Form 4: Restaurant Brands International Executive Jill Granat Reports Extensive Equity Holdings and Future Vesting Schedule

Jill Granat, Senior EVP, General Counsel & Secretary of Restaurant Brands International Inc., reported substantial direct ownership of common shares and various derivative securities, including options, restricted share units, and performance share units, with future vesting dates.

Summary

• Jill Granat, Senior EVP, General Counsel & Secretary of Restaurant Brands International Inc. (QSR), reported her beneficial ownership of company securities.
• Directly owns 455,614.6543 common shares.
• Holds 52,965 exchangeable units, convertible into common shares or cash at the company's discretion, with no expiration date.
• Possesses fully vested options to buy 50,000 common shares at $56.92, expiring May 4, 2027.
• Holds fully vested options to buy 25,000 common shares at $66.31, expiring February 20, 2030.
• On July 8, 2025, acquired 318.915 Restricted Share Units (RSUs) and 1,031.6996 Performance Share Units (PSUs), which include dividend equivalent rights.
• The RSUs have staggered vesting schedules extending through December 15, 2028, while the PSUs are subject to performance conditions and vest between February 22, 2026, and March 15, 2028.
• Following these transactions, total beneficially owned derivative securities include 52,965 exchangeable units, 75,000 options, 34,120.1607 Restricted Share Units, and 113,908.7086 Performance Share Units.

Sentiment

Score: 7

Explanation: The filing indicates a significant level of equity ownership and ongoing equity compensation for a key executive, which generally aligns management interests with shareholders and suggests executive retention. This is a neutral to slightly positive signal, as it reflects standard compensation practices rather than a specific operational or financial outcome.

Positives

• Significant equity holdings by a key executive align management's interests with shareholders.
• Grants of Restricted Share Units (RSUs) and Performance Share Units (PSUs) indicate ongoing compensation and retention of key talent.
• The vesting schedules for RSUs and PSUs provide long-term incentives for the executive.

Future Outlook

The document outlines future vesting schedules for various equity awards, including Restricted Share Units (RSUs) and Performance Share Units (PSUs), extending through December 2028. These awards are contingent on continued employment and, for PSUs, on specific performance conditions.

Industry Context

This Form 4 filing is specific to an individual executive's equity holdings and does not provide broader industry trends or competitive analysis. It reflects standard executive compensation practices within publicly traded companies, often involving a mix of stock options, RSUs, and PSUs to align executive incentives with long-term company performance.

Comparison to Industry Standards

• The use of a mix of common shares, exchangeable units, stock options, Restricted Share Units (RSUs), and Performance Share Units (PSUs) for executive compensation is a common practice across large, publicly traded companies, particularly in the consumer discretionary or quick-service restaurant sector where Restaurant Brands International operates.
• The vesting schedules for RSUs (equal annual installments over several years) and PSUs (performance period followed by vesting) are standard mechanisms designed to retain executives and incentivize long-term performance, comparable to compensation structures at peers like McDonald's (MCD), Yum! Brands (YUM), or Starbucks (SBUX).
• The inclusion of dividend equivalent rights on RSUs and PSUs is also a common feature, ensuring executives benefit from dividends paid on underlying shares before they vest, aligning their interests with common shareholders.

Stakeholder Impact

• Shareholders: The grants of equity awards align the executive's interests with shareholders, potentially encouraging long-term value creation. However, the future vesting and potential exercise of these awards could lead to some share dilution.
• Management: The executive, Jill Granat, benefits directly from the equity compensation, which serves as a significant component of her overall remuneration and retention incentive.

Next Steps

• Monitoring the vesting of Restricted Share Units (RSUs) on December 15, 2025, December 31, 2025, December 15, 2026, December 15, 2027, and December 15, 2028.
• Monitoring the vesting of Performance Share Units (PSUs) on February 22, 2026, March 15, 2027, and March 15, 2028, contingent on performance conditions.
• Observing any future Form 4 filings by Jill Granat for changes in beneficial ownership, particularly sales of shares.

Key Dates

Keywords

Restaurant Brands International, QSR, SEC Form 4, Insider Ownership, Equity Compensation, Restricted Share Units, Performance Share Units, Stock Options, Executive Compensation, Jill Granat