Cosan (CSAN) Former CFO Rafael Bergman Receives Award, Sells Shares

What Happened

• Rafael Bergman, former Chief Financial Officer of Cosan S.A., shows two offsetting transactions on 2026-09-11: an acquisition of 55,242 shares at BRL 3.90 each (BRL 215,444) and a simultaneous disposition of 55,242 shares at BRL 3.90 each (BRL 215,444). Both transactions are reported under Form 4 with transaction code "J" (other acquisition/disposition).
• The filing’s footnote indicates these shares represent rights to receive shares under Cosan’s Long‑Term Incentive Program (LTIP). The amounts are reported in Brazilian reais (BRL) and are shown gross; final delivery could change depending on performance targets and tax effects.

Key Details

• Transaction date: 2026-09-11; Price: BRL 3.90 per share; Amounts: BRL 215,444 for each acquisition and disposition leg.
• Shares involved: 55,242 acquired and 55,242 disposed (net change in holdings appears to be zero based on these entries).
• Footnotes: F1 = amounts in Brazilian reais. F2 = shares are LTIP awards subject to vesting, performance conditions, and possible adjustment for taxes.
• Transaction code: "J" = other acquisition or disposition (used here for LTIP-related grant/receipt and related disposition).
• Filing timeliness: Report filed 2026-09-15 for a 2026-09-11 transaction — filed on time under Form 4 rules.
• Shares owned after the transaction: not specified in the reported filing.

Context

• The paired acquisition and disposition pattern is common with incentive awards that are subject to tax withholding or sell‑to‑cover arrangements; the filing’s footnote confirms these are LTIP rights and that final delivered amounts may change. This sequence does not by itself indicate a change in insider sentiment since the net reported holdings from these entries are effectively offset.