Granat Jill 4

What Happened

• Jill Granat, EVP, General Counsel and Secretary of Restaurant Brands International (ticker QSR), exercised a total of 50,000 derivative securities (coded M) and immediately sold the 50,000 resulting common shares in open-market transactions (coded S).
• On 2026-03-16 she exercised 25,000 shares at $56.92 (cost $1,423,000) and sold 25,000 shares for approximately $1,868,913 (weighted avg reported $74.76). On 2026-03-18 she repeated the same: exercised 25,000 at $56.92 (cost $1,423,000) and sold 25,000 for approximately $1,877,128 (avg $75.09). Total proceeds from the sales were about $3,746,041 versus aggregate exercise cost of $2,846,000.

Key Details

• Transaction dates & prices:
  • 2026-03-16: exercise 25,000 @ $56.92 (acquired); sale 25,000 at weighted avg ~$74.76 (range $74.595–$74.90) (see F1).
  • 2026-03-18: exercise 25,000 @ $56.92 (acquired); sale 25,000 at weighted avg ~$75.09 (range $74.90–$75.40) (see F2).
• Total: 50,000 shares exercised and 50,000 shares sold; gross sale proceeds ≈ $3.75M; total exercise cost ≈ $2.85M.
• Shares owned after transaction: not shown in the excerpt of the Form 4 provided.
• Relevant footnotes in the filing:
  • F1/F2: explain weighted-average sale price ranges and availability of per-price breakdown on request.
  • F3: describes convertibility of partnership exchangeable units into common shares.
  • F4: notes options are fully vested and exercisable.
  • F5, F10–F12 and others describe restricted share units and performance-based RSU awards referenced elsewhere in the filing—see the Form 4 for full detail.
• Timeliness: Filing date 2026-03-18 covering trades on 2026-03-16 and 2026-03-18 — the report appears to have been filed promptly.

Context

• These transactions are an exercise of derivative securities followed by immediate open-market sales (a cashless-style transaction): the insider exercised at the strike price and sold the shares the same day. Such transactions commonly reflect option exercise and monetization or tax-related selling; they are routine and do not necessarily signal a change in view about the company.
• For full legal/technical detail (including exact per-share prices and any derivative conversions reported at $0.00), consult the full SEC filing and the footnotes (F1–F12) attached to the Form 4.