Rosa Luvizotto Glauber 4

What Happened

• Director Rosa Luvizotto Glauber exercised stock options on March 19, 2026, converting options into 264,513 common shares (216,920 + 47,593). The aggregate exercise cost reported was CAD 1,165,653 (CAD 339,914 + CAD 825,739). To cover tax/exercise-related liabilities, 64,682 shares were surrendered/withheld (reported as a disposition) with a reported value of CAD 6,413,220.
• The filing shows the underlying option instruments were converted/cancelled as part of the exercise (derivative entries reported at $0).

Key Details

• Transaction date: 2026-03-19; Form 4 filed: 2026-03-23 (timely).
• Options exercised: 216,920 shares at CAD 1.57 and 47,593 shares at CAD 17.35; total shares received 264,513.
• Shares withheld for taxes/exercise: 64,682 shares at CAD 99.15, value CAD 6,413,220 (reported as a disposition / tax withholding).
• Footnotes: F1 = amounts in Canadian dollars. F2 = options granted Oct 2, 2019 (fully vested/exercisable). F3 = options granted Jan 10, 2025 (vest in three equal annual installments starting Jan 10, 2026).
• Shares owned after the transaction are not specified in the filing.

Context

• This was an option exercise (transaction code M) with an associated tax withholding/surrender of shares (transaction code F). The withheld 64,682 shares indicate a cashless sell-to-cover or share withholding to satisfy taxes/obligations rather than an open-market sale.
• Exercises are common for executives/directors realizing vested option value; they are not necessarily a directional signal about future company performance.