Restaurant Brands (NYSE: QSR) grants CEO new PSU and RSU awards
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Restaurant Brands International Inc. reported that Chief Executive Officer Joshua Kobza received multiple grants of performance share units (PSUs) and restricted share units (RSUs) on July 7, 2026. Each unit represents a contingent right to receive one common share, generally at a $0.0000 exercise or conversion price, with vesting tied to multi‑year performance periods and annual vesting schedules through March 15, 2029 and various December 15 dates. Following these awards, Kobza holds 960,769.242 common shares directly and 5,413 exchangeable units that are convertible into common shares or cash, at the election of the partnership’s general partner subject to specified governance conditions.
Positive
- None.
Negative
- None.
Insights
CEO Kobza received routine stock-based awards that increase long-term equity exposure without open-market buying or selling.
Chief Executive Officer Joshua Kobza was granted several blocks of performance share units and restricted share units on July 7, 2026. These include awards such as 1,495.8652 PSUs vesting on March 15, 2029 and 2,968.4923 PSUs tied to a performance period ending on May 21, 2028, along with smaller RSU awards.
All units carry a $0.0000 conversion or exercise price and settle into common shares if vesting and performance conditions are met, so they function as non-cash, performance-linked compensation. Kobza now directly owns 960,769.242 common shares plus 5,413 exchangeable units convertible into common shares or cash under partnership terms, aligning a meaningful portion of his wealth with long-term shareholder outcomes without signaling discretionary market purchases or sales.
Insider Trade Summary
10 transactions reported
Mixed
10 txns
Insider
Kobza Joshua
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Restricted Share Units | 64.11 | $0.00 | -- |
| Grant/Award | Performance Share Units | 2,968.492 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 147.036 | $0.00 | -- |
| Grant/Award | Performance Share Units | 1,145.16 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 135.94 | $0.00 | -- |
| Grant/Award | Performance Share Units | 1,423.885 | $0.00 | -- |
| Grant/Award | Restricted Share Units | 273.537 | $0.00 | -- |
| Grant/Award | Performance Share Units | 1,495.865 | $0.00 | -- |
| holding | Exchangeable Units | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Holdings After Transaction:
Restricted Share Units — 7,288.762 shares (Direct, null);
Performance Share Units — 337,494.745 shares (Direct, null);
Exchangeable Units — 5,413 shares (Direct, null);
Common Shares — 960,769.242 shares (Direct, null)
Footnotes (1)
- 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. 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 vesting will occur on December 15, 2026. 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. 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. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027. 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. 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. 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. 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. The shares reported represent an award of performance based restricted share 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.
Key Figures
Direct common shares held: 960,769.242 shares
Exchangeable units underlying shares: 5,413.0000 units
New PSU award (vesting 2029-03-15): 1,495.8652 units
+3 more
6 metrics
Direct common shares held
960,769.242 shares
Common Shares beneficially owned directly by Joshua Kobza following the reported transactions
Exchangeable units underlying shares
5,413.0000 units
Exchangeable Units directly held, each convertible into common shares or cash with no expiration date
New PSU award (vesting 2029-03-15)
1,495.8652 units
Performance Share Units granted with a conversion or exercise price of $0.0000 and vesting on March 15, 2029 if earned
New RSU award
273.5369 units
Restricted Share Units granted, each representing a contingent right to receive one common share
2023 PBRSUs performance period
February 22, 2023 to May 21, 2028
Multi-year performance period for 2023 performance-based RSUs granted to the reporting person
2026 PBRSUs performance period
February 25, 2026 to February 25, 2029
Performance period for 2026 performance-based RSUs, vesting March 15, 2029 if performance conditions are met
Key Terms
exchangeable unit, restricted share unit, performance based restricted share units, dividend equivalent rights
4 terms
exchangeable unit financial
"Each Restaurant Brands International Limited Partnership exchangeable unit is convertible, at the Reporting Person's election"
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.
FAQ
What equity awards did QSR Chief Executive Officer Joshua Kobza receive on July 7, 2026?
On July 7, 2026, Joshua Kobza received multiple grants of performance share units and restricted share units. Each unit represents a contingent right to receive one QSR common share, subject to multi‑year performance conditions and time-vesting schedules extending into 2028 and 2029.
What are the Restaurant Brands (QSR) exchangeable units reported for Joshua Kobza?
Joshua Kobza holds 5,413 exchangeable units of Restaurant Brands International Limited Partnership. Each unit is convertible into QSR common shares or a cash amount, at the general partner’s discretion and subject to conflicts committee consent in certain circumstances, with no expiration date on the conversion right.
What are dividend equivalent rights on QSR’s RSUs and PBRSUs granted to Joshua Kobza?
Some awards include dividend equivalent rights, which accrue when dividends are paid on underlying common shares. These rights vest, settle, and expire on the same terms as the related RSUs or PBRSUs and effectively mirror dividend value without delivering separate common shares until the underlying award vests.