Phantom share holdings disclosed for Petrobras (PBR) Chief Engineering Officer

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA reported an updated phantom share position for Chief Engineering Officer Renata Faria Rodrigues Baruzzi Lopes. She now holds 16,232.2800 phantom shares referenced to PETR3 common shares, granted under the Petrobras Performance Award Program and settled in cash upon vesting.

The deferred portion of this award vests in four equal annual instalments, and additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity. Footnotes indicate these additional phantom shares relate to the company’s 2025 fiscal-year performance award program and use a weighted average PETR3 price of 33.02 BRL over 60 trading sessions.

Insights

Executive compensation analyst

Filing updates a cash-settled performance award, not a buy or sale.

The disclosure shows Chief Engineering Officer Renata Faria Rodrigues Baruzzi Lopes holding 16,232.2800 phantom shares tied to PETR3 under the Petrobras Performance Award Program. These are cash-settled derivatives, so they do not represent direct share ownership or voting power.

The award vests in four equal annual instalments, with additional phantom shares credited when Petrobras pays dividends or interest on equity. A weighted average PETR3 price of 33.02 BRL over 60 trading sessions in 2025 is used for calculation, linking compensation to share performance over that period.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lopes Renata Faria Rodrigues Baruzzi

Role Chief Engineering Officer

Type	Security	Shares	Price	Value
holding	Phantom Shares	--	--	--

Holdings After Transaction: Phantom Shares — 16,232.28 shares (Direct, null)

Footnotes (1)

1. Phantom shares are granted pursuant to the Petrobras Performance Award Program. The phantom shares are referenced to the PETR3 common share price and are settled in cash upon vesting. The deferred portion of the award vests in four equal annual instalments. Additional phantom shares are credited proportionally upon the payment of dividends or interest on equity by the company. Weighted average of the last 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 BRL. The average is calculated as the sum of Turnover divided by the sum of Volume over these last 60 trading sessions. The price reported in column 2 is a convenience conversion of the 33.02 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.988 BRL per 1.00 USD on April 30, 2026. Additional phantom shares credited as a result of Petrobras Performance Award Program of 2025 fiscal year.

Key Figures

Phantom share holdings: 16,232.2800 phantom shares Underlying PETR3 shares reference: 16,232.2800 shares Exercise price: 6.6200 +2 more

5 metrics

Phantom share holdings 16,232.2800 phantom shares Held by Chief Engineering Officer under Petrobras Performance Award Program

Underlying PETR3 shares reference 16,232.2800 shares Underlying security reference for phantom shares

Exercise price 6.6200 Exercise or reference price for phantom share derivative

Weighted average PETR3 price 33.02 BRL per share Average over last 60 trading sessions of 2025

Exchange rate used 4.988 BRL per 1.00 USD Rate used to convert 33.02 BRL into U.S. dollars on April 30, 2026

Key Terms

Phantom shares, Petrobras Performance Award Program, interest on equity, weighted average, +1 more

5 terms

Phantom shares financial

"Phantom shares are granted pursuant to the Petrobras Performance Award Program."

Phantom shares are a form of employee or executive compensation that mimics the economic value of owning company stock without actually issuing real shares; holders receive cash or equivalent payments tied to the company’s share price or dividends. Think of it like a receipt that pays out if the stock rises — it aligns managers’ interests with shareholders but does not dilute ownership, while creating a future cash obligation that investors should watch as it can affect company cash flow and valuation.

Petrobras Performance Award Program financial

"Phantom shares are granted pursuant to the Petrobras Performance Award Program."

interest on equity financial

"Additional phantom shares are credited proportionally upon the payment of dividends or interest on equity by the company."

A payment a company makes to its shareholders that compensates them for the capital they provided, similar to how a lender receives interest on a loan. In some accounting or tax systems this payment is treated like interest rather than a regular dividend, which can change a company’s reported profit, cash flow and the taxable income of investors; that treatment affects shareholder returns and valuation.

weighted average financial

"Weighted average of the last 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 BRL."

A weighted average is a way of calculating an overall number when some items matter more than others by giving each item a different level of importance, or weight. Investors use weighted averages to combine figures like prices, returns or earnings so the result reflects the size or significance of each part — like grading a class where a final exam counts more than a quiz, producing a score that better represents true performance.

turnover financial

"The average is calculated as the sum of Turnover divided by the sum of Volume over these last 60 trading sessions."

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED 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^*

Lopes Renata Faria Rodrigues Baruzzi

(Last) (First) (Middle)

HENRIQUE VALADARES AVE, 28

19TH FLOOR, A TOWER

(Street)

RIO DE JANEIRO 20231030

(City) (State) (Zip)

BRAZIL

(Country)

2. Issuer Name and Ticker or Trading Symbol
PETROBRAS - PETROLEO BRASILEIRO SA [ PBR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Engineering Officer

2a. Foreign Trading Symbol
[PETR3]

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Shares(1)	$6.62(2)							(3)	(3)	PETR3	16,232.28		23,061.61	D

Explanation of Responses:

1. Phantom shares are granted pursuant to the Petrobras Performance Award Program. The phantom shares are referenced to the PETR3 common share price and are settled in cash upon vesting. The deferred portion of the award vests in four equal annual instalments. Additional phantom shares are credited proportionally upon the payment of dividends or interest on equity by the company.

2. Weighted average of the last 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 BRL. The average is calculated as the sum of Turnover divided by the sum of Volume over these last 60 trading sessions. The price reported in column 2 is a convenience conversion of the 33.02 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.988 BRL per 1.00 USD on April 30, 2026.

3. Additional phantom shares credited as a result of Petrobras Performance Award Program of 2025 fiscal year.

	/s/ Renata Faria Rodrigues Baruzzi Lopes	04/30/2026
	** Signature of Reporting Person	Date
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)

FAQ

What did Petrobras (PBR) disclose about Renata Faria Rodrigues Baruzzi Lopes in this Form 4?

The filing shows Chief Engineering Officer Renata Faria Rodrigues Baruzzi Lopes holding 16,232.2800 phantom shares. These awards are part of the Petrobras Performance Award Program, are referenced to PETR3 common shares, and are settled in cash upon vesting instead of delivering actual shares.

How do Petrobras (PBR) phantom shares work in the Performance Award Program?

Phantom shares are tied to the PETR3 common share price and are settled in cash when they vest. The deferred portion of the award vests in four equal annual instalments, and extra phantom shares are credited proportionally when Petrobras pays dividends or interest on equity.

What is the size of the phantom share holding reported for the Petrobras (PBR) officer?

The officer’s position is 16,232.2800 phantom shares referenced to PETR3 common shares. This figure reflects awards granted under the Petrobras Performance Award Program, including additional phantom shares credited based on the company’s 2025 fiscal-year performance award allocation mechanics.

How is the Petrobras (PBR) phantom share award linked to PETR3’s market price?

Footnotes state that a weighted average PETR3 price of 33.02 BRL over the last 60 trading sessions in 2025 is used. This average is based on turnover divided by volume, tying the phantom share valuation to recent trading activity in Petrobras common shares.

Does this Petrobras (PBR) Form 4 indicate any share buying or selling by the officer?

The entry reflects a phantom share holding rather than open-market buying or selling. The phantom shares are cash-settled derivative awards under the Petrobras Performance Award Program, so they do not involve direct share purchases or sales in the market by the reporting officer.