The 4040 regular and hold open arms are different. You would have to get a different arm to convert from regular arm to a hold open function.
4040-3077 for a regular arm.
4040-3077L for a long ...
The hold open position on a "REG" or "EDA" hold open arm is set with the door to a few degrees shy of the desired hold open point. To properly set, open the door 5° less then the desired hold open...