Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 111

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 111
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 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 the form of Class A common shares or Class B common shares, or rights to acquire
Class A common shares or Class B common shares, (1) the holders of Class A common shares shall receive Class A common shares, or rights
to acquire Class A common shares, as the case may be and (2) the holders of Class B common shares shall receive Class B common shares,
or rights to acquire Class B common shares, as the case may be.

Appointment, Disqualification and Removal of Directors

dLocal is managed by its board of directors. The
Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will
be composed of three to 13 directors, with the number being determined by a majority of the directors then in office. There are no provisions
relating to

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retirement of directors upon reaching any age limit.
The Articles of Association also provide that, while dLocal’s shares are admitted to trading on Nasdaq, the board of directors must
always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.

The Articles of Association provide that directors
shall be appointed by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes
cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall
be appointed for such term as the resolution appointing him or her may determine or until his or her death, resignation or removal.

Notwithstanding the foregoing, holders of Class
B common shares, for so long as they hold Class B common shares