Cosan (CSAN) Former CLO Drummond Receives and Sells 150,496 Shares

What Happened

• Drummond Maria Rita de Carvalho, Former Chief Legal Officer of Cosan Ltd., is reported as both acquiring and disposing of 150,496 shares on September 11, 2026. The filing lists a price of $3.90 per share and a total value of $586,934 for each leg (acquisition and disposition). The filing’s footnote indicates these shares arise from Long‑Term Incentive Programs (LTIP) and the amounts shown are gross and may change due to performance results and tax effects.

Key Details

• Transaction date: 2026-09-11; Price: $3.90; Shares: 150,496; Reported value (each leg): $586,934.
• Transaction code: (J) — "other acquisition or disposition" for both the acquisition and the disposition.
• Footnotes of note:
  • F2: These shares are rights to receive LTIP awards; reported amounts are gross and may be adjusted for performance/taxes.
  • F1: Filing references Brazilian reais (per footnote).
  • F3: Each American Depositary Share (ADS) represents 4 common shares — 150,496 common shares = 37,624 ADS if converted.
• Shares owned after the reported transactions: not specified in the filing.
• Filing/Timeliness: Form filed 2026-09-15 for a 2026-09-11 transaction (filed 4 days after the trade date); Form 4 is normally due within 2 business days, so this timing may be later than the standard reporting window.

Context

• The pattern of a gross grant (acquisition) paired with an equal disposition is commonly seen with equity awards where shares are immediately used to cover taxes or otherwise settled; the filing’s LTIP footnote confirms award-related treatment but does not explicitly state a tax withholding sale. Such award-related entries are not the same as an open-market buy or sell and should be interpreted as part of compensation settlement rather than an explicit bullish or bearish stake change.