Berman Martin Karla Paola 4

What Happened Karla Paola Berman Martin, a director of Arcos Dorados Holdings Inc. (ARCO), received a grant of 4,435 Phantom Restricted Stock Units (Phantom RSUs) on 2026-05-10 (transaction code A — award/grant). This is a derivative, cash-settled award; no per-share price or immediate cash value is reported on the Form 4. The actual payout will equal the closing price of one Class A common share on the vesting date plus any dividends since the grant date (per footnote F1). The grant was issued under the company’s Phantom RSU compensation policy and was made without direction from the reporting person (footnote F2).

Key Details

• Transaction date: 2026-05-10; Form 4 filed: 2026-05-12 (timely filing).
• Transaction type/code: A — Award/Grant of derivative securities (Phantom RSUs).
• Amount: 4,435 Phantom RSUs; price/value at grant: N/A (cash-settled; value determined at vesting).
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 — each Phantom RSU equals cash equivalent of one Class A share’s closing price at vesting plus dividends; F2 — issued under issuer policy without instruction from the reporting person.

Context Phantom RSUs are cash-settled awards, not actual share deliveries at grant. The payout will depend on the share price when the units vest, so this grant is compensation rather than an immediate insider purchase or sale. Such awards to directors are common and do not by themselves indicate the reporting person buying or selling shares.