Routine governance disclosure with no trading-significant financial impact. The PSU correction is immaterial to earnings, cash flow, or capital allocation. The June 3, 2026 annual meeting remains a non-event for share price. No immediate action required; monitor the next quarterly for any operational performance read-throughs.
Price Chart
Executive Summary
Restaurant Brands International filed an additional definitive proxy (DEFA14A) disclosing a December 2025 administrative fix to CEO & CFO performance-vesting PSU grants: the Dividend Measurement Period start date was misaligned with the Executive Chairman's identical award, and the correction adds one $0.54/share dividend into the Achievement Price formula. The fair-value impact is negligible (+1.6% for CEO, +1.5% for CFO), but the filing signals the Compensation Committee is publicly documenting governance rigor around long-term incentive alignment. The 2026 Annual Meeting remains on June 3, 2026.
Key Facts
- Substantive content: amendments to PSUs for CEO Joshua Kobza (300,000 PSUs granted Feb 2023) and CFO Sami Siddiqui (73,507 PSUs granted May 2025) to align Dividend Measurement Period with Executive Chairman Patrick Doyle's identical award.
- Correction adds one additional $0.54/share dividend (paid Jan 4, 2023) into the Achievement Price calculation for Kobza and Siddiqui, resulting in +1.6%/+1.5% incremental fair value change under Monte Carlo valuation.
- Modest dollar magnitude — Committee determined correction is in best interests of shareholders and consistent with original intent of collective long-term TSR alignment.
- Annual meeting scheduled for June 3, 2026 — no change to meeting date or voting items.
- Historical performance on QSR: 83% win rate at T+20 across 7 settled reports, strong calibration track record.
Financial Impact
Incremental increase of 1.6% in CEO PSU fair value and 1.5% in CFO PSU fair value — a low-single-digit-dollar-magnitude adjustment relative to overall grant size.
Risk Factors
- None material — this filing is a governance footnote, not a financial event.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 3 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0001618756-26-000034 |
| Document: 0001618756-26-000034-index.html | 0001618756-26-000034 |
| Document: 0001618756-26-000034.txt | 0001618756-26-000034 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $73.33 $77.01 | ▲ +5.02% | ▲ +6.08% | $69.93 (−4.64%) |
Jun 11, 2026 16w ago | Institutional Cluster | $73.90 $74.94 | ▲ +1.41% | ▼ −0.48% | $69.93 (−5.37%) |
May 22, 2026 18w ago | DEFA14A | $75.42 $73.14 | ▼ −3.03% | ▼ −1.08% | $69.93 (−7.28%) |
May 6, 2026 21w ago | 8-K | $77.20 $72.76 | ▼ −5.75% | ▼ −8.53% | $69.93 (−9.42%) |
Apr 23, 2026 23w ago | DEFA14A | $81.23 $76.53 | ▼ −5.79% | ▼ −10.42% | $69.93 (−13.91%) |
Mar 17, 2026 28w ago | Insider Cluster | $74.39 $78.72 | ▲ +5.82% | ▲ +1.52% | $69.93 (−6.00%) |
US Market Status
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