# EDGAR Filing Document

**Accession Number:** 0001792829
**File Stem:** 0000950103-25-011294
**Filing Date:** 2025-9
**Character Count:** 123630
**Document Hash:** f1c5a8befe75a71a8bfa5764e5cbaf05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-25-011294.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0000950103-25-011294

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 20

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**EFFECTIVENESS DATE**: 20250904

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vasta Platform Ltd
- **CENTRAL INDEX KEY:** 0001792829
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290049
- **FILM NUMBER:** 251294345

**BUSINESS ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100
- **BUSINESS PHONE:** 55 11 3133-7559

**MAIL ADDRESS:**
- **STREET 1:** AVENIDA PAULISTA, 901, 6TH FLOOR
- **STREET 2:** JARDIM PAULISTA
- **CITY:** SAO PAULO
- **STATE:** D5
- **ZIP:** 01310-100

**As filed with the Securities and Exchange Commission on September 4, 2025**

**Registration No. 333-** 

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION**<br> **Washington, D.C. 20549**

**FORM S-8**<br> **REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**Vasta Platform Limited**<br> **(Exact Name of Registrant as specified in its charter)**

---

| | |
|:---|:---|
| **The Cayman Islands** | **N/A** |
| (State or other jurisdiction of <br> incorporation or organization) | (I.R.S. Employer <br> Identification No.) |
| **Av. Paulista, 901, 5<sup>th</sup> Floor<br> Bela Vista<br> São Paulo – SP, 01310-100, Brazil**<br> **+55 11 3133-7311** |  |

---

(Address, including zip code, and telephone number, including area code, of Principal Executive Offices)

**Vasta Platform Limited 2023 Long-Term Incentive Plan** <br> (Full title of the plans)

**Cogency Global Inc.<br> 122 East 42nd Street, 18th Floor<br> New York, New York 10168<br> (212) 947-7200** 

(Name, address and telephone number, including area code, of agent for service)

**Copies to**:

Manuel Garciadiaz<br> Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017<br> (212) 450-4000

**Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.**

---

| | |
|:---|:---|
| **Large accelerated filer** ☐ | **Accelerated filer** ☐ |
| **Non-accelerated filer** ☐ **(Do not check if a smaller reporting company)** | **Smaller reporting company** ☐ |
| **Emerging Growth Company** ☒ |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**PART I**

**INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The documents containing the information specified in Item 1 and Item 2 of Part I of Form S-8 will be sent or given to participants as specified by Rule 428(b)(1) under the Securities Act. In accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "Commission") and the instructions to Form S-8, such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The following documents are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Annual Report of the Registrant on Form 20-F for the year ended December 31, 2024 (File/Film No. 001-39415/25847200), filed with the Commission on April 17, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All reports filed pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since December 31, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The description of the Registrant's share capital which is contained in the Registrant's Registration Statement on Form 8-A (Registration No. 333-239686), dated July 29, 2020, including any amendments or supplements thereto.

In addition, all documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of the post-effective amendment which indicates that all securities offered have been sold or which deregisters all securities then remaining unsold, including any Reports of Foreign Private Issuers on Form 6-K submitted during such period (or portion thereof) that is identified in such form as being incorporated by reference into this Registration Statement, shall be deemed to be incorporated by reference in the Registration Statement and to be part thereof from the date of filing of such documents. The Registrant is not incorporating by reference any documents or portions thereof, whether specifically listed above or filed in the future, that are not deemed "filed" with the Commission.

Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

The Companies Act does not limit the extent to which a company's articles of association may provide for indemnification of directors and officers, except to the extent that it may be held by the Cayman Islands courts to be contrary to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime. The Registrant's Articles of Association provide that we shall indemnify and hold harmless our directors and officers against all actions, proceedings, costs, charges, expenses, losses, damages, liabilities, judgments, fines, settlements and other amounts incurred or sustained by such directors or officers, other than by reason of such person's dishonesty, willful default or fraud, in or about the conduct of our company's business or affairs (including

as a result of any mistake of judgment) or in the execution or discharge of his duties, powers, authorities or discretions, including without prejudice to the generality of the foregoing, any costs, expenses, losses or liabilities incurred by such director or officer in defending (whether successfully or otherwise) any civil, criminal or other proceedings concerning Registrant or our affairs in any court whether in the Cayman Islands or elsewhere. This standard of conduct is generally the same as permitted under the Delaware General Corporation Law for a Delaware corporation.

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to the Registrant's directors, officers or persons controlling us under the foregoing provisions, we have been informed that, in the opinion of the SEC, this indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
|  Exhibit<br> Number  |  |
| [4](https://www.sec.gov/Archives/edgar/data/1792829/000119312520197408/d133719dex31.htm) | [Memorandum and Articles of Association of Vasta (incorporated herein by reference to Exhibit 3.1 of the Registrant's Registration Statement on Form F-1, Amendment No.1, filed with the SEC on July 23, 2020) (Registration No. 333-239686))](https://www.sec.gov/Archives/edgar/data/1792829/000119312520197408/d133719dex31.htm) |
| [5.1\*](dp233910_ex0501.htm) | [Opinion of Maples and Calder (Cayman) LLP, Cayman Islands counsel of Vasta, as to the validity of the Class A Common Shares](dp233910_ex0501.htm) |
| [23.1\*](dp233910_ex0501.htm) | [Consent of Maples and Calder (Cayman) LLP, Cayman Islands counsel of Vasta, (included in Exhibit 5)](dp233910_ex0501.htm) |
| [23.2\*](dp233910_ex2302.htm) | [Consent of KPMG Auditores Independentes Ltda., an independent registered public accounting firm](dp233910_ex2302.htm) |
| [24\*](#a_001) | [Powers of Attorney (included in the signature pages hereto)](#a_001) |
| [99.1\*](dp233910_ex9901.htm) | [Vasta Platform Limited 2023 Long-Term Incentive Plan](dp233910_ex9901.htm) |
| [107\*](dp233910_exfilingfees.htm) | [Filing Fee Table](dp233910_exfilingfees.htm) |
| \* Filed herewith  | \* Filed herewith  |

---

**Item 9. Undertakings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The undersigned Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the Plans not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*provided*, *however*, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions referenced in Item 6 of this Registration Statement, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered hereunder, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing this Registration Statement and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in São Paulo, Brazil, on this 4th day of September, 2025.

---

| | |
|:---|:---|
| Vasta Platform Limited | Vasta Platform Limited |
| By: | /s/ Guilherme Alves Mélega |
| Name: | Guilherme Alves Mélega |
| Title: | Chief Executive Officer |
| By: | /s/ Cesar Augusto Silva |
| Name: | Cesar Augusto Silva |
| Title: | Chief Financial Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Guilherme Alves Mélega and Cesar Augusto Silva as his or her true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution, to do any and all acts and things and execute, in the name of the undersigned, any and all instruments which said attorneys-in-fact and agents may deem necessary or advisable in order to enable Vasta Platform Limited to comply with the Securities Act of 1933, as amended, and any requirements of the Securities and Exchange Commission in respect thereof, in connection with the filing with the Securities and Exchange Commission of one or more registration statements on Form S-8 under the Securities Act of 1933, as amended, including, specifically, but without limitation, power and authority to sign the name of the undersigned to any such registration statement, and any amendments to any such registration statement (including post-effective amendments), and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, to sign any and all applications, registration statements, notices or other documents necessary or advisable to comply with applicable state securities laws, and to file the same, together with other documents in connection therewith with the appropriate state securities authorities, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and to perform each and every act and thing requisite or necessary to be done in and about the premises, as fully and to all intents and purposes as the undersigned might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, and any of them, or their substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>Signature</u>** | **<u>Title</u>** | **<u>Date</u>** |
| /s/ Guilherme Alves Mélega | Chief Executive Officer and Director | September 4, 2025 |
| Guilherme Alves Mélega | (Principal Executive Officer) |  |
| /s/ Cesar Augusto Silva | Chief Financial Officer | September 4, 2025 |
| Cesar Augusto Silva | (Principal Financial Officer and Principal Accounting Officer) |  |
| /s/ Rodrigo Calvo Galindo | Director and Chairman | September 4, 2025 |
| Rodrigo Calvo Galindo |  |  |
| /s/ Frederico de Villa Cunha | Director | September 4, 2025 |
| Frederico de Villa Cunha |  |  |
| /s/ Roberto Valério Neto | Director | September 4, 2025 |
| Roberto Valério Neto |  |  |
| /s/ Ann Marie Williams | Independent Director | September 4, 2025 |
| Ann Marie Williams |  |  |
| /s/ Andrés Cardó Soria | Independent Director | September 4, 2025 |
| Andrés Cardó Soria |  |  |
| /s/ Estela Maris Vieira de Souza | Independent Director | September 4, 2025 |
| Estela Maris Vieira de Souza |  |  |

---

**SIGNATURE OF AUTHORIZED U.S. REPRESENTATIVE OF THE REGISTRANT**

Pursuant to the Securities Act, the undersigned, the duly authorized representative in the United States of the Registrant has signed this Registration Statement or amendment thereto on the 4th day of September, 2025.

---

| | |
|:---|:---|
|  | Colleen A. De Vries |
|  | Senior Vice President, Cogency Global Inc.<br> Authorized U.S. Representative |
| By: | /s/ Colleen A. De Vries |
| Name: | Colleen A. De Vrieserme Alves Mélega |

---

## Exhibit 5.1

**Exhibit 5.1**

![](image_001.jpg)

Our ref ZAX/764657-000001/83803830v2

Vasta Platform Limited<br> PO Box 309, Ugland House<br> Grand Cayman<br> KY1-1104<br> Cayman Islands

4 September 2025

**Vasta Platform Limited**

We have acted as counsel as to Cayman Islands law to Vasta Platform Limited (the "**Company**") in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto (the "**Registration Statement**") filed with the United States Securities and Exchange Commission (the "**Commission**") under the United States Securities Act of 1933, as amended (the "**Act**") relating to the reservation for issuance of 1,410,000 Class A common shares of a par value of US$0.00005 each (the "**Shares**") authorised for issuance pursuant to the Vasta Platform Limited 2023 Long-Term Incentive Plan (the "**Plan**").

1 Documents Reviewed

We have reviewed originals, copies, drafts or conformed copies of the following documents:

1.1 The certificate of incorporation dated 16 October 2019 and the amended and restated memorandum and articles
of association of the Company adopted by special resolution passed on 21 July 2020 (the "**Memorandum and Articles** ").

1.2 The written resolutions of the board of directors of the Company dated 2 September 2025 (the "**Resolutions** ").

1.3 The following corporate records of the Company maintained at its registered office in the Cayman Islands,
each as at the date of this opinion letter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Register of Directors and Officers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Register of Mortgages and Charges.

![](image_002.jpg)

1.4 A certificate of good standing with respect to the Company issued by the Registrar of Companies (the "**Certificate of Good Standing** ").

1.5 A certificate from a director of the Company a copy of which is attached to this opinion letter (the "**Director's Certificate** ").

1.6 The Plan.

1.7 The Registration Statement.

2 Assumptions

The following opinions are given only as to, and based on, circumstances and matters of fact existing and known to us on the date of this opinion letter. These opinions only relate to the laws of the Cayman Islands which are in force on the date of this opinion letter. In giving the following opinions, we have relied (without further verification) upon the completeness and accuracy, as at the date of this opinion letter, of the Director's Certificate and the Certificate of Good Standing. We have also relied upon the following assumptions, which we have not independently verified:

2.1 The Plan has been or will be authorised and duly executed and unconditionally delivered by or on behalf
of all relevant parties in accordance with all relevant laws (other than, with respect to the Company, the laws of the Cayman Islands).

