# EDGAR Filing Document

**Accession Number:** 0001847090
**File Stem:** 0001104659-23-026837
**Filing Date:** 2023-3
**Character Count:** 41430
**Document Hash:** c789709632c890c153be352707909243
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-026837.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001104659-23-026837

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** TPB Acquisition Corp I
- **CENTRAL INDEX KEY:** 0001847090
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 981582136
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40732
- **FILM NUMBER:** 23687774

**BUSINESS ADDRESS:**
- **STREET 1:** 1 LETTERMAN DRIVE
- **STREET 2:** SUITE A3-1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94128
- **BUSINESS PHONE:** 415-854-7074

**MAIL ADDRESS:**
- **STREET 1:** 1 LETTERMAN DRIVE
- **STREET 2:** SUITE A3-1
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94128

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON**, **D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of Report (Date of earliest event reported): February 28, 2023**

**TPB ACQUISITION CORPORATION I**

**(Exact Name of Registrant as Specified in Charter)**

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| | | |
|:---|:---|:---|
| **Cayman Islands** | **001-40732** | **98-1582136** |
| **(State or Other Jurisdiction**<br> **of Incorporation)**<br>| **(Commission**<br> **File Number)** | **(IRS Employer**<br> **Identification No.)** |

---

---

| | |
|:---|:---|
| **1 Letterman Drive, Suite A3-1**<br> **San Francisco, California** | **94129** |
| **(Address of Principal Executive Offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (415) 854-7074**

**Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

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| |
|:---|
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e 4(c)) |

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading <br> Symbol(s)** | **Name of each exchange<br> on which registered** |
| **Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-third of one redeemable warrant** | **TPBAU** | **Nasdaq Capital Market** |
| **Class A ordinary shares included as part of the units** | **TPBA** | **Nasdaq Capital Market** |
| **Redeemable warrants included as part of the units, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50** | **TPBAW** | **Nasdaq Capital Market** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ⌧

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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| | |
|:---|:---|
| **Item 8.01** | **Other Events** |

---

*Background* 

As previously announced, on September 14, 2022, TPB Acquisition Corporation I ("TPBA") entered into a Business Combination Agreement (the "Business Combination Agreement" and the transactions contemplated thereby, the "Business Combination") by and among Lavoro Limited ("Lavoro"), Lavoro Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of Lavoro ("First Merger Sub"), Lavoro Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of Lavoro ("Second Merger Sub"), Lavoro Merger Sub III Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of Lavoro ("Third Merger Sub" and, together with First Merger Sub and Second Merger Sub, the "Merger Subs"), and Lavoro Agro Limited, an exempted company incorporated with limited liability in the Cayman Islands (the "Company"). Each of Lavoro, the Merger Subs, the Company and TPBA will individually be referred to herein as a "Party" and, collectively, as the "Parties." Terms used but not defined herein shall have the meaning given to such terms in the Business Combination Agreement.

*Waiver of the Minimum Cash Condition*

Under the terms of the Business Combination Agreement, it is a condition precedent to the respective obligations of each Party to consummate the Business Combination that, at or prior to the First Effective Time, the aggregate amount of cash contained in TPBA's trust account (net of the aggregate amount of cash proceeds required to satisfy any exercise by TPBA's shareholders of their redemption rights and net of the Parties fees and expenses incurred in connection with the Business Combination) *plus* the amount of cash proceeds to TPBA resulting from the PIPE Investment consummated prior to the First Effective Time be at least $180,000,000. In connection with closing of the Business Combination, the Parties have waived such condition precedent.

*Amendment No. 2 to the Sponsor Letter Agreement*

 

Concurrently with the closing of the Business Combination, on February 28, 2023, TPB Acquisition Sponsor I, LLC (the "Sponsor") entered into that certain Amendment No. 2 to the Sponsor Letter Agreement, dated August 13, 2021, as amended September 14, 2022 (the "Amendment No. 2 to the Sponsor Letter Agreement"), among TPBA, the Company, Lavoro, and the parties named therein. Pursuant to the terms of Amendment No. 2 to the Sponsor Letter Agreement, the Sponsor agreed, among other things, to certain beneficial ownership limitations whereby Sponsor's beneficial ownership of Lavoro shall not exceed 9.99% of Lavoro's outstanding ordinary shares.

