Company: DLO
Filing Date: 2025-09-04
Form Type: 424B3
Source: 0000950103-25-011286
Chunk: 111

Company: dLocal Ltd
Filing Date: 2025-09-04
Form: 424B3
Chunk 111
---
 The director is entitled to attend the meeting and be heard on the
motion for his removal.

The office of a director will be vacated automatically
if he or she (1) becomes prohibited by law from being a director; (2) becomes bankrupt or makes an arrangement or composition with his
creditors; (3) dies or is in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as
director; (4) resigns his office by notice to us; or (5) has for more than six months been absent without permission of the directors
from meetings of the board of directors held during that period, and the remaining directors resolve that his or her office be vacated.

Proceedings of the Board of Directors

The Articles of Association provide that dLocal’s
business is to be managed and conducted by the board of directors. The quorum necessary for the board meeting shall be a simple majority
of the directors then in office (subject to there being a minimum of two directors present) and business at any meeting shall be decided
by a majority of votes. In the case of an equality of votes, the chairman shall have a casting vote.

Subject to the provisions of the Articles of Association,
the board of directors may regulate its proceedings as they determine is appropriate. Board meetings shall be held at least once every
calendar quarter and shall take place either in Montevideo, Uruguay, or at such other place as the directors may determine.

Subject to the provisions of the Articles of Association,
to any directions given by ordinary resolution of the shareholders and the listing rules of the Nasdaq, the board of directors may from
time to time at its discretion exercise all powers of dLocal, including, subject to the Companies Act, the power to issue debentures,
bonds and other securities of the company, whether outright or as collateral security for any debt, liability or obligation of our company
or of any third party.

<div align='center'>15</div>

Inspection of Books and Records

Holders of dLocal shares have no general right
under Cayman Islands law to inspect or obtain copies of the list of shareholders or corporate records of the Company. However, the board
of directors may determine from time to time whether and to what extent dLocal’s accounting records and books shall be open to inspection
by shareholders who are not members of the board of directors. Notwithstanding the above, the Articles of Association provide shareholders
with the right to receive annual financial