Leone Piani Carlos Augusto 4

What Happened
Leone Piani, CEO of COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO (Sabesp, ticker SBSP3), had 50,295 restricted stock units (RSUs) vest on May 1, 2026 and received 50,295 common shares. To cover tax withholding, 13,831 of those shares were surrendered/issued for payment at a reported price of $6.69 per share, totaling $92,529. The filing also reports the conversion/settlement of the RSU derivative instrument tied to the vested shares.

Key Details

• Transaction date: May 1, 2026; Form 4 filed May 15, 2026. (Filing occurred outside the typical 2-business-day window for U.S. insiders; issuer is a foreign private issuer and certain events were noted as exempt.)
• Vesting/Acquired: 50,295 shares (conversion of RSUs) — price shown as N/A for the acquisition entry.
• Tax withholding/Disposed: 13,831 shares withheld at $6.69 each = $92,529 (reported as payment of exercise price/tax liability).
• Derivative entry: 50,295 shares reported as conversion/disposition of a derivative at $0 (reflects settlement/conversion of RSUs, not a market sale).
• Footnote: RSUs were part of an April 29, 2025 grant of 1,005,951 RSUs that vest in annual tranches (May 1, 2026–2033), subject to continued service.
• Shares owned after the transaction are not stated in the provided excerpt.

Context

• This was a vesting/settlement of RSUs, not an open-market purchase or voluntary sale. The withholding of 13,831 shares is a common cashless tax-withholding mechanism and should not be read as a discretionary market sale for investment signal purposes.
• The filing notes adjustments related to dividend equivalents, a March 2026 capital increase, and an April 2026 stock split, and also states the issuer is a foreign private issuer (exempt from Sections 16(b) and 16(c) short-swing rules).