Document:

Exhibit 10.1

 

May 12, 2020

 

Landcadia Holdings II, Inc.

1510 West Loop South

Houston, Texas 77027

 

Re:Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and among Landcadia Holdings II, Inc., a Delaware corporation (the “Company”),
and Jefferies LLC, as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to the underwritten initial public offering (the “Public
Offering”) of 27,500,000 units, including the issuance of 4,125,000 units as a result of the underwriters’
exercise of their over-allotment option in full (the “Units”), each comprised of one share of the Company’s
Class A common stock, par value $0.0001 per share (the “Common Stock”), and one-third of one redeemable
warrant. Each whole warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of
Common Stock at a price of $11.50 per share, subject to adjustment as described in the Prospectus (as defined below). The Units
were sold in the Public Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”) and are listed
on The Nasdaq Capital Market (“Nasdaq”). Certain capitalized terms used herein are defined in paragraph
9 hereof.

 

For good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, each of the undersigned member of the board of directors of the Company
(the “Director”), hereby agrees with the Company as follows:

 

		1.	The Director agrees that if the Company seeks stockholder
approval of a proposed Business Combination, then in connection with such proposed Business Combination he shall (i) vote any
shares of Common Stock owned by him in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock
owned by him in connection with such stockholder approval. If the Company seeks to consummate a proposed Business Combination
by engaging in a tender offer, the Director agrees that he will not seek to sell any shares of Common Stock owned by him to the
Company in connection therewith.

 

		2.	(a)The Director hereby agrees that in the event that
the Company fails to consummate a Business Combination within 24 months from the closing of the Public Offering, or such later
period approved by the Company’s stockholders in accordance with the Company’s third amended and restated certificate
of incorporation (as it may be amended from time to time, the “Charter”), the Director shall take all
reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common
Stock sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish
all Public Stockholders’ rights as stockholders (including the right to receive further liquidating distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
the Company’s remaining stockholders and the Company’s board of directors, dissolve and liquidate, subject in each
case to the Company’s obligations under Delaware law to provide for claims of creditors and other requirements of applicable
law. The Director agrees to not propose any amendment to the Charter to modify the substance or timing of the Company’s
obligation (i) to redeem 100% of the Offering Shares if the Company does not complete a Business Combination by the date set forth
in the Charter or (ii) to provide for redemption in connection with a Business Combination, unless the Company provides its public
stockholders with the opportunity to redeem their shares of Common Stock upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held
in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering
Shares.

 

     

     

    

 

(b)       The
Director acknowledges that he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account
or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by him,
if any. The Director hereby further waives, with respect to any shares of Common Stock held by him, if any, any redemption rights
he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available
in the context of a stockholder vote to approve such Business Combination or a stockholder vote to approve an amendment to the
Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company
has not consummated a Business Combination within the time period set forth in the Charter or in the context of a tender offer
made by the Company to purchase shares of Common Stock (although the Director and his affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within the time period set forth in the Charter).

 

		3.	The Director hereby agrees and acknowledges that: (i)
the Underwriters and the Company would be irreparably injured in the event of a breach by such Director of his obligations under
paragraphs 1, 2, 3, 5(a), and 5(b), as applicable, of this Letter Agreement (ii) monetary damages may not be an adequate remedy
for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

		4.	(a)The Director agrees that he shall not Transfer
any Founder Shares (or any shares of Common Stock issuable upon conversion thereof) until the earlier of (A) one year after the
completion of the Company’s initial Business Combination or (B) subsequent to the Business Combination, (x) if the last
sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the
Company’s initial Business Combination or (y) the date on which the Company completes a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right
to exchange their shares of Common Stock for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

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(b)                      
Each Sponsor and each Insider agrees that it, he or she shall not Transfer any Private Placement Warrants (or shares of
Common Stock issued or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of a Business
Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up
Period, the “Lock-up Periods”).

