Schwan Axel 4
4 · Restaurant Brands International Inc. · Filed Apr 6, 2026
Research Summary
AI-generated summary of this filing
Restaurant Brands (QSR) Axel Schwan Receives Equity Awards
What Happened Axel Schwan, President, Tim Hortons U.S. & Canada, was granted a series of equity awards on April 2, 2026 totaling 2,088.293 derivative units (reported as 2,088.293 shares) at $0.00 per share. The awards consist of time‑based restricted share units (RSUs), performance‑based restricted share units (PBRSUs) and associated dividend equivalents; no cash was exchanged at grant. These are awards (transaction code A), not open‑market purchases or sales, and will convert to common shares only if/when vesting and any performance conditions are met.
Key Details
- Transaction date: 2026-04-02; Form 4 filed 2026-04-06 (appears filed within the normal 2-business‑day window).
- Total units granted (sum of entries): 2,088.293 units; reported acquisition price: $0.00 (awards).
- Types & vesting: mixture of time‑based RSUs (vesting in equal annual installments with remaining vesting dates through Dec 15, 2026–2029) and PBRSUs (performance periods ending Feb 23/28/25–Feb 23/25/26/28/29 per footnotes; vesting on March 15 of the applicable year if earned).
- Dividend equivalents: some awards include dividend equivalent rights that vest and settle with the related RSUs/PBRSUs.
- Options note: the filing also includes a footnote that certain options are fully vested and exercisable (F1).
- Shares owned after transaction: not specified in the transaction excerpt provided.
- Filing timeliness: Filed Apr 6 for an Apr 2 grant—appears timely under the standard 2 business‑day Form 4 rule.
Context These are awards of deferred equity and performance units — they do not represent an immediate cash purchase or sale and will only convert into shares if vesting and performance conditions are satisfied. Performance‑based RSUs can increase or decrease in final share count depending on results; dividend equivalents accrue but are subject to the same vesting/settlement rules. For retail investors, awards are informational about executive compensation and retention incentives rather than a direct insider buy/sell signal.
Insider Transaction Report
- Award
Restricted Share Units
[F2][F3][F4]2026-04-02+37.518→ 4,372.258 total→ Common Shares (37.518 underlying) - Award
Restricted Share Units
[F2][F3][F5]2026-04-02+61.956→ 7,220.225 total→ Common Shares (61.956 underlying) - Award
Performance Share Units
[F6][F7]2026-04-02+492.159→ 57,355.393 totalFrom: 2027-03-15Exp: 2027-03-15→ Common Shares (492.159 underlying) - Award
Restricted Share Units
[F2][F3][F8]2026-04-02+81.332→ 9,478.257 total→ Common Shares (81.332 underlying) - Award
Performance Share Units
[F9][F7]2026-04-02+550.759→ 64,184.569 totalFrom: 2028-03-15Exp: 2028-03-15→ Common Shares (550.759 underlying) - Award
Restricted Share Units
[F2][F3][F10]2026-04-02+97.301→ 11,339.301 total→ Common Shares (97.301 underlying) - Award
Performance Share Units
[F11][F7]2026-04-02+767.268→ 89,416.268 totalFrom: 2029-03-15Exp: 2029-03-15→ Common Shares (767.268 underlying)
- 197,481.929
Common Shares
- 40,000
Option (Right to Buy)
[F1]Exercise: $58.44Exp: 2028-02-22→ Common Shares (40,000 underlying) - 30,000
Option (Right to Buy)
[F1]Exercise: $64.75Exp: 2029-02-21→ Common Shares (30,000 underlying) - 56,000
Option (Right to Buy)
[F1]Exercise: $66.31Exp: 2030-02-20→ Common Shares (56,000 underlying)
Footnotes (11)
- [F1]These options are fully vested and exercisable.
- [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 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.