Tim Hortons President Axel Schwan Exercises Options & Sells $4.67M in QSR Stock

Executive Summary

On September 4, 2026, Axel Schwan, President of Tim Hortons US & Canada at Restaurant Brands International Inc. ($QSR), executed derivative option exercises totaling 70,000 common shares and subsequently sold 57,574 shares in an open-market transaction for approximately $4.67 million.

Transaction Details

• Option Exercises:
  • Exercised 40,000 options expiring February 22, 2028, at an exercise price of $58.44 per share.
  • Exercised 30,000 options expiring February 21, 2029, at an exercise price of $64.75 per share.
• Sale:
  • Sold 57,574 common shares at a weighted average price of $81.1428 (prices ranged from $80.87 to $81.36).
  • Total gross sale proceeds: $4,671,715.69.
• Post-Transaction Holdings:
  • Direct common shares owned: 209,907.9293 shares.
  • The insider continues to hold significant unvested/vested equity awards, including 56,000 stock options, 32,697.64 RSUs, and 212,828.20 PSUs.

Insider Sentiment & Significance

The filing represents a standard option exercise and partial sell-to-cover/cash-out event. Because the insider exercised 70,000 shares and sold 57,574 shares, net direct ownership actually expanded following the series of transactions. Given the context of scheduled option maturities and retained equity exposure, the market impact is considered neutral to low-medium.