Document:

Exhibit 10.1

      

      

      Turning Point Brands. Inc.

      5201 Interchange Way

      Louisville, KY 40229

       

      February 25, 2021

      

      

      Graham A Purdy

      12442 Poplar Woods Drive

      Goshen, KY 40026

       

      Dear Mr. Purdy:

       

      As discussed, Turning Point Brands, Inc., together with any successor thereto ("Turning Point" and, together with its applicable employing subsidiaries, the "Company"), agrees to retain your
        services on the terms, provisions and conditions set forth in this employment letter (this "Agreement"). If you find these terms, provisions and conditions acceptable,
        please sign this Agreement where indicated and return it to me as soon as possible. It will become effective on the date of your signature hereto (the "Effective Date").
        As of the Effective Date, this Agreement shall supersede and replace, in its entirety. any prior agreement by and between you and Turning Point and any of its subsidiaries (the "Prior
            Agreement"), and you shall no longer have any rights or benefits thereunder.

       

      Position: Unless and until changed by the Company, your job position and title will be Chief Operating Officer of the Company.

       

      Duration of Employment: You will continue to be
        employed by the Company for an initial term of one year, commencing on the Effective Date and ending on the one-year anniversary of the Effective Date (the "Initial Term"),
        and your employment period will be automatically renewed at the expiration of the Initial Term, or upon the applicable anniversary thereof, whichever applicable, unless either you or the Company provides the other with a written notice of
        non-renewal at least 60 days prior to the applicable expiration date (the Initial Term and any renewal period(s) together. the "Term").

       

      Location of Employment: You will be employed by
        the Company based out of Louisville, Kentucky.

       

      Salary: Your annual base compensation ("Salary") will be $455,000.00 per calendar year, unless adjusted by the Board of Directors of Turning Point (the "Board") in its sole discretion. Salary will be disbursed in
        periodic installments throughout the year in accordance with the Company's regular payroll cycle and policies.

       

      Annual Bonus: You may be eligible to earn an
        annual bonus with a target of 75% of your Annual Salary pursuant to the terms and conditions of the Company's annual bonus award program as may be in effect from time to time. Eligibility for any annual bonus will be based on your achievement of
        designated performance metrics as set forth in the Company's annual bonus award program. Such eligibility and the amount, if any, of the annual bonus shall be determined by the Board in its sole discretion.

       

      Compensation Review: The Board intends to review your compensation on an annual basis, with the first such review to
        occur in or around March 2022.

       

      Annual Paid Vacation Allowance: Four weeks,
        subject to the terms and conditions herein and in the Company's vacation policies as in effect from time to time.

       

      
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      Severance Benefits Period: A period of 12 months following a termination of your employment with the Company and its subsidiaries by the Company without Cause or resignation of your employment with the
        Company and its subsidiaries by you for Good Reason, other than in the event of a Change of Control. If you resign for Good Reason or are terminated by the Company without Cause within one year following a Change of Control the Severance Benefits
        Period shall be a period of 24 months following such termination of employment.

       

      Restricted Period: The Term plus an additional 12
        months following any Separation, unless such Separation triggers a Severance Benefit Period of 24 months, in which case the Restricted Period shall continue for 24 months following the Term.

       

      Stock Incentives: If you are eligible for stock incentives, separate plan documents will be provided to you.  Such plan may be authorized, amended, or discontinued by the Board in its sole discretion.  Unless
        specifically provided for in this Agreement, nothing in this Agreement shall have any effect on any existing agreements regarding the Company’s equity incentive programs in which you participate, have participated or are eligible to participate,
        including without limitation restricted stock, options, common stock, or any other equity instrument (“Equity Incentive Programs”).

       

      Additional Benefits: You will be entitled to
        participate in the medical, dental and 401(k) savings benefit plans offered to the Company's employees pursuant to the terms and conditions of each such benefit plan in effect from time to time, which may be authorized, amended or discontinued by
        the Company in its sole discretion. The Company will provide a description of the group benefit programs and enrollment forms.

       

      Additional Terms and Conditions

       

      1. Your Representations: You represent that you are eligible to accept and continue employment, and that you have not previously been, are not currently and will not be subject to any agreement or
          obligation which would bar or limit your ability to perform your duties and responsibilities with the Company. You also represent that all information you have submitted to the Company as part of any application process and your prior employment
          with the Company, including without limitation your resume, application for employment and employment records, is true and complete.

       

      2. Duties and Responsibilities: You will be responsible for carrying out all duties and responsibilities associated with your Position, as set forth in a separate Job Description or similarly styled
          document provided to you, and as otherwise directed by the Company, which may include travel as necessary consistent with your prior employment with the Company. Additional responsibilities and necessary travel may be added, or your Position
          changed, at the Board's sole discretion, from time to time, without written modification of this Agreement. You will be subject to, and agree to abide by, such rules, policies and procedures as the Company maintains (including, but not limited
          to, the Turning Point Brands, Inc. Code of Business Conduct and Ethics (as amended from time to time, the "Code of Conduct and Ethics")) or may from time to time
          establish with respect to executives, employees in general, standard operating procedures, business operations, etc.

       

      3.  Use of Vacation: Your Annual Paid Vacation Allowance may be used at any time, subject to the Company's policies regarding vacations. Vacation days will not carry over from one year to the next, and
          no compensation will be paid for unused vacation (except as may be required by law upon separation from employment).

