Petrobras (PBR) CCO disposes phantom shares in cash-settled award

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA Chief Commercial Officer disposes phantom shares under compensation plan

Chief Commercial Officer Claudio Romeo Schlosser disposed of 3,211.1500 phantom shares on PETR3, classified as a derivative transaction and a disposition to the issuer. The phantom shares are granted under the Petrobras Performance Award Program and are settled in cash based on PETR3’s share price.

The price of the derivative security for this transaction was 50.4400 per phantom share, determined as the weighted average PETR3 price over the last 20 trading sessions according to program rules. Following this disposition, Schlosser holds 23,116.0600 phantom shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Schlosser Claudio Romeo

Role Chief Commercial Officer

Type	Security	Shares	Price	Value
Disposition	Phantom Shares	3,211.15	$50.44	$162K

Holdings After Transaction: Phantom Shares — 23,116.06 shares (Direct)

Footnotes (2)

1. F1. 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. F2. The disposal is related to the phantom shares granted pursuant to the Petrobras Performance Award Program and settled in cash. The Price of Derivative Security is based on the weighted average price of PETR3 over the last 20 trading sessions prior to the transaction date in accordance with the Petrobras Performance Award Program's rules.

Key Figures

Phantom shares disposed: 3,211.1500 phantom shares Derivative price per phantom share: 50.4400 Phantom shares held after transaction: 23,116.0600 phantom shares

3 metrics

Phantom shares disposed 3,211.1500 phantom shares Disposition to issuer on 2026-04-02

Derivative price per phantom share 50.4400 Weighted average PETR3 over last 20 sessions

Phantom shares held after transaction 23,116.0600 phantom shares Holdings following disposition by CCO

Key Terms

Phantom shares, Petrobras Performance Award Program, weighted average price, interest on equity

4 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."

weighted average price financial

"based on the weighted average price of PETR3 over the last 20 trading sessions"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

interest on equity financial

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

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/06/2026 - 06:13 PM Learn about SEC filing dates

FAQ

What insider transaction did PBR’s Chief Commercial Officer report on this Form 4?

The Chief Commercial Officer, Claudio Romeo Schlosser, reported disposing of 3,211.1500 phantom shares on PETR3. This was a derivative transaction classified as a disposition to the issuer and conducted under Petrobras’ Performance Award compensation program, with settlement in cash rather than in company stock.

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

Phantom shares are compensation units granted under the Petrobras Performance Award Program. They are referenced to the PETR3 common share price and are settled in cash upon vesting. The deferred portion of each award vests in four equal annual instalments and receives credits for dividends or interest on equity.

How was the transaction price determined for the PBR phantom share disposition?

The transaction used a derivative security price of 50.4400 per phantom share. This price reflects the weighted average PETR3 common share price over the 20 trading sessions before the transaction date, as required by the Petrobras Performance Award Program’s rules for cash settlement.

How many phantom shares did the PBR executive hold after this Form 4 transaction?

After disposing of 3,211.1500 phantom shares, Chief Commercial Officer Claudio Romeo Schlosser held 23,116.0600 phantom shares. These units remain subject to the Petrobras Performance Award Program terms, including vesting schedules and cash settlement based on the PETR3 common share market price.

Is the PBR phantom share transaction an open-market sale of common stock?

No, the transaction involves phantom shares, not a market sale of PETR3 common shares. The disposition is to the issuer under a cash-settled performance award program, with value tied to PETR3’s price but settled in cash rather than through trading shares on the open market.

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^*

Schlosser Claudio Romeo

(Last) (First) (Middle)

28, HENRIQUE VALADARES AVE

19TH FLOOR, A TOWER

(Street)

RIO DE JANEIRO RJ 20231-030

(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)

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

2a. Foreign Trading Symbol
[PETR3]

3. Date of Earliest Transaction (Month/Day/Year)
04/02/2026

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)	(2)	04/02/2026		D			3,211.15	(2)	(2)	PETR3	3,211.15	$50.44(2)	23,116.06	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. The disposal is related to the phantom shares granted pursuant to the Petrobras Performance Award Program and settled in cash. The Price of Derivative Security is based on the weighted average price of PETR3 over the last 20 trading sessions prior to the transaction date in accordance with the Petrobras Performance Award Program's rules.

	/s/ Claudio Romeo Schlosser	04/06/2026
	** 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)