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Restaurant Brands International Inc.·4

Apr 6, 7:47 PM ET

Friesner Jacqueline 4

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

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) SVP Jacqueline Friesner Receives Awards

What Happened

  • Jacqueline Friesner, SVP, Controller and Principal Accounting Officer at Restaurant Brands International (QSR), received multiple equity awards on April 2, 2026. The filing reports seven derivative awards (code A) totaling 587.844 units (no cash paid; $0 per unit).
  • The awards include time‑based restricted share units (RSUs), performance‑based restricted share units (PBRSUs) and dividend equivalent rights, and exchangeable units that can be converted into common shares or cash. PBRSUs are subject to performance periods and may increase or decrease in final share payout.

Key Details

  • Transaction date: April 2, 2026; Form 4 filed April 6, 2026 (timely filed).
  • Aggregate awarded units: 587.844 (individual grants: 16.687; 30.625; 151.81; 29.711; 151.452; 44.046; 163.513). Reported price: $0 (derivative awards).
  • Vesting/settlement: mix of time‑based RSUs vesting in equal annual installments (remaining vesting dates generally Dec 15, 2026–2029 for various grants) and PBRSUs with performance periods ending Feb 2027/2028/2029 and vesting/settlement in March of the applicable year.
  • Dividend equivalents: some awards include dividend equivalent rights that vest and settle with the underlying RSUs/PBRSUs.
  • Exchangeable units: convertible into common shares (or cash tied to average NYSE price) at the holder’s election; conversion right has no expiration (subject to limited partner/general partner conditions).
  • Shares owned after the transaction are not specified in the provided excerpt.

Context

  • These were awards (not purchases or sales), so they represent compensation/payout opportunities rather than open‑market buying or selling. Performance‑based awards depend on future company metrics and may result in more or fewer shares at settlement.
  • For retail investors, time‑based RSUs indicate deferred compensation, while PBRSUs align executive pay with performance goals; dividend equivalents preserve cash dividend value during the vesting period.

Insider Transaction Report

Form 4
Period: 2026-04-02
Restaurant Brands International Inc.QSR
Friesner Jacqueline
See Remarks
Transactions
  • Award

    Restricted Share Units

    [F2][F3][F4]
    2026-04-02+16.687→ 1,944.713 total
    → Common Shares (16.687 underlying)
  • Award

    Restricted Share Units

    [F2][F3][F5]
    2026-04-02+30.625→ 3,569.039 total
    → Common Shares (30.625 underlying)
  • Award

    Performance Share Units

    [F6][F7]
    2026-04-02+151.81→ 17,691.713 total
    From: 2027-03-15Exp: 2027-03-15→ Common Shares (151.81 underlying)
  • Award

    Restricted Share Units

    [F2][F3][F8]
    2026-04-02+29.711→ 3,462.425 total
    → Common Shares (29.711 underlying)
  • Award

    Performance Share Units

    [F9][F7]
    2026-04-02+151.452→ 17,649.998 total
    From: 2028-03-15Exp: 2028-03-15→ Common Shares (151.452 underlying)
  • Award

    Restricted Share Units

    [F2][F3][F10]
    2026-04-02+44.046→ 5,133.046 total
    → Common Shares (44.046 underlying)
  • Award

    Performance Share Units

    [F11][F7]
    2026-04-02+163.513→ 19,055.513 total
    From: 2029-03-15Exp: 2029-03-15→ Common Shares (163.513 underlying)
Holdings

  • Common Shares

    165,726.545

  • Exchangeable Units

    [F1]
    → Common Shares (9,098 underlying)
    9,098
Footnotes (11)
  • [F1]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.
  • [F10]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.
  • [F11]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 restricted share unit represents a contingent right to receive one common share.
  • [F3]Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.
  • [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]Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate.
  • [F8]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.
  • [F9]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 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.
Signature
/s/ David Wallace, as Attorney-in-Fact for Jacqueline Friesner|2026-04-06

Documents

1 file
  • 4
    wk-form4_1775519259.xmlPrimary

    FORM 4