 

(c)           
Notwithstanding the provisions set forth in paragraphs 5(a) and (b), Transfers of the Founder Shares, Private Placement
Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the
Founder Shares and that are held by the Director and any of his permitted transferees (that have complied with this paragraph 5(c)),
are permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s
officers or directors, any members of the Sponsors or any affiliates of the Sponsors; (b) in the case of an individual, by gift
to a member of such individual’s immediate family or to a trust, the beneficiary of which is a member of such individual’s
immediate family, an affiliate of such individual or to a charitable organization; (c) in the case of an individual, by virtue
of laws of descent and distribution upon death of such individual; (d) in the case of an individual, pursuant to a qualified domestic
relations order; (e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement
or in connection with the consummation of an initial Business Combination at prices no greater than the price at which the shares
or warrants were originally purchased; (f) in the event of the Company’s liquidation prior to the completion of an initial
Business Combination; or (g) by virtue of the laws of the State of Delaware or the organizational documents of either Sponsor’s
upon dissolution of either Sponsor; provided, however, that in the case of clauses (a) through (e) or (g), these
permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions herein
and the other restrictions contained in this Agreement and by the same agreements entered into by the Sponsors with respect to
such securities (including provisions relating to voting, the Trust Account and liquidating distributions).

 

		5.	The Director represents and warrants that he has never
been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities
license or registration denied, suspended or revoked. The Director’s biographical information furnished to the Company (including
any such information included in the Prospectus) is true and accurate in all respects and does not omit any material information
with respect to the Director’s background. The Director’s questionnaire furnished to the Company is true and accurate
in all respects. The Director represents and warrants that: he is not subject to or a respondent in any legal action for, any
injunction, cease-and-desist order or order or stipulation to desist or refrain from any act or practice relating to the offering
of securities in any jurisdiction; he has never been convicted of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating
to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and
he is not currently a defendant in any such criminal proceeding.

 

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		6.	Except as disclosed in the Prospectus, neither the Sponsors
nor any officer, nor any affiliate of the Sponsors or any officer, nor any director of the Company, nor the Director shall receive
from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any repayment of a loan or other
compensation prior to, or in connection with any services rendered in order to effectuate, the consummation of the Company’s
initial Business Combination (regardless of the type of transaction that it is), other than the following, none of which will
be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination: repayment of
a loan and advances up to an aggregate of $300,000 made to the Company by the Sponsors; payment to FEI for certain office space,
utilities and secretarial and administrative support as may be reasonably required by the Company for a total of $10,000 per month;
reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating and consummating an initial Business
Combination; payment of a customary financial advisory fee to an affiliate of Jefferies in an amount that constitutes a market
standard financial advisory fee for comparable transactions at the closing of the Company’s initial Business Combination;
provided that no agreement with Jefferies or its affiliates will be entered into, and no fees for such services will be
paid to Jefferies or its affiliates, prior to the date that is 90 days from the date of the Prospectus, unless the Financial Industry
Regulatory Authority, Inc. determines that such payment would not be deemed underwriting compensation in connection with the Public
Offering; and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the
Sponsors or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial
Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working
capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the
Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants at a price of $1.50
per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants, including as to exercise
price, exercisability and exercise period.

 

		7.	The Director has full right and power, without violating
any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any
employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as a director on the board of directors
of the Company.

 

		8.	As compensation for service on the board of directors
of the Company by each Insider serving as an “independent” member of the board of directors of the Company under Nasdaq
listing standards and applicable Commission rules (each, an “Independent Director”), if the Company consummates its
initial Business Combination, the Company shall pay $100,000 to each Independent Director at the time of the consummation of the
initial Business Combination so long as such Independent Director has continuously served as an Independent Director until such
time.

 

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		9.	As used herein, (i) “Business Combination”
shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination,
involving the Company and one or more businesses; (ii) “Capital Stock” shall mean, collectively, the
Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean (a) the 7,906,250 shares of the
Company’s Class B common stock, par value $0.0001 per share, held by the Sponsors; (iv) “Initial Stockholders”
shall mean the Sponsors and any director or officer that holds Founder Shares; (v) “Private Placement Warrants”
shall mean the Warrants to purchase up to 5,883,333 shares of Common Stock that the Sponsors purchased for an aggregate purchase
price of $8,825,000, or $1.50 per Warrant, in a private placement that occurred simultaneously with the consummation of the Public
Offering; (vi) “Public Stockholders” shall mean the holders of securities issued in the Public Offering;
(vii) “Sponsor” shall mean each of Fertitta Entertainment Inc. (“FEI”) and
Jefferies Financial Group Inc. (“Jefferies”) (collectively, the “Sponsors”);
(viii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of the Public
Offering were deposited; (ix) “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement
to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or
indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder
with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any
of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities,
in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and
(x) “Warrants” shall mean the Private Placement Warrants and public warrants.

