THIAGO SANTELMO - 15 Dec 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Signature
/s/ Jill Granat, as Attorney-in-Fact for Thiago Santelmo
Issuer symbol
QSR
Transactions as of
15 Dec 2025
Transactions value $
-$141,496
Form type
4
Filing time
17 Dec 2025, 17:56:20 UTC
Previous filing
09 Oct 2025

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
SANTELMO THIAGO T President, International C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI /s/ Jill Granat, as Attorney-in-Fact for Thiago Santelmo 17 Dec 2025 0002015936

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction QSR Common Shares Options Exercise $0 +2.17K +3.65% $0.00 61.6K 15 Dec 2025 Direct
transaction QSR Common Shares Sale -$55.7K -786 -1.28% $70.87 60.8K 15 Dec 2025 Direct F1
transaction QSR Common Shares Options Exercise $0 +1.5K +2.47% $0.00 62.3K 15 Dec 2025 Direct
transaction QSR Common Shares Sale -$38.6K -545 -0.87% $70.87 61.7K 15 Dec 2025 Direct F1
transaction QSR Common Shares Options Exercise $0 +1.83K +2.97% $0.00 63.6K 15 Dec 2025 Direct
transaction QSR Common Shares Sale -$47.2K -665 -1.05% $70.87 62.9K 15 Dec 2025 Direct 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 Options Exercise $0 -2.17K -49.99% $0.00 2.17K 15 Dec 2025 Common Shares 2.17K Direct F4, F6
transaction QSR Restricted Share Units Options Exercise $0 -1.5K -33.33% $0.00 3K 15 Dec 2025 Common Shares 1.5K Direct F4, F7
transaction QSR Restricted Share Units Options Exercise $0 -1.83K -25.01% $0.00 5.5K 15 Dec 2025 Common Shares 1.83K Direct F4, F10
holding QSR Exchangeable Units 205 15 Dec 2025 Common Shares 205 Direct F2
holding QSR Option (Right to Buy) 10K 15 Dec 2025 Common Shares 10K $55.55 Direct F3
holding QSR Option (Right to Buy) 10K 15 Dec 2025 Common Shares 10K $58.44 Direct F3
holding QSR Option (Right to Buy) 30K 15 Dec 2025 Common Shares 30K $64.75 Direct F3
holding QSR Option (Right to Buy) 7.5K 15 Dec 2025 Common Shares 7.5K $66.31 Direct F3
holding QSR Restricted Share Units 1.86K 15 Dec 2025 Common Shares 1.86K Direct F4, F5
holding QSR Performance Share Units 19.4K 15 Dec 2025 Common Shares 19.4K Direct F8
holding QSR Performance Share Units 30.3K 15 Dec 2025 Common Shares 30.3K Direct F9
holding QSR Performance Share Units 41K 15 Dec 2025 Common Shares 41K Direct F11
* 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 Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common share on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
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 31, 2025.
F6 These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
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 ("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.
F9 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 period.
F10 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.
F11 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 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.