Company: PBR
Filing Date: 2025-09-03
Form Type: 424B2
Source: 0001104659-25-086714
Chunk: 107

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-09-03
Form: 424B2
Chunk 107
---
 | immediately after giving effect to the transaction, no event of default, and no default has occurred and is continuing; |

| · | PGF has delivered to the trustee a directors’ certificate and an opinion of counsel, each stating that the transaction and the        
 supplemental indenture relating to the transaction comply with the terms of the indenture, and that all conditions precedent provided 
 for in the indenture and relating to the transaction have been complied with; and                                                     |

| · | PGF has delivered notice of any such transaction to the trustee. |

Notwithstanding anything to the contrary in the
foregoing, so long as no default or event of default under the indenture or the securities of a series will have occurred and be continuing
at the time of the proposed transaction or would result from the transaction:

| · | PGF may merge, amalgamate or consolidate with or into, or convey, transfer, spin off, lease or otherwise dispose of all or substantially      
 all of its properties, assets or revenues to a direct or indirect subsidiary of PGF or Petrobras in cases when PGF is the surviving entity    
 in the transaction and the transaction would not have a material adverse effect on PGF and its subsidiaries taken as a whole, it being        
 understood that if PGF is not the surviving entity, PGF will be required to comply with the requirements set forth in the previous paragraph; 
 or                                                                                                                                            |

| · | any direct or indirect subsidiary of PGF may merge or consolidate with or into, or convey, transfer, spin off, lease or otherwise       
 dispose of assets to, any person (other than PGF or any of its subsidiaries or affiliates) in cases when the transaction would not have 
 a material adverse effect on PGF and its subsidiaries taken as a whole; or                                                              |

| · | any direct or indirect subsidiary of PGF may merge or consolidate with or into, or convey, transfer, lease or otherwise dispose of 
 assets to, any other direct or indirect subsidiary of PGF or Petrobras; or                                                         |

| · | any direct or indirect subsidiary of PGF may liquidate or dissolve if PGF determines in good faith that the liquidation or dissolution 
 is in the best interests of Petrobras, and would not result in a material adverse effect on PGF and its subsidiaries taken as a whole  
 and if the liquidation or dissolution is part of a corporate reorganization of PGF or Petrobras.                                       |

It is possible that the U.S. Internal Revenue Service
may deem a merger or other