NEELEMAN DAVID 4

What Happened

• David Neeleman, a director of AZUL S.A., reported exercising/converting derivative instruments covering a total of 2,469,338 shares (2,432,482 + 36,856) and also received a grant/award of 36,856 shares on June 1, 2026. Several related dispositions are reported at $0.00; no cash proceeds are shown in the filing. The underlying stock option had a nominal exercise price of R$1.00, vested immediately upon grant, and had no expiration date.

Key Details

• Transaction date: June 1, 2026; Form 4 filed June 3, 2026 (appears timely within the usual 2‑business‑day window).
• Reported items: exercises/conversions of derivatives (code M) for 2,432,482 and 36,856 shares; a grant/award (code A) for 36,856 shares; related dispositions shown at $0.00.
• Prices/values: disposals and the award are reported at $0.00; exercise price per footnote was R$1.00 (nominal).
• Holdings: prior to the company’s April 23, 2026 150,000-to-1 reverse share split, the reporting person’s previously reported direct and indirect holdings were adjusted to 173 direct and 2 indirect shares; the Form 4 does not state an updated total beneficial ownership after these transactions.
• Related parties/footnotes: Saleb II Founder 1 LLC is wholly owned and controlled by David Neeleman; the option award previously reported was adjusted following the reverse split.

Context

• These entries are derivative transactions (exercises/conversions and an award). Dispositions recorded at $0.00 generally indicate transfers or conversion mechanics rather than an open‑market sale for cash — the filing does not show market sale proceeds. As with all insider filings, this is factual reporting of transactions and should not be taken alone as a statement of intent or market view.