Company: DLO
Filing Date: 2025-04-24
Form Type: 20-F
Source: 0000950170-25-058197
Chunk: 175

Company: dLocal Ltd
Filing Date: 2025-04-24
Form: 20-F
Item: Item 16K
Chunk 175
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663,897
Cancelled during the year 0.00 ( 4,158 - - 
Forfeited during the year 13.96 ( 829,686 14.06 ( 248,601
At the end of the year 5.32 7,507,841 6.86 6,962,302
Vested and exercisable at the end of the year 8.73 1,167,552 7.03 704,006
No options expired during the periods covered in the above table.
As of December 31, 2024, the Group has180,000 PSUs (2023 -200,000),4,546,071 RSUs (2023 -3,397,042) and2,781,770 Stock Options (2023 -3,365,260) outstanding.
As of December 31, 2024, total compensation expense of the plans was USD23,780(2023 - USD11,922).
Fair value of shares granted
dLocal estimates share-based payment transactions and warrant agreements using the most appropriate valuation model and underlying assumptions, which depend on the terms and conditions of the grant and the information available at the grant date.
The Group uses certain methodologies to estimate fair value of the options and warrants granted which include the following:
•
Estimation of fair value based on equity transactions with third parties close to the grant date.
•
Other valuation techniques including option pricing models such as Black-Scholes.
•
Expected exercise: Represents the period in which the compensation related to the Option Plan should remain outstanding and was based on the average of the earliest date at which an option could be exercised which is the end of the vesting period and the date of the contractual life.
•
Expected volatility: Expected volatility between
60
% and
55
% using historical and implied stock price volatility from guideline companies, adjusted for size and leverage.
These estimates also require determination of the most appropriate inputs to the valuation models including assumptions regarding the expected life of a share option and warrants and expected volatility of the price of the Group’s shares. The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected changes to future volatility based on publicly available information.

F-47

30.
Financial risk management
(a)
Risk Management Framework
The Group’s activities may expose it to a variety of financial risks, including credit risk, market risk (including foreign exchange risk, cash flow