Form 4: RBI Chief Corporate Officer's RSU Vesting

Restaurant Brands International's Chief Corporate Officer, Duncan Fulton, reported the vesting of 3,194 restricted share units on December 31, 2025.

Summary

• Duncan Fulton, Chief Corporate Officer of Restaurant Brands International Inc. (QSR), reported a change in beneficial ownership.
• On December 31, 2025, 3,194.0152 restricted share units (RSUs) vested, converting into common shares.
• Following this transaction, Fulton directly beneficially owns 42,474.1526 common shares.
• The filing also details remaining derivative securities, including 75,000 stock options and various tranches of restricted and performance share units with future vesting dates through March 15, 2028.

Sentiment

Score: 5

Explanation: The filing reports a routine executive compensation event (RSU vesting), which is neutral in terms of immediate company sentiment. It reflects standard compensation practices.

Positives

• The vesting of restricted share units represents a successful compensation event for the Chief Corporate Officer, aligning executive interests with shareholder value.

Negatives

• No specific negative financial or operational information is disclosed in this Form 4 filing.

Risks

• This Form 4 filing does not contain specific risk factors for the company.

Future Outlook

This Form 4 filing does not provide a future outlook for the company's performance or strategy. It details future vesting schedules for executive compensation.

Management Comments

• Represents the vesting of the Reporting Person's restricted share units, which will settle shortly thereafter.
• Any shares that are withheld or sold to satisfy tax obligations will be reported separately in connection with the settlement.

Industry Context

This filing is a routine insider transaction report related to executive compensation and does not provide information relevant to broader industry trends or competitive analysis.

Stakeholder Impact

• Shareholders: The vesting represents a routine compensation expense, potentially leading to minor dilution if new shares are issued, but generally expected as part of executive incentive plans.
• Employees: Reflects standard executive compensation practices within the company.

Next Steps

• Settlement of the vested restricted share units, potentially involving the withholding or sale of shares for tax obligations.
• Future vesting of remaining restricted share units on December 15, 2026, December 15, 2027, and December 15, 2028.
• Future vesting of 2023 Performance Based Restricted Share Units on February 22, 2026.
• Future vesting of 2024 Performance Based Restricted Share Units on March 15, 2027.
• Future vesting of 2025 Performance Based Restricted Share Units on March 15, 2028.

Key Dates

Keywords

Restaurant Brands International, QSR, Duncan Fulton, SEC Form 4, Insider Transaction, Restricted Share Units, RSU Vesting, Beneficial Ownership, Executive Compensation, Stock Options, Performance Share Units