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Restaurant Brands International Inc.·4

Jul 9, 7:42 PM ET

DOYLE J PATRICK 4

4 · Restaurant Brands International Inc. · Filed Jul 9, 2026

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) Exec Chair J. Patrick Doyle Receives Awards

What Happened

  • J. Patrick Doyle, Executive Chairman and Director of Restaurant Brands International (QSR), was granted two derivative awards on July 7, 2026: 1,995.563 units and 7,483.362 units (total 9,478.925). Each unit is a contingent right to receive one common share; the awards were reported at $0.00 acquisition price because they are grants/awards rather than purchases. These are not open-market buys or sales — they are equity compensation (time‑ and performance‑based restricted share units).

Key Details

  • Transaction date and filing: Grants dated 2026-07-07; Form 4 filed 2026-07-09 (timely within the usual 2‑business‑day window).
  • Price/value: Reported acquisition price $0.00 (derivative awards). Actual value will depend on RBI share price at settlement.
  • Awards: 1,995.563 RSUs and 7,483.362 RSUs (total 9,478.925).
  • Vesting/performance notes (from filing footnotes):
    • Awards include time‑based restricted share units (RSUs) and performance‑based RSUs (PBRSUs).
    • RSUs vest in equal annual installments, with remaining vestings on Nov 21, 2026 and Nov 21, 2027.
    • PBRSUs have a performance period Nov 21, 2022–May 21, 2028 and may be earned at 50% (threshold) to 200% (maximum) depending on share‑price performance.
    • Dividend equivalents accrue on both RSUs and PBRSUs and vest/settle on the same terms as the underlying awards.
  • Ownership disclosure: Some shares are held by Lodgepole 231 LLC; Doyle is a member and investment manager with sole voting/dispositive power over those assets but disclaims beneficial ownership except for his pecuniary interest.

Context

  • These entries are equity compensation grants (derivative awards). RSUs represent a promise to deliver shares in the future if vesting and, for PBRSUs, performance conditions are met. Because they are grants (not purchases), they do not necessarily signal immediate buying or selling intent — they are part of executive pay/retention and aligned with multi‑year performance metrics.

Insider Transaction Report

Form 4
Period: 2026-07-07
Restaurant Brands International Inc.QSR
DOYLE J PATRICK
DirectorExecutive Chairman
Transactions
  • Award

    Restricted Share Units

    [F2][F3][F4]
    2026-07-07+1,995.563→ 226,880.188 total
    → Common Shares (1,995.563 underlying)
  • Award

    Performance Share Units

    [F5][F6]
    2026-07-07+7,483.362→ 850,800.705 total
    → Common Shares (7,483.362 underlying)
Holdings

  • Common Shares

    193,855.024

  • Common Shares

    [F1]
    (indirect: By LLC)
    500,000

  • Option (Right to Buy)

    Exercise: $66.74From: 2027-11-21Exp: 2032-11-20→ Common Shares (2,000,000 underlying)
    2,000,000
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.
Signature
/s/ David Wallace, as Attorney-in-Fact for J. Patrick Doyle|2026-07-09

Documents

1 file
  • 4
    wk-form4_1783640569.xmlPrimary

    FORM 4