Form 4: QSR Director Behring Reports Share Ownership Changes

Restaurant Brands International Director Alexandre Behring reported an acquisition of restricted share units and a transfer of common shares to an entity he controls.

Summary

• Alexandre Behring, a Director of Restaurant Brands International Inc. (QSR), reported changes in his beneficial ownership.
• He acquired 2,036 Common Shares in the form of restricted share units (RSUs) on December 31, 2025, at a price of $0. These RSUs are earned and vested upon grant and settle following termination of board service.
• He transferred 2,156 Common Shares of the Issuer to CLBB Investment Holdings Fund Ltd. on December 31, 2025. This was an exempt transaction under Rule 16a-13.
• Following these transactions, Mr. Behring directly owns 2,036 Common Shares (from the RSU grant).
• He indirectly beneficially owns 280,652 Common Shares through CLBB Investment Holdings Fund Ltd., an entity where he is a director and he and his spouse are direct or indirect equity owners. He retains all voting and dispositive power over these securities.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. The acquisition of restricted share units by a director indicates continued alignment with the company's performance, while the share transfer is an exempt transaction with no change in effective control.

Positives

• Director Alexandre Behring's acquisition of 2,036 restricted share units aligns his interests with shareholders, as these units are earned and vested upon grant.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of insider trading activity, specifically changes in beneficial ownership by a director. It does not provide broader industry context or trends.

Related Party Transactions

• Alexandre Behring transferred 2,156 Common Shares to CLBB Investment Holdings Fund Ltd., an entity of which he is a director and he and his spouse are the direct or indirect equity owners. He retains all voting and dispositive power over these securities.

Stakeholder Impact

• Shareholders: The director's acquisition of restricted share units demonstrates continued alignment of interests with shareholders, as his compensation is tied to the company's equity performance.

Key Dates

Keywords

Restaurant Brands International, QSR, Alexandre Behring, Form 4, Insider Transaction, Beneficial Ownership, Restricted Share Units, Director Holdings