J. Patrick Doyle - Nov 21, 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Signature
/s/ Jill Granat, as Attorney-in-Fact for J. Patrick Doyle
Stock symbol
QSR
Transactions as of
Nov 21, 2025
Transactions value $
-$3,042,920
Form type
4
Date filed
11/25/2025, 05:01 PM
Previous filing
Oct 9, 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
DOYLE J PATRICK Executive Chairman, Director C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI /s/ Jill Granat, as Attorney-in-Fact for J. Patrick Doyle 2025-11-25 0001337160

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction QSR Common Shares Options Exercise $0 +110K +86.97% $0.00 237K Nov 21, 2025 Direct
transaction QSR Common Shares Sale -$1.07M -15.5K -6.53% $68.89 222K Nov 21, 2025 Direct F1, F2
transaction QSR Common Shares Sale -$859K -12.3K -5.54% $69.84 210K Nov 21, 2025 Direct F1, F3
transaction QSR Common Shares Sale -$1.12M -15.8K -7.54% $70.65 194K Nov 21, 2025 Direct F1, F4
holding QSR Common Shares 500K Nov 21, 2025 By LLC F5

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 -110K -33.33% $0.00 221K Nov 21, 2025 Common Shares 110K Direct F6, F7
holding QSR Option (Right to Buy) 2M Nov 21, 2025 Common Shares 2M $66.74 Direct
holding QSR Performance Share Units 828K Nov 21, 2025 Common Shares 828K Direct F8
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares sold to cover withholding tax obligations on the settlement of the reported vesting of the Reporting Person's restricted share units.
F2 Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $68.39 to $69.37 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F3 Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $69.40 to $70.39 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F4 Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $70.40 to $70.91 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
F5 These shares are held by Lodgepole 231 LLC, a Delaware limited liability company ("L231LLC"). The Reporting Person is a member of L231LLC and the Investment Manager with the sole voting and dispositive power over all of the assets of L231LLC, including the shares. The Reporting Person disclaims beneficial ownership of the securities held by L231LLC except to the extent of his pecuniary interest therein.
F6 Each restricted share unit represents a contingent right to receive one common share.
F7 These restricted share units vest in equal annual installments. The remaining vestings will occur on November 21, 2026 and November 21, 2027.
F8 The performance based restricted share units ("PBRSUs") will have a performance period beginning November 21, 2022 and ending May 21, 2028 and may be earned from 50% for the threshold performance to 200% for maximum performance, based on meeting performance targets tied to the appreciation of the price of RBI common shares.