FRANQUI ANNETTE 4

What Happened
Annette Franqui, 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 under the award agreement, producing proceeds reported as $44,493 (4,988 × $8.92). The Form 4 shows the derivative exercise and an immediate disposition (cash settlement) — this is a compensation payout, not an open‑market sale of previously held shares.

Key Details

• Transaction date: April 30, 2026. Form filed May 4, 2026 (period of report: 2026-04-30).
• Quantity: 4,988 Phantom RSUs; per‑unit value reported: $8.92; total cash settled: $44,493.
• Transaction code: X (exercise/conversion of an in‑the‑money derivative); filing shows acquisition and immediate disposition entries reflecting cash settlement.
• Shares owned after transaction: not disclosed in the Form 4 summary provided.
• Footnotes: F1 — each Phantom RSU equals the cash equivalent of one Class A share price (plus dividends, if any). F2 — the Phantom RSUs vested and were automatically settled in cash without instruction from the reporting person.

Context
This was a cash‑settled compensation event (Phantom RSU vesting), not a voluntary open‑market purchase or sale of company stock by the director. Such settlements are routine compensation/vesting transactions and do not, by themselves, indicate the insider’s market view.