Document:

ndra_ex101

  Exhibit 10.1

AMENDMENT
4

TO
THE

COLLABORATIVE
RESEARCH AGREEMENT

BETWEEN

GENERAL
ELECTRIC COMPANY

AND

ENDRA
LIFE SCIENCES INC.

 

This
Amendment 4 to the Collaborative Research Agreement ("Amendment"),
effective as of the last date of signing below ("Effective Date"),
amends the Collaborative Research Agreement between General
Electric ("GE") & ENDRA Life Sciences Inc. ("ENDRA"), which
became effective as of April 22, 2016, as amended by that certain
Amendment 1 to the Collaborative Research Agreement, dated April
21, 2017, that certain Amendment 2 to the Collaborative Research
Agreement, dated January 30, 2018, and that certain Amendment 3 to
the Collaborative Research Agreement, dated January 13, 2020 (the
"Agreement").

 

RECITALS

 

WHEREAS, the
parties wish to amend the Agreement to provide for a revised TERM,
which includes changes to the Agreement as set forth
below.

THEREFORE, the
parties hereby agree to the following amendment:

 

1.

Section 9.1 of the
Agreement shall be deleted and restated as follows:
This Agreement will remain in effect until
December 16, 20221 unless
terminated sooner or extended in writing signed by the parties in
accordance with this Agreement.

2.

Capitalized terms
not defined in this Amendment will have the meanings assigned in
the Agreement.

3.

Except as
explicitly modified, all terms, conditions and provisions of the
Agreement shall continue in full force and effect.

4.

In the event of any
inconsistency or conflict between the Agreement and this Amendment,
the terms, conditions and provisions of this Amendment shall govern
and control.

5.

This Amendment and
the Agreement constitute the entire and exclusive agreement between
the parties with respect to this subject matter. All previous
discussions and agreements with respect to this subject matter are
superseded by the Agreement and this Amendment.

 

 

Signature Page Follows

_____________________________

1
Note: To be two-year extension from execution
date.

 

 

 

 

Acceptance
of these terms is documented by the signature and date of the
responsible parties in the space designated below.

 

	

GE Healthcare

	

ENDRA Life Sciences Inc.

	

Signature:
/s/ Brian
McEathron

	

Signature:
/s/ Francois
Michelon

	

Name:
Brian McEathron

	

Name:
Francois Michelon

	

Title:
GM General Imaging Ultrasound

	

Title:
CEO

	

Date:
16-Dec-2020

	

Date:
Dec 16, 2020Exhibit 4.1

 

 

 

 

 

 

     

     

    

 

 

TABLE OF CONTENTS

Page

	PARTIES	 	1
	RECITALS	 	1
	Section 1.	Certain Definitions	 
	(a)	ADR Register	1
	(b)	ADRs; Direct Registration ADRs	1
	(c)	ADS	1
	(d)	Beneficial Owner	1
	(e)	Custodian	2
	(f)	Deliver, execute, issue et al.	2
	(g)	Delivery Order	2
	(h)	Deposited Securities	2
	(i)	Direct Registration System	2
	(j)	Holder	2
	(k)	Securities Act of 1933	3
	(l)	Securities Exchange Act of 1934	3
	(m)	Shares	3
	(n)	Transfer Office	3
	(o)	Withdrawal Order	3
	Section 2.	Form of ADRs	3
	Section 3.	Deposit of Shares	4
	Section 4.	Issue of ADRs	5
	Section 5.	Distributions on Deposited Securities	5
	Section 6.	Withdrawal of Deposited Securities	6
	Section 7.	Substitution of ADRs	6
	Section 8.	Cancellation and Destruction of ADRs; Maintenance of Records	6
	Section 9.	The Custodian	7
	Section 10.	Lists of Holders	7
	Section 11.	Depositary's Agents	7
	Section 12. 	Resignation and Removal of the Depositary; Appointment of Successor Depositary	8
	Section 13. 	Reports	8
	Section 14.	Additional Shares	9
	Section 15.	Indemnification	9
	Section 16.	Notices	10
	Section 17.	Counterparts	11
	Section 18.	No Third Party Beneficiaries; Holders and Beneficial Owners as Parties; Binding Effect	11
	Section 19.	Severability	12
	Section 20.	Governing Law; Consent to Jurisdiction	12
	Section 21.	Agent for Service	13
	Section 22.	Waiver of Immunities	14
	Section 23.	Waiver of Jury Trial	14
	TESTIMONIUM	15
	SIGNATURES	15

 

    – i –

     

    

 

 

Page

 

EXHIBIT A

 

	FORM OF FACE OF ADR	A-1
	Introductory Paragraph	A-1
	(1)	Issuance of ADSs	A-2
	(2)	Withdrawal of Deposited Securities	A-3
	(3)	Transfers, Split-Ups and Combinations of ADRs	A-3
	(4)
	Certain Limitations to Registration, Transfer etc.	A-4
	(5)
	Liability for Taxes, Duties and Other Charges	A-5
	(6)	Disclosure of Interests	A-6
	(7)	Charges of Depositary	A-7
	(8)	Available Information	A-10
	(9)	Execution	A-10
	Signature of Depositary	A-11
	Address of Depositary's Office	A-11
	FORM OF REVERSE OF ADR	A-12
	(10)	Distributions on Deposited Securities	A-12
	(11)	Record Dates	A-13
	(12)
	Voting of Deposited Securities	A-14
	(13) 	Changes Affecting Deposited Securities	A-15
	(14)	Exoneration	A-16
	(15)	Resignation and Removal of Depositary; the Custodian	A-19
	(16)	Amendment	A-20
	(17)	Termination	A-21
	(18)	Appointment; Acknowledgements and Agreements	A-21
	(19)	Waiver	A-22
	(20)	Elective Distributions in Cash or Shares	A-23

 

    – ii –

     

    

 

 

DEPOSIT AGREEMENT dated as of [DATE] , 2020
(the "Deposit Agreement") among COSAN S.A. and its successors (the "Company"), JPMORGAN CHASE
BANK, N.A., as depositary hereunder (the "Depositary"), and all Holders (defined below) and Beneficial Owners
(defined below) from time to time of American Depositary Receipts issued hereunder ("ADRs") evidencing American
Depositary Shares ("ADSs") representing deposited Shares (defined below). The Company hereby appoints the Depositary
as depositary for the Deposited Securities (defined below) and hereby authorizes and directs the Depositary to act in accordance
with the terms set forth in this Deposit Agreement. All capitalized terms used herein have the meanings ascribed to them in Section
1 or elsewhere in this Deposit Agreement. The parties hereto agree as follows:

 

1. Certain Definitions.

 

(a)  "ADR
Register" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(b)  "ADRs"
mean the American Depositary Receipts executed and delivered hereunder. ADRs may be either in physical certificated form or Direct
Registration ADRs (as hereinafter defined). ADRs in physical certificated form, and the terms and conditions governing the Direct
Registration ADRs, shall be substantially in the form of Exhibit A annexed hereto (as the same may be amended from time to time,
the "form of ADR"). The term "Direct Registration ADR" means an ADR, the ownership of which is
recorded on the Direct Registration System. References to "ADRs" shall include certificated ADRs and Direct Registration
ADRs, unless the context otherwise requires. The form of ADR is hereby incorporated herein and made a part hereof; the provisions
of the form of ADR shall be binding upon the parties hereto.

 

(c)  Subject
to paragraph (13) of the form of ADR, (Changes Affecting Deposited Securities) each "ADS" evidenced by
an ADR represents the right to receive, and to exercise the beneficial ownership interests in, the number or percentage of Shares
specified in the form of ADR attached hereto as Exhibit A (as amended from time to time) that are on deposit with the Depositary
and/or the Custodian and a pro rata share in any other Deposited Securities, subject, in each case, to the terms of this Deposit
Agreement and the ADSs. The ADS(s)-to-Share(s) ratio is subject to amendment as provided in the form of ADR (which may give rise
to fees contemplated in paragraph (7) thereof (Charges of Depositary)).

 

(d)  "Beneficial
Owner" means as to any ADS, any person or entity having a beneficial ownership interest in such ADS. A Beneficial Owner
need not be the Holder of the ADR evidencing such ADS. If a Beneficial Owner of ADSs is not a Holder, it must rely on the Holder
of the ADR(s) evidencing such ADSs in order to assert any rights or

 

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receive any benefits under this Deposit Agreement. The arrangements
between a Beneficial Owner of ADSs and the Holder of the corresponding ADRs may affect the Beneficial Owner’s ability to
exercise any rights it may have.

 

(e)  "Custodian"
means the agent or agents of the Depositary (singly or collectively, as the context requires) and any additional or substitute
Custodian appointed pursuant to Section 9.

 

(f)  The
terms "deliver", "execute", "issue", "register", "surrender",
"transfer" or "cancel", when used with respect to Direct Registration ADRs, shall refer to an
entry or entries or an electronic transfer or transfers in the Direct Registration System, and, when used with respect to ADRs
in physical certificated form, shall refer to the physical delivery, execution, issuance, registration, surrender, transfer or
cancellation of certificates representing the ADRs.

 

(g)  "Delivery
Order" is defined in Section 3.

