SEC FORM 4

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).

1. Name and Address of Reporting Person^*

ENDRES MICHAEL J

(Last)

(First)

(Middle)

4150 TULLER ROAD, UNIT 236

(Street)

DUBLIN

43017

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Tim Hortons Inc. [ THI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2009

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)
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 Stock	05/12/2009		P		2,000	A	$24.25	14,719.227	D
Common Stock	05/12/2009		P		2,100	A	$24.29	16,819.227	D
Common Stock	05/12/2009		P		2,900	A	$24.3	19,719.227	D
Common Stock	05/12/2009		P		166	A	$24.16	19,885.227	D
Common Stock	05/12/2009		P		2,534	A	$24.18	22,419.227	D
Common Stock	05/12/2009		P		300	A	$24.17	22,719.227	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)
Deferred Share Units	⁽¹⁾	05/12/2009		A		318.9227⁽²⁾		⁽¹⁾	⁽¹⁾	Common Stock	318.9227	$24.17⁽²⁾	7,621.3292	D
Deferred Share Units	⁽³⁾	05/12/2009		A		531.5379⁽⁴⁾		⁽³⁾	⁽³⁾	Common Stock	531.5379	$0	8,152.8671⁽⁵⁾	D

Explanation of Responses:

1. Each Deferred Share Unit (DSU) is the economic equivalent of a share of common stock of the issuer. These DSUs are Elective DSUs issued under the issuer's Non-Employee Director Deferred Stock Unit Plan. The DSUs will be settled in cash upon the director's separation from service.

2. The number of Elective DSUs allocated to a reporting person is based on the mean of the high and low prices of the issuer's common stock on the Toronto Stock Exchange on the transaction date (C$28.22). The U.S. price reported represents the approximate equivalent of C$28.22, as converted into U.S. dollars on the transaction date using the noon buying rate of Bank of Canada.

3. Each Deferred Share Unit (DSU) is the economic equivalent of a share of common stock of the issuer. These DSUs are Voluntary Formula DSUs issued under the issuer's Non-Employee Director Deferred Stock Unit Plan. The DSUs will be settled in cash upon the director's separation from service.

4. The number of Voluntary Formula DSUs allocated to a reporting person is based on the mean of the high and low prices of the issuer's common stock on the Toronto Stock Exchange on the transaction date (C$28.22).

5. The number of derivative securities beneficially owned includes additional DSUs acquired in connection with the automatic conversion of dividend equivalent rights (associated with outstanding DSUs) into additional DSUs after each quarterly dividend payment date.

	Jill E. Aebker, Attorney-in-Fact	05/14/2009
	** 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).
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