# EDGAR Filing Document

**Accession Number:** 0001218390
**File Stem:** 0001123292-26-000241
**Filing Date:** 2026-2
**Character Count:** 12055
**Document Hash:** 11cb08264c23438a6565a6d3ce6d7f02
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123292-26-000241.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001123292-26-000241

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AZUL SA
- **CENTRAL INDEX KEY:** 0001432364
- **STANDARD INDUSTRIAL CLASSIFICATION:** AIR TRANSPORTATION, SCHEDULED [4512]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** D5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90373
- **FILM NUMBER:** 26672012

**BUSINESS ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040
- **BUSINESS PHONE:** 55 11 4831 2880

**MAIL ADDRESS:**
- **STREET 1:** AV. MARCOS PENTEADO ULHOA RODRIGUES
- **STREET 2:** NO. 939, 9 FLOOR, ED. JATOBA
- **CITY:** BARUERI
- **STATE:** D5
- **ZIP:** 06460-040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SALEB II PARTICIPACOES SA
- **DATE OF NAME CHANGE:** 20080415
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEELEMAN DAVID
- **CENTRAL INDEX KEY:** 0001218390

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 3)**

**AZUL SA**

*(Name of Issuer)*

**Common Shares, Without Par Value; the CUSIP relates to American depository shares (as evidenced by ADRs), each representing 500,000 common shares**

*(Title of Class of Securities)*

**05501U403**

*(CUSIP Number)*

**Jonathan A. Lewis**<br>Hogan Lovells US LLP<br>390 Madison Avenue<br>New York NY 10017<br>1-212-918-3000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**02/20/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **05501U403** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**NEELEMAN DAVID** | Name of reporting person<br>**NEELEMAN DAVID** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**D5** | Citizenship or place of organization<br>**D5** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**25958221.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**25958221.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**25958221.00** | Aggregate amount beneficially owned by each reporting person<br>**25958221.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** The percentage in row 13 is calculated based on 54,730,851,778,811 common shares of the Issuer outstanding on February 24, 2026, as provided by the Issuer and represents less than 0.01% of the issued and outstanding common shares of the Issuer.

| **CUSIP No.** | **05501U403** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Saleb II Founder 1 LLC** | Name of reporting person<br>**Saleb II Founder 1 LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**PF** | Source of funds (See Instructions)<br>**PF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**123551.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**123551.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**123551.00** | Aggregate amount beneficially owned by each reporting person<br>**123551.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**CO** | Type of Reporting Person (See Instructions)<br>**CO** | |

---

**Comment for Reporting Person:** The percentage in row 13 is calculated based on 54,730,851,778,811 common shares of the Issuer outstanding on February 24, 2026, as provided by the Issuer and represents less than 0.01% of the issued and outstanding common shares of the Issuer.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, Without Par Value; the CUSIP relates to American depository shares (as evidenced by ADRs), each representing 500,000 common shares

**(b) Name of Issuer:**
AZUL SA

**(c) Address of Issuer's Principal Executive Offices:**
AV. MARCOS PENTEADO ULHOA RODRIGUES, NO. 939, 9 FLOOR, ED. JATOBA, BARUERI, D5, 06460-040

This Amendment No. 3 ("Amendment No. 3") to Statement on Schedule 13D amends the statement on Schedule 13D originally filed on February 4, 2025, as amended by Amendment No. 1 filed on April 2, 2025 and Amendment No. 2 filed on April 8, 2025 (such Schedule 13D, as amended, the "Schedule 13D").  Capitalized terms used but not defined herein shall have the same meanings ascribed to them in the Schedule 13D. As used herein the "Neeleman Parties" means David Gary Neeleman and Saleb II Founder 1 LLC. Except as otherwise provided herein, each Item of the Schedule 13D relating to the Neeleman Parties remains unchanged.  This Amendment No. 3 is being filed to report (i) the dissolution of the "group," as such term is used in Regulation 13D under the Exchange Act, among the Neeleman Parties and the other parties reported on Amendment No. 2 to the Schedule 13D filed on April 8, 2025, and (ii) that the Neeleman Parties have ceased to be beneficial owners of more than five percent of the Common Shares as a result of the conversion, reverse stock split and issuances of shares described below. This Amendment No. 3 constitutes an "exit filing" for the Neeleman Parties.

**Item 4. Purpose of Transaction**

The response set forth in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:

The information in Item 3 is incorporated by reference herein.

On January 12, 2026, the holders of Common Shares and the holders of preferred shares of the Issuer ("Preferred Shares") approved the conversion of all Preferred Shares into Common Shares at a conversion rate of 75 Common Shares for each Preferred Share (the "Conversion").  

On February 12, 2026, the holders of Common Shares approved a reverse share split of the issued and outstanding Common Shares, at a ratio of 75 Common Shares to form one Common Share post-split (the "Reverse Split"), which was implemented prior to the February 2026 Issuance (as defined below).  

On January 13, 2026, the Issuer consummated the issuance of 723,861,340,715 new Common Shares and 723,861,340,715 new Preferred Shares (the "January 2026 Issuance"), and on February 20, 2026, the Issuer consummated the issuance of 45,477,707,683,900 Common Shares (the "February 2026 Issuance" and, together with the January 2026 Issuance, the "2026 Issuances").

Neither of the Neeleman Parties acquired any Common Shares in the 2026 Issuances and, as a result, the beneficial ownership of the Neeleman Parties was diluted such that neither of the Neeleman Parties currently holds more than five percent of the Common Shares.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information provided in Item 4 is incorporated by reference herein.

Information concerning the Neeleman Parties is amended and replaced by reference to the responses to rows (7) through (13) of the cover pages to this Schedule 13D.

By virtue of the termination of the Support Agreement, the Neeleman Parties and the other parties reported on Amendment No. 2 to the Schedule 13D filed on April 8, 2025 are no longer deemed to be members of a "group," as such term is used in Regulation 13D under the Exchange Act.  As a result of 2026 Issuances, the total number of Common Shares of the Issuer outstanding increased and the beneficial ownership of each of the Neeleman Parties was diluted such that neither of the Neeleman Parties currently holds more than five percent of the Common Shares.

**(b)**
The information provided in Item 4 is incorporated by reference herein.

Information concerning the Neeleman Parties is amended and replaced by reference to the responses to rows (7) through (13) of the cover pages to this Schedule 13D.

**(c)**
Except as described in this Schedule 13D, during the past 60 days, the Neeleman Parties have not effected any transactions with respect to the Common Shares.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The response set forth in Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information:

The information provided in Items 4 and 5 to this Schedule 13D are hereby incorporated by reference herein.

As a result of the consummation of the 2026 Issuances and the Conversion, the Shareholders' Agreement and the Supplemental Shareholders' Agreement have ceased to be effective pursuant to the relevant termination provisions and by operation of law.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** NEELEMAN DAVID

**Signature:** /s/ David Gary Neeleman

**Name/Title:** David Gary Neeleman

**Date:** 02/24/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Saleb II Founder 1 LLC

**Signature:** /s/ David Gary Neeleman

**Name/Title:** David Gary Neeleman, Sole Member

**Date:** 02/24/2026