       

      4. Separation from Employment: You will, upon separation from employment with the Company and its subsidiaries for any reason (such as termination, resignation. death or disability) (each, a "Separation"), receive such salary and other benefits as have accrued as of the date and time of Separation, and as may otherwise be required by law, as well as such Salary,
          bonuses and benefits as may be due and owing under this Agreement. Notwithstanding the forgoing, in the event that the Company determines in good faith that your Separation is not considered a "separation from service" under Treasury Regulation §
          1.409A-1(h) because (a) you have not separated but have changed status to a part time employee, consultant or independent contractor performing more than 20% of the average level of bona fide services (whether as an employee, consultant or
          independent contractor) you performed over the immediately preceding 36-month period, or (b) you are continuing employment with another entity that is considered a single entity with the Company ("Employer Group") under Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended (the "Code"), any Severance Benefits to which you may be entitled under other provisions of this Agreement shall begin
          immediately when your status changes such that the Company determines that you have "separated from service" under Treasury Regulation § 1.409A-I (h). For this purpose, service performed as an employee or as an independent contractor is counted,
          except that service as a member of the board of directors of a member of the Employer Group is not counted unless termination benefits under this Agreement are aggregated for purposes of Section 409A of the Code with benefits under any other
          Employer Group plan or agreement in which you also participate as a director.

       

        

      
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      Notwithstanding any provisions of this Agreement to the contrary, if you are a "specified employee" (within the meaning of Section 409A of the
        Code and determined pursuant to procedures adopted by the Company) at the time of your separation from service and if any portion of the payments or benefits to be received by you upon separation from service would be considered deferred
        compensation under Section 409A of the Code, amounts that would otherwise be payable pursuant to this Agreement during the six-month period immediately following your separation from service shall instead be paid or made available, with interest at
        the Wall Street Journal prime rate as of the date of separation from service, on the earlier of (i) the first business day of the seventh month following the date of your separation from service or (ii) your death.

       

      4.1
        Resignation: You may resign at any time for any reason. In such event, the Company may, in the Board's sole discretion, choose to relieve you of
        your duties prior to the expiration of the notice period and pay you two weeks' compensation or your notice period, whichever is shorter. If you resign (other than for Good Reason), you shall not be entitled to receive the Severance Benefits. If
        you resign for Good Reason, you shall be entitled to receive all Severance Benefits, provided that you have executed and delivered a Release and Severance Agreement in the form of Exhibit
            A attached hereto (as may be modified by the Company due to subsequent changes in the law), and all applicable revocation periods relating to the release expire, within 55 days following the date of such termination of employment.

       

      4.2
        Good Reason: As used herein, the term "Good Reason" means any of
        the following without your consent: (i) a material diminution in your duties, position, authorities or responsibilities; (ii) the failure by the Company to pay or provide to you, within 30 days after receipt of a written demand therefor, any
        material amount of compensation or expense reimbursement or any benefit which is due, owing and payable pursuant to the terms hereof or of any applicable plan, program, arrangement or policy; (iii) a reduction in your Salary, other than a reduction
        generally applicable to similarly situated executives of the Company; (iv) a material reduction in your employee benefits, other than a reduction generally applicable to similarly situated executives of the Company; (v) the breach in any material
        respect by the Company of any of its other obligations or agreements set forth herein; (vi) the Company requires you to be based at any office or location more than 50 miles from the Location of Employment, or (vii) the Company gives notice that it
        does not wish to renew this Agreement upon expiration of the Term. A termination for Good Reason shall not occur unless: (x) you provide the Company with a written notice detailing the specific circumstances alleged to constitute Good Reason within
        90 days after the first occurrence of such circumstances, (y) the Company fails to cure such Good Reason event(s) within 30 days following receipt of such notice to cure such circumstances in all material respects, and (z) following the Company's
        failure to cure during the 30 day cure period, you terminate employment no later than 90 days after the expiration of such period.

       

      4.3 Change of Control: As used herein, the term "Change of Control" shall mean:

       

      (a) any sale, lease, exchange, or other disposition (in one transaction or a series
        of related transactions) of all or substantially all of the assets of Turning Point. other than a transaction or series of transactions in which the transferee is controlled by the Management Group;

       

      (b) a majority of the Board shall consist of Persons who are not Continuing
        Directors, as the case may be; or

       

      (c)(i) any Person or group of related Persons (other than the Management Group), for
        purposes of Section 13(d) of the Exchange Act, becomes the beneficial owner of the power, directly or indirectly, to vote or direct the voting of securities having more than fifty percent (50%) of the ordinary voting power for the election of
        directors of Turning Point or (ii) any Person, together with its Affiliates, becomes the owner, directly or indirectly, of more than sixty-six and two-thirds percent (66 2/3%) of the economic interests of Turning Point.

       

      

      
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      "Affiliate"
        shall mean, with respect to a Person, any entity (i) that, directly or indirectly, is controlled by, controls or is under common control with, the Person or (ii) in which the Person has a significant equity interest.

       

      "Continuing
            Director" means, as of any date of determination, any Person who (a) was a member of the Board on the Effective Date or (b) was nominated for election or elected to the Board with the affirmative vote of a majority of the Continuing
        Directors who were members of such Board at the time of such nomination or election (other than as a result of any actual or threatened proxy contest).

       

      "Exchange Act" shall mean the
        Securities Exchange Act of 1934, as amended.

       

      "Management Group"
        shall mean one or more of the members of the senior executive management of Turning Point on the Effective Date.

       

      "Person"
        shall mean any individual, corporation. partnership, association, limited liability company, joint-stock company, trust, unincorporated organization, government, political subdivision or other entity.

