Arcos Dorados (ARCO) director reports 4,988 Phantom RSUs vesting and cash settlement

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Michael Chu reported compensation-related equity activity rather than open-market trading. On April 30, 2026, 4,988 Phantom Restricted Stock Units vested and, according to the award terms, were automatically settled in cash, based on the Class A common share closing price plus any dividends since grant.

Following these transactions, the filing shows that Chu directly holds 4,988 Class A common shares and indirectly holds 10,796 Class A common shares through The Michael Chu Trust. The Phantom RSUs were fully exercised and no derivative balance remains.

Insider Trade Summary

4,988 shares exercised/converted

Mixed 4 txns

Insider CHU MICHAEL

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
holding	Class A common share	--	--	--

Holdings After Transaction: Phantom Restricted Stock Unit — 0 shares (Direct, null); Class A common share — 4,988 shares (Direct, null); Class A common share — 10,796 shares (Indirect, Held by The Michael Chu Trust)

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-related price reference: $8.92 per share Direct Class A shares: 4,988 shares +1 more

4 metrics

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

Exercise-related price reference $8.92 per share Class A common share figure in non-derivative transaction row

Direct Class A shares 4,988 shares Direct holdings following transactions

Indirect Class A shares 10,796 shares Held by The Michael Chu Trust following transactions

Key Terms

Phantom Restricted Stock Unit, vesting date, settled in cash

3 terms

Phantom Restricted Stock Unit financial

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

vesting date financial

"the closing price of one Class A common share on the vesting date, plus any dividends..."

settled in cash financial

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

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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^*

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)
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
Class A common share								10,796	I	Held by The Michael Chu Trust

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

Michael Chu reported vesting and cash settlement of 4,988 Phantom Restricted Stock Units on April 30, 2026. These units were tied to the value of one Class A common share each, plus dividends since grant, and were settled automatically under the award agreement.

Did Michael Chu buy or sell Arcos Dorados (ARCO) shares in the open market?

The filing does not show any open-market buys or sells. It reports the vesting and cash settlement of 4,988 Phantom Restricted Stock Units and the resulting direct and indirect Class A common share holdings recorded after these compensation-related transactions.

How many Arcos Dorados (ARCO) shares does Michael Chu hold after this Form 4?

After the reported transactions, Michael Chu directly holds 4,988 Class A common shares and indirectly holds 10,796 Class A common shares through The Michael Chu Trust. These holdings reflect the positions shown as of April 30, 2026 in the filing data.

What are Phantom Restricted Stock Units in the Arcos Dorados (ARCO) filing?

Each Phantom Restricted Stock Unit represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid since grant. They are a cash-settled compensation vehicle rather than actual shares until settlement occurs.

How were the 4,988 Phantom RSUs for Arcos Dorados (ARCO) settled?

On April 30, 2026, 4,988 Phantom RSUs vested and were settled in cash automatically under the issuer’s Phantom RSU Award Agreement. The settlement used the Class A common share closing price on the vesting date plus accumulated dividends, without requiring instructions from Michael Chu.