Restaurant Brands (NYSE: QSR) grants equity awards to Chief Corporate Officer Fulton Duncan
Rhea-AI Filing Summary
Fulton Duncan reported acquisition or exercise transactions in this Form 4 filing.
Restaurant Brands International Inc. executive Fulton Duncan, Chief Corporate Officer, reported updated equity holdings and several compensation-related equity awards. On July 7, 2026, he received grants of performance share units and restricted share units that each represent rights to receive common shares in the future, subject to vesting schedules and performance conditions. He also continues to hold common shares and fully vested stock options; the filing reports no open-market purchases or sales.
Positive
- None.
Negative
- None.
Insights
Compensation-related equity awards, no market buying or selling.
Chief Corporate Officer Fulton Duncan reported new equity incentives in the form of performance share units and restricted share units in Restaurant Brands International Inc. These awards are granted at a price of $0.0000 per unit and convert into common shares only if vesting and, for performance awards, performance targets are met.
The filing also lists fully vested options to buy 15,000 and 60,000 common shares at exercise prices of $66.3100 and $63.6400, expiring on February 21, 2030 and August 3, 2028. Several restricted share unit awards vest in equal annual installments through dates such as December 15, 2029, and performance-based awards have performance periods ending between February 23, 2027 and February 25, 2029.
The absence of open-market purchases or sales and the presence of routine incentive grants indicate standard executive compensation rather than a discretionary trading signal.
Insider Trade Summary
10 transactions reported
Mixed
10 txns
Insider
Fulton Duncan
Role
Chief Corporate Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 21.9794 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units | 46.0629 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units | 190.1677 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units | 43.6323 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units | 213.5033 | $0.00 | $0.00 |
| Grant/Award | Restricted Share Units | 62.0133 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units | 194.9681 | $0.00 | $0.00 |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 19,756.6193 shares (Direct);
Performance Share Units — 68,093.8424 shares (Direct);
Option (Right to Buy) — 75,000 shares (Direct);
Common Shares — 51,216.9168 shares (Direct)
Footnotes (13)
- F1. The options were issued with an exercise price of CAD $82.81. The reported exercise price represents the U.S. dollar equivalent on the grant date.
- F2. These options are fully vested and exercisable.
- F3. The options were issued with an exercise price of CAD $88.03. The reported exercise price represents the U.S. dollar equivalent on the grant date.
- F4. Each restricted share unit represents a contingent right to receive one common share.
- F5. 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.
- F6. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
- F7. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
- F8. 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.
- F9. 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.
- F10. 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.
- F11. 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 on 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.
- F12. 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.
- F13. 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: 51,216.9168 shares
Option exercise price: $66.3100 per share
Option underlying shares: 15,000.0000 shares
+5 more
8 metrics
Common shares held
51,216.9168 shares
Direct common share ownership after transactions as of July 7, 2026
Option exercise price
$66.3100 per share
Fully vested option on 15,000 common shares expiring February 21, 2030
Option underlying shares
15,000.0000 shares
Common shares underlying option at $66.3100 exercise price
Option exercise price
$63.6400 per share
Fully vested option on 60,000 common shares expiring August 3, 2028
Option underlying shares
60,000.0000 shares
Common shares underlying option at $63.6400 exercise price
PSU grant size
194.9681 units
Performance share units with performance period February 25, 2026 to February 25, 2029
RSU grant size
62.0133 units
Restricted share units with remaining vesting including December 15, 2026
Derivative holdings total
22,177.1795 units
Total performance share units held in one reported award line after acquisition
Key Terms
dividend equivalent rights, performance based restricted share units, restricted share unit, performance period, +2 more
6 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 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029"
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.
vesting financial
"These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
exercise price financial
"The options were issued with an exercise price of CAD $82.81."
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider activity did QSR executive Fulton Duncan report on July 7, 2026?
Fulton Duncan reported equity awards and holdings on July 7, 2026, including grants of performance share units and restricted share units, plus existing common shares and fully vested stock options, with no open-market purchases or sales.
What types of equity awards did QSR grant to Fulton Duncan in this Form 4?
The company granted performance share units and restricted share units that each represent rights to receive one common share, subject to time-based vesting and, for performance-based awards, performance conditions over defined measurement periods.
Do the QSR awards to Fulton Duncan include dividend equivalent rights?
Yes. The filing notes dividend equivalent rights that accrue when dividends are paid on underlying restricted and performance-based share units, vesting and settling on the same terms as the related units.
Over what period will Fulton Duncan’s QSR performance-based RSUs vest if earned?
Performance-based restricted share units labeled 2024, 2025, and 2026 PBRSUs have performance periods ending on February 23, 2027, February 28, 2028, and February 25, 2029, respectively, with vesting on March 15 of the corresponding year if performance conditions are met.