Director Annette Franqui receives 4,435 phantom RSUs at Arcos Dorados (ARCO)

Rhea-AI Filing Summary

FRANQUI ANNETTE reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Annette Franqui received a grant of 4,435 Phantom Restricted Stock Units as compensation. These units are cash-settled and each represents the cash equivalent of one Class A common share’s closing price on the vesting date, plus any dividends paid since grant. The award was issued under the company’s Phantom RSU compensation policy without any instruction from her. Following this grant, her reported Phantom RSU balance is 4,435 units tied to the company’s Class A common shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider FRANQUI ANNETTE

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Restricted Stock Unit	4,435	$0.00	--

Holdings After Transaction: Phantom Restricted Stock Unit — 4,435 shares (Direct, null)

Footnotes (1)

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 Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person.

Key Figures

Phantom RSUs granted: 4,435 units Grant price per unit: $0.00 Phantom RSUs after transaction: 4,435 units +2 more

5 metrics

Phantom RSUs granted 4,435 units Grant of Phantom Restricted Stock Units to director on 2026-05-10

Grant price per unit $0.00 Compensation award with no purchase price

Phantom RSUs after transaction 4,435 units Total Phantom RSUs reported following grant

Underlying Class A shares 4,435 shares Underlying security linked to Phantom RSUs

Exercise/expiration date April 30, 2027 Listed exercise and expiration date for Phantom RSUs

Key Terms

Phantom Restricted Stock Unit, Class A common share, Phantom RSU compensation policy, grant, award, or other acquisition

4 terms

Phantom Restricted Stock Unit financial

"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"

Class A common share financial

"Each Phantom Restricted Stock Unit represents the cash equivalent of the closing price of one Class A common share on the vesting date"

Phantom RSU compensation policy financial

"The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Form 4 Insider Transactions: What Each Field Means →

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

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^*

FRANQUI ANNETTE

(Last) (First) (Middle)

RIO NEGRO 1338, FIRST FLOOR

(Street)

MONTEVIDEO 11100

(City) (State) (Zip)

URUGUAY

(Country)

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

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/10/2026

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

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
Phantom Restricted Stock Unit	(1)(2)	05/10/2026		A		4,435		04/30/2027	04/30/2027	Class A common share	4,435	(1)	4,435	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.

2. The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person.

Remarks:

	/s/ Roman Ajzen, attorney-in-fact on behalf of Annette Franqui	05/12/2026
	** 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 Arcos Dorados (ARCO) report for Annette Franqui?

Arcos Dorados reported director Annette Franqui received 4,435 Phantom Restricted Stock Units as a compensation award. The units were granted at no purchase price under the company’s Phantom RSU compensation policy and are tied to the value of Class A common shares.

What are Phantom Restricted Stock Units in Arcos Dorados (ARCO)’s filing?

Each Phantom Restricted Stock Unit represents the cash equivalent of one Class A common share’s closing price on the vesting date. The value also includes any dividends paid on the Class A common share, if any, from the grant date until vesting, and is settled in cash.

How many Phantom RSUs does Annette Franqui hold after this Arcos Dorados (ARCO) grant?

After the reported transaction, Annette Franqui holds 4,435 Phantom Restricted Stock Units. This amount equals the number granted in this filing, indicating these units reflect her entire reported Phantom RSU position associated with this specific award at the time of the report.

Was there any purchase or sale of Arcos Dorados (ARCO) shares in this Form 4?

The filing shows a grant of 4,435 Phantom Restricted Stock Units, not a market purchase or sale of shares. The award is a compensation-related acquisition, with no reported transaction price per unit and no explicit open-market trading activity disclosed in this report.

How and when do the Phantom RSUs for Arcos Dorados (ARCO) settle?

The Phantom RSUs settle in cash based on the closing price of a Class A common share on the vesting date. The filing lists an exercise and expiration date of April 30, 2027, which frames the period relevant to the units’ value calculation and settlement.