Restaurant Brands (QSR) Popeyes president reports new RSU and PSU grants

Rhea-AI Filing Summary

Restaurant Brands International Inc. executive Peter Perdue, President of Popeyes US & Canada, reported multiple equity-based compensation grants on April 2, 2026. He received awards of restricted share units and performance share units, each representing the right to receive an equal number of common shares at no exercise price.

The performance share units have performance periods ending between February 23, 2027 and February 25, 2029, with vesting dates on March 15, 2027, March 15, 2028 and March 15, 2029 to the extent earned. Related restricted share units vest in equal annual installments through dates ranging from December 15, 2026 to December 15, 2029. No open‑market purchases or sales were reported, and Perdue continues to hold 43,626.7121 common shares directly, along with fully vested options over additional common shares.

Insider Trade Summary

10 transactions reported

Mixed 10 txns

Insider PERDUE PETER

Role President, Popeyes-US & Canada

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Units	4.315	$0.00	--
Grant/Award	Restricted Share Units	18.744	$0.00	--
Grant/Award	Performance Share Units	104.583	$0.00	--
Grant/Award	Restricted Share Units	19.352	$0.00	--
Grant/Award	Performance Share Units	117.029	$0.00	--
Grant/Award	Restricted Share Units	23.395	$0.00	--
Grant/Award	Performance Share Units	251.561	$0.00	--
holding	Option (Right to Buy)	--	--	--
holding	Option (Right to Buy)	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Restricted Share Units — 502.905 shares (Direct); Performance Share Units — 12,187.913 shares (Direct); Option (Right to Buy) — 10,000 shares (Direct); Common Shares — 43,626.712 shares (Direct)

Footnotes (1)

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 on 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

RSU grant: 4.3154 units RSU grant: 23.3948 units PSU grant: 251.5613 units +4 more

7 metrics

RSU grant 4.3154 units Restricted share units granted on April 2, 2026

RSU grant 23.3948 units Restricted share units granted on April 2, 2026

PSU grant 251.5613 units Performance share units granted on April 2, 2026

Stock options 10,000 shares Option (Right to Buy) at $64.7500, expiring February 21, 2029

Stock options 12,000 shares Option (Right to Buy) at $66.3100, expiring February 20, 2030

Common share holdings 43,626.7121 shares Directly held common shares after April 2, 2026

PSU holding 29,316.5613 units Total performance share units following 2026 PBRSU award

Key Terms

Restricted Share Units, Performance Share Units, dividend equivalent rights, performance period, +1 more

5 terms

Restricted Share Units financial

"Each restricted share unit represents a contingent right to receive one common share."

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

Performance Share Units financial

"The shares reported represent an award of performance based restricted share units ("2026 PBRSUs") granted to the Reporting Person."

Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.

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.

vest in equal annual installments financial

"These restricted share units vest in equal annual installments."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PERDUE PETER

(Last) (First) (Middle)

C/O RESTAURANT BRANDS INTERNATIONAL INC

5707 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FLORIDA 33126

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Restaurant Brands International Inc. [ QSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President, Popeyes-US & Canada

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares								43,626.7121	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$64.75							(1)	02/21/2029	Common Shares	10,000		10,000	D
Option (Right to Buy)	$66.31							(1)	02/20/2030	Common Shares	12,000		12,000	D
Restricted Share Units	(2)	04/02/2026		A		4.3154(3)		(4)	(4)	Common Shares	4.3154	$0	502.9045	D
Restricted Share Units	(2)	04/02/2026		A		18.7444(3)		(5)	(5)	Common Shares	18.7444	$0	2,184.4424	D
Performance Share Units	(6)	04/02/2026		A		104.5828(7)		03/15/2027	03/15/2027	Common Shares	104.5828	$0	12,187.9129	D
Restricted Share Units	(2)	04/02/2026		A		19.3523(3)		(8)	(8)	Common Shares	19.3523	$0	2,255.2833	D
Performance Share Units	(9)	04/02/2026		A		117.0292(7)		03/15/2028	03/15/2028	Common Shares	117.0292	$0	13,638.3971	D
Restricted Share Units	(2)	04/02/2026		A		23.3948(3)		(10)	(10)	Common Shares	23.3948	$0	2,726.3948	D
Performance Share Units	(11)	04/02/2026		A		251.5613(7)		03/15/2029	03/15/2029	Common Shares	251.5613	$0	29,316.5613	D

Explanation of Responses:

1. These options are fully vested and exercisable.

2. Each restricted share unit represents a contingent right to receive one common share.

3. 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.

4. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.

5. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.

6. 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.

7. 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.

8. 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.

9. 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 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.

10. 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.

11. 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.

Remarks:

	/s/ David Wallace, Attorney-in-Fact for Peter Perdue	04/06/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Restaurant Brands International (QSR) executive Peter Perdue report in this Form 4?

Peter Perdue reported grants of restricted share units and performance share units as equity compensation. These awards give him rights to receive common shares over time, based on service and performance conditions, rather than reflecting any open‑market stock purchases or sales.

How many Restaurant Brands International common shares does Peter Perdue directly hold after these transactions?

After these transactions, Peter Perdue directly holds 43,626.7121 common shares. This figure reflects his reported direct ownership position in the company’s stock, separate from his restricted share units, performance share units, and stock option awards disclosed in the same filing.

What types of equity awards did Peter Perdue receive from Restaurant Brands International (QSR)?

He received restricted share units and performance share units, each representing a contingent right to one common share. The RSUs vest in equal annual installments, while the performance share units vest only if performance goals are achieved over specified multi‑year periods.

When do Peter Perdue’s Restaurant Brands International performance share units vest if targets are met?

The performance share units have performance periods ending February 23, 2027, February 28, 2028 and February 25, 2029. To the extent earned, they vest on March 15, 2027, March 15, 2028 and March 15, 2029, aligning payout with multi‑year performance outcomes.

Over what period do Peter Perdue’s restricted share units in Restaurant Brands International vest?

The restricted share units vest in equal annual installments on future dates. Footnotes indicate remaining vesting dates that include December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029, providing a staged, time‑based compensation schedule for the executive.

Does this Restaurant Brands International Form 4 show any open‑market stock purchases or sales by Peter Perdue?

No, the Form 4 only reports equity compensation grants and holdings. All coded transactions are grant or award acquisitions, and the remaining entries describe existing option and share positions, without any open‑market buying or selling activity disclosed in this filing.