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Petrobras (PBR) updates Chief Upstream Officer’s phantom share awards

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA reported an update to compensation-linked derivative holdings for Chief Upstream Officer Sylvia Maria Couto Dos Anjos. The filing shows a direct holding of 81.15 phantom shares referenced to PETR3 common shares under the Petrobras Performance Award Program.

These phantom shares are cash-settled upon vesting and vest in four equal annual instalments. Additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity, including credits tied to a record date of April 22, 2026.

Positive

  • None.

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Insider Dos Anjos Sylvia Maria Couto
Role Chief Upstream Officer
Type Security Shares Price Value
holding Phantom Shares -- -- --
Holdings After Transaction: Phantom Shares — 81.15 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. Closing price on April 22nd, 2026, less the aggregate gross value of dividends with ex-dividend date on the same day. The price reported in column 2 is a convenience conversion of the 52.07 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.9647 BRL per 1.00 USD on April 22nd, 2026. Additional phantom shares credited as a result of dividend payment by Petrobras (record date of April 22, 2026), as provided by Petrobras Performance Award Program's rules.
Phantom share holdings 81.15 phantom shares Direct holding under Petrobras Performance Award Program
Reference PETR3 price 52.07 BRL per share Closing price on April 22, 2026, before FX conversion
FX rate for convenience conversion 4.9647 BRL per 1.00 USD Central Bank of Brazil rate on April 22, 2026
Convenience conversion price $10.49 per share Conversion of 52.07 BRL PETR3 price into U.S. dollars
Underlying PETR3 shares 81.15 shares Underlying security referenced by the phantom share units
Dividend record date April 22, 2026 Date for dividend that generated additional phantom shares
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.
record date financial
"Additional phantom shares credited as a result of dividend payment by Petrobras (record date of April 22, 2026)."
The record date is the specific day when a company determines which shareholders are eligible to receive a dividend or participate in an upcoming vote. It’s like a cutoff date; if you own the stock on that day, you get the benefits or voting rights. This date matters because it decides who qualifies for certain company benefits.
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*
Dos Anjos Sylvia Maria Couto
(Last)(First)(Middle)
28, HENRIQUE VALADARES AVE
19TH FLOOR, A TOWER
(Street)
RIO DE JANEIRORIO DE JANEIRO20231-030
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Upstream Officer
2a. Foreign Trading Symbol
[PETR3]
3. Date of Earliest Transaction (Month/Day/Year)
04/24/2026		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
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
Phantom Shares(1)$10.49(2) (3) (3)PETR381.156,829.33D
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. Closing price on April 22nd, 2026, less the aggregate gross value of dividends with ex-dividend date on the same day. The price reported in column 2 is a convenience conversion of the 52.07 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.9647 BRL per 1.00 USD on April 22nd, 2026.
3. Additional phantom shares credited as a result of dividend payment by Petrobras (record date of April 22, 2026), as provided by Petrobras Performance Award Program's rules.
/s/ Sylvia Maria Couto dos Anjos04/24/2026
** 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

FAQ

What did Petrobras (PBR) disclose in this Form 4 for Sylvia Maria Couto Dos Anjos?

Petrobras disclosed an updated holding of 81.15 phantom shares for Chief Upstream Officer Sylvia Maria Couto Dos Anjos. These are cash-settled awards referenced to PETR3 common shares under Petrobras’ Performance Award Program, reflecting compensation rather than open-market trading activity.

What are phantom shares in the Petrobras (PBR) Performance Award Program?

Petrobras’ phantom shares are awards linked to the PETR3 common share price but settled in cash upon vesting. They are granted under the Petrobras Performance Award Program and do not represent actual shares, functioning as cash-based incentives tied to share performance.

How do dividends affect the phantom shares reported for Petrobras (PBR) officer Sylvia Dos Anjos?

When Petrobras pays dividends or interest on equity, additional phantom shares are credited proportionally under the program rules. The filing notes extra phantom shares credited due to a dividend with a record date of April 22, 2026, increasing the officer’s compensation-linked units.

How is the reference price for the Petrobras (PBR) phantom shares determined?

The filing cites a 52.07 BRL per share PETR3 closing price on April 22, 2026, less certain dividends, converted for convenience using an exchange rate of 4.9647 BRL per 1.00 USD from the Central Bank of Brazil to present a U.S. dollar equivalent figure.

Do the reported Petrobras (PBR) phantom shares give voting rights or actual ownership?

The phantom shares are cash-settled awards referenced to PETR3’s price and are part of a performance program. The description emphasizes cash settlement upon vesting, indicating these units function as compensation and do not themselves represent voting stock ownership.