Restaurant Brands exec sells 57K shares at $81
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. (QSR) officer Axel Schwan, Pres., Tim Hortons US & Canada, reported on September 4, 2026 exercising options to acquire 70,000 common shares at exercise prices of $58.44 and $64.75 per share, and selling 57,574 common shares at a weighted average price of $81.1428 per share. The filing also lists remaining equity awards, including options on 56,000 shares at an exercise price of $66.31 and multiple restricted and performance share unit awards tied to future vesting and performance conditions.
Insider Trade Summary
Exercise and sale activity reported; no spread calculated
Exercise and Sale
5 txns
Insider
Schwan Axel
Role
Pres., Tim Hortons US & Canada
Sold
57,574 shs ($4.67M)
Approx. gross sale proceeds
$4.67M
Approx. exercise cost
$4.28M
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Option (Right to Buy) F2 | 40,000 | $0.00 | $0.00 |
| Exercise | Option (Right to Buy) F2 | 30,000 | $0.00 | $0.00 |
| Exercise | Common Shares | 40,000 | $58.44 | $2.34M |
| Exercise | Common Shares | 30,000 | $64.75 | $1.94M |
| Sale | Common Shares F1 | 57,574 | $81.1428 | $4.67M |
| Holding | Option (Right to Buy) F2 | -- | -- | -- |
| Holding | Restricted Share Units F3, F4 | -- | -- | -- |
| Holding | Restricted Share Units F3, F5 | -- | -- | -- |
| Holding | Performance Share Units F6 | -- | -- | -- |
| Holding | Restricted Share Units F3, F7 | -- | -- | -- |
| Holding | Performance Share Units F8 | -- | -- | -- |
| Holding | Restricted Share Units F3, F9 | -- | -- | -- |
| Holding | Performance Share Units F10 | -- | -- | -- |
Holdings After Transaction:
Option (Right to Buy) — 56,000 contracts (Direct);
Common Shares — 209,907.9293 shares (Direct);
Restricted Share Units — 32,697.6389 contracts (Direct);
Performance Share Units — 212,828.1966 contracts (Direct)
Footnotes (10)
- F1. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $80.87 to $81.36 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
- F2. These options are fully vested and exercisable.
- F3. Each restricted share unit represents a contingent right to receive one common share.
- F4. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
- F5. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
- F6. 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.
- F7. 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.
- F8. 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.
- F9. 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.
- F10. 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
Options exercised: 70,000 shares
Exercise price: $58.44 per share
Exercise price: $64.75 per share
+5 more
8 metrics
Options exercised
70,000 shares
Options exercised into common shares on September 4, 2026
Exercise price
$58.44 per share
Exercise price for 40,000 options exercised into QSR common shares
Exercise price
$64.75 per share
Exercise price for 30,000 options exercised into QSR common shares
Shares sold
57,574 shares
Common shares sold on September 4, 2026
Sale weighted average price
$81.1428 per share
Weighted average sale price; individual prices ranged from $80.87 to $81.36
Remaining option grant
56,000 underlying shares at $66.31
Unexercised option (right to buy) expiring February 20, 2030
2024 PBRSUs underlying shares
57,864.3487 shares
Performance based restricted share units with performance period Feb 23, 2024 to Feb 23, 2027
2026 PBRSUs underlying shares
90,209.7233 shares
Performance based restricted share units with performance period Feb 25, 2026 to Feb 25, 2029
Key Terms
weighted average price, restricted share units, performance based restricted share units, performance period, +1 more
5 terms
weighted average price financial
"Represents the weighted average price of the shares sold."
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
performance period financial
"The 2024 PBRSUs will have a performance period beginning February 23, 2024"
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What insider transactions did QSR executive Axel Schwan report on September 4, 2026?
He reported exercising options for 70,000 QSR common shares at exercise prices of $58.44 and $64.75 per share and selling 57,574 common shares at a weighted average price of $81.1428 per share.
What options did Axel Schwan exercise in the latest QSR Form 4 filing?
He exercised options on 40,000 shares with an exercise price of $58.44 per share expiring February 22, 2028, and on 30,000 shares with an exercise price of $64.75 per share expiring February 21, 2029.
What QSR equity awards does Axel Schwan continue to hold after these transactions?
He continues to hold an option over 56,000 shares at an exercise price of $66.31 expiring February 20, 2030, plus several restricted share unit and performance share unit awards covering tens of thousands of underlying QSR common shares.
Were Axel Schwan’s QSR Form 4 transactions under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not affirmed (unchecked), and no footnote states that the transactions were made pursuant to a Rule 10b5-1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
