Restaurant Brands’ Granat acquires dividend-linked awards
Performance periods for the three performance-based awards end in 2027, 2028 and 2029, with vesting limited to units earned.
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Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. (QSR) officer Jill Granat, EVP, General Counsel and Secretary, reported seven direct award acquisitions on October 2, 2026, involving restricted share units and performance-based restricted share units. The reported amounts include dividend equivalent rights tied to underlying awards; performance-based amounts may increase or decrease based on performance results. After the transactions, she held 479,845 common shares directly, plus 52,965 exchangeable units and 25,000 fully vested options exercisable at $66.31 and expiring February 20, 2030.
Insider Trade Summary
Grant/Award: 1,467.775 shares
Grant/Award
10 txns
Insider
Granat Jill
Role
See Remarks
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units F3, F4, F5 | 37.5997 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units F3, F4, F6 | 74.2839 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units F7, F8 | 336.9752 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units F3, F4, F9 | 72.2447 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units F10, F8 | 414.8048 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units F3, F4, F11 | 132.2603 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units F12, F8 | 399.6064 | $0.00 | $0.00 |
| holding | Exchangeable Units F1 | -- | -- | -- |
| holding | Option (Right to Buy) F2 | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 34,272.1849 contracts (Direct);
Performance Share Units — 124,721.7254 contracts (Direct);
Exchangeable Units — 52,965 contracts (Direct);
Option (Right to Buy) — 25,000 contracts (Direct);
Common Shares — 479,845.4063 shares (Direct)
Footnotes (12)
- F1. 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 share 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.
- F2. These options are fully vested and exercisable.
- F3. Each restricted share unit represents a contingent right to receive one common share.
- F4. 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.
- F5. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
- F6. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
- F7. 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.
- F8. 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.
- F9. These restricted share units vest in equal annual installments. The reamining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028.
- F10. 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.
- F11. 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.
- F12. 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
RSU-related dividend equivalent rights: 38 share-equivalent rights
RSU-related dividend equivalent rights: 74 share-equivalent rights
RSU-related dividend equivalent rights: 72 share-equivalent rights
+5 more
8 metrics
RSU-related dividend equivalent rights
38 share-equivalent rights
Related to an award with remaining vesting on December 15, 2026
RSU-related dividend equivalent rights
74 share-equivalent rights
Related to an award with remaining vestings on December 15, 2026 and December 15, 2027
RSU-related dividend equivalent rights
72 share-equivalent rights
Related to an award with remaining vestings through December 15, 2028
RSU-related dividend equivalent rights
132 share-equivalent rights
Related to an award with vestings through December 15, 2029
2024 PBRSU-related units
337 units
Performance period ends February 23, 2027; vesting on March 15, 2027 to the extent earned
2025 PBRSU-related units
415 units
Performance period ends February 28, 2028; vesting on March 15, 2028 to the extent earned
2026 PBRSU-related units
400 units
Performance period ends February 25, 2029; vesting on March 15, 2029 to the extent earned
Common shares held directly after transactions
479,845 shares
Reported as of October 2, 2026
Key Terms
dividend equivalent rights, restricted share units, performance based restricted share units, exchangeable unit, +1 more
5 terms
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.
exchangeable unit financial
"Each Restaurant Brands International Limited Partnership exchangeable unit is convertible"
performance period financial
"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 amounts did Jill Granat acquire in the QSR awards?
Her October 2, 2026 reported acquisitions included 38, 74, 72 and 132 RSU-related share-equivalent rights, and 337, 415 and 400 performance-based restricted share unit-related units.
When do Jill Granat’s QSR performance-based units vest?
The 2024, 2025 and 2026 performance-based restricted share unit awards are stated to vest on March 15, 2027, March 15, 2028 and March 15, 2029, respectively, to the extent earned. The number earned may increase or decrease based on performance results.
What can Jill Granat’s QSR exchangeable units convert into?
Each of her 52,965 Restaurant Brands International Limited Partnership exchangeable units is convertible, at her election, into Restaurant Brands International Inc. common shares or a cash amount determined by reference to the weighted average trading price over the 20 consecutive trading days ending on the last business day before exchange. Cash settlement is at the general partner’s sole discretion, subject in certain circumstances to consent from the issuer’s conflicts committee; the conversion right has no expiration date.
AI-generated analysis. How Rhea-AI works. Not financial advice.
