Company: PAX
Filing Date: 2025-01-30
Form Type: 424B3
Source: 0000950103-25-001159
Chunk: 23

Company: Patria Investments Ltd
Filing Date: 2025-01-30
Form: 424B3
Chunk 23
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 of holders of Class A common shares and Class B common shares:

| • | class consents from the holders of Class A common shares or Class B common shares, as applicable,                                        
 shall be required for any variation to the rights attached to their respective class of shares, however, the directors may treat any two 
 or more classes of shares as forming one class if they consider that all such classes would be affected in the same way by the proposal; |

| • | the rights conferred on holders of Class A common shares shall not be deemed to be varied by the 
 creation or issue of further Class B common shares and vice versa; and                           |

| • | the rights attaching to the Class A common shares and the Class B common shares shall not be                                               
 deemed to be varied by the creation or issue of shares with preferred or other rights, including, without limitation, shares with enhanced 
 or weighted voting rights.                                                                                                                 |

As set forth in the Articles
of Association, the holders of Class A common shares and Class B common shares, respectively, do not have the right to vote
separately if the number of authorized shares of such class is increased or decreased. Rather, the number of authorized Class A common
shares and Class B common shares may be increased or decreased (but not below the number of shares of such class then outstanding)
by the affirmative vote of the holders of a majority of the voting power of the issued and outstanding Class A common shares and
Class B common shares, voting together in a general meeting.

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Preemptive or Similar Rights

The Class A common shares
and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described
below under “—Conversion”), redemption or sinking fund provisions.

The Class B common shares
are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such,
except for certain exceptions, if Patria issues Class A common shares, it must first make an offer to each holder of Class B
common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder
may maintain a proportional ownership interest in Patria. This right to maintain a proportional ownership interest may be waived by a
majority of the holders of Class B common shares.

Conversion

The outstanding Class B
common shares are convertible at any time as follows: (1) at the option of the holder, a