Form 4: Popeyes President Reports QSR Stock Transactions

Peter Perdue, President of Popeyes-US & Canada, reported routine acquisitions and sales of Restaurant Brands International common shares tied to RSU vesting.

Summary

• Peter Perdue, President of Popeyes-US & Canada for Restaurant Brands International Inc. (QSR), reported transactions involving common shares and derivative securities.
• On December 15, 2025, Perdue acquired a total of 2,301.2058 common shares through the vesting of restricted share units (RSUs) at a price of $0.
• Concurrently, Perdue sold a total of 907.492 common shares at a price of $70.8733 per share to cover withholding tax obligations related to the RSU vestings.
• Following these reported transactions, Perdue beneficially owns 36,506.8958 direct common shares.
• Perdue holds 22,000 fully vested and exercisable stock options, with exercise prices of $64.75 (10,000 options) and $66.31 (12,000 options), expiring on February 21, 2029, and February 20, 2030, respectively.
• Remaining restricted share units include 877.9716 units vesting on December 31, 2025, and additional units vesting in equal annual installments on December 15, 2026, December 15, 2027, and December 15, 2028.
• Performance Share Units (PSUs) include 12,125.4536 shares from 2023 PBRSUs vesting on February 22, 2026, 11,972.1119 shares from 2024 PBRSUs vesting on March 15, 2027, and 13,396.9135 shares from 2025 PBRSUs vesting on March 15, 2028.
• The number of common shares earned from PSUs is subject to increase or decrease based on the achievement of specific performance conditions.

Sentiment

Score: 5

Explanation: The filing is a routine Form 4 reporting insider transactions related to executive compensation. It reflects standard vesting and tax-related sales, indicating neither overwhelmingly positive nor negative sentiment for the company's operational performance or outlook.

Positives

• Acquisition of 2,301.2058 common shares through RSU vesting, increasing direct share ownership.
• Continued holding of 22,000 fully vested and exercisable stock options, indicating potential future upside.
• Significant holdings in Restricted Share Units and Performance Share Units, aligning executive interests with shareholder value.

Negatives

• Sale of 907.492 common shares to cover tax obligations, reducing direct share ownership.

Risks

• The number of common shares that will be earned from the 2023, 2024, and 2025 Performance Based Restricted Share Units (PBRSUs) is subject to increase or decrease based on the results of performance conditions.

Future Outlook

The reporting person has significant future equity awards tied to the company's performance and continued employment, with various Restricted Share Units and Performance Share Units scheduled to vest through December 2028. The ultimate number of shares from Performance Share Units will depend on achieving specific performance conditions.

Industry Context

This filing is a routine insider transaction report and does not provide specific insights into broader industry trends or competitive landscape. It reflects standard executive compensation practices within the quick-service restaurant sector.

Comparison to Industry Standards

• N/A. This Form 4 reports individual executive compensation transactions and does not contain information suitable for comparison to global benchmarks or specific comparable companies/projects.

Stakeholder Impact

• Shareholders: Routine insider transactions typically have minimal direct impact on share price or company strategy. The executive's continued equity holdings align interests with shareholders.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

• Vesting of 877.9716 Restricted Share Units on December 31, 2025.
• Vesting of 2023 Performance Based Restricted Share Units on February 22, 2026, subject to performance conditions.
• Remaining annual vestings for certain Restricted Share Units on December 15, 2026, December 15, 2027, and December 15, 2028.
• Vesting of 2024 Performance Based Restricted Share Units on March 15, 2027, subject to performance conditions.
• Vesting of 2025 Performance Based Restricted Share Units on March 15, 2028, subject to performance conditions.

Key Dates

Keywords

Restaurant Brands International, QSR, Peter Perdue, Popeyes, Form 4, insider transaction, stock options, restricted share units, performance share units, executive compensation, equity vesting, tax withholding