Form 4: Restaurant Brands International Executive Thomas Curtis Sells 23,000 Shares

Thomas Benjamin Curtis, President of Burger King US & Canada, sold 23,000 shares of Restaurant Brands International Inc. at an average price of $68.38 on March 19, 2025.

Summary

• On March 19, 2025, Thomas Benjamin Curtis, President of Burger King US & Canada, sold 23,000 common shares of Restaurant Brands International Inc.
• The sale was executed at a weighted average price of $68.38 per share, with individual prices ranging from $68.25 to $68.62.
• Following the transaction, Curtis directly owns 73,897.6316 common shares.
• The filing also corrects a typographical error from a previous Form 4 filed on February 26, 2024, adding 90 shares to the reported holdings.
• Curtis also holds various restricted share units (RSUs) and performance share units (PSUs) that vest over different periods, representing contingent rights to receive common shares.
• These include 2,530.1463 RSUs vesting on December 31, 2025, 4,842.8312 RSUs vesting on December 15, 2025 and 2026, 47,202.4138 2023 PBRSUs vesting on February 22, 2026, 11,254.5868 RSUs vesting on December 15, 2025, 2026 and 2027, 61,684.2698 2024 PSUs vesting on March 15, 2027, 9,384 RSUs vesting on December 15, 2025, 2026, 2027 and 2028, and 61,359 2025 PBRSUs vesting on March 15, 2028.
• The number of common shares that will be earned at the end of the performance period for the 2023 PBRSUs, 2024 PSUs, and 2025 PBRSUs is subject to increase or decrease based on the results of the performance condition.

Sentiment

Score: 5

Explanation: The sentiment is neutral. It's a routine disclosure of an insider stock sale. The correction of a previous error is a minor positive.

Positives

• The correction of a typographical error in a previous filing demonstrates attention to detail and transparency.

Future Outlook

The document details future vesting schedules for restricted and performance share units, indicating potential future increases in the number of common shares owned by the reporting person, contingent on performance conditions.

Industry Context

Insider transactions are routinely monitored by investors as they can provide insights into management's perspective on the company's valuation and future prospects. However, sales do not always indicate a negative outlook, as executives may sell shares for personal financial planning reasons.

Comparison to Industry Standards

• Comparing insider selling activity at Restaurant Brands International to peers like McDonald's (MCD) or Starbucks (SBUX) would require analyzing similar Form 4 filings for those companies.
• Generally, the volume of shares sold and the executive's remaining holdings are considered in relation to the company's overall market capitalization and trading volume.
• A sale of 23,000 shares by an executive is a relatively small transaction for a company the size of Restaurant Brands International.

Stakeholder Impact

• The stock sale could have a minor negative impact on shareholder sentiment, although the transaction is relatively small.
• The vesting of RSUs and PSUs could incentivize the executive to improve company performance, benefiting shareholders.

Key Dates

Keywords

Restaurant Brands International, QSR, Thomas Curtis, stock sale, Form 4, insider trading, Burger King, restricted share units, performance share units