Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 104

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 104
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 of Class A common shares and Class B common shares, as applicable, shall be required for any variation    
 to the rights attached to their respective class of shares, however, the Directors may treat any two or more classes of shares as forming 
 one class if they consider that all such classes would be affected in the same way by the proposal;                                       |

| (2) | the rights conferred on holders of Class A common shares shall not be deemed to be varied by the creation or issue of further Class 
 B common shares and vice versa; and                                                                                                 |

| (3) | the rights attaching to the Class A common shares and the Class B common shares shall not be deemed to be varied by the creation or 
 issue of shares with preferred or other rights, including, without limitation, shares with enhanced or weighted voting rights.      |

As set forth in the Articles of Association, the
holders of Class A common shares and Class B common shares, respectively, do not have the right to vote separately if the number of authorized
shares of such class is increased or decreased. Rather, the number of authorized Class A common shares and Class B common shares may be
increased or decreased (but not below the number of shares of such class then outstanding) by the affirmative vote of the

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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