Axel Schwan - 22 Feb 2026 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role
Pres., Tim Hortons Americas
Signature
/s/ David Wallace, as Attorney-in-Fact for Axel Schwan
Issuer symbol
QSR
Transactions as of
22 Feb 2026
Net transactions value
-$2,358,728
Form type
4
Filing time
24 Feb 2026, 18:28:09 UTC
Previous filing
08 Jan 2026
Next filing
27 Feb 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., 5707 WATERFORD DISTRICT DRIVE, MIAMI /s/ David Wallace, as Attorney-in-Fact for Axel Schwan 24 Feb 2026 0001594977

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction QSR Common Shares Options Exercise $0 +65,270 +40% $0.000000 229,923 22 Feb 2026 Direct F1
transaction QSR Common Shares Sale $2,358,728 -34,939 -15% $67.51 194,984 23 Feb 2026 Direct F2

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 Performance Share Units Options Exercise $0 -81,587 -100% $0.000000 0 22 Feb 2026 Common Shares 81,587 Direct F6
holding QSR Option (Right to Buy) 40,000 22 Feb 2026 Common Shares 40,000 $58.44 Direct F3
holding QSR Option (Right to Buy) 30,000 22 Feb 2026 Common Shares 30,000 $64.75 Direct F3
holding QSR Option (Right to Buy) 56,000 22 Feb 2026 Common Shares 56,000 $66.31 Direct F3
holding QSR Restricted Share Units 4,335 22 Feb 2026 Common Shares 4,335 Direct F4, F5
holding QSR Restricted Share Units 7,158 22 Feb 2026 Common Shares 7,158 Direct F4, F7
holding QSR Performance Share Units 56,863 22 Feb 2026 Common Shares 56,863 Direct F8
holding QSR Restricted Share Units 9,397 22 Feb 2026 Common Shares 9,397 Direct F4, F9
holding QSR Performance Share Units 63,634 22 Feb 2026 Common Shares 63,634 Direct F10
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 The 2023 PBRSUs vested at 80% of target based on the results of the performance condition.
F2 Represents shares sold to cover withholding tax obligations on the settlement of the vesting of the Reporting Person's performance based restricted share units.
F3 These options are fully vested and exercisable.
F4 Each restricted share unit represents a contingent right to receive one common share.
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 had a performance period beginning January 1, 2023 and ending December 31, 2025 and to the extent earned vested on February 22, 2026. The 2023 PBRSUs vested at 80% of target.
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.