STOCK TITAN

[Form 4] Restaurant Brands International Inc. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4

Curtis Thomas Benjamin, an officer at Restaurant Brands International (QSR), reported transactions dated 10/07/2025. The filing shows a disposal of 73,897.6316 common shares and multiple awards of restricted share units (RSUs) and performance share units (PSUs) that, if settled or earned, represent contingent rights to common shares totaling approximately 203,715 shares. Several RSU tranches include dividend equivalent rights and vest on specified future dates, while the 2023 PBRSUs, 2024 PSUs, and 2025 PBRSUs have performance periods ending on 12/31/2025, 02/23/2027, and 02/28/2028 respectively, with vesting dates in 20262028.

The report explains that RSUs convert one-for-one to common shares upon vesting and that PSUs will convert to shares only to the extent performance conditions are met; dividend equivalents accrue and vest with the underlying awards. The transaction was signed by an attorney-in-fact on 10/09/2025.

Curtis Thomas Benjamin, un ufficiale di Restaurant Brands International (QSR), ha riferito transazioni datate 10/07/2025. Il deposito mostra una cessione di 73.897,6316 azioni comuni e molteplici premi di unità azionarie vincolate (RSU) e unità azionarie di performance (PSU) che, se liquidate o maturate, rappresentano diritti contingenti su azioni comuni per un totale di circa 203.715 azioni. Diverse tranche di RSU includono diritti equivalenti ai dividendi e maturano in date future specificate, mentre le PBRSU del 2023, le PSU del 2024 e le PBRSU del 2025 hanno periodi di rendimento che terminano il 12/31/2025, il 02/23/2027 e il 02/28/2028 rispettivamente, con date di vesting nel 20262028.

Il rapporto spiega che le RSU si convertono una-per-una in azioni comuni al vesting e che le PSU si convertiranno in azioni solo nella misura in cui vengano soddisfatte le condizioni di performance; i diritti per dividendi maturano e vestono insieme agli assegni sottostanti. La transazione è stata firmata da un procuratore-in-fatto il 10/09/2025.

Curtis Thomas Benjamin, un funcionario de Restaurant Brands International (QSR), reportó transacciones con fecha 10/07/2025. El archivo muestra una disposición de 73.897,6316 acciones ordinarias y múltiples premios de unidades de acciones restringidas (RSU) y unidades de acciones de rendimiento (PSU) que, si se liquidan o ganan, representan derechos contingentes a acciones ordinarias por un total aproximado de 203.715 acciones. Varias tramos de RSU incluyen derechos equivalentes a dividendos y se consolidan en fechas futuras especificadas, mientras que las PBRSU de 2023, las PSU de 2024 y las PBRSU de 2025 tienen periodos de rendimiento que terminan en 12/31/2025, 02/23/2027 y 02/28/2028 respectivamente, con fechas de vesting en 20262028.

El informe explica que las RSU se convierten uno a uno en acciones comunes al vesting y que las PSU se convertirán en acciones solo en la medida en que se cumplan las condiciones de rendimiento; los equivalentes de dividendos se acumulan y vencen con los premios subyacentes. La transacción fue firmada por un apoderado el 10/09/2025.

커티스 토마스 벤자민Restaurant Brands International (QSR)의 직원으로, 10/07/2025 날짜의 거래를 보고했습니다. 공시는 73,897.6316 주의 일반주 처분과 RSU(제한 주식 단위) 및 PSU(성과 주식 단위)의 여러 수여를 보여주며, 정산되거나 수령될 경우 일반주에 대한 조건부 권리를 약 203,715주에 해당하는 총액으로 나타냅니다. 여러 RSU 트랜치는 배당금 등가권을 포함하며 지정된 미래 날짜에 가수권이 만료되고, 2023년 PBRSU, 2024년 PSU, 2025년 PBRSU의 성과 기간은 각각 2025-12-31, 2027-02-23, 2028-02-28에 종료되며, 가수 날짜는 20262028에 있습니다.

보고서는 RSU가 베스팅 시 1대1로 일반주로 전환되고 PSU는 성과 조건이 충족된 경우에만 주식으로 전환된다고 설명합니다; 배당금 등가권은 누적되어 기초 상여와 함께 vest됩니다. 거래는 2025-10-09에 대리인에 의해 서명되었습니다.

