Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 20

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 20
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 is not to more than four joint holders. |

If the directors refuse to register a transfer
they are required, within two months after the date on which the instrument of transfer was lodged, to send to the transferee notice of
such refusal.

Share Repurchase

The Companies Act and the Articles of Association
permit dLocal to purchase its own shares, subject to certain restrictions. The board of directors may only exercise this power on behalf
of dLocal, subject to the Companies Act, the Articles of Association and to any applicable requirements imposed from time to time by the
SEC, the Nasdaq, or by any recognized stock exchange on which our securities are listed.

Dividends and Capitalization of Profits

We intend to pay annual cash dividends to the
holders of our common shares in an amount equal to 30% of our free cash flow for the prior year. For the purposes of our dividend policy,
free cash flow is defined as the net cash from operating activities, excluding merchant funds, less capital expenditure. Subject to the
Companies Act, dLocal’s shareholders may, by resolution passed by an ordinary resolution, which is a resolution passed by a simple
majority of the votes cast by, or on behalf of, the shareholders entitled to vote, present in person or by proxy at a general meeting,
declare dividends (including interim dividends) to be paid to shareholders but no dividend shall be declared in excess of the amount recommended
by the board of directors. The board of directors may also declare dividends. Dividends may be declared and paid out of funds lawfully
available to dLocal. Except as otherwise provided by the rights attached to shares and the Articles of Association of dLocal, all dividends
shall be paid in proportion to the number of Class A common shares or Class B common shares a shareholder holds at the date the dividend
is declared (or such other date as may be set as a record date); but, (1) if any share is issued on terms providing that it shall rank
for dividend as from a particular date, that share shall rank for dividend accordingly; and (2) where we have shares in issue which are
not fully paid up (as to par value), we may pay dividends in proportion to the amounts paid up on each share.

The holders of Class A common shares and Class
B common shares shall be entitled to share equally in any dividends that may be declared in respect of dLocal’s common shares from
time to time. In the event that a dividend is paid in