 

(h)  "Deposited
Securities" as of any time means all Shares at such time deposited under this Deposit Agreement and any and all other
Shares, securities, property and cash at such time held by the Depositary or the Custodian in respect or in lieu of such deposited
Shares and other Shares, securities, property and cash. Deposited Securities are not intended to, and shall not, constitute proprietary
assets of the Depositary, the Custodian or their nominees. Beneficial ownership in Deposited Securities is intended to be, and
shall at all times during the term of the Deposit Agreement continue to be, vested in the Beneficial Owners of the ADSs representing
such Deposited Securities.

 

(i)  "Direct
Registration System" means the system for the uncertificated registration of ownership of securities established by The
Depository Trust Company ("DTC") and utilized by the Depositary pursuant to which the Depositary may record the
ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the
Depositary to the Holders entitled thereto. For purposes hereof, the Direct Registration System shall include access to the Profile
Modification System maintained by DTC which provides for automated transfer of ownership between DTC and the Depositary.

 

(j)  "Holder"
means the person or persons in whose name an ADR is registered on the ADR Register. For all purposes under the Deposit Agreement
and the ADRs, a Holder shall be deemed to have all requisite authority to act on behalf of any and all Beneficial Owners of the
ADSs evidenced by the ADR(s) registered in such Holder's name.

 

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(k)  "Securities
Act of 1933" means the United States Securities Act of 1933, as from time to time amended.

 

(l)  "Securities
Exchange Act of 1934" means the United States Securities Exchange Act of 1934, as from time to time amended.

 

(m)  "Shares"
mean the common shares, without par value, of the Company, and shall include the rights to receive Shares specified in paragraph
(1) of the form of ADR (Issuance of ADSs).

 

(n)  "Transfer
Office" is defined in paragraph (3) of the form of ADR (Transfers, Split-Ups and Combinations of ADRs).

 

(o)  "Withdrawal
Order" is defined in Section 6.

 

2. Form of ADRs.

 

(a)  Direct
Registration ADRs. Notwithstanding anything in this Deposit Agreement or in the form of ADR to the contrary, ADSs shall be
evidenced by Direct Registration ADRs, unless certificated ADRs are specifically requested by the Holder.

 

(b)  Certificated
ADRs. ADRs in certificated form shall be printed or otherwise reproduced at the discretion of the Depositary in accordance
with its customary practices in its American depositary receipt business, or at the request of the Company typewritten and photocopied
on plain or safety paper, and shall be substantially in the form set forth in the form of ADR, with such changes as may be required
by the Depositary or the Company to comply with their obligations hereunder, any applicable law, regulation or usage or to indicate
any special limitations or restrictions to which any particular ADRs are subject. ADRs may be issued in denominations of any number
of ADSs. ADRs in certificated form shall be executed by the Depositary by the manual or facsimile signature of a duly authorized
officer of the Depositary. ADRs in certificated form bearing the facsimile signature of anyone who was at the time of execution
a duly authorized officer of the Depositary shall bind the Depositary, notwithstanding that such officer has ceased to hold such
office prior to the delivery of such ADRs.

 

(c)  Binding
Effect. Holders of ADRs, and the Beneficial Owners of the ADSs evidenced by such ADRs, shall each be bound by the terms and
conditions of this Deposit Agreement and of the form of ADR, regardless of whether such ADRs are Direct Registration ADRs or certificated
ADRs.

 

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3. Deposit of Shares.

 

(a)  Requirements.
In connection with the deposit of Shares hereunder, the Depositary or the Custodian may require the following in a form satisfactory
to it:

 

(i)  a
written order directing the Depositary to issue to, or upon the written order of, the person or persons designated in such order
a Direct Registration ADR or ADRs evidencing the number of ADSs representing such deposited Shares (a "Delivery Order");

 

(ii)  proper
endorsements or duly executed instruments of transfer in respect of such deposited Shares;

 

(iii)   instruments
assigning to the Depositary, the Custodian or a nominee of either any distribution on or in respect of such deposited Shares or
indemnity therefor; and

 

(iv)  proxies
entitling the Custodian to vote such deposited Shares.

 

(b)  Registration
of Deposited Securities. As soon as practicable after the Custodian receives Deposited Securities pursuant to any such deposit
or pursuant to paragraph (10) (Distributions on Deposited Securities) or (13) (Changes Affecting Deposited Securities)
of the form of ADR, the Custodian shall present such Deposited Securities for registration of transfer into the name of the Depositary,
the Custodian or a nominee of either, in each case for the benefit of Holders, to the extent such registration is practicable,
at the cost and expense of the person making such deposit (or for whose benefit such deposit is made) and shall obtain evidence
satisfactory to it of such registration. Deposited Securities shall be held by the Custodian for the account and to the order of
the Depositary for the benefit of Holders of ADRs (to the extent not prohibited by law) at such place or places and in such manner
as the Depositary shall determine. Notwithstanding anything else contained herein, in the form of ADR and/or in any outstanding
ADSs, the Depositary, the Custodian and their respective nominees are intended to be, and shall at all times during the term of
the Deposit Agreement be, the record holder(s) only of the Deposited Securities represented by the ADSs for the benefit of the
Holders. The Depositary, on its own behalf and on behalf of the Custodian and their respective nominees, disclaims any beneficial
ownership interest in the Deposited Securities held on behalf of the Holders.

 

(c)  Delivery
of Deposited Securities. Deposited Securities may be delivered by the Custodian to any person only under the circumstances
expressly contemplated in this Deposit Agreement. To the extent that the provisions of or governing the

 

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Shares make delivery of certificates therefor impracticable,
Shares may be deposited hereunder by such delivery thereof as the Depositary or the Custodian may reasonably accept, including,
without limitation, by causing them to be credited to an account maintained by the Custodian for such purpose with the Company
or an accredited intermediary, such as a bank, acting as a registrar for the Shares, together with delivery of the documents, payments
and Delivery Order referred to herein to the Custodian or the Depositary.

 

(d)  The
Depositary, the Custodian and the Company shall comply with the Federative Republic of Brazil’s ("Brazil")
National Monetary Council (Conselho Monetário Nacional) Resolution No. 4,373, dated as of September 29,
2014, in the third article, paragraph three, of the Regulation Annex V, and agree to furnish to the Brazilian Central Bank
(Banco Central do Brasil, or the "Central Bank") and the Brazilian Securities and Exchange Commission (Comissão
de Valores Mobiliários, or the "CVM"), whenever required, information or documents related to the ADRs
and this Deposit Agreement, the Deposited Securities and distributions thereon. The Depositary and the Custodian are hereby authorized
to release such information or documents and any other information as required by local regulation, law or regulatory body request.
In the event that the Depositary or the Custodian shall be advised in writing by reputable independent Brazilian counsel that the
Depositary or the Custodian reasonably could be subject to criminal, or material, as reasonably determined by the Depositary, civil
liabilities as a result of the Company having failed to provide such information or documents reasonably available only through
the Company, the Depositary shall have the right to terminate this Deposit Agreement, upon at least 30 days' prior written notice
to the Holders and the Company. The effect of any such termination of this Deposit Agreement shall be as provided in paragraph
(17) of the form of ADR.

 

4. Issue of ADRs. After any such deposit
of Shares, the Custodian shall notify the Depositary of such deposit and of the information contained in any related Delivery Order
by letter, first class airmail postage prepaid, or, at the request, risk and expense of the person making the deposit, by SWIFT,
cable, telex or facsimile transmission. After receiving such notice from the Custodian, the Depositary, subject to this Deposit
Agreement, shall properly issue at the Transfer Office, to or upon the order of any person named in such notice, an ADR or ADRs
registered as requested and evidencing the aggregate ADSs to which such person is entitled.

 

5. Distributions on Deposited Securities.
To the extent that the Depositary determines in its discretion that any distribution pursuant to paragraph (10) of the form of
ADR (Distributions on Deposited Securities) is not practicable with respect to any Holder, the Depositary may (after consultation
with the Company if practicable in the case where the Depositary believes such distribution is not practicable with

 

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respect to all Holders) make such distribution as it so deems
practicable, including the distribution of foreign currency, securities or property (or appropriate documents evidencing the right
to receive foreign currency, securities or property) or the retention thereof as Deposited Securities with respect to such Holder's
ADRs (without liability for interest thereon or the investment thereof).

 

6. Withdrawal of Deposited Securities.
In connection with any surrender of an ADR for withdrawal of the Deposited Securities represented by the ADSs evidenced thereby,
the Depositary may require proper endorsement in blank of such ADR (or duly executed instruments of transfer thereof in blank)
and the Holder's written order directing the Depositary to cause the Deposited Securities represented by the ADSs evidenced by
such ADR to be withdrawn and delivered to, or upon the written order of, any person designated in such order (a "Withdrawal
Order"). Directions from the Depositary to the Custodian to deliver Deposited Securities shall be given by letter, first
class airmail postage prepaid, or, at the request, risk and expense of the Holder, by SWIFT, cable, telex or facsimile transmission.
Delivery of Deposited Securities may be made by the delivery of certificates (which, if required by law shall be properly endorsed
or accompanied by properly executed instruments of transfer or, if such certificates may be registered, registered in the name
of such Holder or as ordered by such Holder in any Withdrawal Order) or by such other means as the Depositary may deem practicable,
including, without limitation, by transfer of record ownership thereof to an account designated in the Withdrawal Order maintained
either by the Company or an accredited intermediary, such as a bank, stock administration agent or depositary or clearing corporation,
acting as a registrar for the Deposited Securities.

