Restaurant Brands International EVP & GC Jill Granat Receives Dividend Equivalent Units

Executive Summary

On October 6, 2026, Jill Granat, Executive Vice President, General Counsel, and Secretary of Restaurant Brands International Inc. ($QSR), filed a Form 4 reporting the routine acquisition of 1,467.775 dividend equivalent rights on October 2, 2026. These rights accrued across several outstanding grants of Restricted Share Units (RSUs) and Performance Share Units (PSUs) as a result of regular quarterly dividend payments.

Transaction Overview

• Nature of Transactions: All reported transactions represent routine dividend equivalent rights accrued under code 'A' at a price of $0.00.
• Breakdown of Derivative Additions:
  • RSUs: +37.60, +74.28, +72.24, and +132.26 units (Total: 316.38 RSUs across tranches vesting through 2029).
  • PSUs: +336.98 (2024 grant vesting 2027), +414.80 (2025 grant vesting 2028), and +399.61 (2026 grant vesting 2029) units (Total: 1,151.39 PSUs).
• Net Cost / Value: $0.00 direct consideration.

Ownership Profile Post-Transaction

• Direct Common Shares: 479,845.4063 common shares.
• Derivative Holdings:
  • 52,965 Exchangeable Units
  • 25,000 Options (Exercise Price: $66.31, Expiring Feb 20, 2030)
  • Substantial balances in RSUs and target PSUs across 2024–2026 incentive plans.

Market Impact & Significance

The trading significance of this filing is Low. The acquisitions do not reflect open-market purchasing or selling decisions by management, but rather mechanical, contractual dividend accruals attached to existing equity compensation awards.