction, 22,659 Berry restricted stock units were involved, and following the reported transactions the Form 4 shows 0 shares of Berry common stock beneficially owned. Each time-based restricted stock unit that accelerated at closing was cancelled in exchange for cash equal to the number of Berry shares underlying the unit multiplied by $47.21 (the volume-weighted average price of CRC common stock defined in the merger agreement) and then multiplied by the 0.0718 exchange ratio.

Insider Trade Summary

22,659 shares exercised/converted

Mixed 3 txns

Insider TRIMBLE JAMES M

Role Director

Type	Security	Shares	Price	Value
Exercise	2025 Restricted Stock Units	22,659	$0.00	--
Exercise	2025 Restricted Stock Units	22,659	$0.00	--
Disposition	Common Stock	43,667	$0.00	--

Holdings After Transaction: 2025 Restricted Stock Units — 0 shares (Direct); Common Stock — 0 shares (Direct)

Footnotes (1)

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 share of the Issuer's common stock, par value $0.001 per share ("Berry Common Stock"), beneficially owned by the Reporting Person at the effective time of the Merger (the "Effective Time") was converted into the right to receive 0.0718 (the "Exchange Ratio") shares of common stock, par value $0.01 per share, of CRC ("CRC Common Stock"), with cash paid in lieu of the issuance of fractional shares (the "Merger Consideration"). Pursuant to the Merger Agreement, each outstanding restricted stock unit not subject to performance-based vesting conditions ("RSU") that accelerated at the Effective Time in accordance with its terms ("Single Trigger RSU") was cancelled in exchange for an amount in cash equal to the number of shares of Berry Common Stock subject to such Single Trigger RSU multiplied by the product of (a) $47.21 (the VWAP per share of CRC Common Stock for the 15 consecutive trading days ending on and including the second full trading day prior to the Effective Time in accordance with the Merger Agreement) and (b) the Exchange Ratio .

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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X

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

TRIMBLE JAMES M

(Last) (First) (Middle)

16000 N. DALLAS PKWY., SUITE 500

(Street)

DALLAS TX 75248

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Berry Corp (bry) [ BRY ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
2025 Restricted Stock Units	12/18/2025		M		22,659	A	(1)(3)	43,667	D
Common Stock	12/18/2025		D		43,667	D	(1)(2)(3)	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
2025 Restricted Stock Units	(3)	12/18/2025		M			22,659	(3)	(3)	Common Stock	22,659	(3)	0	D

Explanation of Responses:

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").

2. Pursuant to the Merger Agreement, each share of the Issuer's common stock, par value $0.001 per share ("Berry Common Stock"), beneficially owned by the Reporting Person at the effective time of the Merger (the "Effective Time") was converted into the right to receive 0.0718 (the "Exchange Ratio") shares of common stock, par value $0.01 per share, of CRC ("CRC Common Stock"), with cash paid in lieu of the issuance of fractional shares (the "Merger Consideration").

3. Pursuant to the Merger Agreement, each outstanding restricted stock unit not subject to performance-based vesting conditions ("RSU") that accelerated at the Effective Time in accordance with its terms ("Single Trigger RSU") was cancelled in exchange for an amount in cash equal to the number of shares of Berry Common Stock subject to such Single Trigger RSU multiplied by the product of (a) $47.21 (the VWAP per share of CRC Common Stock for the 15 consecutive trading days ending on and including the second full trading day prior to the Effective Time in accordance with the Merger Agreement) and (b) the Exchange Ratio .

	/s/ Danielle Hunter as attorney-in-fact for James M. Trimble	12/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Berry Corp (BRY) report in this Form 4?

The Form 4 reports that a Berry Corporation director’s holdings were affected by the completion of the merger with California Resources Corporation. 22,659 restricted stock units were involved and Berry common stock previously beneficially owned was converted or cancelled in connection with the merger, resulting in 0 shares of Berry common stock shown as beneficially owned after the reported transactions.

How were Berry Corp (BRY) common shares converted in the merger with California Resources?

Under the merger agreement, each share of Berry common stock beneficially owned by the reporting person at the effective time was converted into the right to receive 0.0718 shares of CRC common stock. Any fractional share of CRC common stock was settled in cash.

What happened to the Berry Corp (BRY) restricted stock units in this filing?

The filing states that each outstanding Berry restricted stock unit not subject to performance-based vesting that accelerated at the effective time was cancelled and exchanged for cash. The cash amount equaled the number of Berry shares underlying the unit multiplied by $47.21 (the CRC volume-weighted average price defined in the merger agreement) and then multiplied by the 0.0718 exchange ratio.

What is the significance of the $47.21 price mentioned in the Berry Corp (BRY) Form 4?

The $47.21 figure is described as the volume-weighted average price per share of CRC common stock for the 15 consecutive trading days ending on and including the second full trading day prior to the effective time, as defined in the merger agreement. It is used, together with the 0.0718 exchange ratio, to calculate the cash paid for cancelled Berry restricted stock units.

What corporate transaction between Berry Corp (BRY) and California Resources does this Form 4 reference?

The Form 4 references the Agreement and Plan of Merger dated September 14, 2025 among Berry Corporation, California Resources Corporation (CRC), and Dornoch Merger Sub, LLC. On December 18, 2025, Merger Sub merged with and into Berry, and Berry survived as a wholly owned subsidiary of CRC.

What is the reporting person’s relationship to Berry Corp (BRY) in this Form 4?

The reporting person is identified as a Director of Berry Corporation. The form is indicated as being filed by one reporting person.