Darden Supply Chain Chief Cashes Out $2.7M After Option Exercise

Rhea-AI Filing Summary

Darden Restaurants (NYSE:DRI) filed a Form 4 disclosing significant insider transactions.

• On 24 June 2025, SVP & Chief Supply Chain Officer Douglas J. Milanes exercised 8,142 options at $78.84 (Code M).
• He then sold 11,948 common shares at a weighted-average $222.08, generating roughly $2.7 million.
• Following the sales, his direct ownership fell to 146.696 shares, a ~98 % reduction.
• The option (granted 2020) is now fully exercised; no derivative positions remain.

The magnitude and near-total divestiture by a senior officer may influence market perception of insider confidence.

Positive

• None.

Negative

• SVP Douglas J. Milanes sold 11,948 shares (~98% of his holdings) for approximately $2.7 million, cutting his direct stake to just 147 shares.
• Form 4 does not indicate the use of a Rule 10b5-1 trading plan, suggesting discretionary timing and potential negative insider sentiment.

Insights

Financial Analyst

TL;DR: Officer sold 98% stake for $2.7 M; bearish insider signal

The Form 4 shows Douglas J. Milanes converting 8,142 in-the-money options at $78.84 and immediately selling 11,948 shares at $222.08, pocketing about $2.7 million. Post-sale ownership collapsed from 12,094 to 147 shares, leaving minimal alignment with shareholders. Large discretionary sales of this magnitude can foreshadow near-term caution, although motives remain undisclosed. Investors should monitor upcoming results to confirm whether operational headwinds justify the insider’s exit.

Governance Specialist

TL;DR: Near-total divestiture weakens insider ownership signal

Milanes’ same-day option exercise and open-market sales, without any Rule 10b5-1 plan noted, reduced his direct stake to 147 shares. Such a sharp reduction by a senior officer can erode perceived long-term commitment and prompt investor scrutiny. While the trade does not affect capital structure, it materially alters insider ownership dynamics; further filings will reveal whether this is an isolated liquidity move or part of a broader pattern.

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

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Milanes Douglas J.

(Last) (First) (Middle)

1000 DARDEN CENTER DRIVE

(Street)

ORLANDO FL 32837

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DARDEN RESTAURANTS INC [ DRI ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	SVP, Chief Supply Chain Ofcr

3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025

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
Common Stock	06/24/2025		M		8,142	A	$78.84	12,094.696(1)	D
Common Stock	06/24/2025		S		3,806	D	$222.0753(2)	8,288.696(1)	D
Common Stock	06/24/2025		S		8,142	D	$222.0753(2)	146.696(1)	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
Stock Option (Right to Buy)	$78.84	06/24/2025		M			8,142	(3)	07/29/2030	Common Stock	8,142	$0.0000	0.0000	D

Explanation of Responses:

1. Includes shares acquired pursuant to the Darden Restaurants, Inc. Employee Stock Purchase Plan and dividend reinvestment feature of the Plan.

2. This transaction was executed in multiple trades at prices ranging from $221.865 to $222.35. 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.

3. This option vested in two equal annual installments beginning on July 29, 2023.

	A. Noni Holmes-Kidd, Attorney-in-fact for Milanes, Douglas J.	06/26/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many DRI shares did SVP Douglas J. Milanes sell on 24 June 2025?

He sold 11,948 common shares according to the Form 4.

What was the total value of the insider sale reported on 26 June 2025?

At a weighted-average price of $222.08, the sale was worth roughly $2.7 million before taxes.

How many DRI shares does Milanes own after the transactions?

His direct ownership stands at 146.696 shares.

What was the exercise price of the options Milanes exercised?

The options were exercised at $78.84 per share.

When does the exercised stock option expire?

The option had an expiration date of 29 July 2030.