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

Rhea-AI Filing Summary

Arcos Dorados Holdings Inc. director Karla Paola Berman reported the vesting and cash settlement of 4,988 Phantom Restricted Stock Units tied to the company’s Class A common shares. Each Phantom RSU represents the cash equivalent of the closing price of one Class A share on the vesting date plus any dividends since grant.

On April 30, 2026, these Phantom RSUs vested and were automatically settled in cash under the issuer’s Phantom RSU Award Agreement, without any instruction from the reporting person. The filing reflects a routine, compensation-related derivative exercise rather than open-market share purchases or sales.

Insider Trade Summary

4,988 shares exercised/converted

Exercise 3 txns

Insider Berman Martin Karla Paola

Role Director

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

Holdings After Transaction: Phantom Restricted Stock Unit — 0 shares (Direct); Class A common share — 0 shares (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. 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 Class A share reference price: $8.92 per share Phantom RSU value basis: Closing price + dividends

3 metrics

Phantom RSUs vested 4,988 units Vested and settled on April 30, 2026

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

Phantom RSU value basis Closing price + dividends Each unit equals one Class A share closing price plus dividends since grant

Key Terms

Phantom Restricted Stock Unit, vesting date, settled in cash, Phantom RSU Award Agreement

4 terms

Phantom Restricted Stock Unit financial

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

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 pursuant to the issuer's Phantom RSU Award Agreement"

Phantom RSU Award Agreement financial

"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 →

Accepted by SEC EDGAR 05/04/2026 - 01:42 PM Learn about SEC filing dates

FAQ

What did Arcos Dorados (ARCO) director Karla Berman report in this Form 4?

She reported the vesting and cash settlement of 4,988 Phantom Restricted Stock Units linked to Arcos Dorados Class A shares. These units were settled automatically in cash under a pre-existing 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 unit represented the cash value of one Class A share at the vesting date, plus any dividends since the grant date, and was settled automatically in cash per the award terms.

How are Phantom RSUs defined 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. It also includes any dividends paid on that Class A share, if any, from the grant date until vesting, according to the filing footnote.

Were the Arcos Dorados (ARCO) Phantom RSUs settled in shares or cash?

The 4,988 Phantom Restricted Stock Units were settled entirely in cash on April 30, 2026. Settlement occurred automatically pursuant to Arcos Dorados’ Phantom RSU Award Agreement, without any trading instruction from the reporting person and without open-market share transactions.

Did the Arcos Dorados (ARCO) director initiate the Phantom RSU settlement?

No, the settlement occurred automatically under the Phantom RSU Award Agreement. On April 30, 2026, the 4,988 Phantom RSUs vested and were settled in cash without any instruction from the director, indicating a routine compensation event rather than discretionary trading activity.

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^*

Berman Martin Karla Paola

(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 Karla Paola Berman Martin	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)