Friesner Jacqueline 4

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.