 

7. Substitution of ADRs. The Depositary
shall execute and deliver a new Direct Registration ADR in exchange and substitution for any mutilated certificated ADR upon cancellation
thereof or in lieu of and in substitution for such destroyed, lost or stolen certificated ADR, unless the Depositary has notice
that such ADR has been acquired by a bona fide purchaser, upon the Holder thereof filing with the Depositary a request for such
execution and delivery and a sufficient indemnity bond and satisfying any other reasonable requirements imposed by the Depositary.

 

8. Cancellation and Destruction of ADRs;
Maintenance of Records. All ADRs surrendered to the Depositary shall be cancelled by the Depositary. The Depositary is authorized
to destroy ADRs in certificated form so cancelled in accordance with its customary practices. The Depositary, however, shall maintain
or cause its agents to maintain records of all ADRs surrendered and Deposited Securities withdrawn under Section 6 hereof and paragraph
(2) of the form of ADR, substitute ADRs delivered under Section 7 hereof, and canceled or destroyed ADRs under this Section 8,
in keeping with the procedures ordinarily followed by stock transfer agents located in

 

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the United States or as required by the laws or regulations governing
the Depositary.

 

9. The Custodian.

 

(a)  Rights
of the Depositary. Any Custodian in acting hereunder shall be subject to the directions of the Depositary and shall be responsible
solely to it. The Depositary reserves the right to add, replace or remove a Custodian. The Depositary will give prompt notice of
any such action, which will be advance notice if practicable. The Depositary may discharge any Custodian at any time upon notice
to the Custodian being discharged. Notwithstanding the foregoing, without the appropriate Brazilian approvals, however, no more
than one Custodian shall serve hereunder at any given time.

 

(b)  Rights
of the Custodian. Any Custodian may resign from its duties hereunder by providing at least 30 days' prior written notice to
the Depositary. Promptly after the receipt of such written notice, the Depositary shall use commercially reasonable efforts to
appoint a substitute custodian or custodians, each of which shall be a Custodian hereunder upon the effectiveness of such resignation.
Any Custodian ceasing to act hereunder as Custodian shall deliver, upon the instruction of the Depositary, all Deposited Securities
held by it to a Custodian continuing to act. Notwithstanding anything to the contrary contained in this Deposit Agreement (including
the ADRs) and, subject to the further limitations set forth in subparagraph (q) of paragraph (14) of the form of ADR (Exoneration),
the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission
to act on the part of the Custodian except to the extent that any Holder has incurred liability directly as a result of the Custodian
having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use
reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing
in the jurisdiction in which the Custodian is located.

 

10. Lists of Holders. The Company
shall have the right to inspect transfer records of the Depositary and its agents and the ADR Register, take copies thereof and
require the Depositary and its agents to supply copies of such portions of such records as the Company may request. The Depositary
or its agent shall furnish to the Company promptly upon the written request of the Company, a list of the names, addresses and
holdings of ADSs by all Holders as of a date within seven days of the Depositary's receipt of such request.

 

11. Depositary's Agents. The Depositary
may perform its obligations under this Deposit Agreement through any agent appointed by it, provided that the Depositary shall
notify the Company of such appointment and shall remain responsible

 

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for the performance of such obligations as if no agent were appointed,
subject to paragraph (14) of the form of ADR (Exoneration).

 

12. Resignation and Removal of the Depositary;
Appointment of Successor Depositary.

 

(a)  Resignation
of the Depositary. The Depositary may at any time resign as Depositary hereunder by written notice of its election to do so
delivered to the Company, such resignation to take effect upon the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

(b)  Removal
of the Depositary. The Depositary may at any time be removed by the Company by providing no less than 60 days' prior written
notice of such removal to the Depositary, such removal to take effect on the later of (i) the 60th day after such notice
of removal is first provided and (ii) the appointment of a successor depositary and its acceptance of such appointment as hereinafter
provided. Notwithstanding the foregoing, if upon the resignation or removal of the Depositary a successor depositary is not appointed
within the applicable 60-day period as specified in paragraph (17) of the form of ADR (Termination), then the Depositary
may elect to terminate this Deposit Agreement and the ADR and the provisions of said paragraph (17) shall thereafter govern the
Depositary's obligations hereunder.

 

(c)  Appointment
of Successor Depositary. In case at any time the Depositary acting hereunder shall resign or be removed, the Company shall
use its best efforts to appoint a successor depositary, which shall be a bank or trust company having an office in the Borough
of Manhattan, The City of New York. Every successor depositary shall execute and deliver to its predecessor and to the Company
an instrument in writing accepting its appointment hereunder, and thereupon such successor depositary, without any further act
or deed, shall become fully vested with all the rights, powers, duties and obligations of its predecessor. The predecessor depositary,
only upon payment of all sums due to it and on the written request of the Company, shall (i) execute and deliver an instrument
transferring to such successor all rights and powers of such predecessor hereunder (other than its rights to indemnification and
fees owing, each of which shall survive any such removal and/or resignation), (ii) duly assign, transfer and deliver all right,
title and interest to the Deposited Securities to such successor, and (iii) deliver to such successor a list of the Holders of
all outstanding ADRs. Any such successor depositary shall promptly mail notice of its appointment to such Holders. Any bank or
trust company into or with which the Depositary may be merged or consolidated, or to which the Depositary shall transfer substantially
all its American depositary receipt business, shall be the successor of the Depositary without the execution or filing of any document
or any further act.

 

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13. Reports. On or before the first
date on which the Company makes any communication that may require, or result in, the Depositary taking action under this Deposit
Agreement (e.g., voting, dividends etc.) available to holders of Deposited Securities or any securities regulatory authority or
stock exchange, by publication or otherwise, the Company shall transmit to the Depositary a copy thereof in English or with an
English translation or summary. The Company has delivered to the Depositary, the Custodian and any Transfer Office, a copy of all
provisions (other than copies of Brazilian law and/or regulations) of or governing the Shares and any other Deposited Securities
issued by the Company or any affiliate of the Company and, promptly upon any change thereto, the Company shall deliver to the Depositary,
the Custodian and any Transfer Office, a copy (in English or with an English translation) of such provisions (other than copies
of Brazilian law and/or regulations) as so changed. The Depositary and its agents may rely upon the Company's delivery of all such
communications, information and provisions for all purposes of this Deposit Agreement and the Depositary shall have no liability
for the accuracy or completeness of any thereof.

 

14. Additional Shares. The Company
agrees with the Depositary that neither the Company nor any company controlling, controlled by or under common control with the
Company shall (a) issue (i) additional Shares, (ii) rights to subscribe for Shares, (iii) securities convertible into or exchangeable
for Shares or (iv) rights to subscribe for any such securities or (b) deposit any Shares under this Deposit Agreement, except,
in each case, under circumstances complying in all respects with the registration requirements of the Securities Act of 1933. At
the reasonable request of the Depositary where it deems necessary, the Company will furnish the Depositary with legal opinions,
in forms and from counsels reasonably acceptable to the Depositary, dealing with such issues requested by the Depositary. The Depositary
will not knowingly accept for deposit hereunder any Shares required to be registered under the Securities Act of 1933 unless a
registration statement is in effect and will use reasonable efforts to comply with written instructions of the Company not to accept
for deposit hereunder any Shares identified in such instructions at such times and under such circumstances as may reasonably be
specified in such instructions in order to facilitate the Company's compliance with the requirements of the laws, rules and regulations
of the United States, including, but not limited to, the Securities Act of 1933 and the rules and regulations promulgated thereunder.

 

15. Indemnification.

 

(a)  Indemnification
by the Company. Subject to the limitations provided for in Section 15(c) below, the Company shall indemnify, defend and save
harmless each of the Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates against
any loss, liability or expense (including reasonable fees

 

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and expenses of counsel) which may arise out of acts performed
or omitted, in connection with the provisions of this Deposit Agreement and of the ADRs, as the same may be amended, modified or
supplemented from time to time in accordance herewith (i) by either the Depositary or a Custodian or their respective directors,
officers, employees, agents and affiliates, except for any liability or expense directly arising out of the negligence, or willful
misconduct of the Depositary or its directors, officers or affiliates acting in their capacities as such hereunder, or (ii) by
the Company or any of its directors, officers, employees, agents and affiliates.

 

The indemnities set forth in the preceding
paragraph shall also apply to any liability or expense which may arise out of any misstatement or alleged misstatement or omission
or alleged omission in any registration statement, proxy statement, prospectus (or placement memorandum), or preliminary prospectus
(or preliminary placement memorandum) relating to the offer, issuance, withdrawal or sale of ADSs or the deposit, withdrawal, offer
or sale of Shares in connection therewith, except to the extent any such liability or expense arises out of (i) information relating
to the Depositary or its agents (other than the Company), as applicable, furnished in writing by the Depositary expressly for use
in any of the foregoing documents and not changed or altered by the Company or any other person (other than the Depositary) or
(ii) if such information is provided, the failure to state a material fact therein necessary to make the information provided,
in light of the circumstance under which provided, not misleading.

