Cosan ex-CFO restructures 55K incentive shares

Rhea-AI Filing Summary

Cosan S.A. (CSAN) reported that former Chief Finance Officer Rafael Bergman reclassified 55,242 shares on September 11, 2026, moving them from a Long-Term Incentive Program into directly held common stock at a reference value of 3.9 Brazilian reais per share. After this non-market restructuring, he directly holds 272,714 common shares.

Insider Trade Summary

Other: 110,484 shares

Other 2 txns

Insider Bergman Rafael

Role Insider

Type	Security	Shares	Price	Value
Other	COMMON STOCK (BVMF: CSAN3) F1	55,242	$3.90	$215K
Other	LONG TERM INCENTIVE (BVMF: CSAN3) F2, F1	55,242	$3.90	$215K

Holdings After Transaction: COMMON STOCK (BVMF: CSAN3) — 272,714 shares (Direct); LONG TERM INCENTIVE (BVMF: CSAN3) — 0 shares (Direct)

Footnotes (2)

1. F1. Brazilian reais.
2. F2. 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.

Key Figures

Shares reclassified: 55,242 shares Direct holdings after transaction: 272,714 shares Reference value per share: 3.9 Brazilian reais per share +2 more

5 metrics

Shares reclassified 55,242 shares Rights moved from Long-Term Incentive Program to common stock on September 11, 2026

Direct holdings after transaction 272,714 shares Common stock held directly by Rafael Bergman after restructuring

Reference value per share 3.9 Brazilian reais per share Applied to the 55,242 shares involved in the September 11, 2026 restructuring

Total shares affected by restructuring 110,484 shares Combined acquire and dispose legs (55,242 each) reported under code J

Rule 10b5-1 plan status No Rule 10b5-1 trading plan reported Plan checkbox is marked as not affirmed for these transactions

Key Terms

Long-Term Incentive Programs, vesting, performance targets, Brazilian reais

4 terms

Long-Term Incentive Programs financial

"Right to receive shares resulting from Long-Term Incentive Programs - The Program"

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"

Brazilian reais financial

"Brazilian reais."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did former CFO Rafael Bergman report for CSAN?

He reported a reclassification of 55,242 shares on September 11, 2026, transferring them from a Long-Term Incentive Program into directly held Cosan S.A. common stock, with no net change in his total share count from this restructuring.

How many Cosan S.A. (CSAN) shares does Rafael Bergman hold after this Form 4?

Following the reported restructuring, Rafael Bergman directly holds 272,714 shares of Cosan S.A. common stock. This figure reflects his position after converting Long-Term Incentive Program rights into directly held shares.

What was the reference value per share in Rafael Bergman’s CSAN transaction?

The transaction used a reference value of 3.9 Brazilian reais per share for the 55,242 shares reclassified from the Long-Term Incentive Program into common stock, as indicated in the filing footnote describing the currency.

Was Rafael Bergman’s CSAN transaction a market buy or sell?

No. The filing classifies the activity with code J as an “other acquisition or disposition,” reflecting an internal restructuring between Long-Term Incentive Program rights and directly held common shares, rather than an open-market purchase or sale.

What does the Long-Term Incentive Program at Cosan S.A. involve for CSAN shares?

The Long-Term Incentive Program grants eligible Cosan Group individuals rights to receive shares subject to continued service and, in some cases, performance targets. The ultimate number of shares delivered may increase or decrease based on target achievement and tax effects.

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

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Available on EDGAR 09/15/2026 - 04:51 PM Accepted by SEC EDGAR 09/15/2026 - 04:51 PM Learn about SEC filing dates

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

X

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^*

Bergman Rafael

(Last) (First) (Middle)

AV. BRIGADEIRO FARIA LIMA, 4100

(Street)

SAO PAULO SP 04538-132

(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)

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

2a. Foreign Trading Symbol
[CSAN3]

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2026

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
COMMON STOCK (BVMF: CSAN3)	09/11/2026		J		55,242	A	$3.9(1)	272,714	D
LONG TERM INCENTIVE (BVMF: CSAN3)(2)	09/11/2026		J		55,242	D	$3.9(1)	0	D

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

Explanation of Responses:

1. Brazilian reais.

2. 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.

	/s/ Rafael Bergman	09/15/2026
	** 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)