Document:

EX-10.9

 Exhibit 10.9 

ADVERTISING SPACE ASSIGNMENT AGREEMENT 
 FOR
INSERTION OF ADVERTISEMENTS 
 Through this private instrument: 
  

	(i)	UNIVERSO ONLINE S.A., a joint stock company, with headquarters in the Capital of the State of São Paulo, at Avenida Brigadeiro Faria Lima 1384, 6o
andar, enrolled on the Corporate Taxpayer’s National Register (CNPJ) under no 01.109.184/0001-95, hereinafter referred to as “UOL”, and 

  

	(ii)	PAGSEGURO INTERNET LTDA., a limited company, with headquarters in the Capital of the State of São Paulo, at Avenida Brigadeiro Faria Lima 1384, 4o
andar, parte A, enrolled on the CNPJ under no. 08.561.701/0001-01, hereinafter referred to as “PAGSEGURO’; 

 hereby represented
in the form their Articles of Incorporation and, together, referred to as Parties. 
 WHEREAS 

 

	(i)	UOL, as a controller of PAGSEGURO, with the aim of obtaining price improvement and bargaining power, contracts advertising/media space (“Media Agreement’) for the dissemination of both its and
PAGSEGURO’s advertisements from third parties (“Advertising Means”). As contractor, UOL is therefore the only party to bear the payments due and arising from said Media Agreements; 

 

	(ii)	UOL owns multi-service systems that include the operation and availability of a Portal on the Internet (www.uol.com.br), through which it onerously assigns virtual spaces for the insertion of advertisements.

 The Parties have decided to agree the following Advertising Space Assignment Agreement for the Insertion of Advertisements (“Agreement”)
that will be governed by the following clauses and conditions: 
 FIRST CLAUSE – PURPOSE 

 

	1.1.	The purpose of this Agreement is the onerous assignment by UOL to PAGSEGURO of advertising/media spaces for the insertion of PAGSEGURO’s advertisements. 

1.1.1. For advertising/media spaces assigned by means of this Agreement it is understood that: 

 

	 	(i)	The Media Agreements entered into by UOL with the Advertising Means for the acquisition of advertising/media spaces for the dissemination both of UOL’s and of PAGSEGURO’s advertisements,
considering, to this end, only the portions that are attributable and for PAGSEGURO’s use for the dissemination of its advertisements; and 

  

	 	(ii)	The virtual spaces on UOL’s Portal (www.uol.com.br), for the insertion of advertisements within the formats and standards determined by UOL, for the amount in the price table in force at the time of
the insertion. 

  
 1 

	1.2.	The content of PAGSEGURO’s advertisements will be its sole and exclusive liability, with UOL not being attributed any joint and several liability. 

SECOND CLAUSE – PRICE AND CONDITIONS OF PAYMENT 
  

	2.1.	For the assignment of the advertising/media spaces for the insertion of advertisements PAGSEGURO will pay UOL the amount spent on the acquisition of said advertising/media space, for the hypothesis
considered in item (i) of clause 1.1.1 above, and/or the amount in the price table in force at the time of the insertion of the advertisement, for the hypothesis considered in item (ii) of clause 1.1.1 above, upon issue by UOL of
the relevant document, such as bills, debit notes, among others, as detailed below. 

  

	 	2.1.1.	The basis for calculating the amounts indicated in this Agreement are, (i) the portion attributable to PAGSEGURO of the amounts in the Media Agreements, referring only to advertising/media spaces used to
disseminate PAGSEGURO’s advertisements; and (ii) the amounts related to the assignment by UOL to PAGSEGURO of virtual spaces for the insertion of PAGSEGURO’s advertisements on the UOL Portal. The
portion relating to the Media Agreements for advertising/media spaces for the dissemination of UOL’s advertisements is totally excluded from the composition of the calculation basis described herein. 

 

	2.2.	The calculation of the total amount due by PAGSEGURO to UOL will be performed monthly by UOL and communicated to PAGSEGURO (“Statement”), in the month following the calculation.

  

	2.3.	PAGSEGURO will have a term of up to 5 (five) days counting from the date of receipt of the respective Statement to present any disagreements with the figures presented in the Statement, under penalty of its
agreement with the amounts contained therein being presumed. 

  

	2.4.	In the event of disagreement, PAGSEGURO will describe in detail its nature and basis, indicating a proposal for corrections to be made to the Statement (“Notification of Disagreement”), and the Parties
undertake to do their best, within 15 (fifteen) days counting from the receipt of the Notification of Disagreement, to negotiate and reach an agreement in good faith in respect of the disagreements presented, with the consequent re-issue by
UOL of the appropriate corrected collection document, or payment, by PAGSEGURO, of the amount discussed, duly corrected. 

