Axel Schwan (QSR) receives new share unit grants and holds large option stake
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International executive Axel Schwan, President of Tim Hortons US & Canada, reported multiple equity compensation awards rather than market trades. On April 2, 2026, he received several grants of restricted share units and performance share units, each convertible into an equal number of common shares.
Key awards include 492.1585, 550.7587 and 767.2684 performance share units that have performance periods running into 2027, 2028 and 2029 and, if earned, vest in March of those years. Following these awards, he also directly holds 197,481.9293 common shares and fully vested stock options over 40,000, 30,000 and 56,000 shares at exercise prices between $58.44 and $66.31.
Positive
- None.
Negative
- None.
Insights
Routine equity grants increase Schwan’s long-term QSR exposure without any share sales.
The Form 4 shows Axel Schwan receiving several grants of restricted and performance share units in 2026, all at a nominal grant price of $0.00. These are compensation awards, not open‑market purchases or sales, so they carry limited short‑term trading signal.
Performance share units of 492.1585, 550.7587 and 767.2684 units have performance periods ending on February 23, 2027, February 28, 2028 and February 25, 2029, with potential vesting on March 15, 2027, March 15, 2028 and March 15, 2029. Actual shares earned will vary with performance against stated conditions.
Schwan also holds fully vested options over 40,000, 30,000 and 56,000 common shares at exercise prices of $58.44, $64.75 and $66.31, expiring between 2028 and 2030. These positions, together with 197,481.9293 common shares held directly, indicate substantial ongoing equity exposure but no disposition in this filing.
Insider Trade Summary
11 transactions reported
Mixed
11 txns
Insider
Schwan Axel
Role
Pres., Tim Hortons US & Canada
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 37.518 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 61.956 | $0.00 | -- |
| Grant/Award | Performance Share Units | 492.159 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 81.332 | $0.00 | -- |
| Grant/Award | Performance Share Units | 550.759 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 97.301 | $0.00 | -- |
| Grant/Award | Performance Share Units | 767.268 | $0.00 | -- |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 4,372.258 shares (Direct);
Performance Share Units — 57,355.393 shares (Direct);
Option (Right to Buy) — 40,000 shares (Direct);
Common Shares — 197,481.929 shares (Direct)
Footnotes (1)
- These options are fully vested and exercisable. Each restricted share unit represents a contingent right to receive one common share. 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. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. 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. 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. 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. 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. 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. 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.
Key Figures
Performance share units 2024 grant: 492.1585 units
Performance share units 2025 grant: 550.7587 units
Performance share units 2026 grant: 767.2684 units
+4 more
7 metrics
Performance share units 2024 grant
492.1585 units
Award with performance period to February 23, 2027; vests March 15, 2027 if earned
Performance share units 2025 grant
550.7587 units
Award with performance period to February 28, 2028; vests March 15, 2028 if earned
Performance share units 2026 grant
767.2684 units
Award with performance period to February 25, 2029; vests March 15, 2029 if earned
Common shares held
197,481.9293 shares
Direct Restaurant Brands common share holdings after reported transactions
Stock option 2028 expiry
40,000 shares at $58.44
Fully vested option over common shares expiring February 22, 2028
Stock option 2029 expiry
30,000 shares at $64.75
Fully vested option over common shares expiring February 21, 2029
Stock option 2030 expiry
56,000 shares at $66.31
Fully vested option over common shares expiring February 20, 2030
Key Terms
Restricted Share Units, Performance Share Units, dividend equivalent rights, 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 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027."
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.
PBRSUs financial
"The shares reported represent an award of performance based restricted share units ("2025 PBRSUs")."
fully vested and exercisable financial
"These options are fully vested and exercisable."
FAQ
What did Restaurant Brands (QSR) executive Axel Schwan report on this Form 4?
Axel Schwan reported receiving new equity compensation awards, not market trades. He was granted several restricted share units and performance share units on April 2, 2026, each representing a contingent right to receive one Restaurant Brands common share if vesting or performance conditions are met.
What stock options does Axel Schwan hold in Restaurant Brands (QSR)?
Schwan holds fully vested options over 40,000, 30,000 and 56,000 Restaurant Brands common shares. The exercise prices are $58.44, $64.75 and $66.31 per share, with expiration dates in 2028, 2029 and 2030, providing potential future purchase rights at these fixed prices.
Do the equity awards to Axel Schwan under this Form 4 involve any open-market buying or selling of QSR shares?
No, the Form 4 reflects equity compensation grants, not open-market trading. The transactions are coded as awards of restricted and performance share units with a $0.00 grant price, indicating they were issued by Restaurant Brands as part of compensation rather than purchased or sold in the market.