Arcos Dorados director’s 4,988 Phantom RSUs vest

Arcos Dorados Holdings Inc. director Jose Alberto Velez Cadavid reported the vesting and cash settlement of 4,988 Phantom Restricted Stock Units on April 30, 2026.

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Jose Alberto Velez Cadavid reported the vesting and cash settlement of 4,988 Phantom Restricted Stock Units on April 30, 2026. Each Phantom RSU represented the cash equivalent of the closing price of one Class A common share, plus any dividends since grant.

The Phantom RSUs were exercised at $0.00 and valued using a Class A common share price of $8.92 per share. The award vested and was settled in cash automatically under the company’s Phantom RSU Award Agreement, without any instruction from the reporting director, indicating a routine, compensation-related event rather than an open-market trade.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 3 txns

Insider Velez Cadavid Jose Alberto

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 — 0 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 vested: 4,988 units Share price reference: $8.92 per share Exercise price: $0.00 per unit +1 more

4 metrics

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

Share price reference $8.92 per share Closing price of Class A common share on vesting date

Exercise price $0.00 per unit Phantom RSUs exercised at no cost to director

Derivative exercises 1 exercise, 4,988 shares equivalent Transaction code X, in-the-money derivative exercise

Key Terms

Phantom Restricted Stock Unit, vesting date, Phantom RSU Award Agreement, 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"

vesting date financial

"cash equivalent of the closing price of one Class A common share on the vesting date"

Phantom RSU Award Agreement financial

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

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.

FAQ

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

What insider transaction did Arcos Dorados (ARCO) report for Jose Alberto Velez Cadavid?

Arcos Dorados reported that director Jose Alberto Velez Cadavid had 4,988 Phantom Restricted Stock Units vest and settle in cash. The units converted based on the closing price of a Class A common share plus accrued dividends, reflecting routine equity-based compensation.

How many Phantom Restricted Stock Units vested for the Arcos Dorados (ARCO) director?

A total of 4,988 Phantom Restricted Stock Units vested for the Arcos Dorados director. These units were tied to the value of one Class A common share each, and were settled entirely in cash rather than through delivery of actual shares of stock.

At what share price were the Phantom RSUs for Arcos Dorados (ARCO) valued on vesting?

The Phantom Restricted Stock Units were valued at $8.92 per Class A common share on the vesting date. Each unit represented the cash equivalent of that closing price plus any dividends paid on the Class A share since the original grant date.

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

The Phantom Restricted Stock Units for the director were settled entirely in cash, not in shares. On April 30, 2026, the units automatically converted to a cash payment based on the Class A share price and accrued dividends, consistent with the Phantom RSU Award Agreement.

Was the Arcos Dorados (ARCO) director’s Phantom RSU transaction discretionary?

The transaction was not discretionary. The Phantom Restricted Stock Units vested and were settled in cash automatically under the issuer’s Phantom RSU Award Agreement, without any instruction from the reporting director, indicating a pre-set, compensation-related mechanism rather than an active trading decision.

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

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Accepted by SEC EDGAR 05/04/2026 - 01:52 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^*

Velez Cadavid Jose Alberto

(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

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 Alberto Velez Cadavid	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)