Pampa Energy (PAM) CFO granted rights over 12,923 shares at $88.17

Rhea-AI Filing Summary

Pampa Energy Inc. Chief Financial Officer Adolfo Fernando Zuberbuhler reported a compensation-related acquisition of derivative securities linked to its common stock. He received rights over 12,923 shares at an exercise price of $88.167 per share, described as a grant, award, or other acquisition rather than an open-market trade. Following this transaction, his directly held common stock position is reported at 2,759 shares. A footnote explains the award was priced at 4,955 Argentine pesos per share, converted using a 1,405 pesos-per-U.S.-dollar exchange rate and then multiplied by 25, the stated rate of common shares to one ADR.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Zuberbuhler Adolfo Fernando

Role Chief Financial Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, $25 Par Value	12,923	$88.167	$1.14M

Holdings After Transaction: Common Stock, $25 Par Value — 2,759 shares (Direct)

Footnotes (1)

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Key Figures

Shares in grant: 12,923 shares Exercise price: $88.167 per share Shares held after: 2,759 shares +3 more

6 metrics

Shares in grant 12,923 shares Underlying common stock in CFO derivative award

Exercise price $88.167 per share Exercise price for the CFO’s derivative grant

Shares held after 2,759 shares CFO’s directly held Pampa Energy common stock after transaction

Local share price 4,955 Argentine pesos Local currency price per share used for conversion

FX rate 1,405 pesos per US dollar Exchange rate applied for converting the award price

ADR share ratio 25 common shares per ADR Rate used to scale local share price in footnote

Key Terms

Grant, award, or other acquisition, Common Stock, $25 Par Value, ADR, Banco de la Nacion Argentina, +1 more

5 terms

Grant, award, or other acquisition financial

"transaction code description is "Grant, award, or other acquisition""

Common Stock, $25 Par Value financial

"security title is listed as "Common Stock, $25 Par Value""

ADR financial

"multiplied by 25, the Par value or rate of common shares to one ADR"

An American Depositary Receipt (ADR) is a financial certificate that lets investors buy shares of a foreign company through U.S. stock markets, similar to buying a local wrapper that represents the underlying foreign shares. ADRs matter because they make investing in overseas companies easier and more liquid by trading in U.S. dollars and under U.S. market rules, while still carrying currency, regulatory, and country-specific risks that can affect share value.

Banco de la Nacion Argentina financial

"exchange rate reported by Banco de la Nacion Argentina for the date"

exercise price financial

"For reporting purposes, the exercise price has been converted to US dollars"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

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^*

Zuberbuhler Adolfo Fernando

(Last) (First) (Middle)

MAIPU 1

(Street)

BUENOS AIRES C1084ABA

(City) (State) (Zip)

ARGENTINA

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pampa Energy Inc. [ PAM ]

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

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

2a. Foreign Trading Symbol
[PAMP]

3. Date of Earliest Transaction (Month/Day/Year)
03/27/2026

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
Common Stock, $25 Par Value	$88.167(1)	03/27/2026	03/27/2026	A		12,923		03/27/2026	03/27/2026	PAMP	12,923	$88.167(1)	2,759	D

Explanation of Responses:

1. These shares were acquired at a price of 4955 argentine pesos per share. For reporting purposes, the exercise price has been converted to US dollars based on the exchange rate reported by Banco de la Nacion Argentina for the date of the acquisition, which was 1405 argentine pesos per US dollar. Then multiplied by 25, the Par value or rate of common shares to one ADR.

	Adolfo Fernando Zuberbuhler	03/30/2026
	** 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 insider transaction did Pampa Energy (PAM) disclose for its CFO?

Pampa Energy reported that CFO Adolfo Fernando Zuberbuhler received a grant of derivative securities over 12,923 common shares. The filing classifies this as a grant, award, or other acquisition, indicating a compensation-related award rather than an open-market purchase or sale of existing shares.

At what price were the new Pampa Energy (PAM) share rights granted to the CFO?

The rights were granted at an exercise price of $88.167 per share. A footnote states this reflects a local price of 4,955 Argentine pesos per share, converted at 1,405 pesos per U.S. dollar and then multiplied by 25 common shares per ADR equivalent.

How many Pampa Energy (PAM) shares does the CFO hold after this Form 4 transaction?

After the reported transaction, the filing shows CFO Adolfo Fernando Zuberbuhler directly holding 2,759 shares of Pampa Energy common stock. This figure reflects his direct ownership position as reported in the Form 4 following the derivative grant described in the filing.

Was the Pampa Energy (PAM) CFO’s Form 4 transaction an open-market buy or sell?

No. The filing classifies the transaction with code “A” as a grant, award, or other acquisition. This indicates a compensation-related derivative award, not an open-market purchase or sale, so it reflects equity-based pay rather than discretionary trading activity in the market.

How was the Pampa Energy (PAM) CFO award price converted from pesos to U.S. dollars?

The footnote explains the award was priced at 4,955 Argentine pesos per share, converted using an exchange rate of 1,405 pesos per U.S. dollar. That U.S. dollar amount was then multiplied by 25, the stated rate of common shares to one ADR, to reach the reported price.