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*
Fulton Duncan
(Last) (First) (Middle)
C/O RESTAURANT BRANDS INTERNATIONAL INC.
130 KING STREET WEST; SUITE 300
(Street)
TORONTO A6 M5X 1E1
(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)
Chief Corporate Officer
3. Date of Earliest Transaction (Month/Day/Year)
12/15/2024
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 12/15/2024 M 2,348.8732 A $0 27,734.8303 D
Common Shares 12/16/2024 S(1) 1,257.3519 D $67.8895(2) 26,477.4784 D
Common Shares 12/15/2024 M 2,460.1908 A $0 28,937.6692 D
Common Shares 12/16/2024 S(1) 1,316.9401 D $67.8895(2) 27,620.7291 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
Option (Right to Buy) $63.64(3) (4) 08/03/2028 Common Shares 60,000 60,000 D
Option (Right to Buy) $66.31(5) 02/21/2025 02/21/2030 Common Shares 15,000 15,000 D
Restricted Share Units (6) (7) (7) Common Shares 3,112.9006 3,112.9006 D
Performance Share Units (8) 02/21/2025 02/21/2025 Common Shares 29,579.0634 29,579.0634 D
Restricted Share Units (6) (9) (9) Common Shares 1,899.5187 1,899.5187 D
Restricted Share Units (6) (10) (10) Common Shares 6,161.0587 6,161.0587 D
Performance Share Units (11) 02/25/2025 02/25/2025 Common Shares 26,825.5469 26,825.5469 D
Restricted Share Units (6) 12/15/2024 M 2,348.8732 (12) (12) Common Shares 2,348.8732 $0 4,695.6332 D
Performance Share Units (13) 02/22/2026 02/22/2026 Common Shares 23,001.629 23,001.629 D
Restricted Share Units (6) 12/15/2024 M 2,460.1908 (14) (14) Common Shares 2,460.1908 $0 7,380.5725 D
Performance Share Units (15) 03/15/2027 03/15/2027 Common Shares 20,313.4741 20,313.4741 D
Explanation of Responses:
1. Represents shares sold to cover withholding taxes on the settlement of the vesting of the Reporting Person's restricted share units.
2. The reported shares were sold in Canadian dollars at a price of CAD$96.6674 per share. The purchase price was converted into its U.S. dollar equivalent using the Bank of Canada daily exchange rate on the sale date.
3. The options were issued with an exercise price of CAD $82.81. The reported exercise price represents the U.S. dollar equivalent.
4. These options are fully vested and exercisable.
5. The options were issued with an exercise price of CAD $88.03. The reported exercise price represents the U.S. dollar equivalent.
6. Each restricted share unit represents a contingent right to receive one common share.
7. These restricted share units vest on December 31, 2024.
8. The shares reported represent an award of performance based restricted share units ("2020 PBRSUs") granted to the Reporting Person. The 2020 PBRSUs have a performance period ending December 31, 2021 and will vest on February 21, 2025, which is the fifth anniversary of the grant date.
9. These restricted share units vest in equal installments on December 31, 2021, December 31, 2022, December 31, 2023 and December 31, 2024.
10. These restricted share units vest in equal installments on December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025.
11. The shares reported represent an award of performance based restricted share units ("2022 PBRSUs") granted to the Reporting Person. The 2022 PBRSUs will have a performance period beginning January 1, 2022 and ending December 31, 2024 and to the extent earned will vest on February 25, 2025. 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 installments on December 15, 2023, December 15, 2024, December 15, 2025 and December 15, 2026.
13. 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.
14. These restricted share units vest in equal installments on December 15, 2024, December 15, 2025, December 15, 2026 and December 15, 2027.
15. The shares reported represent an award of perforamnce based share units ("2024 PSUs") granted to the Reporting Person. The 2024 PSUs will have a performance period beginning Febuary 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 eaned at the end of hte performance period is subject to increase or decrease based on the results of the performance condition.
Remarks:
/s/ Michele Keusche, as Attorney-in-Fact for Duncan Fulton 12/17/2024
** 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.
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