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Restaurant Brands International Inc.·4

Feb 27, 5:34 PM ET

Granat Jill 4

4 · Restaurant Brands International Inc. · Filed Feb 27, 2026

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) EVP Jill Granat Buys Shares, Receives RSU Awards

What Happened

  • Jill Granat, EVP, General Counsel & Secretary of Restaurant Brands International (QSR), used part of her 2025 bonus to buy 2,719 common shares at $68.81 each (total cash outlay $187,094) and received two awards of restricted share units: 13,949 time‑based RSUs and 42,145 performance‑based RSUs (derivative awards). All transactions are reported as “A” (award/grant/acquisition) on the Form 4 for Feb 25, 2026.

Key Details

  • Transaction date: February 25, 2026; Form 4 filed February 27, 2026 (timely within the two‑business‑day window).
  • Purchase: 2,719 Investment Shares at $68.81/share = $187,094 (price based on NYSE close Feb 24, 2026).
  • Awards (derivatives): 13,949 2026 RSUs (matching grant) and 42,145 2026 PBRSUs (performance‑based RSUs).
  • Vesting/terms: 2026 RSUs granted as a match under the 2025 Bonus Swap Program; RSU multiplier for EVP+ was 2.25. The 2026 RSUs vest in equal annual installments on Dec 15 of 2026, 2027, 2028 and 2029. The 2026 PBRSUs have a performance period Feb 25, 2026–Feb 25, 2029 and, if earned, will vest on March 15, 2029; PBRSU payout can increase or decrease based on performance. Each RSU represents the contingent right to one common share.
  • Forfeiture note: If the Reporting Person sells any of the Investment Shares, she will forfeit unvested 2026 RSUs (per plan rules).
  • Shares owned after transaction: Not specified in the Form 4.

Context

  • This filing reflects a net purchase plus equity awards under the company’s bonus‑swap program—not an open‑market investment alone. The cash purchase (2,719 shares) is a direct buy (bullish signal in that the insider invested cash), while the RSUs are standard compensation awards subject to vesting and performance conditions. The performance RSUs will only convert to shares if performance targets are met.

Insider Transaction Report

Form 4
Period: 2026-02-25
Restaurant Brands International Inc.QSR
Granat Jill
See Remarks
Transactions
  • Award

    Common Shares

    [F1][F2]
    2026-02-25$68.81/sh+2,719$187,094→ 478,845.406 total
  • Award

    Restricted Share Units

    [F5][F11][F12]
    2026-02-25+13,949→ 13,949 total
    → Common Shares (13,949 underlying)
  • Award

    Performance Share Units

    [F13]
    2026-02-25+42,145→ 42,145 total
    From: 2029-03-15Exp: 2029-03-15→ Common Shares (42,145 underlying)
Holdings

  • Exchangeable Units

    [F3]
    → Common Shares (52,965 underlying)
    52,965

  • Option (Right to Buy)

    [F4]
    Exercise: $56.92Exp: 2027-05-04→ Common Shares (50,000 underlying)
    50,000

  • Option (Right to Buy)

    [F4]
    Exercise: $66.31Exp: 2030-02-20→ Common Shares (25,000 underlying)
    25,000

  • Restricted Share Units

    [F5][F6]
    → Common Shares (3,965.497 underlying)
    3,965.497

  • Restricted Share Units

    [F5][F7]
    → Common Shares (7,834.447 underlying)
    7,834.447

  • Performance Share Units

    [F8]
    From: 2027-03-15Exp: 2027-03-15→ Common Shares (35,539.522 underlying)
    35,539.522

  • Restricted Share Units

    [F5][F9]
    → Common Shares (7,619.381 underlying)
    7,619.381

  • Performance Share Units

    [F10]
    From: 2028-03-15Exp: 2028-03-15→ Common Shares (43,747.92 underlying)
    43,747.92
Footnotes (13)
  • [F1]The shares reported represent common shares purchased from the Issuer by the Reporting Person upon exercise of her investment rights pursuant to the Issuer's 2025 Bonus Swap Program under its 2023 Omnibus Incentive Plan ("2023 Plan"). The Reporting Person elected to use 50% of her 2025 net bonus to purchase common shares at a purchase price of $68.81 per share ("Investment Shares").
  • [F10]The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs will have a performance period beginning February 28, 2025 and ending February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F11]The Issuer granted the 2026 restricted share units ("2026 RSUs") to the Reporting Person pursuant to the Issuer's 2025 Bonus Swap Program under its 2023 Plan. The Reporting Person elected to use 50% of her 2025 net bonus to purchase Investment Shares and received a matching grant of 2026 RSUs in an amount equal to 50% of her gross bonus, multiplied by a multiplier based on the Reporting Person's position level with the Issuer ("RSU Multiplier"), and divided by the purchase price of $68.81 per share. The RSU Multiplier was 2.25 for executive vice presidents and above. If the Reporting Person sells any of the Investment Shares, she will forfeit all of the 2026 RSUs that have not yet vested.
  • [F12]These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029.
  • [F13]The shares reported represent an award of performance based restricted share units ("2026 PBRSUs") granted to the Reporting Person. The 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029 and to the extent earned will vest on March 15, 2029. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F2]Pursuant to the Issuer's 2023 Plan, the purchase price of the Investment Shares is calculated based on the last sales price of common shares of the Issuer reported on the New York Stock Exchange on the trading day immediately preceding the grant date, in this case February 24, 2026.
  • [F3]Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common share on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
  • [F4]These options are fully vested and exercisable.
  • [F5]Each restricted share unit represents a contingent right to receive one common share.
  • [F6]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
  • [F7]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026 and December 15, 2027.
  • [F8]The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F9]These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028.
Signature
/s/ David Wallace, as Attorney-in-Fact for Jill Granat|2026-02-27

Documents

1 file
  • 4
    wk-form4_1772231639.xmlPrimary

    FORM 4