  

	2.5.	If the Parties are satisfied with the calculation and amounts in the Statement, UOL will issue the respective collection document to PAGSEGURO for payment, to be made within 30 (thirty) days from the issue
thereof. If there is a disagreement about only part of the amounts contained in the Statement, UOL will issue the respective collection document to PAGSEGURO for payment of the undisputed amount, which shall be made within 30 (thirty)
days from its issue. 

  

	2.6.	It is agreed that, if any amounts due under this Agreement are not fully paid on their respective due dates, the following will automatically apply on the overdue amounts, (i) due monetary restatement of the amount
in arrears by the INPC/IBGE index, until the date of actual payment; (ii) arrears interest of 1% (one percent) per month calculated pro rata die; and (iii) a 2% (two percent) fine. 

  
 2 

 THIRD CLAUSE – GENERAL PROVISIONS 
  

	3.1.	This Agreement starts on the date of its signature and will remain in force for an indefinite period and may be terminated by either of the Parties upon prior and express notification at least thirty (30) days in
advance. 

  

	3.2.	This Agreement represents the understanding of the Parties with respect to the matters contained herein, cancelling and replacing all communications, representations, warranties and verbal or written agreements
previously held between UOL and PAGSEGURO. 

  

	3.3.	Any amendment to the terms and conditions of this Agreement may only be effected in writing, upon entering into the corresponding addendum signed by the Parties. 

 

	3.4.	This Agreement binds the Parties and their successors, in any capacity. 

  

	3.5.	The tolerance of one Party towards the other as to noncompliance with any of the obligations assumed in this Agreement will not imply novation, moratorium or waiver of rights. The tolerant Party may require from the
other Party the full and faithful performance of this Agreement at any time. 

 FOURTH CLAUSE – JURISDICTION 

 

	4.1.	The venue of the City of São Paulo, São Paulo State is elected to resolve any issues arising from this Agreement, to the detriment of any other court or tribunal, however privileged it may be.

 In witness whereof, they sign this Agreement in 2 (two) counterparts of equal form and content, in the presence of two witnesses. 

São Paulo, August 1, 2015. 

/S/    ROGILDO TORQUATO LANDIM      
/S/    RENATO BERTOZZO DUARTE 
  

UNIVERSO ONLINE S.A. 

/S/    ROGILDO TORQUATO LANDIM      
/S/    RENATO BERTOZZO DUARTE 
  

PAGSEGURO INTERNET LTDA 
  

			
	Witnesses:
	
1.    /S/    JULIANA 
DARIO PROCOPIO
	  	
2.    /S/    PATRICIA 
BELTRAME COELHO

	 Name: Juliana Dario Procopio
	  	Name: Patricia Beltrame Coelho
	 Identity Card no.:
	  	 Identity Card no.:

  
 3 

 1st ADDENDUM TO THE ADVERTISING SPACE
ASSIGNMENT AGREEMENT 
 FOR THE INSERTION OF ADVERTISEMENTS 

Through this private instrument: 
  

	(i)	UNIVERSO ONLINE S.A., a joint stock company, with headquarters in the Capital of the State of São Paulo, at Avenida Brigadeiro Faria Lima 1384, 6o
andar, enrolled on the Corporate Taxpayer’s National Register (CNPJ) under no 01.109.184/0001-95, hereinafter referred to as “UOL”, and 

  

	(ii)	PAGSEGURO INTERNET S.A., (current name of PAGSEGURO INTERNET LTDA.) a limited company, with headquarters in the Capital of the State of São Paulo, at Avenida Brigadeiro Faria Lima 1384, 4o andar, parte A, enrolled on the CNPJ under no. 08.561.701/0001-01, hereinafter referred to as “PAGSEGURO’; 

hereby represented in the form their Articles of Incorporation and, together, referred to as Parties. 

WHEREAS 
  

	(I)	The Parties entered into the Advertising Space Assignment Agreement for the Insertion of Advertisements on August 1, 2015 (“Agreement”); and 

 

	(ii)	The Parties intend to agree the conditions of the Agreement. 

 The Parties have decided to agree this 1st Addendum to the Advertising Space Assignment Agreement for the Insertion of Advertisements (“Addendum”) which will be governed by the following clauses and conditions: 

 

	1.1.	The Parties agree to replace item (ii) of sublcuase 1.1.1 of the Agreement, which will be in force with the wording below: 

“1.1.1. (...) 
  

	 	(ii)	The virtual spaces on the UOL Portal (www.uol.com.br), are for the insertion of advertisements within the formats and standards determined by UOL. The volume of
programmed media will be delivered in accordance with availability, prioritizing the remaining inventory. 

  

	1.2.	The Parties have ratified all the other terms and conditions of the Agreement, it being clear that the terms and conditions that have not been amended by this Addendum remain unaltered and in full force.

 In witness whereof, they sign this Agreement in 02 (two) counterparts of equal form and content, in the presence of two witnesses. 

