Restaurant Brands International (NYSE: QSR) officer adds PSUs, RSUs and exchangeable units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. officer Jacqueline Friesner reported equity compensation awards and updated holdings. On July 7, 2026, she received several grants of Performance Share Units and Restricted Share Units, each representing contingent rights to receive common shares, generally at no exercise price. After these grants, she directly holds 165,726.5450 common shares and 9,098 exchangeable units, each exchangeable into common shares or a cash amount based on the company’s share price with no expiration. She also holds multiple tranches of performance-based and time-vesting units that vest on future dates, with some performance awards running through February 2027, 2028, and 2029 and vesting in March of those years.
Positive
- None.
Negative
- None.
Insights
Officer received routine stock-based awards, increasing long-term equity incentives.
Officer Jacqueline Friesner received several equity awards in the form of Performance Share Units (PSUs) and Restricted Share Units (RSUs) on July 7, 2026. These awards have a $0.0000 exercise price and represent contingent rights to common shares, aligning compensation with future service and performance conditions.
The filing notes 2024, 2025, and 2026 performance-based RSU cycles, with performance periods ending on February 23, 2027, February 28, 2028, and February 25, 2029, vesting on March 15 of the respective years. Earned shares can increase or decrease based on specified performance metrics, and dividend equivalent rights accrue in step with dividends.
In addition, she holds 9,098 exchangeable units of Restaurant Brands International Limited Partnership, each exchangeable into common shares or a cash amount determined by the 20-day volume-weighted average price, with no expiration. This structure gives continuing long-term exposure to the company’s equity without any disclosed market sales in this report.
Insider Trade Summary
9 transactions reported
Mixed
9 txns
Insider
Friesner Jacqueline
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 17.257 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 31.671 | $0.00 | -- |
| Grant/Award | Performance Share Units | 156.991 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 30.725 | $0.00 | -- |
| Grant/Award | Performance Share Units | 156.621 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 45.549 | $0.00 | -- |
| Grant/Award | Performance Share Units | 169.093 | $0.00 | -- |
| holding | Exchangeable Units | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 1,961.969 shares (Direct, null);
Performance Share Units — 17,848.705 shares (Direct, null);
Exchangeable Units — 9,098 shares (Direct, null);
Common Shares — 165,726.545 shares (Direct, null)
Footnotes (1)
- Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date. 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 on 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: 165,726.5450 shares
Exchangeable units held: 9,098.0000 units
PSU grant (2026 PBRSUs): 169.0933 units
+3 more
6 metrics
Common shares held
165,726.5450 shares
Direct common share holdings following transactions on July 7, 2026
Exchangeable units held
9,098.0000 units
Exchangeable units of Restaurant Brands International Limited Partnership, exchangeable into common shares or cash with no expiration
PSU grant (2026 PBRSUs)
169.0933 units
Performance Share Units granted with performance period Feb 25, 2026 to Feb 25, 2029, vesting Mar 15, 2029
RSU grant example
45.5492 units
Restricted Share Units granted with each RSU representing a right to receive one common share
PSU grant (2024 PBRSUs)
156.9913 units
Performance Share Units with performance period Feb 23, 2024 to Feb 23, 2027, vesting Mar 15, 2027
PSU grant (2025 PBRSUs)
156.6211 units
Performance Share Units with performance period Feb 28, 2025 to Feb 28, 2028, vesting Mar 15, 2028
Key Terms
Exchangeable Units, restricted share unit, performance based restricted share units, dividend equivalent rights
4 terms
Exchangeable Units financial
"Each Restaurant Brands International Limited Partnership exchangeable unit is convertible"
dividend equivalent rights financial
"Represents dividend equivalent rights that accrued on the underlying award"
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.
FAQ
What equity awards did Restaurant Brands International (QSR) officer Jacqueline Friesner receive on July 7, 2026?
On July 7, 2026, Jacqueline Friesner received multiple Performance Share Unit and Restricted Share Unit awards, each with a $0.0000 exercise price and settled in common shares, subject to time-based vesting and, for performance awards, achievement of specified performance conditions.
What are the exchangeable units reported for Restaurant Brands International (QSR) in Jacqueline Friesner’s Form 4?
Jacqueline Friesner holds 9,098 exchangeable units of Restaurant Brands International Limited Partnership. Each unit is convertible into common shares of Restaurant Brands International Inc. or a cash amount based on a 20-day average share price, and this conversion right has no expiration date.
How do the performance-based RSUs for Restaurant Brands International (QSR) vest for Jacqueline Friesner?
The performance-based restricted share units have performance periods ending on February 23, 2027, February 28, 2028 and February 25, 2029. To the extent earned, they vest on March 15 of 2027, 2028 and 2029, with the number of common shares adjusted based on performance results.
What are dividend equivalent rights in Jacqueline Friesner’s Restaurant Brands International (QSR) awards?
Dividend equivalent rights accrue on the underlying RSU and performance-based RSU awards when dividends are paid on the related common shares. These rights vest, settle and expire on the same terms as the associated awards, effectively mirroring dividend payments until the units convert to common shares.