Fernandez Jose Raul 4

What Happened

• Jose Raul Fernandez, a director of Arcos Dorados Holdings Inc. (ARCO), had 4,988 Phantom Restricted Stock Units (Phantom RSUs) vest on April 30, 2026. The units were automatically settled in cash, with the filing showing a disposition of 4,988 units at $8.92 each, totaling $44,493. This was a cash settlement of an award (not an open-market purchase).

Key Details

• Transaction date: April 30, 2026; filing date: May 4, 2026 (reports the April 30 settlement).
• Reported amounts: 4,988 Phantom RSUs settled; $8.92 per-unit equivalent; total cash reported $44,493.
• Transaction codes: X (exercise/settlement of in‑the‑money derivative / Phantom RSU cash settlement).
• Footnotes: F1 — each Phantom RSU equals the cash equivalent of one Class A share closing price (plus any dividends) on the vesting date. F2 — the Phantom RSUs vested and were settled in cash automatically without instruction from the reporting person.
• Shares owned after transaction: not specified in the supplied filing data.

Context

• Phantom RSUs are cash-settled awards (they pay the cash value of shares at vesting) rather than transfers of actual shares; this is compensation being paid out, not a market purchase or voluntary sale by the insider.
• Such settlements are routine compensation events for insiders and do not, by themselves, signal a change in insider confidence.