Restaurant Brands (NYSE: QSR) Burger King US president receives new stock unit grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. executive Thomas Benjamin Curtis, President of Burger King US & Canada, reported equity compensation awards on common-share-based units. On July 7, 2026, he received several grants of performance share units and restricted share units, each at a $0.0000 exercise price and settling in common shares, while retaining 102,216.2029 common shares directly owned.
Positive
- None.
Negative
- None.
Insights
Compensation-related stock unit grants, no open-market trading.
Thomas Benjamin Curtis, President of Burger King US & Canada at Restaurant Brands International, reported multiple awards of share-based compensation on July 7, 2026. These include $0.0000-exercise-price performance share units (PSUs) and restricted share units (RSUs) that settle in common shares.
The filing lists awards such as 520.3029 PSUs and 569.5559 PSUs that can convert into the same number of common shares, with performance periods running through February 23, 2027, February 28, 2028, and February 25, 2029, and vesting dates on March 15, 2027, March 15, 2028, and March 15, 2029, respectively, depending on performance.
RSUs and PSUs also carry dividend equivalent rights that track common share dividends and vest on the same schedule. Following these awards, Curtis directly holds 102,216.2029 common shares and sizable RSU/PSU positions, but there were no reported open-market purchases or sales, making this a neutral, compensation-focused event rather than a directional trading signal.
Insider Trade Summary
8 transactions reported
Mixed
8 txns
Insider
CURTIS THOMAS BENJAMIN
Role
Pres., BK US & CA
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 22.472 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 69.643 | $0.00 | -- |
| Grant/Award | Performance Share Units | 572.575 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 65.329 | $0.00 | -- |
| Grant/Award | Performance Share Units | 569.556 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 69 | $0.00 | -- |
| Grant/Award | Performance Share Units | 520.303 | $0.00 | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 2,554.835 shares (Direct, null);
Performance Share Units — 65,097.392 shares (Direct, null);
Common Shares — 102,216.203 shares (Direct, null)
Footnotes (1)
- Each restricted share unit represents a contingent right to receive one common share. Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition. Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028. The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs will have a performance period beginning February 28, 2025 and ending February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition. These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029. The shares reported represent an award of performance based restricted share units ("2026 PBRSUs") granted to the Reporting Person. The 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029 and to the extent earned will vest on March 15, 2029. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
Key Figures
Common shares held: 102,216.2029 shares
Performance Share Units grant 1: 520.3029 units
Performance Share Units grant 2: 569.5559 units
+4 more
7 metrics
Common shares held
102,216.2029 shares
Direct common shares owned by Thomas Benjamin Curtis following the reported transactions
Performance Share Units grant 1
520.3029 units
Performance share units awarded on July 7, 2026, settling into common shares at $0.0000 exercise price
Performance Share Units grant 2
569.5559 units
Additional performance share units awarded on July 7, 2026, with underlying common shares at $0.0000 exercise price
Restricted Share Units grant 1
68.9996 units
Restricted share units awarded on July 7, 2026, each representing one common share
Restricted Share Units grant 2
69.6428 units
Additional restricted share units awarded on July 7, 2026, with one common share per unit
Restricted Share Units grant 3
22.4715 units
Restricted share units reported as dividend equivalent rights accruing on an underlying RSU award
Derivative holdings after PSU grant
65,097.3923 units
Total performance share units held after one of the July 7, 2026 PSU awards
Key Terms
restricted share units, performance based restricted share units, dividend equivalent rights, performance period, +1 more
5 terms
dividend equivalent rights financial
"Represents dividend equivalent rights that accrued on the underlying award of restricted share units."
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
performance period financial
"The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027"
The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.
vest in equal annual installments financial
"These restricted share units vest in equal annual installments."
FAQ
What did QSR executive Thomas Benjamin Curtis report in this Form 4?
He reported equity compensation awards, including grants of performance share units and restricted share units settling in common shares on July 7, 2026, with no open-market stock purchases or sales disclosed.
What types of derivative awards did QSR grant to Thomas Benjamin Curtis on July 7, 2026?
He received performance share units and restricted share units, including awards of 520.3029 PSUs and 569.5559 PSUs, each representing a contingent right to receive the same number of common shares at $0.0000 exercise price.
How do dividend equivalent rights work on QSR RSUs and PSUs held by Thomas Benjamin Curtis?
Dividend equivalent rights accrue when dividends are paid on underlying common shares and vest, settle, and expire on the same terms and schedule as the related restricted share units or performance-based restricted share units.
Do these QSR Form 4 transactions indicate insider buying or selling in the market?
No. The reported activity consists of grants and accruals of RSUs and PSUs as compensation, all at $0.0000 exercise price, with no open-market purchases or sales reported.