[Form 4] Darden Restaurants, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 snapshot – Lyell Immunopharma (LYEL): On 07/25/2025 ARCH Venture Partners IX and its affiliated funds filed a Form 4 updating their Lyell holdings after the company’s 1-for-20 reverse stock split on 05/27/2025.

• ARCH Venture Fund IX, L.P. and ARCH Venture Fund IX Overage, L.P. each report 910,317 post-split common shares, held indirectly through the venture vehicles.
• The combined 1.82 million shares leave the ARCH complex classified as a 10%+ beneficial owner under Section 16.
• No purchases, sales, or derivative transactions are listed; the filing’s primary purpose is to restate share counts and confirm insider status.
• Managing directors Keith Crandell, Robert Nelsen and Clinton Bybee disclaim personal ownership beyond their pecuniary interests.

The disclosure signals continued, substantial venture-backer support but carries neutral trading implications because no new capital movement occurred.

Positive

• ARCH funds remain a 10%+ holder, signalling continued strategic backing for LYEL.
• Transparent post-split disclosure ensures shareholders understand updated insider ownership levels.

Negative

• No new share purchases were reported, so the filing offers no incremental bullish signal.

Insights

Securities Analyst

TL;DR: Procedural update, no buy/sell signal.

This Form 4 merely adjusts ARCH’s reported Lyell share count for the recent 1-for-20 reverse split. Their aggregate 1.82 m shares still exceed 10%, underscoring long-term involvement but not reflecting fresh conviction or liquidity events. With zero transaction codes and no derivative activity, the filing is informational; share-price impact should be minimal.

Corporate Governance Expert

TL;DR: Confirms insider status post-split.

Maintaining >10% ownership obliges ARCH entities to ongoing Section 16 reporting—this filing demonstrates compliance. The layered GP/LP structure and express disclaimers limit personal liability for managers, a standard governance practice. Investors should view this as routine housekeeping rather than a strategic shift.

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).

1. Name and Address of Reporting Person^*

Cardenas Ricardo

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/27/2025

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	07/27/2025		M		21,426	A	$0(1)	80,356.249(2)	D
Common Stock	07/27/2025		M		10,713	A	$0(3)	91,069.249(2)	D
Common Stock	07/27/2025		F		4,216	D	$204.48	86,853.249(2)	D
Common Stock	07/27/2025		F		8,432	D	$204.48	78,421.249(2)	D
Common Stock	07/28/2025		M		4,982	A	$0(1)	83,403.249(2)	D
Common Stock	07/28/2025		F		1,961	D	$204.48	81,442.249(2)	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
Performance Restricted Stock Units (FY23)	(1)	07/27/2025		M			21,426	(4)	07/27/2026	Common Stock	21,426	$0.0000	21,426	D
Restricted Stock Units (FY23 Annual Grant)	(3)	07/27/2025		M			10,713	07/27/2025	07/27/2025	Common Stock	10,713	$0.0000	0.0000	D
Performance Restricted Stock Units (FY22)	(1)	07/28/2025		M			4,982	(5)	07/28/2025	Common Stock	4,982	$0.0000	0.0000	D

Explanation of Responses:

1. Performance restricted stock units convert into common stock on a one-for-one basis.

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

3. Restricted stock units convert into common stock on a one-for-one basis.

4. This grant vests in two equal annual installments beginning on July 27, 2025.

5. This grant vested in two equal annual installments beginning on July 28, 2024.

	A. Noni Holmes-Kidd, Attorney-in-fact for Cardenas, Ricardo	07/29/2025
	** 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 Lyell (LYEL) shares do ARCH Venture funds hold after the reverse split?

ARCH Venture Fund IX and its Overage fund report a combined 1,820,634 common shares following the 1-for-20 split.

Why did ARCH file this Form 4 for Lyell Immunopharma?

The filing updates the insider share count to reflect the May 27 2025 1-for-20 reverse stock split and confirms 10% ownership status.

Did ARCH buy or sell any LYEL shares on 07/25/2025?

No. The Form 4 lists no acquisition or disposition codes; it is an ownership update only.

Who are the insiders associated with this ownership filing?

Managing directors Keith Crandell, Robert Nelsen, and Clinton Bybee are listed as indirect beneficial owners through ARCH entities.

Does this filing affect Lyell’s share count or valuation?

It has no direct impact on share count or valuation; it simply restates insider holdings post-split.