Da Silva William Franca 4

What Happened
Da Silva William Franca, Chief Product Officer of Petrobras (PBR), executed a disposition to the issuer on May 15, 2026: 6,840.81 phantom (derivative) shares were surrendered/settled. The Form 4 reports the transaction as a cash settlement of phantom shares granted under Petrobras’ Performance Award Program. The filing lists no market sale price; a footnote provides a convenience conversion using a 20-session weighted average of BRL 52.07 per share (≈ $10.28), implying an approximate cash value of $70,346 for the settled units.

Key Details

• Transaction date: May 15, 2026; Form 4 filed May 19, 2026.
• Instrument/type: Disposition to issuer (derivative—phantom shares under performance award).
• Quantity: 6,840.81 phantom shares.
• Implied price/value: 52.07 BRL/share → ≈ $10.28/share (conversion per filing); total ≈ $70,346 (convenience estimate).
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Footnotes: F1 — phantom shares are cash-settled upon vesting under the Petrobras Performance Award Program (deferred portion vests in four equal annual instalments; additional phantom shares credited for dividends). F2 — price shown is a convenience USD conversion of the 20-session BRL average using the Central Bank FX rate on May 15, 2026.
• No 10b5-1 plan or explicit tax-withholding code was indicated in the provided data.

Context
Phantom/share-settlement transactions are cash settlements of award units (not open-market share sales) and commonly reflect vesting or plan settlement rather than a decision to sell stock on the market. For retail investors, purchases are typically a stronger bullish signal than routine award settlements; this transaction should be read as an award settlement/cash disposition under Petrobras’ compensation program rather than a conventional insider sale.