Kobza Joshua 4

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).