Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 110

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 110
---
 fee of such maximum sum as the Nasdaq may determine to be payable or such lesser sum as the board of directors may from time to 
 time require is paid to dLocal in respect thereof;                                                                                |

| · | the instrument of transfer is lodged with dLocal, accompanied by the certificate (if any) for the common shares to which it relates 
 and such other evidence as our board of directors may reasonably require to show the right of the transferor to make the transfer;  |

| · | the instrument of transfer is in respect of only one class of shares; |

| · | the instrument of transfer is properly stamped, if required; |

| · | the common shares transferred are free of any lien in favor of dLocal; and |

| · | in the case of a transfer to joint holders, the transfer 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