PBR CCO updates phantom share holdings

PETROBRAS - PETROLEO BRASILEIRO SA reported the phantom share position of Chief Commercial Officer Laureano Angelica Garcia Cobas.

Rhea-AI Filing Summary

PETROBRAS - PETROLEO BRASILEIRO SA reported the phantom share position of Chief Commercial Officer Laureano Angelica Garcia Cobas. The filing shows 8,228.8600 phantom shares linked to PETR3 common shares, with an exercise price of $6.6200 per underlying share.

The phantom shares come from the Petrobras Performance Award Program and are settled in cash upon vesting. The deferred portion vests in four equal annual installments, and additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Laureano Angelica Garcia Cobas

Role Chief Commercial Officer

Type	Security	Shares	Price	Value
holding	Phantom Shares	--	--	--

Holdings After Transaction: Phantom Shares — 8,228.86 contracts (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. Weighted average of the last 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 BRL. The average is calculated as the sum of Turnover divided by the sum of Volume over these last 60 trading sessions. The price reported in column 2 is a convenience conversion of the 33.02 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.988 BRL per 1.00 USD on April 30, 2026.
3. F3. Additional phantom shares credited as a result of Petrobras Performance Award Program of 2025 fiscal year.

Key Figures

Phantom share balance: 8,228.8600 units Exercise price: $6.6200 per share Weighted average share price: 33.02 BRL +1 more

4 metrics

Phantom share balance 8,228.8600 units Underlying PETR3-linked phantom shares after reported holding

Exercise price $6.6200 per share Exercise price for underlying PETR3 common shares

Weighted average share price 33.02 BRL Average PETR3 price over last 60 trading sessions of 2025

FX rate used 4.988 BRL per 1.00 USD Exchange rate applied for convenience USD conversion on April 30, 2026

Key Terms

Phantom Shares, Petrobras Performance Award Program, interest on equity, weighted average

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 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.

weighted average financial

"Weighted average of the last 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 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.

FAQ

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

What did Petrobras (PBR) disclose in this Form 4 for its Chief Commercial Officer?

Petrobras reported Chief Commercial Officer Laureano Angelica Garcia Cobas holds 8,228.8600 phantom shares tied to PETR3 common shares. These awards stem from the Petrobras Performance Award Program and are cash-settled rather than settled in actual shares.

What are phantom shares in Petrobras (PBR)'s Performance Award Program?

Phantom shares under Petrobras’ Performance Award Program track the PETR3 common share price but are settled in cash on vesting. They function as deferred incentive units, not actual stock, providing value linked to share performance without conferring voting rights.

How and when do Petrobras (PBR) phantom shares vest for the CCO?

The deferred portion of Petrobras phantom share awards vests in four equal annual installments. As each installment vests, the value is settled in cash based on PETR3’s share price, aligning the executive’s compensation with multi-year company performance.

How are additional Petrobras (PBR) phantom shares credited over time?

Additional phantom shares are credited proportionally when Petrobras pays dividends or interest on equity. This mechanism adjusts the phantom share balance so award holders participate economically in distributions, mirroring how ordinary shareholders benefit from corporate payouts.

What reference price did Petrobras (PBR) use for the 2025 phantom share awards?

Petrobras used a 33.02 BRL weighted average PETR3 share price over the last 60 trading sessions of 2025. This price was also convenience-converted into U.S. dollars using a 4.988 BRL per 1.00 USD exchange rate as of April 30, 2026.

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

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Accepted by SEC EDGAR 05/04/2026 - 07:12 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^*

Laureano Angelica Garcia Cobas

(Last) (First) (Middle)

HENRIQUE VALADARES AVE, 28

19TH FLOOR, A TOWER

(Street)

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 Commercial Officer

2a. Foreign Trading Symbol
[PETR3]

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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)	$6.62(2)							(3)	(3)	PETR3	8,228.86		8,228.86	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 60 trading sessions of Petrobras common shares in 2025, resulting in 33.02 BRL. The average is calculated as the sum of Turnover divided by the sum of Volume over these last 60 trading sessions. The price reported in column 2 is a convenience conversion of the 33.02 BRL per share into U.S. dollars based on the Central Bank of Brazil exchange rate of 4.988 BRL per 1.00 USD on April 30, 2026.

3. Additional phantom shares credited as a result of Petrobras Performance Award Program of 2025 fiscal year.

	/s/ Angelica Garcia Cobas Laureano	04/30/2026
	** 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)