Kanovich Sebastian 4

What Happened Sebastian Kanovich, a director of dLocal Ltd (DLO), directed the conversion and sale of 1,000,000 Class B common shares on July 1, 2026. The shares were converted to Class A common shares upon execution and sold in an open‑market transaction at $14.63 per share, generating $14,630,000 in proceeds. The Form 4 also reports the conversion event (derivative conversion) associated with these shares.

Key Details

• Transaction date: July 1, 2026. Sale price: $14.63 per share; total proceeds $14,630,000.
• Reported transactions: conversion of 1,000,000 Class B shares to Class A (automatic on sale) and sale of 1,000,000 Class A shares.
• Shares owned after transaction: not specified in this filing.
• Footnotes: F1 — Class B shares may be converted to Class A at the reporting person's option; the 1,000,000 Class B shares were converted upon sale. F2 — Transactions were executed under a Rule 10b5‑1 trading plan adopted Nov 26, 2025.
• Filing timeliness: Form filed July 2, 2026 for a July 1, 2026 transaction (appears timely under Form 4 rules).

Context The sale was pre‑arranged under a 10b5‑1 plan, which typically means the trade was scheduled in advance rather than timed to inside information. The key actions were a conversion of Class B shares into Class A shares and the immediate open‑market sale of those converted shares. This is a disposal (sale) rather than a purchase or award, and should be interpreted as a reported insider sale rather than an insider accumulation signal.