Restaurant Brands (NYSE: QSR) CEO exercises options and sells 200K shares

Rhea-AI Filing Summary

Restaurant Brands International Inc. Chief Executive Officer Joshua Kobza exercised options for 200,000 common shares at an exercise price of $56.92 per share and on the same day sold 200,000 common shares in open-market transactions at a weighted average price of $75.0495 per share, with sale prices ranging from $74.58 to $75.41 per share.

Following these transactions, Kobza directly holds 960,769.242 common shares, along with exchangeable units and multiple grants of restricted share units and performance share units that are each convertible into common shares, subject to various vesting schedules and performance conditions extending through 2029.

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

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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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/18/2026

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

X	Form 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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	03/18/2026		M		200,000	A	$56.92	1,160,769.242	D
Common Shares	03/18/2026		S		200,000	D	$75.0495(1)	960,769.242	D

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
Exchangeable Units(2)	(2)							(2)	(2)	Common Shares	5,413		5,413	D
Option (Right to Buy)	$56.92	03/18/2026		M			200,000	(3)	05/04/2027	Common Shares	200,000	$0	0	D
Restricted Share Units	(4)							(5)	(5)	Common Shares	7,162.6582		7,162.6582	D
Performance Share Units	(6)							05/21/2028	05/21/2028	Common Shares	331,655.7299		331,655.7299	D
Restricted Share Units	(4)							(7)	(7)	Common Shares	16,427.5853		16,427.5853	D
Performance Share Units	(8)							03/15/2027	03/15/2027	Common Shares	127,943.3493		127,943.3493	D
Restricted Share Units	(4)							(9)	(9)	Common Shares	15,187.9455		15,187.9455	D
Performance Share Units	(10)							03/15/2028	03/15/2028	Common Shares	159,084.0066		159,084.0066	D
Restricted Share Units	(4)							(11)	(11)	Common Shares	30,561		30,561	D
Performance Share Units	(12)							03/15/2029	03/15/2029	Common Shares	167,126		167,126	D

Explanation of Responses:

1. 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.

2. 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.

3. These options are fully vested and exercisable.

4. Each restricted share unit represents a contingent right to receive one common share.

5. These restricted share units vest in equal annual installments. The remaining vesting will occur on December 15, 2026.

6. 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.

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 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.

Remarks:

	/s/ David Wallace, as Attorney-in-Fact for Joshua Kobza	03/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did QSR CEO Joshua Kobza report on this Form 4?

Joshua Kobza reported exercising options for 200,000 Restaurant Brands International common shares at an exercise price of $56.92 per share, then selling 200,000 common shares in open-market transactions on the same date at a weighted average price of $75.0495 per share.

At what prices did QSR CEO Joshua Kobza sell common shares?

The 200,000 common shares were sold at a weighted average price of $75.0495 per share. According to the disclosure, individual sale prices ranged from $74.58 to $75.41 per share, all executed in open-market or private transactions.

How many Restaurant Brands International shares does the CEO hold after this Form 4?

After the reported transactions, Joshua Kobza directly holds 960,769.242 common shares of Restaurant Brands International. In addition, he holds various exchangeable units, restricted share units, and performance share units that may convert into additional common shares over time, subject to vesting and performance conditions.

What options did QSR’s CEO exercise in this insider transaction?

Kobza exercised an option covering 200,000 common shares of Restaurant Brands International with an exercise price of $56.92 per share. The options were fully vested and exercisable, and the exercise converted the derivative position into common shares on the transaction date.

What other equity awards does QSR CEO Joshua Kobza hold besides common shares?

Alongside common shares, Kobza holds exchangeable units and multiple restricted share unit and performance share unit awards. These awards each represent rights to receive common shares, with vesting schedules and performance periods that run through various dates, including 2027, 2028, and 2029.

How are QSR performance-based restricted share units for the CEO structured?

Performance-based restricted share units have defined performance periods and vesting dates. For example, 2023 PBRSUs run from February 22, 2023 to May 21, 2028, vesting on May 21, 2028, while later PBRSU grants have performance periods ending in 2027, 2028, and 2029, with payouts depending on performance results.