Company: PAX
Filing Date: 2025-01-16
Form Type: 424B3
Source: 0000950103-25-000600
Chunk: 21

Company: Patria Investments Ltd
Filing Date: 2025-01-16
Form: 424B3
Chunk 21
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 approval of our shareholders
(whether forming part of the original or any increase in issued share capital), either at a premium or at par, with or without preferred,
deferred or other special rights or restrictions, whether relating to dividend, voting, return of capital or otherwise and to such persons,
on such terms and conditions, and at such times as the directors may decide, but so that no share shall be issued at a discount, except
in

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accordance with the provisions
of the Companies Act. In accordance with its Articles of Association, Patria shall not issue bearer shares.

Patria’s Articles of
Association provide that at any time there are Class A common shares in issue, additional Class B common shares may only be
issued pursuant to (1) a share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid
by the issue of shares or rights to acquire shares or following capitalization of profits, (2) a merger, consolidation, or other
business combination involving the issuance of Class B common shares as full or partial consideration, or (3) an issuance of
Class A common shares, whereby holders of the Class B common shares are entitled to purchase a number of Class B common
shares that would allow them to maintain their proportional ownership interests in Patria (following an offer by Patria to each holder
of Class B common shares to issue to such holder, upon the same economic terms and at the same price, such number of Class B
common shares as would ensure such holder may maintain a proportional ownership interest in Patria pursuant to Patria’s Articles
of Association). In light of: (a) the above provisions; (b) the fact that future transfers by holders of Class B common
shares will generally result in those shares converting to Class A common shares, subject to limited exceptions as provided in the
Articles of Association; and (c) the ten-to-one voting ratio between our Class B common shares and Class A common shares
means that holders of our Class B common shares will in many situations continue to maintain control of all matters requiring shareholder
approval. This concentration of ownership and voting power will limit or preclude your ability to influence corporate matters for the
foreseeable future. For more information see “—Preemptive or Similar Rights.”

Patria’s Articles of
Association also provide that the issuance of non-voting common shares requires the affirmative vote of a majority of the then-outstanding
Class