J. Patrick Doyle - Nov 21, 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: Nov 21, 2024
Transactions value $: -$2,909,182
Form type: 4
Date filed: 11/25/2024, 04:33 PM
Previous filing: Oct 8, 2024
Next filing: Jan 7, 2025

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Options Exercise	$0	+107K	+170.47%	$0.00	169K	Nov 21, 2024	Direct
transaction	QSR	Common Shares	Sale	-$2.8M	-40.5K	-23.97%	$69.16	129K	Nov 21, 2024	Direct	F1, F2
transaction	QSR	Common Shares	Sale	-$107K	-1.53K	-1.19%	$69.63	127K	Nov 21, 2024	Direct	F1, F3
holding	QSR	Common Shares						500K	Nov 21, 2024	By LLC	F4

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	-107K	-25%	$0.00	320K	Nov 21, 2024	Common Shares	107K		Direct	F5, F6
holding	QSR	Option (Right to Buy)						2M	Nov 21, 2024	Common Shares	2M	$66.74	Direct
holding	QSR	Performance Share Units						799K	Nov 21, 2024	Common Shares	799K		Direct	F7

* 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 ranged from $68.60 to $69.59 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 ranged from $69.61 to $69.66 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	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.
F5	Each restricted share unit represents a contingent right to receive one common share.
F6	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.
F7	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.