São Paulo, January 1, 2017. 

  
 1 

 /S/    MARCELO IVALDO DA
SILVA       /S/    MARCELO IVALDO DA SILVA 

 
 UNIVERSO ONLINE S.A.

 /S/    MARCELO IVALDO DA
SILVA       /S/    MARCELO IVALDO DA SILVA 

 
 PAGSEGURO INTERNET LTDA

  

			
	Witnesses:
	
1.    /S/    
JÉSSICA HELENA GAZZANEO
	  	
2.    /S/    
ILLEGIBLE

	 Name: Jéssica Helena Gazzaneo
	  	Name: [Illegible]
	 Identity Card no.:
	  	 Identity Card no.:

  
 2 

 UOL – TABLE OF PRICES – AUGUST 2016 

 

									
	CHANNELS / DESCRIPTION / SEGMENTATION	  	FORMATS	  	UNIT OF SALE	  	TABLE (R$)	 
	
PACKAGES

UOL and BOL HOMEPAGES 
Cross-device
	  	HEADERS (Cutting Edge, 300x250 topo 
mobile)	  	DAILY 100%	  	 	360,000.00	 
	  	HEADERS (Cutting Edge, 300x250 topo mobile)	  	TIME
RANGE
08:00-12:00, 12:00-16:00 or 16:00-20:00	  	 	155,000.00	 
	  	HEADERS (Cutting Edge, 300x250 topo mobile)	  	TIME RANGE
20:00-08:00	  	 	130,000.00	 
	  	HEADERS (Cutting Edge, 300x250 topo mobile)	  	CPM	  	 	10.00	 
	  	AD TAB (1190x330 or 970x250, 300x250 mobile)	  	DAY 24hrs	  	 	280,000.00	 
	  	AD TAB (1190x330 or 970x250, 300x250 mobile)	  	TIME RANGE
08:00-12:00, 12:00-16:00 or 16:00-20:00	  	 	180,000.00	 
	  	AD TAB (1190x330 or 970x250, 300x250 mobile)	  	TIME RANGE
20:00-08:00	  	 	105,000.00	 
	  	AD TAB (1190x330 or 970x250, 300x250 mobile)	  	CPM	  	 	10.00	 
	 PACKAGE UOL and 
BOL HOMEPAGES
Desktop
	  	OFFERS FOR YOU BAR	  	CPC	  	 	3,00	 
	 PACKAGES
UOL
HOMEPAGE
Cross-device
	  	RECTANGLE 300x250 SPORTS MODULE 100%	  	DAILY 100%	  	 	160,000.00	 
	  	RECTANGLE 300x250 SPORTS MODULE 50%	  	DAILY 50%	  	 	85,000.00	 
	  	RECTANGLE 300x250 SPORTS MODULE 25%	  	DAILY 25%	  	 	50,000.00	 
	  	RECTANGLE 300x250 SPORTS MODULE	  	CPM	  	 	6,00	 
	  	RECTANGLE 300x250 ENTERTAINMENT MOD. 100%	  	DAILY 100%	  	 	130,000.00	 
	  	RECTANGLE 300x250 ENTERTAINMENT MOD. 50%	  	DAILY 50%	  	 	70,000.00	 
	  	RECTANGLE 300x250 ENTERTAINMENT MOD. 25%	  	DAILY 25%	  	 	40,000.00	 
	  	RECTANGLE 300x250 ENTERTAINMENT MOD.	  	CPM	  	 	6,00	 
	 UOL HOME
PAGE
Desktop
	  	NATIVE CARROSSEL 100% (branded content designs)	  	DAILY 100%	  	 	157,000.00	 
	  	NATIVE CARROSSEL 50% (branded content designs)	  	DAILY 50%	  	 	96,500.00	 
	  	RECTANGLE 300x250 NEWS MOD. 100%	  	DAILY 100%	  	 	85,000.00	 
	  	RECTANGLE 300x250 NEWS MOD. 50%	  	DAILY 50%	  	 	50,500.00	 
	  	RECTANGLE 300x250 NEWS MOD.25%	  	DAILY 25%	  	 	30,500.00	 
	  	HALF PAGE 300x600 ED. RECOMMENDATION MOD. 100%	  	DAILY 100%	  	 	85,000.00	 
	  	HALF PAGE 300x600 ED. RECOMMENDATION MOD. 50%	  	DAILY 50%	  	 	50,500.00	 
	 UOL +BOL HOMEPAGE Cellular
	  	HOMEPAGE—BANNER FOOTER	  	DAILY 100%	  	 	65,000.00	 

									
	CHANNELS / DESCRIPTION / SEGMENTATION	  	FORMATS	  	UNIT OF SALE	  	TABLE (R$)	 
	
