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Restaurant Brands International Inc.·4

Apr 6, 7:47 PM ET

SANTELMO THIAGO T 4

Research Summary

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Restaurant Brands (QSR) President Thiago Santelmo Receives Awards

What Happened
Thiago Santelmo (President, International) was granted multiple equity awards on April 2, 2026 totaling 1,269.137 units (reported as derivative awards, acquisition code "A"). Each grant was reported at a $0.00 purchase price because these are restricted share units / performance-based restricted share units (RSUs / PBRSUs) that confer a contingent right to receive common shares in the future if vesting and/or performance conditions are met.

The reported individual grants were: 18.926, 26.229, 265.028, 48.022, 357.990, 137.859 and 415.083 units (total 1,269.137). No cash changed hands at grant; value will depend on RBI’s share price when/if the awards settle.

Key Details

  • Transaction date: April 2, 2026; Form 4 filed April 6, 2026 (within the usual two-business-day filing window).
  • Transaction type/code: A = Award/Grant (derivative awards; not open-market purchases/sales).
  • Total units granted: 1,269.137 RSU/PBRSU units; price reported $0.00 (no purchase cost at grant).
  • Shares owned after transaction: Not provided in the excerpt you shared.
  • Notable award terms (from filing footnotes):
    • Several awards are performance-based RSUs (PBRSUs) with multi-year performance periods (e.g., 2024, 2025, 2026 PBRSUs) that vest only if performance goals are met and then generally settle on specified future vesting dates (examples: March 15, 2027/2028/2029).
    • Other awards are time-based RSUs that vest in equal annual installments (vesting dates include December 15 of 2026–2029 for some grants).
    • Some awards include dividend-equivalent rights that accrue and vest proportionately with the underlying units.
    • The filing notes that certain partnership exchangeable units may be convertible into common shares or cash under the partnership agreement (see footnote F1).

Context

  • These grants are compensation awards (not purchases or sales) and are common for senior executives; they indicate continued compensation rather than an immediate buy or sell signal.
  • Performance-based awards (PBRSUs) depend on future performance metrics and only convert to shares if targets are met, often after a multi-year performance period.
  • Because these are derivative awards (contingent RSUs/PBRSUs), there is no immediate change in market exposure until/if the awards vest and settle.