 

(b)   Indemnification
by the Depositary. Subject to the limitations provided for in Section 15(c) below, the Depositary shall indemnify, defend and
save harmless the Company against any direct loss, liability or expense (including reasonable fees and expenses of counsel) incurred
by the Company in respect of this Deposit Agreement to the extent such loss, liability or expense is due to the negligence or willful
misconduct of the Depositary.

 

(c)   Damages
or Lost Profits. Notwithstanding any other provision of this Deposit Agreement or the ADRs to the contrary, neither the Depositary
nor any of its agents shall be liable for any indirect, special, punitive or consequential damages (including, without limitation,
legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity, whether or not foreseeable
and regardless of the type of action in which such a claim may be brought.

 

(d)  Procedure.
Any person seeking indemnification hereunder (an "indemnified person") shall notify the person from whom it is seeking
indemnification (the "indemnifying person") of the commencement of any indemnifiable action or claim promptly after such
indemnified person becomes aware of such commencement (provided that the failure to make such notification shall not affect such
indemnified

 

    10 

     

    

person's rights to indemnification except and only to the limited
extent the indemnifying person is materially prejudiced by such failure) and shall consult in good faith with the indemnifying
person as to the conduct of the defense of such action or claim that may give rise to an indemnity hereunder, which defense shall
be reasonable under the circumstances. No indemnified person shall compromise or settle any indemnifiable action or claim without
the prior written consent of the indemnifying person, which consent shall not be unreasonably (from the point of view of the person
seeking indemnification) withheld or delayed, unless (i) there is no finding or admission of any violation of law and no effect
on any other claims that may be made against such indemnifying person and (ii) the sole relief provided is monetary damages that
are paid in full by the indemnified person (without indemnification hereunder by the indemnifying person) seeking such compromise
or settlement.

 

(e)  Survival.
The obligations set forth in this Section 15 shall survive the termination of this Deposit Agreement and the succession or substitution
of any indemnified person.

 

16. Notices.

 

(a)  Notice
to Holders. Notice to any Holder shall be deemed given when first mailed, first class postage prepaid, to the address of such
Holder on the ADR Register or received by such Holder. Failure to notify a Holder or any defect in the notification to a Holder
shall not affect the sufficiency of notification to other Holders or to the Beneficial Owners of the ADSs evidenced by the ADRs
held by such other Holders. The Depositary's only notification obligations under this Deposit Agreement and the ADRs shall be to
Holders. Notice to a Holder shall be deemed, for all purposes of the Deposit Agreement and the ADRs, to constitute notice to any
and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs.

 

(b)   Notice
to the Depositary or the Company. Notice to the Depositary or the Company shall be deemed given when first received by it at
the address or facsimile transmission number set forth in (i) or (ii), respectively, or at such other address or facsimile transmission
number as either may specify to the other by written notice:

 

		(i)	JPMorgan Chase Bank, N.A.

383 Madison Avenue, Floor 11

New York, New York, 10179

Attention: Depositary Receipts Group

Fax: (302) 220-4591

 

    11 

     

    

		(ii)	Cosan S.A.

Avenida Brigadeiro Faria Lima, 4.100, 16° andar,
sala 01, in São Paulo, CEP 04538-132

Brazil

Attention: [CONTACT PERSON]

Fax: [FACSIMILE]

 

17. Counterparts. This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of which shall constitute one
instrument. Delivery of an executed signature page of this Deposit Agreement by facsimile or other electronic transmission (including
“.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof.

 

18. No Third-Party Beneficiaries; Holders
and Beneficial Owners as Parties; Binding Effect. This Deposit Agreement is for the exclusive benefit of the Company, the Depositary,
the Holders, and each and any of their respective successors hereunder, and, except to the extent specifically set forth in Section
15 of this Deposit Agreement, shall not give any legal or equitable right, remedy or claim whatsoever to any other person. The
Holders and Beneficial Owners from time to time shall be parties to this Deposit Agreement and shall be bound by all of the provisions
hereof. A Beneficial Owner shall only be able to exercise any right or receive any benefit hereunder solely through the Holder
of the ADR(s) evidencing the ADSs owned by such Beneficial Owner.

 

19. Severability. If any provision
of this Deposit Agreement or the ADRs is, or becomes, invalid, illegal or unenforceable in any respect, the remaining provisions
contained herein and therein shall in no way be affected thereby.

 

20. Governing Law; Consent to Jurisdiction.

 

(a)  Governing
Law. The Deposit Agreement, the ADSs and the ADRs shall be governed by and construed in accordance with the internal laws of
the State of New York without giving effect to the application of the conflict of law principles thereof.

 

(b)  By
the Company. The Company irrevocably agrees that any legal suit, action or proceeding against or involving the Company brought
by the Depositary or any Holder or Beneficial Owner, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or
the transactions contemplated herein, therein, hereby or thereby, may be instituted in any state or federal court in New York,
New York, and irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding,
and irrevocably submits to the non-exclusive

 

    12 

     

    

jurisdiction of such courts in any such suit, action or proceeding.
The Company also irrevocably agrees that any legal suit, action or proceeding against or involving the Depositary brought by the
Company, arising out of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein,
hereby or thereby, may only be instituted in a state or federal court in New York, New York.

 

(c)  By
Holders and Beneficial Owners. By holding or owning an ADR or an ADS or an interest therein, Holders and Beneficial Owners
each irrevocably agree that any legal suit, action or proceeding against or involving the Company or the Depositary, arising out
of or based upon this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein or hereby, may only
be instituted in a state or federal court in New York, New York, and by holding or owning an ADR or ADS or an interest therein
each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

(d)  Notwithstanding
the foregoing or anything in this Deposit Agreement to the contrary, any suit, action or proceeding against the Company based on
this Deposit Agreement, the ADSs, the ADRs or the transactions contemplated herein, therein, hereby or thereby, may be instituted
by the Depositary in any competent court in the Federative Republic of Brazil and/or the United States.

 

21. Agent for Service.

 

(a)  Appointment.
The Company has appointed [_________________________], New York, New York, as its authorized agent (the "Authorized Agent")
upon which process may be served in any such suit, action or proceeding arising out of or based on this Deposit Agreement, the
ADSs, the ADRs or the transactions contemplated herein, therein or hereby which may be instituted in any state or federal court
in New York, New York by the Depositary or any Holder, and waives any other requirements of or objections to personal jurisdiction
with respect thereto. Subject to the Company’s rights to replace the Authorized Agent with another entity in the manner required
were the Authorized Agent to have resigned, such appointment shall be irrevocable.

 

(b)  Agent
for Service of Process. The Company represents and warrants that the Authorized Agent has agreed to act as said agent for service
of process, and the Company agrees to take any and all action, including the filing of any and all documents and instruments, that
may be necessary to continue such appointment in full force and effect as aforesaid. The Company further hereby irrevocably consents
and agrees to the service of any and all legal process, summons, notices and

 

    13 

     

    

documents in any suit, action or proceeding against the Company,
by service by mail of a copy thereof upon the Authorized Agent (whether or not the appointment of such Authorized Agent shall for
any reason prove to be ineffective or such Authorized Agent shall fail to accept or acknowledge such service), with a copy mailed
to the Company by registered or certified air mail, postage prepaid, to its address provided in Section 16(b) hereof. The Company
agrees that the failure of the Authorized Agent to give any notice of such service to it shall not impair or affect in any way
the validity of such service or any judgment rendered in any suit, action or proceeding based thereon. If, for any reason, the
Authorized Agent named above or its successor shall no longer serve as agent of the Company to receive service of process, summons,
notices and documents in New York, the Company shall promptly appoint a successor that is a legal entity with offices in New York,
New York, so as to serve and will promptly advise the Depositary thereof.

 

(c)  Waiver
of Personal Service of Process. In the event the Company fails to continue such designation and appointment in full force and
effect, the Company hereby waives personal service of process upon it and consents that any such service of process may be made
by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices hereunder,
and service so made shall be deemed completed five (5) days after the same shall have been so mailed.

 

22. Waiver of Immunities. To the extent
that the Company or any of its properties, assets or revenues may have or may hereafter be entitled to, or have attributed to it,
any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of
any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings
may at any time be commenced, with respect to its obligations, liabilities or other matters under or arising out of or in connection
with the Shares or Deposited Securities, the ADSs, the ADRs or this Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.

 

23. Waiver of Jury Trial. EACH PARTY
TO THIS DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN,
ADSS OR ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A

 

    14 

     

    

TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE DEPOSITARY
AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE
ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON
CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION, ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED
STATES FEDERAL SECURITIES LAWS. No provision of this Deposit Agreement or any ADR is intended to constitute a waiver or limitation
of any rights which Holders or Beneficial Owners may have under the Securities Act of 1933 or the Securities Exchange Act of 1934,
to the extent applicable.

 

 

    15 

     

    

IN WITNESS WHEREOF, COSAN S.A. and JPMORGAN
CHASE BANK, N.A. have duly executed this Deposit Agreement as of the day and year first above set forth and all Holders and Beneficial
Owners shall become parties hereto upon acceptance by them of ADSs issued in accordance with the terms hereof, or upon acquisition
of any beneficial interest therein.

 

	 	COSAN S.A.	 
	 	 	 	 
