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.