Da Cunha Gustavo Werneck 4

What Happened

• Gustavo Werneck, CEO and board member of GERDAU S.A. (GGB), received 432,774 shares through the settlement of a compensation arrangement and, on the same date (May 8, 2026), disposed of 432,854 shares in open-market sales.
• The sales were reported at a weighted average price of $4.87 per share (range $4.86–$4.90), producing proceeds of approximately $2,107,999. The award was reported at $0.00 on the form as part of the compensation settlement.
• The award and sale occurred the same day; sales are typically routine liquidity events, while awards reflect compensation—neither alone proves a change in insider sentiment.

Key Details

• Transaction date: May 8, 2026 (reported on Form 4 filed May 12, 2026).
• Award (A): 432,774 shares acquired at $0.00 (settlement of compensation arrangement; footnote F1).
• Sale (S): 432,854 shares disposed; weighted-average price $4.87; total proceeds ~$2,107,999 (prices converted from Brazilian reais; weighted range $4.86–$4.90) (footnotes F2, F3, F4).
• Shares owned after the transactions: not specified in the filing.
• Filing timeliness: Form 4 was filed four days after the transaction date (May 12 for trades on May 8); Form 4s are generally due within two business days, so this filing was submitted after that typical window.

Context

• The filing shows a compensation share settlement combined with an open-market sale the same day. This pattern frequently reflects executives converting granted compensation to cash and does not, by itself, indicate a change in the executive’s view of the company.
• Currency: reported dollar amounts reflect conversion from Brazilian reais using the rates cited in the filing footnotes.