       

      4.4
        Death or Disability: The employment relationship will be severed, and this Agreement terminated, upon your death or disability. For purposes of
        this Agreement, you will be considered "disabled" if you are so considered under any applicable disability insurance policy maintained by the Company, or if no such
        disability insurance policy is in effect, on the date that a physician mutually agreed to by the parties determines that you are or will be unable by reason of illness, accident or other physical or mental condition to perform your duties for a
        continuous period of 120 days. or for a period of more than 120 days in any 12-month period, and that there is no objectively reasonable accommodation that would allow you to perform your duties.

       

      In the event of the termination of your employment due to death or disability,
        notwithstanding anything to the contrary in this Agreement, the Company will pay a lump sum payment to you in amount equal to the cost of COBRA coverage for continued medical coverage for you (except in the event of death) and your dependents for
        six months, payable on the 60th day following the date of such termination of employment. Moreover, you may be eligible for disability benefits under the Company's disability benefits plan in accordance with the terms of such plan, if any, in
        effect at such time.

       

      4.5 Termination Without Cause: The Company may terminate this Agreement and your employment hereunder without your consent, for no stated reason, or for a
        stated reason but without Cause, with or without notice. If you are terminated by the Company without Cause (as defined below), you shall be entitled to receive the Severance Benefits, provided that you have executed and delivered a Release and
        Severance Agreement in the form of Exhibit A attached hereto (as may be modified by the Company due to subsequent changes in law), and all applicable revocation periods
        relating to the release expire, within 55 days following the date of such Separation.

       

      4.6
        Termination for Cause: Your employment with the Company may be terminated by the Company, and without your consent, for Cause at any time, with
        or without notice. You shall not be entitled to receive the Severance Benefits if you are terminated for, or later are determined to have failed to comply with this Agreement for, any one or more of the following reasons ("Cause"):

       

      
        	 	
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                Your failure to render required or expected services in accordance with your Job Description or Position after being
                    provided at least 10 days' prior written notice of your failure to render such services;

              

      

       

        

      
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            	•	
              You are in breach of any of the terms and conditions of this Agreement. if not cured within 10 days after written notice thereof;

            

       

      	

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              Insubordination. consisting of your continued failure to take specific action that is material to the operation of the Company and within your individual
                control and consistent with your Position, duties and responsibilities, after being provided at least 10 days' prior written notice of your failure to take for such action, provided that you have not, in good faith, objected to such action
                as either a breach of your fiduciary duties, or on legal grounds;

            

       

      	

            	•	
              Your material breach of any other agreement between you and the Employer Group if not cured within 10 days after written notice thereof, or any material
                violation of any rule, policy, procedure or other requirement of the Company;

            

       

      	

            	•	
              Your commission of an act of fraud, embezzlement or similar dishonest act against any member of the Employer Group or any customer, client or business
                associate of any member of the Employer Group;

            

       

      	

            	•	
              Your conviction for any felony or crime of dishonesty (as determined by a court of competent jurisdiction, and which is not subject to further appeal);

            

       

      	

            	•	
              Any egregious or unwarranted conduct by you that materially discredits any member of the Employer Group or is materially detrimental to the reputation or
                standing of any member of the Employer Group; or

            

       

      	

            	•	
              Willful misconduct that is demonstrably deliberate on your part, or gross negligence.

            

       

      5. Severance Benefits: The
        Severance Benefits payable in certain Separation circumstances as provided herein shall consist of all of the following:

      

      

      5. 1 Severance Compensation: Continuation of your then current Salary (or, in the case of a Good Reason termination due to a
        reduction in Salary, at the Salary in effect immediately prior to such reduction) during the Severance Benefits Period ("Severance Pay"). Any Severance Pay will be paid
        to you incrementally, in accordance with the Company's regular payroll cycle, with the first such payment beginning on the 60'h day following your
        Separation, and the first such payment will include all accrued amounts during the 60-day period from your Separation date until the 60th day following your Separation date. You will also receive a severance bonus equal to the average of
        the annual cash bonuses received by you for the 24 months prior to your Separation ("Severance Bonus"). In the event of the termination of your employment by the Company
        without Cause or resignation by you for Good Reason within one year following a Change of Control, your Severance Bonus shall instead be equal to two times the average of the annual cash bonuses received by you for the 24 months prior to your
        Separation. Any Severance Bonus will be paid in two equal installments — the first installment on the later of (i) when all other Company annual bonuses, if awarded, are next paid, or, if not awarded, when such bonuses would have next been paid in
        April of the year following the year of services, and (ii) the 60th day following your Separation, and the second installment at the end of the Restricted Period. Severance Pay and Severance Bonus payment timing shall also be subject to the
        "specified employee" delay in paragraph 4 above for any portion of such amounts that are subject to Section 409A of the Code. Normal payroll taxes and deductions will be withheld from any Severance Pay and Severance Bonus payments.

       

      5.2 Health Benefits Stipend and Access: The Company will pay a lump sum payment to you in amount equal to the cost of COBRA coverage for continued medical
        coverage for you and your dependents for 12 months, payable on the 60th day following the date of your Separation, and, to the extent determined by the Company to be permitted by the applicable plans and applicable laws (without the
        imposition of any excise taxes or other penalties), allow you access to group health coverage at the COBRA premium rate payable by you on an after-tax basis, during the Severance Benefit Period, plus the period of actual COBRA coverage to begin at
        the end of the Severance Benefit Period.

       

      

      
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      5.3 Other Additional Benefits: All additional benefits and stock incentive rights (if any) will cease and expire upon Separation,
        unless otherwise provided in this Agreement or by the separate written terms of those benefits.

