Schwan Axel 4

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.