Granat Jill 4

4 · Restaurant Brands International Inc. · Filed Mar 18, 2026

Research Summary

AI-generated summary of this filing

Updated Mar 19, 2026

Restaurant Brands (QSR) EVP Jill Granat Exercises Options, Sells 50K

What Happened

Jill Granat, EVP, General Counsel and Secretary of Restaurant Brands International (ticker QSR), exercised a total of 50,000 derivative securities (coded M) and immediately sold the 50,000 resulting common shares in open-market transactions (coded S).
On 2026-03-16 she exercised 25,000 shares at $56.92 (cost $1,423,000) and sold 25,000 shares for approximately $1,868,913 (weighted avg reported $74.76). On 2026-03-18 she repeated the same: exercised 25,000 at $56.92 (cost $1,423,000) and sold 25,000 for approximately $1,877,128 (avg $75.09). Total proceeds from the sales were about $3,746,041 versus aggregate exercise cost of $2,846,000.

Key Details

Transaction dates & prices:
- 2026-03-16: exercise 25,000 @ $56.92 (acquired); sale 25,000 at weighted avg ~$74.76 (range $74.595–$74.90) (see F1).
- 2026-03-18: exercise 25,000 @ $56.92 (acquired); sale 25,000 at weighted avg ~$75.09 (range $74.90–$75.40) (see F2).
Total: 50,000 shares exercised and 50,000 shares sold; gross sale proceeds ≈ $3.75M; total exercise cost ≈ $2.85M.
Shares owned after transaction: not shown in the excerpt of the Form 4 provided.
Relevant footnotes in the filing:
- F1/F2: explain weighted-average sale price ranges and availability of per-price breakdown on request.
- F3: describes convertibility of partnership exchangeable units into common shares.
- F4: notes options are fully vested and exercisable.
- F5, F10–F12 and others describe restricted share units and performance-based RSU awards referenced elsewhere in the filing—see the Form 4 for full detail.
Timeliness: Filing date 2026-03-18 covering trades on 2026-03-16 and 2026-03-18 — the report appears to have been filed promptly.

Context

These transactions are an exercise of derivative securities followed by immediate open-market sales (a cashless-style transaction): the insider exercised at the strike price and sold the shares the same day. Such transactions commonly reflect option exercise and monetization or tax-related selling; they are routine and do not necessarily signal a change in view about the company.
For full legal/technical detail (including exact per-share prices and any derivative conversions reported at $0.00), consult the full SEC filing and the footnotes (F1–F12) attached to the Form 4.

Insider Transaction Report

Form 4

Period: 2026-03-16

Restaurant Brands International Inc.QSR

Granat Jill

See Remarks

Transactions

Exercise/Conversion
Common Shares
2026-03-16$56.92/sh+25,000$1,423,000→ 503,845.406 total
Sale
Common Shares
[F1]
2026-03-16$74.76/sh−25,000$1,868,913→ 478,845.406 total
Exercise/Conversion
Common Shares
2026-03-18$56.92/sh+25,000$1,423,000→ 503,845.406 total
Sale
Common Shares
[F2]
2026-03-18$75.09/sh−25,000$1,877,128→ 478,845.406 total
Exercise/Conversion
Option (Right to Buy)
[F4]
2026-03-16−25,000→ 25,000 total
Exercise: $56.92Exp: 2027-05-04→ Common Shares (25,000 underlying)
Exercise/Conversion
Option (Right to Buy)
[F4]
2026-03-18−25,000→ 0 total
Exercise: $56.92Exp: 2027-05-04→ Common Shares (25,000 underlying)

Holdings

Exchangeable Units
[F3]
→ Common Shares (52,965 underlying)
52,965
Option (Right to Buy)
[F4]
Exercise: $66.31Exp: 2030-02-20→ Common Shares (25,000 underlying)
25,000
Restricted Share Units
[F5][F6]
→ Common Shares (3,965.497 underlying)
3,965.497
Restricted Share Units
[F5][F7]
→ Common Shares (7,834.447 underlying)
7,834.447
Performance Share Units
[F8]
From: 2027-03-15Exp: 2027-03-15→ Common Shares (35,539.522 underlying)
35,539.522
Restricted Share Units
[F5][F9]
→ Common Shares (7,619.381 underlying)
7,619.381
Performance Share Units
[F10]
From: 2028-03-15Exp: 2028-03-15→ Common Shares (43,747.92 underlying)
43,747.92
Restricted Share Units
[F5][F11]
→ Common Shares (13,949 underlying)
13,949
Performance Share Units
[F12]
From: 2029-03-15Exp: 2029-03-15→ Common Shares (42,145 underlying)
42,145

Footnotes (12)

[F1]Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.595 to $74.90 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.
[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 shares 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.
[F2]Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.90 to $75.40 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.
[F3]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 Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
[F4]These options are fully vested and exercisable.
[F5]Each restricted share unit represents a contingent right to receive one common share.
[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]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.

Signature

/s/ David Wallace, as Attorney-in-Fact for Jill Granat|2026-03-18

Documents

1 file

4
wk-form4_1773868298.xmlPrimary
FORM 4