Granat Jill 4

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.