	 	 	 	 
	 	By:	   	 
	 	Name:	 	 
	 	Title	 	 
	 	 	 	 
	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	  	 
	 	Name:	 	 
	 	Title:  	Vice President	 

    16 

     

    

EXHIBIT A

ANNEXED TO AND INCORPORATED IN

DEPOSIT AGREEMENT

 

[FORM OF FACE OF ADR]

 

	       	No.
    of ADSs:

Number

 

	 	Each
    ADS represents
	 	[EXCHANGE]
    Share
	 	 
	 	CUSIP:

 

AMERICAN DEPOSITARY RECEIPT

 

evidencing

 

AMERICAN DEPOSITARY SHARES

 

representing

 

COMMON SHARES

 

of

 

COSAN S.A.

 

(Incorporated under the laws of the Federative
Republic of Brazil)

 

JPMORGAN CHASE BANK, N.A., a national
banking association organized under the laws of the United States of America, as depositary hereunder (the
"Depositary"), hereby certifies that __________ is the registered owner (a "Holder") of
_________ American Depositary Shares ("ADSs"), each (subject to paragraph (13) (Changes Affecting
Deposited Securities)) representing [RATIO] common share (including the rights to receive Shares described in paragraph
(1) (Issuance of ADSs), "Shares" and, together with any other securities, cash or property from time
to time held by the Depositary in respect or in lieu of deposited Shares, the "Deposited Securities"), of
Cosan S.A., a corporation organized under the laws of the Federative Republic of Brazil (the "Company"),
deposited under the Deposit Agreement dated as of [DATE], 2020 (as amended from time to time, the "Deposit
Agreement") among the Company, the Depositary and all Holders and Beneficial Owners from time to time of

 

    A-1

     

    

American Depositary Receipts issued thereunder ("ADRs"),
each of whom by accepting an ADR becomes a party thereto. The Deposit Agreement and this ADR (which includes the provisions set
forth on the reverse hereof) shall be governed by and construed in accordance with the internal laws of the State of New York without
giving effect to the application of the conflict of law principles thereof. All capitalized terms used herein, and not defined
herein, shall have the meanings ascribed to such terms in the Deposit Agreement.

 

(1) Issuance of ADSs.

 

(a) Issuance. This ADR is one of the
ADRs issued under the Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery
at the Transfer Office (as hereinafter defined) only against deposit of: (i) Shares in a form satisfactory to the Custodian; or
(ii) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share
ownership or transactions.

 

(b) Lending. In its capacity as Depositary,
the Depositary shall not lend Shares or ADSs.

 

(c) Representations and Warranties of Depositors.
Every person depositing Shares under the Deposit Agreement represents and warrants that:

 

		(i)	such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and
legally obtained by such person,

 

		(ii)	all pre-emptive and comparable rights, if any, with respect to such Shares have been validly waived or exercised,

 

		(iii)	the person making such deposit is duly authorized so to do,

 

		(iv)	the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse
claim and

 

		(v)	such Shares (A) are not "restricted securities" as such term is defined in Rule 144 under the Securities Act of 1933
("Restricted Securities") unless at the time of deposit the requirements of paragraphs (c), (e), (f) and (h) of
Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States
or (B) have been

 

    A-2

     

    

registered under the Securities Act of 1933. To the
extent the person depositing Shares is an "affiliate" of the Company as such term is defined in Rule 144, the person
also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely
sold (in the form of ADSs) will be fully complied with, or the ADSs at the time of issuance will be delivered by the Depositary
in connection with the sale thereof pursuant to an effective registration statement under the Securities Act of 1933 covering the
resale of such ADSs and the Shares represented thereby, and in either case, all of the ADSs issued in respect of such Shares will
not be on the sale thereof, Restricted Securities.

 

Such representations and warranties shall survive
the deposit and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs.
If any of the representations or warranties are incorrect in any way, the Company and the Depositary may, at the cost of the breaching
Holder and/or Beneficial Owner, and each of them, take any and all actions necessary to correct the consequences of such misrepresentation.

 

(d) The Depositary may refuse to accept for
such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the laws, rules and
regulations of the United States, including, but not limited to, the Securities Act of 1933 and the rules and regulations promulgated
thereunder.

 

(2) Withdrawal of Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and
Other Charges), upon surrender of (a) a certificated ADR in a form satisfactory to the Depositary at the Transfer Office or
(b) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at,
or to the extent in dematerialized form from, the Custodian's office of the Deposited Securities at the time represented by the
ADSs evidenced by this ADR. At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities
at such other place as may have been requested by the Holder. Notwithstanding any other provision of the Deposit Agreement or this
ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of
Form F-6 (as such instructions may be amended from time to time) under the Securities Act of 1933.

 

(3) Transfers, Split-Ups and Combinations
of ADRs. The Depositary or its

 

    A-3

     

    

agent will keep, at a designated transfer office (the "Transfer
Office"), (i) a register (the "ADR Register") for the registration, registration of transfer, combination
and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct Registration System, which at all
reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest
of the business of the Company or a matter relating to the Deposit Agreement and (ii) facilities for the delivery and receipt of
ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented
by the ADSs evidenced hereby), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary
of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under
the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the
person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary
nor the Company will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial
Owner, unless such Beneficial Owner is the Holder hereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR
Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered
for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office
properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer
and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register (and/or any
portion thereof) at any time or from time to time when deemed expedient by it and it may also close the issuance book portion of
the ADR Register when reasonably requested by the Company solely in order to enable the Company to comply with applicable law.
At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration
ADR, or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized
number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration
ADR, as the case may be, substituted.

 

(4) Certain Limitations to Registration,
Transfer etc. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery
of any distribution in respect thereof, or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities),
the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company,
the Depositary or the Custodian may require:

 

(a) payment with respect thereto of (i) any
stock transfer or other tax

 

    A-4

     

    

or other governmental charge, (ii) any stock transfer or registration
fees in effect for the registration of transfers of Shares or other Deposited Securities upon any applicable register and (iii)
any applicable charges as provided in paragraph (7) (Charges of Depositary) of this ADR;

 

(b) the production of proof satisfactory to
it of (i) the identity of any signatory and genuineness of any signature and (ii) such other information, including without limitation,
information as to citizenship, residence, exchange control approval, beneficial or other ownership of, or interest in, any securities,
compliance with applicable law, regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement
and this ADR, as it may deem necessary or proper; and

 

(c) compliance with such regulations as the
Depositary may establish consistent with the Deposit Agreement and any regulations which the Depositary is informed of in writing
by the Company which are required by the Depositary, the Company or the Custodian to facilitate compliance with any applicable
rules or regulations of the Central Bank or CVM.

 

The issuance of ADRs, the acceptance of deposits
of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph
(2) (Withdrawal of Deposited Securities), the withdrawal of Deposited Securities may be suspended, generally or in particular
instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable
by the Depositary.

 

(5) Liability for Taxes, Duties and Other
Charges. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf
of the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby
or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and by
holding or having held this ADR or any ADSs evidenced hereby, the Holder and all Beneficial Owners hereof and thereof, and all
prior Holders and Beneficial Owners hereof and thereof, jointly and severally, agree to indemnify, defend and save harmless each
of the Depositary and its agents in respect of such tax or other governmental charge. Each Holder of this ADR and Beneficial Owner
of the ADSs evidenced hereby, and each prior Holder and Beneficial Owner hereof and thereof (collectively, the “Tax Indemnitors”),
by holding or having held an ADR or an interest in ADSs, acknowledges and agrees that the Depositary shall have the right to seek
payment of amounts owing with respect to this ADR under this paragraph (5) from any one or more Tax Indemnitor(s) as determined
by the Depositary in its sole discretion, without any obligation to seek payment from any other Tax Indemnitor(s).

 

    A-5

     

    

The Depositary may refuse to effect any registration, registration
of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2) (Withdrawal of Deposited Securities),
any withdrawal of such Deposited Securities until such payment is made. The Depositary may also deduct from any distributions on
or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all
of such Deposited Securities, and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental
charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs evidenced hereby to reflect
any such sales of Shares. To the extent not prohibited by law, rule or regulation, the Depositary will forward to the Company such
information from its transfer records maintained by it in its capacity as Depositary under the Deposit Agreement as the Company
may reasonably request to enable the Company to file any necessary reports with governmental authorities or agencies, that are
required in order to enable Holders and Beneficial Owners to benefit from reduced withholding tax rate under any applicable tax
treaties. The Depositary shall cooperate with the Company in the Company's efforts to make and maintain arrangements enabling Holders
to receive any tax credits or other benefits (pursuant to treaty or otherwise) relating to dividend payments on the ADSs, and,
to the extent not prohibited by law, rule or regulation, the Depositary shall, to the extent reasonably practicable, provide the
Company with such documents from its transfer records as the Company may reasonably request to maintain such arrangements. In connection
with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any)
required to be withheld and owing to such authority or agency by the Company; and the Depositary and the Custodian will remit to
the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency
by the Depositary or the Custodian. If the Depositary determines that any distribution in property other than cash (including Shares
or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary
may dispose of all or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable
to pay such taxes, by public or private sale, and the Depositary shall distribute the net proceeds of any such sale or the balance
of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder and Beneficial Owner agrees to
indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates
against, and hold each of them harmless from, any claims by any governmental authority with respect to taxes, additions to tax,
penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained.
The obligations of Holders and Beneficial Owners under this paragraph (5) shall survive any transfer of ADSs, any surrender of
ADSs and withdrawal of Deposited Securities and any termination of the Deposit Agreement.

