SANTELMO THIAGO T 4

What Happened

• Santelmo Thiago T, President, International of Restaurant Brands International (QSR), exercised/conversion of a derivative to acquire 10,000 shares at $55.55 per share (total cost $555,500) on 2026-03-17 and sold 10,000 shares in an open-market transaction the same day at a weighted average price of $75.41 per share (total proceeds $754,147). The filing also reports a separate derivative disposition of 10,000 shares at $0.00 (reported as a derivative disposal).
• The exercise plus sale resulted in realized proceeds exceeding exercise cost by about $198,647 (pre-tax). These transactions appear consistent with an exercise followed by an immediate sale (cashless-style disposition), a common executive liquidity event.

Key Details

• Transaction date: 2026-03-17; Form 4 filed 2026-03-18 (timely).
• Exercise/acquisition: 10,000 shares @ $55.55 = $555,500.
• Open-market sale: 10,000 shares @ weighted avg $75.41 = $754,147 (prices ranged $75.30–$75.475; see footnote F1).
• Derivative disposition: 10,000 shares reported disposed at $0.00 (derivative).
• Shares owned after transaction: Not specified on this Form 4.
• Notable footnotes: F1 explains the sale price range and availability of per-price details; filing includes additional footnotes about various RSU/PBRSU awards and vesting schedules (F4–F11) describing other holdings/awards.
• Filing timeliness: Period of report 2026-03-17 and filed 2026-03-18 — no late filing indicated.

Context

• For retail investors: exercising and immediately selling the same (or similar) number of shares is often a routine liquidity event (cashless exercise) rather than a pure purchase signal. Purchases are generally more bullish signals; here the insider realized cash proceeds after exercising a derivative-based award.