De Luca Cristina Presz Palmaka 4

What Happened
Cristina De Luca, 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 settled in cash and reported as the exercise/settlement of an in‑the‑money derivative equivalent to 4,988 shares at $8.92 per share, producing total cash proceeds of $44,493. This was a cash settlement of an award (not a market purchase) and therefore is a routine payout rather than an open‑market buy.

Key Details

• Transaction date: April 30, 2026; Form 4 filed May 4, 2026 (timely filing).
• Reported amounts: 4,988 share‑equivalents settled at $8.92/share for total cash of $44,493.
• Shares owned after transaction: Not reported on the filing; settlement was in cash (no new Class A shares were received by the reporting person).
• Footnotes: F1—each Phantom RSU equals the cash value of one Class A share plus dividends; F2—Phantom RSUs vested and were settled in cash automatically without instruction from the reporting person.
• Transaction type: derivative exercise/settlement of Phantom RSUs (cash settlement), recorded as both exercise and disposition entries on the Form 4.

Context
Phantom RSUs pay the cash value of shares at vesting and are commonly used for compensation and tax withholding; they do not necessarily reflect buying or selling motivations. Because this was an automatic cash settlement of an award (not an open‑market sale of previously held shares), it should be viewed as routine compensation/payment rather than an independent insider purchase or speculative sell signal.