2.2 The Plan is, or will be, legal, valid, binding and enforceable against all relevant parties in accordance
with its terms under the laws of the Federative Republic of Brazil (the "**Relevant Law**") and all other relevant laws (other
than, with respect to the Company, the laws of the Cayman Islands).

2.3 The choice of the Relevant Law as the governing law of the Plan has been made in good faith and would
be regarded as a valid and binding selection which will be upheld by the arbitral tribunal of the Market Arbitration Chamber and any other
relevant jurisdiction (other than the Cayman Islands) as a matter of the Relevant Law and all other relevant laws (other than the laws
of the Cayman Islands).

2.4 Copies of documents, conformed copies or drafts of documents provided to us are true and complete copies
of, or in the final forms of, the originals.

2.5 All signatures, initials and seals are genuine.

2.6 The capacity, power, authority and legal right of all parties under all relevant laws and regulations
(other than, with respect to the Company, the laws and regulations of the Cayman Islands) to enter into, execute, unconditionally deliver
and perform their respective obligations under the Plan.

2.7 No monies paid to or for the account of any party under the Plan or the Registration Statement or any
property received or disposed of by any party to the Plan or the Registration Statement in each case in connection with the Plan or the
Registration Statement or the consummation of the transactions contemplated thereby represent or will represent proceeds of criminal conduct
or criminal property or terrorist property (as defined in the Proceeds of Crime Act (As Revised) and the Terrorism Act (As Revised), respectively).

2.8 There is nothing contained in the minute book or corporate records of the Company (which, other than the
records set out in paragraph 1.3 of this opinion letter, we have not inspected) which would or might affect the opinions set out below.

2.9 There is nothing under any law (other than the laws of the Cayman Islands) which would or might affect
the opinions set out below. Specifically, we have made no independent investigation of the Relevant Law.

2.10 No invitation has been or will be made by or on behalf of the Company to the public in the Cayman Islands
to subscribe for any of the Shares.

2.11 The Company will receive money or money's worth in consideration for the issue of the Shares and none
of the Shares were or will be issued for less than par value.

Save as aforesaid we have not been instructed to undertake and have not undertaken any further enquiry or due diligence in relation to the transaction the subject of this opinion letter.

---

| | |
|:---|:---|
| 3 | Opinions |

---

Based upon, and subject to, the foregoing assumptions and the qualifications set out below, and having regard to such legal considerations as we deem relevant, we are of the opinion that:

3.1 The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar of Companies under the laws of the Cayman Islands.

3.2 The Shares to be offered and issued by the Company pursuant to the provisions of the Plan, have been duly
authorised for issue, and when issued by the Company pursuant to the provisions of the Plan for the consideration fixed thereto and duly
registered in the Company's register of members (shareholders), will be validly issued and (assuming that all of the consideration is
received by the Company) will be fully paid and non-assessable. As a matter of Cayman Islands law, a share is only issued when it has
been entered in the register of members (shareholders).

4 Qualifications

The opinions expressed above are subject to the following qualifications:

4.1 The obligations assumed by the Company under the Plan will not necessarily be enforceable in all circumstances
in accordance with their terms. In particular:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) enforcement may be limited by bankruptcy, insolvency, liquidation, reorganisation, readjustment of debts
or moratorium or other laws of general application relating to protecting or affecting the rights of creditors and/or contributories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) enforcement may be limited by general principles of equity. For example, equitable remedies such as specific
performance may not be available, *inter alia*, where damages are considered to be an adequate remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) where obligations are to be performed in a jurisdiction outside the Cayman Islands, they may not be enforceable
in the Cayman Islands to the extent that performance would be illegal under the laws of that jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) some claims may become barred under relevant statutes of limitation or may be or become subject to defences
of set off, counterclaim, estoppel and similar defences.

4.2 To maintain the Company in good standing with the Registrar of Companies under the laws of the Cayman
Islands, annual filing fees must be paid and returns made to the Registrar of Companies within the time frame prescribed by law.

4.3 Under Cayman Islands law, the register of members (shareholders) is *prima facie* evidence of title
to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where
an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal
position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified
where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications
are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 3.2, there are no circumstances or matters
of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification
of the register of members of the Company, but if such an application were made in respect of the Shares, then the validity of such shares
may be subject to re-examination by a Cayman Islands court.

4.4 In this opinion letter, the phrase "non-assessable" means, with respect to the issuance of shares,
that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant
to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets
(except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose
or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement. In providing our consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the Rules and Regulations of the Commission thereunder.

We express no view as to the commercial terms of the Plan or whether such terms represent the intentions of the parties and make no comment with regard to warranties or representations that may be made by the Company.

The opinions in this opinion letter are strictly limited to the matters contained in the opinions section above and do not extend to any other matters. We have not been asked to review and we therefore have not reviewed any of the ancillary documents relating to the Plan and express no opinion or observation upon the terms of any such document.

This opinion letter is addressed to you and may be relied upon by you and your counsel. This opinion letter is limited to the matters detailed herein and is not to be read as an opinion with respect to any other matter.

Yours faithfully

/s/ Maples and Calder (Cayman) LLP

Maples and Calder (Cayman) LLP

Vasta Platform Limited<br> PO Box 309, Ugland House<br> Grand Cayman<br> KY1-1104<br> Cayman Islands

To: Maples and Calder (Cayman) LLP<br> PO Box 309, Ugland House<br> Grand Cayman<br> KY1-1104<br> Cayman Islands

4 September 2025

**Vasta Platform Limited** (the "**Company**")

I, the undersigned, being a director of the Company, am aware that you are being asked to provide an opinion letter (the "**Opinion**") in relation to certain aspects of Cayman Islands law. Unless otherwise defined herein, capitalised terms used in this certificate have the respective meanings given to them in the Opinion. I hereby certify that:

1 The Memorandum and Articles remain in full force and effect and are unamended.

2 The Company has not entered into any mortgages or charges over its property or assets other than those entered in the register of mortgages and charges of the Company.

3 The Resolutions were duly passed in the manner prescribed in the Memorandum and Articles (including, without limitation, with respect to the disclosure of interests (if any) by directors of the Company) and have not been amended, varied or revoked in any respect.

---

| | |
|:---|:---|
| 4 | The authorised share capital of the Company is US$50,000 divided into 1,000,000,000 shares of a nominal or par value of US$0.00005 each which comprise (i) 500,000,000 Class A Common Shares; (ii) 250,000,000 Class B Common Shares (which Class B Common Shares may be converted into Class A Common Shares in the manner contemplated in the Articles of Association of the Company); and (iii) 250,000,000 shares of such class or classes (howsoever designated) and having the rights as the Board may determine from time to time in accordance with Article 4 of the Articles of Association of the Company. |

---

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| | |
|:---|:---|
| 5 | The shareholders of the Company (the "**Shareholders**") have not restricted the powers of the directors of the Company in any way. |

---

6 The directors of the Company at the date of the Resolutions and at the date of this certificate were and are as follows: Rodrigo Calvo Galindo, Roberto Valério Neto, Andrés Cardó Soria, Ann Williams, Frederico da Cunha Villa, Estela Maris Vieira de Souza and Guilherme Alves Melega.

7 The minute book and corporate records of the Company as maintained at its registered office in the Cayman Islands and made available to you are complete and accurate in all material respects, and all minutes and resolutions filed therein represent a complete and accurate record of all

meetings of the Shareholders and directors (or any committee thereof) of the Company (duly convened in accordance with the Memorandum and Articles) and all resolutions passed at the meetings or passed by written resolution or consent, as the case may be.

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| 8 | Prior to, at the time of, and immediately following the approval of the transactions contemplated by the Registration Statement and the Plan, the Company was, or will be, able to pay its debts as they fell, or fall, due and has entered, or will enter, into the transactions contemplated by the Registration Statement and the Plan for proper value and not with an intention to defraud or wilfully defeat an obligation owed to any creditor or with a view to giving a creditor a preference. |

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| 9 | Each director of the Company considers the transactions contemplated by the Registration Statement and the Plan to be of commercial benefit to the Company and has acted in good faith in the best interests of the Company, and for a proper purpose of the Company, in relation to the transactions which are the subject of the Opinion. |

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| 10 | To the best of my knowledge and belief, having made due inquiry, the Company is not the subject of legal, arbitral, administrative or other proceedings in any jurisdiction and neither the directors nor Shareholders have taken any steps to have the Company struck off or placed in liquidation. Further, no steps have been taken to wind up the Company or to appoint restructuring officers or interim restructuring officers, and no step has been taken to appoint a receiver in relation to any of the Company's property or assets. |

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11 To the best of my knowledge and belief, having made due inquiry, there are no circumstances or matters of fact existing which may properly form the basis for an application for an order for rectification of the register of members of the Company.

12 The Registration Statement and the Plan have been, or will be, authorised and duly executed and delivered by or on behalf of all relevant parties in accordance with all relevant laws.

13 No invitation has been made or will be made by or on behalf of the Company to the public in the Cayman Islands to subscribe for any of the Shares.

14 The Shares to be issued pursuant to the Registration Statement and the Plan have been, or will be, duly registered, and will continue to be registered, in the Company's register of members (shareholders).

15 The Company is not a central bank, monetary authority or other sovereign entity of any state and is not a subsidiary, direct or indirect, of any sovereign entity or state.

16 There is no contractual or other prohibition or restriction (other than as arising under Cayman Islands law) binding on the Company prohibiting or restricting it from entering into and performing its obligations under the Documents.

(Signature Page follows)

I confirm that you may continue to rely on this certificate as being true and correct on the day that you issue the Opinion unless I shall have previously notified you in writing personally to the contrary.

Signature: <br> Name: Guilherme Alves Melega <br> Title: Director

## Exhibit 23.2

**Exhibit 23.2**

![](image_003.jpg)

KPMG Auditores Independentes Ltda.<br> Rua Verbo Divino, 1400, Conjunto Térreo ao 801- Parte,<br> Chácara Santo Antônio, CEP 04719-911, São Paulo – SP<br> Caixa Postal 79518 – CEP 04707-970 – São Paulo – SP – Brasil<br> Telefone +55 (11) 3940-1500<br> Kpmg.com.br

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated April 17, 2025, with respect to the consolidated financial statements of Vasta Platform Limited, incorporated herein by reference.

/s/ KPMG Auditores Independentes Ltda.

