Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 69

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 69
---
the registration of shares pursuant to a demand registration from shareholders for which the 90-day
restricted period shall have expired early as described below, (iv) the issuance of common shares in connection with the Share Contribution
and the Share Split; (v) the issuance of common shares or other securities (including securities convertible into common shares)
in connection with the acquisition by us or any of our subsidiaries of the securities, businesses, properties or other assets of another
person or entity or pursuant to any employee benefit plan assumed by us in connection with any such acquisition; or (vi) the issuance
of common shares or other securities (including securities convertible into common shares) in connection with joint ventures, commercial
relationships or other strategic transactions; provided that, in the case of clauses (v) and (vi), the aggregate number of common
shares issued in all such acquisitions and transactions does not exceed 10% of our outstanding common shares following this offering and
any recipients of such common shares shall deliver a lock-up agreement to the underwriters.

Our directors and executive officers, and the
selling shareholder (such persons, the “lock-up parties”) have entered into lock-up agreements with the underwriters prior
to the commencement of this offering pursuant to which

<div align='center'>S-45</div>

each lock-up party, with limited exceptions, for
a period of 90 days after the date of this prospectus supplement (such period, the “restricted period”), may not (and may
not cause any of their direct or indirect affiliates to), without the prior written consent of the representatives of the underwriters,
(1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant
any option, right or warrant to purchase, lend or otherwise transfer or dispose of, directly or indirectly, any of our common shares or
any securities convertible into or exercisable or exchangeable for our common shares (including, without limitation, common shares or
such other securities which may be deemed to be beneficially owned by such lock-up parties in accordance with the rules and regulations
of the SEC and securities which may be issued upon exercise of a stock option or warrant (collectively with our common shares, the “lock-up
securities”)), (2) enter into any hedging, swap or other agreement or transaction that transfers, in whole or in part, any
of the economic consequences of ownership of the lock-up securities, whether any such transaction described