J. Patrick Doyle - Jul 5, 2024 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Executive Chairman, Director
Signature: /s/ Michele Keusch, as Attorney-in-Fact for J. Patrick Doyle
Stock symbol: QSR
Transactions as of: Jul 5, 2024
Transactions value $: $0
Form type: 4
Date filed: 7/9/2024, 04:56 PM
Previous filing: Apr 8, 2024
Next filing: Oct 8, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	QSR	Common Shares						62.5K	Jul 5, 2024	Direct
holding	QSR	Common Shares						500K	Jul 5, 2024	By LLC	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	Award	$0	+3.48K	+0.83%	$0.00	423K	Jul 5, 2024	Common Shares	3.48K		Direct	F2, F3, F4
transaction	QSR	Performance Share Units	Award	$0	+6.52K	+0.83%	$0.00	793K	Jul 5, 2024	Common Shares	6.52K		Direct	F5, F6
holding	QSR	Option (Right to Buy)						2M	Jul 5, 2024	Common Shares	2M	$66.74	Direct

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

Explanation of Responses:

Id	Content
F1	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.
F2	Each restricted share unit represents a contingent right to receive one common share.
F3	Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.
F4	These restricted share units vest in equal installments on November 21, 2023, November 21, 2024, November 21, 2025, November 21, 2026 and November 21, 2027.
F5	The performance based restricted share units ("PBRSUs") will have a performance period beginning November 21, 2022 and ending March 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.
F6	Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.