Form 4: RBI Executive's RSU Vesting Boosts Share Holdings

Thomas Benjamin Curtis, President of Burger King US & Canada, saw 2,599.7968 restricted share units vest into common shares of Restaurant Brands International Inc.

Summary

• Thomas Benjamin Curtis, President of Burger King US & Canada, acquired 2,599.7968 common shares of Restaurant Brands International Inc. (QSR) on December 31, 2025.
• This acquisition resulted from the vesting of restricted share units (RSUs) and was executed pursuant to a Rule 10b5-1 plan.
• Following this transaction, Curtis directly beneficially owns 77,556.9466 common shares.
• He also holds various unvested derivative securities, including 2,487.5253 RSUs with remaining vesting on December 15, 2026.
• Additional RSUs include 7,709.2501 units vesting on December 15, 2026, and December 15, 2027, and 7,231.744 units vesting on December 15, 2026, December 15, 2027, and December 15, 2028.
• Performance Share Units (PSUs) held include 48,501.8145 (2023 PBRSUs) with a performance period ending December 31, 2025, and vesting on February 22, 2026.
• Further PSUs include 63,382.3309 (2024 PBRSUs) with a performance period ending February 23, 2027, and vesting on March 15, 2027.
• Lastly, 63,048.1069 (2025 PBRSUs) have a performance period ending February 28, 2028, and will vest on March 15, 2028.

Sentiment

Score: 7

Explanation: The filing indicates a routine, positive event for the executive, increasing their direct ownership in the company. This aligns executive interests with shareholders, which is generally viewed favorably. No negative information is presented, and the transaction is expected as part of a compensation plan.

Positives

• Increased direct beneficial ownership for a key executive, aligning management interests with shareholders.
• The vesting of restricted share units indicates the fulfillment of prior compensation agreements and continued executive tenure.

Future Outlook

The number of common shares to be earned from performance-based restricted share units (PBRSUs) is subject to increase or decrease based on the results of performance conditions over their respective performance periods.

Industry Context

This filing reflects routine executive compensation practices within the quick-service restaurant industry, where equity awards like RSUs and PSUs are common tools to incentivize and retain key management personnel, aligning their long-term interests with company performance.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with shareholder value through greater equity ownership.
• Employees: Standard executive compensation practices may serve as a model or incentive for other employees.

Next Steps

• Settlement of the vested restricted share units into common shares.
• Reporting of any shares withheld or sold to satisfy tax obligations in connection with the settlement.
• Future vesting of remaining restricted share units on December 15, 2026, December 15, 2027, and December 15, 2028.
• Future vesting of performance share units on February 22, 2026, March 15, 2027, and March 15, 2028, contingent on performance conditions.

Key Dates

Recommendation

This Form 4 filing details a routine vesting of restricted share units for a key executive, which is an expected part of their compensation package and executed under a Rule 10b5-1 plan. While it increases the executive's direct ownership, aligning interests, it does not present new information that would fundamentally alter the investment thesis for Restaurant Brands International Inc. Therefore, a 'hold' recommendation is appropriate as this event alone does not warrant a change in investment stance.

Keywords

Restaurant Brands International, QSR, Insider Transaction, Form 4, Restricted Share Units, Performance Share Units, Executive Compensation, Thomas Benjamin Curtis, Burger King