Company: DLO
Filing Date: 2025-09-03
Form Type: F-3ASR
Source: 0000950103-25-011186
Chunk: 12

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: F-3ASR
Chunk 12
---
 2025, all shares in treasury were canceled.

Treasury Stock

As of June 30, 2025, dLocal had 18,754,887 Class
A common shares in treasury. Subsequent to June 30, 2025, all shares in treasury were canceled.

Issuance of Shares

Except as expressly provided in dLocal’s
Articles of Association, dLocal’s board of directors has general and unconditional authority to allot, grant options over, offer
or otherwise deal with or dispose of any unissued shares in the company’s capital without the approval of our shareholders (whether
forming part of the original or any increased share capital), either at a premium or at par, with or without preferred, deferred or other
special rights or restrictions, whether in regard to dividend, voting, return of capital or otherwise and to such persons, on such terms

<div align='center'>9</div>

and conditions, and at such times as the directors
may decide, but so that no share shall be issued at a discount, except in accordance with the provisions of the Companies Act. In accordance
with its Articles of Association, dLocal shall not issue bearer shares.

dLocal’ Articles of Association provide
that at any time that there are Class A common shares in issue, additional Class B common shares may only be issued pursuant to (1) a
share split, subdivision of shares or similar transaction or where a dividend or other distribution is paid by the issue of shares or
rights to acquire shares or following capitalization of profits; (2) a merger, consolidation, or other business combination involving
the issuance of Class B common shares as full or partial consideration; or (3) an issuance of Class A common shares, whereby holders of
the Class B common shares are entitled to purchase a number of Class B common shares that would allow them to maintain their proportional
ownership interests in dLocal (following an offer by dLocal to each holder of Class B common shares to issue to such holder, upon the
same economic terms and at the same price, such number of Class B common shares as would ensure such holder may maintain a proportional
ownership interest in dLocal pursuant to dLocal’s Articles of Association). In light of: (a) the above provisions; (b) the fact
that future transfers by holders of Class B common shares will generally result in those shares converting to Class A common shares, subject
to limited exceptions as provided in the Articles of Association; and (c) the five