DAILY RATES OF HOMEPAGE AT THE WEEKENDS: HALF OF THE AMOUNT OF WEEKDAYS
	
 

	
HOMEPAGE INTERVENTION: 22% INCREASE
	
 

	 UOL and BOL
Package
VideoBlast
	  	
PACKAGE VIDEO BLAST
 FLOATING HOMEPAGES, PRE-ROLL AND IN-ARTICLE
	  	DAILY—2 MM video views in one day	  	 	240,000.00	 
	  	  	CPV	  	 	0,11	 
	 UOL VIDEO NETWORK
	  	In-stream, Out-stream and Floating home Video	  	CPM	  	 	200.00	 
	  	  	CPV	  	 	0,20	 
	 UOL DISPLAY NETWORK
UOL, BOL and Network of
CONTENT
(sites and positions not specified)
  

(level of transparency in the programmatic media: semi-transparent)
	  	SUPER BANNER 728x90 or 970x90	  	CPM	  	 	6,00	 
	  	HALF PAGE 300x600	  	CPM	  
	  	RECTANGLE 300x250 or MOBILE 320x50	  	CPM	  
	  	NATIVE OFFERS FOR YOU	  	CPC	  	 	1,50	 
	  	NATIVE OFFERS FOR YOU	  	CPM	  	 	0,75	 
	  	NATIVE CONTENT	  	CPC	  	 	2,00	 
	  	NATIVE CONTENT	  	CPM	  	 	2,40	 
	  	DHTML	  	CPM	  	 	12,00	 
	 UOL DISPLAY ROC

9 Channel Package (9 main channels: Cars, Economy, Education, Style, Entertainment, Sport, UOL Music
Deezer, News, TV&Famous People )
  

(level of transparency in the programmatic media: semi-transparent)
	  	SUPER BANNER 728x90 or 970x90	  	CPM	  	 	12,00	 
	  	HALF PAGE 300x600	  	CPM	  
	  	RECTANGLE 300x250 or MOBILE 320x50	  	CPM	  
	  	NATIVE OFFERS FOR YOU	  	CPC	  	 	2,50	 
	  	NATIVE OFFERS FOR YOU	  	CPM	  	 	1,75	 
	  	NATIVE CONTENT	  	CPC	  	 	3,75	 
	  	NATIVE CONTENT	  	CPM	  	 	7,50	 
	  	DHTML or BILLBOARD 970x250	  	CPM	  	 	18,00	 
	  	BILLBOARD 970x250	  	2MM impressions per day	  	 	36,000.00	 
	 BOL DISPLAY ROC

5 Channel Package

(5 main channels: Brazil, Entertainment

,Photos, News and Sport)
  

(level of transparency in the programmatic media: semi-transparent)
	  	SUPER BANNER 728x90 or 970x90	  	CPM	  	 	12.00	 
	  	HALF PAGE 300x600	  	CPM	  
	  	RECTANGLE 300x250 or MOBILE 320x50	  	CPM	  
	  	SKYSCRAPER or WIDESKY 120x600 or 160x600	  	CPM	  
	  	NATIVE OFFERS FOR YOU	  	CPC	  	 	2.50	 
	  	NATIVE OFFERS FOR YOU	  	CPM	  	 	1.75	 
	  	NATIVE CONTENT	  	CPC	  	 	3.75	 
	  	NATIVE CONTENT	  	CPM	  	 	7.50	 
	  	DHTML	  	CPM	  	 	18.00	 
	 BOL EMAIL

 
 (level of transparency in the
programmatic media: 100% transparent)
	  	WIDESKY 160x600	  	CPM	  	 	12.00	 
	  	LOGOUT EMAIL BOL	  	DAILY 100%—DDS	  	 	20,000.00	 
	  	LOGOUT EMAIL BOL	  	DAILY 100%—FDS	  	 	10,000.00	 
	  	LOGOUT EMAIL BOL	  	CPM	  	 	65.00	 

									
	CHANNELS / DESCRIPTION / SEGMENTATION	  	FORMATS	  	UNIT OF SALE	  	TABLE (R$)	 
	 OTHER BOL and UOL
CHANNELS
 (except the 15 main channels above)

 
 (level of transparency in the
programmatic media: semi-transparent)
	  	SUPER BANNER 728x90 or 970x90	  	CPM	  	 	6.00	 
	  	HALF PAGE 300x600	  	CPM	  
	  	RECTANGLE 300x250 or MOBILE 320x50	  	CPM	  
	  	NATIVE OFFERS FOR YOU	  	CPC	  	 	1,50	 
	  	NATIVE OFFERS FOR YOU	  	CPM	  	 	0.75	 
	  	NATIVE CONTENT	  	CPC	  	 	2.00	 
	  	NATIVE CONTENT	  	CPM	  	 	2.40	 
	  	DHTML	  	CPM	  	 	12.00	 
	 UOL and BOL

