DOYLE J PATRICK 4

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.