Jacqueline Friesner - 23 May 2025 Form 4 Insider Report for Restaurant Brands International Inc. (QSR)

Reporting relationship: SVP, Controller and Principal Accounting Officer
Issuer ticker: QSR
Reported as of: 23 May 2025
Net transaction value: -$2,111,345
SEC form: 4
Accepted by SEC: 28 May 2025, 17:01:25 UTC
Prior SEC filing: 08 Apr 2025
Next SEC filing: 10 Jul 2025
Source filing: View source filing
Reporting owner signature: /s/ Michele Keusch, as Attorney-in-Fact for Jacqueline Friesner

Key filing fact

Jacqueline Friesner filed Form 4 for Restaurant Brands International Inc. (QSR) on 28 May 2025.

Key facts

This page summarizes Jacqueline Friesner's Form 4 filing for Restaurant Brands International Inc. (QSR).
5 reported transactions and 10 derivative rows are listed below.
Accepted by SEC: 28 May 2025, 17:01.

Change

Previous filing in this sequence was filed on 08 Apr 2025.
Current net transaction value: -$2,111,345.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001552051 Primary reporting owner

Friesner Jacqueline

Relationship: SVP, Controller and Principal Accounting Officer
Address: C/O RESTAURANT BRANDS INTERNATIONAL INC., 5707 BLUE LAGOON DRIVE, MIAMI
Signature: /s/ Michele Keusch, as Attorney-in-Fact for Jacqueline Friesner
Signature date: 28 May 2025

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

QSR transaction

Common Shares

Options Exercise

Transaction value: $1,683,500
Shares: +50,000
Change %: +27%
Price: $33.67
Shares after: 232,897
Date: 23 May 2025
Ownership: Direct

QSR transaction

Common Shares

Options Exercise

Transaction value: $1,111,000
Shares: +20,000
Change %: +8.6%
Price: $55.55
Shares after: 252,897
Date: 23 May 2025
Ownership: Direct

QSR transaction

Common Shares

Sale

Transaction value: $4,905,845
Shares: -70,000
Change %: -28%
Price: $70.08
Shares after: 182,897
Date: 23 May 2025
Ownership: Direct
Footnotes: F1

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

QSR transaction Derivative

Option (Right to Buy)

Options Exercise

Transaction value: $0
Shares: -50,000
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 50,000
Exercise price: $33.67
Footnotes: F3

QSR transaction Derivative

Option (Right to Buy)

Options Exercise

Transaction value: $0
Shares: -20,000
Change %: -100%
Price: $0.000000
Shares after: 0
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 20,000
Exercise price: $55.55
Footnotes: F3

QSR holding Derivative

Exchangeable Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 9,098
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 9,098
Exercise price
Footnotes: F2

QSR holding Derivative

Restricted Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 2,021
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 2,021
Exercise price
Footnotes: F4, F5

QSR holding Derivative

Restricted Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 3,752
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 3,752
Exercise price
Footnotes: F4, F6

QSR holding Derivative

Performance Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 14,290
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 14,290
Exercise price
Footnotes: F7

QSR holding Derivative

Restricted Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 5,165
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 5,165
Exercise price
Footnotes: F4, F8

QSR holding Derivative

Performance Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 17,067
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 17,067
Exercise price
Footnotes: F9

QSR holding Derivative

Restricted Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 4,453
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 4,453
Exercise price
Footnotes: F4, F10

QSR holding Derivative

Performance Share Units

No transaction description listed

Transaction value
Shares
Change %
Price
Shares after: 17,027
Date: 23 May 2025
Ownership: Direct
Underlying class: Common Shares
Underlying amount: 17,027
Exercise price
Footnotes: F11

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 11 footnotes

Footnote F1

Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction ranged from $70.01 to $70.31 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.

Footnote 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 shares 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 Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.

Footnote F3

These options are fully vested and exercisable.

Footnote F4

Each restricted share units represent a contingent right to receive one common share.

Footnote F5

These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025.

Footnote F6

These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and December 15, 2026.

Footnote F7

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.

Footnote 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.

Footnote 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.

Footnote 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.

Footnote 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.

SEC remarks

SVP, Controller and Principal Accounting Officer

We use cookies and similar technologies to provide certain features, enhance the user experience and, if you allow them, measure engagement and deliver advertising. Analytics and marketing storage stay off until you grant consent. By clicking on "Agree and continue", you declare your consent to the use of the selected optional cookies. to update or revoke optional consent for future visits. For more information, see our Privacy Policy .