Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 327

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 327
---
 portion of the call option was extended to take place between November 2025 and November 2027.

iii. Tria - Option arrangements

The business combination with Tria, concluded on April 2, 2024, includes option arrangements with the non-controlling shareholders of Tria. The Tria put options can be individually exercised by each non-controlling shareholder, being (i) December 31, 2029; (ii) December 31, 2030; or (iii) December 31, 2031, the “ Base Date” and each April 1st up to 30th of the years between 2029, 2030 or 2031 the “ Option Window”. If the Tria put options are not exercised during the option window, the Group may exercise the Tria call options in the month of May immediately after the end of each Tria put option window.

The fair value of the put options was determined using a Monte Carlo simulation that is based on guidelines from “ The Appraisal Foundation”. The methodology assumes that the value of the share follows the stochastic process defined as Brownian geometric motion. The assumptions for the simulation are the volatility of the variable in question, the risk-free discount rate and the time remaining until maturity.

Movements during the period on the Group’s gross obligation under the VBI, Igah and Tria put options are detailed below.

                                                    Note                      Igah IV                               Total                    
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance on December 31, 2023                                    81,588                    11,338                                   92,926  
  Cumulative translation adjustment                            ( 10,782)      ( 1,694)                                            ( 15,669)  
  Gross obligation recognized / (derecognized)                 ( 69,834)      —                         17,117                    ( 52,717)  
  Transferred to acquisitions payable               21(b)                     ( 3,189)                              ( 3,189)                 
  Gross obligation adjustments                      26(b)                     ( 3,952)                   1,831      ( 3,093)                 
  Balance on December 31, 2024                                                               2,503      15,755                       18,258  
  Balance on December 31, 2022                                    65,544                     7,884                                   73,428  
  Cumulative translation