Drummond Maria Rita de Carvalho 4

4 · Cosan S.A. · Filed May 21, 2026

AI-generated summary of this filing

Updated May 21, 2026

Cosan (CSAN) CLO Maria Drummond Sells Shares, Acquires 280,954 Shares

What Happened

Maria Rita de Carvalho Drummond, Chief Legal Officer of Cosan S.A., reported multiple transactions: three open‑market/private sales on April 15–17, 2026 totaling 109,400 shares (codes S) and a same‑day “other acquisition/disposition” on May 19, 2026 (code J) involving 280,954 shares that were both acquired and disposed on that date.
Sales: 35,800 shares @ 5.57 (BRL) = BRL 199,406 (4/15); 36,200 shares @ 5.48 = BRL 198,488 (4/16); 37,400 shares @ 5.48 = BRL 204,915 (4/17). Total reported sale proceeds = BRL 602,809.
May 19 transactions: acquisition of 280,954 shares @ 5.14 = BRL 1,444,104 and a simultaneous disposition of 280,954 shares @ 5.14 = BRL 1,444,104 (both reported with transaction code J).

Key Details

Transaction dates and prices:
- 2026-04-15: Sold 35,800 @ 5.57 (BRL) — BRL 199,406 (S)
- 2026-04-16: Sold 36,200 @ 5.48 (BRL) — BRL 198,488 (S)
- 2026-04-17: Sold 37,400 @ 5.48 (BRL) — BRL 204,915 (S)
- 2026-05-19: Acquired 280,954 @ 5.14 (BRL) — BRL 1,444,104 (J)
- 2026-05-19: Disposed 280,954 @ 5.14 (BRL) — BRL 1,444,104 (J)
Currency: Filing notes amounts are reported in Brazilian reais (BRL) (footnote F1).
Shares owned after the transactions are not specified in the provided data. The filer notes that a Form 3 filed March 18, 2026 inadvertently omitted 559,785 common shares (footnote F2).
Footnotes of note:
- F3: Some reported amounts relate to long‑term incentive program awards (rights to receive shares subject to vesting and performance); final delivered amounts may change and are shown gross.
- F4: Each American Depositary Share (ADS) represents four common shares (useful if comparing ADS vs common‑share counts).
Timeliness: The Form 4 was filed May 21, 2026. The April 15–17 sales were reported late (outside the typical two‑business‑day window); the May 19 trades were reported on May 21 (within two business days).

Context

The April transactions were outright sales (routine insider selling). The May 19 J‑code entries show an acquisition and a disposition of the same number of shares on the same day; the filing does not explain the mechanics (e.g., transfer, settlement, tax withholding, or other corporate/internal processing), so avoid inferring motivation.
For retail investors: purchases can be more informative as a potential bullish signal; here the sales were material in amount but the simultaneous May 19 acquire/dispose largely net to zero on the face of the filing.

Form 4

Period: 2026-04-15

Chief Legal Officer

Transactions

Sale
COMMON STOCK (BVMF: CSAN3)
[F1][F2]
2026-04-15$5.57/sh−35,800$199,406→ 2,202,136 total
Sale
COMMON STOCK (BVMF: CSAN3)
[F1][F2]
2026-04-16$5.48/sh−36,200$198,488→ 2,165,936 total
Sale
COMMON STOCK (BVMF: CSAN3)
[F1][F2]
2026-04-17$5.48/sh−37,400$204,915→ 2,128,536 total
Other
COMMON STOCK (BVMF: CSAN3)
[F1][F2]
2026-05-19$5.14/sh+280,954$1,444,104→ 2,332,228 total
Other
LONG TERM INCENTIVE (BVMF: CSAN3)
[F3][F1]
2026-05-19$5.14/sh−280,954$1,444,104→ 409,122 total

Holdings

Footnotes (4)

[F1]Brazilian reais.
[F2]The number of shares of Commons Stock includes 559,785 shares of Common Stock that were inadvertently not included in the total number of shares of Common Stock held by the Reporting Person as stated on the Form 3 filed on March 18, 2026.
[F3]Right to receive shares resulting from Long-Term Incentive Programs - The Program designates eligible individuals of the Cosan Group who are granted shares, subject to continued service with the Group for a specified period (vesting), and which may also be linked to the achievement of certain performance targets. As of this date, the amount reported represents the number of shares granted to the reporting person. Such amount may increase or decrease as of the actual delivery date, depending on the level of achievement of the applicable targets and the applicable tax effects. All amounts are shown in gross terms.
[F4]Each American Depositary Shares represents four shares of Common Stock.

Signature

/s/ Maria Rita de Carvalho Drummond|2026-05-21

1 file