Form 4: Restaurant Brands International Executive Thomas Curtis Reports Acquisition of Restricted and Performance Share Units

Thomas Benjamin Curtis, Pres., BK US & CA of Restaurant Brands International, reports the acquisition of restricted and performance share units on April 4, 2025.

Summary

• On April 4, 2025, Thomas Benjamin Curtis, a key executive at Restaurant Brands International Inc., reported acquiring several types of derivative securities.
• These acquisitions include restricted share units (RSUs) and performance share units (PSUs).
• The RSUs vest in installments, typically annually, with remaining vesting dates extending to December 15, 2028 for some units.
• The PSUs have performance periods that determine the number of common shares earned, with vesting dates in February 2026, March 2027, and March 2028.
• Dividend equivalent rights accrue on both RSUs and PSUs, vesting proportionately with the underlying units.
• Following these transactions, Curtis directly owns 73,897.6316 common shares.
• He also holds a significant number of derivative securities, including 2,553.2765, 4,887.1036, 11,357.4745, 9,469.7871 restricted share units and 47,633.931, 62,248.1779, 61,919.9345 performance share units.

Sentiment

Score: 7

Explanation: The document is a routine filing related to executive compensation. It's generally neutral, reflecting standard corporate governance practices. The granting of equity-based awards is a positive sign of aligning executive interests with shareholder value.

Positives

• The granting of RSUs and PSUs aligns the executive's interests with the long-term performance of the company.
• Dividend equivalent rights provide additional value to the executive as dividends are paid on the underlying shares.

Future Outlook

The number of common shares earned from performance share units is subject to increase or decrease based on the results of the performance condition.

Industry Context

Executive compensation packages often include equity-based awards like RSUs and PSUs to align management's interests with shareholder value and long-term company performance. This filing reflects a standard practice in publicly traded companies.

Comparison to Industry Standards

• Restaurant Brands International's use of RSUs and PSUs in executive compensation is consistent with practices at comparable companies like McDonald's (MCD) and Starbucks (SBUX).
• These companies also utilize a mix of time-based and performance-based equity awards to incentivize executives.
• The vesting schedules and performance metrics associated with these awards are typically aligned with long-term strategic goals and shareholder value creation.

Stakeholder Impact

• The granting of equity-based compensation can positively impact shareholders by aligning executive interests with long-term company performance.
• Employees may view the equity grants as a positive sign of the company's commitment to its leadership.

Key Dates

Keywords

Restaurant Brands International, Thomas Benjamin Curtis, Restricted Share Units, Performance Share Units, Form 4, Beneficial Ownership, Equity Securities, Dividend Equivalent Rights