Form 4: QSR Director Daniel Schwartz Acquires Restricted Shares

Restaurant Brands International Director Daniel S. Schwartz reported the acquisition of 1,454 restricted common shares and updated his beneficial ownership of common shares and exchangeable units.

Summary

• Daniel S. Schwartz, a Director of Restaurant Brands International Inc. (QSR), reported a transaction on December 31, 2025.
• The transaction involved the acquisition of 1,454 common shares in the form of restricted share units (RSUs) at a price of $0.
• These RSUs are earned and vested upon grant and will settle following the termination of board service.
• Following this transaction, Mr. Schwartz directly beneficially owns 12,279 common shares.
• He also indirectly beneficially owns 529,185.615 common shares through Miami Restaurant Holdings LLC and 854,570 common shares through Ameco Food Holdings LLC.
• Additionally, Mr. Schwartz indirectly beneficially owns 14,296 exchangeable units through Miami Restaurant Holdings LLC and 123,700 exchangeable units through Ameco Food Holdings LLC.
• Each exchangeable unit is convertible into common shares of Restaurant Brands International Inc. or a cash amount, at the reporting person's election, with no expiration date.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive due to a director acquiring shares (via RSU grant), which generally indicates alignment of interests, though it's a routine compensation event rather than an open market purchase.

Positives

• The acquisition of 1,454 restricted share units by a Director aligns management's interests with those of shareholders, indicating continued commitment to the company's performance.

Future Outlook

This filing is a report of an insider transaction and does not contain forward-looking statements or guidance regarding the company's future performance.

Industry Context

This Form 4 filing reports a routine insider transaction (restricted share unit grant) and does not provide information directly related to broader industry trends or competitive landscape within the quick-service restaurant sector.

Related Party Transactions

• Daniel S. Schwartz indirectly holds common shares and exchangeable units through Miami Restaurant Holdings LLC and Ameco Food Holdings LLC. He holds all voting and dispositive power for these securities but disclaims beneficial ownership except to the extent of his pecuniary interest therein.

Stakeholder Impact

• Shareholders may view the director's acquisition of restricted shares as a positive signal of continued commitment and alignment with shareholder interests.

Key Dates

Keywords

Restaurant Brands International, QSR, Daniel Schwartz, Form 4, Insider Transaction, Restricted Share Units, Beneficial Ownership, Director