Velez Cadavid Jose Alberto 4

What Happened

• Jose Velez Cadavid, 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 based on the closing price of the Class A shares ($8.92), resulting in $44,493 in cash consideration. The Form 4 shows derivative entries for the vesting/settlement rather than an open-market share trade.

Key Details

• Transaction date: 2026-04-30; cash value reported: 4,988 units × $8.92 = $44,493.
• Filing date / timeliness: Form 4 filed 2026-05-04 — filed within the required 2 business days (timely).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — each Phantom RSU equals the cash value of one Class A share plus dividends; F2 — Phantom RSUs vested and were automatically settled in cash per the award agreement (no instruction required from the director).
• Transaction type: cash settlement of phantom RSUs (derivative settlement), not a market purchase or sale of actual shares.

Context

• Phantom RSUs are cash-settled awards that pay the cash equivalent of share value at vesting; they do not necessarily involve share transfers or open-market sales, so they are compensation/events-driven rather than a direct insider signal to buy or sell stock.