CHU MICHAEL 4

What Happened

• Michael Chu, 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 settled in cash automatically, with a reported per‑unit value of $8.92, resulting in cash proceeds of $44,493. This was a cash settlement of a derivative award, not a purchase of stock.

Key Details

• Transaction date: April 30, 2026; Form 4 filed May 4, 2026 (filed within the required reporting window).
• Reported per‑unit value: $8.92; total cash settled: $44,493.
• Instrument: Phantom RSUs (cash‑settled derivative). The Form 4 shows an exercise/settlement and corresponding cash disposition.
• Shares/ownership after transaction: Not disclosed in the supplied filing details.
• Footnotes: F1—each Phantom RSU equals the cash equivalent of one Class A share’s closing price on vesting date plus any dividends; F2—Phantom RSUs vested and were automatically settled in cash per the award agreement, without direction from the reporting person.

Context

• This was a cash settlement of a phantom RSU award (a form of compensation), not an open‑market sale of company stock. Such settlements reflect scheduled vesting or plan terms and do not necessarily indicate the insider’s view of the stock.