       

      5.4 280G Cap: Notwithstanding any other provisions in this Agreement, in the event that any payment or benefit received or to be received by you (including any
        payment or benefit received in connection with a Change of Control or the termination of your employment related to such a Change of Control, whether pursuant to the terms of this Agreement or any other plan, program. arrangement or agreement) (all
        such payments and benefits, together, the "Total Payments") would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code, or any
        successor provision thereto (the "Excise Tax"), then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such
        other plan, program, arrangement or agreement, the Company will reduce the Total Payments to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax (but in no event to less than zero); provided, however, that the
        Total Payments will only be reduced if the net amount of such Total Payments, as so reduced (and after subtracting the net amount of federal, state, municipal and local income and employment taxes on such reduced Total Payments and after taking
        into account the phase out of itemized deductions and personal exemptions attributable to such reduced Total Payments), is greater than or equal to the net amount of such Total Payments without such reduction (but after subtracting the net amount
        of federal, state, municipal and local income and employment taxes on such Total Payments and the amount of Excise Tax to which you would be subject in respect of such unreduced Total Payments and after taking into account the phase out of itemized
        deductions and personal exemptions attributable to such unreduced Total Payments).

       

      In the case of a reduction in the Total Payments, the Total Payments will be reduced in the following
        order: (i) payments that are payable in cash that are valued at full value under Treasury Regulation § 1.280G-1, Q&A 24(a) will be reduced (if necessary, to zero), with amounts that are payable last reduced first; (ii) payments and benefits due
        in respect of any equity valued at full value under Treasury Regulation § 1.280G-1, Q&A 24(a), with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), will next be reduced;
        (iii) payments that are payable in cash that are valued at less than full value under Treasury Regulation § 1.280G-1, Q&A 24, with amounts that are payable last reduced first, will next be reduced; (iv) payments and benefits due in respect of
        any equity valued at less than full value under Treasury Regulation § 1.2800-1, Q&A 24, with the highest values reduced first (as such values are determined under Treasury Regulation Section 1.280G-1, Q&A 24), will next be reduced; and (v)
        all other non-cash benefits not otherwise described in clauses (ii) or (iv) will be next reduced pro-rata. Any reductions made pursuant to each of clauses (i)-(v) above will be made in the following manner: first, a pro-rata reduction of cash
        payment and payments and benefits due in respect of any equity not subject to Section 409A of the Code, and second, a pro-rata reduction of cash payments and payments and benefits due in respect of any equity subject to Section 409A of the Code as
        deferred compensation.

       

      For purposes of determining whether and the extent to which the Total Payments will be subject to the
        Excise Tax: (i) no portion of the Total Payments the receipt or enjoyment of which you shall have waived at such time and in such manner as not to constitute a "payment" within the meaning of Section 280G(b) of the Code will be taken into account;
        (ii) no portion of the Total Payments will be taken into account which, in the opinion of a nationally recognized tax counsel ("Tax Counsel") selected by the Company and
        reasonably acceptable to you and the accounting firm which was, immediately prior to the change in control, the Company's independent auditor (the "Auditor"), does not
        constitute a "parachute payment" within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 2800(6)(4) (A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments will be taken into account
        which, in the opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the "base amount" (as set forth in Section 2800(b)(3) of the Code) that
        is allocable to such reasonable compensation; and (iii) the value of any non-cash benefit or any deferred payment or benefit included in the Total Payments will be determined by the Auditor in accordance with the principles of Sections 280G(d) (3)
        and (4) of the Code.

       

      At the time that payments are made under this Agreement, the Company will provide you with a written
        statement setting forth the manner in which such payments were calculated and the basis for such calculations, including but not limited to, any opinions or other advice the Company received from Tax Counsel, the Auditor, or other advisors or
        consultants (and any such opinions or advice which are in writing will be attached to the statement). If you object to the Company's calculations, the Company will pay to you such portion of the Total Payments (up to 100% thereof) as you determine
        is necessary to result in the proper application of this subsection. All determinations required by this subsection (or requested by either you or the Company in connection with this subsection) will be at the expense of the Company. The fact that
        your right to payments or benefits may be reduced by reason of the limitations contained in this subsection will not of itself limit or otherwise affect any other rights you have under this Agreement.

       

      

      
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      If you receive reduced payments and benefits by reason of this subsection and it is established pursuant
        to a determination of a court of competent jurisdiction which is not subject to review or as to which the time to appeal has expired, or pursuant to an Internal Revenue Service proceeding, that you could have received a greater amount without
        resulting in any Excise Tax, then the Company shall thereafter pay you the aggregate additional amount which could have been paid without resulting in any Excise Tax as soon as reasonably practicable.

       

      5.5 Resignations: Following the termination of your employment for any reason. if and to the extent requested by the Board, you hereby agree to resign from all fiduciary positions (including as trustee) and all other offices
        and positions you hold as of the date of such termination; provided, however, that if you fail to tender your resignation after the Board has made such request. then you will be deemed to have resigned from such offices and positions.

       

      6. Indemnification: The Company shall, to the fullest extent to which it is empowered to do so by applicable law, defend, indemnify and hold you harmless
          from and against all claims, demands, lawsuits, liabilities, losses, damages, penalties, fines, costs and expense (including, but not limited to, reasonable related attorneys' fees) arising from any actual, threatened, pending or completed
          action. suit or proceeding, whether civil, criminal, administrative, investigative or otherwise, to which you are or are threatened to be made a party by reason of your services as an officer and/or director of the Company.