 

    A-6

     

    

(6) Disclosure of Interests. To the
extent that the provisions of or governing any Deposited Securities may require disclosure of or impose limits on beneficial or
other ownership of, or interests in, Deposited Securities, other Shares and other securities and may provide for blocking transfer,
voting or other rights to enforce such disclosure or limits, Holders and Beneficial Owners agree to comply with all such disclosure
requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves
the right to instruct Holders (and through any such Holder, the Beneficial Owners of ADSs evidenced by the ADRs registered in such
Holder's name) to deliver their ADSs for cancellation and withdrawal of the Deposited Securities so as to permit the Company to
deal directly with the Holder and/or Beneficial Owner thereof as a holder of Shares and Holders and Beneficial Owners agree to
comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts to inform Holders of the Company's
exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance, in each case, without
risk, liability or expense on the part of the Depositary, to the Company on the manner or manners in which it may enforce such
rights with respect to any Holder.

 

(7) Charges of Depositary.

 

(a) Rights of the Depositary. The Depositary
may charge, and collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against
deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined
in paragraph (10) (Distributions on Deposited Securities)), issuances pursuant to a stock dividend or stock split declared
by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the
ADSs or the Deposited Securities, and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs
are cancelled or reduced for any other reason U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or
surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received
in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge.

 

(b) Additional charges by the Depositary.
The following additional charges shall also be incurred by the Holders, the Beneficial Owners, by any party depositing or withdrawing
Shares or by any party surrendering ADSs and/or to whom ADSs are issued (including, without limitation, issuances pursuant to a
stock dividend or stock split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or
a distribution of ADSs pursuant to paragraph (10) (Distributions on Deposited Securities), whichever is applicable:

 

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		(i)	a fee of U.S.$0.05 or less per ADS held (i) upon which any Cash distribution is made pursuant to the Deposit Agreement or (ii)
in the case of an elective cash/stock dividend, upon which a Cash distribution or an issuance of additional ADSs is made as a result
of such elective dividend,

 

		(ii)	a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the
fee for the execution and delivery of ADSs referred to above which would have been charged as a result of the deposit of such securities
(for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds
from the sale thereof are instead distributed by the Depositary to Holders entitled thereto,

 

		(iii)	an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary
in administering the ADRs (which fee may be charged on a periodic basis during each calendar year and shall be assessed against
Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole
discretion of the Depositary by billing such Holders or by deducting such charge from one or more cash dividends or other cash
distributions), and

 

		(iv)	a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents (including,
without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange
control regulations or any law or regulation relating to foreign investment) in connection with the servicing of the Shares or
other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited
Securities or otherwise in connection with the Depositary's or its Custodian's compliance with applicable law, rule or regulation
(which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary
and shall be payable at the sole discretion of the Depositary by billing such Holders or by deducting such charge from one or more
cash dividends or other cash distributions), including, without limitation, any amounts charged

 

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by any governmental authorities or other institutions
such as the B3 S.A. – Brasil, Bolsa, Balcão, the stock exchange on which the Shares are registered for trading.

 

(c) Other Obligations and Charges. The
Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except:

 

		(i)	stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares);

 

		(ii)	SWIFT, cable, telex and facsimile transmission and delivery charges incurred at the request of persons depositing, or Holders
delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders); and

 

		(iii)	transfer or registration fees for the registration or transfer of Deposited Securities on any applicable register in connection
with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited
Securities).

 

(d) Foreign Exchange Related Matters.
To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash
distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A.
(the “Bank”) and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign
currency into U.S. dollars (“FX Transactions”). For certain currencies, FX Transactions are entered into with
the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed
directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank
nor any of its affiliates is a party to such FX Transactions.

 

The foreign exchange rate applied to an FX
Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider,
in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any,
apply to such currency on the “Disclosure” page (or successor page) of www.adr.com
(as updated by the Depositary from time to time, “ADR.com”). Such applicable foreign exchange rate and spread
may (and neither the Depositary, the Bank nor any of their affiliates is

 

    A-9

     

    

under any obligation to ensure that such rate does not) differ
from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange
rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency
pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market
dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors.
Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem
appropriate without regard to the impact of such activities on the Company, the Depositary, Holders or Beneficial Owners. The spread
applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk
management or other hedging related activity.

 

Notwithstanding the foregoing, to the extent
the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction
as set forth herein. In such case, the Depositary will distribute the U.S. dollars received from the Company.

 

Further details relating to the applicable
foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on ADR.com.
The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from
time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

 

(e) Disclosure of Potential Depositary Payments.
The Depositary anticipates reimbursing the Company for certain expenses incurred by the Company that are related to the establishment
and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. 
The Depositary may make available to the Company a set amount or a portion of the Depositary fees charged in respect of the ADR
program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.  

 

(f) The right of the Depositary to charge and
receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit Agreement. As to any
Depositary, upon the resignation or removal of such Depositary, such right shall extend for those fees, charges and expenses incurred
prior to the effectiveness of such resignation or removal. 

 

(8) Available Information. The Deposit
Agreement, the provisions of or

 

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governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally
available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the Depositary and
the Custodian, at the Transfer Office, on the U.S. Securities and Exchange Commission’s (the “Commission”)
website, or upon request from the Depositary (which request may be refused by the Depositary at its discretion). The Depositary
will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company.
The Company is subject to the periodic reporting requirements of the Securities Exchange Act of 1934 and accordingly files certain
reports with the Commission. Such reports and other information may be inspected and copied through the Commission’s EDGAR
system or at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington,
DC 20549.

 

(9) Execution. This ADR shall not
be valid for any purpose unless executed by the Depositary by the manual or facsimile signature of a duly authorized officer of
the Depositary.

 

Dated:

 

	 	JPMORGAN CHASE BANK, N.A., as Depositary
	 	By	   
	 	Authorized Officer

 

The Depositary's office is located at 383
Madison Avenue, Floor 11, New York, New York 10179.

 

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[FORM OF REVERSE OF ADR]

 

(10) Distributions on Deposited Securities.
Subject to paragraphs (4) (Certain Limitations to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and
other Charges) and any restrictions imposed by Brazilian law, regulation or applicable permit, to the extent practicable, the
Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address
shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on Deposited
Securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs:

 

(a) Cash. Any U.S. dollars available
to the Depositary resulting from a cash dividend or other cash distribution or the net proceeds of sales of any other distribution
or portion thereof authorized in this paragraph (10) ("Cash"), on an averaged or other practicable basis, subject
to (i) appropriate adjustments for taxes withheld, (ii) such distribution being impermissible or impracticable with respect to
certain Holders, and (iii) deduction of the Depositary's and/or its agents' fees and expenses in (1) converting any foreign currency
to U.S. dollars by sale or in such other manner as the Depositary may determine to the extent that it determines that such conversion
may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the
Depositary may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any
approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a reasonable
cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. If
the Company shall have advised the Depositary pursuant to the provisions of the Deposit Agreement that any such conversion, transfer
or distribution can be effected only with the approval or license of the Brazilian government or any agency thereof or the Depositary
shall become aware of any other governmental approval or license required therefor, the Depositary may, in its discretion, apply
for such approval or license, if any, as the Company or its Brazilian counsel may reasonably instruct in writing or as the Depositary
may deem desirable including, without limitation, Central Bank registration.

 

(b) Shares. (i) Additional ADRs evidencing
whole ADSs representing any Shares available to the Depositary resulting from a dividend or free distribution on Deposited Securities
consisting of Shares (a "Share Distribution") and (ii) U.S. dollars available to it resulting from the net proceeds
of sales of Shares received in a Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued
therefor, as in the case of Cash.

 

    A-12

     

    

(c) Rights. (i) Warrants or other instruments
in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional
Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities ("Rights"),
to the extent that the Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may
lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does
not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds
of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and such sales
cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration
or otherwise, nothing (and any Rights may lapse).

 

(d) Other Distributions. (i) Securities
or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions
and Rights ("Other Distributions"), by any means that the Depositary may deem equitable and practicable, or (ii)
to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars
available to the Depositary from the net proceeds of sales of Other Distributions as in the case of Cash.

 

The Depositary reserves the right to utilize
a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or private sale of
securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which
fee is considered an expense of the Depositary contemplated above and/or under paragraph (7) (Charges of Depositary). Any
U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional
cents will be withheld without liability and dealt with by the Depositary in accordance with its then current practices. All purchases
and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set
forth in the "Depositary Receipt Sale and Purchase of Security" section of https://www.adr.com/Investors/FindOutAboutDRs,
the location and contents of which the Depositary shall be solely responsible for.

 

(11) Record Dates. The Depositary
may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as
practicable to any corresponding record date set by the Company) for the determination of the Holders who shall be responsible
for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7)
hereof as well as for the determination of the Holders who shall be

 

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entitled to receive any distribution on or in respect of Deposited
Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act or be obligated in respect
of other matters and only such Holders shall be so entitled or obligated.

 

(12) Voting of Deposited Securities.