The Amendment No 2. to the Sponsor Letter Agreement is filed as Exhibit 10.1 to this Current Report on Form 8-K and the foregoing description of the form of Amendment No. 2 to the Sponsor Letter Agreement is qualified in its entirety by reference thereto.

*Closing of the Business Combination*

On February 28, 2023, TPBA and Lavoro jointly issued a press release announcing that they have closed the Business Combination and that, beginning on March 1, 2023, Lavoro's ordinary shares and public warrants are expected to begin trading on the Nasdaq Stock Market under the ticker symbols "LVRO" and "LVROW", respectively. A copy of the press release is attached hereto as Exhibit 99.1.

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| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit <br> No.** | **Description** |
| [10.1](tm238030d1_ex10-1.htm) | [Amendment No. 2 to the Sponsor Letter Agreement, dated as of February 28, 2023, by and among TPBA, the Sponsor, and those parties named therein**.**](tm238030d1_ex10-1.htm) |
| [99.1](tm238030d1_ex99-1.htm) | [<u>Press release, dated February 28, 2023</u>](tm238030d1_ex99-1.htm) |

---

EXHIBIT 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | **TPB Acquisition Corporation I** |
| Dated: February 28, 2023 | /s/ David Friedberg  |
|  | David Friedberg |
|  | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

February 28, 2023

TPB Acquisition Corporation I<br> 1 Letterman Drive, Suite A3-1<br> San Francisco, CA 94129

Lavoro Limited<br> Av. Dr. Cardoso de Melo, 1450, 5th floor, office 501

São Paulo—SP, 04548-005, Brazil

Lavoro Agro Limited

Av. Dr. Cardoso de Melo, 1450, 5th floor, office 501

São Paulo—SP, 04548-005, Brazil

---

| | |
|:---|:---|
| Re: | Amendment No. 2 to Sponsor Letter Agreement (the "***Letter Agreement***"), dated August 13, 2021, as amended on September 14, 2022, among TPB Acquisition Corporation I, TPB Acquisition Sponsor I, LLC and the Company's officers and directors |

---

Ladies and Gentlemen:

This Amendment No. 2 to the Letter Agreement (this "***Amendment No. 2***") is being delivered, in connection with the closing of the transactions contemplated by that certain Business Combination Agreement, dated as September 15, 2022, by and among Lavoro Limited, an exempted company incorporated with limited liability in the Cayman Islands ("***New PubCo***"), Lavoro Merger Sub I Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo ("***First Merger Sub***"), Lavoro Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo ("***Second Merger Sub***"), Lavoro Merger Sub III Limited, an exempted company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo ("***Third Merger Sub***" and, together with First Merger Sub and Second Merger Sub, the "Merger Subs"), Lavoro Agro Limited, an exempted company incorporated with limited liability in the Cayman Islands ("***Lavoro***"), and TPB Acquisition Corporation I, an exempted company incorporated with limited liability in the Cayman Islands (the "***Company***") (as it may be amended, restated or otherwise modified from time to time in accordance with its terms, the "***Business Combination Agreement***"). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the Letter Agreement.

