Darden Restaurants (NYSE: DRI) CEO granted 23,249 performance stock units after FY24 targets
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Darden Restaurants President and CEO Ricardo Cardenas reported an equity compensation award tied to company performance. He received 23,249 performance restricted stock units (PSUs), granted at no cash cost, which convert into common stock on a one-for-one basis.
The award reflects performance from July 26, 2023 through May 31, 2026, with the Compensation Committee determining on June 23, 2026 that 23,249 PSUs were earned under the plan’s relative total shareholder return criteria. The grant vests in two equal annual installments beginning on July 26, 2026. Following these transactions, Cardenas directly holds 79,271.896 shares of common stock, including shares acquired through the employee stock purchase plan and its dividend reinvestment feature.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Cardenas Ricardo
Role
President and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Performance Restricted Stock Units (FY24) | 23,249 | $0.00 | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Performance Restricted Stock Units (FY24) — 23,249 shares (Direct, null);
Common Stock — 79,271.896 shares (Direct, null)
Footnotes (1)
- Includes shares acquired pursuant to the Darden Restaurants, Inc. Employee Stock Purchase Plan and dividend reinvestment feature of the Plan. On July 26, 2023, the Reporting Person was awarded 22,571 target performance restricted stock units (PSUs) subject to the achievement of performance criteria (relative total shareholder return as compared to a selected comparison group) from July 26, 2023 through May 31, 2026. Performance restricted stock units convert into common stock on a one-for-one basis. On June 23, 2026, the Compensation Committee of the Board of Directors determined the final results under the applicable performance criteria resulting in 23,249 PSUs being earned in accordance with the provisions of the applicable award agreement. This grant vests in two equal annual installments beginning on July 26, 2026.
Key Figures
Common stock holdings: 79,271.896 shares
PSUs earned: 23,249 units
PSU conversion ratio: 1 PSU : 1 share
+4 more
7 metrics
Common stock holdings
79,271.896 shares
Direct common stock held after transactions
PSUs earned
23,249 units
Performance restricted stock units earned under FY24 criteria
PSU conversion ratio
1 PSU : 1 share
Performance restricted stock units convert into common stock
Original target PSUs
22,571 units
Target performance restricted stock units awarded July 26, 2023
Performance period end
May 31, 2026
End of performance period for FY24 PSUs
PSU expiration date
July 26, 2027
Expiration date of the performance restricted stock unit award
Vesting start date
July 26, 2026
Grant vests in two equal annual installments beginning on this date
Key Terms
Performance Restricted Stock Units, relative total shareholder return, Employee Stock Purchase Plan, dividend reinvestment, +1 more
5 terms
Performance Restricted Stock Units financial
"Performance Restricted Stock Units (FY24)"
Performance restricted stock units (PRSUs) are promises to deliver company shares to employees or executives only if the business meets specific performance targets and any time-based holding rules. Think of them as a bonus that converts into stock only after set goals are reached, so investors watch PRSUs for two reasons: they can dilute existing shares if paid out, and they signal how closely management’s pay is tied to company performance.
Employee Stock Purchase Plan financial
"Includes shares acquired pursuant to the Darden Restaurants, Inc. Employee Stock Purchase Plan"
An employee stock purchase plan is a company program that lets workers buy shares through small payroll deductions, often at a discount to the market price and after a set offering period. Think of it like a workplace savings plan that turns into ownership: it encourages employees to share in the company’s success and can create predictable buying or selling of stock that investors watch because it affects supply, demand and employee incentives.
dividend reinvestment financial
"and dividend reinvestment feature of the Plan."
Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.
Compensation Committee financial
"the Compensation Committee of the Board of Directors determined the final results"
A compensation committee is a group within a company's leadership responsible for setting and reviewing how much top executives and employees are paid, including salaries, bonuses, and benefits. It matters to investors because fair and effective pay decisions can influence a company's performance, leadership motivation, and overall governance, helping ensure that the company’s management is aligned with shareholders’ interests.
FAQ
What insider transaction did Darden Restaurants (DRI) report for CEO Ricardo Cardenas?
Darden Restaurants reported that CEO Ricardo Cardenas received an award of 23,249 performance restricted stock units. These units were earned based on performance criteria and represent equity compensation rather than an open-market stock purchase or sale.
How many performance restricted stock units did the DRI CEO earn and on what basis?
Ricardo Cardenas earned 23,249 performance restricted stock units. The Compensation Committee determined this amount based on relative total shareholder return performance from July 26, 2023 through May 31, 2026 compared to a selected peer group.
When do Ricardo Cardenas’s new Darden Restaurants PSUs vest?
The grant of 23,249 performance restricted stock units to Ricardo Cardenas vests in two equal annual installments. Vesting begins on July 26, 2026, so half vests on that date and the remaining half vests one year later, subject to the award terms.
How do the Darden Restaurants PSUs convert into common stock for the CEO?
The performance restricted stock units awarded to Ricardo Cardenas convert into Darden Restaurants common stock on a one-for-one basis. Each earned PSU corresponds to one share of common stock when it vests and is settled, according to the plan’s terms.
What are Ricardo Cardenas’s total Darden Restaurants common stock holdings after this Form 4?
After the reported transactions, Ricardo Cardenas directly holds 79,271.896 shares of Darden Restaurants common stock. This total includes shares acquired through the company’s Employee Stock Purchase Plan and its associated dividend reinvestment feature.
What performance period applied to the FY24 Darden Restaurants performance stock units?
The FY24 performance restricted stock units were originally granted as 22,571 target PSUs. Their performance period runs from July 26, 2023 through May 31, 2026, during which relative total shareholder return versus a comparison group determines the final number earned.