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

Role: Chief Corporate Officer
Signature: /s/ David Wallace, as Attorney-in-Fact for Duncan Fulton
Issuer symbol: QSR
Transactions as of: 22 Feb 2026
Net transactions value: -$695,889
Form type: 4
Filing time: 24 Feb 2026, 18:28:36 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
Fulton Duncan	Chief Corporate Officer	C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 WATERFORD DISTRICT DRIVE, MIAMI	/s/ David Wallace, as Attorney-in-Fact for Duncan Fulton	24 Feb 2026	0001908102

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	QSR	Common Shares	Options Exercise	$0	+19,256	+47%	$0.000000	59,985	22 Feb 2026	Direct	F1
transaction	QSR	Common Shares	Sale	$695,889	-10,308	-17%	$67.51	49,677	23 Feb 2026	Direct	F2, F3

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	-24,070	-100%	$0.000000	0	22 Feb 2026	Common Shares	24,070		Direct	F9
holding	QSR	Option (Right to Buy)						60,000	22 Feb 2026	Common Shares	60,000	$63.64	Direct	F4, F5
holding	QSR	Option (Right to Buy)						15,000	22 Feb 2026	Common Shares	15,000	$66.31	Direct	F5, F6
holding	QSR	Restricted Share Units						2,457	22 Feb 2026	Common Shares	2,457		Direct	F7, F8
holding	QSR	Restricted Share Units						5,149	22 Feb 2026	Common Shares	5,149		Direct	F7, F10
holding	QSR	Performance Share Units						21,257	22 Feb 2026	Common Shares	21,257		Direct	F11
holding	QSR	Restricted Share Units						4,877	22 Feb 2026	Common Shares	4,877		Direct	F7, F12
holding	QSR	Performance Share Units						23,866	22 Feb 2026	Common Shares	23,866		Direct	F13

* 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	The reported shares were sold in Canadian dollars at a price of CAD$92.41 per share. The sale price was converted into its U.S. dollar equivalent using the Bank of Canada daily exchange rate on the sale date.
F4	The options were issued with an exercise price of CAD $82.81. The reported exercise price represents the U.S. dollar equivalent on the grant date.
F5	These options are fully vested and exercisable.
F6	The options were issued with an exercise price of CAD $88.03. The reported exercise price represents the U.S. dollar equivalent on the grant date.
F7	Each restricted share unit represents a contingent right to receive one common share.
F8	These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
F9	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.
F10	These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
F11	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.
F12	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.
F13	The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs have a performance period beginning on February 28, 2025 and ending on 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.