Company: PAX
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001628280-25-025640
Chunk: 206

Company: Patria Investments Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 6
Chunk 206
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 of directors may at its discretion adjust the number of Class A common shares available for issuance under the LTIP.

Under the LTIP, equity incentive awards may be granted to our employees, non-employee directors, officers, consultants or other individual service providers, as well as holders of equity compensation awards granted by a company that may be acquired by us in the future.

Awards under the LTIP may be granted in the form of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards or other stock-based awards. Stock options and stock appreciation rights will have an exercise price determined by the administrator but that is no less than the fair market value of the underlying Class A common shares on the date of grant.

The vesting conditions for grants under the LTIP are determined by the administrator of the LTIP (the "Administrator" and, in the case of restricted stock or restricted stock units, are set forth in the applicable award documentation. For stock options, the Administrator determines the exercise price of the option, the term of the option and the time or times at which the option may be exercised. Performance awards are subject to performance conditions as specified by the Administrator and are settled in cash, Class A common shares, other awards, other property, net settlement or any combination thereof, as determined by the Administrator in its discretion, following the end of the relevant performance period. The LTIP is administered by a long-term incentive plan committee composed by certain members of our board.

IPO Share-Based Incentive Grant

In connection with the completion of our IPO, we made our first equity incentive grant, known as the “ IPO grant”. Under the IPO grant, Performance Restricted Units (“ PSUs”), convertible into Class A common shares were granted to eligible participants.

We set a maximum aggregate of 410,115 Class A common shares to be granted under the LTIP in connection with the IPO grant, which includes a potential boost award to be measured only on the last year of the LTIP and subject to certain pre-determined performance metrics. As of December 31, 2024, we granted an aggregate of 157,736 Class A common shares under the LTIP. As certain participants resigned from Patria in 2024, they forfeited their rights to receive 26,289 shares received under the IPO grant, according to the vesting schedule of the LTIP. Similarly, certain participants resigned from Patria in 2023, forfeiting their rights to receive 26,289 shares under the IPO grant, according to the