 

		10.	The Company will maintain an insurance policy or policies
providing directors’ and officers’ liability insurance, and each Director shall be covered by such policy or policies,
in accordance with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors
or officers.

 

		11.	This Letter Agreement constitutes the entire agreement
and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements,
or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter
hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than
to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.

 

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		12.	No party hereto may assign either this Letter Agreement
or any of its rights, interests, or obligations hereunder without the prior written consent of the other parties. Any purported
assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest
or title to the purported assignee. This Letter Agreement shall be binding on the Director and his respective successors, heirs
and assigns and permitted transferees.

 

		13.	Nothing in this Letter Agreement shall be construed to
confer upon, or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason
of this Letter Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations,
promises and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and
their successors, heirs, personal representatives and assigns and permitted transferees.

 

		14.	This Letter Agreement may be executed in any number of
original or facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such
counterparts shall together constitute but one and the same instrument.

 

		15.	This Letter Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter
Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision,
the parties hereto intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such
invalid or unenforceable provision as may be possible and be valid and enforceable.

 

		16.	This Letter Agreement shall be governed by and construed
and enforced in accordance with the laws of the State of New York. The parties hereto (i) all agree that any action, proceeding,
claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts
of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue
shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient
forum.

 

		17.	Any notice, consent or request to be given in connection
with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express mail or similar
private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

		18.	This Letter Agreement shall terminate on the earlier
of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided further that paragraph 4 of this
Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

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Sincerely,

 

	 	By:  	 /s/ Scott Kelly	 
	 	 	Name: Scott Kelly	 

 

 

 

Acknowledged
and Agreed:

 

LANDCADIA
HOLDINGS II, INC.

 

	By:	/s/ Steven L. Scheinthal	 
	 	Name: Steven L. Scheinthal	 
	 	Title:   Vice President	 

 

 

 

    [Signature Page to Letter Agreement]Exhibit 4.1

 

DESCRIPTION OF THE REGISTRANT’S
SECURITIES

REGISTERED PURUSANT TO SECTION 12 OF
THE SECURITIES

EXCHNAGE ACT OF 1934, AS AMENDED

 

As of December 31, 2019, Planet Green Holdings Corp. (“we,”
“our,” “us” or the “Company”) had one class of securities registered under Section 12 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”): its common stock with a par value of $0.001 per share
(“Common Stock”).

 

Pursuant to our articles of incorporation,
our authorized capital stock consists of (i) 200,000,000 shares of Common Stock and (ii) 5,000,000 shares of preferred stock, with
a par value of $0.001 per share. The following description summarizes the material terms of our capital stock. For a complete description
of the matters set forth herein, you should refer to our articles of incorporation, our bylaws, and the applicable provisions of
Nevada law.

 

Defined terms used herein and not defined
herein shall have the meaning ascribed to such terms in the Company’s Annual Report on Form 10-K.

 

Common Stock

 

The holders of the Common Stock shall be entitled to one vote
for each share so held with respect to each matter voted on by the stockholders of the Company. There is no cumulative voting.

 

Liquidation, Dividend and Preemptive Rights 

 

Subject to the rights of any outstanding preferred stock, upon
any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of stock
shall be entitled to receive all remaining assets of the Company and such assets shall be distributed ratably among the holders
of stock on the basis of the number of shares of stock held by each of them.

 

Dividend may be paid on the stock as and when declared by the
Board of Directors of the Company. No holders of any shares of stock shall, as such holder, have any rights, preemptive or otherwise,
to purchase, subscribe for or otherwise acquire any shares of stock, whether now or hereafter authorized, which at any time are
offered for sale or sold by the Company.

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