When do QSR's Axel Schwan's performance-based share units vest?

The 2024 performance period ends February 23, 2027, with units vesting March 15, 2027 to the extent earned. The 2025 period ends February 28, 2028, with vesting March 15, 2028; the 2026 period ends February 25, 2029, with vesting March 15, 2029. The number earned can increase or decrease based on performance.

When do QSR restricted share unit awards vest?

The restricted share units vest in equal annual installments. Across the reported awards, vesting dates include December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029; the schedules differ by award.

Restaurant Brands’ Axel Schwan acquires stock awards

Q: What awards did QSR's Axel Schwan report?

Axel Schwan reported 539 2024, 603 2025 and 841 2026 performance-based restricted share units, plus dividend-equivalent rights tied to 41, 68, 89 and 107 restricted share units. The performance-based units are subject to performance conditions.

Q: How many QSR common shares did Axel Schwan hold?

Schwan held 209,908 common shares directly as of October 2, 2026. He also held options covering 56,000 underlying common shares, exercisable at $66.31 per share and expiring February 20, 2030.

The President, Tim Hortons US & Canada, also reported 56,000 fully vested options exercisable at $66.31 per share, expiring February 20, 2030.

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Rhea-AI Filing Summary

Restaurant Brands International Inc. officer Axel Schwan, President, Tim Hortons US & Canada, reported seven direct awards on October 2, 2026: 539 2024, 603 2025 and 841 2026 performance-based restricted share units, plus dividend-equivalent rights tied to restricted share units of 41, 68, 89 and 107 units. The performance-based units vest on March 15, 2027, 2028 and 2029, respectively, only to the extent earned; the number of common shares earned can increase or decrease based on performance.

Insider Trade Summary

Grant/Award: 2,287.7265 shares

Grant/Award 9 txns

Insider Schwan Axel

Role Pres., Tim Hortons US & Canada

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Units ^{F2, F3, F4}	41.1007	$0.00	$0.00
Grant/Award	Restricted Share Units ^{F2, F3, F5}	67.8726	$0.00	$0.00
Grant/Award	Performance Share Units ^{F6, F7}	539.1604	$0.00	$0.00
Grant/Award	Restricted Share Units ^{F2, F3, F8}	89.0989	$0.00	$0.00
Grant/Award	Performance Share Units ^{F9, F7}	603.357	$0.00	$0.00
Grant/Award	Restricted Share Units ^{F2, F3, F10}	106.5933	$0.00	$0.00
Grant/Award	Performance Share Units ^{F11, F7}	840.5436	$0.00	$0.00
holding	Option (Right to Buy) ^F1	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Restricted Share Units — 33,002.3044 contracts (Direct); Performance Share Units — 214,811.2575 contracts (Direct); Option (Right to Buy) — 56,000 contracts (Direct); Common Shares — 209,907.9293 shares (Direct)

Footnotes (11)

F1. These options are fully vested and exercisable.
F2. Each restricted share unit represents a contingent right to receive one common share.
F3. Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.
F4. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
F5. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
F6. 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.
F7. Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate.
F8. 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.
F9. 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.
F10. 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.
F11. The shares reported represent an award of performance based restricted share 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.

Key Figures

2024 performance-based restricted share units: 539 units 2025 performance-based restricted share units: 603 units 2026 performance-based restricted share units: 841 units +3 more

6 metrics

2024 performance-based restricted share units 539 units Award reported October 2, 2026; vesting March 15, 2027 to the extent earned.

2025 performance-based restricted share units 603 units Award reported October 2, 2026; vesting March 15, 2028 to the extent earned.

2026 performance-based restricted share units 841 units Award reported October 2, 2026; vesting March 15, 2029 to the extent earned.

Direct common shares held 209,908 shares As of October 2, 2026.

Options 56,000 underlying common shares Fully vested and exercisable; expiration date February 20, 2030.

Option exercise price $66.31 per share For options expiring February 20, 2030.

Key Terms

restricted share units, dividend equivalent rights, performance based restricted share units, performance period

4 terms

dividend equivalent rights financial

"Represents dividend equivalent rights that accrued on the underlying award"

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

performance period financial

"will have a performance period beginning"

The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What awards did QSR's Axel Schwan report?

Axel Schwan reported 539 2024, 603 2025 and 841 2026 performance-based restricted share units, plus dividend-equivalent rights tied to 41, 68, 89 and 107 restricted share units. The performance-based units are subject to performance conditions.

How many QSR common shares did Axel Schwan hold?

Schwan held 209,908 common shares directly as of October 2, 2026. He also held options covering 56,000 underlying common shares, exercisable at $66.31 per share and expiring February 20, 2030.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/06/2026 - 04:51 PM Accepted by SEC EDGAR 10/06/2026 - 04:50 PM

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^*

Schwan Axel

(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)
	Pres., Tim Hortons US & Canada

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares								209,907.9293	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option (Right to Buy)	$66.31							⁽¹⁾	02/20/2030	Common Shares	56,000		56,000	D
Restricted Share Units	⁽²⁾	10/02/2026		A		41.1007⁽³⁾		⁽⁴⁾	⁽⁴⁾	Common Shares	41.1007	$0	4,452.157	D
Restricted Share Units	⁽²⁾	10/02/2026		A		67.8726⁽³⁾		⁽⁵⁾	⁽⁵⁾	Common Shares	67.8726	$0	7,352.168	D
Performance Share Units	⁽⁶⁾	10/02/2026		A		539.1604⁽⁷⁾		03/15/2027	03/15/2027	Common Shares	539.1604	$0	58,403.5091	D
Restricted Share Units	⁽²⁾	10/02/2026		A		89.0989⁽³⁾		⁽⁸⁾	⁽⁸⁾	Common Shares	89.0989	$0	9,651.4634	D
Performance Share Units	⁽⁹⁾	10/02/2026		A		603.357⁽⁷⁾		03/15/2028	03/15/2028	Common Shares	603.357	$0	65,357.4816	D
Restricted Share Units	⁽²⁾	10/02/2026		A		106.5933⁽³⁾		⁽¹⁰⁾	⁽¹⁰⁾	Common Shares	106.5933	$0	11,546.516	D
Performance Share Units	⁽¹¹⁾	10/02/2026		A		840.5436⁽⁷⁾		03/15/2029	03/15/2029	Common Shares	840.5436	$0	91,050.2668	D

Explanation of Responses:

1. These options are fully vested and exercisable.

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

3. Represents dividend equivalent rights that accrued on the underlying award of restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the restricted share units to which they relate.

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

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

6. 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.

7. Represents dividend equivalent rights that accrued on the underlying award of performance based restricted share units. Dividend equivalent rights accrue when and as dividends are paid on the common shares underlying the applicable performance based restricted share units and vest proportionately with and are subject to settlement and expiration upon the same terms as the performance based restricted share units to which they relate.

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 share 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:

	/s/ David Wallace, as Attorney-in-Fact for Axel Schwan	10/06/2026
	** 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)

Source: View Original Filing on SEC EDGAR