São Paulo, Brazil<br> September 4, 2025

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| &nbsp;&nbsp; ![](image_006.jpg) | &nbsp;&nbsp; ![](image_007.jpg) |

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## Exhibit 99.1

**Exhibit 99.1**

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| **VASTA PLATFORM LIMITED<br> LONG-TERM INCENTIVE PLAN**<br>| **PLANO DE INCENTIVO DE LONGO<br> PRAZO DA VASTA PLATFORM<br> LIMITED**<br>|
| **Section 1. *Purpose.***<br>| **Cláusula 1. *Objetivo*.**<br>|
| The purpose of the Vasta Platform Limited Long-Term Incentive Plan (the "**Plan**") is to allow the beneficiaries to receive Shares of Vasta Platform Limited (the "**Company**"), or shares of any of its Subsidiaries, Affiliates and/or its Parent, in the Company's sole discretion, in order to: (i) stimulate the expansion, success, and achievement of the Company's corporate objectives and results, aligning the financial benefit to be obtained by the Participants of the Plan with the Company's annual financial goals; (ii) align the interests of the Participants of the Plan with the Company's shareholders; (iii) enable the Company or its Subsidiaries to retain the services of the Participants of the Plan; and (iv) encourage the creation of long-term value for the Company.<br>| O objetivo do Plano de Incentivo de Longo Prazo da Vasta Platform Limited (o "**Plano**") é permitir que os beneficiários recebam Ações da Vasta Platform Limited ("**Companhia**"), de suas Subsidiárias, Afiliadas e/ou Controladora, por mera liberalidade da Companhia, com o intuito de: (i) estimular a expansão, o sucesso e o atingimento dos objetivos sociais, corporativos e resultados da Companhia, alinhando o benefício financeiro a ser obtido pelos Participantes do Plano com as metas financeiras anuais da Companhia; (ii) alinhar os interesses dos Participantes do Plano com os acionistas da Companhia; (iii) permitir que a Companhia ou suas Subsidiárias retenham os serviços dos Participantes do Plano; e (iv) incentivar a criação de valor a longo prazo para a Companhia.<br>|
| **Section 2. *Eligibility.***<br>| **Cláusula 2. *Elegibilidade*.**<br>|
| (a) Managers and key employees of the Company or any Subsidiary shall be eligible to be selected to receive an Award under the Plan. | (a) Administradores e/ou empregados considerados pessoas chave da Companhia ou de suas Subsidiárias serão elegíveis para serem selecionados para receber um Prêmio de acordo com o Plano.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (b) Holders of equity compensation awards granted by a company acquired by the Company (or whose business is acquired by the Company) or with which the Company combines are eligible for grants of Replacement Awards under the Plan.<br>| (b) Os detentores de prêmios de compensação de ações outorgados por uma Companhia adquirida pela Companhia (ou cujo negócio seja adquirido pela Companhia) ou com a qual a Companhia se junte são elegíveis para a outorga de Prêmios de Substituição sob o Plano.<br>|
| (c) No eligible person will, at any time, have the assured, acquired or guaranteed right to be selected to participate in the Plan. A Participant's eligibility shall be determined at the discretion of the Company's Board.<br>| (c) Nenhuma pessoa elegível terá, a qualquer tempo, o direito assegurado, adquirido ou garantido de ser selecionada para participar do Plano, sendo a eletividade do Participante um direito discricionário do Conselho de Administração da Companhia.<br>|

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| (d) No Shares will be issued to a Participant as a result of the exercise of an Award unless all legal and regulatory requirements, and the requirements set forth in the respective Award Agreement, have been fully complied with.<br>| (d) Nenhuma Ação será entregue ao titular em decorrência do exercício do Prêmio a não ser que todas as exigências legais e regulamentares e as exigências previstas no respectivo Contrato de Outorga tenham sido integralmente cumpridas.<br>|
| **Section 3. *Administration.***<br>| **Cláusula 3. *Administração*.**<br>|
| (a) The Plan shall be administered by the Company's Board ("**Board**"), subject to the terms of this plan. The Board may issue rules and regulations for the administration of the Plan, subject to the conditions and terms of this Plan.<br>| (a) O Plano será administrado pelo Conselho de Administração da Companhia ("**Conselho**"), observadas as disposições deste Plano. O Conselho poderá emitir regras e regulamentos para administração do Plano, respeitadas as condições e os termos desse Plano.<br>|
| (b) Subject to the general terms of the Plan and applicable law, the Board shall have full power and authority to: (i) designate Participants; (ii) determine the type or types of stock-based Awards (including Replacement Awards) to be granted to each Participant under the Plan; (iii) determine the number of Shares to be covered by Awards; (iv) determine the terms and conditions of any Award, subject to the terms and conditions of this Plan; (v) determine whether, to what extent and under what circumstances Awards may be settled or exercised in cash, Shares, other Awards, net settlement (including broker-assisted cashless exercise) or any combination thereof, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent and under what circumstances cash, Shares, other Awards, other property and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at the election of the holder thereof or of the Board; (vii) administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; and (viii) make any other determination and take any other action that the Board deems necessary or desirable for the administration of the Plan. | (b) Obedecidas as condições gerais do Plano e a legislação aplicável, o Conselho de Administração fará a administração do Plano, dispondo, dentre outros, dos poderes necessários para: (i) designar os Participantes; (ii) determinar o tipo ou os tipos de Prêmios baseado em ações (incluindo Prêmios de Substituição) a serem outorgados a cada Participante sob o Plano; (iii) determinar o número de Ações decorrentes dos Prêmios; (iv) estabelecer os termos e condições de qualquer Prêmio, respeitadas as condições e os termos desse Plano; (v) determinar se, em que medida e sob quais circunstâncias os Prêmios poderão ser liquidados ou exercidos em dinheiro, Ações, outros Prêmios, liquidação líquida (incluindo exercício sem dinheiro assistido por corretor) ou qualquer combinação desses, ou cancelados, perdidos ou suspensos, bem como o método ou os métodos pelos quais os Prêmios poderão ser liquidados, exercidos, cancelados, perdidos ou suspensos; (vi) determinar se, em que medida e sob quais circunstâncias valores em dinheiro, Ações, outros Prêmios, outros bens e outros valores a pagar relacionados a um Prêmio sob o Plano serão diferidos, automaticamente ou a critério do detentor ou do Conselho; (vii) administrar o Plano e qualquer instrumento ou acordo relacionado ao Plano, ou Prêmio outorgados sob o Plano; e (viii) tomar qualquer outra decisão e realizar qualquer outra ação que |

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| | o Conselho considerar necessária ou desejável para a administração do Plano.<br>|
| (c) All decisions of the Board shall be final, conclusive and binding upon all parties, including the Company, its shareholders and Participants and any beneficiaries thereof, in all cases subject to the general terms and conditions set out in this Plan.<br>| (c) Todas as decisões do Conselho serão finais, conclusivas e vinculantes para todas as partes, incluindo a Companhia, seus acionistas, Participantes e quaisquer de seus beneficiários, desde que respeitadas as condições e os termos desse Plano.<br>|
| (d) Notwithstanding anything in this Section 3, no decision of the Board may, except for the adjustments permitted by the Plan, and any adjustments that may be made as a result of changes implemented in the relevant legislation: (i) increase the total limit of Shares that may be the subject of Awards, as provided for in Section 4; and/or (ii) alter or prejudice the rights or obligations of Participants with whom Grant Agreements have already been entered into, without their prior agreement.<br>| (d) Não obstante o disposto nesta Cláusula 3, nenhuma decisão do Conselho de Administração poderá, excetuados os ajustes permitidos pelo Plano, e eventuais adaptações que vierem a ser realizadas em decorrência de alterações implementadas na legislação pertinente: (i) aumentar o limite total das Ações que podem ser objeto dos Prêmios, conforme previsto na Cláusula 4; e/ou (ii) alterar ou prejudicar direitos ou obrigações dos Participantes com os quais já tenham sido celebrados Contratos de Outorga, sem sua prévia concordância.<br>|
| **Section 4. *Shares Available for Awards.***<br>| **Cláusula 4. *Ações Disponíveis para Prêmios.***<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; (a) Subject to adjustment as provided in Error! Reference source not found., the maximum number of Shares available for issuance under the Plan shall not exceed 1.75% (one point seventy-five per cent) of the issued and outstanding Shares. Shares underlying Replacement Awards and Shares remaining available for grant under a plan of an acquired company or of a company with which the Company combines, appropriately adjusted to reflect the acquisition or combination transaction, shall also be subject to the limitation of this paragraph.<br>| (a) Sujeito a ajustes conforme disposto na Cláusula 4(c), o número máximo de Ações disponíveis para emissão nos termos do Plano não excederá 1,75% (um ponto setenta e cinco por cento) das Ações emitidas e em circulação. As Ações subjacentes a Prêmios de Substituição e as Ações restantes disponíveis para outorga sob um plano de uma Companhia adquirida ou de uma Companhia com a qual a Companhia se junte, devidamente ajustadas para refletir a transação de aquisição, fusão ou incorporação, deverão se sujeitar ao percentual de 1,75% (um ponto setenta e cinco por cento) das Ações emitidas e em circulação da Companhia.<br>|
| (b) Any Shares subject to an Award or to an equity-based award granted under a prior plan of the Company (other than a Replacement Award and any Award granted out of the authorized shares of an acquired plan), that expires, is canceled, is forfeited or otherwise terminates without the issue of such Shares by reason of an | (b) Quaisquer Ações sujeitas a um Prêmio ou a um prêmio baseado em ações outorgado de acordo com um plano anterior da Companhia (que não seja um Prêmio de Substituição e qualquer Prêmio outorgado a partir das ações autorizadas de um plano adquirido), que expira, seja cancelado, perdido ou de outra forma |

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| act or omission of the Company, including any Shares subject to an Award or award to the extent that such Award or award is settled without the issuance of Shares, shall again be, or shall become, available for issuance under the Plan. Any Shares surrendered or withheld in payment of any grant, acquisition or exercise price of such Award or award or taxes related to such Award or award shall not become available for issuance under the Plan.<br>| encerrado sem a emissão de tais Ações por ação ou omissão exclusiva da Companhia, incluindo quaisquer Ações sujeitas a um Prêmio ou prêmio na medida em que tal Prêmio ou prêmio seja liquidado sem a emissão de Ações, serão novamente, ou se tornarão, disponíveis para emissão de acordo com o Plano. Quaisquer Ações entregues ou retidas em pagamento de qualquer outorga, aquisição ou preço de exercício de tal Prêmio, ou prêmio ou impostos relacionados a tal Prêmio ou prêmio não se tornarão disponíveis para emissão nos termos do Plano.<br>|
| If any Award is extinct or canceled without its complete exercise, the Shares underlying such Award shall again be, or shall become, available for issuance under the Plan.<br>| Se qualquer Prêmio em Ações for extinto ou cancelado sem ter sido integralmente exercido, as Ações vinculadas a tais Prêmios tornar-se-ão novamente disponíveis para futuras outorgas.<br>|
| (c) Subject to the limitations provided in Section 4(a), in the event that the Board determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, share split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to acquire Shares or other securities of the Company, issuance of Shares pursuant to the anti-dilution provisions of securities of the Company, or other similar corporate transaction or event affecting the Shares, or of changes in applicable laws, regulations or accounting principles, an adjustment is appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Board shall, subject to Error! Reference source not found., adjust equitably so as to ensure no undue enrichment or harm (including by payment of cash), any or all of: | (c) Respeitado o limite disposto nessa Cláusula 4, (a), caso o Conselho determine que, como resultado de qualquer dividendo ou outra distribuição (que não seja um dividendo ou distribuição ordinária), recapitalização, desdobramento de ações, desdobramento reverso de ações, reorganização, fusão, consolidação, cisão, parcial ou total, combinação, recompra ou troca de Ações ou outros valores mobiliários da Companhia, emissão de bônus de subscrição ou outros direitos de aquisição de Ações ou outros valores mobiliários da Companhia, emissão de Ações de acordo com as disposições anti-diluição de valores mobiliários da Companhia ou outra transação ou evento corporativo semelhante que afete as Ações ou mudanças nas leis, regulamentos ou princípios contábeis aplicáveis, um ajuste é apropriado para evitar a diluição ou ampliação dos benefícios ou benefícios potenciais destinados a serem disponibilizados de acordo com o Plano, então o Conselho deverá, sujeito à Cláusula 13, ajustar equitativamente de modo a garantir que não haja enriquecimento indevido ou prejuízo (inclusive por meio de pagamento em dinheiro), qualquer um ou todos dos seguintes:<br>|

