Alonso Sergio Daniel 4

What Happened
Alonso Sergio Daniel, a director of Arcos Dorados Holdings Inc. (ARCO), had 4,988 Phantom Restricted Stock Units (Phantom RSUs) vest on April 30, 2026. The Phantom RSUs were cash-settled automatically under the award agreement, resulting in proceeds of approximately $44,493 (calculated at $8.92 per unit). This was a cash settlement of an award—not a purchase of shares.

Key Details

• Transaction date: April 30, 2026. Report filed May 4, 2026 (timely within the Form 4 two-business-day window).
• Instrument/transaction type: Phantom RSU vesting and cash settlement (reported as exercise/conversion of a derivative).
• Units settled: 4,988 Phantom RSUs. Per-unit amount shown: $8.92; total cash reported: $44,493.
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Relevant footnotes: F1 — Each Phantom RSU equals the cash equivalent of one Class A share’s closing price plus dividends (if any). F2 — The Phantom RSUs vested and were settled in cash automatically pursuant to the award agreement, without instruction from the director.

Context
Phantom RSUs are cash-settled awards, so this transaction did not transfer Class A shares to the director and does not represent a buy or sell of company stock on the open market. Cash settlements are routine compensation events and should not be interpreted as a direct bullish or bearish signal about the stock.