Joshua Kobza - 04 Apr 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Chief Executive Officer
Signature: /s/ Michele Keusch, as Attorney-in-Fact for Joshua Kobza
Issuer symbol: QSR
Transactions as of: 04 Apr 2025
Net transactions value: $0
Form type: 4
Filing time: 08 Apr 2025, 17:51:49 UTC
Previous filing: 04 Mar 2025
Next filing: 10 Jul 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	QSR	Common Shares						966,502	04 Apr 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	+77	+0.91%	$0.000000	8,546	04 Apr 2025	Common Shares	77		Direct	F3, F4, F5
transaction	QSR	Restricted Share Units	Award	$0	+126	+0.91%	$0.000000	13,939	04 Apr 2025	Common Shares	126		Direct	F3, F4, F6
transaction	QSR	Performance Share Units	Award	$0	+2,924	+0.91%	$0.000000	322,723	04 Apr 2025	Common Shares	2,924		Direct	F7, F8
transaction	QSR	Restricted Share Units	Award	$0	+217	+0.91%	$0.000000	23,979	04 Apr 2025	Common Shares	217		Direct	F3, F4, F9
transaction	QSR	Performance Share Units	Award	$0	+1,128	+0.91%	$0.000000	124,497	04 Apr 2025	Common Shares	1,128		Direct	F8, F10
transaction	QSR	Restricted Share Units	Award	$0	+179	+0.91%	$0.000000	19,706	04 Apr 2025	Common Shares	179		Direct	F3, F4, F11
transaction	QSR	Performance Share Units	Award	$0	+1,402	+0.91%	$0.000000	154,799	04 Apr 2025	Common Shares	1,402		Direct	F8, F12
holding	QSR	Exchangeable Units						5,413	04 Apr 2025	Common Shares	5,413		Direct	F1
holding	QSR	Option (Right to Buy)						200,000	04 Apr 2025	Common Shares	200,000	$56.92	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
F2	These options are fully vested and exercisable.
F3	Each restricted share unit represents a contingent right to receive one common share.
F4	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.
F5	These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025.
F6	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and December 15, 2026.
F7	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 February 22, 2023 and ending May 21, 2028 and to the extent earned will vest on May 28, 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.
F8	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 restricted share units to which they relate.
F9	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.
F10	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.
F11	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.
F12	The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs 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.