Axel Schwan Sells $415K of Restaurant Brands International Inc (QSR) — SEC Form 4, Dec 17, 2025
Open-Market Net Sale · SEC Form 4
−$415,176
Equity position changed by +3.2%
Equity Position
165K sh
159,421 → 164,509
Equity Change
+3.2%
shares held after vs before
Filing Lag
2 business days
within 2-day SEC deadline
Form 4 · Statement of Changes in Beneficial Ownership
Reporting Owner
| Name | Relationship |
|---|---|
| Axel Schwan CIK 0001594977 |
Officer
|
Axel Schwan at Restaurant Brands International Inc
Full insider history
Bought (12 mo)
—
Sold (12 mo)
$7,592,980
More from this insider at Restaurant Brands International Inc
| 2026-10-06 | Award | — | View |
| 2026-09-09 | Sell | -$4,671,716 | View |
| 2026-07-09 | Award | — | View |
| 2026-04-06 | Award | — | View |
| 2026-02-27 | Award | — | View |
Non-Derivative Securities Transactions
| Title | Date | Type | Shares | Price | Net Total | Post-Txn | Ownership |
|---|---|---|---|---|---|---|---|
| Common Shares | 2025-12-15 | M - Exercise | 4,295.9376 A | $0.00 | — | 162,056.3266 | Direct |
| Common Shares | 2025-12-15 | M - Exercise | 3,547.2531 A | $0.00 | — | 163,303.9643 | Direct |
| Common Shares | 2025-12-15 | M - Exercise | 3,104.1629 A | $0.00 | — | 164,509.2827 | Direct |
| Common SharesF1 | 2025-12-15 | S - Sale | 2,299.6154 D | $70.87 | -$162,981 | 159,756.7112 | Direct |
| Common SharesF1 | 2025-12-15 | S - Sale | 1,898.8445 D | $70.87 | -$134,577 | 161,405.1198 | Direct |
| Common SharesF1 | 2025-12-15 | S - Sale | 1,661.6584 D | $70.87 | -$117,767 | 162,847.6243 | Direct |
Derivative Securities Transactions
| Title | Strike | Date | Type | Shares | Price | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| Restricted Share UnitsF3F5F5 | 2025-12-15 | M - Exercise | 4,295.9376 D | $0.00 | 4,295.9376 Common Shares | Direct | ||
| Restricted Share UnitsF3F7F7 | 2025-12-15 | M - Exercise | 3,547.2531 D | $0.00 | 3,547.2531 Common Shares | Direct | ||
| Restricted Share UnitsF3F9F9 | 2025-12-15 | M - Exercise | 3,104.1629 D | $0.00 | 3,104.1629 Common Shares | Direct |
Derivative Holdings
| Title | Amount | Exercise Price | Expiration |
|---|---|---|---|
| Option (Right to Buy)F2 Common Shares | 40,000 | $58.44 | 2028-02-22 |
| Option (Right to Buy)F2 Common Shares | 30,000 | $64.75 | 2029-02-21 |
| Option (Right to Buy)F2 Common Shares | 56,000 | $66.31 | 2030-02-20 |
| Restricted Share UnitsF3F4F4 Common Shares | 3,955.4214 | ||
| Performance Share UnitsF6 Common Shares | 80,836.3575 | 2026-02-22 | |
| Performance Share UnitsF8 Common Shares | 56,339.8497 | 2027-03-15 | |
| Performance Share UnitsF10 Common Shares | 63,048.1069 | 2028-03-15 |
Footnotes (10)
- F1
- Represents shares sold to cover withholding tax obligations on the settlement of the reported vesting of the Reporting Person's restricted share units. Show more
- F2
- These options are fully vested and exercisable. Show more
- F3
- Each restricted share unit represents a contingent right to receive one common share. Show more
- F4
- These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025. Show more
- F5
- These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026. Show more
- F6
- The shares reported represent an award of performance based restricted share units ("2023 PBRSUs") granted to the Reporting Person. The 2023 PBRSUs will have a performance period beginning January 1, 2023 and ending December 31, 2025 and to the extent earned will vest on February 22, 2026. 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. Show more
- F7
- These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. Show more
- F8
- 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. Show more
- F9
- 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. Show more
- F10
- 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. Show more
Related filings at Restaurant Brands International Inc
Institutional Holders
13F holders · Jun 30, 2026
581
institutional managers reporting a position
Largest by reported value
- Capital World Investors $3.18B
- Pershing Square Holdco, L.P. $1.87B
- Royal Bank Of Canada $1.47B
5%+ Holders · 13D/G
4 filers
Other insiders at Restaurant Brands International Inc
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