Siddiqui Sami A. 4

What Happened
Sami A. Siddiqui, CFO of Restaurant Brands International (QSR), purchased 3,843 common shares at $68.81 each on Feb 25, 2026 for $264,437 (purchase via the issuer's Bonus Swap Program). On the same date he was also granted two sets of restricted share units (derivative awards) totaling 72,542 units (14,411 and 58,131 units). The derivative awards are RSU/PBRSU grants (no cash paid at grant).

Key Details

• Transaction date: Feb 25, 2026; Form filed Feb 27, 2026 (timely).
• Purchase: 3,843 shares @ $68.81 = $264,437 (purchase price was based on NYSE close on Feb 24, 2026) — see F1, F2.
• Awards: 14,411 and 58,131 restricted share units reported as acquired at $0.00 (derivative awards). Each RSU represents a contingent right to one common share (F5).
• Vesting/performance notes from the filing:
  • 2025‑1 PBRSUs: performance period Feb 28, 2025–Feb 28, 2028; if earned, vest Mar 15, 2028 (F10).
  • 2025‑2 PBRSUs: performance period May 15, 2025–May 21, 2028; if earned, vest May 21, 2030 (F11).
  • The filing also references matching 2026 RSUs from the Bonus Swap Program and multi‑year vesting schedules (F12, F13, F14).
• Ownership after transaction: not specified in the provided excerpt.
• Transaction code: A = Award/Grant/Acquisition (includes purchase under plan and RSU/PBRSU grants).

Context

• The purchase was made using bonus compensation (the Bonus Swap Program), which is a common executive compensation mechanism and is generally seen as a personal investment rather than an open‑market buy signal (F1, F12).
• The large RSU/PBRSU amounts are subject to time and/or performance vesting; they do not represent immediately tradable shares. For PBRSUs, final share delivery depends on meeting performance goals over multi‑year periods.
• No sale of shares was reported here; this filing reflects a purchase plus long‑term incentive awards.