Form 4: Restaurant Brands International Executive Jill Granat Reports Acquisition of Restricted and Performance Share Units

Jill Granat, a Senior EVP at Restaurant Brands International, reports the acquisition of restricted share units (RSUs) and performance share units (PSUs) on October 4, 2024, according to a Form 4 filing with the SEC.

Summary

• Jill Granat, a Senior EVP at Restaurant Brands International, filed a Form 4 with the SEC.
• The filing reports the acquisition of restricted share units (RSUs) and performance share units (PSUs) on October 4, 2024.
• Granat directly owns 410,759.3554 common shares.
• She also holds exchangeable units convertible into 52,965 common shares.
• Granat possesses options to buy 70,000 shares at $56.92 expiring on 05/04/2027, 50,000 shares at $66.31 expiring on 02/20/2030 and options to buy shares at $33.67 expiring on 02/25/2026.
• She acquired 71.7121 RSUs that vest on December 31, 2024.
• She acquired 239.9682 performance based restricted share units (PBRSUs) that vest on February 21, 2025.
• She acquired 24.1449 RSUs that vest in installments from December 31, 2021 to December 31, 2024.
• She acquired 76.0463 RSUs that vest in installments from December 31, 2022 to December 31, 2025.
• She acquired 307.5172 PBRSUs that vest on February 25, 2025.
• She acquired 92.2457 RSUs that vest in installments from December 15, 2023 to December 15, 2026.
• She acquired 284.6572 PBRSUs that vest on February 22, 2026.
• She acquired 121.4858 RSUs that vest in installments from December 15, 2024 to December 15, 2027.
• She acquired 275.5489 performance share units (PSUs) that vest on March 15, 2027.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine filing indicating standard equity compensation practices. The acquisition of shares by an executive is generally viewed as a positive, but it's not a major event.

Positives

• The acquisition of RSUs and PSUs by a high-ranking executive could be interpreted as a positive sign, indicating confidence in the company's future performance.

Future Outlook

The vesting schedules of the RSUs and PSUs indicate a long-term incentive structure for the reporting person, aligning their interests with the company's performance over the coming years.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The vesting schedules are typical for executive compensation packages in the restaurant industry, designed to incentivize long-term performance.

Comparison to Industry Standards

• Equity compensation is a standard practice among publicly traded companies, including Restaurant Brands International's competitors such as McDonald's (MCD), Starbucks (SBUX), and Yum! Brands (YUM).
• The vesting schedules and performance-based components of the RSUs and PSUs are consistent with industry norms for executive compensation.
• The specific terms of the equity grants (e.g., vesting dates, performance metrics) would need to be compared to those of peer companies to determine if they are above, below, or in line with industry standards.

Stakeholder Impact

• The acquisition of RSUs and PSUs by a company executive can have a minor positive impact on shareholder sentiment, as it aligns management's interests with those of shareholders.
• Employees may view the equity grants as a positive sign of the company's commitment to its leadership team.

Key Dates