Arcos Dorados director reports 4,988 phantom RSUs

Arcos Dorados Holdings Inc. filed an initial Form 3 for director Karla Paola Berman Martin, showing a holding of 4,988 Phantom Restricted Stock Units.

Accepted by SEC EDGAR 03/18/2026 - 11:49 AM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. filed an initial Form 3 for director Karla Paola Berman Martin, showing a holding of 4,988 Phantom Restricted Stock Units. Each Phantom RSU mirrors the closing price of one Class A common share on the vesting date, plus any dividends since grant, and will be settled in cash promptly after vesting on April 30, 2026.

Insider Trade Summary

Holdings reported, no transactions

Holdings

Insider Berman Martin Karla Paola

Role Director

Type	Security	Shares	Price	Value
Holding	Phantom Restricted Stock Unit	--	--	--

Holdings: Phantom Restricted Stock Unit — 4,988 contracts (Direct)

Footnotes (1)

1. F1. Each Phantom Restricted Stock Unit ("Phantom RSU") represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid on the Class A common share, if any, since the grant date. The date exercisable and expiration date represent the vesting date for this Phantom RSU. Each Phantom RSU will be settled in cash promptly following the vesting date.

FAQ

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

What does the Arcos Dorados (ARCO) Form 3 filing disclose?

The Form 3 discloses director Karla Paola Berman Martin’s initial beneficial ownership in Arcos Dorados. It shows she holds 4,988 Phantom Restricted Stock Units tied to the value of Class A common shares and any dividends through the vesting date.

How many Phantom Restricted Stock Units does the ARCO director hold?

The director holds 4,988 Phantom Restricted Stock Units. Each unit references one Class A common share’s closing price on the vesting date, plus any dividends since grant, and will be settled entirely in cash after vesting rather than in physical shares.

What is a Phantom Restricted Stock Unit in the Arcos Dorados filing?

A Phantom Restricted Stock Unit represents a cash amount equal to the closing price of one Class A common share on the vesting date. It also includes any dividends paid on that share since the grant date, with the total value paid in cash after vesting.

When do the Phantom RSUs in the ARCO Form 3 vest and expire?

The Phantom RSUs vest and expire on April 30, 2026. The filing states that the exercise and expiration dates both represent the vesting date, after which each unit will be settled in cash promptly rather than converting into Class A common shares.

Will Arcos Dorados settle the Phantom RSUs in cash or shares?

The Phantom RSUs will be settled in cash, not shares. After vesting on April 30, 2026, Arcos Dorados will pay an amount based on the Class A common share’s closing price plus accumulated dividends since grant, according to the filing’s footnote.

Does the ARCO Form 3 show any insider buy or sell transactions?

The Form 3 does not report any buy or sell transaction; it records an existing holding. It lists 4,988 Phantom Restricted Stock Units as derivative securities with an exercise price of zero and settlement in cash following the vesting date in 2026.

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

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Berman Martin Karla Paola

(Last) (First) (Middle)

RIO NEGRO 1338, FIRST FLOOR

(Street)

MONTEVIDEO 11100

(City) (State) (Zip)

URUGUAY

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Arcos Dorados Holdings Inc. [ ARCO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Restricted Stock Unit	04/30/2026(1)	04/30/2026(1)	Class A common share	4,988	(1)	D

Explanation of Responses:

1. Each Phantom Restricted Stock Unit ("Phantom RSU") represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid on the Class A common share, if any, since the grant date. The date exercisable and expiration date represent the vesting date for this Phantom RSU. Each Phantom RSU will be settled in cash promptly following the vesting date.

Remarks:

	/s/ Roman Ajzen, attorney-in-fact on behalf of Karla Paola Berman Martin	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 5 (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 3: SEC 1473 (03-26)