----

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| ☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES                      EXCHANGE ACT OF 1934 |
|---------|-----------------------------------------------------------------------------------------------------------|

| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---------|------------------------------------------------------------------------------------------|

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| Delaware                                                       |   | 56-1581761                           |
|----------------------------------------------------------------|--------|--------------------------------------|
| (State or other jurisdiction of incorporation or organization) |   | (I.R.S. Employer identification no.) |
||
|  155 Mineola BoulevardMineola, NY   |   | 11501      |
|------------------------------------------|--------|------------|
| (Address of principal executive offices) |   | (Zip Code) |
| Title of Each Class                         |   | Name of Each Exchange on Which Registered |
|---------------------------------------------|--------|-------------------------------------------|
| Class A Common Stock, $0.01 par  value |   | NYSE American                             |

----

----

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| Large accelerated filer ☐               | Accelerated filer ☐         |
|-----------------------------------------------|-----------------------------------|
| Non-accelerated filer ☒                 | Smaller reporting company ☒ |
| Emerging growth company ☐               |                              |
| (Do not check if a smaller reporting company) |                              |

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----

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| PART III |     |
|----------|----------|
|     |     |   |   |
|     | Item 10. | Directors, Executive Officers and Corporate Governance | 1 |
|     | Item 11. | Executive Compensation | 7 |
|     | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 10 |
|     | Item 13. | Certain Relationships and Related Transactions, and Director Independence | 11 |
|     | Item 14. | Principal Accounting Fees and Services | 12 |
|     |     |   |   |
| PART IV  |     |
|     |     |
|     | Item 15. | Exhibits and Financial Statement Schedules | 13 |

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 Table of Contents

| PART III |
|----------|

| ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
|-----------------------------------------------------------------|

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 Table of Contents

| Name                | Age    | Position                                               |
|---------------------|--------|--------------------------------------------------------|
|                |   |                                                   |
| Gregory H.A. Baxter | 65     | Executive Chairman and Interim Chief Executive Officer |
|                |   |                                                   |
| Edward J. Sweeney   | 49     | Interim Chief Financial Officer                        |
|                |   |                                                   |
| Bradford A. Tobin   | 36     | General Counsel and Secretary                          |

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 Table of Contents

|                              |   | Committee |   |
|-----------------------------------|--------|-----------|--------|
| Board                      Member |   | Audit     |   | Compensation |   | Nominating & CorporateGovernance |   |
| Gregory H.A. Baxter               |   |      |   |   |   |   |   |   |   |   |
| Ian Estus                         |   |      |   |   |   |   |   |   |   |   |
| David Glazek                      |   |      |   |   |   | X | * |   |   | X |   |   |
| Thomas F. Helms, Jr.              |   |      | X      |   |   |   | X |   |   |   | X | * |   |
| David M. Wurzer                   |   |      | X      | * |   |   | X |   |   |   | X |   |   |
| Arnold Zimmerman                  |   |      | X      |   |   |   |   |   |   |   |   |   |   |

|   | * | Chairperson |
|--------|---|-------------|

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 Table of Contents

|  | • | Selects the Company’s independent auditors. |
|--|---------|---------------------------------------------------|

|  | • | Reviews the results and scope of the annual audit and the services provided by the Company’s                    independent auditors. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Reviews the recommendations of the Company’s independent auditors with respect to the accounting system and controls. |
|--|---------|-----------------------------------------------------------------------------------------------------------------------------|

|  | • | Review and approve related parties’ transactions. |
|--|---------|---------------------------------------------------------|

|  | • | Met five times during our fiscal year ended December 31, 2018. |
|--|---------|----------------------------------------------------------------|

|  | • | Reviews and approves salaries for all corporate officers. |
|--|---------|-----------------------------------------------------------|

|  | • | Reviews and approves all incentive and special compensation plans and programs. |
|--|---------|---------------------------------------------------------------------------------|

|  | • | Reviews and approves management succession planning. |
|--|---------|------------------------------------------------------|

|  | • | Conducts special competitive studies. |
|--|---------|---------------------------------------|

|  | • | Retains compensation consultants as necessary and appropriate. |
|--|---------|----------------------------------------------------------------|

|  | • | Reviews and recommends to the Board compensation for non-employee directors. |
|--|---------|------------------------------------------------------------------------------|

