Director at Arcos Dorados (ARCO) receives 4,435 phantom RSUs as cash-settled award

Rhea-AI Filing Summary

Velez Cadavid Jose Alberto reported acquisition or exercise transactions in this Form 4 filing.

Arcos Dorados Holdings Inc. director Jose Alberto Velez Cadavid received a grant of 4,435 Phantom Restricted Stock Units as compensation. Each Phantom RSU represents the cash equivalent of one Class A common share on the vesting date, plus any dividends since grant, and was issued under the company’s Phantom RSU compensation policy without his instruction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Velez Cadavid Jose Alberto

Role null

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

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

Footnotes (1)

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. 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 Grant price: $0.0000 per unit Units after transaction: 4,435 units +2 more

5 metrics

Phantom RSUs granted 4,435 units Grant of Phantom Restricted Stock Units to director

Grant price $0.0000 per unit Compensation award, not purchased securities

Units after transaction 4,435 units Total Phantom RSUs following this grant

Underlying Class A shares 4,435 shares Underlying security linked to the Phantom RSUs

Vesting/expiration date April 30, 2027 Exercise and expiration date for Phantom RSUs

Key Terms

Phantom Restricted Stock Unit, Phantom RSU, Phantom RSU compensation policy, Class A common share

4 terms

Phantom Restricted Stock Unit financial

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

Phantom RSU financial

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

Phantom RSU compensation policy financial

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

Class A common share financial

"represents the cash equivalent of the closing price of one Class A common share..."

Form 4 Insider Transactions: What Each Field Means →

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)
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 Jose Alberto Velez Cadavid	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)

FAQ

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

Arcos Dorados reported that director Jose Alberto Velez Cadavid received 4,435 Phantom Restricted Stock Units. These units are a form of cash-settled equity-linked compensation rather than a market purchase or sale of Class A common shares.

How many Phantom Restricted Stock Units were granted in this ARCO Form 4?

The Form 4 shows a grant of 4,435 Phantom Restricted Stock Units. After this award, the reporting person held 4,435 such units, each tied to the value of one Class A common share on the vesting date, including any dividends.

What does each Phantom Restricted Stock Unit represent for Arcos Dorados (ARCO)?

Each Phantom Restricted Stock Unit represents the cash equivalent of the closing price of one Class A common share on the vesting date. It also includes any dividends paid on that Class A common share from the grant date until vesting.

Were the ARCO Phantom Restricted Stock Units issued at a purchase price?

No, the Phantom Restricted Stock Units were granted at a price of 0.0000 per unit. They are compensation awards, not purchased securities, and settle in cash based on the value of Arcos Dorados Class A common shares at vesting.

When do the granted Phantom Restricted Stock Units tied to ARCO shares vest or expire?

The Phantom Restricted Stock Units have an exercise and expiration date of April 30, 2027. On that vesting date, each unit pays the cash value of one ARCO Class A common share’s closing price plus any dividends since the grant date.

Were the ARCO Phantom RSUs granted at the direction of the reporting person?

The filing states the Phantom RSUs were issued under Arcos Dorados’ Phantom RSU compensation policy without any instruction from the reporting person. This indicates a routine, policy-driven compensation grant rather than an elective trading decision by the director.