Company: DLO
Filing Date: 2025-09-03
Form Type: 424B3
Source: 0000950103-25-011193
Chunk: 112

Company: dLocal Ltd
Filing Date: 2025-09-03
Form: 424B3
Chunk 112
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, 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 audit committee. See “Item 6. Directors, Senior Management and Employees—C. Board Practices—Committees—Audit
Committee” in the 2024 Form 20-F.

Grounds for Removing a Director

A director may be removed with or without cause
by ordinary resolution. The notice of general meeting must contain a statement of the intention to remove the director and must be served
on the director not less than ten calendar days before the meeting. 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