Now in consideration of the foregoing and the mutual agreements contained herein, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Section 5 of the Letter Agreement, as amended, is hereby deleted and replaced in its entirety with the
following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Vesting Founder Shares.</u> Subject to, and conditioned upon the Third Effective Time (as defined in
the Business Combination Agreement), Sponsor agrees that two-thirds (3,006,049) of the Founder Shares shall be deemed to be " <u>Vesting Founder Shares,</u> " subject to the vesting schedule detailed in Sections 5(a)(i)-(ii) below, and the remaining one-third (1,503,025)
of the Founder Shares, shall be fully vested at the Third Effective Time (as defined in the Business Combination Agreement) and shall
be deemed to be " <u>Retained Founder Shares,</u> " provided however that the vesting of both the Vesting Founder Shares and
the Retained Founder Shares shall be subject to the Ownership Limitation (as defined below). Subject to, and conditioned upon the occurrence
of and effective immediately after the Third Effective Time, the Vesting Founder Shares shall be unvested and subject to the restrictions
set forth in this Sponsor Letter Agreement. The Vesting Founder Shares shall vest and, except as otherwise provided in this <u>Section 5</u>, shall become free of the provisions set forth in this <u>Section 5</u> as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to one-half of the Vesting Founder Shares (i.e., 1,503,025 Founder Shares) (the " <u>12.50 Vesting Founder Shares</u> "), if at any time during the 3-year period following the Closing Date (the end of such period,
the " <u>Vesting Release Date</u> "), the closing share price of the New PubCo Ordinary Shares is greater than or equal to $12.50
over any 20 trading days within any consecutive 30 trading day period, then the 12.50 Vesting Founder Shares shall vest, subject to the
Ownership Limitation, and become free of the provisions set forth in this <u>Section 5(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to one-half of the Vesting Founder Shares (i.e., 1,503,024 Founder Shares) (the " <u>15.00 Vesting Founder Shares</u> "), if at any time prior to the Vesting Release Date, the closing share price of the New PubCo Ordinary
Shares is greater than or equal to $15.00 over any 20 trading days within any consecutive 30 trading day period, then the 15.00 Vesting
Founder Shares shall vest, subject to the Ownership Limitation, and become free of the provisions set forth in this <u>Section 5(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Vesting Release Date occurs on a day that is not a trading day, then the " <u>Vesting Release Date</u> " shall for all purposes of this Sponsor Letter Agreement be deemed to occur on the next following Trading Day. Any Vesting
Founder Shares that have not vested in accordance with <u>Sections 5(a)(i)-(ii)</u> on or before the Vesting Release Date will be immediately
forfeited at 11:59 p.m., New York, New York time on the Vesting Release Date. Notwithstanding the foregoing, any Vesting Founder Shares
that would have vested in accordance with <u>Sections 5(a)(i)-(ii)</u> but for the Ownership Limitation, shall not be subject to forfeiture
on the Vesting Release Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The New PubCo Ordinary Share price targets in <u>Sections 5(a)(i)-(ii)</u> shall be equitably adjusted
for stock splits, stock dividends, cash dividends, reorganizations, combinations, recapitalizations and similar transactions affecting
the New PubCo Ordinary Shares after the Third Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If, prior to the Vesting Release Date, there is a Liquidation Event (as defined below), then the Vesting
Founder Shares shall vest and become free of the provisions set forth in this <u>Section 5</u> effective as of immediately prior to the
consummation of such Liquidation Event, or otherwise treated as so issued in connection therewith, so as to ensure that the Sponsor shall
receive such Vesting Founder Shares, and all proceeds thereof, in connection with such Liquidation Event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) At any time prior to the Vesting Release Date, the Sponsor agrees that it shall not Transfer any Vesting
Founder Shares except as otherwise permitted pursuant to <u>Section 5(c)</u> below, and the Vesting Founder Shares shall include customary
transfer legends on any certificates for the Vesting Founder Shares reflecting such restriction. At the time that any Vesting Founder
Shares become vested pursuant to this <u>Section 5(a)</u>, New PubCo shall remove any legends, stock transfer restrictions, stop transfer
orders or similar restrictions with respect to the Vesting Founder Shares related to such vesting (other than, for the avoidance of doubt,