SELECTED MAIN CHANNELS
  

NETWORK OF CONTENT
SELECTED WEBSITES

 
 (level of transparency in the
programmatic media: 100% transparent)
	  	728x90, 970x90, 300x250, 300x600	  	CPM	  	 	24.00	 
	  	dhtml, jumbo, billboard 970x250	  	CPM	  	 	35.00	 
	  	BG + supper banner	  	CPM	  	 	85.00	 
	  	NATIVE OFFERS FOR YOU	  	CPC	  	 	2.50	 
	  	NATIVE OFFERS FOR YOU	  	CPM	  	 	1.75	 
	  	NATIVE CONTENT	  	CPC	  	 	3.75	 
	  	NATIVE CONTENT	  	CPM	  	 	7.50	 
	 
	
UOL EDITORIAL TAG CONTEXTUALIZING THE ITEM: ADDITIONAL MEDIA CPM OF R$2,00
	
 

	 UOL APPS

 
 (Results, News, Exchange
Rates/Stock Market, and Chat)
	  	FOOTER 320X50	  	CPM	  	 	12.00	 
	  	INTERSTITIAL FULL SCREEN	  	CPM	  	 	24.00	 
	 UOL
CONTENT SPONSORSHIP
	  	UOL TAB	  	WEEK 100%	  	 	150,000.00	 
	  	UOL RESULTS APP	  	MONTH 25%	  	 	200,000.00	 
	  	UOL NEWS APP	  	MONTH 25%	  	 	80,000.00	 
	  	UOL EXCHANGE RATES/STOCK MARKET APP	  	MONTH 25%	  	 	50,000.00	 
	  	UOL CHAT APP	  	MONTH 25%	  	 	100,000.00	 
	  	GIRO UOL JINGLE ON AUDIO and NATIVE ON NEWSLETTER	  	WEEK 100%	  	 	50,000.00	 
	  	OTHER EDITORIAL DESIGNS	  	on enquiry	  	 	on enquiry	 
	 UOL and
BOL
 CONTENT DESIGNS
	  	Simple designs using UOL and BOL editorial templates	  	CONTENT + Dissemination with Native Ads	  	 	from R$100 mil	 
	  	Customized designs	  	CONTENT + Dissemination	  	 	on enquiry	 

									
	CHANNELS / DESCRIPTION / SEGMENTATION	  	FORMATS	  	UNIT OF SALE	  	TABLE (R$)	 
	 SEGMENTATION BY
DATA
(see data table for details)
	  	GENDER	  	Additional media CPM	  	 	1.00	 
	  	AGE RANGE	  	Additional media CPM	  
	  	GEO-LOCALIZATION (city, state, country)	  	Additional media CPM	  
	  	DEVICES (mobile targeting)	  	Additional media CPM	  
	  	CELLULAR OPERATOR (mobile targeting)	  	Additional media CPM	  
	  	INCOME CLASSIFICATION	  	Additional media CPM	  	 	2.00	 
	  	INTEREST	  	Additional media CPM	  
	  	LIFE STYLE	  	Additional media CPM	  
	  	MICRO SEGMENTS	  	Additional media CPM	  
	  	MEANS OF PAYMENT	  	Additional media CPM	  	 	3.00	 
	  	THIRD PARTY DATA (on enquiry)	  	Additional media CPM	  	 	on enquiry	 
	  	GENDER	  	Additional media CPV or CPC	  	 	0.01	 
	  	AGE RANGE	  	Additional media CPV or CPC	  
	  	GEO-LOCALIZATION (city, state, country)	  	Additional media CPV or CPC	  
	  	DEVICES (mobile targeting)	  	Additional media CPV or CPC	  
	  	CELLULAR OPERATOR (mobile targeting)	  	Additional media CPV or CPC	  
	  	INCOME CLASSIFICATION	  	Additional media CPV or CPC	  	 	0.02	 
	  	INTEREST	  	Additional media CPV or CPC	  
	  	LIFE STYLE	  	Additional media CPV or CPC	  
	  	MICRO SEGMENTS	  	Additional media CPV or CPC	  
	  	MEANS OF PAYMENT	  	Additional media CPV or CPC	  	 	0.03	 
	  	THIRD PARTY DATA (on enquiry)	  	Additional media CPV or CPC	  	 	on enquiry	 
	 SEGMENTATION BY DATA
(for dailies)
	  	UOL DATA (gender, age, localization, device, income, interest, life style or micro segments)	  	DAILY	  	 
	Increase of 20%
to the daily amount	 
 
	
INTERVENTIONS: 22% INCREASE
	
 

 Data application calculation notes: 
 In
the segmentation by data where 2 or more clusters cross, apply the ‘AND’ or ‘OR’ rule 
 ‘OR’ Rule: the CPM with the largest
value applies; ‘AND’ Rule: add the CPM of each selected dataEX-10.10

 Exhibit 10.10 

LONG-TERM INCENTIVE PLAN (LTIP) 
 RESTRICTED
SHARES PLAN – UNIVERSO ONLINE S.A. 
  