|  | • | Acted one time by written consent during our fiscal year ended December 31, 2018. |
|--|---------|-----------------------------------------------------------------------------------|

|  | • | Identifies individuals eligible to become members of the Board of Directors. |
|--|---------|------------------------------------------------------------------------------|

|  | • | Select and recommend to the Board the director nominees for the Board for the next annual meeting of shareholders. |
|--|---------|--------------------------------------------------------------------------------------------------------------------|

|  | • | Oversee the evaluation of the Board. |
|--|---------|--------------------------------------|

|  | • | Acted one time by written consent during our fiscal year ended December 31, 2018. |
|--|---------|-----------------------------------------------------------------------------------|

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 Table of Contents

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 Table of Contents

| ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE (CONTINUED) |
|-----------------------------------------------------------------------------|

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 Table of Contents

| ITEM 11.  EXECUTIVE COMPENSATION |
|---------------------------------------|
| Name andPrincipal Position       |   | Year   |   | Salary   |   | Bonus    |   | StockAwards(1) |   | All OtherCompensation |   | Total      |
|----------------------------------|--------|--------|--------|----------|--------|----------|--------|----------------|--------|-----------------------|--------|------------|
|                             |   |   |   |     |   |     |   |           |   |                  |   |       |
| Gregory H.A. Baxter              |   | 2018   |   | $96,405  |   | --       |   | --             |   | --                    |   | $96,405    |
| Executive Chairman and           |   | 2017   |   | $53,438  |   | --       |   | $300,000       |   | --                    |   | $353,438   |
| Interim CEO (2)                  |   |   |   |     |   |     |   |           |   |                  |   |       |
|                             |   |   |   |     |   |     |   |           |   |                  |   |       |
| Edward J. Sweeney                |   | 2018   |   | --       |   | --       |   | --             |   | --                    |   | --         |
| Interim CFO and Treasurer(3)     |   | 2017   |   | --       |   | --       |   | --             |   | --                    |   | --         |
|                             |   |   |   |     |   |     |   |           |   |                  |   |       |
| Bradford A. Tobin                |   | 2018   |   | $200,000 |   | --       |   | $348,306       |   | --                    |   | $548,306   |
| General Counsel and Secretary(4) |   |   |   |     |   |     |   |           |   |                  |   |       |
|                             |   |   |   |     |   |     |   |           |   |                  |   |       |
| Ian Estus                        |   | 2018   |   | $400,000 |   | --       |   | --             |   | --                    |   | $400,000   |
| President and CEO (5)            |   | 2017   |   | $225,000 |   | $100,000 |   | $900,000       |   | --                    |   | $1,225,000 |

----

|   | (1) | Represents the grant date fair value of restricted share awards calculated in accordance with Financial Accounting Standards Board Accounting                  Standards Codification Topic 718.  See Note 19 to the Company’s consolidated financial statements included in the Company's Annual Report for the year ended December 31, 2018 for additional information regarding restricted shares. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Effective upon his appointment as Executive Chairman in 2017, Mr. Baxter received an annual salary of $95,000. During 2018, his annual salary was                  increased to $98,372.  Mr. Baxter is also eligible to receive an annual bonus to be determined at the discretion of the Board. No bonus was awarded for 2018. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Mr. Sweeney was appointed as Interim Chief Financial Officer subject to an agreement between the Company and Pine Hill. Pine Hill is compensated at                  fixed hourly rates on actual hours incurred by Pine Hill personnel plus reasonable expenses for performing services pursuant to the agreement. Pine Hill is responsible for all payments to Mr. Sweeney. As a result, Mr. Sweeney does not                  receive direct compensation from the Company and the amount of aggregate payments made to Pine Hill are based on the amount of work performed on our behalf. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (4) | Effective upon his appointment as Secretary and General Counsel, Mr. Tobin receives an annual salary of $200,000 and an annual bonus to be                  determined at the discretion of the Board.  No bonus was awarded for 2018.  Mr. Tobin also received 32,552 restricted shares of Class A Common Stock which shall vest in three installments on December 31, 2018, December 31, 2019, and                  December 31, 2020, respectively.  Vesting is subject to continued service to the Company and would accelerate upon a termination by the Company without Cause. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (5) | Mr. Estus ceased to serve as the Company’s CEO as of March 29, 2019. As Chief Executive Officer, Mr. Estus received an annual salary of $400,000 and                  an annual bonus to be determined at the discretion of the Board. No bonus was awarded for 2018. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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 Table of Contents

