Costa Santos Carreira Renato 4

What Happened Renato Costa Santos Carreira, Executive Vice President of People and Services at AXIA Energia S.A., exercised stock options on 2026-06-26 to acquire 42,905 ordinary shares. The reported exercise price for this transaction was R$54.18 per share, resulting in an aggregate cash payment of R$2,324,593. The filing also shows the underlying derivative instruments were terminated (reported as disposed at $0.00), consistent with options being converted into shares.

Key Details

• Transaction date: 2026-06-26; Form 4 filed 2026-06-29 (appears timely).
• Acquired: 42,905 shares via option exercise at R$54.18/share; total R$2,324,593.
• Disposed: 42,905 derivative instruments reported at $0.00 (reflects conversion/termination of the options).
• Shares owned after the transaction: Not specified in the provided filing details.
• Notable footnotes:
  • F1: Exercise price of R$54.18/share accrues interest at 5% p.a. from grant to exercise.
  • F2–F3: Options were issued under a restricted share-based compensation program and vest over a multi-year schedule (1/3 at year 3, remainder in years 4 and 5), subject to performance and other conditions.
  • F4: Vested options must be exercised within 120 days after maturity; exercised shares are subject to a 180-calendar-day lock-up restricting sale/transfer.
  • F5: A separate footnote references an R$42.00 exercise price (with similar 5% interest), indicating different award tranches may have different strike prices.

Context

• Code M transactions = exercise or conversion of derivatives (stock options). The paired acquisition and $0.00 disposition lines indicate options were converted into shares rather than a sale of shares.
• This was an acquisition (insider acquiring shares via exercising options) rather than an open-market sale; exercised shares are subject to a 180-day lock-up, so they cannot be sold immediately.
• The exercise was funded by the reporting person (cash exercise) as reflected by the exercise payment; there is no indication in the provided data of a simultaneous cashless sale.