dLocal director sells 25,700 shares at $15.50

dLocal Ltd director Sebastian Kanovich converted and sold a small block of shares in a pre-planned transaction.

Rhea-AI Filing Summary

dLocal Ltd director Sebastian Kanovich converted and sold a small block of shares in a pre-planned transaction. On July 7, 2026, he converted 25,700 Class B Common Shares into the same number of Class A Common Shares and sold all of the resulting Class A shares in an open-market transaction at $15.50 per share. After these transactions, he continued to hold 11,603,774 Class B Common Shares, which remain convertible into Class A shares at any time. The filing states that the conversion and sale were carried out under a Rule 10b5-1 trading plan adopted on November 26, 2025, indicating the trades were pre-scheduled rather than opportunistic.

Insider Trade Summary 10b5-1

Exercise and Sale: 25,700 shares ($398K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Kanovich Sebastian

Role Director

Sold 25,700 shs ($398K)

Approx. gross sale proceeds $398K

Approx. exercise cost $0.00

Approx. pre-tax spread $398K

Type	Security	Shares	Price	Value
Conversion	Class B Common Share	25,700	$0.00	$0.00
Conversion	Class A Common Share	25,700	$0.00	$0.00
Sale	Class A Common Share	25,700	$15.50	$398K

Holdings After Transaction: Class B Common Share — 11,603,774 contracts (Direct); Class A Common Share — 0 shares (Direct)

Footnotes (2)

1. F1. Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of the reporting person. On July 7, 2026, the reporting person directed the sale of 25,700 of his Class B Common Shares, resulting in the automatic conversion of the shares into Class A Common Shares upon execution of the sale.
2. F2. The conversion and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/26/2025

Key Figures

Shares sold: 25,700 shares Sale price: $15.50 per share Shares converted: 25,700 shares +3 more

6 metrics

Shares sold 25,700 shares Class A Common Shares sold on July 7, 2026

Sale price $15.50 per share Open-market sale of Class A shares

Shares converted 25,700 shares Class B converted into Class A before sale

Remaining Class B holdings 11,603,774 shares Class B Common Shares held after transactions

Net share change -25,700 shares Net buy/sell shares from the reported transactions

Transaction date July 7, 2026 Date of conversion and sale

Key Terms

Class B Common Share, Class A Common Share, derivative conversion, Rule 10b5-1 trading plan, +1 more

5 terms

Class B Common Share financial

"Each Class B Common Share has no expiration date and may be converted"

Class A Common Share financial

"resulting in the automatic conversion of the shares into Class A Common Shares"

derivative conversion financial

"transaction_action": "derivative conversion""

Rule 10b5-1 trading plan financial

"were effected pursuant to a Rule 10b5-1 trading plan adopted"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

open-market sale financial

"transaction_action": "open-market sale""

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did dLocal (DLO) director Sebastian Kanovich report?

Sebastian Kanovich reported converting and selling a small block of shares. He converted 25,700 Class B Common Shares into Class A and sold all 25,700 Class A shares in an open-market trade at $15.50 per share on July 7, 2026.

How many dLocal (DLO) shares did Sebastian Kanovich sell and at what price?

He sold 25,700 Class A Common Shares at $15.50 per share. These shares resulted from converting 25,700 Class B shares, and the sale was executed as an open-market transaction reported in the Form 4 filing.

Does Sebastian Kanovich still hold dLocal (DLO) shares after this Form 4 transaction?

Yes. After the reported transactions, he still held 11,603,774 Class B Common Shares. Each Class B share is convertible into one Class A Common Share at any time, so this represents a substantial remaining position in the company.

What is the relationship between dLocal (DLO) Class B and Class A Common Shares in this filing?

Each Class B Common Share may be converted into one Class A Common Share at any time at the holder’s option. In this filing, 25,700 Class B shares were converted into 25,700 Class A shares and then sold in the market.

Was the dLocal (DLO) insider sale by Sebastian Kanovich under a Rule 10b5-1 plan?

Yes. The filing states the conversion and sales were carried out under a Rule 10b5-1 trading plan. This plan was adopted on November 26, 2025, indicating the trades were pre-arranged rather than timed spontaneously.

What is the net effect of the July 7, 2026 transactions for dLocal (DLO) director Sebastian Kanovich?

Net, he disposed of 25,700 shares through an open-market sale after converting them from Class B to Class A. He retains 11,603,774 Class B shares, so the transaction represents only a small portion of his total reported holdings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 07/09/2026 - 09:40 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kanovich Sebastian

(Last) (First) (Middle)

C/O DLOCAL LIMITED

DR. LUIS BONAVITA 1294

(Street)

MONTEVIDEO 11300

(City) (State) (Zip)

URUGUAY

(Country)

2. Issuer Name and Ticker or Trading Symbol
dLocal Ltd [ DLO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Share	07/07/2026		C(2)		25,700	A	(1)	25,700	D
Class A Common Share	07/07/2026		S(2)		25,700	D	$15.5	0	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Share	(1)	07/07/2026		C(2)			25,700	(1)	(1)	Class A Common Share	25,700	$0	11,603,774	D

Explanation of Responses:

1. Each Class B Common Share has no expiration date and may be converted into one Class A Common Share at any time at the option of the reporting person. On July 7, 2026, the reporting person directed the sale of 25,700 of his Class B Common Shares, resulting in the automatic conversion of the shares into Class A Common Shares upon execution of the sale.

2. The conversion and sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on 11/26/2025

	/s/ Agustin Cancela, attorney-in-fact for Sebastian Kanovich	07/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)