Company: PAX
Filing Date: 2025-01-16
Form Type: 424B3
Source: 0000950103-25-000600
Chunk: 23

Company: Patria Investments Ltd
Filing Date: 2025-01-16
Form: 424B3
Chunk 23
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 common shares and
Class B common shares, voting together in a general meeting.

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Preemptive or Similar Rights

The Class A common shares
and Class B common shares are not entitled to preemptive rights upon transfer and are not subject to conversion (except as described
below under “—Conversion”), redemption or sinking fund provisions.

The Class B common shares
are entitled to maintain a proportional ownership interest in the event that additional Class A common shares are issued. As such,
except for certain exceptions, if Patria issues Class A common shares, it must first make an offer to each holder of Class B
common shares to issue to such holder on the same economic terms such number of Class B common shares as would ensure such holder
may maintain a proportional ownership interest in Patria. This right to maintain a proportional ownership interest may be waived by a
majority of the holders of Class B common shares.

Conversion

The outstanding Class B
common shares are convertible at any time as follows: (1) at the option of the holder, a Class B common share may be converted
at any time into one Class A common share or (2) upon the election of the holders of a majority of the then-outstanding Class B
common shares, all outstanding Class B common shares may be converted into a like number of Class A common shares. In addition,
each Class B common share will convert automatically into one Class A common share upon any transfer, whether or not for value,
except for certain transfers described in the Articles of Association, including transfers to affiliates, transfers to and between trusts
solely for the benefit of the shareholder or its affiliates, and partnerships, corporations and other entities exclusively owned by the
shareholder or its affiliates. Furthermore, each Class B common share will convert automatically into one Class A common share
and no Class B common shares will be issued thereafter if, at any time, the total number of the issued and outstanding Class B
common shares is less than 10% of the total number of shares outstanding.

No class of Patria’s
common shares may be subdivided or combined unless the other class of common shares is concurrently subdivided or combined in the same
proportion and in the same manner.

Equal Status

Except as expressly provided
in Patria’s Articles of Association, Class A common shares and Class B common shares have the same rights and privileges
and rank equally, share ratably and are identical in all respects as to all matters. In the event