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| (i) the number and type of Shares (or other securities) which thereafter may be made the subject of Awards, including the aggregate and individual limits specified in ‎Section 4(a);<br>| (i) o número e o tipo de Ações (ou outros valores mobiliários) que, posteriormente, poderão ser objeto de Prêmios, incluindo os limites agregados e individuais especificados na Cláusula 4(a);<br>|
| (ii) the number and type of Shares (or other securities) subject to outstanding Awards; and<br>| (ii) o número e o tipo de Ações (ou outros valores mobiliários) sujeitos a Prêmios pendentes; e<br>|
| (iii) the grant, acquisition, exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award;<br>| (iii) a outorga, aquisição, preço de exercício com relação a qualquer Prêmio ou, se considerado apropriado, fazer provisão para um pagamento em dinheiro ao titular de um Prêmio pendente;<br>|
| *provided, however*, that the number of Shares subject to any Award denominated in Shares shall always be a whole number.<br>| disposto, no entanto, que o número de Ações sujeitas a qualquer Prêmio designado em Ações seja sempre um número inteiro.<br>|
| (d) Any Shares issued pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares or Shares held by the Company as treasury shares. For the purposes of satisfying its obligations under the Plan, the Company shall use Shares that it purchases on the open market, its own treasury shares or newly issued Shares. For the avoidance of doubt, (i) such Shares that the Company hold as treasury shares shall be transferred to the Participants in accordance with the terms of this Plan and (ii) the Company can issue new Shares to be issued to the Participants pursuant to the terms of the Plan.<br>| (d) Quaisquer Ações emitidas de acordo com um Prêmio podem consistir, no todo ou em parte, em Ações autorizadas e não emitidas ou Ações adquiridas pela Companhia. Para fins de cumprimento de suas obrigações de acordo com o Plano, a Companhia deverá usar as Ações que adquirir no mercado aberto, suas próprias ações em tesouraria ou Ações recém-emitidas. Para evitar dúvidas, (i) tais Ações que a Companhia detiver como ações em tesouraria serão transferidas para os Participantes mediante o cumprimento dos termos e condições desse Plano e (ii) a Companhia poderá emitir novas Ações a serem subscritas pelos Participantes de acordo com os termos do Plano.<br>|
| **Section 5. *Performance Awards.***<br>| **Cláusula 5. *Prêmios de Performance*.**<br>|
| (a) As of the date of this Plan, the Board is authorized to grant Performance Awards to Participants under additional terms and conditions, in both cases not inconsistent with the provisions of the Plan, as determined by the Board. The granting of Awards shall be carried out through the execution of agreements between the Company and the Participant, which shall specify, notwithstanding any other conditions determined by the Board: (i) the quantity and type of Awards to be granted, as the | (a) A partir da entrada em vigor deste Plano, o Conselho está autorizado a outorgar Prêmios *Performance* aos Participantes nos termos e condições adicionais, em ambos os casos não inconsistentes com as disposições do Plano, conforme determinado pelo Conselho. A outorga de Planos será realizada mediante a celebração de contratos de outorga ("Contratos de Outorga") entre a Companhia e o Participante, os quais deverão especificar, sem prejuízo de outras condições determinadas pelo |

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| case may be; (ii) the terms and conditions for acquiring the right to exercise the Options; (iii) the Exercise Periods; and (iv) the conditions for payment of the Exercise Price (collectively, the "Award Agreements" and each an individual "Award Agreement").<br>| Conselho: (i) a quantidade e a espécie de Opções objeto da outorga, conforme o caso; (ii) termos e condições para aquisição do direito ao exercício das Opções; (iii) os Períodos de Exercício das Opções; e (iv) as condições de pagamento do Preço de Exercício.<br>|
| (b) Performance Awards may be denominated as a cash amount, a number of Shares (or multiplying factor applied to a certain number of Shares) or a combination thereof and are Awards which shall be earned upon achievement or satisfaction of performance conditions specified by the Board. In addition, the Board may specify that any other Award shall constitute a Performance Award by conditioning the right of a Participant to exercise the Award or have it settled, and the timing thereof, upon achievement or satisfaction of such performance conditions as may be specified by the Board. If the Performance Award relates to Shares on which dividends are declared during the Performance Period, the Performance Award shall not provide for the payment of such dividend (or dividend equivalent) to the Participant prior to the time at which such Performance Award, or the applicable portion thereof, is earned and the respective shares effectively delivered to the Participant, who shall at that time become a shareholder of the Company.<br>| (b) Os Prêmios de *Performance* podem ser denominados como um valor em dinheiro, um número de Ações (ou um fator multiplicador aplicado a um determinado número de Ações) ou uma combinação dos mesmos e são Prêmios que serão recebidos mediante o cumprimento ou satisfação das condições de desempenho especificadas pelo Conselho. Adicionalmente, o Conselho poderá especificar que qualquer outro Prêmio constituirá um Prêmio de *Performance* ao condicionar o direito de um Participante de exercer o Prêmio ou de tê-lo liquidado, e o momento em que isso ocorrerá, mediante o cumprimento ou a satisfação das condições de desempenho especificadas pelo Conselho. Se o Prêmio de *Performance* estiver relacionado a Ações sobre as quais forem declarados dividendos durante o Período de *Performance*, o Prêmio de *Performance* não preverá o pagamento de tal dividendo (ou dividendo equivalente) ao Participante antes do momento em que tal Prêmio de *Performance*, ou a parte aplicável do mesmo, for conquistado e as respectivas Ações efetivamente entregues ao Participante, que, a partir desse evento, se tornará acionista da Companhia.<br>|
| (c) The Award Agreements shall be entered into individually with each Participant, and the Board may establish different terms and conditions for each Award Agreement entered into with each Participant, provided that the terms of this Plan are respected, without the need to apply any rule of isonomy or analogy between the Participants, even if such Participants are in similar or identical situations in the Company's administrative structure.<br>| (c) Os Contratos de Outorga serão celebrados individualmente com cada Participante, podendo o Conselho estabelecer termos e condições diferenciados para cada Contrato de Outorga celebrado com cada Participante, desde que respeitados os termos deste Plano, sem necessidade de aplicação de qualquer regra de isonomia ou analogia entre os Participantes, ainda que tais Participantes se encontrem em situações similares ou idênticas na estrutura administrativa da Companhia.<br>|
| (d) The Performance Awards granted under the terms of the Plan, as well as their exercise by the | (d) Os Prêmios *Performance* outorgados nos termos do Plano, bem como o seu exercício |

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| Participants, and any payments of Dividend Awards (pursuant to Section 10) make up the variable remuneration of the Participants and are subject to the relevant legal and regulatory provisions. The Award Agreement shall stipulate a mechanism for reducing the number of Options or Shares by an amount equivalent to the taxes subject to withholding tax on said remuneration.<br>| pelos Participantes, e eventuais pagamentos de Prêmio Dividendo (conforme Cláusula 10) compõem a remuneração variável dos Participantes e ficam sujeitas às previsões legais e regulamentares pertinentes. O Contrato de Outorga deverá estipular mecanismo de redução do número de Opções ou de Ações em montante equivalente aos tributos sujeitos à retenção na fonte sobre a referida remuneração.<br>|
| (e) No Participant shall have any of the rights and privileges of a shareholder of the Company until their Options have been duly exercised and the respective Shares acquired or subscribed for under the terms of the Plan and the respective Award Agreement. No Shares shall be delivered to the holder as a result of the exercise of the Option unless all legal and regulatory requirements have been fully complied with.<br>| (e) Nenhum Participante terá quaisquer dos direitos e privilégios de acionista da Companhia até que suas Opções sejam devidamente exercidas e as respectivas Ações, adquiridas ou subscritas, nos termos do Plano e respectivo Contrato de Outorga. Nenhuma Ação será entregue ao titular em decorrência do exercício da Opção a não ser que todas as exigências legais e regulamentares tenham sido integralmente cumpridas.<br>|
| (f) The Awards granted under the terms of the Plan are personal and non-transferable, and the Participant may not, under any circumstances, assign, transfer or in any way dispose of the Performance Awards or the rights and obligations inherent to them to any third party.<br>| (f) Os Prêmios outorgados nos termos deste Plano são pessoais e intransferíveis, não podendo o Participante, em hipótese alguma, ceder, transferir ou de qualquer modo alienar a quaisquer terceiros os Prêmios de Performance, nem os direitos e obrigações a eles inerentes.<br>|
| (g) *Settlement of Performance Awards*; Other Terms. Settlement of Performance Awards shall be in cash, Shares, other Awards, net settlement or any combination thereof, as determined in the discretion of the Board. Performance Awards will be settled only after the end of the relevant Performance Period. The Board may, in its discretion, increase or reduce the amount of a settlement otherwise to be made in connection with a Performance Award.<br>| (g) *Liquidação de Prêmios de Performance*; Outros Termos. A liquidação dos Prêmios de *Performance* deverá ser feita em dinheiro, Ações, outros Prêmios, liquidação líquida ou qualquer combinação desses, conforme determinado a critério do Conselho. Os Prêmios de *Performance* serão liquidados somente após o término do Período de *Performance* relevante.<br>|
| **Section 6. *Effect of Termination of Service on Awards.***<br>| **Cláusula 6. *Efeito do Encerramento da Relação de Serviço sobre os Prêmios*.**<br>|
| (a) In the event of Termination of Service for Cause, the Shares granted to the Participant with a Vesting Period in progress and/or held and not exercised by the Participant shall be extinguished. In none of the aforementioned cases shall the Participant be entitled to any | (a) Na hipótese de Desligamento Motivado, as Ações outorgadas ao Participante com Período de Carência em curso e/ou detidas e não exercidas pelo Participante serão extintas. Em nenhuma das referidas hipóteses, o Participante terá direito a qualquer indenização, |

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| indemnity, compensation or receipt of any other amount from the Company or its Subsidiaries.<br>| ressarcimento ou recebimento de outro valor da Companhia ou de suas Subsidiárias.<br>|
| (b) In the event of Termination of Service without Cause:<br>| (b) Nas hipóteses de Desligamento Imotivado:<br>|
| (i) If the Termination of Service without Cause occurs between the date in which Awards were granted and the last day, including the later, of the 13th (thirteenth) month prior to the end of the 1st Vesting Period of the Performance Shares, all the Performance Shares granted to the Participant shall be extinguished. In none of the aforementioned cases shall the Participant be entitled to any indemnity, compensation or receipt of any other amount from the Company.<br>| (i) Se o Desligamento Imotivado ocorrer entre a Data da Outorga e o último dia, incluindo este, do 13º (décimo terceiro) mês anterior ao encerramento do 1º Período de Carência das Ações *Performance*, todas as Ações *Performances* outorgadas ao Participante serão extintas. Em nenhuma das referidas hipóteses, o Participante terá direito a qualquer indenização, ressarcimento ou recebimento de outro valor da Companhia.<br>|
| (ii) If the Termination of Service without cause occurs as of the first day, including this one, of the beginning of the 12th (twelfth) month prior to the end of the 1st Vesting Period of the Performance Shares, the number of Performance Shares granted and to be acquired by the Participant, after the end of the Vesting Period closest to the Performance Cutoff Date, shall be adjusted by reason of this Vesting Period elapsed between the date of the Participant's Termination of Service without cause and the Performance Cutoff Date, and the Performance Shares held by the Participant after said pro rata adjustment shall be subject to the other terms and conditions set forth in this Plan and in the respective Award Agreement, in particular, full compliance with the respective Vesting Period, observation of the Exercise Period of such Performance Shares and adjustment of the number of Performance Shares resulting from the achievement of the Annual Financial Target. Performance Shares granted and to be acquired by the Participant in Vesting Period(s) ending after the Immediate Vesting Period shall be extinguished. For the sake of clarity, if the Termination of Service without cause occurs before the end of the 1st Vesting Period of the Performance Shares, the pro rata adjustment will be made in relation to the Performance Shares to be acquired in said 1st Vesting Period, and the Performance Shares | (ii) Se o Desligamento Imotivado ocorrer a partir do primeiro dia, incluindo este, de início do 12º (décimo segundo) mês anterior ao encerramento do 1º Período de Carência das Ações *Performance*, o número de Ações *Performances* outorgadas e a serem adquiridas pelo Participante, transcorrido o Período de Carência com encerramento mais próximo da Data Corte *Performance*, será ajustado em razão deste Período de Carência decorrido entre a data do Desligamento Imotivado do Participante e a Data Corte *Performance*, e as Ações *Performances* mantidas pelo Participante após referido ajuste *pro rata* estarão sujeitas aos demais termos e condições previstos neste Plano e no respectivo Contrato de Outorga, em especial, ao cumprimento integral do respectivo Período de Carência, à observação do Período de Exercício de tais Ações *Performance* e ao ajuste do número de Ações *Performance* decorrente do atingimento da Meta Financeira Anual. As Ações *Performance* outorgadas e a serem adquiridas pelo Participante em Período(s) de Carência com encerramento(s) posterior(es) ao Período de Carência Imediato serão extintas. Para fins de clareza, se o Desligamento Imotivado ocorrer antes do encerramento do 1º Período de Carência das Ações *Performance*, o ajuste *pro rata* será realizado em relação às Ações *Performance* a serem adquiridas no referido 1º Período de |

