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Restaurant Brands International Inc.·4/A

Apr 6, 7:43 PM ET

Granat Jill 4/A

4/A · Restaurant Brands International Inc. · Filed Apr 6, 2026

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) EVP Jill Granat Buys Shares & Receives RSUs

What Happened
Jill Granat, EVP, General Counsel & Secretary of Restaurant Brands International (QSR), purchased 3,719 common shares on February 25, 2026 at $68.81 per share for a total cash outlay of $255,904 under the company’s 2025 Bonus Swap Program. On the same date she was also granted two types of restricted share units (derivatives): 13,949 time‑based RSUs and 42,145 performance‑based RSUs (no immediate cash paid for these awards).

Key Details

  • Transaction date: February 25, 2026; Form 4/A filed April 6, 2026 to amend the reported purchase (added 1,000 shares that were originally omitted).
  • Purchase: 3,719 common shares @ $68.81 = $255,904 (purchase price calculated from NYSE closing price on 2/24/2026). (Footnotes F1, F2, F3)
  • Awards: 13,949 RSUs (time‑based) and 42,145 PBRSUs (performance‑based); both reported as derivatives with $0 immediate cash value. (Footnotes F6, F11, F12, F13, F14)
  • Vesting and conditions: time‑based RSUs vest in equal annual installments (Dec 15, 2026–Dec 15, 2029). PBRSUs have a multi‑year performance period (e.g., 2026 PBRSUs: Feb 25, 2026 – Feb 25, 2029) and only convert to shares if performance conditions are met (vesting on March 15, 2029 if earned). (F11, F13, F14)
  • Forfeiture condition: if the Reporting Person sells any Investment Shares she purchased, she will forfeit any unvested 2026 RSUs. (F12)
  • Shares owned after transaction: not specified in the provided filing excerpt.
  • Filing status: Amended Form 4 (corrects previously omitted 1,000 purchased shares); amendment suggests an administrative correction rather than a new trading event.

Context

  • The cash purchase is a direct buy of common shares under an employee bonus‑swap purchase program (a purchase is a clearer bullish signal than an award, but this purchase was part of a structured bonus program rather than an open‑market stock buy).
  • The RSUs and PBRSUs are compensation awards: time‑based RSUs convert to shares on set vesting dates, while PBRSUs depend on future performance metrics and may yield more or fewer shares at the end of the performance period (or none if targets aren’t met).
  • Because this filing is an amendment, it corrects previously reported amounts (administrative correction); it does not by itself disclose additional buying/selling beyond the Feb 25, 2026 transactions.

Insider Transaction Report

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

    Common Shares

    [F1][F2][F3]
    2026-02-25$68.81/sh+3,719$255,904→ 479,845.406 total
  • Award

    Restricted Share Units

    [F6][F12][F13]
    2026-02-25+13,949→ 13,949 total
    → Common Shares (13,949 underlying)
  • Award

    Performance Share Units

    [F14]
    2026-02-25+42,145→ 42,145 total
    From: 2029-03-15Exp: 2029-03-15→ Common Shares (42,145 underlying)
Holdings

  • Exchangeable Units

    [F4]
    → Common Shares (52,965 underlying)
    52,965

  • Option (Right to Buy)

    [F5]
    Exercise: $56.92Exp: 2027-05-04→ Common Shares (50,000 underlying)
    50,000

  • Option (Right to Buy)

    [F5]
    Exercise: $66.31Exp: 2030-02-20→ Common Shares (25,000 underlying)
    25,000

  • Restricted Share Units

    [F6][F7]
    → Common Shares (3,965.497 underlying)
    3,965.497

  • Restricted Share Units

    [F6][F8]
    → Common Shares (7,834.447 underlying)
    7,834.447

  • Performance Share Units

    [F9]
    From: 2027-03-15Exp: 2027-03-15→ Common Shares (35,539.522 underlying)
    35,539.522

  • Restricted Share Units

    [F6][F10]
    → Common Shares (7,619.381 underlying)
    7,619.381

  • Performance Share Units

    [F11]
    From: 2028-03-15Exp: 2028-03-15→ Common Shares (43,747.92 underlying)
    43,747.92
Footnotes (14)
  • [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]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.
  • [F11]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.
  • [F12]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.
  • [F13]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.
  • [F14]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]This Form 4/A is being filed to correct the amount of Common Shares purchased on February 25, 2026. The number as originally reported excluded an additional 1,000 Common Shares purchased due to an administrative error.
  • [F3]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.
  • [F4]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.
  • [F5]These options are fully vested and exercisable.
  • [F6]Each restricted share unit represents a contingent right to receive one common share.
  • [F7]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
  • [F8]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026 and December 15, 2027.
  • [F9]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.
Signature
/s/ David Wallace, as Attorney-in-Fact for Jill Granat|2026-04-06

Documents

1 file
  • 4
    wk-form4a_1775519001.xml

    FORM 4/A