| Name                  |   | Number ofShares orUnits ofStockThat HaveNot Vested |   |   | Market Value ofShares orUnits ofStockThat HaveNot Vested(1) |   |
|-----------------------|--------|----------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|
|                  |   |                                               |   |   |                                                        |   |
| Gregory H. A. Baxter. |   |                                               | 18,908 |   |                                                        | $      | 280,784 |   |
|                  |   |                                               |   |   |                                                        |   |   |   |
| Edward J. Sweeney     |   |                                               | --     |   |                                                        |   | -- |   |
|                  |   |                                               |   |   |                                                        |   |   |   |
| Bradford A. Tobin.    |   |                                               | 21,701 |   |                                                        | $      | 322,260 |   |
|                  |   |                                               |   |   |                                                        |   |   |   |
| Ian Estus             |   |                                               | 56,724 |   |                                                        | $      | 842,140 |   |

----

|   | (1) | Calculated by multiplying the number of shares in the preceding column by $14.85, the closing price per share of the Company’s Class A Common Stock                  on December 31, 2018, the last trading day of our last fiscal year. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | • | Each non-employee Board member receives an annual base retainer in cash of $32,500, payable quarterly. |
|--|---------|--------------------------------------------------------------------------------------------------------|

|  | • | Directors do not receive payments for meeting attendance. |
|--|---------|-----------------------------------------------------------|

|  | • | Non-employee members of the Board receive the following additional annual retainers, payable in cash, for service to the Board in the following capacities: |
|--|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

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 Table of Contents

| Audit Committee Chair                                                   |   | $ | 10,000 |   |
|-------------------------------------------------------------------------|--------|---|--------|--------|
| Compensation and Nominating & Corporate Governance Committee Chairs |   | $ | 5,000  |   |
| Committee Membership (non-Chair)                                        |   | $ | 3,000  |   |

|  | • | In addition, each non-employee member of the Board shall receive an annual grant of restricted shares of our Class A Common Stock valued at $32,500, which shares shall be                    valued for the purposes of the grant at the closing price of the Common Stock on the date of each grant. |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Name andPrincipal Position |   | FeesEarnedOr PaidIn Cash |   |   | ShareAwards(1) |   |   | All OtherCompensation |   |   | Total |   |
|----------------------------|--------|--------------------------|--------|--------|----------------|--------|--------|-----------------------|--------|--------|-------|--------|
| David Glazek(2)            |   |                     | --     |   |           |   | --     |                  |   |   | --    |   |   |   | -- |   |
| Thomas F. Helms, Jr.       |   | $                        | 43,500 |   |           | $      | 32,504 |                  |   |   | -     |   |   | $ | 81,004 |   |
| David M. Wurzer            |   | $                        | 48,500 |   |           | $      | 32,504 |                  |   |   | -     |   |   | $ | 76,004 |   |
| Arnold Zimmerman           |   | $                        | 26,625 |   |           | $      | 32,504 |                  |   |   | -     |   |   | $ | 59,129 |   |

|   | (1) | Mr. Wurzer, Mr. Helms and Mr. Zimmerman were each granted 2,097 shares of restricted stock on August 17, 2018. These shares vest on the first                  anniversary of the grant. These amounts are based upon the grant date fair value of the share awards calculated in accordance with ASC Topic 718. The assumptions used in determining the amounts in the column are set forth in Note 19 to                  our consolidated financial statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 filed with the Commission.  As of                  December 31, 2018, Mr. Wurzer owned options to purchase 2,463 shares of Class A Common Stock. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Mr. Glazek has waived the right to receive compensation for service as a director. |
|--------|-----|------------------------------------------------------------------------------------|

