Gonzalez Avila Carlos Eduardo 4

What Happened Carlos Eduardo Gonzalez Avila, the Chief Operating Officer of Arcos Dorados Holdings Inc. (ARCO), had 7,522 shares disposed to the issuer on May 10, 2026 at $9.02 per share, generating $67,848. The filing shows related derivative activity: Phantom Restricted Stock Units (Phantom RSUs) vested and were settled in cash automatically, and new Phantom RSUs (22,610) were noted as granted/awarded in connection with the company's Phantom RSU program.

Key Details

• Transaction date: May 10, 2026; Filing date: May 12, 2026. No late filing is indicated in this report.
• Sale/disposition: 7,522 shares at $9.02 each; total reported proceeds $67,848 (disposition to issuer).
• Derivative activity: Phantom RSUs vested and were cash‑settled automatically (per footnotes); the filing records both the exercise/conversion and disposition steps tied to the derivative settlement.
• Grant/Award: 22,610 Phantom RSUs were reported (Phantom RSUs represent a cash equivalent of one Class A share on vesting plus any dividends).
• Shares owned after the transaction: Not specified in this Form 4.

Context Phantom RSUs are cash‑settled awards (not actual stock) — per the footnotes, each Phantom RSU pays the cash equivalent of the share price on vesting. The filing indicates the Phantom RSUs vested and were settled in cash automatically, and the corresponding 7,522-share disposition to the issuer reflects that settlement/withholding process rather than an open‑market sale of existing shareholdings. This is a routine compensation settlement rather than a straightforward purchase or voluntary sale on the open market.