[Form 4] Green Brick Partners, Inc Insider Trading Activity

Rhea-AI Filing Summary

Restaurant Brands International Inc. (QSR) – Form 4 filed 10 July 2025

The filing discloses equity transactions by Chief Executive Officer Joshua Kobza dated 08 July 2025. The report shows no open-market sales; all listed items are grants or dividend-equivalent accruals that increase the executive’s potential ownership.

• Common shares currently held: 966,501.5173 (direct ownership).
• New derivative awards: • 200,000 stock options exercisable at US$56.92, expiring 04 May 2027 (already fully vested). • 5,413 exchangeable partnership units, convertible 1-for-1 into common shares with no expiration. • 604.553 restricted share units (RSUs) from dividend equivalents. • 5,500.329 performance share units (PSUs) from dividend equivalents. • Four additional RSU grants totalling 818.554 units with staggered vesting through 15 Dec 2028.
• Vesting schedules: RSUs vest in annual instalments; PSUs vest on 15 Mar 2027, 21 May 2028 and 15 Mar 2028, subject to performance hurdles.

Following these transactions, Kobza’s direct beneficial ownership comprises the common shares above plus all derivative securities listed in Table II. Because the grants are compensation-related and carry no immediate cash cost, the filing signals continued alignment of management incentives with shareholder value but does not involve new capital inflows to the company.

Positive

• No shares were sold; all reported transactions increase or maintain insider ownership.
• Long-dated PSUs and RSUs link compensation to future performance and shareholder returns.

Negative

• 200,000 fully-vested options and >6,000 new share units add potential dilution upon exercise/vesting.

Insights

Securities Analyst

TL;DR – CEO granted options, RSUs and PSUs; no shares sold, modestly shareholder-friendly but largely routine compensation.

This Form 4 is typical executive compensation rather than an opportunistic insider buy. Joshua Kobza received 200 k fully-vested options at a strike of US$56.92 plus ~6.1 k RSU/PSU units (largely dividend equivalents). His direct share count remains high at 966.5 k shares. While the absence of disposals avoids negative signalling, these awards could add ~6 % to his fully-diluted stake if performance goals are met, introducing limited dilution for other holders. Overall impact on valuation is negligible; nevertheless, ongoing equity ownership aligns incentives ahead of multi-year vesting targets.

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
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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^*

Press Richard S

(Last) (First) (Middle)

5501 HEADQUARTERS DRIVE SUITE, 300W

(Street)

PLANO TX 75024

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Green Brick Partners, Inc. [ GRBK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
07/08/2025

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

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

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

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 Stock	07/08/2025		G		300	D	$0	89,008	D
Common Stock								136	I	As custodian for UTMA Accounts for minors(1)(2)
Common Stock								100	I	By Trust (PFT)(2)(3)
Common Stock								1,000	I	By Spouse(2)(4)
Common Stock								300	I	By Trust (PFT III)(2)(5)
Common Stock								45	I	By Trust UW B Press(2)(6)

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

Explanation of Responses:

1. Represents securities held in 7 separate custodial accounts under the UTMA. The Reporting Person is the custodian of the UTMA accounts for the benefit of his grandchildren.

2. For purposes of Section 16 of the Exchange Act, the Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

3. These securities of the Issuer are held by the Press Family Trust. As a Trustee of the Press Family Trust , Richard Press may be deemed to exercise voting and investment power over the shares held directly by the Press Family Trust.

4. The shares reported are held directly by the spouse of the Reporting Person as separate property. For purposes of Section 16 of the Exchange Act, the Reporting Person disclaims beneficial ownership of any such securities, except to the extent of his pecuniary interest therein, if any, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of such securities for purposes of Section 16 or otherwise.

5. Represents securities held by the Press Family Trust III. As a Trustee of the Press Family Trust III, the Reporting Person may be deemed to exercise voting and investment power over the shares held directly by the Press Family Trust III.

6. Represents securities held by the Trust UW B Press. As a Trustee of the Trust UW B Press, the Reporting Person may be deemed to exercise voting and investment power over the shares held directly by the Trust UW B Press.

Remarks:

	/s/ Richard S. Press	07/10/2025
	** 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.

FAQ

How many QSR common shares does CEO Joshua Kobza now own?

The Form 4 lists 966,501.5173 common shares held directly.

What size and price are the new stock options granted to Kobza?

He holds 200,000 options with an exercise price of US$56.92, expiring 04 May 2027.

How many performance share units were added on 08 July 2025?

Dividend equivalents increased performance share units by 5,500.329 units across three PSU awards.

When will the 2024 PSU award vest?

If performance targets are met, the 2024 PSUs vest on 15 March 2027.

What is the conversion feature of the 5,413 exchangeable units?

Each unit can convert into one QSR common share or cash at the company’s discretion and has no expiration date.