Duncan Fulton - 31 Dec 2022 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Chief Corporate Officer
Signature: /s/ Michele Keusch, as Attorney-in-Fact for Duncan Fulton
Issuer symbol: QSR
Transactions as of: 31 Dec 2022
Net transactions value: $0
Form type: 4
Filing time: 04 Jan 2023, 16:29:52 UTC
Previous filing: 07 Oct 2022
Next filing: 06 Jan 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Options Exercise		+2,929	+38%		10,706	31 Dec 2022	Direct	F1
transaction	QSR	Common Shares	Options Exercise		+1,783	+17%		12,489	31 Dec 2022	Direct	F1
transaction	QSR	Common Shares	Options Exercise		+2,891	+23%		15,380	31 Dec 2022	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	-2,929	-50%	$0.000000	2,929	31 Dec 2022	Common Shares	2,929		Direct	F2, F7
transaction	QSR	Restricted Share Units	Options Exercise	$0	-1,783	-33%	$0.000000	3,566	31 Dec 2022	Common Shares	1,783		Direct	F2, F8
transaction	QSR	Restricted Share Units	Options Exercise	$0	-2,891	-25%	$0.000000	8,675	31 Dec 2022	Common Shares	2,891		Direct	F2, F10
holding	QSR	Option (Right to Buy)						60,000	31 Dec 2022	Common Shares	60,000	$63.64	Direct
holding	QSR	Option (Right to Buy)						15,000	31 Dec 2022	Common Shares	15,000	$66.31	Direct
holding	QSR	Restricted Share Units						3,112	31 Dec 2022	Common Shares	3,112		Direct	F2, F3
holding	QSR	Restricted Share Units						2,922	31 Dec 2022	Common Shares	2,922		Direct	F2, F4
holding	QSR	Performance Share Units						57,187	31 Dec 2022	Common Shares	57,187		Direct	F5
holding	QSR	Performance Share Units						27,761	31 Dec 2022	Common Shares	27,761		Direct	F6
holding	QSR	Performance Share Units						17,839	31 Dec 2022	Common Shares	17,839		Direct	F9
holding	QSR	Performance Share Units						25,177	31 Dec 2022	Common Shares	25,177		Direct	F11

* 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 share 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, 2023.
F4	These restricted share units vest on December 31, 2024.
F5	The share reported represent an award of performance base restricted share units (the "2019 PBRSUs") granted to the Reporting Person. The 2019 PBRSUs have a performance period ending December 31, 2021 and will vest on February 21, 2024, which is the fifth anniversary of the grant date.
F6	The share reported represent an award of performance base restricted share units (the "2020 PBRSUs") granted to the Reporting Person. The 2020 PBRSUs have a performance period ending December 31, 2021 and will vest on February 21, 2025, which is the fifth anniversary of the grant date.
F7	These restricted share units vest in equal installments on December 31, 2021, December 31, 2022 and December 31, 2023.
F8	These restricted share units vest in equal installments on December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024.
F9	The share reported represent an award of performance base restricted share units (the "2021 PBRSUs") granted to the Reporting Person. The 2021 PBRSUs will have a performance period beginning on 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.
F10	These restricted share units vest in equal installments on December 31, 2022, December 31, 2023, December 31, 2024 and December 25, 2025.
F11	The share reported represent an award of performance base restricted share units (the "2022 PBRSUs") granted to the Reporting Person. The 2022 PBRSUs will have a performance period beginning on January 1, 2022 and ending December 31, 2024 and to the extent earned will vest on February 25, 2025. 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.