Form 4: Restaurant Brands International Executive Jill Granat Reports Share Unit Vesting

Jill Granat, a Senior EVP at Restaurant Brands International, reports the vesting of restricted share units and performance share units, resulting in changes to her beneficial ownership of common shares.

Summary

• Jill Granat, a Senior EVP at Restaurant Brands International, filed a Form 4 detailing changes in her beneficial ownership of the company's common shares.
• The reported transactions primarily involve the vesting of restricted share units (RSUs) and performance-based restricted share units (PBRSUs).
• On December 31, 2024, 8,840.3717 RSUs, 2,976.4808 RSUs, and 4,686.789 RSUs vested, increasing her direct ownership of common shares.
• These RSUs vest according to various schedules, some in equal installments over multiple years.
• The document also mentions exchangeable units that can be converted into common shares or a cash amount.
• Granat also holds options to buy 50,000 and 25,000 common shares at prices of $56.92 and $66.31 respectively.
• The filing includes details about performance-based restricted share units (PBRSUs) with performance periods ending in 2021, 2024, and 2025, which will vest in 2025 and 2026 if performance conditions are met.
• The number of common shares earned from PBRSUs is subject to increase or decrease based on performance results.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing detailing executive compensation. It's neutral to slightly positive as it shows alignment of executive interests with shareholders through equity ownership.

Positives

• The vesting of RSUs and PSUs indicates that Granat is accumulating more equity in the company, aligning her interests with shareholders.
• The presence of performance-based units suggests that a portion of her compensation is tied to the company's performance.

Future Outlook

The document outlines future vesting dates for various restricted share units and performance share units, contingent on performance conditions being met.

Industry Context

Executive compensation packages often include equity-based awards like RSUs and PSUs to align management's interests with those of shareholders. This filing reflects a standard practice in publicly traded companies.

Comparison to Industry Standards

• Equity compensation is a common practice among publicly traded companies, including Restaurant Brands International's peers such as McDonald's (MCD) and Starbucks (SBUX).
• The structure of RSUs and PSUs, with vesting schedules and performance-based criteria, is also typical in executive compensation packages.
• The specific amounts and vesting schedules may vary based on the executive's role, performance, and company policies.

Stakeholder Impact

• The vesting of equity awards aligns the executive's interests with those of shareholders, potentially encouraging decisions that benefit the company's long-term value.
• Employees may view equity compensation as a positive aspect of their overall compensation package.

Next Steps

• Shares will be settled shortly after vesting.
• Any shares withheld or sold to satisfy tax obligations will be reported separately.

Key Dates