Form 4: Darden Restaurants Executive Exercises Stock Options, Disposes of Shares
SEC Form 4 Filing
Todd Burrowes, President of Business Development at Darden Restaurants, exercised performance restricted stock units and disposed of shares to cover tax obligations.
Summary
- On July 29, 2024, Todd Burrowes, President of Business Development at Darden Restaurants, exercised 5,048 performance restricted stock units (FY21) which converted into common stock on a one-for-one basis.
- Following the exercise, Burrowes disposed of 1,987 shares of common stock at a price of $142.27 per share to satisfy tax obligations.
- After these transactions, Burrowes beneficially owns 52,124.813 shares of Darden Restaurants common stock.
- The exercised performance restricted stock units vested in two equal annual installments beginning on July 29, 2023.
Sentiment
Score: 5
Explanation: Neutral sentiment as the document reports routine transactions related to executive compensation.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The exercise of stock options and subsequent sale of shares to cover taxes is a common practice among executives.
Key Dates
| Date | Description |
|---|---|
| 07/29/2023 | First vesting date of the performance restricted stock units. |
| 07/29/2024 | Date of transaction: Exercise of stock options and disposal of shares. |
| 07/31/2024 | Date of Form 4 filing. |
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