Patria Investments (PAX) HR head reports Class A shares and awards

Rhea-AI Filing Summary

Patria Investments Ltd executive Ana Paula Alves, Head of Human Resources, filed an initial ownership statement detailing her equity interests. She beneficially owns 191,370 Class A Common Shares and 82,576 unvested restricted share units under a matching share program. She also holds multiple performance share unit awards that may settle in Class A Common Shares at a conversion price of 0.0000 per share. According to the terms, these performance shares vest and are settled in three equal annual installments beginning on the third anniversary of the grant date, subject to specified total shareholder return goals and continued employment through each vesting date.

SEC Form 3

FORM 3

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

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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

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1. Name and Address of Reporting Person^*

Santos Ana Paula Alves

(Last) (First) (Middle)

60 NEXUS WAY, 4TH FLOOR

(Street)

CAMANA BAY GRAND CAYMAN KY1-9006

(City) (State) (Zip)

CAYMAN ISLANDS

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
Patria Investments Ltd [ PAX ]

3a. Foreign Trading Symbol

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Head of Human Resources

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

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

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Shares	273,946	D(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance Share Unit	(2)	(2)	Class A Common Shares	43,606	(2)	D
Performance Share Unit	(2)	(2)	Class A Common Shares	94,406	(2)	D
Performance Share Unit	(2)	(2)	Class A Common Shares	118,044	(2)	D
Performance Share Unit	(2)	(2)	Class A Common Shares	7,798	(2)	D
Performance Share Unit	(2)	(2)	Class A Common Shares	139,350	(2)	D

Explanation of Responses:

1. Consists of 82,576 unvested restricted share units pursuant to the Issuer's matching share program, and 191,370 Class A Common Shares owned by the Reporting Person.

2. The Performance Shares vest and are settled in Class A Common Shares in three equal annual installments beginning on the third anniversary of the grant date subject to (i) the achievement of specified Total Shareholder Return goals and (ii) continuous employment through the applicable vesting date.

	/s/ Ana Paula Alves dos Santos	03/18/2026
	** 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 5 (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 3: SEC 1473 (03-26)

FAQ

What does the Patria Investments (PAX) Form 3 for Ana Paula Alves show?

The Form 3 shows Ana Paula Alves’ initial equity holdings in Patria Investments Ltd, including Class A Common Shares, unvested restricted share units, and performance share units that may convert into Class A shares under specified vesting and performance conditions.

How many Patria Investments (PAX) Class A shares does Ana Paula Alves own?

Ana Paula Alves beneficially owns 191,370 Class A Common Shares of Patria Investments Ltd. This position is reported as part of her initial ownership statement and reflects shares directly owned by her at the time of the filing.

What restricted share units are reported for Ana Paula Alves in Patria (PAX)?

The filing reports 82,576 unvested restricted share units held by Ana Paula Alves under Patria’s matching share program. These units represent a right to receive Class A Common Shares if service-based vesting conditions are satisfied over time.

How do Ana Paula Alves’s performance share units in Patria (PAX) vest?

Her performance share units vest and settle in Class A Common Shares in three equal annual installments, starting on the third anniversary of the grant date, subject to total shareholder return performance goals and continued employment through each vesting date.

What is the exercise or conversion price of the Patria (PAX) performance share units?

The performance share units reported for Ana Paula Alves have a stated conversion or exercise price of 0.0000 per share. When vesting conditions are met, they are settled in Class A Common Shares without additional cash payment by the holder.

Does the Patria (PAX) Form 3 indicate any insider buying or selling by Ana Paula Alves?

The Form 3 functions as an initial ownership report and lists existing holdings and awards for Ana Paula Alves. The entries are classified as holdings, not explicit open-market purchases or sales, and no buy or sell transaction codes are identified.