Axel Schwan - Oct 7, 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role
Pres., Tim Hortons Americas
Signature
/s/ Deul Lim, as Attorney-in-Fact for Axel Schwan
Stock symbol
QSR
Transactions as of
Oct 7, 2025
Transactions value $
$0
Form type
4
Date filed
10/9/2025, 05:08 PM
Previous filing
Jul 10, 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Schwan Axel Pres., Tim Hortons Americas C/O RESTAURANT BRANDS INTERNATIONAL INC., 130 KING STREET WEST; SUITE 300, TORONTO, ONTARIO, CANADA /s/ Deul Lim, as Attorney-in-Fact for Axel Schwan 2025-10-09 0001594977

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding QSR Common Shares 158K Oct 7, 2025 Direct

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction QSR Restricted Share Units Award $0 +35.3 +0.9% $0.00 3.96K Oct 7, 2025 Common Shares 35.3 Direct F2, F3, F4
transaction QSR Restricted Share Units Award $0 +76.6 +0.9% $0.00 8.59K Oct 7, 2025 Common Shares 76.6 Direct F2, F3, F5
transaction QSR Performance Share Units Award $0 +721 +0.9% $0.00 80.8K Oct 7, 2025 Common Shares 721 Direct F6, F7
transaction QSR Restricted Share Units Award $0 +94.9 +0.9% $0.00 10.6K Oct 7, 2025 Common Shares 94.9 Direct F2, F3, F8
transaction QSR Performance Share Units Award $0 +503 +0.9% $0.00 56.3K Oct 7, 2025 Common Shares 503 Direct F7, F9
transaction QSR Restricted Share Units Award $0 +111 +0.9% $0.00 12.4K Oct 7, 2025 Common Shares 111 Direct F2, F3, F10
transaction QSR Performance Share Units Award $0 +562 +0.9% $0.00 63K Oct 7, 2025 Common Shares 562 Direct F7, F11
holding QSR Option (Right to Buy) 40K Oct 7, 2025 Common Shares 40K $58.44 Direct F1
holding QSR Option (Right to Buy) 30K Oct 7, 2025 Common Shares 30K $64.75 Direct F1
holding QSR Option (Right to Buy) 56K Oct 7, 2025 Common Shares 56K $66.31 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 These options are fully vested and exercisable.
F2 Each restricted share unit represents a contingent right to receive one common share.
F3 Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.
F4 These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025.
F5 These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and December 15, 2026.
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.
F7 Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate.
F8 These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025, December 15, 2026 and December 15, 2027.
F9 The shares reported represent an award of performance based share units ("2024 PSUs") granted to the Reporting Person. The 2024 PSUs 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.
F10 These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2025, December 15, 2026, December 15, 2027 and December 15, 2028.
F11 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.