those that relate to any applicable and then-existing transfer restrictions applicable during the Lock-Up Period with respect to such
Vesting Founder Shares pursuant this Sponsor Letter Agreement, the Business Combination Agreement or any other Transaction Agreements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Sponsor shall not, and hereby waives any right to, vote (whether at any meeting of the holders of
New PubCo Ordinary Shares, by written resolution or otherwise) the Vesting Founder Shares owned by it during any period of time that such
Vesting Founder Shares are subject to vesting pursuant to the terms of this <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Any dividends or other distributions paid with respect to the Vesting Founder Shares during any period
of time that such Vesting Founding Shares are subject to vesting pursuant to the terms of this <u>Section 5</u> shall be deposited by
New PubCo for the benefit of the Sponsor in a separate account held and maintained solely for the benefit of Sponsor (the " <u>Escrow Account</u> "), subject to the terms and conditions of that certain Escrow Agreement to be entered into by and between the parties
hereto in form and substance attached as Exhibit A (the " <u>Escrow Agreement</u> "). The parties agree that for U.S. federal,
state and local tax purposes, Sponsor is the owner of the Vesting Founder Shares and the Escrow Account, and in furtherance of the foregoing,
Sponsor will be treated as the recipient of (A) any dividends or other distributions paid with respect to the Vesting Founder Shares (" <u>Dividends</u> ")
and (B) any interest or other income or gains earned with respect to amounts held in the Escrow Account (" <u>Escrow Income</u> "),
whether or not ultimately distributed from the Escrow Account to Sponsor. Upon the vesting of any Vesting Founder Shares pursuant to this <u>Section 5</u>, New PubCo shall instruct the escrow agent to release any amounts held in the Escrow Account (including Dividends and
Escrow Income) in respect of such Vesting Founder Shares to Sponsor. In the event that any Vesting Founder Shares are forfeited pursuant
to the terms of this <u>Section 5</u>, then any amounts held in the Escrow Account (including Dividends and Escrow Income) in respect
of such Vesting Founder Shares forfeited pursuant to this <u>Section 5</u> shall be distributed from the Escrow Account to the Company,
such payment to be made in the manner set forth in the Escrow Agreement. For the avoidance of doubt, no tax reporting shall be required
in respect of the release of all or a portion of any amounts from the Escrow Account to Sponsor, and Sponsor shall be responsible for
paying taxes (including any penalties and interest thereon) on all taxable Dividends and any Escrow Income, and for filing all necessary
tax returns with respect to such income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Except as otherwise provided in this Sponsor Letter Agreement, the Sponsor shall retain all of its rights
as a shareholder of New PubCo with respect to the Vesting Founder Shares owned by it during any period of time that such shares are subject
to vesting pursuant to the terms of this <u>Section 5(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Notwithstanding anything to the contrary herein,
all or a portion of each of the Retained Founder Shares and Vesting Founder Shares shall not vest to the extent that after giving effect
to the vesting of such Founder Shares, the Sponsor would beneficially own a number of New PubCo Ordinary Shares in excess of 9.99% of
the number of New PubCo Ordinary shares outstanding immediately after giving effect to the vesting of Retained Founder Shares or Vesting
Founder Shares, as applicable (the "  ***Ownership Limitation*** "). For purposes of the foregoing sentence, the number
of New PubCo Ordinary Shares beneficially owned by the Sponsor shall include the number of New PubCo Ordinary Shares held by the Sponsor, *plus* (i) the number of Vesting Founder Shares or Retained Founder Shares, as the case may be, with respect to which such determination
is being made and (ii) the number of New PubCo Ordinary Shares issuable upon exercise or conversion of the unexercised or unconverted
portion of any other securities of New PubCo beneficially owned by the Sponsor, but shall exclude (i) the number of unvested Founder Shares
and (ii) the number of New PubCo Ordinary Shares issuable upon exercise or conversion of the unexercised or unconverted portion of
any other securities of New PubCo beneficially owned by the Sponsor subject to a limitation on conversion or exercise analogous to the
ownership limitation contained in this Section 5(x <u>)</u>. Any Founder
