Petrobras executive disposes 9.9K phantom shares

PETROBRAS - PETROLEO BRASILEIRO SA Chief Corp. Affairs officer Clarice Coppetti reported a disposition to the issuer of 9,910.7200 phantom shares under the company’s performance award program.

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA Chief Corp. Affairs officer Clarice Coppetti reported a disposition to the issuer of 9,910.7200 phantom shares under the company’s performance award program. After this transaction, she holds 32,965.3800 phantom shares referenced to PETR3 common shares.

The phantom shares are cash-settled awards that mirror PETR3’s price and receive additional credited units when dividends or interest on equity are paid. A related footnote cites a PETR3 weighted average price of 52.21 BRL over the last 20 trading sessions, converted using a 4.9803 BRL per 1.00 USD exchange rate.

Insider Trade Summary

Disposition: 9,910.72 shares

Disposition 1 txn

Insider Coppetti Clarice

Role Chief Corp. Affairs

Type	Security	Shares	Price	Value
Disposition	Phantom Shares	9,910.72	$0.00	$0.00

Holdings After Transaction: Phantom Shares — 32,965.38 contracts (Direct)

Footnotes (2)

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. Weighted average of the last 20 trading sessions of Petrobras common shares, resulting in 52.21 BRL. The average is calculated as the sum of turnover divided by the sum of volume over these last 20 trading sessions. The price reported in column 2 is a convenience conversion of the 52.21 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.9803 BRL per 1.00 USD on May 14th, 2026.

Key Figures

Phantom shares disposed: 9,910.7200 phantom shares Phantom shares remaining: 32,965.3800 phantom shares Conversion or exercise price: 10.4800 +2 more

5 metrics

Phantom shares disposed 9,910.7200 phantom shares Disposition to issuer on 2026-05-14

Phantom shares remaining 32,965.3800 phantom shares Holdings following transaction

Conversion or exercise price 10.4800 Conversion/exercise price for derivative position

Weighted average PETR3 price 52.21 BRL per share Last 20 trading sessions for PETR3

FX rate used 4.9803 BRL per 1.00 USD Exchange rate on May 14, 2026

Key Terms

Phantom shares, Petrobras Performance Award Program, weighted average, turnover, +1 more

5 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."

weighted average financial

"Weighted average of the last 20 trading sessions of Petrobras common shares, resulting in 52.21 BRL."

A weighted average is a way of calculating an overall number when some items matter more than others by giving each item a different level of importance, or weight. Investors use weighted averages to combine figures like prices, returns or earnings so the result reflects the size or significance of each part — like grading a class where a final exam counts more than a quiz, producing a score that better represents true performance.

turnover financial

"The average is calculated as the sum of turnover divided by the sum of volume over these last 20 trading sessions."

Central Bank of Brazil exchange rate financial

"based on the Central Bank of Brazil exchange rate of 4.9803 BRL per 1.00 USD on May 14th, 2026."

FAQ

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

What insider transaction did Petrobras (PBR) report for Clarice Coppetti?

Petrobras reported that Chief Corp. Affairs officer Clarice Coppetti disposed of 9,910.7200 phantom shares back to the issuer. These are cash-settled performance awards linked to PETR3 common share prices, not direct open-market stock trades.

What are the Petrobras (PBR) phantom shares involved in this Form 4?

The phantom shares are granted under the Petrobras Performance Award Program and are referenced to PETR3 common share prices. They are settled in cash upon vesting, with additional phantom shares credited when Petrobras pays dividends or interest on equity.

How many Petrobras phantom shares does Clarice Coppetti hold after this transaction?

Following the disposition, Clarice Coppetti holds 32,965.3800 phantom shares. These units continue to track PETR3 common share prices and reflect the remaining balance of her performance-based, cash-settled awards under the Petrobras incentive program.

How is the value of Petrobras (PBR) phantom shares measured in this filing?

A footnote states the value reference uses a weighted average PETR3 price of 52.21 BRL from the last 20 trading sessions. This average is based on total turnover divided by total volume and is converted using a 4.9803 BRL per 1.00 USD exchange rate.

Are Petrobras (PBR) phantom shares paid in stock or cash?

The phantom shares are settled in cash upon vesting rather than in actual Petrobras shares. They are designed to mirror PETR3 common share performance, including adjustments for dividends or interest on equity, but do not themselves represent tradable stock.

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

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Accepted by SEC EDGAR 05/18/2026 - 03:34 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)
05/14/2026

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)	$10.48(2)	05/14/2026		D			9,910.72	(2)	(2)	PETR3	9,910.72	(2)	32,965.38	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. Weighted average of the last 20 trading sessions of Petrobras common shares, resulting in 52.21 BRL. The average is calculated as the sum of turnover divided by the sum of volume over these last 20 trading sessions. The price reported in column 2 is a convenience conversion of the 52.21 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.9803 BRL per 1.00 USD on May 14th, 2026.

	/s/ Clarice Coppetti	05/14/2026
	** 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)