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Form 4 AZUL SA For: Mar 26 Filed by: NEELEMAN DAVID

March 30, 2026 6:02 PM
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person *
NEELEMAN DAVID
(Last) (First) (Middle)
AV. MARCOS PENTEADO ULHOA RODRIGES
939 TAMBORE, BARUERI
(Street)
SAO PAULO 06460-040
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
AZUL SA [ AZUL ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/26/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 03/26/2026 M 182,436,172,596 (1) A (2) 182,462,130,817 D
Common Shares 03/26/2026 G 182,436,172,596 (3) D $ 0 25,958,221 D
Common Shares 390,218 I By Saleb II Founder 1 LLC (4)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (right to buy) (2) 03/26/2026 A 547,308,517,788 (5) (5) Common Stock 547,308,517,788 $ 0 547,308,517,788 D
Stock Option (right to buy) (2) 03/26/2026 M 182,436,172,596 (5) (5) Common Stock 182,436,172,596 $ 0 364,872,345,192 D
Explanation of Responses:
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.
/s/ Alexandre Wagner Malfitani, Attorney-in-Fact 03/30/2026
** Signature of Reporting Person Date
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).
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