Fernandez Jose Raul 4

What Happened

• Fernandez Jose Raul, a director of Arcos Dorados Holdings Inc. (ARCO), was granted 4,435 Phantom Restricted Stock Units (Phantom RSUs) on May 10, 2026. The filing shows this as an award/grant (Code A) and the units are cash-settled derivatives (no share price or immediate cash value reported in the Form 4).

Key Details

• Transaction date: 2026-05-10; Filing date (Form 4): 2026-05-12 (filed within the typical two-business-day window).
• Instrument: 4,435 Phantom RSUs (derivative award). Price and immediate cash value: N/A — value determined at vesting.
• Shares owned after transaction: not reported in the provided data.
• Footnotes: (F1) Each Phantom RSU equals the cash equivalent of the closing price of one Class A common share on the vesting date plus any dividends since grant; (F2) The units were issued under the issuer’s Phantom RSU compensation policy without any instruction from the reporting person.

Context

• These Phantom RSUs are a form of cash-settled compensation, not an open-market purchase or sale. The payout (in cash) will be based on ARCO’s share price at vesting, so this award does not represent an immediate purchase or sale signal.