Grimaldi Leonardo Barreto de Araujo 4

What Happened
Grimaldi Leonardo Barreto de Araujo, VP of Pulp Commercial and Logistics at Suzano S.A. (SUZ), had two cash-settled phantom-share awards vest and be settled in cash on 2026-03-30 (dispositions to issuer): 5,085 and 16,729 phantom shares (total disposed = 21,814). On the same date he was granted/awarded 10,360 new cash-settled phantom shares that vest on 2029-03-01. The Form 4 reports the derivative transactions (phantom shares); no open-market trade price or cash amount is reported in the filing (settlement value tied to market price per footnotes).

Key Details

• Transaction date(s): 2026-03-30 (reported on Form 4 filed 2026-03-31).
• Dispositions: 5,085 and 16,729 phantom shares settled to the issuer (total = 21,814). Price listed as N/A; settlement was cash based on company share price per footnotes.
• Grant/Award: 10,360 cash-settled phantom shares granted on 2026-03-30, vesting 03/01/2029.
• Footnotes: F1/F3 = phantom shares originally granted 03/01/2022 and 03/01/2023 that vested 03/30/2026; F2 = those phantom shares were settled in cash based on market price; F4 = new phantom-share grant dated 03/30/2026 vesting 03/01/2029; F5 = value tied to market price and settled in cash upon vesting.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: appears timely (transaction 03/30/2026; Form 4 filed 03/31/2026).

Context
These were derivative (phantom) awards settled in cash, not sales of actual Suzano common shares on the open market. Cash settlement of vested phantom shares is a routine way firms pay out long‑term incentives; the new award is a future, conditional cash award that vests in 2029. As always, these derivative settlements do not necessarily indicate an insider view on the company’s stock price.