Form 4: Restaurant Brands International Executive Thiago T. Santelmo Reports Acquisition of Restricted Share Units

Thiago T. Santelmo, President, International at Restaurant Brands International, reports the acquisition of restricted share units and dividend equivalent rights.

Summary

• On July 5, 2024, Thiago T. Santelmo, President, International of Restaurant Brands International Inc. (QSR), reported the acquisition of several restricted share units (RSUs) and performance share units (PSUs).
• These acquisitions include dividend equivalent rights that accrue when dividends are paid on the common shares underlying the RSUs and PSUs.
• The RSUs vest at various dates in the future, ranging from December 31, 2024, to December 15, 2027.
• The PSUs have performance periods ending on December 31, 2021, December 31, 2024, December 31, 2025 and February 23, 2027, with vesting dates in February 2025, February 2026 and March 15, 2027, respectively.
• Santelmo also holds exchangeable units convertible into common shares, fully vested options to purchase 57,500 common shares at prices ranging from $55.55 to $66.31, and 25,166 common shares directly.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices, indicating confidence in the company's future performance. The sentiment is neutral to positive.

Positives

• The acquisition of RSUs and PSUs aligns the executive's interests with those of the shareholders, incentivizing performance and long-term value creation.

Future Outlook

The vesting schedules of the RSUs and PSUs indicate a long-term incentive plan for the executive, aligning his interests with the company's performance over the coming years.

Industry Context

This filing is a routine disclosure of executive compensation in the form of equity grants, which is a common practice in the restaurant industry to incentivize management and align their interests with shareholders.

Comparison to Industry Standards

• Equity compensation is a standard practice among publicly traded restaurant companies such as McDonald's (MCD), Starbucks (SBUX), and Yum! Brands (YUM).
• The vesting schedules and performance-based components are typical features of executive compensation packages designed to retain and motivate key personnel.
• The specific terms of the grants (e.g., vesting dates, performance metrics) would need to be compared to those of peer companies to assess their relative competitiveness.

Stakeholder Impact

• The equity grants align the executive's interests with those of shareholders, potentially leading to increased focus on long-term value creation.
• Employees may view the grants as a positive sign of the company's commitment to its leadership.

Key Dates