DOYLE J PATRICK 4
4 · Restaurant Brands International Inc. · Filed Apr 6, 2026
Research Summary
AI-generated summary of this filing
Restaurant Brands (QSR) Exec Chair Doyle J. Patrick Receives Award
What Happened
Doyle J. Patrick, Executive Chairman and Director of Restaurant Brands International (QSR), was granted a total of 9,166.089 derivative awards on April 2, 2026 — 1,929.703 units and 7,236.386 units — recorded at $0.00 per unit (award/grant, not an open-market purchase). These awards consist of restricted share units (RSUs) and performance-based restricted share units (PBRSUs) and include dividend equivalent rights.
Key Details
- Transaction date: April 2, 2026 (Form 4 filed April 6, 2026 — within the SEC two business-day filing window).
- Grants: 1,929.703 units and 7,236.386 units; total = 9,166.089 units; reported price $0.00 (derivative award).
- Shares owned after transaction: Not specified in the filing.
- Notable footnotes:
- F1: Some shares are held by Lodgepole 231 LLC (L231LLC); Mr. Patrick is a member/Investment Manager and disclaims beneficial ownership except to the extent of any pecuniary interest.
- F2: Each RSU represents a contingent right to receive one common share.
- F3/F6: Dividend equivalent rights accrued on the RSUs/PBRSUs and vest proportionately with the underlying awards.
- F4: Remaining RSU vesting dates are Nov 21, 2026 and Nov 21, 2027.
- F5: PBRSUs have a performance period from Nov 21, 2022 to May 21, 2028 and may pay out 50%–200% based on share-price-appreciation performance targets.
Context
This filing documents compensation awards (RSUs/PBRSUs) that convert to shares only if/when vesting and performance conditions are met — not an immediate cash purchase or sale. Dividend equivalents accrue and settle under the same terms as the underlying awards. Because part of the grant is performance-based, the eventual number of shares delivered could vary (50%–200% payout depending on performance). The L231LLC disclosure indicates some holdings are held through an entity where Mr. Patrick has managerial control but disclaims direct beneficial ownership beyond his economic interest.
Insider Transaction Report
- Award
Restricted Share Units
[F2][F3][F4]2026-04-02+1,929.703→ 224,884.625 total→ Common Shares (1,929.703 underlying) - Award
Performance Share Units
[F5][F6]2026-04-02+7,236.386→ 843,317.343 total→ Common Shares (7,236.386 underlying)
- 193,855.024
Common Shares
- 500,000(indirect: By LLC)
Common Shares
[F1] - 2,000,000
Option (Right to Buy)
Exercise: $66.74From: 2027-11-21Exp: 2032-11-20→ Common Shares (2,000,000 underlying)
Footnotes (6)
- [F1]These shares are held by Lodgepole 231 LLC, a Delaware limited liability company ("L231LLC"). The Reporting Person is a member of L231LLC and the Investment Manager with the sole voting and dispositive power over all of the assets of L231LLC, including the shares. The Reporting Person disclaims beneficial ownership of the securities held by L231LLC except to the extent of his pecuniary interest therein.
- [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 vestings will occur on November 21, 2026 and November 21, 2027.
- [F5]The performance based restricted share units ("PBRSUs") will have a performance period beginning November 21, 2022 and ending May 21, 2028 and may be earned from 50% for the threshold performance to 200% for maximum performance, based on meeting performance targets tied to the appreciation of the price of RBI common shares.
- [F6]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.