Axel Schwan - 08 Jul 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Role: Pres., Tim Hortons Americas
Signature: /s/ Deul Lim, as Attorney-in-Fact for Axel Schwan
Issuer symbol: QSR
Transactions as of: 08 Jul 2025
Net transactions value: $0
Form type: 4
Filing time: 10 Jul 2025, 17:01:24 UTC
Previous filing: 08 Apr 2025
Next filing: 09 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
SCHWAN AXEL MR	Pres., Tim Hortons Americas	C/O RESTAURANT BRANDS INTERNATIONAL INC., 130 KING STREET WEST; SUITE 300, TORONTO, ONTARIO, CANADA	/s/ Deul Lim, as Attorney-in-Fact for Axel Schwan	10 Jul 2025	0001594977

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
holding	QSR	Common Shares						157,760	08 Jul 2025	Direct

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	+35	+0.91%	$0.000000	3,920	08 Jul 2025	Common Shares	35		Direct	F2, F3, F4
transaction	QSR	Restricted Share Units	Award	$0	+77	+0.91%	$0.000000	8,514	08 Jul 2025	Common Shares	77		Direct	F2, F3, F5
transaction	QSR	Performance Share Units	Award	$0	+725	+0.91%	$0.000000	80,115	08 Jul 2025	Common Shares	725		Direct	F6, F7
transaction	QSR	Restricted Share Units	Award	$0	+95	+0.91%	$0.000000	10,545	08 Jul 2025	Common Shares	95		Direct	F2, F3, F8
transaction	QSR	Performance Share Units	Award	$0	+506	+0.91%	$0.000000	55,837	08 Jul 2025	Common Shares	506		Direct	F7, F9
transaction	QSR	Restricted Share Units	Award	$0	+111	+0.91%	$0.000000	12,304	08 Jul 2025	Common Shares	111		Direct	F2, F3, F10
transaction	QSR	Performance Share Units	Award	$0	+566	+0.91%	$0.000000	62,486	08 Jul 2025	Common Shares	566		Direct	F7, F11
holding	QSR	Option (Right to Buy)						40,000	08 Jul 2025	Common Shares	40,000	$58.44	Direct	F1
holding	QSR	Option (Right to Buy)						30,000	08 Jul 2025	Common Shares	30,000	$64.75	Direct	F1
holding	QSR	Option (Right to Buy)						56,000	08 Jul 2025	Common Shares	56,000	$66.31	Direct	F1

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

Explanation of Responses:

Id	Content
F1	These options are fully vested and exercisable.
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 annual installments. The remaining vesting will occur on December 31, 2025.
F5	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and 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	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.
F8	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025, December 15, 2026 and December 15, 2027.
F9	The shares reported represent an award of performance based share units ("2024 PSUs") granted to the Reporting Person. The 2024 PSUs 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.
F10	These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2025, December 15, 2026, December 15, 2027 and December 15, 2028.
F11	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.