Axel Schwan - Dec 31, 2021 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Pres., Tim Hortons Americas
Signature: /s/ Michele Keusch, as Attorney-in-Fact for Axel Schwan
Stock symbol: QSR
Transactions as of: Dec 31, 2021
Transactions value $: $0
Form type: 4
Date filed: 1/4/2022, 04:49 PM
Previous filing: Oct 7, 2021
Next filing: Jan 7, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Options Exercise		+9.22K	+7.86%		127K	Dec 31, 2021	Direct	F1
transaction	QSR	Common Shares	Options Exercise		+4.51K	+3.56%		131K	Dec 31, 2021	Direct	F1
transaction	QSR	Common Shares	Options Exercise		+2.01K	+1.53%		133K	Dec 31, 2021	Direct	F1

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	Options Exercise	$0	-9.22K	-100%	$0.00^*	0	Dec 31, 2021	Common Shares	9.22K		Direct	F2, F3
transaction	QSR	Restricted Share Units	Options Exercise	$0	-4.51K	-33.33%	$0.00	9.02K	Dec 31, 2021	Common Shares	4.51K		Direct	F2, F8
transaction	QSR	Restricted Share Units	Options Exercise	$0	-2.01K	-25%	$0.00	6.03K	Dec 31, 2021	Common Shares	2.01K		Direct	F2, F9
holding	QSR	Option (right to buy)						40K	Dec 31, 2021	Common Shares	40K	$58.44	Direct
holding	QSR	Restricted Share Units						6.54K	Dec 31, 2021	Common Shares	6.54K		Direct	F2, F4
holding	QSR	Option (right to buy)						30K	Dec 31, 2021	Common Shares	30K	$64.75	Direct
holding	QSR	Restricted Share Units						5.91K	Dec 31, 2021	Common Shares	5.91K		Direct	F2, F5
holding	QSR	Option (right to buy)						56K	Dec 31, 2021	Common Shares	56K	$66.31	Direct
holding	QSR	Restricted Share Units						2.9K	Dec 31, 2021	Common Shares	2.9K		Direct	F2, F6
holding	QSR	Performance Share Units						42.8K	Dec 31, 2021	Common Shares	42.8K		Direct	F7
holding	QSR	Performance Share Units						27.5K	Dec 31, 2021	Common Shares	27.5K		Direct	F10

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

Explanation of Responses:

Id	Content
F1	Represents the vesting of the Reporting Person's restricted stock units, which will settle shortly thereafter. Any shares that are withheld or sold to satisfy tax obligations will be reported separately in connection with the settlement.
F2	Each restricted share unit represents a contingent right to receive one common share.
F3	These restricted share units vest on December 31, 2021.
F4	These restricted share units vest on December 31, 2022.
F5	These restricted share units vest on December 31, 2023.
F6	These restricted share units vest on December 31, 2024.
F7	The shares reported represent an award of performance based restricted share units ("2020 PBRSUs") granted to the Reporting Person. The 2020 PBRSUs will have a performance period ending December 31, 2021 and to the extent earned will vest on February 21, 2025, which is the fifth anniversary of the grant date. The number of common shares that will be earned at the end of the performance period is subject to decrease based on the results of the performance condition.
F8	These restricted share units vest in equal installments on December 31, 2021, December 31, 2022 and December 31, 2023.
F9	These restricted share units vest in equal installments on December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024.
F10	The shares reported represent an award of performance based restricted share units ("2021 PBRSUs") granted to the Reporting Person. The 2021 PBRSUs will have a performance period beginning January 1, 2021 and ending December 31, 2023 and to the extent earned will vest on February 19, 2024. 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.