Friesner Jacqueline 4

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.