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 Table of Contents

| ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND                RELATED STOCKHOLDER MATTERS |
|------------------------------------------------------------------------------------------------------------------------|
| Name and Address of Beneficial Owner              |   | Amount and Nature of Beneficial Ownership of Class A Common Stock(1) |      |   | Amount and Nature of Beneficial Ownership of Class B Common Stock(1) |   |      | Options Exercisable Within 60 Days After Record Date |   |   | Total Beneficial Ownership |   |   | Percent of Class A |   |   | Percent ofClass B |   |
|---------------------------------------------------|--------|----------------------------------------------------------------------|-----------|--------|----------------------------------------------------------------------|--------|-----------|------------------------------------------------------|--------|--------|----------------------------|--------|--------|--------------------|--------|--------|-------------------|--------|
| Gregory H.A. Baxter                               |   |                                                                 | 23,222    |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| Ian Estus                                         |   |                                                                 | 64,172    |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| Edward J. Sweeney                                 |   |                                                                 | -         |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| Bradford A. Tobin                                 |   |                                                                 | 5,935     |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| David M. Wurzer                                   |   |                                                                 | 5,877     |   |                                                                 |   | 3,050     |                                                 |   |   | 2,463                      |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| Thomas F. Helms, Jr.                              |   |                                                                 | 275,451   |   |                                                                 |   | 272,624   |                                                 |   |   | -                          |   |   |               | 3.2    | %      |              |   | 3.0 | % |   |   | 3.5 | % |
| David Glazek                                      |   |                                                                 | -         |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| Arnold Zimmerman                                  |   |                                                                 | -         |   |                                                                 |   | -         |                                                 |   |   | -                          |   |   |               | *      |   |              |   | * |   |   |   | * |   |
| All officers and directors as a group (8 persons) |   |                                                                 | 374,657   |   |                                                                 |   | 275,674   |                                                 |   |   | 2,463                      |   |   |               | 3.9    | %      |              |   | 4.1 | % |   |   | 3.6 | % |
| Standard General L.P.(2)                          |   |                                                                 | 5,934,977 |   |                                                                 |   | 7,360,075 |                                                 |   |   | -                          |   |   |               | 78.5   | %      |              |   | 64.6 | % |   |   | 95.0 | % |

----

|   | (1) | Unless otherwise indicated, each of the stockholders has sole voting and investment power with respect to the securities shown to be owned by such                  stockholder. The inclusion herein of securities listed as beneficially owned does not constitute an admission of beneficial ownership. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | Soohyung Kim is the Chief Executive Officer of Standard General L.P. and a director of the general partner of Standard General L.P.  Standard                  General’s address is 767 Fifth Avenue, 12th Floor, New York, NY 10153. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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 Table of Contents

| ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR  INDEPENDENCE |
|------------------------------------------------------------------------------------------|

----

 Table of Contents

| ITEM 14.                PRINCIPAL ACCOUNTANT FEES AND SERVICES |
|----------------------------------------------------------------|
|                     |   | 2018   |    |   | 2017   |   |
|--------------------------|--------|--------|---------|--------|--------|--------|
| Audit Fees               |   |   |    |   |   |   |
| SDI                      |   | $      | 233,000 |   |   | $      | 150,051 |   |
| Maidstone                |   |   | 89,650  |   |   |   | - |   |
| Turning Point            |   |   | 559,000 |   |   |   | 510,812 |   |
| Total audit fees         |   |   | 881,650 |   |   |   | 660,863 |   |
|                     |   |   |    |   |   |   |   |   |
| Audit-Related Fees       |   |   |    |   |   |   |   |   |
| SDI                      |   |   | 38,000  |   |   |   | 50,643 |   |
| Maidstone                |   |   | -       |   |   |   | - |   |
| Turning Point            |   |   | 20,400  |   |   |   | 55,996 |   |
| Total audit-related fees |   | $      | 58,400  |   |   | $      | 106,639 |   |
|                     |   |   |    |   |   |   |   |   |
| Tax Fees                 |   |   | -       |   |   |   | - |   |
| All Other Fees           |   |   | -       |   |   |   | - |   |
|                     |   | $      | 940,050 |   |   | $      | 767,502 |   |