 

(a) Notice of any Meeting or Solicitation.
As soon as practicable after receipt of notice of any meeting at which the holders of Shares are entitled to vote, or of solicitation
of consents or proxies from holders of Shares or other Deposited Securities, the Depositary shall fix the ADS record date in accordance
with paragraph (11) above provided that if the Depositary receives a written request from the Company in a timely manner and at
least 30 days prior to the date of such vote or meeting, the Depositary shall, at the Company's expense, distribute to Holders
a notice (the “Voting Notice”) stating (i) final information particular to such vote and meeting and any solicitation
materials, (ii) that each Holder on the record date set by the Depositary will, subject to any applicable provisions of Brazilian
law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the Deposited Securities
represented by the ADSs evidenced by such Holder's ADRs and (iii) the manner in which such instructions may be given, or deemed
given in accordance with paragraph 12(b)(ii) below, including instructions to give a discretionary proxy to a person designated
by the Company. Each Holder shall be solely responsible for the forwarding of Voting Notices to the Beneficial Owners of ADSs registered
in such Holder's name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in
particular will receive the notice described above with sufficient time to enable such Holder or Beneficial Owner to return any
voting instructions to the Depositary in a timely manner.

 

(b) Voting of Deposited Securities.

 

(i) Following actual receipt by the ADR department
responsible for proxies and voting of Holders’ instructions (including, without limitation, instructions of any entity or
entities acting on behalf of the nominee for DTC), the Depositary shall, in the manner and on or before the time established by
the Depositary for such purpose, endeavor to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced
by such Holders’ ADRs in accordance with such instructions insofar as practicable and permitted under the provisions of or
governing Deposited Securities. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities.

 

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(ii)  To
the extent that (A) the Depositary has been provided with at least 30 days’ notice of the proposed meeting from the Company
and (B) the Depositary does not receive instructions on a particular agenda item from a Holder (including, without limitation,
any entity or entities acting on behalf of the nominee for DTC) in a timely manner, such Holder shall be deemed, and the Depositary
is instructed to deem such Holder, to have instructed the Depositary to give a discretionary proxy for such agenda item(s) to a
person designated by the Company to vote the Deposited Securities represented by the ADSs for which actual instructions were not
so given by all such Holders on such agenda item(s), provided that no such instruction shall be deemed given and no discretionary
proxy shall be given unless (1) the Company informs the Depositary in writing (and the Company agrees to provide the Depositary
with such instruction promptly in writing) that (a) it wishes such proxy to be given with respect to such agenda item(s), (b) there
is no substantial opposition existing with respect to such agenda item(s) and (c) such agenda item(s), if approved, would not materially
or adversely affect the rights of holders of Shares, and (2) the Depositary has obtained an opinion of counsel, in form and substance
satisfactory to the Depositary, confirming that (i) the granting of such discretionary proxy does not subject the Depositary to
any reporting obligations in Brazil, (ii) the granting of such proxy will not result in a violation of Brazilian laws, rules, regulations
or permits, (iii) the voting arrangement and deemed instruction as contemplated herein will be given effect under Brazilian laws,
rules and regulations, and (iv) the granting of such discretionary proxy will not under any circumstances result in the Shares
represented by the ADSs being treated as assets of the Depositary under Brazilian laws, rules or regulations. The Depositary agrees
that if it has been provided with at least 30 days’ notice of the proposed meeting from the Company in accordance with (A)
above, the Depositary will send the Voting Notice to all Holders and Beneficial Owners no less than 15 days prior to the date of
the meeting.

 

(iii)  The
Depositary may from time to time access information available to it to consider whether any of the circumstances described in (1)(b)
or (1)(c) of subsection (ii) above exist, or request additional information from the Company in respect thereto. By taking any
such action, the Depositary shall not in any way be deemed or inferred to have been required, or have had any duty or responsibility
(contractual or otherwise), to monitor or inquire whether any of the circumstances described in (1)(b) or (1)(c) of subsection
(ii) above existed. In addition to the limitations provided for in paragraph (14) hereof, Holders and Beneficial Owners are advised
and agree that (a) the Depositary will rely fully and exclusively on the Company to inform the Depositary of any of the circumstances
set forth in (1) of subsection (ii) above, and (b) neither the Depositary, the Custodian nor any of their respective agents shall
be obliged to inquire or investigate whether any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist
and/or whether the Company complied with its obligation to timely inform the Depositary of

 

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such circumstances. Neither the Depositary, the Custodian nor
any of their respective agents shall incur any liability to Holders or Beneficial Owners (i) as a result of the Company's failure
to determine that any of the circumstances described in (1)(b) or (1)(c) of subsection (ii) above exist or its failure to timely
notify the Depositary of any such circumstances or (ii) if any agenda item which is approved at a meeting has, or is claimed to
have, a material or adverse effect on the rights of holders of Shares. Because there is no guarantee that Holders and Beneficial
Owners will receive the notices described above with sufficient time to enable such Holders or Beneficial Owners to return any
voting instructions to the Depositary in a timely manner, Holders and Beneficial Owners may be deemed to have instructed the Depositary
to give a discretionary proxy to a person designated by the Company in such circumstances, and neither the Depositary, the Custodian
nor any of their respective agents shall incur any liability to Holders or Beneficial Owners in such circumstances.

 

(c) Alternative Methods of Distributing
Materials. Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited
by any law, rule or regulation or the rules, regulations and/or requirements of the stock exchange or market on which the ADSs
are listed or traded, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or
solicitation of consents or proxies from holders of Deposited Securities, distribute to the Holders a notice that provides Holders
with or otherwise publicizes to Holders instructions on how to retrieve such materials or receive such materials upon request (i.e.,
by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders
are strongly encouraged to forward their voting instructions as soon as possible. Voting instructions will not be deemed received
until such time as the ADR department responsible for proxies and voting has received such instructions, notwithstanding that such
instructions may have been physically received by JPMorgan Chase Bank, N.A., as Depositary, prior to such time.

 

(13) Changes Affecting Deposited Securities.

 

(a) Subject to paragraphs (4) (Certain Limitations
to Registration, Transfer etc.) and (5) (Liability for Taxes, Duties and Other Charges), the Depositary may, in its
discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or
without calling this ADR for exchange) or cash, securities or property on the record date set by the Depositary therefor to reflect
any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution
or Other Distribution not distributed to Holders or any cash, securities or property available to the Depositary in respect of
Deposited Securities from (and the Depositary is hereby

 

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authorized to surrender any Deposited Securities to any person
and, irrespective of whether such Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation
or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization,
merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company.

 

(b) To the extent the Depositary does not so
amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities
or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically
represent its pro rata interest in the Deposited Securities as then constituted.

 

(c) Promptly upon the occurrence of any of
the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence
and as soon as practicable after receipt of such notice from the Company, may instruct the Depositary to give notice thereof, at
the Company's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall
give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

 

(14) Exoneration.

 

(a) The Depositary, the Company, and each of
their respective directors, officers, employees, agents and affiliates and each of them shall: (i) incur no liability to Holders
or Beneficial Owners (A) if any present or future law, rule, regulation, fiat, order or decree of the United States, the Federative
Republic of Brazil or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange
or market or automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision
of the Company's charter, any act of God, war, terrorism, nationalization, epidemic, pandemic, expropriation, currency restrictions,
work stoppage, strike, civil unrest, revolutions, rebellions, explosions, computer failure or circumstance beyond its direct and
immediate control shall prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection
with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation,
voting pursuant to paragraph (12) hereof), or (B) by reason of any non-performance or delay, caused as aforesaid, in the performance
of any act or things which by the terms of the Deposit Agreement it is provided shall or may be done or performed or any exercise
or failure to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure
to

 

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determine that any distribution or action may be lawful or reasonably
practicable); (ii) not incur or assume any liability to Holders or Beneficial Owners except to perform its obligations to the extent
they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct and the Depositary
shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners; (iii) in the case of the Depositary and its
agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited
Securities, ADSs or this ADR; (iv) in the case of the Company and its agents hereunder be under no obligation to appear in, prosecute
or defend any action, suit or other proceeding in respect of any Deposited Securities, the ADSs or this ADR, which in its opinion
may involve it in expense or liability, unless indemnity satisfactory to it against all expense (including fees and disbursements
of counsel) and liability be furnished as often as may be required; and (v) not be liable to Holders or Beneficial Owners for any
action or inaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Shares
for deposit, any Holder, any other person believed by it to be competent to give such advice or information, or in the case of
the Depositary only, the Company. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any
securities depository, clearing agency or settlement system.

 

(b) The Depositary. The Depositary shall
not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is
not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection
with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error
or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale
or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the ADRs), subject to
the further limitations set forth in subparagraph (q) of this paragraph (14), the Depositary shall not be responsible for, and
shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to
the extent that any Holder has incurred liability directly as a result of the Custodian having (i) committed fraud or willful misconduct
in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services
to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the Custodian is located.

 

(c) The Depositary, its agents and the Company
may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by them
to be genuine and to have been signed, presented or given by the proper party or parties.

 

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(d) The Depositary shall be under no obligation
to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto
of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated
quotation system.

 

(e) The Depositary and its agents will not
be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any
such vote is cast, including without limitation any vote cast by a person to whom the Depositary may be required to grant a discretionary
proxy pursuant to paragraph (12) hereof or for the effect of any such vote.

