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

Arcos Dorados Holdings Inc. director Jose Raul Fernandez exercised 4,988 Phantom Restricted Stock Units on April 30, 2026.

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Jose Raul Fernandez exercised 4,988 Phantom Restricted Stock Units on April 30, 2026. Each Phantom RSU represents the cash equivalent of one Class A common share’s closing price on the vesting date, plus any dividends since grant.

The Phantom RSUs vested and were settled in cash automatically under the company’s Phantom RSU Award Agreement, without any instruction from Fernandez. Following these transactions, he directly held 44,203 Class A common shares.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 3 txns

Insider Fernandez Jose Raul

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

Holdings After Transaction: Phantom Restricted Stock Unit — 0 contracts (Direct); Class A common share — 44,203 shares (Direct)

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 exercised: 4,988 units Exercise-related reference price: $8.92 per share Post-transaction Class A holdings: 49,191 shares +2 more

5 metrics

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

Exercise-related reference price $8.92 per share One non-derivative entry for Class A common shares

Post-transaction Class A holdings 49,191 shares Directly held after April 30, 2026 transactions

Phantom RSU cash settlement terms Closing price + dividends Each unit equals closing share price plus dividends since grant

Remaining Phantom RSUs 0 units Derivative balance after vesting and settlement

Key Terms

Phantom Restricted Stock Unit, Phantom RSU Award Agreement, Class A common share, derivative security

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..."

Phantom RSU Award Agreement financial

"were settled in cash automatically pursuant to the issuer's Phantom RSU Award Agreement..."

Class A common share financial

"Each Phantom Restricted Stock Unit ("Phantom RSU") represents the cash equivalent of the closing price of one Class A common share..."

derivative security financial

"Exercise of in-the-money or at-the-money derivative security"

A derivative security is a financial contract whose value comes from the price or performance of something else, such as a stock, bond, commodity, or market index. For investors it acts like an insurance policy or a wager: it can be used to protect against losses, lock in prices, or amplify gains and losses, so it can change a portfolio’s risk and potential return without owning the underlying asset directly.

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

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Accepted by SEC EDGAR 05/04/2026 - 01:45 PM EDT 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^*

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)
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)	49,191	D
Class A common share	04/30/2026		X		4,988	D	$8.92	44,203	D

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 Jose Raul Fernandez	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)