Cosan (CSAN) CLO Drummond Receives and Disposes 103,765 Shares

What Happened
Drummond Maria Rita de Carvalho, Chief Legal Officer of Cosan S.A., was reported as receiving 103,765 shares at BRL 3.99 per share (total BRL 414,022) on 2026-08-10 and concurrently disposing of 103,765 shares at the same price and value. The filing records both an acquisition and a disposition of the identical share amount and value.

Key Details

• Transaction date: 2026-08-10 (reported in Form 4 filed 2026-08-12).
• Two entries: acquisition of 103,765 shares @ BRL 3.99 (total BRL 414,022) and disposition of 103,765 shares @ BRL 3.99 (total BRL 414,022). Transaction code: J (other acquisition/disposition).
• Footnotes: F1 — amounts in Brazilian reais (BRL); F2 — these shares relate to long-term incentive program awards (represents shares granted; final delivery may vary with vesting/performance and tax effects); F3 — each American Depositary Share (ADS) represents four common shares.
• ADS equivalent: 103,765 common shares ≈ 25,941 ADS (103,765 ÷ 4).
• Shares owned after transaction: not disclosed in the filing.
• No late-filing indication in the record provided.

Context
Footnote F2 identifies the entry as shares tied to a long-term incentive program (an award/grant subject to vesting and performance conditions). The paired receipt and equal disposition entries are commonly seen when shares are granted and a portion is simultaneously sold or withheld to cover taxes or subject to net settlement; the filing itself does not state the reason. Because the grant and disposition net to zero here, this appears administrative (award and immediate settlement) rather than a directional bet by the insider.