Curtis Thomas Benjamin, un fonctionnaire de Restaurant Brands International (QSR), a déclaré des transactions datées du 10/07/2025. Le dépôt indique une cession de 73 897,6316 actions ordinaires et plusieurs attributions d’unités d’actions restreintes (RSU) et d’unités d’actions de performance (PSU) qui, si elles sont réglées ou acquises, représentent des droits conditionnels sur des actions ordinaires totalisant environ 203 715 actions. Plusieurs tranches de RSU comprennent des droits équivalents aux dividendes et se vestent à des dates futures spécifiées, tandis que les PBRSU de 2023, les PSU de 2024 et les PBRSU de 2025 ont des périodes de performance se terminant respectivement le 12/31/2025, le 02/23/2027 et le 02/28/2028, avec des dates de vesting en 20262028.

Le rapport explique que les RSU se convertissent en actions ordinaires au prorata lors du vesting et que les PSU ne se convertiront en actions que dans la mesure où les conditions de performance sont remplies; les droits équivalents aux dividendes s’accumulent et se vestent avec les attributions sous-jacentes. La transaction a été signée par un mandataire le 10/09/2025.

Curtis Thomas Benjamin, ein Beamter von Restaurant Brands International (QSR), meldete Transaktionen mit Datum 10/07/2025. Die Einreichung zeigt einen Abgang von 73.897,6316 Stammaktien sowie mehrere Zuteilungen von Restricted Share Units (RSUs) und Performance Share Units (PSUs), die, falls sie abgewickelt oder erworben werden, Rechtsansprüche auf Stammaktien in Höhe von insgesamt ca. 203.715 Aktien darstellen. Mehrere RSU-Tranchen beinhalten Dividendenäquivalenzrechte und vestieren zu festgelegten zukünftigen Terminen, während die 2023 PBRSUs, die 2024 PSUs und die 2025 PBRSUs Leistungszeiträume haben, die jeweils am 12/31/2025, 02/23/2027 bzw. 02/28/2028 enden, mit Vesting-Daten in 20262028.

Der Bericht erklärt, dass RSUs eins-zu-eins in Stammaktien bei Vesting umgewandelt werden und dass PSUs nur in dem Maß in Aktien umgewandelt werden, wie Leistungsbedingungen erfüllt sind; Dividendenäquivalente fallen an und vestieren zusammen mit den zugrunde liegenden Zuteilungen. Die Transaktion wurde von einem Bevollmächtigten am 10/09/2025 unterzeichnet.

كرتيس توماس بنجامين، ضابط في Restaurant Brands International (QSR)، أفاد بصفقات بتاريخ 10/07/2025. يُظهر الملف تصرّفًا في 73,897.6316 سهمًا عاديًا ومكافآت متعددة من وحدات الأسهم المقيدة (RSUs) ووحدات أسهم الأداء (PSUs) التي إذا تم تسويتها أو كسبها، تمثل حقوقًا معتمدة على الأسهم العادية بإجمالي يقارب 203,715 سهمًا. تتضمن عدة شرائح RSU حقوقًا مكافئة للأرباح وتتشرّع في تواريخ مستقبلية محددة، بينما تنتهي فترات أداء PBRSUs لعام 2023 وPSUs لعام 2024 وPBRSUs لعام 2025 في 12/31/2025، 02/23/2027 و02/28/2028 على التوالي، مع تواريخ vesting في 20262028.

يوضح التقرير أن RSUs تتحول واحد إلى واحد إلى أسهم عادية عند vesting وأن PSUs ستتحول إلى الأسهم فقط إلى الحد الذي تُستوفى فيه شروط الأداء؛ وتتكوّن حقوق الأرباح وتستحق مع الجوائز الأساسية. وقد وقع المعاملة وكيل قانوني في 10/09/2025.

Curtis Thomas Benjamin,是 Restaurant Brands International (QSR) 的一名官员,报告了日期为 10/07/2025 的交易。该备案显示处置了 73,897.6316 股普通股,以及多项受限股票单位(RSU)和业绩股单位(PSU)的奖赏,这些若结算或获得,将构成对普通股的或有权利,总计约 203,715 股。若干 RSU 分期包含股息等同权,并在指定的未来日期归属;而 2023 年 PBRSU、2024 年 PSU 以及 2025 年 PBRSU 的绩效期限分别在 12/31/202502/23/202702/28/2028 结束,归属日期在 20262028

报告解释说 RSU 在归属时按一对一转换为普通股,PSU 仅在达到绩效条件时才会转为股票;股息等同权会累积并随底层奖项一起归属。该交易于 10/09/2025 由代理人签署。

Positive
  • Large equity awards granted totaling approximately 203,715 potential common shares across RSUs and PSUs
  • Performance-based structure for major awards aligns pay with future results through defined performance periods ending 12/31/2025, 02/23/2027, and 02/28/2028
  • Dividend equivalent rights accrue on RSUs and PSUs and vest with the underlying awards
Negative
  • Disposition of 73,897.6316 common shares by the reporting officer on 10/07/2025, reducing direct ownership
  • Majority of PSU value is contingent on future performance metrics and has not yet converted to shares

Insights

TL;DR: Officer sold ~73,898 shares and received performance- and time-based equity awards equal to ~203,715 potential shares.

