Siddiqui Sami A. 4
4 · Restaurant Brands International Inc. · Filed Mar 17, 2026
Research Summary
AI-generated summary of this filing
Restaurant Brands (QSR) CFO Sami Siddiqui Exercises Options, Sells Shares
What Happened
Sami A. Siddiqui, CFO of Restaurant Brands International (QSR), exercised stock options and immediately sold the resulting shares over two days. On March 16, 2026 he exercised 40,000 options at $55.55 ($2,222,000) and sold 40,000 shares in the open market for $74.51 (proceeds $2,980,380). On March 17, 2026 he repeated the same: exercised 40,000 options at $55.55 ($2,222,000) and sold 40,000 shares for $75.28 (proceeds $3,011,300). Total exercise cost was $4,444,000 with total gross proceeds of $5,991,680 (approx. $1.55M pre-tax difference).
Key Details
- Transaction dates and pricing:
- 2026-03-16: exercised 40,000 @ $55.55; sold 40,000 @ weighted avg $74.51 (range $74.35–$74.69) — proceeds $2,980,380. (F1)
- 2026-03-17: exercised 40,000 @ $55.55; sold 40,000 @ weighted avg $75.28 (range $75.10–$75.465) — proceeds $3,011,300. (F2)
- Derivative entries show the underlying options were disposed at $0.00 on exercise — i.e., the options were surrendered/cancelled upon exercise (transaction code M).
- The options exercised are reported as fully vested (F4).
- Shares owned after these transactions: not specified in the provided filing.
- No late filing indicator provided; Form 4 was filed on 2026-03-17 covering trades on 3/16–3/17.
- Footnote availability: reporting person will provide per-share sale price details to SEC if requested (F1, F2).
Context
- This is a cashless-style sequence: options were exercised and the new shares were sold almost immediately. That pattern converts option value to cash and is common for covering exercise costs, taxes, or rebalancing—factually it's an exercise plus sale, not a buy for added exposure.
- Derivative reporting (M) + $0.00 disposal entries simply reflect the cancellation/disposition of the option instrument on exercise; the meaningful cash flows are the exercise cost and the sale proceeds shown above.
- No inference on management outlook should be drawn from routine option exercises and immediate sales; motives (taxes, diversification, liquidity) are not stated in the filing.
Insider Transaction Report
Form 4
Siddiqui Sami A.
Chief Financial Officer
Transactions
- Exercise/Conversion
Common Shares
2026-03-16$55.55/sh+40,000$2,222,000→ 75,766.257 total - Sale
Common Shares
[F1]2026-03-16$74.51/sh−40,000$2,980,380→ 35,766.257 total - Exercise/Conversion
Common Shares
2026-03-17$55.55/sh+40,000$2,222,000→ 75,766.257 total - Sale
Common Shares
[F2]2026-03-17$75.28/sh−40,000$3,011,300→ 12,139.257 total - Exercise/Conversion
Option (Right to Buy)
[F4]2026-03-16−40,000→ 40,000 totalExercise: $55.55Exp: 2027-02-23→ Common Shares (40,000 underlying) - Exercise/Conversion
Option (Right to Buy)
[F4]2026-03-17−40,000→ 0 totalExercise: $55.55Exp: 2027-02-23→ Common Shares (40,000 underlying)
Holdings
- 258,855(indirect: By Trust)
Common Shares
[F3] - 20,000
Option (Right to Buy)
[F4]Exercise: $66.31Exp: 2030-02-20→ Common Shares (20,000 underlying) - 2,459.78
Restricted Share Units
[F5][F6]→ Common Shares (2,459.78 underlying) - 7,469.033
Restricted Share Units
[F5][F7]→ Common Shares (7,469.033 underlying) - 49,755.33
Performance Share Units
[F8]From: 2027-03-15Exp: 2027-03-15→ Common Shares (49,755.33 underlying) - 7,809.166
Restricted Share Units
[F5][F9]→ Common Shares (7,809.166 underlying) - 71,587.129
Performance Share Units
[F10]From: 2028-03-15Exp: 2028-03-15→ Common Shares (71,587.129 underlying) - 75,541.593
Performance Share Units
[F11]From: 2030-05-21Exp: 2030-05-21→ Common Shares (75,541.593 underlying) - 14,411
Restricted Share Units
[F5][F12]→ Common Shares (14,411 underlying) - 58,131
Performance Share Units
[F13]From: 2029-03-15Exp: 2029-03-15→ Common Shares (58,131 underlying)
Footnotes (13)
- [F1]Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.35 to $74.69 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 ("2025-1 PBRSUs") granted to the Reporting Person. The 2025-1 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]The shares reported represent an award of performance based restricted share units ("2025-2 PBRSUs") granted to the Reporting Person. The 2025-2 PBRSUs will have a performance period beginning May 15, 2025 and ending May 21, 2028 and to the extent earned will vest on May 21, 2030. 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 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 $75.10 to $75.465 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]Reflects contribution of 23,627 shares from direct holdings to the revocable trust since the last report. These shares are held by a revocable trust, of which the Reporting Person is the settlor and trustee for the benefit of the Reporting Person.
- [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 Sami A. Siddiqui|2026-03-17