	1.	Long-Term Incentive Plan – Restricted Shares 

  

	 	1.1.	The Board of Directors of Universo Online S.A (hereinafter referred to as “Company”), approved this Long-Term Incentive Plan (hereinafter referred to as “LTIP”), pursuant to
which the Company may grant Restricted Shares to certain employees (hereinafter referred to as “Beneficiaries”), provided that they are previously selected and approved by the LTIP Committee, as defined below, within the limits and
conditions set forth herein. 

  

	 	1.2.	The purpose of the LTIP is to reinforce the alignment of interests between the Company and the Beneficiaries, who may become partners of the enterprise, increasing their commitment. The Company expects to
encourage the expansion, success, and achievement of its corporate purpose, attracting and retaining personnel with a high potential to contribute to its success. 

 

	 	1.3.	The management of the LTIP, including the selection of Beneficiaries and the determination of the relevant participation conditions, will be conducted by the LTIP management committee (“LTIP
Committee”), a body of the Company comprised of the Company’s Chief Executive Officer (Diretor Presidente) and 2 (two) other officers appointed by the CEO. Only after the LTIP Committee passes a resolution, may the Company or
any Entity (as defined below) enter into any agreement or amendment with Beneficiaries of the LTIP. 

  

	 	1.4.	The restricted shares provided for in this LTIP are shares issued by entities (hereinafter collectively referred to as “Entities” or individually as “Entity”) that Go Public (as
defined below) and that concentrate on the activities of the following business units: 

 - UOL Diveo; 

- UOL Educação; and 
 - UOL
Conteúdo, Serviços e Meios de Pagamento. 
  

	 	1.5.	The grant of shares issued by each of the Entities will be subject to the relevant Entity going public upon registration with the Brazilian Securities Commission (Comissão de Valores
Mobiliários – CVM) and the completion of a public offering of shares for trading on the BM&FBOVESPA or on a stock exchange in the United States of America (“Going Public”). In the event the condition is not
fulfilled, for any reason, within 5 (five) years from the date hereof (“LTIP Launching Date”), the LTIP will be terminated and the Beneficiary will not be entitled to any share issued by the relevant Entity. Therefore, until
July 29, 2020 to all Beneficiaries, including the Beneficiaries included in the LTIP after the LTIP Launching Date, as per clause 3.1.4. 

  

	 	1.6.	In the event that an Entity listed in Clause “1.4.” is fully sold before Going Public, the cash settlement provision set forth in Clause “6” below will apply. 

	 	1.7.	The number of restricted shares granted to each Beneficiary will be determined based on a Potential Monetary Value (hereinafter referred to as “PMV”) attributed to each of the Beneficiaries of
the LTIP, pursuant to the conditions and criteria determined by the LTIP Committee, which will be expressly set forth in the Individual Long-Term Incentive Agreement (hereinafter referred to as “Individual Agreement”).

  

	 	1.8.	The total number of restricted shares delivered (or to be delivered) to the Beneficiaries of the LTIP shall not exceed 3% (three percent) of the total number of shares of the capital stock of the relevant
company, at any time. 

  

	2.	Selection of Beneficiaries and Application of the LTIP 

  

	 	2.1.	The LTIP Committee will select the Beneficiaries of the LTIP, as follows: 

  

	 	2.1.1.	Beneficiaries who perform their activities in only one of the business units listed in Clause “1.4” will have their PMV (net of legal charges) converted only into shares of such Entity.

  

	 	2.1.2.	Beneficiaries of the LTIP who perform their activities in more than one of the business units listed in Clause “1.4” will have their PMV (net of legal charges) converted into shares of the relevant
Entities, subject to the proportion set forth in the Individual Agreement. 

  

	3.	Potential Monetary Value – Conversion into Shares 

  

	 	3.1.	The LTIP Committee will determine the PMV attributed to each Beneficiary, as follows: 

  

	 	3.1.1.	On the LTIP Launching Date, all PMVs attributed to Beneficiaries of the LTIP shall correspond to up to 1.5% (one point five percent) of the reference value of the Entity (“Reference Market Cap”),
determined by the LTIP Committee (in accordance with the criteria approved by the Board of Directors of the Company), including payable legal charges (pursuant to Clause “8”). 

 

	 	3.1.2.	The PMV may be adjusted, pursuant to the Individual Agreement, based on the “Market cap” of the Entity in effect on the Going Public date. 

