Hernandez Artigas Carlos 4

What Happened

• Carlos Hernandez, a director of Arcos Dorados Holdings Inc. (ARCO), reported that 4,988 Phantom RSUs vested and were settled in cash on April 30, 2026. The Form 4 shows a disposition of 4,988 shares at $8.92 each for a total reported amount of $44,493. Footnotes indicate the Phantom RSUs represent the cash equivalent of one Class A share (plus any dividends) and that the awards were settled automatically pursuant to the issuer's Phantom RSU Award Agreement.

Key Details

• Transaction date: 2026-04-30; reported on Form 4 filed 2026-05-04.
• Disposition: 4,988 shares reported disposed at $8.92 per share; total $44,493.
• Instrument: Phantom Restricted Stock Units (cash-settled awards) — F1/F2 describe cash settlement and automatic vesting/settlement.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Filing timeliness: reported on May 4 for an April 30 transaction. Form 4s are normally required within two business days; this filing was reported several days after the transaction date.

Context

• These were cash-settled Phantom RSUs (not an open-market sale or traditional stock grant). The award agreement indicates automatic cash settlement on vesting, so the reported disposition reflects the cash-equivalent settlement rather than an active market sell order by the director. Such automated settlements are typically routine compensation/tax-withholding events and do not necessarily signal a trading decision.