Cosan (CSAN) Former CLO Maria Drummond Receives and Disposes Shares

What Happened

• Maria Rita de Carvalho Drummond, former Chief Legal Officer of Cosan S.A., is reported as both acquiring and disposing of 150,496 shares on 2026-09-11. Each transaction is recorded at 3.90 (amounts shown in Brazilian reais per footnote F1), for a total value of 586,934 BRL for each acquisition and disposition entry.
• Footnote F2 states the acquisition represents shares granted under Cosan’s Long-Term Incentive Program (LTIP); the filing separately reports a disposition of the same number of shares on the same date. The filing does not specify the reason for the disposition.

Key Details

• Transaction date: 2026-09-11; Form 4 filed: 2026-09-15 (filed within the usual two-business-day window).
• Price and amounts: 150,496 shares at 3.90 BRL each; total shown 586,934 BRL.
• ADS conversion: Cosan’s ADR structure notes 1 ADS = 4 common shares (footnote F3). 150,496 common shares = 37,624 ADS.
• Shares owned after the transactions: not disclosed in the filing.
• Notable footnotes: F2 = LTIP grants (amounts reported are gross and may change based on performance/tax effects); F1 = amounts in Brazilian reais; F3 = ADS = 4 common shares.
• Transaction code: J (other acquisition/disposition) — filing does not label this as a standard open-market buy or sale.

Context

• The acquisition is described as an LTIP grant (an award tied to continued service and performance targets). The simultaneous disposition is recorded separately in the filing; the form does not state whether the disposition was a sale to cover taxes, a transfer, or another type of disposition.
• For retail investors: LTIP grants are routine compensation events. Purchases tend to signal direct insider buying interest, but this filing mainly documents a grant and a matching disposition rather than an outright open-market buy or voluntary sale.