Shares that would otherwise vest pursuant to <u>Sections 5(a)</u> but remain unvested subject to the Ownership Limitation shall vest at
the earlier of such time as (a) when the Ownership Limitation would not be exceeded or (b) when the Sponsor may elect, in its sole discretion,
to waive the Ownership Limitation by written notice to New PubCo. For purposes of this <u>Section 5(a)(x)</u>, beneficial ownership shall
be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended. In determining the number of outstanding
New PubCo Ordinary Shares which may vest without exceeding the Ownership Limitation, New PubCo shall confirm orally and in writing by
electronic mail to the Sponsor the number of New PubCo Ordinary Shares then outstanding. The Sponsor may elect in its sole discretion,
at any time and by written notice to New PubCo, to increase or decrease the Ownership Limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Notwithstanding the expiration of any Lock-Up Period with respect to any Vesting Founder Shares,
such Vesting Founder Shares shall remain subject to any applicable restrictions set forth in <u>Section 5</u> until vested or forfeited
in accordance with the terms of this <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sponsor agrees that it shall not Transfer: (i) 3,006,049 of the Vesting Founder Shares ("  ***Founder Lock-Up Shares***") and 1,398,025 of the New PubCo Ordinary Shares ("  ***PIPE Lock-Up Shares*** ", and together
with the Founder Lock-Up Shares and Insider Lock-Up Shares, the "  ***Lock-Up Shares***") acquired by the Sponsor pursuant
to that certain Subscription Agreement, dated September 15, 2022, by and between the Sponsor and the Company until 24 months after the
completion of the Closing; and (ii) any Private Placement Warrants (or any New PubCo Ordinary Shares underlying the Private Placement
Warrants) until 30 days after the completion of the Closing (the "  ***Private Placement Warrants Lock-Up*** ", together
with the Lock-Up Shares, the "  ***Lock-Up*** "). Notwithstanding the foregoing, (i) 50% of the Lock-Up Shares shall
be released from the Lock-Up 12 months subsequent to the Closing Date, (ii) an additional 25% of the Lock-Up Shares (i.e. totaling an
aggregate of 75% of the Lock-Up Shares) shall be released from the Lock-Up 18 months subsequent to the Closing Date, and (iii) the remaining
25% of the Lock-Up Shares (i.e. totaling an aggregate of 100% of the Lock-Up Shares) shall be released from the Lock-Up 24 months subsequent
to the Closing Date. The Lock-Up shall terminate and be of no further force or effect upon the date of a liquidation, merger, capital
stock exchange, reorganization, sale of all or substantially all assets or other similar transaction involving New PubCo upon the consummation
of which holders of New PubCo Ordinary Shares would be entitled to exchange their New PubCo Ordinary Shares for cash, securities or other
property following the Closing (a " <u>Liquidation Event</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions set forth in paragraphs 5(a)-(b), Transfers of Lock-Up Shares or Private
Placement Warrants (or any New PubCo Ordinary Shares underlying the Private Placement Warrants) subject to the Lock-Up (the "  ***Lock-Up Securities***") are permitted (i) to the Company's officers or directors, any affiliate or family member of any of the
Company's officers or directors, any members or partners of the Sponsor or their affiliates, any affiliates of the Sponsor, or any
employees of such affiliates; (ii) in the case of an individual, by gift to a member of one of the individual's immediate family
or to a trust, the beneficiary of which is a member of the individual's immediate family, an affiliate of such person or to a charitable
organization; (iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in
the case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with
any forward purchase agreement or similar arrangement or in connection with the consummation of a Business Combination at prices no greater
than the price at which the Lock-Up Securities, or Ordinary Shares, as applicable, were originally purchased; (vi) by virtue of the Sponsor's
organizational documents upon liquidation or dissolution of the Sponsor; (vii) to the Company for no value for cancellation in connection
with the consummation of an initial Business Combination, (viii) in the event of the Company's liquidation prior to the completion
of a Business Combination; (ix) in connection with a pledge of Lock-Up Securities to a financial institution, including the enforcement
of any such pledge by a financial institution; and provided, however, that in the case of clauses (i) through (vi) these permitted transferees
must enter into a written agreement agreeing to be bound by these transfer restrictions.