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| to be acquired due to the expiry of the remaining Performance Periods will be extinguished; if the Termination of Service without cause occurs after the end of the 1st Vesting Period of the Performance Shares and before the end of the 2nd Vesting Period of the Performance Shares, the pro rata adjustment will be made in relation to the Performance Options to be acquired in the said 2nd Vesting Period, and the Performance Shares to be acquired due to the end of the 3rd Vesting Period will be extinguished; if the Termination of Service without cause occurs after the end of the 2nd Vesting Period of the Performance Shares and before the end of the 3rd Vesting Period of the Performance Shares, the pro rata adjustment shall be made in relation to the Performance Shares to be acquired in said 3rd Vesting Period. In none of the cases referred to in this item shall the Participant be entitled to any indemnity, compensation or receipt of any other amount from the Company.<br>| Carência, e as Ações *Performance* a serem adquiridas em razão do decurso dos demais Períodos de Performance serão extintas; se o Desligamento Imotivado ocorrer após o encerramento do 1º Período de Carência das Ações *Performance* e antes do encerramento do 2º Período de Carência das Ações *Performance*, o ajuste pro rata será realizado em relação às Opções Performance a serem adquiridas no referido 2º Período de Carência, e as Ações *Performance* a serem adquiridas em razão do decurso do 3º Período de Carência serão extintas; se o Desligamento Imotivado ocorrer após o encerramento do 2º Período de Carência das Ações *Performance* e antes do encerramento do 3º Período de Carência das Ações *Performance*, o ajuste pro rata será realizado em relação às Ações *Performance* a serem adquiridas no referido 3º Período de Carência. Em nenhuma das hipóteses deste item, o Participante terá direito a qualquer indenização, ressarcimento ou recebimento de outro valor da Companhia.<br>|
| (iii) In the event of Permanent Invalidity or Death, the Vesting Periods will be brought forward and the Participant or his/her heirs, as applicable, will be able to exercise the Options within 60 days under the terms and conditions indicated in this Plan and in the respective Award Agreement. In this case, there will be no adjustment to the number of Options granted by the Company to the Participant. The Participant or his/her heirs shall have the right to receive the portion of the Dividend equivalent relating to the Options actually exercised. In none of the aforementioned cases will the Participant or his/her heirs be entitled to any indemnity, compensation or receipt of any other amount from the Company.<br>| (iii) Nas hipóteses de Invalidez Permanente ou Morte, os Períodos de Carência serão antecipados e o Participante ou seus herdeiros, conforme aplicável, poderão exercer em até 60 dias as Opções nos termos e Condições indicados neste Plano e no respectivo Contrato de Outorga. Nesta hipótese, não haverá qualquer ajuste no número de Opções outorgadas pela Companhia ao Participante. O Participante ou seus herdeiros terão o direito de receber a parcela do Prêmio Dividendo relativo às Opções efetivamente exercidas. Em nenhuma das referidas hipóteses, o Participante ou seus herdeiros terá direito a qualquer indenização, ressarcimento ou recebimento de outro valor da Companhia.<br>|
| (iv) In the event of a Participant's retirement, the Board shall decide about any Awards granted and not exercised at the time of retirement.<br>| (iv) No caso de aposentadoria do Participante, o Conselho deliberará sobre as Ações outorgadas e ainda não exercidas.<br>|
| **Section 7. *Extinction of Options***<br>| **Cláusula 7. *Extinção das Opções***<br>|

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| (a) Notwithstanding any provision to the contrary provided for in the Plan or the Award Agreement, the Shares granted, and consequently the right to acquire or subscribe for Shares, under the terms of the Plan shall be automatically extinguished, in whole or in part, ceasing all its effects by operation of law and without any right to compensation, in the following cases:<br>| (a) Sem prejuízo de qualquer disposição em contrário prevista no Plano ou no Contrato de Outorga, as Ações outorgadas, e por consequência, o direito à aquisição ou subscrição de Ações, nos termos do Plano extinguir-se-ão automaticamente, integral ou parcialmente, cessando todos os seus efeitos de pleno direito e sem qualquer direito a indenização, nos seguintes casos:<br>|
| (i) by adjusting the number of Performance Options resulting from the Annual Financial Targets;<br>| (i) mediante o ajuste do número das Opções Performance decorrente das Metas Financeiras Anuais;<br>|
| (ii) through the exercise of Options;<br>| (ii) mediante o exercício das Opções;<br>|
| (iii) after the Exercise Period has elapsed without the Options having been exercised by the Participant;<br>| (iii) após o decurso do Período de Exercício sem o exercício das Opções pelo Participante;<br>|
| (iv) upon termination of the Award Agreement;<br>| (iv) mediante o distrato do Contrato de Outorga;<br>|
| (v) if the Company is dissolved, liquidated or declared bankrupt;<br>| (v) se a Companhia for dissolvida, liquidada ou tiver sua falência decretada;<br>|
| (vi) in the event of a request for Termination of Service for cause; or<br>| (vi) na hipótese de pedido de Desligamento Motivado; ou<br>|
| (vii) in the event of non-compliance by the Participant with any of the terms and conditions of this Plan or the respective Award Agreement.<br>| (vii) em caso de descumprimento pelo Participante de quaisquer dos termos e condições deste Plano ou do respectivo Contrato de Outorga.<br>|
| **Section 8. *General Provisions Applicable to Awards.***<br>| **Cláusula 8. *Disposições gerais aplicáveis aos prêmios.*** |
| (a) Awards may be granted for such minimal cash consideration as may be required by applicable law unless otherwise determined by the Board.<br>| (a) Prêmios poderão ser outorgados com uma contraprestação mínima em dinheiro, conforme possa ser exigido pela legislação aplicável, a menos que determinado de outra forma pelo Conselho.<br>|
| (b) Awards may, in the discretion of the Board, be granted either alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with | (b) Prêmios poderão, a critério do Conselho, ser outorgados isoladamente ou em adição ou em conjunto com qualquer outro Prêmio ou qualquer prêmio outorgado de acordo com qualquer outro plano da Companhia. Prêmios outorgados em adição ou em conjunto com |

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| awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards.<br>| outros Prêmios, ou em adição ou em conjunto com prêmios outorgados de acordo com qualquer outro plano da Companhia, poderão ser outorgados ao mesmo tempo ou em um momento diferente da outorga de tais outros Prêmios ou prêmios.<br>|
| (c) Subject to the terms of the Plan and Section 13, payments or transfers to be made by the Company upon the grant, exercise or settlement of an Award may be made in the form of cash, Shares, other Awards, net settlement or any combination thereof, as determined by the Board, and may be made in a single payment or transfer, in installments or on a deferred basis, in each case in accordance with rules and procedures established by the Board. Such rules and procedures may include provisions for the payment or crediting of reasonable interest on installment or deferred payments.<br>| (c) Sujeitos aos termos do Plano e da Cláusula 13, os pagamentos ou transferências a serem feitos pela Companhia mediante a outorga, o exercício ou a liquidação de um Prêmio podem ser feitos na forma de dinheiro, Ações, outros Prêmios, liquidação líquida ou qualquer combinação dos mesmos, conforme determinado pelo Conselho e podem ser feitos em um único pagamento ou transferência, em parcelas ou de forma diferida, em cada caso de acordo com as regras e procedimentos estabelecidos pelo Conselho. Tais regras e procedimentos poderão incluir disposições para o pagamento ou crédito de juros razoáveis sobre pagamentos parcelados ou diferidos.<br>|
| (d) No Award and no right under any Award shall be assignable, alienable, saleable or transferable by a Participant otherwise than by will and during a Participant's lifetime, each Award, and each right under any Award, shall be exercisable only by the Participant or, if permissible under applicable law, by the Participant's guardian or legal representative. The provisions of this Section 8(d) shall not preclude forfeiture of an Award in accordance with the terms thereof.<br>| (d) Nenhum Prêmio e nenhum direito sob e decorrente de qualquer Prêmio será cedível, alienável, vendável ou transferível por um Participante a terceiro, a não ser por testamento e, durante a vida do Participante, cada Prêmio e cada direito sob qualquer Prêmio será exercido somente pelo Participante ou, se permitido pela lei aplicável, pelo tutor ou representante legal do Participante. As disposições desta Cláusula 8(d) não impedirão a perda de um Prêmio de acordo com seus termos.<br>|
| (f) All Shares and/or other securities issued or delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under the Plan or the rules, regulations and other requirements of the Securities and Exchange Commission, any stock market or exchange upon which such Shares or other securities are then quoted, traded or listed, and any applicable securities laws, and the Board may cause a legend or legends to be put on any certificates issued in respect of such | (f) Todas as Ações e/ou outros valores mobiliários emitidos ou entregues de acordo com o Plano, em conformidade com qualquer Prêmio ou exercício do mesmo, estarão sujeitos a ordens de transferência e outras restrições que o Conselho considere aconselháveis de acordo com o Plano ou com as regras, regulamentos e outras exigências da *Securities and Exchange Commission – SEC* (órgão americano responsável pela regulação do mercado de ações nos Estados Unidos), qualquer mercado de ações ou bolsa em que tais Ações ou outros valores mobiliários sejam cotados, negociados |

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| Shares (if any) to make appropriate reference to such restrictions. | ou listados e qualquer lei de valores mobiliários aplicável, e o Conselho poderá fazer com que uma nota ou notas sejam colocadas em tais certificados relativos a Ações (se algum)para fazer referência apropriada a essas restrições. |
| (g) Without limiting the generality of Error! Reference source not found., the Board may impose restrictions on any Award with respect to noncompetition, confidentiality and other restrictive covenants, or requirements to comply with minimum share ownership requirements, as it deems necessary or appropriate in its sole discretion.<br>| (g) Sem limitar a generalidade da Cláusula 8(h), o Conselho poderá impor restrições a qualquer Prêmio com relação à não concorrência, confidencialidade e outras cláusulas restritivas, ou exigências para cumprimento de requisitos mínimos de propriedade de ações, conforme julgar necessário ou apropriado, a seu critério exclusivo.<br>|
| (h) The Board may specify in an Award Agreement that the Participant's rights, payments and benefits with respect to an Award shall be subject to reduction, cancellation, forfeiture or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award. Such events may include a Termination of Service with or without Cause (and, in the case of any Cause that is resulting from an indictment or other non-final determination, the Board may provide for such Award to be held in escrow or abeyance until a final resolution of the matters related to such event occurs, at which time the Award shall either be reduced, cancelled or forfeited (as provided in such Award Agreement) or remain in effect, depending on the outcome), violation of material policies, breach of noncompetition, confidentiality or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company and/or its Affiliates.<br>| (h) O Conselho pode especificar em um Contrato de Outorga que os direitos, pagamentos e benefícios do Participante com relação a um Prêmio estarão sujeitos a redução, cancelamento, perda ou recomposição na ocorrência de determinados eventos específicos, além de quaisquer condições do período de carência (*vesting*) ou de desempenho aplicáveis de outra forma a um Prêmio. Tais eventos podem incluir uma Rescisão da Relação de Serviço com ou sem Causa (e, no caso de qualquer Causa resultante de uma acusação ou outra determinação não final, o Conselho poderá prever que tal Prêmio seja mantido em custódia ou suspenso até que ocorra uma resolução final das questões relacionadas a tal evento, momento em que o Prêmio deverá ser reduzido, cancelado ou perdido (conforme previsto no Contrato de Outorga) ou permanecerá em vigor, dependendo do resultado), violação de políticas relevantes, violação de não concorrência, confidencialidade ou outras cláusulas restritivas que possam ser aplicadas ao Participante, ou outra conduta do Participante que seja prejudicial aos negócios ou à reputação da Companhia e/ou de suas Afiliadas.<br>|
| (i) Rights, payments and benefits under any Award shall be subject to repayment to or recoupment ("clawback") by the Company in accordance with such policies and procedures as the Board or Board may adopt from time to time, including policies, among them the Company's | (i) Os direitos, pagamentos e benefícios de qualquer Prêmio estarão sujeitos a reembolso ou recuperação ("clawback") pela Companhia, de acordo com as políticas e os procedimentos que o Conselho ou o Conselho possam adotar periodicamente, incluindo políticas, entre elas a |

