Pampa Energy (NYSE: PAM) insider sells 1.5M shares after ADS conversion

Rhea-AI Filing Summary

Pampa Energy Inc. director and 10% owner Marcos Marcelo Mindlin reported multiple equity moves. He converted American Depositary Shares, each representing 25 ordinary shares, into ordinary common stock with no cash consideration and no change in beneficial ownership.

After these conversions, he completed an open-market sale of 1,500,000 common shares at $3.513 per share, with prices translated to U.S. dollars using an ARS/USD rate of 1,378. Following the sale, he directly held 24,971,973 common shares of Pampa Energy.

Insights

Equity ownership analyst

Mindlin converts ADS to shares, then sells 1.5M in open market.

Marcos Marcelo Mindlin first executed derivative conversions, turning American Depositary Shares, each representing 25 ordinary shares, into ordinary common stock with no cash consideration and no change in beneficial ownership. This restructures how his stake is held rather than altering its size.

He then sold 1,500,000 common shares at $3.513 per share in an open-market transaction, leaving 24,971,973 shares held directly. The filing shows no remaining derivative positions, so his exposure now appears fully in common stock, with the sale representing a portion of his overall holding.

Insider Trade Summary

Net Seller: 1,500,000 shares ($5,269,500)

Net Sell 3 txns

Insider Mindlin Marcos Marcelo

Role null

Sold 1,500,000 shs ($5.27M)

Type	Security	Shares	Price	Value
Sale	Common Stock	1,500,000	$3.513	$5.27M
Conversion	American Depositary shares each representing 25 Ordinary sha	500,000	$0.00	--
Conversion	Common Stock, $25 Par Value	12,500,000	$0.00	--

Holdings After Transaction: Common Stock — 24,971,973 shares (Direct, null); American Depositary shares each representing 25 Ordinary sha — 6,390,339 shares (Direct, null); Common Stock, $25 Par Value — 26,471,973 shares (Direct, null)

Footnotes (1)

1. Represents the conversion of American Depositary Shares (each representing 25 ordinary shares) into ordinary shares with no change in beneficial ownership and no cash consideration. Represents the conversion of American Depositary Shares (each representing 25 ordinary shares) into ordinary shares with no change in beneficial ownership and no cash consideration. Prices converted to U.S. dollars using the ARS/USD exchange rate of 1,378 on the trade date, as reported by Bloomberg

Key Figures

Shares sold: 1,500,000 shares Sale price: $3.513 per share Shares held after sale: 24,971,973 shares +3 more

6 metrics

Shares sold 1,500,000 shares Open-market sale of common stock

Sale price $3.513 per share Common stock sale price, converted to USD

Shares held after sale 24,971,973 shares Direct common stock holdings following transactions

Converted common shares 12,500,000 shares Common Stock, $25 Par Value from derivative conversion

Converted ADS 500,000 ADS American Depositary Shares converted with no cash consideration

ARS/USD exchange rate 1,378 Rate used to convert prices into U.S. dollars

Key Terms

American Depositary Shares, derivative conversion, beneficial ownership, open-market sale, +1 more

5 terms

American Depositary Shares financial

"Represents the conversion of American Depositary Shares (each representing 25 ordinary shares)"

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.

derivative conversion financial

"transaction_action": "derivative conversion""

beneficial ownership financial

"into ordinary shares with no change in beneficial ownership"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

exchange rate financial

"using the ARS/USD exchange rate of 1,378 on the trade date"

Exchange rate is the price of one currency expressed in another—for example, how many euros you receive for one US dollar. It matters to investors because changes in that price alter the reported profits, costs and value of assets for companies and portfolios that operate or hold money across borders; think of it like switching measurement units, where the same item can look bigger or smaller depending on the unit used.

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^*

Mindlin Marcos Marcelo

(Last) (First) (Middle)

MAIPU 1

(Street)

BUENOS AIRES 1084

(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)

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

2a. Foreign Trading Symbol
[PAMP]

3. Date of Earliest Transaction (Month/Day/Year)
04/21/2026

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
American Depositary shares each representing 25 Ordinary sha	04/21/2026	04/21/2026	C		500,000	D	$0(2)	6,390,339	D
Common Stock, $25 Par Value	04/21/2026	04/21/2026	C		12,500,000	A	$0(1)	26,471,973	D
Common Stock	04/22/2026	04/22/2026	S		1,500,000	D	$3.513(3)	24,971,973	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. Represents the conversion of American Depositary Shares (each representing 25 ordinary shares) into ordinary shares with no change in beneficial ownership and no cash consideration.

2. Represents the conversion of American Depositary Shares (each representing 25 ordinary shares) into ordinary shares with no change in beneficial ownership and no cash consideration.

3. Prices converted to U.S. dollars using the ARS/USD exchange rate of 1,378 on the trade date, as reported by Bloomberg

	Mindlin Marcos Marcelo	04/23/2026
	** 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 transactions did Marcos Marcelo Mindlin report at Pampa Energy (PAM)?

He reported converting American Depositary Shares into ordinary common stock with no cash consideration, followed by an open-market sale of 1,500,000 common shares. After these moves, he directly held 24,971,973 Pampa Energy common shares according to the filing.

How many Pampa Energy (PAM) shares did Mindlin sell and at what price?

Mindlin sold 1,500,000 Pampa Energy common shares in an open-market transaction. The reported sale price was $3.513 per share, with prices converted into U.S. dollars using an ARS/USD exchange rate of 1,378 as referenced in the filing footnote.

What was the nature of Mindlin’s ADS conversions in the Pampa Energy (PAM) Form 4?

The filing describes conversions of American Depositary Shares, each representing 25 ordinary shares, into ordinary shares. Footnotes state these conversions involved no cash consideration and resulted in no change in beneficial ownership, meaning his economic stake remained the same after the conversions.

How many Pampa Energy (PAM) shares does Mindlin hold after the reported transactions?

Following the reported sale, Mindlin directly held 24,971,973 Pampa Energy common shares. This figure reflects his position after converting American Depositary Shares into ordinary common shares and then selling 1,500,000 common shares in the open market.

Did the Pampa Energy (PAM) Form 4 show any cash received from the ADS conversions?

No cash was involved in the ADS-related moves. Footnotes specify the conversions of American Depositary Shares into ordinary shares were completed with no cash consideration and did not change Mindlin’s beneficial ownership, indicating a non-cash restructuring of how his stake is held.

Does the Pampa Energy (PAM) Form 4 show remaining derivative positions for Mindlin?

The filing’s derivative summary is empty, indicating no remaining derivative positions are listed for Mindlin in this report. His exposure shown here is entirely in common stock after converting American Depositary Shares into ordinary shares and executing the reported sale.