[Form 4] Arcos Dorados Holdings Inc. Insider Trading Activity

Rhea-AI Filing Summary

Fernandez Jose Raul reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Jose Raul Fernandez received a grant of 4,435 Phantom Restricted Stock Units as compensation. Each Phantom RSU represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends since grant. The award was issued under the company’s Phantom RSU compensation policy without any instruction from Fernandez.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Fernandez Jose Raul

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.

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^*

Fernandez Jose Raul

(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 Jose Raul Fernandez	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 Jose Raul Fernandez?

Arcos Dorados reported that director Jose Raul Fernandez received 4,435 Phantom Restricted Stock Units as a compensation grant. These units are cash-settled based on the future closing price of one Class A common share on the vesting date, plus any dividends since grant.

How many Phantom Restricted Stock Units were granted in this Arcos Dorados (ARCO) Form 4?

The Form 4 shows a grant of 4,435 Phantom Restricted Stock Units to director Jose Raul Fernandez. Following this award, his reported derivative holdings in these Phantom RSUs total 4,435 units, each linked to the value of one Class A common share at vesting.

Are the Phantom RSUs in the Arcos Dorados (ARCO) filing share-settled or cash-settled?

The Phantom Restricted Stock Units are cash-settled. Each unit represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid since the grant date, rather than delivering actual shares to the director.

When do the reported Arcos Dorados (ARCO) Phantom RSUs vest or expire?

The Phantom Restricted Stock Units in this filing have both an exercise and expiration date of April 30, 2027. On the vesting date, each unit will be valued at the closing price of a Class A common share, adjusted for any dividends paid since grant.

Was the Arcos Dorados (ARCO) Phantom RSU grant directed by Jose Raul Fernandez?

The filing states the Phantom RSUs were issued under Arcos Dorados’ Phantom RSU compensation policy without any instruction from Jose Raul Fernandez. This indicates the grant followed the company’s standard compensation program rather than being initiated by the director himself.