Restaurant Brands (QSR) Executive Chairman Doyle granted RSUs, PBRSUs and holds 2M options

Rhea-AI Filing Summary

Restaurant Brands International Inc. Executive Chairman J. Patrick Doyle reported new equity awards and updated holdings. He received 7,483.3621 Performance Share Units and 1,995.5632 Restricted Share Units, each at a price of $0.0000 per unit as compensation. The RSUs vest in equal annual installments with remaining vestings on November 21, 2026 and November 21, 2027. The PBRSUs have a performance period from November 21, 2022 to May 21, 2028 and may be earned from 50% to 200% based on share price appreciation targets. Doyle now holds 500,000 common shares indirectly through Lodgepole 231 LLC, 193,855.0238 common shares directly, and an option for 2,000,000 shares at an exercise price of $66.74 expiring November 20, 2032, along with other RSU and PSU balances.

Insights

Equity compensation analyst

Executive Chairman received additional stock-based awards, expanding long-term equity exposure without open-market buying or selling.

Executive Chairman J. Patrick Doyle received 7,483.3621 Performance Share Units (PBRSUs) and 1,995.5632 Restricted Share Units (RSUs) at a grant price of $0.0000 per unit as part of his compensation. These are non-cash awards that increase his potential ownership tied to company performance and service.

The RSUs vest in equal annual installments, with remaining vestings on November 21, 2026 and November 21, 2027. The PBRSUs have a performance period from November 21, 2022 to May 21, 2028 and can be earned from 50% at threshold to 200% at maximum, based on appreciation of RBI’s common share price. Dividend equivalent rights accrue on both RSUs and PBRSUs, reinforcing alignment with total shareholder return.

Doyle’s position remains substantial, including 500,000 shares held indirectly via Lodgepole 231 LLC, 193,855.0238 shares held directly, and an option over 2,000,000 shares at an exercise price of $66.7400 expiring on November 20, 2032. The filing shows compensation-related equity grants and updated holdings, without open-market purchases or sales.

Insider Trade Summary

5 transactions reported

Mixed 5 txns

Insider DOYLE J PATRICK

Role Executive Chairman

Type	Security	Shares	Price	Value
Grant/Award	Restricted Share Units	1,995.563	$0.00	--
Grant/Award	Performance Share Units	7,483.362	$0.00	--
holding	Option (Right to Buy)	--	--	--
holding	Common Shares	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Restricted Share Units — 226,880.188 shares (Direct, null); Performance Share Units — 850,800.705 shares (Direct, null); Option (Right to Buy) — 2,000,000 shares (Direct, null); Common Shares — 193,855.024 shares (Direct, null); Common Shares — 500,000 shares (Indirect, By LLC)

Footnotes (1)

1. 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. Each restricted share unit represents a contingent right to receive one common share. 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. These restricted share units vest in equal annual installments. The remaining vestings will occur on November 21, 2026 and November 21, 2027. 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. 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

PBRSU grant: 7,483.3621 units RSU grant: 1,995.5632 units Indirect common shares: 500,000 shares +5 more

8 metrics

PBRSU grant 7,483.3621 units Performance Share Units granted on July 7, 2026 at $0.0000 per unit

RSU grant 1,995.5632 units Restricted Share Units granted on July 7, 2026 at $0.0000 per unit

Indirect common shares 500,000 shares Common shares held indirectly via Lodgepole 231 LLC after transactions

Direct common shares 193,855.0238 shares Common shares held directly by Patrick Doyle after transactions

Stock option size 2,000,000 shares Underlying common shares for option with $66.7400 exercise price expiring November 20, 2032

Option exercise price $66.7400 per share Exercise price of option over 2,000,000 common shares, expiration November 20, 2032

PBRSU performance range 50% to 200% PBRSUs may be earned from 50% threshold to 200% maximum based on share price appreciation

PBRSU performance period November 21, 2022 to May 21, 2028 Performance period for PBRSUs tied to RBI common share price appreciation

Key Terms

Performance Share Units, Restricted Share Units, dividend equivalent rights, disclaims beneficial ownership, +1 more

5 terms

Performance Share Units financial

"The performance based restricted share units ("PBRSUs") will have a performance period"

Performance share units are a type of company stock award given to employees that depend on the company meeting specific goals or targets. If these goals are achieved, the employee receives shares or the value of shares; if not, they may receive little or no compensation. This aligns employees’ interests with the company's success and encourages performance that benefits investors.

