Director at Arcos Dorados (NYSE: ARCO) settles 4,988 phantom RSUs in cash

Rhea-AI Filing Summary

Hernandez Artigas Carlos reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Carlos Hernandez Artigas reported the vesting and cash settlement of Phantom Restricted Stock Units. On April 30, 2026, 4,988 Phantom RSUs vested and were settled in cash based on the closing price of one Class A common share plus any dividends since grant.

Following these compensation events, he directly holds 49,774 Class A common shares, and indirectly holds 2,569 shares in a Simplified Employee Pension account and 291,211 shares through Marlies Capital LLC.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 5 txns

Insider Hernandez Artigas Carlos

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	--	--	--
holding	Class A common share	--	--	--

Holdings After Transaction: Phantom Restricted Stock Unit — 0 shares (Direct); Class A common share — 49,774 shares (Direct); Class A common share — 291,211 shares (Indirect, Held by Marlies Capital LLC); Class A common share — 2,569 shares (Indirect, Held in a Simplified Employee Pension account)

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 Exercise price reference: $8.92 per share Direct Class A shares after: 54,762 shares +2 more

5 metrics

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

Exercise price reference $8.92 per share Price per share on one Class A common share transaction

Direct Class A shares after 54,762 shares Direct ownership following reported transactions

Indirect SEP holdings 2,569 shares Held in a Simplified Employee Pension account

Indirect LLC holdings 291,211 shares Held by Marlies Capital LLC

Key Terms

Phantom Restricted Stock Unit, Simplified Employee Pension account, in-the-money derivative exercise, indirect ownership

4 terms

Phantom Restricted Stock Unit financial

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

Simplified Employee Pension account financial

"Held in a Simplified Employee Pension account"

in-the-money derivative exercise financial

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

indirect ownership financial

""ownership_type": "indirect""

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/04/2026 - 01:50 PM Learn about SEC filing dates

FAQ

What insider activity did Arcos Dorados (ARCO) report for Carlos Hernandez Artigas?

Arcos Dorados reported that director Carlos Hernandez Artigas had 4,988 Phantom Restricted Stock Units vest and settle in cash on April 30, 2026. These units were tied to the value of Class A common shares plus dividends accumulated since the grant date.

How many Arcos Dorados (ARCO) shares does Carlos Hernandez Artigas hold after this Form 4?

After the reported activity, Carlos Hernandez Artigas directly holds 54,762 Class A common shares. He also indirectly holds 2,569 shares in a Simplified Employee Pension account and 291,211 shares through Marlies Capital LLC, reflecting his combined disclosed economic exposure.

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

The Phantom Restricted Stock Units represent the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends since grant. They are settled in cash, not actual shares, under the issuer's Phantom RSU Award Agreement.

Were the Arcos Dorados (ARCO) Phantom RSUs settled at the direction of the director?

The Phantom RSUs vested and were settled in cash automatically under the Phantom RSU Award Agreement, without any instruction from the reporting person. This indicates the settlement followed preset plan terms rather than a discretionary trading decision by the director.

Did the Arcos Dorados (ARCO) Form 4 show any open-market share sales or purchases?

The Form 4 shows the vesting and cash settlement of 4,988 Phantom RSUs and updated share holdings but does not report any open-market purchases or sales. The primary activity is a compensation-related derivative settlement rather than a market trade.

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^*

Hernandez Artigas Carlos

(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)	54,762	D
Class A common share	04/30/2026		X		4,988	D	$8.92	49,774	D
Class A common share								291,211	I	Held by Marlies Capital LLC
Class A common share								2,569	I	Held in a Simplified Employee Pension account

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 Carlos Hernandez Artigas	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)