Earnings Feed
Start Free
Restaurant Brands International Inc.·4

Mar 18, 5:11 PM ET

Kobza Joshua 4

4 · Restaurant Brands International Inc. · Filed Mar 18, 2026

Research Summary

AI-generated summary of this filing

Updated

Restaurant Brands (QSR) CEO Joshua Kobza Exercises Options, Sells 200k

What Happened

  • Joshua Kobza, CEO of Restaurant Brands International (QSR), reported derivative exercises and an open-market sale on March 18, 2026. He exercised/converted 200,000 derivative shares at $56.92 for a cash outlay of $11,384,000 and sold 200,000 shares in the open market at a weighted average $75.05 for total proceeds of $15,009,900. The filing also shows a separate derivative conversion/disposition of 200,000 shares at $0.00 (reported as a derivative transaction).
  • The exercised-and-sold sequence effectively resulted in an immediate sale of shares acquired in the exercise (a cashless-style outcome for that block). This is a sale (routine liquidity) rather than a purchase/buy signal.

Key Details

  • Transaction date: March 18, 2026 (filing date: March 18, 2026).
  • Exercise/acquisition: 200,000 shares at $56.92 — cost $11,384,000.
  • Open-market sale: 200,000 shares at weighted avg $75.05 — proceeds $15,009,900; reported price range $74.58–$75.41 (see footnote F1).
  • Additional derivative conversion/disposition: 200,000 shares reported at $0.00 (code M — exercise/conversion of derivative).
  • Shares owned after transaction: Not disclosed in the provided filing.
  • Notable footnotes in the filing:
    • F1: sale price range for the open-market sale; full per-share breakdown available on request.
    • F4: restricted share unit defined as a contingent right to receive one common share.
    • F10–F12 and others: describe performance-based RSU awards and vesting schedules included elsewhere in the filing.
  • Timeliness: The report covers trades on the same day as the filing (Mar 18, 2026); no late-filing flag was indicated.

Context

  • When insiders exercise options or convert derivatives and immediately sell some or all of the shares, that sequence often reflects liquidity (paying exercise cost and/or covering tax obligations) rather than a directional bet on the stock. The filing shows an exercised block followed by an open-market sale of the same size.
  • The separate derivative conversion reported at $0.00 may reflect a conversion/settlement mechanism (e.g., vesting or transfer of RSUs/exchangeable units) as described in the filing footnotes; the Form 4 lists these as derivative conversions (code M).

Insider Transaction Report

Form 4
Period: 2026-03-18
Restaurant Brands International Inc.QSR
Kobza Joshua
Chief Executive Officer
Transactions
  • Exercise/Conversion

    Common Shares

    2026-03-18$56.92/sh+200,000$11,384,000→ 1,160,769.242 total
  • Sale

    Common Shares

    [F1]
    2026-03-18$75.05/sh−200,000$15,009,900→ 960,769.242 total
  • Exercise/Conversion

    Option (Right to Buy)

    [F3]
    2026-03-18−200,000→ 0 total
    Exercise: $56.92Exp: 2027-05-04→ Common Shares (200,000 underlying)
Holdings

  • Exchangeable Units

    [F2]
    → Common Shares (5,413 underlying)
    5,413

  • Restricted Share Units

    [F4][F5]
    → Common Shares (7,162.658 underlying)
    7,162.658

  • Performance Share Units

    [F6]
    From: 2028-05-21Exp: 2028-05-21→ Common Shares (331,655.73 underlying)
    331,655.73

  • Restricted Share Units

    [F4][F7]
    → Common Shares (16,427.585 underlying)
    16,427.585

  • Performance Share Units

    [F8]
    From: 2027-03-15Exp: 2027-03-15→ Common Shares (127,943.349 underlying)
    127,943.349

  • Restricted Share Units

    [F4][F9]
    → Common Shares (15,187.946 underlying)
    15,187.946

  • Performance Share Units

    [F10]
    From: 2028-03-15Exp: 2028-03-15→ Common Shares (159,084.007 underlying)
    159,084.007

  • Restricted Share Units

    [F4][F11]
    → Common Shares (30,561 underlying)
    30,561

  • Performance Share Units

    [F12]
    From: 2029-03-15Exp: 2029-03-15→ Common Shares (167,126 underlying)
    167,126
Footnotes (12)
  • [F1]Represents the weighted average price of the shares sold. The prices of the shares sold pursuant to the transaction range from $74.58 to $75.41 per share. The Reporting Person, upon request, will provide the Securities and Exchange Commission staff, the issuer or a security holder of the issuer full information regarding the number of shares sold at each separate price.
  • [F10]The shares reported represent an award of performance based restricted share units ("2025 PBRSUs") granted to the Reporting Person. The 2025 PBRSUs have a performance period beginning February 28, 2025 and ending February 28, 2028 and to the extent earned will vest on March 15, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F11]These restricted share units vest in equal annual installments. The vestings will occur on December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029.
  • [F12]The shares reported represent an award of performance based restricted shares units ("2026 PBRSUs") granted to the Reporting Person. The 2026 PBRSUs will have a performance period beginning February 25, 2026 and ending February 25, 2029 and to the extent earned will vest on March 15, 2029. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F2]Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election, into common shares of Restaurant Brands International Inc. or a cash amount equal to a prescribed cash amount determined by reference to the weighted average trading price of Restaurant Brands International Inc.'s common shares on the New York Stock Exchange for the 20 consecutive trading days ending on the last business day prior to the exchange date, at the sole discretion of the general partner of Restaurant Brands International Limited Partnership (subject to the consent of the Restaurant Brands International Inc. conflicts committee, in certain circumstances). This conversion right has no expiration date.
  • [F3]These options are fully vested and exercisable.
  • [F4]Each restricted share unit represents a contingent right to receive one common share.
  • [F5]These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
  • [F6]The shares reported represent an award of performance based restricted share units ("2023 PBRSUs") granted to the Reporting Person. The 2023 PBRSUs will have a performance period beginning February 22, 2023 and ending May 21, 2028 and to the extent earned will vest on May 21, 2028. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F7]These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
  • [F8]The shares reported represent an award of performance based restricted share units ("2024 PBRSUs") granted to the Reporting Person. The 2024 PBRSUs will have a performance period beginning February 23, 2024 and ending February 23, 2027 and to the extent earned will vest on March 15, 2027. The number of common shares that will be earned at the end of the performance period is subject to increase or decrease based on the results of the performance condition.
  • [F9]These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026, December 15, 2027 and December 15, 2028.
Signature
/s/ David Wallace, as Attorney-in-Fact for Joshua Kobza|2026-03-18

Documents

1 file
  • 4
    wk-form4_1773868305.xmlPrimary

    FORM 4