----

 Table of Contents

| PART IV |
|---------|
| ITEM 15. EXHIBITS AND                FINANCIAL STATEMENT SCHEDULES |
|--------------------------------------------------------------------|

| 1. | Financial Statements |
|----|----------------------|

| 2. | Financial Statement Schedules |
|----|-------------------------------|

| 3. | Exhibits |
|----|----------|

| Exhibit Number |   | Description                                                                                                                                                                                                                                                   |   | Reference |
|----------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------|
| 2.1            |   | Contribution and Exchange Agreement, dated as of November 25, 2016, by and among Special Diversified Opportunities Inc., Standard General Master Fund L.P., P Standard General Ltd. and Standard General Focus Fund L.P.                                      |   | (1)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.2            |   | First Amendment to Contribution and Exchange Agreement, dated as of January 25, 2017, by and among Special Diversified Opportunities Inc., Standard General Master Fund L.P., P Standard General Ltd. and Standard General Focus                    Fund L.P. |   | (2)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.3            |   | Second Amendment to Contribution and Exchange Agreement, dated as of April 5, 2017, by and among Special Diversified Opportunities Inc., Standard General Master Fund L.P., P Standard General Ltd. and Standard General Focus Fund                    L.P.   |   | (3)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.4            |   | Third Amendment to Contribution and Exchange Agreement, dated as of May 3, 2017, by and among Special Diversified Opportunities Inc., Standard General Master Fund L.P., P Standard General Ltd. and Standard General Focus Fund                    L.P.      |   | (4)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.5            |   | Stock Purchase Agreement, dated as of November 23, 2016, between Special Diversified Opportunities Inc. and Interboro LLC                                                                                                                                     |   | (5)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.6            |   | Asset Purchase Agreement, dated as of November 4, 2016, between Standard Outdoor Southwest LLC and Metro Outdoor of Austin LLC                                                                                                                                |   | (6)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.7            |   | Stock                    Purchase Agreement dated as of November 17, 2016, by and among National Tobacco Company, L.P., the Sellers named therein and Smoke Free Technologies, Inc.                                                                           |   | (7)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.8#           |   | International Vapor Group Stock Purchase Agreement dated as of September 5, 2018,                  between Turning Point Brands, Inc. and International VaporGroup, LLC.                                                                                      |   | (7)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 2.9#           |   | Stock Purchase Agreement, dated as of December 10, 2018, among Standard Diversified Inc., WT Holdings, Inc., a Tennessee corporation and Penny Fern                Hart, an individual.                                                                       |   | (8)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 3.1            |   | Sixth  Amended and Restated Certificate of Incorporation of the Company                                                                                                                                                                                  |   | (9)       |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 3.2            |   | Third                    Amended and Restated Bylaws of the Company                                                                                                                                                                                           |   | (10)      |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 4.1            |   | Registration Rights Agreement, dated as of June 1, 2017, among the Registrant, Standard General Master Fund L.P., P Standard General Ltd. and Standard General Focus Fund L.P.                                                                                |   | (11)      |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 4.2            |   | Registration Rights Agreement, dated as of May 10, 2016, by and among Turning Point Brands, Inc. and the stockholders named therein.                                                                                                                     |   | (12)      |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 10.1           |   | 2017                    Omnibus Equity Compensation Plan of the Company*                                                                                                                                                                                      |   | (13)      |
|           |   |                                                                                                                                                                                                                                                          |   |      |
| 10.2           |   | 1998                    Employee Stock Purchase Plan*                                                                                                                                                                                                         |   | (14)      |

