Patria SPAC LLC - Mar 9, 2022 Form 3 Insider Report for Patria Latin American Opportunity Acquisition Corp. (PLAO)

Role: 10%+ Owner
Signature: /s/ Jose Augusto Goncalves de Araujo Teixeira as Authorized Signatory of Patria SPAC LLC
Stock symbol: PLAO
Transactions as of: Mar 9, 2022
Transactions value $: $0
Form type: 3
Date filed: 3/10/2022, 08:13 AM

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	PLAO	Class B ordinary shares							Mar 9, 2022	Class A ordinary shares	5.75M		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Reporting Person holds 5,750,000 Class B ordinary shares of the Issuer ("Class B Shares"). The Class B Shares may be converted into Class A ordinary shares of the Issuer ("Class A Shares") concurrently with or following the consummation of the Issuer's initial business combination on a one-for-one basis, subject to adjustments, as described in the section entitled "Description of Securities" in the Issuer's Registration Statement on Form S-1/A (File No. 333-254498) filed with the Securities and Exchange Commission on March 8, 2022. The Class B Shares have no expiration date.
F2	Up to 750,000 of the Class B Shares held by the Reporting Person are subject to forfeiture for no consideration depending on the extent to which the underwriters' over-allotment option is exercised.
F3	The Reporting Person is the record holder of these shares, and the Reporting Person is controlled by a board of managers consisting of Ricardo Leonel Scavazza, Jose Augusto Goncalves de Araujo Teixeira, Alexandre Teixeira de Assumpcao Saigh, and Marco Nicola D'Ippolito. Each manager of the Reporting Person has one vote, and the approval of three of the four members of the board of managers is required to approve an action of the Reporting Person. Under the so-called "rule of three," if voting and dispositive decisions regarding an entity's securities are made by two or more individuals, and a voting and dispositive decision requires the approval of a majority of those individuals, then none of the individuals is deemed a beneficial owner of the entity's securities. This is the situation with regard to the Reporting Person.
F4	Based upon the foregoing analysis, no individual manager of the Reporting Person exercises voting or dispositive control over any of the securities held by the Reporting Person even those in which such individual manager directly holds a pecuniary interest. Accordingly, none of them will be deemed to have or share beneficial ownership of such shares and, for the avoidance of doubt, each expressly disclaims any such beneficial interest to the extent of any pecuniary interest he may have therein, directly or indirectly.