Axel Schwan Receives Routine Dividend Equivalent Units at Restaurant Brands International

Executive Summary

On October 6, 2026, Axel Schwan, President of Tim Hortons US & Canada at Restaurant Brands International Inc. ($QSR), filed a Form 4 reporting the routine acquisition of dividend equivalent rights on October 2, 2026.

Transaction Analysis

• Nature of Transactions: The reported transactions reflect dividend equivalent units automatically credited to existing Restricted Share Unit (RSU) and Performance Share Unit (PSU) awards in connection with the company's dividend.
• Volume & Valuation: A cumulative total of approximately 2,287.73 dividend equivalent rights were credited across four RSU grants and three PSU grants at an exercise/acquisition price of $0.00.
• Direct/Indirect Ownership: All awards are held directly.

Market & Trading Significance

This filing represents automatic, non-discretionary accruals of dividend equivalents under long-term equity incentive compensation plans rather than an open-market purchase or sale. As such, it carries low trading significance and provides no direct directional signal regarding executive sentiment.