Arcos Dorados director settles 4,988 Phantom RSUs

Arcos Dorados Holdings Inc. director Annette Franqui exercised 4,988 Phantom Restricted Stock Units on April 30, 2026.

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Annette Franqui 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 units vested and were automatically settled in cash under the Phantom RSU Award Agreement, without instructions from the director. Following the transactions, she directly holds 30,940 Class A common shares.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 3 txns

Insider FRANQUI ANNETTE

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 — 30,940 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 Reference share price: $8.92 per share Shares held after transaction: 35,928 Class A shares

3 metrics

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

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

Shares held after transaction 35,928 Class A shares Direct ownership following April 30, 2026 transactions

Key Terms

Phantom Restricted Stock Unit, vesting date, settled in cash

3 terms

Phantom Restricted Stock Unit financial

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

vesting date financial

"the closing price of one Class A common share on the vesting date, plus any dividends..."

settled in cash financial

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

FAQ

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

What did Arcos Dorados (ARCO) director Annette Franqui report in this Form 4?

Director Annette Franqui reported exercising 4,988 Phantom Restricted Stock Units. These units vested on April 30, 2026 and were settled in cash based on the Class A common share’s closing price, plus accumulated dividends since grant.

How many Phantom Restricted Stock Units did the Arcos Dorados (ARCO) director exercise?

She exercised 4,988 Phantom Restricted Stock Units. Each Phantom RSU tracks the value of one Class A common share on the vesting date, plus any dividends paid since the grant date, and was settled in cash when vested.

How are the Phantom RSUs for Arcos Dorados (ARCO) valued at vesting?

Each Phantom Restricted Stock Unit represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid on that share, if any, since the grant date, according to the award terms.

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

The Phantom Restricted Stock Units were settled in cash. On April 30, 2026, they vested and were automatically paid in cash pursuant to the issuer’s Phantom RSU Award Agreement, without any instruction from the reporting director.

What are Annette Franqui’s Arcos Dorados (ARCO) share holdings after the Form 4 transactions?

After the reported transactions, director Annette Franqui directly holds 35,928 Class A common shares. This figure reflects her direct equity position following the vesting and cash settlement of the 4,988 Phantom Restricted Stock Units disclosed.

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

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Accepted by SEC EDGAR 05/04/2026 - 01:48 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^*

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)
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)	35,928	D
Class A common share	04/30/2026		X		4,988	D	$8.92	30,940	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 Annette Franqui	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)