       

      7. Non-Disclosure; Non-Use: You agree not to disclose, give, sell or otherwise divulge the "Confidential
              Information" (as defined in the Code of Conduct and Ethics) to any other person or entity at any time without the Company's prior written consent. You further agree not to (i) use any of the Confidential Information for your own
          account for or for the account of any other person or entity or (ii) use or retain, without the Company's prior written consent, any figures, calculations, letters, papers, drawings, computer printouts, computer discs or tapes, or copies thereof
          or other Confidential Information of any type or description pertaining to the Company, except in furtherance of the Company's interests.

       

      You further agree that, upon your Separation, that you will (i) return physical copies of the Company's
        information and Confidential Information in your possession. under your control or removed from the Company's premises by you or under your direction, (ii) destroy all electronic copies of the Company's information and Confidential Information in
        your possession, under your control or which was copied or removed from the Company's premises or equipment by you or under your direction and (iii) return all Company property in your possession or under your control, including without limitation
        the following: Company computers, mobile devices, cellular telephones, Company automobiles and keys and access cards to Company property.

       

      In the event that you are legally compelled by regulatory or legal process to disclose the Confidential
        Information, the foregoing confidentiality obligations shall not apply to you with respect to such information, provided that you have given the Company prompt prior written notice of such compulsion, cooperate with the Company in connection with
        any of its efforts to prevent or limit the scope of such disclosure and, following completion of such efforts, you only disclose such information as required under such regulatory or legal process then applicable to you.

       

      Nothing in this paragraph 7, or in the remainder of this Agreement, shall prohibit you from filing a
        charge with any government agency. including the U.S. Equal Employment Opportunity Commission or any similar state or local fair employment practices agency, or from talking to or cooperating in any government investigation by the U.S. Equal
        Employment Opportunity Commission, any similar state or local fair employment practices agency, or the Securities and Exchange Commission, and no notice to the Company is required under these circumstances.

       

      

      
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      8. Non-Competition: You acknowledge and agree that, during the course of employment with the Company, you may: (i)
          receive significant training in, and generate and use, the Company's good will and experience; (ii) be exposed to confidential aspects of the Company's business and have access to and became familiar with Confidential Information, and (iii)
          perform services for the Company that are special, unique, extraordinary and intellectual in character—none of which is commonly known or readily accessible to the public and any of which place or placed you in a position of confidence and trust
          with the customers, potential customers, vendors, employees of the Company and other persons, the loss of which cannot adequately be compensated by damages in an action at law.

       

      You acknowledge and agree that the Company desires to enter into this Agreement to, in part, protect the Company's vital
        interest in maintaining its Confidential Information, protect the Company's investment in your training and development, protect the Company's business and good will, and avoid Competition (as defined below) with you or any other person or entity
        with which you are employed or affiliated for a time certain following your Separation. For purposes of this Agreement, "Competition”- means engaging in,
        aiding, assisting, owning, or controlling (whether as a shareholder, principal, partner, employee, trustee, officer, director agent, independent contractor, or otherwise) any interest greater than two percent (2%) in any firm, corporation,
        business, or other entity which is (or with any other person(s) who are) engaged in competition with the Company in any line of business which, at the time of your Separation (or within three months following your Separation), comprised fifteen
        percent (15%) or more of the Company's gross sales revenues.

       

      For purposes of this Agreement, the "Restricted
            Area" shall be the entire United States of America.

       

      You agree that, during the Restricted Period, you will not, directly or indirectly,
        alone or with others, engage in Competition with the Company, its successors or assigns or any purchaser of all or substantially all of Company's assets within your Restricted Area.

       

      You acknowledge having carefully read and considered the non-competition provisions
        of this Agreement and, having done so, agree that the covenants and restrictions contained herein are, taken as a whole, fair and reasonable in their duration, geographic scope and scope of restricted activities, do not unduly restrict your ability
        to obtain or maintain a livelihood and are necessary to protect the Company's good will, trade secrets, Confidential Information and business interests. You expressly agree not to raise any issue disputing the reasonableness of the: (i) geographic
        scope. (ii) type of employment or line of business or (iii) duration of any such covenants in any proceeding to enforce such covenants and restrictions.

       

      9. No Solicitation, No Interference and No Hire Covenants: You agree that, during the Restricted Period, you will not, directly or indirectly: (i) solicit or
          encourage any employee or other service provider of the Company or its subsidiaries to leave such employment or service; (ii) interfere with the relationship between the Company and any of its employees or service providers; or (iii) hire any
          person who, within the six (6) month period preceding such hiring, was employed by, or providing services to the Company or its subsidiaries.

       

      10. Mutual Nondisparagement: You agree that following the termination of your employment for any reason, you shall not publicly make any negative,
          disparaging, detrimental or derogatory remarks or statements (written, oral, telephonic, electronic, or by any other method) about the Company or its subsidiaries or any of their respective owners, partners, managers, directors, officers,
          employees or agents, including, without limitation, any remarks or statements that could be reasonably expected to adversely affect in a material manner (i) the conduct of the Company's or its subsidiaries' businesses or (ii) the business
          reputation or relationships of the Company or its subsidiaries and/or any of their past or present officers, directors, agents, employees, attorneys, successors and assigns, in each case, except to the extent required by law or legal process.
          Similarly, following termination of your employment for any reason, neither the Company's officers in their official capacity, nor the members of the Board, shall make any such statements about you.

