Company: PBR
Filing Date: 2025-04-03
Form Type: 20-F
Source: 0001292814-25-001352
Chunk: 187

Company: PETROBRAS - PETROLEO BRASILEIRO SA
Filing Date: 2025-04-03
Form: 20-F
Item: Item 17
Chunk 187
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urchase of shares issued by Petrobras (“buyback”).
 The buyback, when it occurs, must be carried out through a structured program approved by the Board of Directors. The payment of dividends and/or interest on capital for each fiscal year must be approved by our shareholders at the annual general meeting of shareholders.
 Regarding payment of dividends and/or interest on capital, the profits are distributed to outstanding shares in proportion to the number of shares owned by each shareholder on the applicable record date. Our preferred shares have preference in the distribution of dividends and interest on capital. Thus, the payment of dividends and/or interest on capital to holders of common shares is subject to the right to dividend distributions held by the holders of preferred shares. In our current Policy we have defined that dividend distribution payments should be made quarterly.
 The payment of interest on capital to our shareholders is subject to withholding income tax, pursuant to the Brazilian tax laws, which is not levied upon payments of dividends. The holders of ADSs are also subject to withholding income tax, unless provided otherwise by their applicable law.
 Our current shareholder remuneration policy provides the following parameters for the distribution of remuneration, which should be followed in the decisions of the Board of Directors and in the Management proposals to the Annual General Meeting:
 
–                                                1.                                            
     We established a minimum annual compensation of US$4 billion for fiscal years in which the
    average price of Brent is above US$40/bbl, which may be distributed regardless of our level
          of indebtedness, as long as the principles set forth in the policy are observed.     
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–                                              1.1.                                          
     The minimum annual compensation will be the same for common shares and preferred shares,
    provided that it exceeds the minimum amount for preferred shares set forth in our Bylaws.
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–                                                2.                                             
    In case of gross debt equal to or lower than the maximum debt level defined in the Strategic
     Plan 2050 and Business Plan 2025-29 and accumulated positive result, to be verified in the 
    last quarterly result calculated and approved by the Board of Directors, we shall distribute
      to our shareholders 45% of the free cash flow, according to the equation below, provided  
     that the result of this formula is higher than the amount provided in item 1 and does not  
                              compromise our financial sustainability:                          
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Annual Report and Form 20-F 2024 |
Shareholders Remuneration: 45% of Free