Tannenbaum Mariano 4

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.