Transaction Details

Footnotes

On December 18, 2025, the transactions contemplated by the Agreement and Plan of Merger, dated September 14, 2025 (the "Merger Agreement"), by and among Berry Corporation (bry) (the "Issuer"), California Resources Corporation ("CRC"), and Dornoch Merger Sub, LLC ("Merger Sub") were consummated. Pursuant to the Merger Agreement, Merger Sub merged with and into the Issuer with the Issuer surviving as a wholly owned subsidiary of CRC (the "Merger"). | Pursuant to the Merger Agreement, each outstanding restricted stock unit not subject to performance-based vesting conditions that was not accelerated at the effective time of the Merger (the "Effective Time") in accordance with its terms ("Double Trigger RSU") was canceled in exchange for a restricted stock unit of CRC denominated in a number of shares of common stock, par value $0.01 per share, of CRC equal to the product of (x) the number of shares of the Issuer's common stock, par value $0.001 per share, subject to such Double Trigger RSU multiplied by (y) 0.0718 and remains subject to the same terms and conditions (including vesting terms) as were applicable prior to the Effective Time.