Earnings Feed
Start Free
Restaurant Brands International Inc.·4

Feb 27, 5:33 PM ET

CURTIS THOMAS BENJAMIN 4

4 · Restaurant Brands International Inc. · Filed Feb 27, 2026

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) Pres. Curtis Benjamin Buys Shares, Receives RSUs

What Happened

  • Curtis Thomas Benjamin, President, BK US & CA of Restaurant Brands International (QSR), purchased 2,055 common shares on February 25, 2026 at $68.81 per share for a total cash outlay of $141,405. That purchase was made under the company’s 2025 Bonus Swap Program.
  • On the same date he also received two types of equity awards totaling 65,840 restricted share units (RSUs/PBRSUs): 7,709 time‑based RSUs (matching grant under the bonus-swap program) and 58,131 performance‑based RSUs (PBRSUs). These awards are grants (derivative awards) with future vesting and/or performance conditions and had no cash price at grant.

Key Details

  • Transaction date: February 25, 2026. Purchase price for the 2,055 shares: $68.81 (total $141,405). Purchase price was set using the NYSE last sale on Feb 24, 2026.
  • Awards: 7,709 RSUs (time‑based matching RSUs) and 58,131 PBRSUs (performance-based). Combined derivative awards = 65,840 units.
  • Vesting: The 7,709 RSUs vest in equal annual installments (remaining vestings through Dec 15, 2026–2029 per the grant). The 58,131 PBRSUs have a performance period Feb 25, 2026–Feb 25, 2029 and, if earned, will vest on March 15, 2029 (final payout may increase or decrease based on performance).
  • Bonus-swap details: Benjamin used 50% of his 2025 net bonus to buy the 2,055 “Investment Shares” and received a matching RSU grant equal to 50% of his gross bonus multiplied by an RSU multiplier (2.25 for his level) divided by the $68.81 price. If he sells the Investment Shares, unvested 2026 RSUs may be forfeited.
  • Shares owned after transaction: Not specified in the disclosed items of this filing.
  • Filing timeliness: Report was filed Feb 27, 2026 for transactions dated Feb 25, 2026 (no indication in the filing that it was late).

Context

  • Purchase vs. award: The 2,055‑share purchase is a direct buy (cash outlay) and is often considered a stronger near‑term signal of insider buying than awards, which depend on vesting/performance. The larger portion of equity here is awards (RSUs/PBRSUs) subject to vesting and performance metrics and therefore represent potential future ownership rather than immediate free tradable shares.
  • For retail investors: Awards (RSUs/PBRSUs) indicate long‑term incentive alignment but do not equal immediate open‑market purchases. The cash purchase shows a concrete purchase of stock by the insider.

Insider Transaction Report

Form 4
Period: 2026-02-25
Restaurant Brands International Inc.QSR
CURTIS THOMAS BENJAMIN
Pres., BK US & CA
Transactions
  • Award

    Common Shares

    [F1][F2]
    2026-02-25$68.81/sh+2,055$141,405→ 102,216.203 total
  • Award

    Restricted Share Units

    [F3][F9][F10]
    2026-02-25+7,709→ 7,709 total
    → Common Shares (7,709 underlying)
  • Award

    Performance Share Units

    [F11]
    2026-02-25+58,131→ 58,131 total
    From: 2029-03-15Exp: 2029-03-15→ Common Shares (58,131 underlying)
Holdings

  • Restricted Share Units

    [F3][F4]
    → Common Shares (2,510.634 underlying)
    2,510.634

  • Restricted Share Units

    [F3][F5]
    → Common Shares (7,780.867 underlying)
    7,780.867

  • Performance Share Units

    [F6]
    From: 2027-03-15Exp: 2027-03-15→ Common Shares (63,971.139 underlying)
    63,971.139

  • Restricted Share Units

    [F3][F7]
    → Common Shares (7,298.925 underlying)
    7,298.925

  • Performance Share Units

    [F8]
    From: 2028-03-15Exp: 2028-03-15→ Common Shares (63,633.81 underlying)
    63,633.81
Footnotes (11)
  • [F1]The shares reported represent common shares purchased from the Issuer by the Reporting Person upon exercise of his investment rights pursuant to the Issuer's 2025 Bonus Swap Program under its 2023 Omnibus Incentive Plan ("2023 Plan"). The Reporting Person elected to use 50% of his 2025 net bonus to purchase common shares at a purchase price of $68.81 per share ("Investment Shares").
  • [F10]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.
  • [F11]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.
  • [F2]Pursuant to the Issuer's 2023 Plan, the purchase price of the Investment Shares is calculated based on the last sales price of common shares of the Issuer reported on the New York Stock Exchange on the trading day immediately preceding the grant date, in this case February 24, 2026.
  • [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]The Issuer granted the 2026 restricted share units ("2026 RSUs") to the Reporting Person pursuant to the Issuer's 2025 Bonus Swap Program under its 2023 Plan. The Reporting Person elected to use 50% of his 2025 net bonus to purchase Investment Shares and received a matching grant of 2026 RSUs in an amount equal to 50% of his gross bonus, multiplied by a multiplier based on the Reporting Person's position level with the Issuer ("RSU Multiplier"), and divided by the purchase price of $68.81 per share. The RSU Multiplier was 2.25 for executive vice presidents and above. If the Reporting Person sells any of the Investment Shares, he will forfeit all of the 2026 RSUs that have not yet vested.
Signature
/s/ David Wallace, as Attorney-in-Fact for Thomas Benjamin Curtis|2026-02-27

Documents

1 file
  • 4
    wk-form4_1772231618.xmlPrimary

    FORM 4