Friesner Jacqueline’s SEC Form 4 activity, spanning 47 filings across a single company, Restaurant Brands International (QSR), reveals a consistent disposition bias with no open-market purchases on record. Over the tracked period, her total sell value reached $2,738,645.70, while acquisitions—primarily stock awards and option exercises—amounted to just $105,004.06. The most significant transaction came on March 16, 2026, when she sold shares valued at $2,238,315, a move that dwarfs her other sales of $311,677.36 on February 23 and $55,015.14 on January 7. Notably, there are zero recent buy transactions, underscoring a pattern of monetizing equity rather than accumulating additional exposure.
The bulk of her filings are coded as “A” (grants or awards) and “M” (option exercises), which are compensation-driven and mechanical in nature, carrying zero dollar values in most cases. For instance, a cluster of seven zero-value awards on July 7, 2026, and another seven on April 2, 2026, reflect routine equity compensation, not discretionary investment decisions. The only notable acquisition with a tangible value was a $105,004.06 award on February 25, 2026, which coincided with an option exercise the same day and a subsequent sale two days later. This sequence—exercise, award, and sale—suggests a typical cashless exercise pattern where shares are sold to cover costs or realize gains, rather than a bullish signal.
The recent direction is unambiguous: Friesner’s last three trades are all sales, with the March 16 disposition representing the largest single event in the dataset. Her total sell value exceeds her acquired value by a factor of roughly 26, and with no “P” (purchase) codes anywhere in the history, her insider activity leans heavily toward distribution. While the awards and exercises keep her holdings replenished, the consistent conversion of those shares into cash—particularly the $2.24 million sale—indicates a deliberate reduction in her QSR stake over time.
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