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| Compensation Recoupment Policy, and procedures to implement applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.<br>| Política de Recuperação de Remuneração da Companhia, e procedimentos para implementar a legislação aplicável, as regras e os regulamentos do mercado de ações ou da bolsa de valores ou as regras e os regulamentos contábeis ou fiscais.<br>|
| **Section 9. *Amendments and Termination.***<br>| **Cláusula 9. *Aditamentos e Rescisão.***<br>|
| (a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue or terminate the Plan or any portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made without shareholder approval, if such approval is required by applicable law or the rules of the stock market or exchange, if any, on which the Shares are principally quoted or traded or the consent of the affected Participant, if such action would materially adversely affect the rights of such Participant under any outstanding Award, except to the extent any such amendment, alteration, suspension, discontinuance or termination is made to cause the Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 8(i).<br>| (a) Exceto na medida proibida pela legislação aplicável e salvo disposição expressa em contrário em um Contrato de Outorga ou no Plano, o Conselho poderá emendar, alterar, suspender, descontinuar ou encerrar o Plano ou qualquer parte dele a qualquer momento; desde que, no entanto, tal emenda, alteração, suspensão, descontinuação ou rescisão não seja feita sem a aprovação dos acionistas, se tal aprovação for exigida pela lei aplicável ou pelas regras do mercado de ações ou da bolsa de valores, se houver, em que as Ações são principalmente cotadas ou negociadas, ou com o consentimento do Participante afetado, se tal medida afetar materialmente de forma adversa os direitos de tal Participante de acordo com qualquer Prêmio pendente, exceto na medida em que tal emenda, alteração, suspensão, descontinuidade ou rescisão seja feita para fazer com que o Plano cumpra a lei aplicável, as regras e regulamentos do mercado de ações ou da bolsa de valores ou as regras e regulamentos contábeis ou fiscais, ou para impor quaisquer disposições de recomposição em quaisquer Prêmios de acordo com a Cláusula 8(i).<br>|
| (b) Subject to (e), the Board may amend, alter, suspend, discontinue or terminate any Award theretofore granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award; provided, however, that, subject to ‎Section 4(c) and Section 7(c), no such action shall materially adversely affect the rights of any affected Participant or holder or beneficiary under any Award theretofore granted under the Plan, except to the extent any such action is made to cause the Plan to comply with applicable law, stock market or exchange rules | (b) Sujeito a (e), o Conselho pode alterar quaisquer termos ou emendar, alterar, suspender, descontinuar ou encerrar qualquer Prêmio anteriormente outorgado, prospectiva ou retroativamente, sem o consentimento de qualquer Participante, detentor ou beneficiário relevante de um Prêmio; desde que, no entanto, sujeito à Cláusula 4(c) e à Cláusula 7(c), nenhuma medida desse tipo afete material e adversamente os direitos de qualquer Participante, detentor ou beneficiário afetado de acordo com qualquer Prêmio anteriormente outorgado de acordo com o Plano, exceto no |

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| and regulations or accounting or tax rules and regulations, or to impose any recoupment provisions on any Awards in accordance with Section 8(i). | limite em que tal medida seja tomada para fazer com que o Plano cumpra a legislação aplicável, as normas e regulamentos do mercado de ações ou da bolsa de valores ou as normas e regulamentos contábeis ou fiscais, ou para impor quaisquer disposições de recomposição em quaisquer Prêmios de acordo com a Cláusula 8(i). |
| (c) Except as provided in Error! Reference source not found., the Board shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of events (including the events described in Error! Reference source not found.) affecting the Company, or the financial statements of the Company, or of changes in applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations, whenever the Board determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan.<br>| (c) Exceto conforme previsto na Cláusula 6(b), o Conselho estará autorizado a fazer ajustes nos termos e condições e nos critérios incluídos nos Prêmios em reconhecimento a eventos (inclusive os eventos descritos na Cláusula 4(c)) que afetem a Companhia ou as demonstrações financeiras da Companhia, ou a alterações na legislação aplicável, nas regras e regulamentos do mercado de ações ou de bolsa ou nas regras e regulamentos contábeis ou fiscais, sempre que o Conselho determinar que tais ajustes são apropriados para evitar a diluição ou a ampliação dos benefícios ou benefícios potenciais que se pretende disponibilizar de acordo com o Plano.<br>|
| (d) The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan or any Award in the manner and to the extent it shall deem desirable to carry the Plan into effect.<br>| (d) O Conselho poderá corrigir qualquer incorreção, suprir qualquer omissão ou reconciliar qualquer inconsistência no Plano ou em qualquer Prêmio, da maneira e na medida em que julgar desejável para colocar o Plano em vigor.<br>|
| (e) In the event that none of the Company's shares are securities of a class that is widely held and publicly traded on a U.S. national securities exchange ("Delisting"), Performance Awards and Performance Shares made under the Plan may, at the sole discretion of the Board, be exchanged for share-based awards granted by Cogna, subject to any adjustment as the Board may be necessary or advisable to reflect different provisions that apply under the terms of each plan.<br>| (e) No caso de nenhuma das ações da Companhia ser um valor mobiliário de uma classe amplamente detida e negociada publicamente em uma bolsa de valores nacional dos Estados Unidos ("Fechamento de Capital"), as Ações e Prêmios de Performance outorgados de acordo com o Plano poderão, a critério exclusivo do Conselho, ser trocados por prêmios baseados em ações outorgados pela Cogna, sujeitos a qualquer ajuste que o Conselho considere necessário ou aconselhável para refletir as diferentes disposições aplicáveis nos termos de cada plano.<br>|
| **Section 10. *Miscellaneous.***<br>| **Cláusula 10. *Disposições Gerais*.**<br>|

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| (a) No employee, Participant or other person shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of employees, Participants or holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. Any Award granted under the Plan shall be a one-time Award that does not constitute a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.<br>| (a) Nenhum empregado, Participante ou outra pessoa terá qualquer direito de receber qualquer Prêmio de acordo com o Plano, e não há obrigação de uniformidade de tratamento de empregados, Participantes, detentores ou beneficiários de Prêmios de acordo com o Plano. Os termos e condições dos Prêmios não precisam ser os mesmos em relação a cada favorecido. Qualquer Prêmio outorgado de acordo com o Plano será um Prêmio único que não constitui uma promessa de outorgas futuras. A Companhia, a seu exclusivo critério, mantém o direito de disponibilizar futuras outorgas nos termos do Plano.<br>|
| (b) The grant of an Award shall not be construed as giving a Participant the right to be retained in the employment of, or to continue to provide services to, the Company or any Affiliate. Further, the Company or the applicable Affiliate may at any time dismiss a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties. The receipt of any Award under the Plan is not intended to confer any rights on the receiving Participant except as set forth in the applicable Award Agreement.<br>| (b) A outorga de um Prêmio não será interpretada como garantia ou direito do Participante de ser mantido no emprego ou de continuar prestando serviços à Companhia ou a qualquer Afiliada. Além disso, a Companhia ou a Afiliada aplicável poderá, a qualquer momento, demitir um Participante, isenta de qualquer responsabilidade, ou qualquer reivindicação nos termos do Plano, salvo disposição expressa em contrário no Plano ou em qualquer Contrato de Outorga ou em qualquer outro contrato que vincule as partes. O recebimento de qualquer Prêmio nos termos do Plano não tem a intenção de conferir quaisquer direitos ao Participante que o recebe, exceto conforme estabelecido no Contrato de Outorga aplicável.<br>|
| (c) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.<br>| (c) Nenhuma disposição contida no Plano impedirá a Companhia de adotar ou manter em vigor outros ou adicionais acordos de remuneração, e tais acordos poderão ser gerais ou restritos a casos específicos apenas.<br>|
| (d) The Company shall be authorized to withhold from any Award granted or any payment due or transfer made under any Award or under the Plan or from any compensation or other amount owing to a Participant the amount (in cash, Shares, other Awards, net settlement or any combination thereof) of applicable withholding taxes due in respect of an Award, | (d) A Companhia estará autorizada a reter de qualquer Prêmio outorgado ou de qualquer pagamento devido ou transferência feita de acordo com qualquer Prêmio ou com o Plano ou de qualquer compensação ou outro valor devido a um Participante o valor (em dinheiro, Ações, outros Prêmios, liquidação líquida ou qualquer combinação destes) dos tributos retidos na fonte |

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| its exercise or settlement or any payment or transfer under such Award or under the Plan and to take such other action (including providing for elective payment of such amounts in cash or Shares by the Participant) as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes.<br>| aplicáveis devidos em relação a um Prêmio, seu exercício ou liquidação ou qualquer pagamento ou transferência de acordo com tal Prêmio ou com o Plano e tomar outras medidas (inclusive providenciar o pagamento opcional de tais valores em dinheiro ou Ações pelo Participante) conforme necessário, na opinião da Companhia, para satisfazer todas as obrigações de pagamento de tais impostos.<br>|
| (e) If any provision of the Plan or any Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board, materially altering the intent of the Plan or the Award Agreement, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award Agreement shall remain in full force and effect.<br>| (e) Se qualquer disposição do Plano ou de qualquer Contrato de Outorga for, se tornar ou for considerada inválida, ilegal ou inexequível em qualquer jurisdição, ou em relação a qualquer pessoa ou Prêmio, ou se desqualificar o Plano ou qualquer Prêmio de acordo com qualquer lei considerada aplicável pelo Conselho, tal disposição deverá ser interpretada ou considerada alterada para estar em conformidade com as leis aplicáveis, ou, se não puder ser assim interpretada ou considerada emendada sem, na determinação do Conselho, alterar materialmente a intenção do Plano ou do Contrato de Outorga, tal disposição deverá ser suprimida em relação a essa jurisdição, pessoa ou Prêmio, e o restante do Plano e qualquer Contrato de Outorga deverá permanecer em pleno vigor e efeito.<br>|
| (f) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any unsecured general creditor of the Company.<br>| (f) Nem o Plano nem qualquer Prêmio deverá criar ou ser interpretado de forma a criar um fundo fiduciário ou separado de qualquer tipo ou um relacionamento fiduciário entre a Companhia e um Participante ou qualquer outra pessoa. No limite em que qualquer pessoa adquira o direito de receber pagamentos da Companhia de acordo com um Prêmio, esse direito não deverá ser maior do que o direito de qualquer credor geral sem garantia da Companhia.<br>|
| (g) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Board shall determine whether cash or other securities shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise eliminated. | (g) Nenhuma Ação fracionária será emitida ou entregue de acordo com o Plano ou com qualquer Prêmio, e o Conselho determinará se dinheiro ou outros valores mobiliários serão pagos ou transferidos em vez de qualquer Ação fracionária, ou se tais Ações fracionárias ou quaisquer direitos a elas relacionados serão |

