Restaurant Brands' Doyle acquires dividend-linked awards
The performance share units are tied to common-share price targets and may be earned from 50% for threshold to 200% for maximum performance.
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Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. (QSR) Executive Chairman J. Patrick Doyle acquired 2,113.9926 restricted share units and 7,927.4722 performance share units on October 2, 2026. The amounts represent dividend equivalent rights on underlying awards; following the reported acquisitions, his balances were 228,994.1805 restricted share units and 858,728.1770 performance share units, respectively. The performance units may be earned from 50% for threshold performance to 200% for maximum performance, based on targets tied to common-share price appreciation. Doyle also reported a directly held option covering 2,000,000 common shares at a $66.74 exercise price, expiring November 20, 2032. Reported common-share holdings included 193,855 shares held directly and 500,000 held by Lodgepole 231 LLC. Doyle is the LLC’s member and Investment Manager with sole voting and dispositive power over its assets, and disclaims beneficial ownership except to the extent of his pecuniary interest.
Insider Trade Summary
Grant/Award: 10,041.4648 shares
Grant/Award
5 txns
Insider
DOYLE J PATRICK
Role
Executive Chairman
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units F2, F3, F4 | 2,113.9926 | $0.00 | $0.00 |
| Grant/Award | Performance Share Units F5, F6 | 7,927.4722 | $0.00 | $0.00 |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares F1 | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 228,994.1805 contracts (Direct);
Performance Share Units — 858,728.177 contracts (Direct);
Option (Right to Buy) — 2,000,000 contracts (Direct);
Common Shares — 193,855.0238 shares (Direct);
Common Shares — 500,000 shares (Indirect, By LLC)
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 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.
Key Figures
Restricted share units acquired: 2,113.9926 restricted share units
Performance share units acquired: 7,927.4722 performance share units
Restricted share units following transaction: 228,994.1805 restricted share units
+5 more
8 metrics
Restricted share units acquired
2,113.9926 restricted share units
October 2, 2026; dividend equivalent rights on an underlying award
Performance share units acquired
7,927.4722 performance share units
October 2, 2026; dividend equivalent rights on an underlying award
Restricted share units following transaction
228,994.1805 restricted share units
Reported balance following the October 2, 2026 transaction
Performance share units following transaction
858,728.1770 performance share units
Reported balance following the October 2, 2026 transaction
Shares underlying directly held option
2,000,000 common shares
Option reported as held on October 2, 2026
Option exercise price
$66.74 per share
Directly held option expiring November 20, 2032
Common shares held by Lodgepole 231 LLC
500,000 shares
Doyle is the LLC’s member and Investment Manager and disclaims beneficial ownership except to the extent of his pecuniary interest
Directly held common shares
193,855 shares
Reported holding on October 2, 2026
Key Terms
dividend equivalent rights, performance period, exercise price, beneficial ownership
4 terms
dividend equivalent rights financial
"dividend equivalent rights that accrued on the underlying award"
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
performance period financial
"performance period beginning November 21, 2022 and ending May 21, 2028"
The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.
exercise price financial
"exercise price $66.7400"
The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.
beneficial ownership regulatory
"disclaims beneficial ownership of the securities held by L231LLC"
Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many units did QSR Executive Chairman J. Patrick Doyle acquire?
On October 2, 2026, J. Patrick Doyle acquired 2,113.9926 restricted share units and 7,927.4722 performance share units. The reported balances following those acquisitions were 228,994.1805 restricted share units and 858,728.1770 performance share units, respectively. The acquisitions represented dividend equivalent rights accrued on underlying awards.
AI-generated analysis. How Rhea-AI works. Not financial advice.
