# EDGAR Filing Document

**Accession Number:** 0001432364
**File Stem:** 0001123292-26-000516
**Filing Date:** 2026-3
**Character Count:** 7199
**Document Hash:** 5c78c4c814ee2f1a4666e4f658bf2403
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001123292-26-000516.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001123292-26-000516

**CONFORMED SUBMISSION TYPE**: 4

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20260326

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260330

**REPORTING-OWNER**: 

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

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 4
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38049
- **FILM NUMBER:** 26814837
**ISSUER**: 

**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

**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

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

## FORM 4

### STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

[ ] Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>NEELEMAN DAVID<br><sub>(Last) (First) (Middle)</sub><br>AV. MARCOS PENTEADO ULHOA RODRIGES<br>939 TAMBORE, BARUERI<br><sub>(Street)</sub><br>SAO PAULO, BRAZIL 06460-040<br><sub>(City) (State) (Zip)</sub> | **3. Date of Earliest Transaction (Month/Day/Year)**<br>2026-03-26 | **5. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[X] Director [ ] 10% Owner<br>[ ] Officer (give title below) [ ] Other (specify below)<br>_ _ |
| **2. Issuer Name and Ticker or Trading Symbol**<br>AZUL SA [ AZUL ] | **4. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | 3. Transaction Code (V) | 3. Transaction Code (V) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 4. Securities Acquired (A) or Disposed of (D) | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| 1. Title of Security | 2. Transaction Date | 2A. Deemed Execution Date | Code | V | Amount | (A) or (D) | Price | 5. Amount of Securities Beneficially Owned | 6. Ownership Form | 7. Nature of Indirect Beneficial Ownership |
| Common Shares | 2026-03-26 |  | M |  | 182436172596<sup>(1)</sup> | A | <sup>(2)</sup> | 182462130817 | D |  |
| Common Shares | 2026-03-26 |  | G |  | 182436172596<sup>(3)</sup> | D | $0 | 25958221 | D |  |
| Common Shares |  |  |  |  |  |  |  | 390218 | I | By Saleb II Founder 1 LLC<sup>(4)</sup> |

---

## Table II - Derivative Securities

---

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | 4. Transaction Code (V) | 4. Transaction Code (V) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) | 6. Date Exercisable and Expiration Date | 6. Date Exercisable and Expiration Date | 7. Title and Amount of Underlying Securities | 7. Title and Amount of Underlying Securities | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | 2. Conversion or Exercise Price | 3. Transaction Date | 3A. Deemed Execution Date | Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 8. Price of Derivative Security | 9. Number of Derivative Securities Beneficially Owned | 10. Ownership Form | 11. Nature of Indirect Beneficial Ownership |
| Stock Option (right to buy) | <sup>(2)</sup> | 2026-03-26 |  | A |  | 547308517788 |  | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 547308517788 | $0 | 547308517788 | D |  |
| Stock Option (right to buy) | <sup>(2)</sup> | 2026-03-26 |  | M |  |  | 182436172596 | <sup>(5)</sup> | <sup>(5)</sup> | Common Stock | 182436172596 | $0 | 364872345192 | D |  |

---

### Footnotes:

(1) Represents common shares issued on exercise of a stock option award ("Stock Option") that vested immediately upon grant (the "Relevant Shares"). On March 25, 2026, the shareholders of Azul S.A. approved a 150,000 to 1 reverse share split which is expected to be effective as of April 20, 2026 (the "Reverse Share Split"). After giving effect to the Reverse Share Split, the number of common shares reported in this row is expected to be 1,216,241 common shares.

(2) The Stock Option was granted with a nominal exercise price of R$1.00 (one Brazilian real).

(3) Immediately upon receipt, David Neeleman disposed the Relevant Shares (representing 0.33% of the common shares of the Issuer outstanding on the date hereof) as a gift for nil consideration. After giving effect to the Reverse Share Split, the Relevant Shares are expected to equal 1,216,241 common shares.

(4) Saleb II Founder 1 LLC is wholly owned and controlled by David Neeleman.

(5) The stock option award vested immediately upon grant and have no expiration date.

**Signature:** /s/ Alexandre Wagner Malfitani, Attorney-in-Fact  
**Date:** 2026-03-30

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**