Arcos Dorados director settles 4,988 phantom RSUs

Alonso Sergio Daniel reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Alonso Sergio Daniel reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Sergio Daniel Alonso reported the vesting and cash settlement of 4,988 Phantom Restricted Stock Units (Phantom RSUs) tied to the company’s Class A common shares. Each Phantom RSU represented the cash equivalent of one Class A share’s closing price plus any dividends since grant.

The Phantom RSUs vested and were settled in cash automatically under the award agreement, without any trading instructions from the director. After these transactions, he holds 4,988 Class A common shares directly and 238,935 Class A common shares indirectly through Taribo Capital Limited, reflecting his ongoing economic exposure to the stock.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 4 txns

Insider Alonso Sergio Daniel

Role Director

Type	Security	Shares	Price	Value
In-the-Money Exercise	Phantom Restricted Stock Unit	4,988	$0.00	$0.00
In-the-Money Exercise	Class A common share	4,988	$0.00	$0.00
In-the-Money Exercise	Class A common share	4,988	$8.92	$44K
holding	Class A common share	--	--	--

Holdings After Transaction: Phantom Restricted Stock Unit — 0 contracts (Direct); Class A common share — 0 shares (Direct); Class A common share — 238,935 shares (Indirect, Held by Taribo Capital Limited)

Footnotes (2)

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.
2. F2. On April 30, 2026, the Phantom RSUs vested and were settled in cash automatically pursuant to the issuer's Phantom RSU Award Agreement, without any instruction from the reporting person.

Key Figures

Phantom RSUs vested: 4,988 units Reference share price: $8.92 per share Direct Class A holdings: 4,988 shares +2 more

5 metrics

Phantom RSUs vested 4,988 units Vested and settled on April 30, 2026

Reference share price $8.92 per share Class A common share price used in non-derivative entry

Direct Class A holdings 4,988 shares Shares held directly after April 30, 2026

Indirect Class A holdings 238,935 shares Shares held indirectly via Taribo Capital Limited

Derivative exercises 4,988 shares Shares underlying exercised Phantom RSUs

Key Terms

Phantom Restricted Stock Unit, vested, settled in cash, Class A common share, +1 more

5 terms

Phantom Restricted Stock Unit financial

"Each Phantom Restricted Stock Unit ("Phantom RSU") represents the cash equivalent..."

vested financial

"On April 30, 2026, the Phantom RSUs vested and were settled in cash..."

settled in cash financial

"the Phantom RSUs vested and were settled in cash automatically..."

Class A common share financial

"represents the cash equivalent of the closing price of one Class A common share..."

in-the-money derivative exercise financial

"transaction_action": "in-the-money derivative exercise""

FAQ

What insider transaction did Arcos Dorados (ARCO) report for Sergio Daniel Alonso?

Arcos Dorados reported that director Sergio Daniel Alonso had 4,988 Phantom Restricted Stock Units vest and settle in cash. These awards were tied to the value of Class A common shares, with settlement occurring automatically under the company’s Phantom RSU Award Agreement.

How many Phantom RSUs vested for the Arcos Dorados (ARCO) director?

A total of 4,988 Phantom Restricted Stock Units vested for the director. Each unit represented the cash equivalent of one Class A common share’s closing price on the vesting date plus any dividends paid since the original grant date.

Were the Arcos Dorados (ARCO) Phantom RSUs settled in shares or cash?

The Phantom Restricted Stock Units were settled in cash rather than shares. On the vesting date, the units converted automatically into a cash payment based on the closing price of Arcos Dorados Class A common shares and accumulated dividends, per the award agreement.

Did the Arcos Dorados (ARCO) director execute any open-market buy or sell trades?

The filing does not show any open-market purchases or sales. It reflects the automatic vesting and cash settlement of Phantom RSUs and updated share holdings, rather than discretionary trading activity in Arcos Dorados Class A common shares.

What are the director’s direct and indirect holdings in Arcos Dorados (ARCO) after the filing?

Following the reported transactions, the director holds 4,988 Arcos Dorados Class A common shares directly. He also has an indirect holding of 238,935 Class A common shares through Taribo Capital Limited, indicating substantial ongoing exposure to the company’s equity.

What does a Phantom Restricted Stock Unit mean for Arcos Dorados (ARCO) insiders?

A Phantom Restricted Stock Unit for Arcos Dorados insiders represents the cash value of one Class A common share at vesting, plus any dividends during the vesting period. It delivers cash-settled, share-linked compensation without issuing additional shares to the insider at settlement.

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Accepted by SEC EDGAR 05/04/2026 - 01:40 PM Learn about SEC filing dates

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^*

Alonso Sergio Daniel

(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)
04/30/2026

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
Class A common share	04/30/2026		X		4,988	A	(1)	4,988	D
Class A common share	04/30/2026		X		4,988	D	$8.92	0	D
Class A common share								238,935	I	Held by Taribo Capital Limited

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)	04/30/2026		X			4,988	04/30/2026	04/30/2026	Class A common share	4,988	(2)	0	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. On April 30, 2026, the Phantom RSUs vested and were settled in cash automatically pursuant to the issuer's Phantom RSU Award Agreement, without any instruction from the reporting person.

Remarks:

	/s/ Roman Ajzen, attorney-in-fact on behalf of Sergio Daniel Alonso	05/04/2026
	** 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)