 

(f) The Depositary may rely upon instructions
from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

 

(g) The Depositary and its agents may own and
deal in any class of securities of the Company and its affiliates and in ADRs.

 

(h) Notwithstanding anything to the contrary
set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests
for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR(s) or ADS(s)
or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority,
including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

 

(i) None of the Depositary, the Custodian or
the Company shall be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S.
tax paid against such Holder's or Beneficial Owner's income tax liability.

 

(j) The Depositary is under no obligation to
provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company.

 

(k) The Depositary and the Company shall not
incur any liability for any tax or tax consequences that may be incurred by Holders or Beneficial Owners on account of their ownership
or disposition of the ADRs or ADSs.

 

(l) The Depositary shall not incur any liability
for the content of any

 

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information submitted to it by or on behalf of the Company for
distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring
an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the credit-worthiness of any
third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice
from the Company.

 

(m) Notwithstanding anything herein or in the
Deposit Agreement to the contrary, the Depositary and the Custodian(s) may use third party delivery services and providers of information
regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith
and the Deposit Agreement, and use local agents to provide services such as, but not limited to, attendance at any meetings of
security holders. Although the Depositary and the Custodian will use reasonable care (and cause their agents to use reasonable
care) in the selection and retention of such third party providers and local agents, they will not be responsible for any errors
or omissions made by them in providing the relevant information or services.

 

(n) The Depositary shall not be liable for
any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or
in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with
a previous act or omission of the Depositary out of which such potential liability arises the Depositary performed its obligations
without negligence or willful misconduct while it acted as Depositary.

 

(o) By holding an ADS or an interest therein,
Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Company
or the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated herein, therein
or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein
each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

 

(p) The Company has agreed to indemnify the
Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

 

(q) Neither the Depositary, the Company nor
any of their respective agents shall be liable to Holders or Beneficial Owners for any indirect, special,

 

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punitive or consequential damages (including, without limitation,
legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation,
Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

 

(r) No provision of the Deposit Agreement or
this ADR is intended to constitute a waiver or limitation of any rights which Holders or Beneficial Owners may have under the Securities
Act of 1933 or the Securities Exchange Act of 1934, to the extent applicable.

 

(15) Resignation and Removal of Depositary;
the Custodian.

 

(a) Resignation. The Depositary may
resign as Depositary by written notice of its election to do so delivered to the Company, such resignation to take effect upon
the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement.  

 

(b) Removal. The Depositary may at any
time be removed by the Company by no less than 60 days' prior written notice of such removal, to become effective upon the later
of (i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance
of such appointment as provided in the Deposit Agreement.

 

(c) The Custodian. The Depositary may
appoint substitute or additional Custodians (to the extent multiple Custodians are permitted under law) and the term "Custodian"
refers to each Custodian or all Custodians as the context requires; provided, however, that at no time without the
proper Brazilian governmental approvals shall the Depositary have more than one Custodian acting for it hereunder.

 

(16) Amendment. Subject to the last
sentence of paragraph (2) (Withdrawal of Deposited Securities), the ADRs and the Deposit Agreement may be amended by the
Company and the Depositary, provided that any amendment that imposes or increases any fees or charges on a per ADS basis
(other than stock transfer or other taxes and other governmental charges, transfer or registration fees, SWIFT, cable, telex or
facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing
right of Holders or Beneficial Owners, shall become effective 30 days after notice of such amendment shall have been given to the
Holders. Every Holder and Beneficial Owner at the time any amendment to the Deposit Agreement so becomes effective shall be deemed,
by continuing to hold such ADR, to consent and agree to such amendment and to be

 

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bound by the Deposit Agreement as amended thereby. In no event
shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably
necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on Form F-6 under the Securities
Act of 1933 or (b) the ADSs or Shares to be traded solely in electronic book-entry form and (ii) do not in either such case impose
or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any substantial rights of Holders or Beneficial
Owners. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations
which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, the Company
and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws,
rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a
notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance. Notice
of any amendment to the Deposit Agreement or form of ADRs shall not need to describe in detail the specific amendments effectuated
thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however,
that, in each such case, the notice given to the Holders identifies a means for Holders and Beneficial Owners to retrieve or receive
the text of such amendment (i.e., upon retrieval from the Commission's, the Depositary's or the Company's website or upon
request from the Depositary).

 

(17) Termination. The Depositary may,
and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR by mailing notice of such termination
to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary
shall have (i) resigned as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders
unless a successor depositary shall not be operating hereunder within 60 days of the date of such resignation, or (ii) been removed
as Depositary hereunder, notice of such termination by the Depositary shall not be provided to Holders unless a successor depositary
shall not be operating hereunder on the 60th day after the Company's notice of removal was first provided to the Depositary.
Notwithstanding anything to the contrary herein, the Depositary may terminate the Deposit Agreement without notice to the Company,
but subject to giving 30 days’ notice to the Holders, under the following circumstances: (i) in the event of the Company’s
bankruptcy or insolvency, (ii) if the Shares cease to be listed on an internationally recognized stock exchange, (iii) if the Company
effects (or will effect) a redemption of all or substantially all of the Deposited Securities, or a cash or share distribution
representing a return of all or substantially all of the value of the

 

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Deposited Securities, or (iv) there occurs a merger, consolidation,
sale of all or substantially all assets or other transaction as a result of which securities or other property are delivered in
exchange for or in lieu of Deposited Securities.

 

After
the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and
this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver Deposited Securities being withdrawn.
As soon as practicable after the date so fixed for termination, the Depositary shall use its reasonable efforts to sell the Deposited
Securities and shall thereafter (as long as it may lawfully do so) hold in an account (which may be a segregated or unsegregated
account) the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability
for interest, in trust for the pro rata benefit of the Holders of
ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of
the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination,
the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary
and its agents.

 

(18) Appointment; Acknowledgements and
Agreements. Each Holder and each Beneficial Owner, upon acceptance of any ADSs or ADRs (or any interest in any of them) issued
in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and
bound by the terms of the Deposit Agreement and the applicable ADR(s), (b) appoint the Depositary its attorney-in-fact, with full
power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable
ADR(s), to adopt any and all procedures necessary to comply with applicable law and to take such action as the Depositary in its
sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s),
the taking of such actions to be the conclusive determinant of the necessity and appropriateness thereof, and (c) acknowledge and
agree that (i) nothing in the Deposit Agreement or any ADR shall give rise to a partnership or joint venture among the parties
thereto nor establish a fiduciary or similar relationship among such parties, (ii) the Depositary, its divisions, branches and
affiliates, and their respective agents, may from time to time be in the possession of non-public information about the Company,
Holders, Beneficial Owners and/or their respective affiliates, (iii) the Depositary and its divisions, branches and affiliates
may at any time have multiple banking relationships with the Company, Holders, Beneficial Owners and/or the affiliates of any of
them, (iv) the Depositary and its divisions, branches and affiliates may, from time to time, be engaged in transactions in which
parties adverse to the Company or the Holders or Beneficial Owners may have interests, (v) nothing contained in the Deposit Agreement
or any ADR(s) shall (A) preclude the Depositary or

 

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any of its divisions, branches or affiliates from engaging in
any such transactions or establishing or maintaining any such relationships, or (B) obligate the Depositary or any of its divisions,
branches or affiliates to disclose any such transactions or relationships or to account for any profit made or payment received
in any such transactions or relationships, (vi) the Depositary shall not be deemed to have knowledge of any information held by
any branch, division or affiliate of the Depositary and (vii) notice to a Holder shall be deemed, for all purposes of the Deposit
Agreement and this ADR, to constitute notice to any and all Beneficial Owners of the ADSs evidenced by such Holder’s ADRs.
For all purposes under the Deposit Agreement and this ADR, the Holder hereof shall be deemed to have all requisite authority to
act on behalf of any and all Beneficial Owners of the ADSs evidenced by this ADR.

 

(19) Waiver. EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER OF, AND/OR HOLDER OF INTERESTS IN, ADSS OR ADRS)
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES
OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR
THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY), INCLUDING, WITHOUT LIMITATION,
ANY SUIT, ACTION OR PROCEEDING UNDER THE UNITED STATES FEDERAL SECURITIES LAWS.

 

(20) Elective Distributions in Cash or
Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in
additional Shares, the Company shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution
stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating
that the Company wishes such elective distribution to be made available to Holders, the Depositary shall consult with the Company
to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable
to make such elective distribution available to the Holders. The Depositary shall make such elective distribution available to
Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary
shall have determined that such distribution is reasonably practicable and (iii) the Depositary shall have received satisfactory
documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel
in any applicable jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If
the above conditions are

 

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not satisfied, the Depositary shall, to the extent permitted
by law, distribute to the Holders, on the basis of the same determination as is made in the local market in respect of the Shares
for which no election is made, either (x) cash or (y) additional ADSs representing such additional Shares. If the above conditions
are satisfied, the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of
the proposed dividend in cash or in additional ADSs. The Company shall assist the Depositary in establishing such procedures to
the extent necessary. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective
dividend in Shares (rather than ADSs). There can be no assurance that Holders or Beneficial Owners generally, or any Holder and/or
Beneficial Owner in particular, will be given the opportunity to receive elective distributions on the same terms and conditions
as the holders of Shares.

 

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