Company: SUZ
Filing Date: 2025-09-02
Form Type: 424B2
Source: 0001104659-25-086037
Chunk: 115

Company: Suzano S.A.
Filing Date: 2025-09-02
Form: 424B2
Chunk 115
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 such term is used in Rule 13d-3 under the Exchange Act), directly or
indirectly, collectively, at least 50% of the total voting power of the outstanding Voting Stock of Suzano, (y) any “person”
or “group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act), other than a person
or group that includes any one or more of the Permitted Holders, becomes after the date hereof the “beneficial owner” (as
such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of a greater percentage of the total voting power
of the outstanding Voting Stock of Suzano than the percentage beneficially owned collectively by the Permitted Holders and (z) the
Permitted Holders cease to have, directly or indirectly, the power to direct or cause the direction of the management and policies of
Suzano or (iii) Suzano shall cease to own, directly or indirectly, at least a majority of the issued and outstanding shares of Voting
Stock of Suzano Austria or Suzano Netherlands or shall cease to have the power, directly or indirectly, to direct or cause the direction
of the management and policies of Suzano Austria or Suzano Netherlands.

“”
means the total amount of assets of Suzano and its Subsidiaries on a consolidated basis, less current liabilities, less depreciation,
amortization and depletion, less goodwill, trade names, trademarks, patents and other intangibles, calculated based on the most recent
balance sheet for which internal financial statements are available, all calculated in accordance with Reporting GAAP and calculated on
a pro forma basis to give effect to any acquisition or disposition of companies, divisions, lines of businesses or operations by Suzano
and its Subsidiaries subsequent to such date and on or prior to the date of determination.

“”

means, with respect to any Person, determined without
duplication:

| (1) | all indebtedness of such Person for borrowed money; |

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| (2) | all obligations of such Person for the deferred purchase price of Property or services, excluding trade payables arising in the ordinary 
 course of such Person’s business, but only if and for so long as such trade payables remain payable on customary trade terms;            |

| (3) | all obligations of such Person evidenced by bonds, debentures,