CHU MICHAEL 4

What Happened
Michael Chu, a director of Arcos Dorados Holdings Inc. (ARCO), received a grant of 4,435 Phantom Restricted Stock Units (Phantom RSUs) reported on Form 4 for the 2026-05-10 transaction date. The filing records this as an award (transaction code A) and lists the per‑share price and total value as N/A because these Phantom RSUs are cash‑settled rather than actual share issuances.

Key Details

• Transaction date: 2026-05-10 (Form 4 filed 2026-05-12 — timely filing).
• Instrument: 4,435 Phantom RSUs (derivative award); transaction code A (award/grant).
• Price / Total value: N/A on the filing (award is cash‑settled at vesting).
• Shares owned after transaction: not specified in the provided filing details.
• Footnotes: F1 — each Phantom RSU pays the cash equivalent of one Class A share’s closing price at vesting plus any dividends; F2 — award issued under the issuer’s Phantom RSU compensation policy without instruction from the reporting person.
• No 10b5‑1 plan, tax‑withholding sale, or immediate share sale is indicated.

Context
Phantom RSUs are a form of compensation that typically settle in cash based on the stock’s price at vesting rather than issuing actual shares, so they do not represent an open‑market purchase or sale by the insider. Such grants are common as part of executive/director compensation and should be viewed as routine awards unless accompanied by other trading activity.