       

      Nothing in this paragraph 10, or in the remainder of this Agreement, shall prohibit you from filing a
        charge with a government agency, including the U.S. Equal Employment Opportunity Commission or any similar state or local fair employment practices agency, or from talking to or cooperating in any investigation by with the U.S. Equal Employment
        Opportunity Commission, any similar state or local fair employment practices agency, or the Securities and Exchange Commission, and no notice to the Company is required under these circumstances.

       

      

      
        8

        
          

      

      11. Intellectual Property: You agree that all patentable inventions, discoveries, and trade secrets, whether or not patented, and whether or not reduced to practice, and all copyright interests that
          are or have been conceived or developed during your employment with the Company, either alone or jointly with others, if on the Company's time, using the Company's facilities, specifically relating to the Company, or to the Company's business are
          done as "works made for hire" for the Company, and you hereby assign to the Company all right, title, and interest in all such intellectual property. You agree that the Company shall be the sole owner of all domestic and foreign patents,
          trademarks, trade names, service marks, domain names and other rights pertaining thereto related to such intellectual property, and further agree to execute all documents consistent therewith that the Company reasonably determines to be necessary
          or convenient for use in applying for, prosecuting. perfecting, or enforcing patents or other intellectual property rights, including the execution of any assignments, patent applications, or other documents that the Company may reasonably
          request. Upon your failure to do so within 10 business days following the Company's written request, you hereby irrevocably appoint the Company as your true and lawful attorney-in-fact with full power of delegation and substitution to execute,
          deliver, file and record, and on your behalf and in the Company's name, such documents consistent with this Agreement. This provision is intended to apply only to the extent permitted by applicable law.

       

      12. Arbitration: Any dispute, claim or controversy arising out of or relating to this Agreement. including without limitation any dispute, claim or controversy concerning validity, enforceability,
          breach or termination hereof), shall be finally settled through arbitration under the rules of the American Arbitration Association for arbitration of employment disputes, such arbitration to be conducted in Jefferson County, Kentucky. Each party
          will be entitled to present evidence and argument to the arbitrator(s). The arbitrator(s) will have the right only to interpret and apply the provisions of this Agreement and may not change any of its provisions, except as expressly provided
          herein. The arbitrator(s) will permit reasonable pre-hearing discovery of facts, to the extent necessary to establish a claim or a defense to a claim, subject to supervision by the arbitrator(s). In addition, the Company shall propose a
          reasonable set of rules to guide any such arbitration proceedings. Such rules shall be designed to lead to a prompt and just result without undue delay or expense but will not be unduly prejudicial to either party. The determination of the
          arbitrator(s) will be conclusive and binding upon the parties and judgment upon the same may be entered in any court having jurisdiction thereof. The arbitrator(s) will give written notice to the parties stating the arbitrator's determination,
          and will furnish to each party a signed copy of such determination. The expenses of arbitration will be borne by the Company, unless the arbitrator(s) determine that you have materially failed to succeed in any claim, in which case the
          arbitrator(s) may equitably determine, consistent with the application of state or federal law, to apportion some of the fees and expenses to you, not to exceed the maximum permitted by law. Each party shall bear its own costs and expenses of
          counsel, unless the arbitrator(s) determine that the Company has material liability to you hereunder, in which event the arbitrator(s) may equitably determine that your reasonable counsel fees shall be paid by the Company. Any arbitration
          hereunder shall be governed by and construed in accordance with the substantive laws of the Commonwealth of Kentucky and, where applicable, federal law, without giving effect to the conflict of laws principles of such State.

       

      13. Section 409A of the Code: To the extent that Section 409A of the Code is applicable to any provisions of this Agreement, it is the intent of the parties that such provisions comply with Section
          409A of the Code and related regulations, and this Agreement shall be so construed.

       

      Any reimbursements by the Company to you of any eligible expenses under this Agreement that are not excludable from your income for Federal income
        tax purposes (the "Taxable Reimbursements") shall be made by no later than the earlier of the date on which they would be paid under the Company's normal policies and the
        last day of the calendar year following the year in which the expense was incurred. The amount of any Taxable Reimbursements, and the value of any in-kind benefits to be provided to you, during any calendar year shall not affect the expenses
        eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year (except for any life-term or other aggregate limitation applicable to medical expenses). The right to Taxable Reimbursement, or in-kind benefits, shall not
        be subject to liquidation or exchange for another benefit.

       

      

      
        9

        
          

      

      14. Choice of Law: This Agreement shall in all respects be interpreted, enforced and governed by the laws of the Commonwealth of Kentucky, without giving effect to conflict of laws principles of such
          State. The language of all parts of this Agreement shall in all cases be interpreted as a whole, according to its fair meaning, and not strictly for or against any of the parties.

       

      15. Choice of Forum: Subject to paragraph 12 above, you consent to the exclusive jurisdiction of courts located in the Commonwealth of Kentucky.

       

      16. Equitable Remedies: Notwithstanding any other provisions of this Agreement to the contrary, the Company will not be required to seek or participate in arbitration regarding
          any actual or threatened breach by you of the Non-Disclosure, Non-Competition, No Solicitation, No Interference and No Hire covenants contained in this Agreement or any other covenant under this Agreement for which equitable relief may be sought.
          You agree that the Company will suffer irreparable harm for any such breach or threatened breach and that the Company may not be adequately compensated by damages, and that, in addition to all other remedies, the Company shall be entitled to
          injunctive relief and specific performance and to pursue such remedies in a court of competent jurisdiction in the Commonwealth of Kentucky and no arbitrator may make any ruling inconsistent with the findings or rulings of such court. You agree
          to waive any argument of lack of personal jurisdiction or forum non-convenience with respect to the pursuit of such injunctive relief and specific performance arising out of or relating to this Agreement.

