50,000 Restaurant Brands (NYSE: QSR) shares sold after option exercises

Rhea-AI Filing Summary

Restaurant Brands International Inc. officer Jill Granat exercised stock options and sold shares in paired transactions. On March 16, 2026 and March 18, 2026, she exercised options for 25,000 common shares each day at an exercise price of $56.9200 per share and sold the 25,000 shares acquired on each date in open-market transactions at weighted average prices of $74.7565 and $75.0851, respectively, for total sales of 50,000 shares.

Following these transactions, Granat directly holds 478,845.4063 common shares. She also retains equity-based awards, including 52,965 exchangeable units and various restricted share units and performance share units that each represent rights to receive common shares, with future vesting and performance conditions described in the awards’ terms.

Insights

Equity compensation analyst

Officer executes routine option exercise-and-sell totaling 50,000 shares while retaining a sizable equity position.

Jill Granat exercised options for 50,000 Restaurant Brands common shares at an exercise price of $56.9200 and sold all 50,000 shares in the open market at weighted average prices of $74.7565 and $75.0851. This is a classic exercise-and-sell pattern that converts option value into cash.

After the sales, she directly holds 478,845.4063 common shares, so the disposition represents a minority portion of her equity exposure. She also continues to hold exchangeable units and multiple tranches of restricted and performance share units that vest over future dates or depend on performance, indicating ongoing long-term alignment through equity-based compensation.

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

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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 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)
03/16/2026

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	03/16/2026		M		25,000	A	$56.92	503,845.4063	D
Common Shares	03/16/2026		S		25,000	D	$74.7565(1)	478,845.4063	D
Common Shares	03/18/2026		M		25,000	A	$56.92	503,845.4063	D
Common Shares	03/18/2026		S		25,000	D	$75.0851(2)	478,845.4063	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(3)	(3)							(3)	(3)	Common Shares	52,965		52,965	D
Option (Right to Buy)	$56.92	03/16/2026		M			25,000	(4)	05/04/2027	Common Shares	25,000	$0	25,000	D
Option (Right to Buy)	$56.92	03/18/2026		M			25,000	(4)	05/04/2027	Common Shares	25,000	$0	0	D
Option (Right to Buy)	$66.31							(4)	02/20/2030	Common Shares	25,000		25,000	D
Restricted Share Units	(5)							(6)	(6)	Common Shares	3,965.497		3,965.497	D
Restricted Share Units	(5)							(7)	(7)	Common Shares	7,834.4472		7,834.4472	D
Performance Share Units	(8)							03/15/2027	03/15/2027	Common Shares	35,539.5215		35,539.5215	D
Restricted Share Units	(5)							(9)	(9)	Common Shares	7,619.3811		7,619.3811	D
Performance Share Units	(10)							03/15/2028	03/15/2028	Common Shares	43,747.9203		43,747.9203	D
Restricted Share Units	(5)							(11)	(11)	Common Shares	13,949		13,949	D
Performance Share Units	(12)							03/15/2029	03/15/2029	Common Shares	42,145		42,145	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 $74.595 to $74.90 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. Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.90 to $75.40 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.

3. 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.

4. These options are fully vested and exercisable.

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

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

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

8. 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.

9. 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.

10. 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.

11. 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.

12. 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:

EVP, General Counsel and Secretary

	/s/ David Wallace, as Attorney-in-Fact for Jill Granat	03/18/2026
	** 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 did Restaurant Brands (QSR) officer Jill Granat do in this Form 4?

Jill Granat exercised stock options and sold the resulting Restaurant Brands shares. She exercised options for 50,000 common shares at $56.9200 and sold all 50,000 shares in open-market transactions at weighted average prices of $74.7565 and $75.0851.

How many Restaurant Brands (QSR) shares did Jill Granat sell and at what prices?

Granat sold a total of 50,000 Restaurant Brands common shares. She sold 25,000 shares at a weighted average price of $74.7565 and another 25,000 shares at a weighted average price of $75.0851, as disclosed in the Form 4 footnotes.

How many Restaurant Brands (QSR) shares does Jill Granat hold after these transactions?

After the reported trades, Granat directly holds 478,845.4063 common shares. This position reflects her holdings following the exercise and sale of 50,000 shares and excludes additional indirect exposure through exchangeable units and equity-based awards listed separately.

Were these Restaurant Brands (QSR) transactions option exercises or open-market buys?

The transactions were option exercises followed by open-market sales. Granat exercised options for 25,000 shares on each of two dates at an exercise price of $56.9200 per share, then sold the same number of common shares in open-market transactions.

What other equity awards does Jill Granat still hold in Restaurant Brands (QSR)?

Granat continues to hold several equity-based awards. These include 52,965 exchangeable units and multiple restricted share unit and performance share unit grants, each representing rights to receive common shares with specified vesting schedules and, for performance units, results-based payout levels.