*[Signature Pages Follow]*

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **TPB ACQUISITION SPONSOR I, LLC** | **TPB ACQUISITION SPONSOR I, LLC** |
| By: | /s/ David Friedberg |
| Name: | David Friedberg |
| Title: | Chief Executive Officer |

---

*[Signature Page to Amendment to Letter Agreement]*

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| | |
|:---|:---|
| Acknowledged and Agreed: | Acknowledged and Agreed: |
| **TPB ACQUISITION CORPORATION I** | **TPB ACQUISITION CORPORATION I** |
| By: | /s/ David Friedberg |
| Name: | David Friedberg |
| Title: | Chief Executive Officer |

---

*[Signature Page to Amendment to Letter Agreement]*

---

| |
|:---|
| Acknowledged and Agreed: |
| **DIRECTORS AND OFFICERS OF TPB ACQUISITION CORPORATION I** |
| /s/ David Friedberg |
| David Friedberg |
| /s/ William Hauser |
| William Hauser |
| /s/ Bharat Vasan |
| Bharat Vasan |
| /s/ Kerry Cooper |
| Kerry Whorton Cooper |
| /s/ Neil Renninger |
| Neil Renninger |
| /s/ April Underwood |
| April Underwood |

---

*[Signature Page to Amendment to Letter Agreement]*

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| | |
|:---|:---|
| Acknowledged and Agreed: | Acknowledged and Agreed: |
| **LAVORO AGRO LIMITED** | **LAVORO AGRO LIMITED** |
| By: | /s/ Ruy Marcos Laguna Cunha |
| Name: | Ruy Marcos Laguna Cunha |
| Title: | Director |
| By: | /s/ Laurence Beltrão Gomes |
| Name: | Laurence Beltrão Gomes |
| Title: | Chief Financial Officer |

---

---

| | |
|:---|:---|
| Acknowledged and Agreed: | Acknowledged and Agreed: |
| **LAVORO LIMITED** | **LAVORO LIMITED** |
| By: | /s/ Daniel Fisberg |
| Name: | Daniel Fisberg |
| Title: | Director |
| By: | /s/ Peter Estermann |
| Name: | Peter Estermann |
| Title: | Director |

---

*[Signature Page to Amendment to Letter Agreement]*

## Exhibit 99.1

**Exhibit 99.1**

**Lavoro and TPB Acquisition Corporation I Announce Completion of Business Combination** 

*Lavoro ordinary shares and warrants expected to begin trading on Nasdaq on March 1, 2023 under ticker symbols "LVRO" and "LVROW", respectively*

*Gross proceeds of approximately $134.4 million expected to fund Lavoro's investment activities and growth initiatives*

*Upon listing, Lavoro to be the first US-listed pure-play Latin American agricultural inputs retailer*

SÃO PAULO & SAN FRANCISCO -- Lavoro Limited ("Lavoro" or the "Company"), the largest agricultural inputs retailer in Brazil, and TPB Acquisition Corporation I ("TPB Acquisition Corp." or "TPBA") (Nasdaq: TPBA, TPBAW, TPBAU), a special purpose acquisition company sponsored by The Production Board ("TPB"), today announced the completion of their previously announced business combination (the "Business Combination"). The Business Combination was approved at an extraordinary meeting of TPBA shareholders on February 22, 2023, and closed on February 28, 2023.

The ordinary shares and warrants of the combined company, Lavoro Limited, are expected to begin trading on the Nasdaq Stock Market ("Nasdaq") under the ticker symbols "LVRO" and "LVROW", respectively, on March 1, 2023.

"The closing of this transaction and our forthcoming listing on the Nasdaq is a major milestone for our entire Lavoro team," commented Ruy Cunha, Chief Executive Officer of Lavoro. "We are thrilled to enter this next phase of growth as a publicly traded company, as we believe we are uniquely positioned to expand our footprint throughout Latin America and continue our mission to address food insecurity and empower farmers by creating greater access to innovative agricultural solutions."

"We believe Lavoro is in an ideal position to improve global food security while reducing the land, water and energy footprint of our crops," said David Friedberg, Founder of TPBA. "We are immensely proud to have played a role in helping bring this important agriculture company to the public markets. We look forward to continuing to work together alongside Lavoro to help them achieve their growth objectives and realize the margin enhancement opportunity that we believe is inherent in this business."