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| | cancelados, rescindidos ou eliminados de outra forma.<br>|
| (h) Awards may be granted to Participants who are non-Brazil nationals or employed or providing services outside Brazil, or both, on such terms and conditions different from those applicable to Awards to Participants who are employed or providing services in Brazil as may, in the judgment of the Board, be necessary or desirable to recognize differences in local law, tax policy or custom. The Board also may impose conditions on the exercise or vesting of Awards in order to minimize the Company's obligation with respect to tax equalization for Participants on assignments outside their home country.<br>| (h) Os Prêmios podem ser outorgados a Participantes que não sejam cidadãos brasileiros ou que estejam empregados ou prestando serviços fora do Brasil, ou ambos, em termos e condições diferentes daqueles aplicáveis aos Prêmios para Participantes que estejam empregados ou prestando serviços no Brasil, conforme possa, a critério do Conselho, ser necessário ou desejável para reconhecer diferenças na legislação, política fiscal ou costumes locais. O Conselho também pode impor condições sobre o exercício ou o período de carência de Prêmios a fim de minimizar a obrigação da Companhia com relação à equalização de impostos para os Participantes em atribuições fora de seu país de origem.<br>|
| **Section 11. *Effective Date of the Plan*.** | **Cláusula 11. *Data de Vigência do Plano*.** <br>|
| The Plan shall take immediate effect and will remain in force for an indefinite period, and may be terminated at any time by decision of the Board, by the dissolution or liquidation of the Company, or by the decree of its bankruptcy, whichever occurs first. The expiration of the Plan will not affect the effectiveness of the Awards granted under it that remain in force at the time of such expiration.<br>| O Plano entrará em vigor imediatamente e permanecerá vigente por prazo indeterminado, podendo ser extinto, a qualquer tempo, por decisão do Conselho de Administração, pela dissolução ou liquidação da Companhia, ou pela decretação de sua falência, o que ocorrer primeiro. O término de vigência do Plano não afetará a eficácia dos Prêmios ainda em vigor outorgadas com base neles.<br>|
| **Section 12. *Term of the Plan.***<br>| **Cláusula 12. *Prazo do Plano*.**<br>|
| No Award shall be granted under the Plan after the earliest to occur of (i) the ten (10)-year anniversary of the Effective Date; provided that to the extent permitted by the listing rules of any stock exchanges on which the Company is listed, such ten (10)-year term may be extended indefinitely so long as the maximum number of Shares available for issuance under the Plan have not been issued, (ii) the maximum number of Shares available for issuance under the Plan have been issued or (iii) the Board terminates the Plan in accordance with Section 9(a). However, unless otherwise expressly provided in the Plan or in an applicable Award | Nenhum Prêmio será outorgado de acordo com o Plano após, o que ocorrer primeiro (i) o aniversário de dez (10) anos da Data de Vigência; desde que, no limite do permitido pelas regras de listagem de quaisquer bolsas de valores nas quais a Companhia esteja listada, esse prazo de dez (10) anos possa ser estendido indefinidamente, desde que o número máximo de Ações disponíveis para emissão de acordo com o Plano não tenha sido emitido, (ii) o número máximo de Ações disponíveis para emissão de acordo com o Plano tenha sido emitido ou (iii) o Conselho encerre o Plano de acordo com a Cláusula 9(a). Entretanto, salvo |

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| Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Board to amend, alter, adjust, suspend, discontinue or terminate any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date.<br>| disposição expressa em contrário no Plano ou em um Contrato de Outorga aplicável, qualquer Prêmio outorgado anteriormente poderá se estender além dessa data, e a autoridade do Conselho para emendar, alterar, ajustar, suspender, descontinuar ou encerrar qualquer Prêmio, e a autoridade do Conselho para emendar o Plano, deverão se estender além dessa data.<br>|
| **Section 13. *Section 409A and Section 457A of the Code*.**<br>| **Cláusula 13. *Seção 409A e Seção 457A do Código.***<br>|
| With respect to Awards subject to Section 409A or Section 457A of the Code, the Plan is intended to comply with the requirements of Section 409A and Section 457A of the Code, and the provisions of the Plan and any Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A and Section 457A of the Code, and the Plan shall be operated accordingly. If any provision of the Plan or any term or condition of any Award would otherwise frustrate or conflict with this intent, the provision, term or condition will be interpreted and deemed amended so as to avoid this conflict. If an amount payable under an Award as a result of the Participant's Termination of Service (other than due to death) occurring while the Participant is a "specified employee" under Section 409A of the Code constitutes a deferral of compensation subject to Section 409A of the Code, then payment of such amount shall not occur until six months and one day after the date of the Participant's Termination of Service, except as permitted under Section 409A of the Code. If the Award includes a "series of installment payments" (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participant's right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment, and if the Award includes "dividend equivalents" (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Participant's right to the dividend equivalents shall be treated separately from the right to other | Com relação aos Prêmios sujeitos à Seção 409A ou à Seção 457A do Código, o Plano tem a intenção de cumprir as exigências da Seção 409A e da Seção 457A do Código, e as disposições do Plano e de qualquer Contrato de Outorga deverão ser interpretadas de forma a atender às exigências da Seção 409A e da Seção 457A do Código, e o Plano deverá ser operado de acordo. Se qualquer disposição do Plano ou qualquer termo ou condição de qualquer Prêmio frustrar ou entrar em conflito com essa intenção, a cláusula, o termo ou a condição será interpretado e considerado alterado de modo a evitar esse conflito. Se um valor pagável de acordo com um Prêmio como resultado da Encerramento da Relação de Serviço do Participante (que não seja devido a morte) ocorrer enquanto o Participante for um "empregado especificado" de acordo com a Seção 409A do Código, isso constituirá um diferimento de remuneração sujeito à Seção 409A do Código, então o pagamento de tal quantia não deverá ocorrer até seis meses e um dia após a data de Encerramento da Relação de Serviço do Participante, exceto conforme permitido pela Seção 409A do Código. Se o Prêmio incluir uma "série de pagamentos parcelados" (de acordo com o significado da Seção 1.409A-2(b)(2)(iii) das Regulamentações do Tesouro), o direito do Participante à série de pagamentos parcelados deverá ser tratado como um direito a uma série de pagamentos separados e não como um direito a um único pagamento, e se o Prêmio incluir "dividendos equivalentes" (de acordo com o significado da Seção 1.409A-<br>|

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| amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under the Plan or any Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A or Section 457A of the Code.<br>| 3(e) das Regulamentações do Tesouro), o direito do Participante aos dividendos equivalentes deverá ser tratado separadamente do direito a outros valores de acordo com o Prêmio. Não obstante o acima exposto, o tratamento fiscal dos benefícios outorgados de acordo com o Plano ou qualquer Contrato de Outorga não é garantido ou assegurado e, em nenhuma circunstância, a Companhia será responsável por todos ou qualquer parte de quaisquer impostos, penalidades, juros ou outras despesas que possam ser incorridas pelo Participante por conta da não conformidade com a Seção 409A ou Seção 457A do Código.<br>|
| **Section 14. *Data Protection*.**<br>| **Cláusula 14. *Proteção de Dados.***<br>|
| By participating in the Plan, the Participant expressly consents to the holding and processing of personal information provided by the Participant to the Company or any Affiliate, trustee or third party service provider, for all purposes relating to the operation of the Plan. These include, but are not limited to:<br>| Ao participar do Plano, o Participante consente, expressamente, com a manutenção e o processamento das informações pessoais fornecidas pelo Participante à Companhia ou a qualquer Afiliada, agente fiduciário ou prestador de serviços terceirizado, para todos os fins relacionados à operacionalização do Plano. Essas finalidades incluem, mas não estão limitadas a:<br>|
| (i) administering and maintaining Participant records;<br>| (i) administrar e manter os registros do Participante;<br>|
| (ii) providing information to the Company, Affiliates, trustees of any employee benefit trust, registrars, brokers or third-party administrators of the Plan;<br>| (ii) fornecer informações à Companhia, às Afiliadas, aos administradores de qualquer fundo de benefícios para empregados, registradores, corretores ou administradores terceirizados do Plano;<br>|
| (iii) providing information to future purchasers or merger partners of the Company or any Affiliate, or the business in which the Participant works; and<br>| (iii) fornecer informações a futuros compradores ou parceiros de fusão da Companhia ou de qualquer Afiliada, ou do negócio no qual o Participante trabalhe; e<br>|
| (iv) transferring information about the Participant to any country or territory that may not provide the same protection for the information as the Participant's home country.<br>| (iv) transferir informações sobre o Participante para qualquer país ou território que possa não oferecer a mesma proteção para as informações que o país de origem do Participante.<br>|
| **Section 15. *Governing Law.***<br>| **Cláusula 15. *Lei Aplicável.***<br>|

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|:---|:---|
| The Plan and each Award Agreement shall be governed by the laws of the Federative Republic of Brazil. The Company, its Affiliates and each Participant (by acceptance of an Award) undertake to resolve, through arbitration, before the Market Arbitration Chamber, in accordance with its regulations, any controversy that may arise between them related to the implementation or enforcement of the Plan.<br>| O Plano e cada Contrato de Outorga serão regidos pelas leis da República Federativa do Brasil. A Companhia, suas Afiliadas e cada Participante (por meio da aceitação de um Prêmio) obrigam-se a resolver, por meio de arbitragem, perante a Câmara de Arbitragem do Mercado, na forma de seu regulamento, qualquer controvérsia que possa surgir entre eles, relacionado à implementação ou execução do plano.<br>|
| **Section 16. *Definitions.***<br>| **Cláusula 16. *Definições.***<br>|
| As used in the Plan, the following terms shall have the meanings set forth below:<br>| Conforme utilizados no Plano, os termos a seguir terão os significados definidos abaixo:<br>|
| "**Affiliate**" means (i) any entity that, directly or indirectly, is controlled by the Company, (ii) any entity in which the Company, directly or indirectly, has a significant equity interest, in each case as determined by the Board and (iii) any other entity which the Board determines should be treated as an "Affiliate."<br>| "**Afiliada**" significa (i) qualquer entidade que, direta ou indiretamente, seja controlada pela Companhia, (ii) qualquer entidade na qual a Companhia, direta ou indiretamente, tenha uma participação societária significativa, em cada caso conforme determinado pelo Conselho, e (iii) qualquer outra entidade que o Conselho determine que deva ser tratada como uma "Afiliada".<br>|
| "**Award**" means any Performance Award or Performance Shares granted under the Plan.<br>| "**Prêmio**" significa qualquer Ação ou Prêmio de *Performance* outorgados de acordo com o Plano.<br>|
| "**Award Agreement**" means any agreement, contract or other instrument or document, which may be in electronic format, evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant.<br>| "**Contrato de Outorga**" significa qualquer acordo, contrato ou outro instrumento ou documento, que pode estar em formato eletrônico, evidenciando qualquer Prêmio outorgado de acordo com o Plano, que pode, mas não precisa, ser executado ou reconhecido por um Participante.<br>|
| "**Board**" means the board of directors of the Company.<br>| "**Conselho**" significa o Conselho de Administração da Companhia.<br>|
| "**Cause**" means, with respect to any Participant, "cause" as defined in such Participant's employment agreement with the Company, if any, or if not so defined, except as otherwise provided in such Participant's Award Agreement, such Participant's:<br>| "**Causa**" significa (i) quaisquer atos que ensejem o término da relação jurídica entre o Participante a Companhia ou quaisquer de suas Subsidiárias por justa causa, nos termos da legislação brasileira aplicável, em especial a CLT; (ii) condenação, em primeira instância, do Participante por crime de qualquer natureza; (iii)<br>|

