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

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Cristina Presz Palmaka De Luca reported the vesting of 4,988 Phantom Restricted Stock Units on April 30, 2026. These Phantom RSUs were exercised as an in-the-money derivative and, according to the award terms, were automatically settled in cash, with no open-market share purchases or sales.

Insider Trade Summary

4,988 shares exercised/converted

Mixed 3 txns

Insider De Luca Cristina Presz Palmaka

Role null

Type	Security	Shares	Price	Value
X	Phantom Restricted Stock Unit	4,988	$0.00	--
X	Class A common share	4,988	$0.00	--
X	Class A common share	4,988	$8.92	$44K

Holdings After Transaction: Phantom Restricted Stock Unit — 0 shares (Direct, null); Class A common share — 4,988 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. 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 Derivative exercises: 1 transaction, 4,988 shares equivalent +1 more

4 metrics

Phantom RSUs vested 4,988 units Vesting and cash settlement on April 30, 2026

Exercise price reference $8.92 per share Non-derivative transaction price per Class A common share

Derivative exercises 1 transaction, 4,988 shares equivalent In-the-money derivative exercise of Phantom RSUs

Net buy/sell shares 0 shares Net buy/sell direction neutral for reported transactions

Key Terms

Phantom Restricted Stock Unit, in-the-money derivative exercise, vesting date, settled in cash

4 terms

Phantom Restricted Stock Unit financial

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

in-the-money derivative exercise financial

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

vesting date financial

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

settled in cash financial

"the Phantom RSUs vested and were settled in cash automatically"

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^*

De Luca Cristina Presz Palmaka

(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 Cristina Palmaka	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)

FAQ

What did Arcos Dorados (ARCO) director Cristina Palmaka report in this Form 4?

Cristina Palmaka reported the vesting of 4,988 Phantom Restricted Stock Units. These units were exercised as an in-the-money derivative and automatically settled in cash under a Phantom RSU Award Agreement, rather than through open-market share purchases or sales.

How many Phantom RSUs vested for the Arcos Dorados (ARCO) director?

A total of 4,988 Phantom Restricted Stock Units vested for the director. Each Phantom RSU represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid since the grant date, if any.

Were there any open-market stock trades by the Arcos Dorados (ARCO) director?

No open-market stock trades were reported in this Form 4. The filing shows an in-the-money derivative exercise of Phantom RSUs that were settled in cash automatically, resulting in a neutral net buy/sell share position for the reported transactions.

How were the Arcos Dorados (ARCO) Phantom RSUs settled for the director?

The Phantom RSUs were settled in cash on the vesting date. Under the Phantom RSU Award Agreement, settlement occurred automatically based on the closing price of a Class A common share, plus any dividends since grant, without instructions from the reporting person.

What does a Phantom Restricted Stock Unit mean at Arcos Dorados (ARCO)?

Each Phantom Restricted Stock Unit represents a cash-based compensation right. It mirrors the closing price of one Class A common share on the vesting date, plus any dividends paid since grant, but is settled in cash instead of delivering actual company shares.

Is this Arcos Dorados (ARCO) Form 4 transaction a routine compensation event?

The filing reflects a routine compensation-related vesting of Phantom RSUs. The units vested and were automatically settled in cash according to the Phantom RSU Award Agreement, with no indication of discretionary buying or selling of shares on the open market.