The combined company will continue to be led by Chief Executive Officer Ruy Cunha alongside the rest of the current Lavoro management team. Lavoro's Board of Directors comprises 7 directors, Marcos de Mello Mattos Haaland, Ricardo Leonel Scavazza, Daniel Fisberg, David Friedberg, Michael Stern, Lauren StClair and Eduardo Daher. The Board's three independent directors include Michael Stern, Lauren StClair and Eduardo Daher.

**Latin America's Leading Independent Agricultural Inputs Retailer – a Scaled, Profitable, and Growing Business** 

Through the acquisition of over 20 small- and medium-sized companies, São Paulo-based Lavoro has quickly become Brazil's largest agricultural inputs retailer by revenue and market share. Lavoro's geographical presence also extends to Colombia, Peru, Chile and Uruguay.

The Company offers farmers a comprehensive portfolio of agriculture input products including seed, fertilizer, crop protection, emerging biologics and other specialty products. Lavoro's 924 technical sales representatives have met with more than 60,000 customers on farms and at 193 retail locations multiple times per year to help them plan, purchase the right inputs, and manage their farming operations to optimize outcomes.

Lavoro's vertically-integrated crop inputs business, "Crop Care," is a major supplier of biologics and specialty fertilizers in Brazil. Operating at the forefront of agriculture technology, we believe the Company's portfolio of proprietary biologics helps to enable farmers to protect their crops from disease, pests, and weeds without the carbon and environmental persistence of traditional synthetic crop chemistry – while helping to improve soil health and productivity, lowering the need for synthetic fertilizers.

Demonstrating the strength of its acquisitions and organic growth playbook, Lavoro successfully acquired and integrated 24 businesses, and generated R$8.2 billion in pro forma revenue in the fiscal year ended June 30, 2022 alone and R$151.3 million in pro forma net income in the same period. Lavoro grew its revenue by a CAGR of 69% between fiscal year 2020 to fiscal year 2022, including a 23% and 14% year-over-year organic growth in fiscal year 2021 and fiscal year 2022, respectively. At the same time, Lavoro believes it has also achieved robust organic growth through retail and product portfolio expansion, as well as operational improvements.

**Transaction Overview**

As a result of the transaction, Lavoro has received approximately $134.4 million in gross proceeds, including the contribution of $100 million that TPB has invested through a private placement at $10.00 per share.

Lavoro plans to use the gross proceeds for investment activities and growth initiatives, including:

&nbsp;&nbsp;&nbsp;&nbsp;· organic
 expansion of its retail footprint with new stores;

&nbsp;&nbsp;&nbsp;&nbsp;· acquisitions
 of additional agricultural retail and input companies;

&nbsp;&nbsp;&nbsp;&nbsp;· introduction
 of new sustainable products and technological services; and

&nbsp;&nbsp;&nbsp;&nbsp;· expansion
 of operations throughout Latin America.

**Advisors**

Barclays Capital Inc., Canaccord Genuity LLC and Stifel, Nicolaus & Company, Incorporated served as capital markets advisors to TPB Acquisition Corp. Cooley LLP acted as legal advisor to TPB Acquisition Corp., Davis Polk & Wardwell LLP acted as legal advisor to Lavoro, and White & Case LLP acted as legal counsel to the capital markets advisors.

**About Lavoro**

Lavoro is Brazil's largest agricultural inputs retailer and a leading provider of agriculture biologics inputs. Through a comprehensive portfolio, we believe Lavoro empowers farmers to adopt breakthrough technology and boost productivity. Founded in 2017, Lavoro has a broad geographical presence, with distribution operations in Brazil and Colombia, and an emergent agricultural input trading company in Uruguay. Lavoro's 924 technical sales representatives have met with more than 60,000 customers on farms and at 193 retail locations multiple times per year to help them plan, purchase the right inputs, and manage their farming operations to optimize outcomes. Learn more about Lavoro at <u>www.lavoroagro.com.br</u>.