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 Table of Contents

| 10.3   |   | Contract Manufacturing, Packaging and Distribution Agreement dated as of September 4, 2008, between National Tobacco Company, L.P. and Swedish Match North America, Inc.                                                                                 |   | (7)    |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.4   |   | Amended                    and Restated Distribution and License Agreement dated as of November 30, 1992, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc., as predecessor to North Atlantic Operating Company, Inc. (U.S.)   |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.5   |   | Amended                    and Restated Distribution and License Agreement dated as of November 30, 1992, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc., as predecessor to North Atlantic Operating Company, Inc. (Canada) |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.6   |   | Amendment to the Amended and Restated Distribution and License Agreement dated March 31, 1993 between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc.                                                                                |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.7   |   | Amendment to the Amended and Restated Distribution and License Agreements dated June 10, 1996, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc. (U.S. & Canada)                                                           |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.8   |   | Amendment to the Amended and Restated Distribution and License Agreement dated September 1996, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc. (U.S. & Canada)                                                           |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.9   |   | Restated                    Amendment to the Amended and Restated Distribution and License Agreement between Bolloré Technologies, S.A. and North Atlantic Operating Company, Inc. dated June 25, 1997 (U.S. & Canada)                               |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.10  |   | Amendment                    to the Amended and Restated Distribution and License Agreement dated October 22, 1997, between Bolloré Technologies, S.A. and North Atlantic Operating Company, Inc. (U.S. & Canada)                                    |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.11  |   | Amendment to the Amended and Restated Distribution and License Agreement dated June 19, 2002, between Bolloré S.A. and North Atlantic Operating Company, Inc. (U.S. & Canada)                                                                        |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.12  |   | Trademark Consent Agreement, dated March 26, 1997, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc.                                                                                                                           |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.13  |   | Amendment to the Amended and Restated Distribution and License Agreement dated February 28, 2005, between Bolloré S.A. and North Atlantic Operating Company, Inc. (U.S. & Canada)                                                                    |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.14  |   | Amendment                    to the Amended and Restated Distribution and License Agreement dated April 20, 2006, between Bolloré S.A. and North Atlantic Operating Company, Inc. (U.S. & Canada)                                                    |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.15  |   | Amendment to the Amended and Restated Distribution and License Agreement dated March 10, 2010, between Bolloré S.A. and North Atlantic Operating Company, Inc. (U.S. & Canada)                                                                       |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.16  |   | Consent Agreement dated as of April 4, 1997, between Bolloré Technologies, S.A. and North Atlantic Trading Company, Inc.                                                                                                                                 |   | (7)    |
|   |   |                                                                                                                                                                                                                                                          |   |   |
| 10.17  |   | Amendment No. 1 to Consent Agreement dated as of April 9, 1997, between Bolloré Technologies, S.A. and North Atlantic Operating Company, Inc.                                                                                                            |   | (7)    |

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 Table of Contents

| 10.18  |   | Amendment No. 2 to Consent Agreement dated as of June 25, 1997, between Bolloré Technologies, S.A. and North Atlantic Operating Company, Inc.                                                                                                                                                                          |   | (7)    |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.19  |   | Trademark Consent Agreement dated July 31, 2003, among Bolloré Technologies, S.A., North Atlantic Trading Company, Inc. and North Atlantic Operating Company, Inc.                                                                                                                                                     |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.20  |   | Amendment No. 2 to Trademark Consent Agreement dated December 17, 2012, between Bolloré S.A. and North Atlantic Operating Company, Inc.                                                                                                                                                                                |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.21  |   | License and Distribution Agreement dated March 19, 2013 between Bolloré S.A. and North Atlantic Operating Company, Inc.                                                                                                                                                                                                |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.22  |   | Distributors Supply Agreement dated as of April 1, 2013, between National Tobacco Company, L.P. and JJA Distributors, LLC                                                                                                                                                                                                   |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.23  |   | Amendment No. 1 to the Amended and Restated Exchange and Stockholders’ Agreement dated April 28, 2016                                                                                                                                                                                                                 |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.24  |   | First                    Lien Credit Agreement dated as of February 17, 2017, by and among Turning Point Brands, Inc., Fifth Third Bank, and the lenders party thereto                                                                                                                                                      |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.25  |   | Second                    Lien Credit Agreement dated as of February 17, 2017, by and among Turning Point Brands, Inc., as the Borrower, Prospect Capital Corporation, as administrative agent, and the lenders party thereto                                                                                               |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.26  |   | First                    Lien Guaranty and Security Agreement dated as of February 17, 2017, by and among Turning Point Brands, Inc., Fifth Third Bank, and the lenders party thereto                                                                                                                                       |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.27  |   | Second                    Lien Guaranty and Security Agreement dated as of February 17, 2017, by and among Turning Point Brands, Inc., Prospect Capital Corporation, and the lenders party thereto                                                                                                                          |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.28  |   | Intercreditor                    Agreement dated as of February 17, 2017, by and among Turning Point Brands, Inc., the other grantors party thereto, Fifth Third Bank, as first lien collateral agent, and Prospect Capital Corporation, as second lien collateral agent                                                    |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.29  |   | Amended                    and Restated First Lien Credit Agreement, dated as of March 7, 2018, by and among Turning Point Brands, Inc. and its subsidiaries, as the obligors, Fifth Third Bank, as administrative agent, and the lenders party thereto                                                                     |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.30  |   | Amended                    and Restated Second Lien Credit Agreement, dated as of March 7, 2018, by and among Turning Point Brands, Inc. and its subsidiaries, as obligors, Prospect Capital Corporation, as administrative agent, and the lenders party thereto                                                            |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.31  |   | Omnibus                    Amendment, Reaffirmation Agreement and Joinder, dated as of March 7, 2018, by and among Turning Point Brands, Inc. and its subsidiaries, as the Grantors, Fifth Third Bank, as administrative agent, and the lenders party thereto                                                               |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.32  |   | Second                    Lien Omnibus Amendment, Reaffirmation Agreement and Joinder, dated as of March 7, 2018, by and among Turning Point Brands, Inc. and its subsidiaries, as the Grantors, Fifth Third Bank, as administrative agent, and the lenders party                    thereto                                |   | (7)    |
|   |   |                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.33  |   | First                    Amendment to Second Lien Intercreditor Agreement, dated as of March 7, 2018, by and among Turning Point Brands, Inc., and the other grantors party thereto, Fifth Third Bank, as first lien collateral agent, and Prospect Capital                    Corporation, as second lien collateral agent |   | (7)    |

