Axel Schwan - 15 Dec 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Pres., Tim Hortons Americas
Signature: /s/ Jill Granat, as Attorney-in-Fact for Axel Schwan
Issuer symbol: QSR
Transactions as of: 15 Dec 2025
Net transactions value: -$415,326
Form type: 4
Filing time: 17 Dec 2025, 17:56:13 UTC
Previous filing: 09 Oct 2025
Next filing: 05 Jan 2026
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/ Jill Granat, as Attorney-in-Fact for Axel Schwan	17 Dec 2025	0001594977

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Options Exercise	$0	+4,296	+2.7%	$0.000000	162,056	15 Dec 2025	Direct
transaction	QSR	Common Shares	Sale	$162,981	-2,300	-1.4%	$70.87	159,757	15 Dec 2025	Direct	F1
transaction	QSR	Common Shares	Options Exercise	$0	+3,547	+2.2%	$0.000000	163,304	15 Dec 2025	Direct
transaction	QSR	Common Shares	Sale	$134,577	-1,899	-1.2%	$70.87	161,405	15 Dec 2025	Direct	F1
transaction	QSR	Common Shares	Options Exercise	$0	+3,104	+1.9%	$0.000000	164,509	15 Dec 2025	Direct
transaction	QSR	Common Shares	Sale	$117,767	-1,662	-1%	$70.87	162,848	15 Dec 2025	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	-4,296	-50%	$0.000000	4,295	15 Dec 2025	Common Shares	4,296		Direct	F3, F5
transaction	QSR	Restricted Share Units	Options Exercise	$0	-3,547	-33%	$0.000000	7,092	15 Dec 2025	Common Shares	3,547		Direct	F3, F7
transaction	QSR	Restricted Share Units	Options Exercise	$0	-3,104	-25%	$0.000000	9,310	15 Dec 2025	Common Shares	3,104		Direct	F3, F9
holding	QSR	Option (Right to Buy)						40,000	15 Dec 2025	Common Shares	40,000	$58.44	Direct	F2
holding	QSR	Option (Right to Buy)						30,000	15 Dec 2025	Common Shares	30,000	$64.75	Direct	F2
holding	QSR	Option (Right to Buy)						56,000	15 Dec 2025	Common Shares	56,000	$66.31	Direct	F2
holding	QSR	Restricted Share Units						3,955	15 Dec 2025	Common Shares	3,955		Direct	F3, F4
holding	QSR	Performance Share Units						80,836	15 Dec 2025	Common Shares	80,836		Direct	F6
holding	QSR	Performance Share Units						56,340	15 Dec 2025	Common Shares	56,340		Direct	F8
holding	QSR	Performance Share Units						63,048	15 Dec 2025	Common Shares	63,048		Direct	F10

* 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	These options are fully vested and exercisable.
F3	Each restricted share unit represents a contingent right to receive one common share.
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 vesting will occur on 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	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
F8	The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs 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.
F9	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028.
F10	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.