Form 4: QSR Executive Housman Reports RSU Vesting and Equity Holdings

Jeffrey Housman, Chief People & Services Officer at Restaurant Brands International Inc., reported the vesting of restricted share units and updated his beneficial ownership of company securities.

Summary

• Jeffrey Housman, Chief People & Services Officer of Restaurant Brands International Inc. (QSR), reported a transaction on December 31, 2025.
• The transaction involved the vesting of 3,376.5515 restricted share units (RSUs), which converted into common shares.
• Following this transaction, Housman directly beneficially owns 149,538.1455 common shares.
• Housman also holds 431 exchangeable units, convertible into common shares or cash at the general partner's discretion.
• He holds fully vested options to purchase a total of 70,000 common shares at exercise prices of $55.55, $58.44, and $66.31, expiring between February 2027 and February 2030.
• Remaining unvested equity includes 13,444.579 restricted share units with vesting dates extending to December 15, 2028.
• Additionally, Housman holds 86,308.7142 performance share units (PSUs) from 2023, 2024, and 2025 awards, subject to performance conditions and vesting between February 2026 and March 2028.

Sentiment

Score: 6

Explanation: The sentiment is slightly positive as it reflects a scheduled vesting of executive compensation, indicating the executive's continued equity stake and alignment with company performance. It is a routine, expected event without significant positive or negative surprises for the company's operations or financial health.

Positives

• The vesting of 3,376.5515 restricted share units indicates a scheduled payout of equity compensation to a key executive.
• Significant executive ownership of common shares (149,538.1455) and various derivative securities aligns executive interests with shareholder value.

Risks

• The value of common shares and derivative securities is subject to market fluctuations, which could impact the executive's compensation.
• Performance Share Units (PSUs) are subject to specific performance conditions, meaning the actual number of shares earned may increase or decrease based on company results.

Future Outlook

The filing outlines future vesting schedules for various restricted and performance share units, with dates extending through December 2028. The performance share units are subject to specific performance periods and conditions, which will determine the final number of shares earned.

Industry Context

This Form 4 filing is a routine disclosure of an executive's equity compensation and does not provide broader industry context. It reflects standard practices for executive incentive compensation within publicly traded companies, particularly those in the quick-service restaurant sector like Restaurant Brands International.

Stakeholder Impact

• Shareholders: The vesting and potential future exercise of equity awards could lead to minor dilution if new shares are issued, or impact treasury share reserves if existing shares are used. It also signals continued executive alignment with shareholder interests through equity ownership.
• Employees: This filing pertains specifically to executive compensation and does not directly impact the broader employee base, though it reflects the company's overall compensation philosophy.

Next Steps

• Any shares withheld or sold to satisfy tax obligations related to the RSU vesting will be reported separately.
• Future vestings of restricted share units are scheduled for December 15, 2026, December 15, 2027, and December 15, 2028.
• Performance share units from 2023, 2024, and 2025 awards are subject to performance period evaluations and will vest on February 22, 2026, March 15, 2027, and March 15, 2028, respectively.

Key Dates

Keywords

Restaurant Brands International, QSR, Form 4, Insider Transaction, Equity Compensation, Restricted Share Units, Performance Share Units, Stock Options, Executive Compensation