       

      17. Remedies Cumulative: You agree that nothing herein stated shall be construed as prohibiting the Company from pursuing any and all other remedies that may be available to the Company at law, in
          equity, by contract or otherwise in connection with such violation or threatened violation, including without limitation the recovery of monetary damages from you, all of which shall be cumulative to the fullest extent permissible under
          applicable laws.

       

      18. Insurance and Corporate Document Protections: Nothing in this Agreement shall be deemed to preclude you from receiving any of the benefits or protections, including without limitation
          representation, available to you following any Separation under (a) any officers and directors insurance policy maintained by the Company which provides coverage during your employment by the Company as an officer or director of the Company or
          (b) the Company's bylaws, Certificate of Incorporation or under applicable law. Any such benefits and protections shall or shall not be provided solely in accordance with the terms and conditions of any such policies, documents and applicable
          law. The Company covenants to maintain, even after your Separation, its officers and directors insurance policy as in effect as of your Separation from the Company or another officers and directors policy that provides equivalent or greater
          benefits and protections to you.

       

      19. Entire Agreement: Other than agreements concerning equity incentive programs and the Code of Conduct and Ethics, this Agreement constitutes and sets forth the entire agreement between you and the
          Company with respect to the subject matter contained herein and supersedes any and all prior and contemporaneous oral or written agreements or understandings between the parties, including, without limitation, the Prior Agreement. You acknowledge
          and agree that no representation, promise, inducement or statement of intention has been made by the Company that is not expressly set forth in this Agreement. No party hereto shall be bound by, or liable for, any alleged representation, promise,
          inducement or statement of intention not expressly set forth in this Agreement. This Agreement cannot be amended, modified or supplemented in any respect, except by a subsequent written agreement signed by all parties hereto.

       

        

      
        10

        
          

      

      20. Binding Effect: This Agreement shall be binding upon and inure to the benefit of you and your heirs and the Company and its legal representatives. parent, successors and assigns.

       

      21. No Waiver: No action or inaction by either party shall be taken as a waiver of its right to insist that the other party abide by the obligations under this Agreement. unless such waiver is in
          writing, expressly waives such rights and is signed by legal counsel for the party making such waiver.

       

      22. Severability: The parties hereby agree that (a) the provisions of this Agreement will be severable in the event that for any reason whatsoever any of the provisions hereof are invalid, void or
          otherwise unenforceable. (b) any such invalid, void or otherwise unenforceable provisions will be replaced by other provisions which are as similar as possible in terms to such invalid, void or otherwise unenforceable provisions but are valid and
          enforceable, and (c) the remaining provisions will remain valid and enforceable to the fullest extent permitted by applicable law.

       

      23. Survival: Any provision contained in this Agreement. which by its nature or terms survives the Term or the Restricted Period (including but not limited to of the Non-Disclosure, Non-Competition, No
          Solicitation, No Interference and No Hire covenants), shall survive the Term and the Restricted Period and continue to be binding.

       

      I trust that this adequately outlines the Company's offer and our discussions. if, however, you have any questions or concerns,
        please do not hesitate to call me.

       

      

      
        11

        
          

      

      We are pleased to offer you this position and look forward to a long and
        mutually rewarding employment relationship.

       

      Sincerely,

      

      

      	
              /s/ Larry Wexler

            	 
	
              Larry Wexler

            	 

       

      I agree to the terms and conditions of the employment offer set forth above. 

       

      	
              /s/ Graham A. Purdy

            	 	
              3/2/2021

            	 
	
              Your Signature

            	 	
              Date

            	 

       

      

      
        12

        
          

      

      EXHIBIT A

      

      

      FORM OF

      

      

      RELEASE AND SEVERANCE AGREMENT

       

      This Release and Severance Agreement (this "Release") is entered into by and between 1_____________1 ("Employee") and
        Turning Point Brands, Inc. ("Turning Point" and, collectively with its parent(s), subsidiary(ies). and all other related companies, the "Company"). Employee and Turning Point are referred to herein as the "Parties."

       

      RECITALS

       

      	A.	
              Employee and Turning Point are parties to an Employment Letter, dated as of [                ,2021] (the "Employment Agreement"), which provides for severance after termination in certain circumstances, conditioned upon Employee first signing a general release of claims following termination of
                Employee's employment, which release becomes irrevocable in accordance with its terms.

            

       

      	B.	
              This Release is the contemplated release of claims under the Employment Agreement, and Employee has had notice of this Release since the Employment Agreement
                was executed, it being annexed thereto (the "Presentation Date").

            

       

      	C.	
              Employee's employment with the Company [ended] [will end] on I                       1 (the "Separation Date").

            

       

      	D.	
              The Parties desire to settle any and all other claims, if any, that Employee may have against the Company or any of its current or former employees that are
                releasable by law.

            

       

      AGREEMENT

       

      NOW, THEREFORE, in consideration
        for the covenants and mutual promises contained in the Employment Agreement, the Parties agree as follows:

       

      PART I

       

      For and in consideration of the promises made herein by Employee in Part II and Part III of this
        Release, and his performance thereof, the sufficiency of which, either separately or combined, is hereby acknowledged, Turning Point agrees as follows:

       

      1.1          Severance Benefits to Employee. In exchange for Employee signing this Release, complying with its terms,
          and not revoking this Release, the Company will pay to Employee the "Severance Benefits" (as defined in the Employment Agreement), as and when therein required, if, and
          only if, Employee signs this Release and returns it to the Company: and (2) the seven (7) day revocation period in Part II, Section 2.4 below has expired on or before the 55th day
              after Separation Date, provided that Employee has not exercised his right to revoke this Release in accordance with Part II, Section 2.4 below.

