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Restaurant Brands CEO Kobza acquires dividend rights

The exchangeable-unit terms allow conversion into common shares or a cash amount, with the partnership's general partner controlling the form of settlement.

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Form Type
4

Rhea-AI Filing Summary

Restaurant Brands International Inc. (QSR) CEO Joshua Kobza reported direct acquisitions associated with restricted share units and performance share units on October 2, 2026. The reported restricted-unit quantities were 68, 156, 144 and 290 units, and the performance-unit quantities were 3,145, 1,213, 1,508 and 1,585 units. The applicable footnotes identify these amounts as dividend equivalent rights accrued on underlying awards; performance awards are subject to performance results. Kobza's reported direct holdings were 960,769 common shares and 5,413 exchangeable units.

Insider Kobza Joshua
Role Chief Executive Officer
Type Security Shares Price Value
Grant/Award Restricted Share Units F2, F3, F4 67.9142 $0.00 $0.00
Grant/Award Performance Share Units F5, F6 3,144.6615 $0.00 $0.00
Grant/Award Restricted Share Units F2, F3, F7 155.7615 $0.00 $0.00
Grant/Award Performance Share Units F8, F6 1,213.121 $0.00 $0.00
Grant/Award Restricted Share Units F2, F3, F9 144.0076 $0.00 $0.00
Grant/Award Performance Share Units F10, F6 1,508.3875 $0.00 $0.00
Grant/Award Restricted Share Units F2, F3, F11 289.7704 $0.00 $0.00
Grant/Award Performance Share Units F12, F6 1,584.6393 $0.00 $0.00
holding Exchangeable Units F1 -- -- --
holding Common Shares -- -- --
Holdings After Transaction: Restricted Share Units — 71,217.4042 contracts (Direct); Performance Share Units — 807,094.5745 contracts (Direct); Exchangeable Units — 5,413 contracts (Direct); Common Shares — 960,769.242 shares (Direct)
Footnotes (12)
  1. F1. 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.
  2. F2. Each restricted share unit represents a contingent right to receive one common share.
  3. F3. 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. F4. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.
  5. F5. 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.
  6. F6. 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.
  7. F7. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. F12. 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.
Restricted share unit dividend equivalent rights 68 units Reported October 2, 2026; related award's remaining vesting is December 15, 2026.
Restricted share unit dividend equivalent rights 156 units Reported October 2, 2026; related award's remaining vestings are December 15, 2026 and December 15, 2027.
Restricted share unit dividend equivalent rights 144 units Reported October 2, 2026; related award's vestings are December 15, 2026, December 15, 2027 and December 15, 2028.
Restricted share unit dividend equivalent rights 290 units Reported October 2, 2026; related award's vestings are December 15, 2026, December 15, 2027, December 15, 2028 and December 15, 2029.
2023 performance-based restricted share unit dividend equivalent rights 3,145 units Reported October 2, 2026; earned units vest May 21, 2028, subject to performance results.
2024 performance-based restricted share unit dividend equivalent rights 1,213 units Reported October 2, 2026; earned units vest March 15, 2027, subject to performance results.
2025 performance-based restricted share unit dividend equivalent rights 1,508 units Reported October 2, 2026; earned units vest March 15, 2028, subject to performance results.
2026 performance-based restricted share unit dividend equivalent rights 1,585 units Reported October 2, 2026; earned units vest March 15, 2029, subject to performance results.
Dividend equivalent rights financial
"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.
Performance period financial
"will have a performance period beginning"
The performance period is the specific time span over which an investment’s results, an employee’s targets, or a fund’s returns are measured and judged. It matters to investors because the length and start/end of that window determine which gains or losses count toward performance fees, bonus payouts, or benchmark comparisons—much like timing a race decides who wins, the chosen period can change whether results look strong or weak.
contingent right financial
"contingent right to receive one common share"
Exchangeable Units financial
"exchangeable unit is convertible"
weighted average trading price financial
"weighted average trading price of Restaurant Brands International Inc.'s common shares"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What equity awards did QSR CEO Joshua Kobza report?
On October 2, 2026, he reported direct acquisitions associated with restricted share unit quantities of 68, 156, 144 and 290, and performance share unit quantities of 3,145, 1,213, 1,508 and 1,585. The applicable footnotes identify the reported amounts as dividend equivalent rights accrued on underlying awards.

When do QSR performance-based share units vest?
The performance-based awards are subject to performance results. The 2023 award's performance period ends May 21, 2028, and earned units vest that day; the 2024, 2025 and 2026 awards vest, to the extent earned, on March 15, 2027, March 15, 2028 and March 15, 2029, respectively.

How can QSR's exchangeable units be converted?
Kobza held 5,413 exchangeable units directly. Each unit may be converted, at the reporting person's election, into common shares or a cash amount determined by reference to the weighted average trading price over the 20 consecutive trading days ending on the last business day before the exchange date. The partnership's general partner has sole discretion over shares or cash, subject to conflicts committee consent in certain circumstances; the conversion right has no expiration date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →
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SEC Form 4
FORM 4UNITED 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*
Kobza Joshua
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Executive Officer
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
10/02/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Common Shares960,769.242D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Exchangeable Units(1)(1) (1) (1)Common Shares5,4135,413D
Restricted Share Units(2)10/02/2026A67.9142(3) (4) (4)Common Shares67.9142$07,356.6757D
Performance Share Units(5)10/02/2026A3,144.6615(6)05/21/202805/21/2028Common Shares3,144.6615$0340,639.406D
Restricted Share Units(2)10/02/2026A155.7615(3) (7) (7)Common Shares155.7615$016,872.5651D
Performance Share Units(8)10/02/2026A1,213.121(6)03/15/202703/15/2027Common Shares1,213.121$0131,408.9961D
Restricted Share Units(2)10/02/2026A144.0076(3) (9) (9)Common Shares144.0076$015,599.3468D
Performance Share Units(10)10/02/2026A1,508.3875(6)03/15/202803/15/2028Common Shares1,508.3875$0163,393.1713D
Restricted Share Units(2)10/02/2026A289.7704(3) (11) (11)Common Shares289.7704$031,388.8166D
Performance Share Units(12)10/02/2026A1,584.6393(6)03/15/202903/15/2029Common Shares1,584.6393$0171,653.0011D
Explanation of Responses:
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.
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 vesting will occur on December 15, 2026.
5. 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.
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.
7. These restricted share units vest in equal annual installments. The remaining vestings will occur on December 15, 2026 and December 15, 2027.
8. 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.
9. 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.
10. 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.
11. 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.
12. 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.
Remarks:
/s/ David Wallace, as Attorney-in-Fact for Joshua Kobza10/06/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

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