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[Form 4] Cosan S.A. Insider Trading Activity

Filing Impact
(Very High)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Cosan S.A. Chief Legal Officer Maria Rita de Carvalho Drummond reported multiple share movements in Cosan stock and incentive awards. On April 15–17, 2026, she completed three open-market sales totaling 109,400 shares of common stock (BVMF: CSAN3) at prices around R$5.48–R$5.57 per share.

On May 19, 2026, she recorded an “other” transaction involving 280,954 long-term incentive shares and a related 280,954 common stock entry, tied to Cosan’s long-term incentive programs. After these actions, she directly holds 2,332,228 common shares, 409,122 long-term incentive shares, and 672,888 American Depositary Shares, with each ADS representing four common shares.

Positive

  • None.

Negative

  • None.
Insider Drummond Maria Rita de Carvalho
Role Chief Legal Officer
Sold 109,400 shs ($603K)
Type Security Shares Price Value
Other COMMON STOCK (BVMF: CSAN3) 280,954 $5.14 $1.44M
Other LONG TERM INCENTIVE (BVMF: CSAN3) 280,954 $5.14 $1.44M
Sale COMMON STOCK (BVMF: CSAN3) 37,400 $5.479 $205K
Sale COMMON STOCK (BVMF: CSAN3) 36,200 $5.4831 $198K
Sale COMMON STOCK (BVMF: CSAN3) 35,800 $5.57 $199K
holding ADS CSAN -- -- --
Holdings After Transaction: COMMON STOCK (BVMF: CSAN3) — 2,332,228 shares (Direct, null); LONG TERM INCENTIVE (BVMF: CSAN3) — 409,122 shares (Direct, null); ADS CSAN — 672,888 shares (Direct, null)
Footnotes (1)
  1. Brazilian reais. The number of shares of Commons Stock includes 559,785 shares of Common Stock that were inadvertently not included in the total number of shares of Common Stock held by the Reporting Person as stated on the Form 3 filed on March 18, 2026. Right to receive shares resulting from Long-Term Incentive Programs - The Program designates eligible individuals of the Cosan Group who are granted shares, subject to continued service with the Group for a specified period (vesting), and which may also be linked to the achievement of certain performance targets. As of this date, the amount reported represents the number of shares granted to the reporting person. Such amount may increase or decrease as of the actual delivery date, depending on the level of achievement of the applicable targets and the applicable tax effects. All amounts are shown in gross terms. Each American Depositary Shares represents four shares of Common Stock.
Total shares sold 109,400 shares Common stock sold April 15–17, 2026
Sale prices R$5.479–R$5.570 per share Open-market sales of common stock in April 2026
Common shares held 2,332,228 shares Direct common stock holding after May 19, 2026 transaction
Long-term incentive shares 409,122 shares Long-Term Incentive Programs position as of latest date
Restructuring-related shares 561,908 shares Shares involved in J-code restructuring transactions
ADS holding 672,888 ADS American Depositary Shares position as of April 15, 2026
LTIP transaction size 280,954 shares Long term incentive and related common stock entry on May 19, 2026
Long-Term Incentive Programs financial
"Right to receive shares resulting from Long-Term Incentive Programs - The Program designates eligible individuals"
American Depositary Shares financial
"Each American Depositary Shares represents four shares of Common Stock."
American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.
vesting financial
"shares, subject to continued service with the Group for a specified period (vesting)"
Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.
performance targets financial
"which may also be linked to the achievement of certain performance targets."
open-market sale financial
"transaction_action: "open-market sale" for April 15–17, 2026 common stock trades"
An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Drummond Maria Rita de Carvalho
(Last)(First)(Middle)
AV. BRIGADEIRO FARIA LIMA, 4100
(Street)
SAO PAULOSAO PAULO04538132
(City)(State)(Zip)
BRAZIL
(Country)		2. Issuer Name and Ticker or Trading Symbol
Cosan S.A. [ CSAN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Legal Officer
2a. Foreign Trading Symbol
[CSAN3]
3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
COMMON STOCK (BVMF: CSAN3)04/15/2026S35,800D$5.57(1)2,202,136(2)D
COMMON STOCK (BVMF: CSAN3)04/16/2026S36,200D$5.4831(1)2,165,936(2)D
COMMON STOCK (BVMF: CSAN3)04/17/2026S37,400D$5.479(1)2,128,536(2)D
COMMON STOCK (BVMF: CSAN3)05/19/2026J280,954A$5.14(1)2,332,228(2)D
LONG TERM INCENTIVE (BVMF: CSAN3)(3)05/19/2026J280,954D$5.14(1)409,122D
ADS CSAN(4)672,888D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Brazilian reais.
2. The number of shares of Commons Stock includes 559,785 shares of Common Stock that were inadvertently not included in the total number of shares of Common Stock held by the Reporting Person as stated on the Form 3 filed on March 18, 2026.
3. Right to receive shares resulting from Long-Term Incentive Programs - The Program designates eligible individuals of the Cosan Group who are granted shares, subject to continued service with the Group for a specified period (vesting), and which may also be linked to the achievement of certain performance targets. As of this date, the amount reported represents the number of shares granted to the reporting person. Such amount may increase or decrease as of the actual delivery date, depending on the level of achievement of the applicable targets and the applicable tax effects. All amounts are shown in gross terms.
4. Each American Depositary Shares represents four shares of Common Stock.
/s/ Maria Rita de Carvalho Drummond05/21/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR