Executive chairman Doyle (QSR) receives new RSU and PBRSU equity grants
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Executive Chairman J. Patrick Doyle received new equity awards in the form of restricted share units and performance share units. The filing reports 1,929.7031 restricted share units and 7,236.3864 performance share units, each representing a contingent right to receive the same number of common shares.
The restricted share units vest in equal annual installments, with remaining vestings scheduled for November 21, 2026 and November 21, 2027, and include dividend equivalent rights that accrue as dividends are paid. The performance-based restricted share units have a performance period from November 21, 2022 to May 21, 2028 and may be earned from 50% to 200% of target based on appreciation in the price of RBI common shares, also with dividend equivalent rights.
The filing also shows a holding of options covering 2,000,000 common shares at an exercise price of $66.7400 per share expiring November 20, 2032, direct common share holdings of 193,855.0238 shares, and 500,000 common shares held indirectly by Lodgepole 231 LLC, where Doyle is the investment manager and disclaims beneficial ownership beyond his pecuniary interest.
Positive
- None.
Negative
- None.
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 | 1,929.703 | $0.00 | -- |
| Grant/Award | Performance Share Units | 7,236.386 | $0.00 | -- |
| holding | Option (Right to Buy) | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 224,884.625 shares (Direct);
Performance Share Units — 843,317.343 shares (Direct);
Option (Right to Buy) — 2,000,000 shares (Direct);
Common Shares — 193,855.024 shares (Direct);
Common Shares — 500,000 shares (Indirect, By LLC)
Footnotes (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
Restricted share unit grant: 1,929.7031 units
Performance share unit grant: 7,236.3864 units
Option position: 2,000,000 underlying shares at $66.7400
+3 more
6 metrics
Restricted share unit grant
1,929.7031 units
RSUs granted on April 2, 2026, each for one common share
Performance share unit grant
7,236.3864 units
PBRSUs granted April 2, 2026, earnable 50%–200% of target
Option position
2,000,000 underlying shares at $66.7400
Option (right to buy) expiring November 20, 2032
Direct common share holdings
193,855.0238 shares
Common shares held directly following reported transactions
Indirect LLC holdings
500,000 shares
Common shares held by Lodgepole 231 LLC with Doyle as investment manager
PBRSU performance period
Nov 21, 2022 – May 21, 2028
Period over which performance-based RSUs may be earned
Key Terms
Restricted Share Units, Performance Share Units, dividend equivalent rights, performance based restricted share units ("PBRSUs"), +1 more
5 terms
dividend equivalent rights financial
"Represents 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.
pecuniary interest financial
"disclaims beneficial ownership of the securities held by L231LLC except to the extent of his pecuniary interest therein"
FAQ
What equity awards did J. Patrick Doyle receive in this QSR Form 4?
J. Patrick Doyle received grants of 1,929.7031 restricted share units and 7,236.3864 performance share units. Each unit represents a contingent right to one common share, forming part of his equity-based compensation package tied to time-based vesting and share price performance.
What are dividend equivalent rights mentioned in the QSR Form 4 filing?
Dividend equivalent rights accrue on both the restricted share units and performance-based restricted share units when dividends are paid on the underlying common shares. These rights vest proportionately and are settled or expire on the same terms and timing as the related underlying share unit awards.
What option holdings for J. Patrick Doyle are disclosed in this Restaurant Brands International filing?
The filing shows an option position labeled as a right to buy 2,000,000 underlying common shares at an exercise price of $66.7400 per share. This option has an exercise date of November 21, 2027 and an expiration date of November 20, 2032, and is held directly.