Junior Lelio de Souza 4

What Happened
Junior Lelio de Souza, a Vice President at Afya Ltd (AFYA), exercised options on April 22, 2026, resulting in the acquisition of 66,000 common shares at an exercise price of $11.83 per share for a cash outlay of $780,780. The same filing also reports disposals of 36,000 and 30,000 shares (derivative dispositions) recorded at $0 each. The primary action was an option exercise (code M) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-04-22; Form 4 filed: 2026-04-24 (filed within the typical two-business-day window).
• Exercise (acquired): 66,000 shares @ $11.83 = $780,780 (code M).
• Disposals (derivative): 36,000 shares @ $0 and 30,000 shares @ $0 (codes M, recorded as derivative dispositions). Total disposed = 66,000 shares.
• Shares owned after transaction: not specified in the excerpt provided.
• No footnotes in the supplied details clarifying the $0 disposals (e.g., tax withholding or net settlement) and no indication of a 10b5-1 plan or late filing.

Context

• Code M denotes exercise or conversion of a derivative (typically option exercises). The combination of an exercise plus zero-dollar derivative dispositions often reflects net share settlement or withholding to cover taxes or exercise costs rather than an open-market sale; the filing here does not explicitly state the reason.
• Exercises convert option rights into common stock; whether this is bullish depends on whether the insider retains the shares or immediately sells them. In this filing, some shares appear to have been settled/disposed, but the filing does not show open-market sales for cash proceeds.