Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 103

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 103
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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.

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 dLocal 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 dLocal. This right to maintain a proportional
ownership interest may be waived by a majority of the holders of Class B common shares, as applicable.

Conversion

The outstanding Class B common shares are convertible
at any time as follows: (1) at the option of the holder, a Class B common share may be converted at any time into one Class A common share
or (2) upon the election of the holders of a majority of the then outstanding Class B common shares, all outstanding Class B common shares
may be converted into a like number of Class A common shares. In addition, each Class B common share will convert automatically into one
Class A common share upon any transfer, whether or not for value, except for certain transfers described in our Articles of Association,
including transfers to affiliates, transfers to and between the existing holders of Class B common shares. Furthermore, each Class B common
share will convert automatically into one Class A common share and no Class B common shares will be issued thereafter if, at any time,
the outstanding Class B common shares represent less than 10% of the total number of all Class A common shares and Class B common shares
then outstanding.

Our Class A common shares are not convertible
into Class B common shares under any circumstances.

Equal Status

Except as expressly provided in dLocal’
Articles of Association, Class A common shares and Class B common shares have the same rights and privileges and rank equally, share ratably
and are identical in all respects as to all matters. In the event of any merger, consolidation, scheme, arrangement or other business
combination requiring the approval of our shareholders entitled to vote there