Restaurant Brands (NYSE: QSR) exec sells 20K shares after exercising options

Rhea-AI Filing Summary

Restaurant Brands International executive Jeffrey Housman exercised options to acquire 20,000 common shares at an exercise price of $55.55 per share, then sold 20,000 shares in an open-market transaction at a weighted average price of $73.4808 per share, with sale prices ranging from $73.38 to $73.585.

After these transactions, he directly holds 162,076.9254 common shares. This sale represents roughly a low-teens percentage of his post-transaction common share holdings and follows the exercise of fully vested options. He also continues to hold exchangeable units, stock options, and multiple restricted and performance share unit awards that may convert into common shares over future vesting and performance periods.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Housman Jeffrey

(Last) (First) (Middle)

C/O RESTAURANT BRANDS INTERNATIONAL INC.

5707 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FLORIDA 33126

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Restaurant Brands International Inc. [ QSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	See Remarks

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/20/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	03/20/2026		M		20,000	A	$55.55	182,076.9254	D
Common Shares	03/20/2026		S		20,000	D	$73.4808(1)	162,076.9254	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Exchangeable Units(2)	(2)							(2)	(2)	Common Shares	431		431	D
Option (Right to Buy)	$55.55	03/20/2026		M			20,000	(3)	02/24/2027	Common Shares	20,000	$0	0	D
Option (Right to Buy)	$58.44							(3)	02/23/2028	Common Shares	30,000		30,000	D
Option (Right to Buy)	$66.31							(3)	02/21/2030	Common Shares	20,000		20,000	D
Restricted Share Units	(4)							(5)	(5)	Common Shares	2,580.2816		2,580.2816	D
Restricted Share Units	(4)							(6)	(6)	Common Shares	5,322.6234		5,322.6234	D
Performance Share Units	(7)							03/15/2027	03/15/2027	Common Shares	28,431.6173		28,431.6173	D
Restricted Share Units	(4)							(8)	(8)	Common Shares	5,666.5711		5,666.5711	D
Performance Share Units	(9)							03/15/2028	03/15/2028	Common Shares	34,202.6933		34,202.6933	D
Restricted Share Units	(4)							(10)	(10)	Common Shares	7,934		7,934	D
Performance Share Units	(11)							03/15/2029	03/15/2029	Common Shares	36,331		36,331	D

Explanation of Responses:

1. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $73.38 to $73.585 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.

2. 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.

3. These options are fully vested and exercisable.

4. Each restricted share unit represents a contingent right to receive one common share.

5. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.

6. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.

7. 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.

8. 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.

9. 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.

10. These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029.

11. The shares reported represent an award of performance based restricted shares units ("2026 PBRSUs") granted to the Reporting Person. The 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029 and to the extent earned will vest on March 15, 2029. 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.

Remarks:

Chief People & Services Officer

	/s/ David Wallace, as Attorney-in-Fact for Jeffrey Housman	03/20/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transactions did Jeffrey Housman report at Restaurant Brands International (QSR)?

Jeffrey Housman exercised options for 20,000 Restaurant Brands International common shares at $55.55, then sold 20,000 shares in the open market at a weighted average of $73.4808 per share. The sale prices ranged between $73.38 and $73.585 per share.

How many Restaurant Brands International (QSR) shares does Jeffrey Housman hold after the reported Form 4 transactions?

Following the option exercise and sale, Jeffrey Housman directly holds 162,076.9254 Restaurant Brands International common shares. This reflects his remaining equity stake in common shares after disposing of 20,000 shares that were acquired through exercising fully vested stock options.

At what prices did Jeffrey Housman sell Restaurant Brands International (QSR) shares?

Jeffrey Housman sold 20,000 Restaurant Brands International common shares at a weighted average price of $73.4808 per share. According to the disclosure, individual sale prices ranged from $73.38 to $73.585 per share in the open market transaction.

What stock options did Jeffrey Housman exercise in Restaurant Brands International (QSR)?

He exercised options covering 20,000 Restaurant Brands International common shares at an exercise price of $55.55 per share. Footnotes state these options were fully vested and exercisable, indicating the transaction was part of his existing compensation-related equity awards.

What additional equity awards does Jeffrey Housman still hold in Restaurant Brands International (QSR)?

Beyond common shares, Jeffrey Housman holds exchangeable units, stock options, and several restricted and performance share unit awards tied to Restaurant Brands International common shares. These awards have various vesting and performance periods extending to 2027, 2028, and 2029 as described in the footnotes.

Did the Restaurant Brands International (QSR) insider transaction involve newly granted shares?

The reported activity centers on exercising fully vested options for 20,000 shares at $55.55 and promptly selling 20,000 shares. The remaining entries describe ongoing holdings of exchangeable units and restricted or performance share units, rather than new share grants on the transaction date.