Form 4: QSR Executive Perdue Reports Share Vesting & Holdings

Restaurant Brands International officer Peter Perdue reported the vesting of restricted share units and updated his beneficial ownership of common shares and various derivative securities.

Summary

• Peter Perdue, President of Popeyes-US & Canada for Restaurant Brands International Inc. (QSR), reported a transaction on December 31, 2025.
• The transaction involved the vesting of 877.9716 restricted share units (RSUs), which will settle into common shares.
• Following this transaction, Perdue beneficially owns 37,384.8674 common shares directly.
• Perdue holds 10,000 fully vested and exercisable stock options with an exercise price of $64.75, expiring on February 21, 2029.
• Perdue also holds 12,000 fully vested and exercisable stock options with an exercise price of $66.31, expiring on February 20, 2030.
• Remaining restricted share units include 494 units vesting on December 15, 2026; 2,145.7643 units vesting in installments on December 15, 2026, and December 15, 2027; and 2,215.351 units vesting in installments on December 15, 2026, December 15, 2027, and December 15, 2028.
• Performance Share Units (PSUs) held include 12,125.4536 units (2023 PBRSUs) with a performance period from January 1, 2023, to December 31, 2025, vesting on February 22, 2026, subject to performance conditions.
• Additional PSUs include 11,972.1119 units (2024 PBRSUs) with a performance period from February 23, 2024, to February 23, 2027, vesting on March 15, 2027, subject to performance conditions.
• Further PSUs include 13,396.9135 units (2025 PBRSUs) with a performance period from February 28, 2025, to February 28, 2028, vesting on March 15, 2028, subject to performance conditions.

Sentiment

Score: 7

Explanation: The filing is a routine disclosure of insider share ownership and compensation vesting. The executive's significant equity holdings, including long-term performance-based awards, indicate a strong alignment of interests with shareholders, which is generally viewed positively.

Positives

• The executive's beneficial ownership of common shares and various equity awards aligns his interests with those of shareholders.
• The presence of long-term performance-based share units indicates a commitment to achieving strategic goals over multi-year periods.

Risks

• The number of common shares earned from Performance Share Units (PSUs) is subject to increase or decrease based on the results of performance conditions, introducing variability in executive compensation.
• Shares withheld or sold to satisfy tax obligations upon vesting of restricted share units will be reported separately, which could lead to a reduction in direct beneficial ownership.

Future Outlook

The filing indicates a continued long-term alignment of executive compensation with company performance through various equity awards, with future vesting dates extending through 2030. The performance-based units suggest a focus on achieving specific operational or financial targets over multi-year periods.

Industry Context

This Form 4 filing is a routine disclosure of an executive's equity holdings and compensation events, which is standard practice across publicly traded companies. It does not provide specific insights into broader industry trends or competitive positioning, but rather details an individual's stake in the company.

Stakeholder Impact

• Shareholders: The executive's substantial equity holdings and long-term incentive awards align management's financial interests with shareholder value creation, potentially fostering better governance and performance.

Next Steps

• Settlement of the recently vested restricted share units into common shares.
• Future vesting of remaining restricted share units on their scheduled dates.
• Future vesting of performance share units based on the achievement of performance conditions and scheduled vesting dates.
• Potential exercise of fully vested stock options prior to their expiration dates.

Key Dates

Keywords

Restaurant Brands International, QSR, Peter Perdue, SEC Form 4, Insider Trading, Stock Options, Restricted Share Units, Performance Share Units, Executive Compensation, Popeyes