 

	 	3.1.3.	The right to the PMV will vest in each of the Beneficiaries on a pro rata temporis basis, i.e., 20% (twenty percent) for every year after the LTIP Launching Date for 5 (five) years. Accordingly, at the end
of the fifth year after the LTIP Launching Date, the right to the PMV will be fully vested in the Beneficiary. With respect to the Beneficiaries included in the LTIP after the LTIP Launching Date, the term will be computed from the signature date of
the Agreement. 

	 	3.1.4.	Beneficiaries included in the LTIP after the LTIP Launching Date will be subject to the same rules and term periods set forth in Clause “3.1.3.” However, in the event relevant Entity or Entities do not
Go Public, for any reason, within up to 5 (five) years after the LTIP Launching Date, the LTIP will be terminated and the Beneficiary will not be entitled to receive any shares issued by the relevant Entity. 

 

	 	3.1.5.	PMVs vested by the date the relevant Entity or Entities Go Public will be converted into shares on that date, taking into account such value, net of legal charges, divided by the market value of the shares on
that date. 

  

	 	3.1.6.	In the event the relevant Entity or Entities Go Public before PMVs are fully vested in the Beneficiaries, only available amounts will be converted. The portion of the PMV vested after the relevant Entity or
Entities Go Public will be converted into shares at the average share price in the 30 (thirty) previous trading sessions (or fewer sessions if 30 sessions have not yet occurred) in the market on the date on which amounts became available.

  

	4.	Effective Delivery of Restricted Shares 

  

	 	4.1.	Once the PMV is converted into shares on the Go Public date (pursuant to Clause “3.1.5”), these shares will be transferred to the Beneficiary within a reasonable time determined by the LTIP
Committee after the conversion date. 

  

	 	4.2.	Although the Beneficiary owns the shares transferred, as described in Clause “4.1,” the sale of such shares can only be effected one (1) year after the transfer. In the event the shares were
acquired after the Go Public date, the sale can be effected as soon as the transfer to the Beneficiary is completed, except if these shares were acquired in the period of 12 (twelve) months after the Go Public date, in which case they can only be
sold 1 (one) year after the Go Public date, or within a larger period in the event any trading restriction is imposed by regulations or agreement applicable to the shares issued by the Entity. 

 

	 	4.3.	Once the transfer of ownership of the shares to the Beneficiary is complete, the Beneficiary will be exclusively responsible for managing such asset, except as provided in Clause “4.2.”

  

	 	4.4.	At the discretion of the LTIP Committee, the shares will be delivered through the sale of shares held in treasury, subscription of new shares or payment in cash, pursuant to which the Beneficiary will acquire the
shares issued by the relevant Entity in the market. 

  

	5.	Events of Dismissal of the Beneficiary from the Company or Entity – Restricted Shares 

  

	 	5.1.	Dismissal of the Beneficiary before the Go Public date: 

  

	 	5.1.1.	If the Beneficiary voluntarily resigns from the Company or Entity (including due to retirement) or if the Beneficiary is dismissed with cause, the PMV will be fully canceled by operation of law, regardless of
prior notice or notification, and the Beneficiary will not be entitled to any indemnification. 

	 	5.1.2.	If the Beneficiary is dismissed without cause by the Company or Entity or in the case of the death or disability of the Beneficiary: 

 

	 	(i)	if the dismissal, death or retirement due to disability occurs 60 (sixty) days before the Go Public date, or before this period: the Beneficiary’s PMV will be fully canceled by operation of law, regardless of
prior notice or notification, and the Beneficiary will not be entitled to any indemnification. 

  

	 	(ii)	if the dismissal, death or retirement due to disability occurs within the period of 59 (fifty-nine) days before the Go Public date or on the Go Public date: the shares relating to the portion of the PMV that has
already vested by the date of the dismissal or death will be due and delivered on the Go Public date. The portion of the PMV that has not yet vested will be canceled by operation of law, regardless of prior notice or notification, and the
Beneficiary will not be entitled to any indemnification. 

  

	 	5.2.	Dismissal of the Beneficiary after the Go Public date: 

  

	 	5.2.1.	If the Beneficiary resigns from or is dismissed by the Company or Entity (including due to retirement) or in the case of the death or retirement due to disability: the shares relating to the portion of the PMV
that has already vested by the date of the dismissal, death or retirement due to disability will be due and delivered. The portion of the PMV that has not yet vested will be canceled by operation of law, regardless of prior notice or notification,
and the Beneficiary will not be entitled to any indemnification. 

  

	 	5.2.2.	If the Beneficiary is dismissed with cause, the Beneficiary’s PMV will be fully canceled by operation of law, regardless of prior notice or notification, and the Beneficiary will not be entitled to any
indemnification. 

  

	6.	Event of Sale of 100% of the Entity before the Go Public Date 

  

	 	6.1.	In the event that 100% of the Entity is sold before the Go Public date, the Beneficiary will be entitled to receive the portion of the PMV vested by that date (pursuant to Clause “3.1.3”) in cash
(net of legal charges). 

