Petrobras (NYSE: PBR) details 477 cash-settled phantom shares

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA (PBR) reports that officer Clarice Coppetti holds 477.1200 phantom shares under the Petrobras Performance Award Program, referenced to PETR3 common shares. These awards are cash-settled upon vesting, vest in four equal annual installments, and are adjusted upward for dividends or interest on equity paid by the company.

The derivative reference price is $9.30 per PETR3 share, described as a convenience conversion of 47.99 BRL per share using the Central Bank of Brazil exchange rate of 5.1619 BRL per 1.00 USD on August 21, 2026. No purchase or sale of Petrobras equity securities is reported in this filing.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Coppetti Clarice

Role Chief Corp. Affairs

Type	Security	Shares	Price	Value
holding	Phantom Shares F1, F2, F3	--	--	--

Holdings After Transaction: Phantom Shares — 477.12 shares (Direct)

Footnotes (3)

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. Closing price on August 21st, 2026, less the aggregate gross value of dividends with ex-dividend date on the same day. The price reported in column 2 is a convenience conversion of the 47.99 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 5.1619 BRL per 1.00 USD on August 21st, 2026.
3. F3. Additional phantom shares credited as a result of dividend payment by Petrobras (record date of August 21st, 2026), as provided by Petrobras Performance Award Program's rules.

Key Figures

Phantom share holdings: 477.1200 phantom shares Underlying PETR3 shares: 477.1200 shares Exercise/Reference Price: $9.3000 per share +2 more

5 metrics

Phantom share holdings 477.1200 phantom shares Total underlying PETR3-linked phantom shares held following the reported entry

Underlying PETR3 shares 477.1200 shares Number of PETR3 underlying shares referenced by the phantom share award

Exercise/Reference Price $9.3000 per share Convenience conversion of 47.99 BRL per PETR3 share using FX 5.1619 BRL/USD on August 21, 2026

PETR3 closing price 47.99 BRL per share Closing price on August 21, 2026 for PETR3 common shares

FX rate 5.1619 BRL per 1.00 USD Central Bank of Brazil exchange rate used for price conversion on August 21, 2026

Key Terms

Phantom shares, Petrobras Performance Award Program, interest on equity, convenience conversion

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."

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.

convenience conversion financial

"The price reported in column 2 is a convenience conversion of the 47.99 BRL per share"

FAQ

What did the Form 4 for PBR report about Clarice Coppetti’s holdings?

It reports that Clarice Coppetti holds 477.1200 phantom shares tied to PETR3 common shares under the Petrobras Performance Award Program. These phantom shares are settled in cash upon vesting and are subject to adjustment for Petrobras dividends and interest on equity.

Did the PBR Form 4 disclose any insider buying or selling of shares?

No. The Form 4 lists a holding entry for phantom shares only. There are no reported purchases or sales of Petrobras equity securities, and the transaction summary shows buyCount 0 and sellCount 0 with netBuySellDirection reported as neutral.

How are the phantom shares for PBR’s Clarice Coppetti structured?

The phantom shares are granted under the Petrobras Performance Award Program, are referenced to PETR3 common share price, and are settled in cash upon vesting. The deferred portion vests in four equal annual installments and increases proportionally when Petrobras pays dividends or interest on equity.

What price and exchange rate are used for the PBR phantom share reference?

The reference uses the closing PETR3 price of 47.99 BRL per share on August 21, 2026, converted for disclosure to $9.30 per share using the Central Bank of Brazil exchange rate of 5.1619 BRL per 1.00 USD on that date.

What is the underlying security for the phantom shares reported for PBR?

The underlying security is identified as PETR3, Petrobras’ common shares traded in Brazil. The Form 4 states underlyingSecurityTitle "PETR3" and underlyingSecurityShares 477.1200 associated with the phantom share award.

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

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/24/2026 - 05:31 PM Accepted by SEC EDGAR 08/24/2026 - 05:31 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

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^*

Coppetti Clarice

(Last) (First) (Middle)

RUA HENRIQUE VALADARES 28

19 TH FLOOR, A TOWER

(Street)

RIO DE JANEIRO RIO DE JANEIRO 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 Corp. Affairs

2a. Foreign Trading Symbol
[PETR3]

3. Date of Earliest Transaction (Month/Day/Year)
08/21/2026

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

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)	$9.3(2)							(3)	(3)	PETR3	477.12		33,693.99	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. Closing price on August 21st, 2026, less the aggregate gross value of dividends with ex-dividend date on the same day. The price reported in column 2 is a convenience conversion of the 47.99 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 5.1619 BRL per 1.00 USD on August 21st, 2026.

3. Additional phantom shares credited as a result of dividend payment by Petrobras (record date of August 21st, 2026), as provided by Petrobras Performance Award Program's rules.

	/s/ Clarice Coppetti	08/21/2026
	** 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)