Restricted Share Units financial

"Each restricted share unit represents a contingent right to receive one common share."

Restricted share units (RSUs) are a promise from a company to give an employee or service provider actual shares or cash equal to the shares after certain conditions are met, typically staying with the company for a set time or hitting performance targets. Think of them like a time-locked gift card that becomes usable only after you’ve earned it. For investors, RSUs matter because they align employee incentives with company performance and can increase the number of shares outstanding over time, diluting existing ownership and affecting earnings per share.

dividend equivalent rights financial

"Represents dividend equivalent rights that accrued on the underlying award of restricted share units."

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.

disclaims beneficial ownership financial

"The Reporting Person disclaims beneficial ownership of the securities held by L231LLC"

pecuniary interest financial

"except to the extent of his pecuniary interest therein."

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/09/2026 - 07:43 PM Accepted by SEC EDGAR 07/09/2026 - 07:42 PM Learn about SEC filing dates

FAQ

What equity awards did QSR Executive Chairman J. Patrick Doyle receive on July 7, 2026?

J. Patrick Doyle received 7,483.3621 Performance Share Units and 1,995.5632 Restricted Share Units on July 7, 2026, each granted at $0.0000 per unit as stock-based compensation.

How many Restaurant Brands (QSR) shares does Patrick Doyle hold directly and indirectly?

Patrick Doyle holds 193,855.0238 common shares directly and 500,000 common shares indirectly through Lodgepole 231 LLC, where he has sole voting and dispositive power over the LLC’s assets.

What are the terms of Patrick Doyle’s 2,000,000 QSR stock options?

Patrick Doyle holds an option covering 2,000,000 common shares of Restaurant Brands International with an exercise price of $66.7400 per share, expiring on November 20, 2032.

When do Patrick Doyle’s Restricted Share Units in QSR vest?

The restricted share units reported for Patrick Doyle vest in equal annual installments, with the remaining vestings scheduled to occur on November 21, 2026 and November 21, 2027, subject to the award terms.

How can Patrick Doyle’s QSR Performance Share Units be earned under the PBRSU program?

Patrick Doyle’s PBRSUs have a performance period from November 21, 2022 to May 21, 2028 and may be earned from 50% at threshold to 200% at maximum, based on RBI common share price appreciation.

Do Patrick Doyle’s QSR RSUs and PBRSUs earn dividend equivalents?

Yes. The filing states that dividend equivalent rights accrue on both restricted share units and performance-based restricted share units as dividends are paid on the underlying common shares, vesting and settling on the same terms as the underlying units.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

DOYLE J PATRICK

(Last) (First) (Middle)

C/O RESTAURANT BRANDS INTERNATIONAL INC.

5707 WATERFORD DISTRICT DRIVE

(Street)

MIAMI FLORIDA 33126

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Restaurant Brands International Inc. [ QSR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Chairman

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares								193,855.0238	D
Common Shares								500,000	I	By LLC(1)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Option (Right to Buy)	$66.74							11/21/2027	11/20/2032	Common Shares	2,000,000		2,000,000	D
Restricted Share Units	(2)	07/07/2026		A		1,995.5632(3)		(4)	(4)	Common Shares	1,995.5632	$0	226,880.188	D
Performance Share Units	(5)	07/07/2026		A		7,483.3621(6)		(5)	(5)	Common Shares	7,483.3621	$0	850,800.7048	D

Explanation of Responses:

1. 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.

2. Each restricted share unit represents a contingent right to receive one common share.

3. 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.

4. These restricted share units vest in equal annual installments. The remaining vestings will occur on November 21, 2026 and November 21, 2027.

5. 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.

6. 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.

Remarks:

	/s/ David Wallace, as Attorney-in-Fact for J. Patrick Doyle	07/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)