Tannenbaum Mariano 4

4 · Arcos Dorados Holdings Inc. · Filed May 12, 2026

AI-generated summary of this filing

Updated May 12, 2026

Arcos Dorados (ARCO) CFO Mariano Tannenbaum Sells 22,526 Shares

What Happened

Mariano Tannenbaum, CFO of Arcos Dorados Holdings Inc. (ARCO), had Phantom RSUs that vested on May 10, 2026 and were settled in cash. The Form 4 shows conversion/exercise of 22,526 derivative units and a corresponding disposition to the issuer at $9.02 per share, totaling $203,185. The filing also reports an award/transfer of 30,266 Phantom RSUs on the same date (these instruments are cash-settled).

Key Details

Transaction date: May 10, 2026; filing date: May 12, 2026 (timely filing).
Reported sale/disposition: 22,526 shares at $9.02 each = $203,185 total.
Reported award: 30,266 Phantom RSUs (derivative award reported same day).
Shares owned after transaction: Not stated in the filing.
Footnotes: (F1) Each Phantom RSU equals the cash value of one Class A share at vesting plus any dividends. (F2) The Phantom RSUs vested and were automatically settled in cash per the award agreement. (F3) The Phantom RSUs were issued under the issuer’s Phantom RSU compensation policy.
No indication of a 10b5-1 plan or late filing in the report.

Context

Phantom RSUs are cash-settled derivatives, so this transaction reflects compensation settlement rather than an open-market sale of long-held shares. The conversion/disposition items on the Form 4 show the cash settlement amount and do not necessarily indicate a voluntary, market sale by the insider.

Form 4

Period: 2026-05-10

Chief Financial Officer

Transactions

Exercise/Conversion
Class A common share
[F1]
2026-05-10+22,526→ 87,063 total
Disposition to Issuer
Class A common share
2026-05-10$9.02/sh−22,526$203,185→ 64,537 total
Exercise/Conversion
Phantom Restricted Stock Unit
[F1][F2]
2026-05-10−22,526→ 0 total
From: 2026-05-10Exp: 2026-05-10→ Class A common share (22,526 underlying)
Award
Phantom Restricted Stock Unit
[F1][F3][F2]
2026-05-10+30,266→ 30,266 total
From: 2029-05-10Exp: 2029-05-10→ Class A common share (30,266 underlying)

Footnotes (3)

[F1]Each Phantom Restricted Stock Unit ("Phantom RSU") represents the cash equivalent of the closing price of one Class A common share on the vesting date, plus any dividends paid on the Class A common share, if any, since the grant date.
[F2]On May 10, 2026, the Phantom RSUs vested and were settled in cash automatically pursuant to the issuer's Phantom RSU Award Agreement, without any instruction from the reporting person.
[F3]The Phantom RSUs were issued pursuant to the issuer's Phantom RSU compensation policy, without any instruction from the reporting person.

Signature

/s/ Roman Ajzen, attorney-in-fact on behalf of Mariano Tannenbaum|2026-05-12

1 file