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Restaurant Brands International Inc.·4

Mar 17, 6:56 PM ET

Siddiqui Sami A. 4

Research Summary

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Updated

Restaurant Brands (QSR) CFO Sami Siddiqui Exercises Options, Sells Shares

What Happened
Sami A. Siddiqui, CFO of Restaurant Brands International (QSR), exercised stock options and immediately sold the resulting shares over two days. On March 16, 2026 he exercised 40,000 options at $55.55 ($2,222,000) and sold 40,000 shares in the open market for $74.51 (proceeds $2,980,380). On March 17, 2026 he repeated the same: exercised 40,000 options at $55.55 ($2,222,000) and sold 40,000 shares for $75.28 (proceeds $3,011,300). Total exercise cost was $4,444,000 with total gross proceeds of $5,991,680 (approx. $1.55M pre-tax difference).

Key Details

  • Transaction dates and pricing:
    • 2026-03-16: exercised 40,000 @ $55.55; sold 40,000 @ weighted avg $74.51 (range $74.35–$74.69) — proceeds $2,980,380. (F1)
    • 2026-03-17: exercised 40,000 @ $55.55; sold 40,000 @ weighted avg $75.28 (range $75.10–$75.465) — proceeds $3,011,300. (F2)
  • Derivative entries show the underlying options were disposed at $0.00 on exercise — i.e., the options were surrendered/cancelled upon exercise (transaction code M).
  • The options exercised are reported as fully vested (F4).
  • Shares owned after these transactions: not specified in the provided filing.
  • No late filing indicator provided; Form 4 was filed on 2026-03-17 covering trades on 3/16–3/17.
  • Footnote availability: reporting person will provide per-share sale price details to SEC if requested (F1, F2).

Context

  • This is a cashless-style sequence: options were exercised and the new shares were sold almost immediately. That pattern converts option value to cash and is common for covering exercise costs, taxes, or rebalancing—factually it's an exercise plus sale, not a buy for added exposure.
  • Derivative reporting (M) + $0.00 disposal entries simply reflect the cancellation/disposition of the option instrument on exercise; the meaningful cash flows are the exercise cost and the sale proceeds shown above.
  • No inference on management outlook should be drawn from routine option exercises and immediate sales; motives (taxes, diversification, liquidity) are not stated in the filing.