Duncan Fulton Sells $250K of Restaurant Brands International Inc (QSR) — SEC Form 4, Dec 17, 2025

Open-Market Net Sale · SEC Form 4
−$250,253

Equity position changed by +8.3%

Reporting Owner
Duncan Fulton
Officer
TXN 2025-12-15 · FILED 2025-12-17
Equity Position 40.1K sh 37,078 → 40,142
Equity Change +8.3% shares held after vs before
Filing Lag 2 business days within 2-day SEC deadline
Form 4 · Statement of Changes in Beneficial Ownership

Restaurant Brands International Inc

QSR CIK 0001618756
All Restaurant Brands International Inc insider activity
Filing Date
2025-12-17
Report Date
2025-12-17
Accession No.
0001908102-25-000006
Accepted At
2025-12-17 22:55 UTC
Reporting Owner
Name Relationship
Duncan Fulton CIK 0001908102
Officer
Duncan Fulton at Restaurant Brands International Inc Full insider history
Bought (12 mo) —
Sold (12 mo) $1,065,856
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All filings by this insider at Restaurant Brands International Inc
Non-Derivative Securities Transactions
Title Date Type Shares Price Net Total Post-Txn Ownership
Common Shares 2025-12-15 M - Exercise 2,434.3095 A $0.00 — 38,649.4681 Direct
Common SharesF1F2 2025-12-15 S - Sale 1,303.0859 D $70.89 -$92,380 37,346.3822 Direct
Common Shares 2025-12-15 M - Exercise 2,550.8236 A $0.00 — 39,897.2058 Direct
Common Shares 2025-12-15 M - Exercise 1,610.4743 A $0.00 — 40,142.2243 Direct
Common SharesF1F2 2025-12-15 S - Sale 1,365.4558 D $70.89 -$96,802 38,531.75 Direct
Common SharesF1F2 2025-12-15 S - Sale 862.0869 D $70.89 -$61,116 39,280.1374 Direct
Derivative Securities Transactions
Title Strike Date Type Shares Price Expiration Underlying Ownership
Restricted Share UnitsF6F8F8 2025-12-15 M - Exercise 2,434.3095 D $0.00 2,434.3095 Common Shares Direct
Restricted Share UnitsF6F10F10 2025-12-15 M - Exercise 2,550.8236 D $0.00 2,550.8236 Common Shares Direct
Restricted Share UnitsF6F12F12 2025-12-15 M - Exercise 1,610.4743 D $0.00 1,610.4743 Common Shares Direct
Derivative Holdings
Title Amount Exercise Price Expiration
Option (Right to Buy)F3F4 Common Shares 60,000 $63.64 2028-08-03
Option (Right to Buy)F5F4 Common Shares 15,000 $66.31 2030-02-21
Restricted Share UnitsF6F7F7 Common Shares 3,194.0152
Performance Share UnitsF9 Common Shares 23,849.0026 2026-02-22
Performance Share UnitsF11 Common Shares 21,061.8168 2027-03-15
Performance Share UnitsF13 Common Shares 23,646.3258 2028-03-15
Footnotes (13)
F1
Represents shares sold to cover withholding tax obligations on the settlement of the reporting vesting of the Reporting Person's restricted share units. Show more
F2
The reported shares were sold in Canadian dollars at a price of CAD$97.6222 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. Show more
F3
The options were issued with an exercise price of CAD $82.81. The reported exercise price represents the U.S. dollar equivalent. Show more
F4
These options are fully vested and exercisable. Show more
F5
The options were issued with an exercise price of CAD $88.03. The reported exercise price represents the U.S. dollar equivalent. Show more
F6
Each restricted share unit represents a contingent right to receive one common share. Show more
F7
These restricted share units vest in equal annual installments. The remaining vesting will occur on December 31, 2025. Show more
F8
These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026. Show more
F9
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. Show more
F10
These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. Show more
F11
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. Show more
F12
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. Show more
F13
The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs have a performance period beginning on February 28, 2025 and ending on 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. Show more

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13F holders · Jun 30, 2026 581 institutional managers reporting a position
Largest by reported value
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  2. Pershing Square Holdco, L.P. $1.87B
  3. Royal Bank Of Canada $1.47B
5%+ Holders · 13D/G 4 filers

Latest Schedule 13D/G per filer; stakes the filer reported closed are left out.

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