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 Table of Contents

| 10.34   |   | Form                    of Installment Note issued to VaporBeast Stockholders on November 30, 2016                                                                                                                                                                                                                                                                                          |   | (7)    |
|---------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.35   |   | Form                    of 18-Month Note issued to VaporBeast Stockholders on November 30, 2016                                                                                                                                                                                                                                                                                             |   | (7)    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.36   |   | Form                    of Guaranty to VaporBeast Shareholders dated November 17, 2016                                                                                                                                                                                                                                                                                                      |   | (7)    |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.37   |   | Capital on DemandTM Sales Agreement, dated August 10, 2018, by                  and between Standard Diversified Inc. and JonesTrading Institutional Services LLC                                                                                                                                                                                                                           |   | (15)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.38   |   | Asset Purchase Agreement, dated as of January 18, 2018, by and                  between Standard Outdoor Southeast I LLC and Quality I/N Signs and Outdoor Advertising, LLC                                                                                                                                                                                                                 |   | (10)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.39+  |   | Promissory Note and Security Agreement, dated as of January 18,                  2018, by and between Standard Outdoor Southeast I LLC and Quality I/N Signs and Outdoor Advertising, LLC                                                                                                                                                                                                   |   | (10)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.40   |   | Asset Purchase Agreement, dated as of February 20, 2018, by and                  between Standard Outdoor Southeast II LLC and Vista Outdoor Corporation                                                                                                                                                                                                                                    |   | (10)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.41+  |   | Promissory Note and Security Agreement, dated as of February 20,                  2018, by and between Standard Outdoor Southeast I LLC and Vista Outdoor Corporation                                                                                                                                                                                                                       |   | (10)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 10.42   |   | Term Loan Agreement, dated as of February 2, 2018, by                  and among Standard Diversified Inc., Standard Outdoor LLC, Standard Outdoor Southwest LLC, Standard Outdoor Southeast I LLC, Standard Outdoor Southeast II LLC, Crystal Financial LLC, as administrative agent and collateral agent, and the                  financial institutions from time to time party thereto |   | (16)   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 21.1    |   | Subsidiaries                    of the Company (previously filed)                                                                                                                                                                                                                                                                                                                           |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 23.1    |   | Consent of Independent Registered Public Accounting Firm                  (previously filed)                                                                                                                                                                                                                                                                                                |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 31.1    |   | Certification of the                  Principal Executive Officer of Standard Diversified Inc. required by Rule 13a-14(a) under the Securities Exchange Act of 1934 (filed herewith)                                                                                                                                                                                                        |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 31.2    |   | Certification of the                  Principal Financial Officer of Standard Diversified Inc. required by Rule 13a-14(a) under the Securities Exchange Act of 1934 (filed herewith)                                                                                                                                                                                                        |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 32.1    |   | Certification of the Principal Executive Officer and Principal                  Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes-Oxley Act of 2002 (previously filed)                                                                                                                                                                   |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 99.1    |   | Press release of the Company (previously filed)                                                                                                                                                                                                                                                                                                                                             |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 101.INS |   | XBRL Instance Document (previously filed)                                                                                                                                                                                                                                                                                                                                                   |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 101.SCH |   | XBRL Taxonomy Extension Scheme Document (previously filed)                                                                                                                                                                                                                                                                                                                                  |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 101.CAL |   | XBRL Taxonomy Extension Calculation Linkbase Document (previously filed)                                                                                                                                                                                                                                                                                                                    |   |   |
|    |   |                                                                                                                                                                                                                                                                                                                                                                                        |   |   |
| 101.DEF |   | XBRL Taxonomy Extension Definition Linkbase Document (previously filed)                                                                                                                                                                                                                                                                                                                     |   |   |

