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Petrobras (NYSE: PBR) CPO reports 490 cash-settled phantom shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA (PBR) reported that Chief Product Officer William Franca Da Silva holds 490.0500 phantom shares under the Petrobras Performance Award Program, referenced to PETR3 common shares and settled in cash upon vesting. The deferred award vests in four equal annual installments, and additional phantom shares were credited as a result of Petrobras’ dividend with record date August 21, 2026. The reference price of $9.30 per share reflects a convenience conversion of 47.99 BRL using a 5.1619 BRL per 1.00 USD exchange rate on that date.

Positive

  • None.

Negative

  • None.
Insider Da Silva William Franca
Role Chief Product Officer
Type Security Shares Price Value
holding Phantom Shares F1, F2, F3 -- -- --
Holdings After Transaction: Phantom Shares — 490.05 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.
Phantom shares holding 490.0500 phantom shares Total phantom shares underlying PETR3 following the reported holding entry
Reference price in USD $9.3000 per share Convenience conversion of the PETR3 closing price on August 21, 2026
PETR3 closing price in BRL 47.99 BRL per share Closing price on August 21, 2026, before USD conversion
Exchange rate 5.1619 BRL per 1.00 USD Central Bank of Brazil rate used on August 21, 2026 for conversion
Vesting schedule 4 equal annual installments Deferred portion of the Performance Award Program vests over four years
Record date for dividend August 21, 2026 Date of Petrobras dividend that triggered additional phantom share credits
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 by the company."
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.
Central Bank of Brazil exchange rate financial
"based on the Central Bank of Brazil exchange rate of 5.1619 BRL per 1.00 USD"

FAQ

What insider position did PBR’s Chief Product Officer report in this Form 4?
Chief Product Officer William Franca Da Silva reported holding 490.0500 phantom shares tied to PETR3 common shares under the Petrobras Performance Award Program, which are settled in cash upon vesting.

How do Petrobras (PBR) phantom shares under the Performance Award Program work?
The phantom shares are granted under the Petrobras Performance Award Program, are referenced to the PETR3 common share price, and are settled in cash upon vesting. The deferred portion vests in four equal annual installments and receives additional credits when dividends or interest on equity are paid.

What event led to additional phantom shares for PBR’s Chief Product Officer?
Additional phantom shares were credited as a result of a dividend payment by Petrobras with a record date of August 21, 2026, in line with the Petrobras Performance Award Program’s rules.

What price and exchange rate are used for PBR’s phantom share reference value?
The reference price is $9.30 per share, 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.

Are PBR phantom shares actual Petrobras shares or cash-settled awards?
They are phantom shares, not actual Petrobras shares. They are referenced to the PETR3 share price but are settled in cash upon vesting, as defined in the Petrobras Performance Award Program.

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

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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Da Silva William Franca
(Last)(First)(Middle)
28, HENRIQUE VALADARES AVE
19TH FLOOR, A TOWER
(Street)
RIO DE JANEIRORIO DE JANEIRO20231-030
(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)
Director10% Owner
XOfficer (give title below)Other (specify below)
Chief Product Officer
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)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Shares(1)$9.3(2) (3) (3)PETR3490.0534,167.34D
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/ William Franca da Silva08/21/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR