Does this ARCO Form 4 reflect a share purchase or sale in the market?

No, the filing reflects a grant of Phantom Restricted Stock Units as compensation, not a market purchase or sale of shares. The units are cash-settled based on future Class A share prices and dividends rather than immediate trading activity in the company’s stock.

Arcos Dorados (NYSE: ARCO) awards 4,435 Phantom RSUs to director Alonso

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Alonso Sergio Daniel reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Sergio Daniel Alonso reported a compensation-related award of 4,435 Phantom Restricted Stock Units on Class A common shares. Each unit will pay the cash equivalent of one Class A share’s closing price on the vesting date, plus any dividends since the grant date. The award was issued under the company’s Phantom RSU compensation policy without any instruction from Alonso, and he now holds 4,435 Phantom RSUs following this grant.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Alonso Sergio Daniel

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Restricted Stock Unit	4,435	$0.00	$0.00

Holdings After Transaction: Phantom Restricted Stock Unit — 4,435 shares (Direct)

Footnotes (2)

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.
F2. The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person.

Key Figures

Phantom RSUs granted: 4,435 units Price per Phantom RSU: $0.0000 Underlying Class A shares: 4,435 shares +2 more

5 metrics

Phantom RSUs granted 4,435 units Grant of Phantom Restricted Stock Units on 2026-05-10

Price per Phantom RSU $0.0000 Grant/award acquisition price per unit

Underlying Class A shares 4,435 shares Each Phantom RSU linked to one Class A common share

Exercise/expiration date April 30, 2027 Phantom RSU exercise and expiration date

Holdings after transaction 4,435 Phantom RSUs Total Phantom RSUs following the grant

Key Terms

Phantom Restricted Stock Unit, Class A common share, compensation policy, grant, award, or other acquisition

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"

compensation policy financial

"The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person"

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

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

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/12/2026 - 05:32 PM

FAQ

What insider transaction did Arcos Dorados (ARCO) director Sergio Daniel Alonso report?

Sergio Daniel Alonso reported receiving 4,435 Phantom Restricted Stock Units as compensation. These derivative units are tied to Arcos Dorados Class A common shares and are structured to pay cash based on the share price and dividends at vesting.

How many Phantom Restricted Stock Units did ARCO grant in this Form 4 filing?

Arcos Dorados granted 4,435 Phantom Restricted Stock Units in this transaction. After the award, Alonso’s reported holdings in these Phantom RSUs total 4,435 units, all linked to the company’s Class A common shares on a one-for-one underlying basis.

How are Arcos Dorados Phantom Restricted Stock Units valued for this grant?

Each Phantom Restricted Stock Unit represents the cash equivalent of the closing price of one Class A common share on the vesting date. The value also includes any dividends paid on that share, if any, between the grant date and the vesting date.

When do the Phantom Restricted Stock Units in this ARCO Form 4 vest and expire?

The Phantom Restricted Stock Units have an exercise and expiration date of April 30, 2027. On that date, the units are expected to settle in cash based on the closing price of Arcos Dorados’ Class A common shares and accumulated dividends, if any.

Was the Phantom RSU grant to Sergio Daniel Alonso discretionary?

The grant was made under Arcos Dorados’ Phantom RSU compensation policy without any instruction from Sergio Daniel Alonso. This indicates a routine, policy-based compensation award rather than a discretionary market transaction initiated by the director himself.

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^*

Alonso Sergio Daniel

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
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 Sergio Daniel Alonso	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)

Source: View Original Filing on SEC EDGAR