Granted performance impact (in shares)

  
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Relative total shareholder return PRSUs are equity-settled awards that vest over the service period which ranges from three to four years, and the number of units that actually vest is determined based on the achievement of performance criteria set forth in the award agreement. The awards vest based on the achievement of market-based targets, are measured based on estimated fair value as of the date of grant using a Monte Carlo simulation, and are amortized over the service period. Additionally, under special circumstances, Darden grants equity-settled PRSUs which are earned based on specific performance criteria. These PRSUs are measured based on a value equal to the market price of our common stock on the date of grant, and amortized over the service periods which generally range from two to six years.   
The weighted-average grant date fair value of equity-settled PRSUs and the related assumptions used in the Monte Carlo simulation to record stock-based compensation are as follows: 

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|    | Granted in Fiscal Year Ended |
|  | May 29, 2022 |  | May 30, 2021 |  | May 31, 2020 |
| Dividend yield (1) | 0.0  | % |  | 0.0  | % |  | 0.0  | % |
| Expected volatility of stock | 53.4  | % |  | 50.5  | % |  | 23.1  | % |
| Risk-free interest rate | 0.4  | % |  | 0.1  | % |  | 1.8  | % |
| Expected option life (in years) | 2.8 |  | 2.8 |  | 2.9 |
| Weighted-average grant date fair value per unit | $ | 172.34  |  |  | $ | 83.46  |  |  | $ | 98.16  |  |

(1)Assumes a reinvestment of dividends.  
  
The following table presents a summary of our equity-settled PRSU activity as of and for the fiscal year ended May 29, 2022: 

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | Units(in millions) |  | Weighted-AverageGrant DateFair Value Per Unit |
| Outstanding beginning of period | 0.48 |  | $100.38 |
| Units granted | 0.08 |  | 172.34 |
| Units granted performance impact | 0.01 |  | 112.87 |
| Units vested | (0.15) |  | 102.45 |
| Units canceled | (0.01) |  | 122.26 |
| Outstanding end of period | 0.41 |  | $114.10 |

  
As of May 29, 2022, there was $10.0 million of unrecognized compensation cost related to unvested equity-settled PRSUs granted under our stock plans. This cost is expected to be recognized over a weighted-average period of 2.2 years. The total fair value of equity-settled PRSUs that vested during fiscal 2022 was $15.4 million.We maintain an Employee Stock Purchase Plan to provide eligible employees who have completed one year of service (excluding certain employees who are employed less than full time or own 5 percent or more of our capital stock or that of any subsidiary) an opportunity to invest up to $5.0 thousand per calendar quarter to purchase shares of our common stock, subject to certain limitations. Under the plan, up to an aggregate of 5.2 million shares are available for purchase by employees at a purchase price that is 85.0 percent of the fair market value of our common stock on either the first or last trading day of each calendar quarter, whichever is lower. Cash received from employees pursuant to the plan during fiscal 2022, 2021 and 2020 was $10.5 million, $9.6 million and $8.3 million, respectively.   
NOTE 15 - COMMITMENTS AND CONTINGENCIESAs collateral for performance on contracts and as credit guarantees to banks and insurers, we were contingently liable for guarantees of subsidiary obligations under standby letters of credit. At May 29, 2022 and May 30, 2021, we had $104.8 million and $70.5 million, respectively, of standby letters of credit related to workers’ compensation and general liabilities accrued in our consolidated financial statements. At May 29, 2022 and May 30, 2021, we had $18.8 million and $28.9 million, respectively, of surety bonds related to other payments. Most surety bonds are renewable annually. 76
