Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 21

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 21
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 the form of Class A common shares or Class B common shares, or rights to acquire
Class A common shares or Class B common shares, (1) the holders of Class A common shares shall receive Class A common shares, or rights
to acquire Class A common shares, as the case may be and (2) the holders of Class B common shares shall receive Class B common shares,
or rights to acquire Class B common shares, as the case may be.

Appointment, Disqualification and Removal of Directors

dLocal is managed by its board of directors. The
Articles of Association provide that, unless otherwise determined by a special resolution of shareholders, the board of directors will
be composed of three to 13 directors, with the number being determined by a majority of the directors then in office. There are no provisions
relating to

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retirement of directors upon reaching any age limit.
The Articles of Association also provide that, while dLocal’s shares are admitted to trading on Nasdaq, the board of directors must
always comply with the residency and citizenship requirements of the U.S. securities laws applicable to foreign private issuers.

The Articles of Association provide that directors
shall be appointed by an ordinary resolution of our shareholders, which requires the affirmative vote of a simple majority of the votes
cast on the resolution by the shareholders entitled to vote who are present, in person or by proxy, at the meeting. Each director shall
be appointed for such term as the resolution appointing him or her may determine or until his or her death, resignation or removal.

Notwithstanding the foregoing, holders of Class
B common shares, for so long as they hold Class B common shares, shall be entitled to appoint, as a group and at their sole discretion,
at least a majority of the members of the board of directors, and shall be entitled at any time to remove, substitute or replace their
appointed directors for any reason in their sole discretion.

Any vacancies on the board of directors that arise
other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining directors (notwithstanding
that they may constitute less than a quorum). Any such appointment shall be as an interim director to fill such vacancy until the next
annual general meeting of shareholders.

Additions to the existing board (within the limits
set pursuant to the Articles of Association) may be made by ordinary resolution of the shareholders.

In connection with our initial public offering,
our board of directors constituted an