The filing records a disposition of 73,897.6316 common shares and multiple award grants composed of RSUs and PSUs that together report roughly 203,715 underlying common shares if vested or earned. RSUs include dividend equivalents and scheduled vesting dates in 20252028, while PSUs are tied to defined performance periods ending 12/31/2025, 02/23/2027, and 02/28/2028.

Governance implications hinge on whether the PSU performance conditions are met at each period end; until then these remain contingent compensation. Monitor the 12/31/2025 and 02/22/202603/15/2028 vesting milestones for concrete share issuance and potential dilution effects.

Curtis Thomas Benjamin, un ufficiale di Restaurant Brands International (QSR), ha riferito transazioni datate 10/07/2025. Il deposito mostra una cessione di 73.897,6316 azioni comuni e molteplici premi di unità azionarie vincolate (RSU) e unità azionarie di performance (PSU) che, se liquidate o maturate, rappresentano diritti contingenti su azioni comuni per un totale di circa 203.715 azioni. Diverse tranche di RSU includono diritti equivalenti ai dividendi e maturano in date future specificate, mentre le PBRSU del 2023, le PSU del 2024 e le PBRSU del 2025 hanno periodi di rendimento che terminano il 12/31/2025, il 02/23/2027 e il 02/28/2028 rispettivamente, con date di vesting nel 20262028.

Il rapporto spiega che le RSU si convertono una-per-una in azioni comuni al vesting e che le PSU si convertiranno in azioni solo nella misura in cui vengano soddisfatte le condizioni di performance; i diritti per dividendi maturano e vestono insieme agli assegni sottostanti. La transazione è stata firmata da un procuratore-in-fatto il 10/09/2025.

Curtis Thomas Benjamin, un funcionario de Restaurant Brands International (QSR), reportó transacciones con fecha 10/07/2025. El archivo muestra una disposición de 73.897,6316 acciones ordinarias y múltiples premios de unidades de acciones restringidas (RSU) y unidades de acciones de rendimiento (PSU) que, si se liquidan o ganan, representan derechos contingentes a acciones ordinarias por un total aproximado de 203.715 acciones. Varias tramos de RSU incluyen derechos equivalentes a dividendos y se consolidan en fechas futuras especificadas, mientras que las PBRSU de 2023, las PSU de 2024 y las PBRSU de 2025 tienen periodos de rendimiento que terminan en 12/31/2025, 02/23/2027 y 02/28/2028 respectivamente, con fechas de vesting en 20262028.

El informe explica que las RSU se convierten uno a uno en acciones comunes al vesting y que las PSU se convertirán en acciones solo en la medida en que se cumplan las condiciones de rendimiento; los equivalentes de dividendos se acumulan y vencen con los premios subyacentes. La transacción fue firmada por un apoderado el 10/09/2025.

커티스 토마스 벤자민Restaurant Brands International (QSR)의 직원으로, 10/07/2025 날짜의 거래를 보고했습니다. 공시는 73,897.6316 주의 일반주 처분과 RSU(제한 주식 단위) 및 PSU(성과 주식 단위)의 여러 수여를 보여주며, 정산되거나 수령될 경우 일반주에 대한 조건부 권리를 약 203,715주에 해당하는 총액으로 나타냅니다. 여러 RSU 트랜치는 배당금 등가권을 포함하며 지정된 미래 날짜에 가수권이 만료되고, 2023년 PBRSU, 2024년 PSU, 2025년 PBRSU의 성과 기간은 각각 2025-12-31, 2027-02-23, 2028-02-28에 종료되며, 가수 날짜는 20262028에 있습니다.

보고서는 RSU가 베스팅 시 1대1로 일반주로 전환되고 PSU는 성과 조건이 충족된 경우에만 주식으로 전환된다고 설명합니다; 배당금 등가권은 누적되어 기초 상여와 함께 vest됩니다. 거래는 2025-10-09에 대리인에 의해 서명되었습니다.

Curtis Thomas Benjamin, un fonctionnaire de Restaurant Brands International (QSR), a déclaré des transactions datées du 10/07/2025. Le dépôt indique une cession de 73 897,6316 actions ordinaires et plusieurs attributions d’unités d’actions restreintes (RSU) et d’unités d’actions de performance (PSU) qui, si elles sont réglées ou acquises, représentent des droits conditionnels sur des actions ordinaires totalisant environ 203 715 actions. Plusieurs tranches de RSU comprennent des droits équivalents aux dividendes et se vestent à des dates futures spécifiées, tandis que les PBRSU de 2023, les PSU de 2024 et les PBRSU de 2025 ont des périodes de performance se terminant respectivement le 12/31/2025, le 02/23/2027 et le 02/28/2028, avec des dates de vesting en 20262028.

