Restaurant Brands (NYSE: QSR) details December 2025 insider moves

Rhea-AI Filing Summary

Restaurant Brands International Inc. executive Jill Granat, EVP, General Counsel & Secretary, reported multiple share transactions in mid-December 2025. On 12/15/2025, several restricted share unit awards vested, delivering 3,930.0928, 3,880.6375 and 2,516.4167 common shares at $0 per share. To cover withholding taxes and tax equalization amounts related to these awards, she sold 4,058.127 and 1,257.3302 shares at $70.8733 per share. On 12/16/2025 she also gifted 5,326 shares in an exempt transaction. After these transactions she directly beneficially owned 455,300.3441 common shares and continues to hold stock options, restricted share units and performance-based share units with vesting dates extending through 2028.

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

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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^*

Granat Jill

(Last) (First) (Middle)

C/O RESTAURANT BRANDS INTERNATIONAL INC.

5707 BLUE LAGOON DRIVE

(Street)

MIAMI FL 33126

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/15/2025

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

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

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

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	12/15/2025		M		3,930.0928	A	$0	459,544.7471	D
Common Shares	12/15/2025		M		3,880.6375	A	$0	463,425.3846	D
Common Shares	12/15/2025		M		2,516.4167	A	$0	465,941.8013	D
Common Shares	12/15/2025		S(1)		4,058.127	D	$70.8733	461,883.6743	D
Common Shares	12/15/2025		S(2)		1,257.3302	D	$70.8733	460,626.3441	D
Common Shares	12/16/2025		G(3)		5,326	D	$0	455,300.3441	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(4)	(4)							(4)	(4)	Common Shares	52,965		52,965	D
Option (Right to Buy)	$56.92							(5)	05/04/2027	Common Shares	50,000		50,000	D
Option (Right to Buy)	$66.31							(5)	02/20/2030	Common Shares	25,000		25,000	D
Restricted Share Units	(6)							(7)	(7)	Common Shares	4,859.5502		4,859.5502	D
Restricted Share Units	(6)	12/15/2025		M			3,930.0928	(8)	(8)	Common Shares	3,930.0928	$0	3,928.9975	D
Performance Share Units	(9)							02/22/2026	02/22/2026	Common Shares	36,376.3609		36,376.3609	D
Restricted Share Units	(6)	12/15/2025		M			3,880.6375	(10)	(10)	Common Shares	3,880.6375	$0	7,762.3369	D
Performance Share Units	(11)							03/15/2027	03/15/2027	Common Shares	35,212.406		35,212.406	D
Restricted Share Units	(6)	12/15/2025		M			2,516.4167	(12)	(12)	Common Shares	2,516.4167	$0	7,549.2502	D
Performance Share Units	(13)							03/15/2028	03/15/2028	Common Shares	43,345.2524		43,345.2524	D

Explanation of Responses:

1. Represents shares sold to cover withholding tax obligations on the settlement of the reported vesting of the Reporting Person's restricted share units.

2. Represents shares sold to cover tax equalization gross-ups due to the Company by the Reporting Person.

3. The Reporting Person gifted these shares in an exempt transaction pursuant to Rule 16b-5 of the Securities Exchange Act of 1934, as amended.

4. 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.

5. These options are fully vested and exercisable.

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

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

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

9. 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.

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

11. 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.

12. 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.

13. 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.

Remarks:

EVP, General Counsel & Secretary

	/s/ Jill Granat	12/17/2025
	** 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).
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FAQ

Who reported insider transactions for Restaurant Brands International (QSR) in this Form 4?

The reporting person is Jill Granat, who serves as EVP, General Counsel & Secretary of Restaurant Brands International Inc.

What equity awards vested for the Restaurant Brands (QSR) executive on 12/15/2025?

On 12/15/2025, several restricted share unit awards vested, resulting in the delivery of 3,930.0928, 3,880.6375 and 2,516.4167 common shares at $0 per share.

How many Restaurant Brands (QSR) shares were sold and at what price in this filing?

The executive sold 4,058.127 and 1,257.3302 common shares at a price of $70.8733 per share, primarily to cover withholding tax and tax equalization obligations related to vesting awards.

Did the Restaurant Brands (QSR) executive make any gifts of shares in this period?

Yes. On 12/16/2025, the reporting person gifted 5,326 shares of Restaurant Brands International Inc. common stock in an exempt transaction under Rule 16b-5.

What is the Restaurant Brands (QSR) executive’s direct share ownership after these transactions?

Following the reported transactions, the executive directly beneficially owned 455,300.3441 common shares of Restaurant Brands International Inc.

What derivative awards and future-vesting units does the Restaurant Brands (QSR) executive hold?

The executive holds exchangeable units, fully vested stock options to buy common shares at exercise prices of $56.92 and $66.31, and multiple restricted share units and performance-based restricted share units with performance periods and vesting dates running through 2028.