Arcos Dorados director granted 4,435 Phantom RSUs

Arcos Dorados Holdings Inc. director Michael Chu reported a compensation-related grant of Phantom Restricted Stock Units.

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Michael Chu reported a compensation-related grant of Phantom Restricted Stock Units. He received 4,435 Phantom RSUs, each tied to the value of one Class A common share on the vesting date plus any dividends paid since the grant date.

The units were issued at no exercise price pursuant to the company’s Phantom RSU compensation policy, without any instruction from Chu. Following this grant, he holds 4,435 Phantom RSUs directly, which are scheduled to vest and expire on April 30, 2027, settling in cash rather than shares.

Insider Trade Summary

Grant/Award: 4,435 shares

Grant/Award 1 txn

Insider CHU MICHAEL

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 contracts (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. 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 Exercise price: $0.00 per unit Underlying shares: 4,435 Class A common shares +2 more

5 metrics

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

Exercise price $0.00 per unit Phantom RSU grant price

Underlying shares 4,435 Class A common shares Reference shares for Phantom RSU value

Vesting/expiration date April 30, 2027 Phantom RSU vesting and expiration

Post-grant Phantom RSU holdings 4,435 units Total Phantom RSUs held after transaction

Key Terms

Phantom Restricted Stock Unit, Phantom RSU, Phantom RSU compensation policy

3 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 financial

"The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy..."

Phantom RSU compensation policy financial

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

FAQ

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

What insider transaction did Arcos Dorados (ARCO) director Michael Chu report?

Michael Chu reported receiving 4,435 Phantom Restricted Stock Units as compensation. These units track the value of one Class A common share each, plus dividends since grant, and are scheduled to vest and expire on April 30, 2027.

Is Michael Chu’s Form 4 transaction in ARCO stock a market purchase or sale?

The Form 4 shows a grant of Phantom Restricted Stock Units, not a market trade. Code “A” indicates a grant or award acquisition, issued under the company’s compensation policy rather than an open-market buy or sell order.

How many Phantom RSUs did Michael Chu hold after this ARCO transaction?

After the transaction, Michael Chu held 4,435 Phantom Restricted Stock Units directly. This total matches the number granted in the filing, indicating these units represent his visible phantom equity-based compensation position from this report.

How are Arcos Dorados Phantom RSUs for Michael Chu economically structured?

Each Phantom RSU represents the cash equivalent of the closing price of one Class A common share on the vesting date. It also includes the value of any dividends paid on the Class A common share since the original grant date, if any.

When do Michael Chu’s Arcos Dorados Phantom RSUs vest and expire?

The Phantom Restricted Stock Units granted to Michael Chu are scheduled to vest and expire on April 30, 2027. On that vesting date, the cash value is based on the closing price of a Class A common share plus any intervening dividends.

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

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Accepted by SEC EDGAR 05/12/2026 - 05:30 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^*

CHU MICHAEL

(Last) (First) (Middle)

1450 BRICKELL AVENUE, STE 2530

(Street)

MIAMI FLORIDA 33131

(City) (State) (Zip)

UNITED STATES

(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)
			Code	V	Amount	(A) or (D)	Price

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)(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 Michael Chu	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)