Le rapport explique que les RSU se convertissent en actions ordinaires au prorata lors du vesting et que les PSU ne se convertiront en actions que dans la mesure où les conditions de performance sont remplies; les droits équivalents aux dividendes s’accumulent et se vestent avec les attributions sous-jacentes. La transaction a été signée par un mandataire le 10/09/2025.

Curtis Thomas Benjamin, ein Beamter von Restaurant Brands International (QSR), meldete Transaktionen mit Datum 10/07/2025. Die Einreichung zeigt einen Abgang von 73.897,6316 Stammaktien sowie mehrere Zuteilungen von Restricted Share Units (RSUs) und Performance Share Units (PSUs), die, falls sie abgewickelt oder erworben werden, Rechtsansprüche auf Stammaktien in Höhe von insgesamt ca. 203.715 Aktien darstellen. Mehrere RSU-Tranchen beinhalten Dividendenäquivalenzrechte und vestieren zu festgelegten zukünftigen Terminen, während die 2023 PBRSUs, die 2024 PSUs und die 2025 PBRSUs Leistungszeiträume haben, die jeweils am 12/31/2025, 02/23/2027 bzw. 02/28/2028 enden, mit Vesting-Daten in 20262028.

Der Bericht erklärt, dass RSUs eins-zu-eins in Stammaktien bei Vesting umgewandelt werden und dass PSUs nur in dem Maß in Aktien umgewandelt werden, wie Leistungsbedingungen erfüllt sind; Dividendenäquivalente fallen an und vestieren zusammen mit den zugrunde liegenden Zuteilungen. Die Transaktion wurde von einem Bevollmächtigten am 10/09/2025 unterzeichnet.

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*
CURTIS THOMAS BENJAMIN

(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)
Pres., BK US & CA
3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025
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 73,897.6316 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
Restricted Share Units (1) 10/07/2025 A 23.1924(2) (3) (3) Common Shares 23.1924 $0 2,599.7968 D
Restricted Share Units (1) 10/07/2025 A 44.3915(2) (4) (4) Common Shares 44.3915 $0 4,976.146 D
Performance Share Units (5) 10/07/2025 A 432.6781(6) 02/22/2026 02/22/2026 Common Shares 432.6781 $0 48,501.8145 D
Restricted Share Units (1) 10/07/2025 A 103.1645(2) (7) (7) Common Shares 103.1645 $0 11,564.406 D
Performance Share Units (8) 10/07/2025 A 565.4251(6) 03/15/2027 03/15/2027 Common Shares 565.4251 $0 63,382.3309 D
Restricted Share Units (1) 10/07/2025 A 86.0179(2) (9) (9) Common Shares 86.0179 $0 9,642.3253 D
Performance Share Units (10) 10/07/2025 A 562.4435(6) 03/15/2028 03/15/2028 Common Shares 562.4435 $0 63,048.1069 D
Explanation of Responses:
1. Each restricted share unit represents a contingent right to receive one common share.
2. 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.
3. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025.
4. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2025 and December 15, 2026.
5. 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.
6. 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.
7. 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.
8. 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.
9. These restricted share units vest in equal annual installments. The vesting will occur on December 15, 2025, 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.
Remarks:
/s/ Deul Lim, as Attorney-in-Fact for Thomas Benjamin Curtis 10/09/2025
** 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).
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.

FAQ

What did the QSR insider file on the Form 4 dated 10/07/2025?

The filing shows a disposal of 73,897.6316 common shares and grants of RSUs and PSUs that together represent roughly 203,715 potential common shares, with vesting and performance periods through 2028.

Who is the reporting person in the QSR Form 4?

The reporting person is Curtis Thomas Benjamin, listed as an officer (Pres., BK US & CA) of Restaurant Brands International (QSR).

When do the performance share units (PSUs) vest or settle?

The filing lists PSU performance periods ending 12/31/2025, 02/23/2027, and 02/28/2028, with vesting/settlement dates in 20262028 depending on the grant.

Do the RSUs include dividend equivalents?

Yes. The RSUs and PSUs in the filing include dividend equivalent rights that accrue and vest proportionately with the underlying awards.

Was the Form 4 signed and when?

The Form 4 was signed by an attorney-in-fact on 10/09/2025.
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