Housman Jeffrey 4

What Happened
Jeffrey Housman, Chief People & Services Officer of Restaurant Brands International (QSR), exercised 20,000 vested options at $55.55 per share (cost $1,111,000) and immediately sold 20,000 common shares in the open market for total proceeds of $1,469,616 on March 20, 2026. The filing also reports a derivative disposition of 20,000 units at $0.00, reflecting the exercised/cancelled derivative instrument. Gross proceeds exceeded the exercise cost by about $358,616 (before taxes, fees or withholding).

Key Details

• Transaction date: March 20, 2026 (filed same day — timely).
• Exercise: 20,000 shares at $55.55 per share = $1,111,000 (transaction code M).
• Sale: 20,000 shares sold at a weighted average $73.48 per share = $1,469,616 (transaction code S); sale prices ranged $73.38–$73.585 (footnote F1).
• Derivative entry: 20,000 units reported disposed at $0.00 (reflects exercised/cancelled derivative).
• Options were fully vested and exercisable (footnote F3).
• Shares owned after the transactions are not reported in the excerpt.
• Footnote F1: SEC staff or holders can request the breakdown of number of shares sold at each separate price.

Context
This looks like a cashless exercise: Housman exercised vested options and immediately sold the resulting shares—common for executives to cover strike price and tax obligations. Such transactions are typically routine and do not, by themselves, indicate a change in insider sentiment.