Form 4: Restaurant Brands International Executive Duncan Fulton Reports Share Transactions

Duncan Fulton, Chief Corporate Officer of Restaurant Brands International, reports the acquisition and disposal of common shares and performance share units, along with option exercises.

Summary

• On February 21, 2025, Duncan Fulton, Chief Corporate Officer of Restaurant Brands International, reported transactions involving the company's securities.
• These transactions included the acquisition of 29,840.8537 common shares through the vesting of performance share units and the disposal of 15,973.8091 common shares to cover withholding taxes.
• The sale price was $62.48 per share, with the transaction occurring in Canadian dollars (CAD$88.76) and converted to USD using the Bank of Canada daily exchange rate.
• Fulton also holds options to buy 60,000 shares at $63.64 (CAD $82.81) and 15,000 shares at $66.31 (CAD $88.03).
• Additionally, Fulton holds various performance share units (PSUs) and restricted share units (RSUs) that vest at different dates in the future, contingent upon performance conditions or time-based vesting schedules.

Sentiment

Score: 5

Explanation: The document is a neutral report of stock transactions. There is no inherent positive or negative sentiment.

Future Outlook

The document outlines future vesting dates for restricted share units and performance share units, indicating potential future transactions as these units vest.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. It provides transparency into the trading activities of company executives.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies in the US, ensuring transparency of insider trading activities.
• Companies like McDonald's (MCD) and Starbucks (SBUX) also have similar filings when their executives trade company stock.
• The vesting schedules and performance-based equity awards are common compensation practices to align executive interests with shareholder value.

Stakeholder Impact

• The transactions may have a minor impact on shareholders due to the change in the number of shares outstanding.
• The vesting of performance share units incentivizes the executive to improve company performance, potentially benefiting shareholders.

Key Dates