  

	 	6.2.	In the event that the selling price of the Entity is below the Reference Market Cap, the PMV will be proportionally reduced. 

 

	 	6.3.	In the event that the selling price of the Entity is higher than the Reference Market Cap, the PMV will not be proportionally adjusted. 

 

	 	6.4.	The payment set forth above in Clause “6.1” will be made 1 (one) year after the sale of the Entity. 

  

	 	6.5.	The portion of the PMV not vested on the date of sale of 100% of the Entity will be canceled by operation of law, regardless of prior notice or notification, and the Beneficiary will not be entitled to any
indemnification. 

  

	7.	Events of Dismissal of the Beneficiary from the Company or Entity – 100% Sale 

  

	 	7.1.	Dismissal of the Beneficiary before the 100% Sale: 

  

	 	7.1.1.	If the Beneficiary resigns from or is dismissed by the Company or Entity (including due to retirement) or in the case of the death or retirement, the Beneficiary’s PMV will be fully canceled by operation of
law, regardless of prior notice or notification, and the Beneficiary will not be entitled to any indemnification. 

  

	 	7.2.	Dismissal of the Beneficiary after the 100% Sale: 

  

	 	7.2.1.	If the Beneficiary voluntarily resigns from the Company or Entity (including due to retirement) or if the Beneficiary is dismissed with cause, after the sale of 100% of the Entity and less than 1 (one) year
before the effective receipt of the PMV, the Beneficiary’s PMV will be canceled by operation of law, regardless of prior notice or notification, and the Beneficiary will not be entitled to any indemnification. 

 

	 	7.2.2.	If the Beneficiary is dismissed without cause by the Company or Entity or in the case of the death or retirement due to disability of the Beneficiary after the sale of 100% of the Entity and prior to 1 (one) year
before the effective receipt of the PMV, the PMV will be fully paid to the Beneficiary (or the Beneficiary’s beneficiaries). 

  

	8.	Legal Charges – Restricted Shares and Cash Settlement 

  

	 	8.1.	The amounts provided for in this LTIP, paid in shares or settled in cash, are tied to the success of the company rather than the individual performance of Beneficiaries or usual events (the grant of restricted
shares and their settlement in cash are unique events), and do not result in payment of labor charges (Workers’ Guarantee Fund (Fundo de Garantia por Tempo de Serviço – FGTS),
13th salary and paid vacation). 

  

	 	8.2.	On the other hand, in order to avoid questioning regarding the incorporation of these amounts in the calculation basis of individual income tax (IRPF) and social security contributions, the Entity will make the
required discounts and payments set forth in applicable law currently in effect, considering as the date of payment of compensation (taxable income) the date on which the shares are effectively delivered to the Beneficiary or the date on which the
Beneficiary receives a cash payment. 

  

	 	8.3.	Nonetheless, the Company or Entity will be required to withhold the amounts set forth in applicable law currently in effect. Beneficiaries will not be entitled to any indemnification or compensation and will be
required to pay the relevant taxes, pursuant to applicable law. 

  

	9.	Term of the LTIP 

  

	 	9.1.	The LTIP was approved by the Board of Directors of the Company and the LTIP Committee is authorized to take the measures required for its implementation by the Company. 

 

	 	9.2.	The LTIP will remain in effect until all rights set forth herein are settled or terminated, or for a period of 5 (five) years after the LTIP Launching Date if the Entity does not Go Public or the 100% Sale of the Entity
does not occur. 

  

	 	9.3.	The LTIP and the Individual Agreements may be reviewed or terminated, at any time, by the decision of the Board of Directors of the Company or the LTIP Committee, in the event of force majeure or considerable
fluctuation in general economic conditions, indicating unpredictability or instability, or if the law or regulations applicable to the Company or Entities change, resulting in substantial alterations in the provisions of the LTIP and Individual
Agreement. 

  

	 	9.4.	In the event of corporate reorganization of the Company and/or Entities, including those involving third parties, or spin-offs, consolidations, mergers or Go Public processes involving companies that concentrating on
business units other than those listed in Clause “1.4” above, the LTIP and the Individual Agreement will be adjusted to the new corporate structure and may be amended, at the sole discretion of the Board of Directors or the LTIP
Committee. 

  

	10.	Miscellaneous 

  

	 	10.1.	The provisions of this LTIP do not ensure or entitle Beneficiaries to the right of remaining members of management and/or employees of the Company or Entities, nor do they affect the right of the Company or
Entities, at any time and subject to legal and contractual conditions, to terminate the employment contract of the employee and/or interrupt the term of office of the member of management. 

 

	 	10.2.	Omissions will be resolved by the LTIP Committee or the Board of Directors of the Company. 

 Approved on
July 29, 2015

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