Cosan director shifts 150K incentive shares

Former Cosan S.A. chief legal officer reported an internal share restructuring, leaving her overall exposure unchanged but updating directly held common and ADS positions.

Rhea-AI Filing Summary

Cosan S.A. (CSAN) reported that former Chief Legal Officer Maria Rita de Carvalho Drummond reclassified 150,496 shares tied to a Long-Term Incentive Program into directly held common stock on September 11, 2026, at a reference price of 3.90 Brazilian reais per share, with no net change in her economic exposure. Following this internal restructuring, she directly holds 2,516,572 common shares and 672,888 American Depositary Shares, with each ADS representing four common shares; no transactions were reported under a Rule 10b5-1 trading plan.

Insider Trade Summary

Other: 300,992 shares

Other 3 txns

Insider Drummond Maria Rita de Carvalho

Role Insider

Type	Security	Shares	Price	Value
Other	COMMON STOCK (BVMF: CSAN3) F1	150,496	$3.90	$587K
Other	LONG TERM INCENTIVE (BVMF: CSAN3) F2, F1	150,496	$3.90	$587K
holding	ADS CSAN F3	--	--	--

Holdings After Transaction: COMMON STOCK (BVMF: CSAN3) — 2,516,572 shares (Direct); LONG TERM INCENTIVE (BVMF: CSAN3) — 0 shares (Direct); ADS CSAN — 672,888 shares (Direct)

Footnotes (3)

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.
3. F3. Each American Depositary Shares represents four shares of Common Stock.

Key Figures

Long-Term Incentive shares reclassified: 150,496 shares Reference price per share: 3.90 Brazilian reais Common shares held after transaction: 2,516,572 shares +2 more

5 metrics

Long-Term Incentive shares reclassified 150,496 shares Number of shares moved from Long-Term Incentive Program into common stock on September 11, 2026

Reference price per share 3.90 Brazilian reais Per-share amount associated with the 150,496 Long-Term Incentive shares, stated in Brazilian reais

Common shares held after transaction 2,516,572 shares Directly held Cosan S.A. common shares following the restructuring

ADS held after transaction 672,888 ADS Directly held American Depositary Shares after the reporting date

ADS-to-common share ratio 1 ADS : 4 common shares Each American Depositary Share represents four Cosan S.A. common shares

Key Terms

Long-Term Incentive Programs, vesting, performance targets, American Depositary Shares, +1 more

5 terms

Long-Term Incentive Programs financial

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

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"

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.

gross terms financial

"Such amount may increase or decrease ... All amounts are shown in gross terms"

FAQ

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

What did the Cosan S.A. (CSAN) Form 4 report for Maria Rita de Carvalho Drummond?

It reported an internal restructuring on September 11, 2026, where 150,496 shares from a Long-Term Incentive Program were reclassified into directly held common stock, with a matching disposition of the incentive right, resulting in no net change in economic exposure.

How many Cosan (CSAN) common shares does the insider hold after this Form 4?

After the reported transactions, the insider directly holds 2,516,572 common shares of Cosan S.A., reflecting the inclusion of 150,496 shares granted under the Long-Term Incentive Program as of the reporting date.

What price per share is associated with the Cosan (CSAN) Long-Term Incentive transaction?

The Form 4 lists a reference price of 3.90 Brazilian reais per share for the 150,496 shares tied to the Long-Term Incentive Program, with the filing clarifying that the amounts are shown in Brazilian reais and in gross terms.

What are the Long-Term Incentive Program terms mentioned for Cosan (CSAN)?

The Long-Term Incentive Program grants eligible Cosan Group individuals shares subject to vesting and, in some cases, performance targets. The number of shares actually delivered may increase or decrease depending on target achievement and tax effects, with amounts reported on a gross basis.

How many Cosan (CSAN) ADSs does the insider hold after the transaction?

The insider directly holds 672,888 American Depositary Shares (ADS) after the reported date. The filing states that each ADS represents four shares of common stock of Cosan S.A.

Was the Cosan (CSAN) insider transaction made under a Rule 10b5-1 trading plan?

No. The Form 4 indicates that the Rule 10b5-1 checkbox is not marked, and there is no footnote stating that the reported restructuring transactions were executed under a Rule 10b5-1 or similar pre-arranged trading plan.

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

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Available on EDGAR 09/15/2026 - 04:46 PM Accepted by SEC EDGAR 09/15/2026 - 04:46 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^*

Drummond Maria Rita de Carvalho

(Last) (First) (Middle)

AV. BRIGADEIRO FARIA LIMA, 4100

(Street)

SAO PAULO SAO PAULO 04538132

(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 Legal 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		150,496	A	$3.9(1)	2,516,572	D
LONG TERM INCENTIVE (BVMF: CSAN3)(2)	09/11/2026		J		150,496	D	$3.9(1)	0	D
ADS CSAN(3)								672,888	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.

3. Each American Depositary Shares represents four shares of Common Stock.

	/s/ Maria Rita de Carvalho Drummond	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)