Varejao Godoy Antonio 4

What Happened
Varejao Godoy Antonio, Executive Vice President of Operations and Security at AXIA Energia S.A. (AXIA3), exercised stock options on 2026-06-26. He acquired 47,421 shares at an exercise price reported as $54.18 per share, for a total reported acquisition value of $2,569,270. The Form 4 also shows a corresponding disposition entry of 47,421 units at $0 reflecting conversion/termination of the derivative (the option) rather than a sale of shares—i.e., options were converted into common shares, not sold on the market.

Key Details

• Transaction date: 2026-06-26; Form 4 filed: 2026-06-29.
• Acquired: 47,421 shares at reported price $54.18/share; total reported value $2,569,270.
• Disposition line (47,421 @ $0) reflects conversion of the derivative (option) into shares, not a market sale.
• Footnotes: exercise price is R$54.18 per share and accrues interest at 5% p.a. from grant to exercise (F1); options granted under AXIA’s restricted share‑based compensation plan and are subject to performance conditions (F2). Vesting schedule: 1/3 at year 3, remainder at years 4 and 5 (F3). Options must be exercised within 120 days after each maturity period and are subject to a 180-day lock-up after exercise (F4).
• Shares owned after the transaction were not specified in the provided data.

Context
This was an option exercise (transaction code M) converting vested derivative awards into common stock, not a sale. Exercises are often part of compensation realization and do not by themselves indicate an insider buying more stock on the open market; however, they do increase the insider’s shareholding. Note the shares may be subject to a 180-day lock-up after exercise and the original awards were conditional on performance and vesting requirements.