Raganato Luis Alberto 4

What Happened

• Luis Alberto Raganato, CEO of Arcos Dorados Holdings Inc. (ARCO), had derivative awards vest and be cash‑settled and also recorded a disposition of 24,239 shares. The filing shows a disposition to the issuer of 24,239 shares at $9.02 per share, totaling $218,636. The Form 4 also reports related derivative exercise/conversion activity and a separate listing of 50,998 Phantom RSU awards (derivatives) that vested and were settled in cash.

Key Details

• Transaction date: May 10, 2026; Filing date: May 12, 2026 (appears timely — within two business days).
• Sale/disposition: 24,239 shares disposed to the issuer at $9.02 each — proceeds $218,636.
• Derivative activity: Form lists exercise/conversion entries (code M) tied to 24,239 units and an acquisition/award (code A) of 50,998 Phantom RSUs.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1–F3 state that Phantom RSUs represent the cash equivalent of one Class A share (plus any dividends), the Phantom RSUs vested on May 10, 2026 and were automatically settled in cash pursuant to the issuer’s Phantom RSU Award Agreement, and they were issued under the company’s Phantom RSU policy without instruction from the reporting person.

Context

• These were cash‑settled Phantom RSUs (derivatives), not open‑market buys or sales by the insider for investment. Phantom RSUs pay the cash value of shares on vesting; the filing shows the vesting and automatic cash settlement plus a corresponding disposition to the issuer. Such settlements are typically routine compensation events and do not necessarily signal the insider’s view on company stock.