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| | condenação, em primeira instância, do Participante em ação de responsabilidade ajuizada nos termos o artigo 159 da Lei das S.A., em sede judicial ou arbitral; (iv) condenação, em primeira instância, do Participante em processo administrativo sancionador instaurado na esfera administrativa; ou (v) violação das obrigações de não-concorrência e de não-aliciamento, conforme estabelecidas no contrato individual celebrado entre a Companhia e o Participante para o desempenho de suas funções. Excepcionalmente, o Conselho de Administração poderá para casos concretos e específicos afastar as hipóteses de Justa Causa aqui definidas.<br>|
| "**Code**" means the United States Internal Revenue Code of 1986, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Code shall include any successor provision thereto.<br>| "**Código**" significa o *United States Internal Revenue Code* de 1986 (Código da Receita Federal dos Estados Unidos de 1986), conforme alterado de tempos em tempos, e as regras, regulamentações e orientações nele contidas. Qualquer referência a uma disposição do Código incluirá qualquer disposição sucessora do mesmo.<br>|
| "**Cogna**" means the Cogna Eduação S.A., a Brazilian company and controller of the Company.<br>| "**Cogna**" significa a Cogna Educação S.A., sociedade brasileira e controladora da Companhia.<br>|
| "**Exchange Act**" means the United States Securities Exchange Act of 1934, as amended from time to time, and the rules, regulations and guidance thereunder. Any reference to a provision in the Exchange Act shall include any successor provision thereto.<br>| "**Exchange Act**" significa o *United States Securities Exchange Act* de 1934 (Lei de Bolsa de Valores dos Estados Unidos), conforme emendado de tempos em tempos, e as regras, regulamentos e orientações nele contidos. Qualquer referência a uma disposição do Exchange Act deverá incluir qualquer disposição sucessora.<br>|
| "**Exercisable Option**" means, among the Options granted, those that the Participant may effectively exercise after the Grace Periods have elapsed and the annual validation of the achievement of the Annual Financial Targets, in the case of Performance Options, by the Board.<br>| "**Opção exercível**" significa, dentre as Opções outorgadas, aquelas que o Participante efetivamente poderá exercer após o decurso dos Períodos de Carência e a validação anual do atingimento das Metas Financeiras Anuais, no caso de Opções Performance, pelo Conselho.<br>|
| "**Exercise Period**" means, with respect to the Performance Options, the period beginning on the date following the end of the Vesting Period. | "**Período de Exercício**" significa cada período durante o qual as Opções poderão ser exercidas<br>|

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| | pelos Outorgados, findo cada Período de Carência.<br>|
| "**Non-Employee Director or Officer**" means a member of the Board or the Board of Officers who is not an employee of the Company or an Affiliate.<br>| "**Conselheiro ou Diretor não empregado**" significa um membro do Conselho de Administração ou da Diretoria que não seja empregado da Companhia ou de uma Afiliada.<br>|
| "**Option**" means the right of the Participant by the Company, but not the obligation, of each of the Participants to acquire or subscribe to Shares, under the terms and conditions established in this Plan and in the respective Award Agreement, being of the type "Performance Options", as defined below.<br>| "**Opções**" significa o direito do Participante pela Companhia, mas não a obrigação, de cada um dos Participantes adquirir ou subscrever Ações, nos termos e condições estabelecidos no presente Plano e no respectivo Contrato de Outorga, sendo da espécie "Opções Performance", conforme definição abaixo.<br>|
| "**Participant**" means the recipient of an Award granted under the Plan.<br>| "**Participante**" significa o recebedor de um Prêmio outorgado de acordo com o Plano.<br>|
| "**Performance Award**" means an Award granted in accordance with the provisions of Section 5.<br>| "**Prêmio de *Performance***" significa um Prêmio outorgado de acordo com as disposições da Cláusula 5.<br>|
| "**Performance Option**" means the Options thus expressly qualified, which may be granted to the Participants at the discretion of the Board of Directors, and subject to the restrictions provided for in this Plan and/or in the respective Award Agreement, in particular the Grace Period for Performance Options and the adjustment of the number of Options granted resulting from the Annual Financial Target.<br>| "**Opção de *Performance***" significam as Opções assim qualificadas de forma expressa, que venham a ser outorgadas aos Participantes a critério do Conselho de Administração, e sujeitas às restrições previstas neste Plano e/ou no respectivo Contrato de Outorga, em especial ao Período de Carência das Opções Performance e ao ajuste do número de Opções outorgadas decorrentes da Meta Financeira Anual.<br>|
| "**Performance Period**" means the period established by the Board at the time any Performance Award is granted or at any time thereafter during which any performance goals specified by the Board with respect to such Award are measured.<br>| "**Período de *Performance***" significa o período estabelecido pelo Conselho no momento em que qualquer Prêmio de *Performance* é outorgado ou a qualquer momento posterior, durante o qual são auferidas quaisquer metas de desempenho especificadas pelo Conselho com relação a tal Prêmio.<br>|
| "**Person**" means a natural person or a partnership, company, association, cooperative, mutual insurance society, foundation or any other body which operates externally as an independent unit or organization.<br>| "**Pessoa**" significa uma pessoa física ou uma parceria, Companhia, associação, cooperativa, sociedade de seguro mútuo, fundação ou qualquer outro órgão que atue externamente como uma unidade ou organização independente.<br>|

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| "**Replacement Award**" means an Award granted in assumption of, or in substitution for, an outstanding award previously granted by a company or business acquired by the Company or with which the Company, directly or indirectly, combines.<br>| **"Prêmio de Substituição**" significa um Prêmio outorgado em substituição a um prêmio pendente outorgado anteriormente por uma companhia ou negócio adquirido pela Companhia ou com o qual a Companhia, direta ou indiretamente, combine-se.<br>|
| "**Shares**" means common shares of the Company, Subsidiaries, Affiliates and/or its Parent.<br>| "**Ações**" significa ações, ordinárias, nominativas, escriturais e sem valor nominal de emissão da Companhia, de suas Subsidiárias, Afiliadas e/ou Controladora.<br>|
| "**Subsidiary**" means with respect to any Person, any Affiliate over 50% of whose capital is owned, directly or indirectly, by that Person.<br>| **"Subsidiária"** significa, com relação a qualquer Pessoa, qualquer Afiliada na qual 50% do capital sejam de propriedade, direta ou indiretamente, dessa Pessoa.<br>|
| "**Termination of Service**" means:<br>| "**Encerramento da Relação de Serviço**" significa:<br>|
| (i) in the case of a Participant who is an employee of the Company or an Affiliate, cessation of the employment relationship such that the Participant is no longer an employee of the Company or a subsidiary; or<br>| (i) no caso de um Participante que seja empregado da Companhia ou de uma Afiliada, a cessação do vínculo empregatício de forma que o Participante não seja mais empregado da Companhia ou de uma subsidiária; ou<br>|
| (ii) in the case of a Participant who is a Non-Employee Director or Officer, the date that the Participant ceases to be a member of the Board or the Board of Officers, as applicable, for any reason;<br>| (ii) no caso de um Participante que seja um Conselheiro ou Diretor Não-Empregado, a data em que o Participante deixar de ser membro do Conselho de Administração ou da Diretoria ou, conforme aplicável, por qualquer motivo;<br>|
| **"Termination of Service without cause"** means the termination of the legal relationship between the Participant and the Company or any of its Subsidiaries, at the Company's discretion, including, but not limited to, dismissal, replacement, or expiration of the mandate without reelection to the position of administrator, or termination without cause. For the avoidance of doubt, the termination of the Participant from the position of administrator or employee of the Company and/or its Subsidiaries, followed by the election and appointment or hiring of such Participant for another position as an administrator or employee of the Company and/or its<br>| "**Desligamento Imotivado**" significa o término da relação jurídica entre o Participante e a Companhia ou quaisquer de suas Subsidiárias, por decisão da Companhia, incluindo, mas sem limitação, destituição, substituição ou término do mandato sem reeleição ao cargo de administrador ou demissão sem Justa Causa. Para maior clareza, fica estabelecido que eventual Desligamento do Participante do cargo de administrador ou empregado da Companhia e/ou de suas Subsidiárias seguido de eleição e investidura ou contratação de tal Participante para outro cargo como administrador ou empregado da Companhia e/ou Subsidiárias não caracteriza Desligamento, para fins deste Plano.<br>|

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| Subsidiaries, does not constitute a Termination for the purposes of this Plan.<br>| |
| **"Termination of Service for cause"** means the termination of the legal relationship between the Participant and the Company or any of its Subsidiaries, initiated by the Participant, with or without cause, or by the Company or any of its Subsidiaries for cause.<br>| "**Desligamento Motivado**" significa o término da relação jurídica entre o Participante e a Companhia ou quaisquer de suas Subsidiárias, por iniciativa do Participante, com ou sem Justa Causa, ou por iniciativa da Companhia ou quaisquer de suas Subsidiárias por Justa Causa.<br>|
| *provided, however*, that in the case of an employee, the transfer of employment from the Company to an Affiliate, from an Affiliate to the Company, from one Affiliate to another Affiliate or, unless the Board determines otherwise, the cessation of employee status but the continuation of the performance of services for the Company or an Affiliate as a member of the Board shall not be deemed a cessation of service that would constitute a Termination of Service; and *provided further*, that a Termination of Service will be deemed to occur for a Participant employed by an Affiliate when an Affiliate ceases to be an Affiliate, unless such Participant's employment continues with the Company or another Affiliate.<br>| *desde que, no entanto*, no caso de um empregado, a transferência de emprego da Companhia para uma Afiliada, de uma Afiliada para a Companhia, de uma Afiliada para outra Afiliada ou, a menos que o Conselho determine o contrário, a cessação da condição de empregado, mas a continuação da prestação de serviços para a Companhia ou para uma Afiliada como membro Conselho, não será considerada uma cessação de serviço que constitua um Encerramento da Relação de Serviço; e desde que, além disso, um Encerramento da Relação de Serviço seja considerado como ocorrendo para um Participante empregado por uma Afiliada quando um Afiliada deixar de ser um Afiliada, a menos que o emprego desse Participante continue na Companhia ou em outra Afiliada.<br>|
| **"Vesting Period"** means the period that the Grantee must observe in order to acquire the right to exercise his Options, in accordance with the rules established in this Plan and in the Grant Agreements.<br>| "**Período de Carência**" significa cada período que o Outorgado terá de observar para que possa adquirir o direito de exercer suas Opções, de acordo com as regras estabelecidas neste Plano e nos Contratos de Outorga.<br>|
| This version of the Plan is written in English and in Portuguese. In the event of a conflict between versions, the provisions of the English version will prevail between the versions.<br>| Esta versão do plano está redigida em inglês e português. No caso de conflito entre as versões, o previsto na versão em inglês prevalecerá entre as versões.<br>|

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Vasta Platform Ltd**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Class A common shares, par value US$0.00005 per share, issuable pursuant to the Vasta Platform Limited 2023 Long-Term Incentive Plan | (1) | Other | 615719 | $4.36 | $2684534.84 | 0.0001531 | $411.00 |
| Fees to be Paid | Equity | Class A common shares, par value US$0.00005 per share issuable pursuant to stock options outstanding under the Vasta Platform Limited 2023 Long-Term Incentive Plan | (2) | Other | 794281 | $0.0018 | $1429.71 | 0.0001531 | $0.22 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $2685964.55 |  | 411.22 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $411.22 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated in accordance with Rule 457(c) and (h) solely for purposes of calculating the registration fee on the basis of $4.36, the average of the high and low prices of the Registrant's Class A Common Shares as reported on the Nasdaq Global Select Market on September 2, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Estimated in accordance with Rule 457(h) under the Securities Act solely for the purpose of calculating the registration fee on the basis of the weighted-average exercise price of the stock options outstanding under the Plan.