Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 121

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 121
---
 time such other Person becomes a Subsidiary; provided that, 
 such Liens may not (i) extend to any Property owned by such Person other than the Property so acquired, or (ii) have been incurred   
 in connection with or in anticipation of such acquisition;                                                                           |

<div align='center'>26</div>

| (19) | incurring a joint and several liability (including any netting or rights of set-off) as a result of a fiscal unity (fiscale eenheid) 
 for Dutch tax purposes; and                                                                                                          |

| (20) | in addition to the foregoing Liens set forth in clauses (1) through (19) above, Liens securing Debt of Suzano or any of its Subsidiaries 
 which do not in aggregate principal amount, at any time of determination, exceed 20% of Suzano’s Consolidated Net Tangible Assets        
 (the “General Liens Basket”).                                                                                                            |

“” means any individual,
corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, other entity or any government
or any agency or political subdivision thereof.

“” means the International
Financial Reporting Standards as adopted by the International Accounting Standards Board or any other accounting standard that the Company
may adopt as its primary reporting accounting standard in its reports filed with the Commission pursuant to Section 13 or 15(d) of
the Exchange Act.

“” means that
at any time within 90 days (which period shall be extended so long as the rating of the debt securities is under publicly announced consideration
for possible down grade by either Rating Agency) after the earlier of the date of public notice of a Change of Control and of the issuer’s
intention or that of any Person to effect a Change of Control, (i) in the event the debt securities are assigned an Investment Grade
rating by at least two of the Rating Agencies prior to such public notice, the rating of such debt securities by at least two of the Rating
Agencies shall be below an Investment Grade Rating; or (ii) in the event such debt securities are not assigned an Investment Grade
Rating by at least two of the Rating Agencies prior to such public notice, the rating of such debt securities by at least two of the Rating
Agencies shall be decreased by one or more categories, provided that there shall be no Rating Decline to the extent such debt securities
continue to have an Investment Grade Rating by at least one of the Ratings Agencies;