**About The Production Board**

Founded by David Friedberg, The Production Board is a venture foundry and investment holding company established to solve the most fundamental problems that affect our planet by reimagining global systems of production across food, agriculture, biomanufacturing, human health, and the broader life sciences. TPB builds businesses based on emerging scientific discoveries, partners with exceptional talent, and provides them with the capital, infrastructure and market insights needed to deliver meaningful improvement in the cost, energy, time, or carbon footprint of conventional systems. TPB is backed by leading strategic and financial investors, including Alphabet, Allen & Company LLC, Cascade, and funds and accounts managed by BlackRock, Baillie Gifford, Koch Disruptive Technologies, Counterpoint Global (Morgan Stanley), Foxhaven Asset Management, and Arrowmark Partners. Learn more about our work at <u>www.tpb.co</u>.

**Forward-Looking Statements**

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The contents of any website mentioned or hyperlinked in this press release are for informational purposes and the contents thereof are not part of or incorporated into this press release.

Certain statements made in this press release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "aims," "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the anticipated timing of the trading of the combined company, the expected use of gross proceeds from the business combination, the expectations regarding the growth of Lavoro's business and its ability to realize expected results, including with respect to its Pro Forma Revenue and Pro Forma Net Income; the viability of Lavoro's growth strategy, including with respect to its ability to grow market share in Brazil, Latin America and globally, grow revenue from existing customers, and consummate acquisitions; opportunities, trends and developments in the agricultural input industry, including with respect to future financial performance in the industry; the size of Lavoro's total addressable market; the expected benefits of the business combination. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lavoro's and TPB's Acquisition Corp.'s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Lavoro and TPB Acquisition Corp.

These forward-looking statements are subject to a number of risks and uncertainties, including but not limited to, the expected benefits of the proposed business combination will not be obtained; the effect of the announcement or pendency of the proposed transaction on Lavoro's business relationships, operating results, and business generally; risks that the proposed transaction disrupts current plans and operations of Lavoro and potential difficulties in employee retention as a result of the proposed transaction; the outcome of any legal proceedings that may be instituted against Lavoro, TPB Acquisition Corp. or the combined company related to the business combination agreement or the transaction; the ability to maintain the listing of Lavoro's securities on Nasdaq; the price of Lavoro's securities may be volatile due to a variety of factors, including changes in the competitive and regulated industries in which Lavoro operates, variations in operating performance across competitors, changes in laws and regulations affecting Lavoro's business; Lavoro's inability to meet or exceed its financial projections and changes in the combined capital structure; changes in general economic conditions, including as a result of the COVID-19 pandemic; the ability to implement business plans, forecasts, and other expectations, and identify and realize additional opportunities, changes in domestic and foreign business, market, financial, political and legal conditions; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; costs related to the business combination and being a public company and other risks and uncertainties indicated from time to time in the proxy statement/prospectus filed by Lavoro relating to the business combination or in the future, including those under "Risk Factors" therein, and in TPB Acquisition Corp.'s or Lavoro's other filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither TPB Acquisition Corp. nor Lavoro presently know or that TPB Acquisition Corp. nor Lavoro currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

In addition, forward-looking statements reflect TPB Acquisition Corp.'s and Lavoro's expectations, plans or forecasts of future events and views as of the date of this press release. TPB Acquisition Corp. and Lavoro anticipate that subsequent events and developments will cause TPB Acquisition Corp.'s or Lavoro's assessments to change. However, while TPB Acquisition Corp. and the TPB Acquisition Corp. may elect to update these forward-looking statements at some point in the future, TPB Acquisition Corp. and Lavoro specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing TPB Acquisition Corp.'s or Lavoro's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

**Contacts**

For TPB:

Rachel Konrad

rachel@tpb.co, +1-650-924-5471

John Christiansen/Camilla Scassellati Sforzolini

TPB@fgsglobal.com

For Lavoro:

Guilherme Nascimento

guilherme.augusto@lavoroagro.com.br +55 66 9 9911-3093

Fernanda Rosa

fernanda.rosa@lavoroagro.com +55 41 9 9911-2712