Friesner Jacqueline 4
4 · Restaurant Brands International Inc. · Filed Mar 18, 2026
Research Summary
AI-generated summary of this filing
Restaurant Brands (QSR) SVP Jacqueline Friesner Sells 30,000 Shares
What Happened
Jacqueline Friesner, SVP, Controller and Principal Accounting Officer of Restaurant Brands International (QSR), sold 30,000 shares in an open-market/ private sale on March 16, 2026. The weighted average sale price was $74.61 per share, generating approximately $2,238,315 in proceeds. This was a sale (transaction code S), which is typically a routine disposition rather than a purchase signal.
Key Details
- Transaction date: March 16, 2026 (reported on Form 4 filed March 18, 2026) — filing appears timely.
- Price: Weighted average $74.61; individual trade prices ranged from $74.565 to $74.68 (see footnote F1).
- Shares sold: 30,000; gross proceeds ≈ $2,238,315.
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Relevant footnotes: F1 (price range and availability of breakdown), F10–F9/F6/etc. describe various restricted/share-unit awards and vesting schedules for the reporting person (e.g., 2026 PBRSUs vesting in 2029).
- Transaction code: S = Sale.
Context
Footnotes show Friesner has received various restricted and performance-based share unit awards (PBRSUs/RSUs) with multi-year performance and vesting periods; several of those awards will not vest until future years (e.g., 2026 PBRSUs vest in 2029 per F10), so this sale likely involved previously owned, vested shares rather than newly granted PBRSUs. As always, sales by officers can be routine (tax or diversification reasons) and are not by themselves evidence of company outlook.
Insider Transaction Report
- Sale
Common Shares
[F1]2026-03-16$74.61/sh−30,000$2,238,315→ 165,726.545 total
- 9,098
Exchangeable Units
[F2]→ Common Shares (9,098 underlying) - 1,928.025
Restricted Share Units
[F3][F4]→ Common Shares (1,928.025 underlying) - 3,538.414
Restricted Share Units
[F3][F5]→ Common Shares (3,538.414 underlying) - 17,539.903
Performance Share Units
[F6]From: 2027-03-15Exp: 2027-03-15→ Common Shares (17,539.903 underlying) - 3,432.714
Restricted Share Units
[F3][F7]→ Common Shares (3,432.714 underlying) - 17,498.546
Performance Share Units
[F8]From: 2028-03-15Exp: 2028-03-15→ Common Shares (17,498.546 underlying) - 5,089
Restricted Share Units
[F3][F9]→ Common Shares (5,089 underlying) - 18,892
Performance Share Units
[F10]From: 2029-03-15Exp: 2029-03-15→ Common Shares (18,892 underlying)
Footnotes (10)
- [F1]Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.565 to $74.68 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- [F10]The shares reported represent an award of performance based restricted shares 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]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 shares 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 Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
- [F3]Each restricted share unit represents a contingent right to receive one common share.
- [F4]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
- [F5]These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
- [F6]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.
- [F7]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.
- [F8]The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs have a performance period beginning February 28, 2025 and ending on 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.
- [F9]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.