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 Table of Contents

| 101.LAB |   | XBRL Taxonomy Extension Label Linkbase Document (previously filed)        |   |   |
|---------|--------|---------------------------------------------------------------------------|--------|--------|
|    |   |                                                                      |   |   |
| 101.PRE |   | XBRL Taxonomy Extension Presentation Linkbase Document (previously filed) |   |   |

| (1) | Filed as an exhibit to the Company's Current Report on Form 8-K filed November 25, 2016 and incorporated by reference herein. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (2) | Filed as an exhibit to Amendment No. 1 to the Company's Registration Statement on Form S-4 (No. 333-215802) filed on January 30, 2017 and                  incorporated by reference herein. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Filed as an exhibit to the Company's Current Report on Form 8-K filed April 6, 2017 and incorporated by reference herein. |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (4) | Filed as an exhibit to Amendment No. 4 to the Company's Registration Statement on Form S-4 (No. 333-215802) filed on May 5, 2017 and incorporated by                  reference herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (5) | Filed as an exhibit to the Company's Current Report on Form 8-K filed November 25, 2016 and incorporated by reference herein. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (6) | Filed as an exhibit to the Company's Registration Statement on Form S-4 (No. 333-215802) filed on January 30, 2017 and incorporated by reference                  herein. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (7) | Filed as an exhibit to the Annual Report on Form 10-K of Turning Point Brands, Inc. filed on March 8, 2018 and incorporated by reference herein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Filed as an exhibit to the Company's Current Report on Form 8-K filed December 10, 2018 and incorporated by reference herein. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| (9) | Filed as an exhibit to the Company's Current Report on Form 8-K filed August 10, 2018 and incorporated by reference herein. |
|-----|-----------------------------------------------------------------------------------------------------------------------------|

| (10) | Filed as an exhibit to the Company's Quarterly Report on Form 10-Q filed on May 14, 2018 and incorporated by reference herein. |
|------|--------------------------------------------------------------------------------------------------------------------------------|

| (11) | Filed as an exhibit to the Company's Current Report on Form 8-K filed on June 5, 2017 and incorporated by reference herein. |
|------|-----------------------------------------------------------------------------------------------------------------------------|

| (12) | Filed as an exhibit to the Current Report on Form 8-K of Turning Point Brands, Inc. filed on May 16, 2016 and incorporated by reference herein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| (13) | Filed as an exhibit to the Company’s Information Statement on Schedule 14C filed on July 28, 2017 and incorporated by reference herein. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| (14) | Filed as an exhibit to the Company’s Registration Statement on Form S-8 (No. 333- 68107) filed on November 30, 1998 and incorporated by reference                  herein. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (15) | Filed as an exhibit to the Company's Current Report on Form 8-K filed November 9, 2018 and incorporated by reference herein. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| (16) | Filed as an exhibit to the Company's Current Report on Form 8-K filed February 5, 2018 and incorporated by reference herein. |
|------|------------------------------------------------------------------------------------------------------------------------------|

| * | Management contract or compensatory plan. |
|---|-------------------------------------------|

| # | Schedules to the agreement have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company undertakes to furnish                  supplementally copies of any of the omitted schedules upon request by the SEC. |
|---|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| + | Confidential treatment has been granted as to certain portions of this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act of                  1934, as amended. |
|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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 Table of Contents

| SIGNATURES |
|------------|
|                       | STANDARD DIVERSIFIED INC. |
|----------------------------|---------------------------|
|                       |                      |   |
| Date:  April 29, 2019 | By:                       | /s/ Gregory H.A. Baxter |
|                       |                      | Gregory H.A. Baxter |
|                       |                      | Executive Chairman and Interim CEO |
|                       |                      |   |
| Date:  April 29, 2019 | By:                       | /s/ Edward J. Sweeney |
|                       |                      | Edward J. Sweeney |
|                       |                      | Interim Chief Financial Officer |

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