       

      1.2          Separate and Adequate Age Claim Consideration. The Parties expressly agree and acknowledge that a portion of the Severance Benefits in
          Section I .1 above represents separate and adequate consideration, to which Employee is not otherwise entitled, in exchange for Employee's Age Claim Waiver, set out below in Part II. Turning Point's present promise to provide this consideration
          is exchanged for Employee's present release of any Age Claims at the time of the execution of this Release.

       

      PART II

       

      For and in consideration of the promises made herein by Turning Point in Part I of this Release, and its
        performance thereof, the sufficiency of which is hereby acknowledged, Employee agrees as follows:

       

      

      
        13

        
          

      

      2.1          General Release and Waiver of All Claims and Potential Claims. Employee hereby releases all claims and potential claims, known and unknown, against the
          Company that are releasable by law. More specifically, for and on behalf of himself and his family, dependents, heirs, executors, administrators and assigns, Employee hereby irrevocably and unconditionally releases the Company and its respective
          predecessors, successors, and all their past, present or future assigns, parents, subsidiaries, affiliates, insurers, attorneys, divisions, subdivisions and affiliated entities, together with their respective current and former officers,
          directors, shareholders, fiduciaries, administrators, trustees, agents, servants, employees, attorneys, insurers and/or representatives, and their respective predecessors, successors and assigns, heirs, executors, administrators, and any and all
          other affiliated persons, firms, plans or corporations which may have an interest by or through them (collectively "Releasees“), both jointly and individually, from any
          and all claims, actions, arbitrations, and lawsuits, of any nature whatsoever, known or unknown to Employee, accrued or unaccrued, which he ever had, now has or may have had against Releasees since the beginning of time through the date of
          execution of this Release. This general release and waiver of claims includes, but is not limited to, any and all claims, demands, causes of action, suits, debts, complaints, liabilities, obligations, promises, agreements, controversies, damages
          and expenses that are releasable by law (including, without limitation, attorneys fees and costs actually incurred or to be incurred) of any nature or description whatsoever, in law or equity, whether known or unknown, in connection with or
          arising out of his employment with the Company and/or termination of said employment. Claims being released include, without limitation, any and all employment-related claims that are releasable by law arising under federal, state or local
          statutes, ordinances, resolutions, regulations or constitutional provisions prohibiting discrimination in employment on the basis of sex, race, religion, national origin, age, disability and/or veterans' status, including, but not limited to,
          claims arising under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §§ 1981, 1981a, 1983 and 1985, the Civil Rights Act of the State in which Employee resides and works. the Sarbanes-Oxley Act, 18 U.S.C. § 1514A, el seq., the Americans With Disabilities Act, the Age Discrimination in Employment Act, the Pregnancy Discrimination Act, the Federal Rehabilitation Act of 1973, Executive Order
          11246, the Employee Retirement Income Security Act of 1974, 29 U.S.C. § 1001 el seq., the Fair Labor Standards Act, 29 U.S.C. §§ 201, et seq., the Family and Medical Leave Act, 29 U.S.C. §§ 2601, et seq., the
          Genetic Information Non-Discrimination Act, 42 U.S.C. §§ 2000ff el seq, the minimum wage act, wage payment law and wage discrimination statutes and
          workers compensation statures and similar state laws of the state in which Employee has provided services, in all instances as amended. This general release and waiver of claims also includes, but is not limited to, any and all claims for unpaid
          benefits or entitlements asserted under any plan. policy, benefits offering or program (except as otherwise required by law), any and all contract or tort claims, including, without limitation, claims of wrongful discharge, assault. battery,
          intentional infliction of emotional distress, negligence, and/or defamation against Releasees.

       

      Nothing in this Section 2.1, Section 2.2, or any other provision in the remainder of this Release shall be construed to prevent
        Employee from making a claim for indemnity under law or governance documents providing for indemnity or insurance against claims for acts or omissions in his capacity acting as an officer or director of the Company. Furthermore, nothing in this
        Section 2.1, Section 2.2, or any other provision in the remainder of this Release shall be construed to prohibit Employee from talking to, cooperating in any investigation by, and/or filing a charge with, the U.S. Equal Employment Opportunity
        Commission (the "EEOC"), any other similar state or local fair employment practices administrative agency, or the Securities and Exchange Commission (the "SEC"). However, by signing this Release, Employee hereby waives the right to recover from
        Releasees any relief from any charge or claim pursued or otherwise prosecuted by him, or by persons or entities like the EEOC acting by or through him, including, without limitation, the right to attorneys' fees, costs, and any other relief,
        whether legal or equitable, sought in such charge, claim, or other proceeding.

       

      2.2          Age Claim Waiver. Employee further agrees that his full general release includes a waiver of his rights, if any, to assert or allege
          discrimination based upon age pursuant to the Age Discrimination in Employment Act or any and all other federal, state or local laws or regulations prohibiting discrimination on the basis of age (collectively, "Age Claim Waiver").

       

      2.3          Adequate Consideration Period/Consult an Attorney. Employee acknowledges that he is hereby instructed that he may and should consult an
          attorney of his own choosing regarding the terms of this Release, and specifically including the Age Claim Waiver, and that he has been given at least [twenty-one
            (21)] [forty-five (45)] days to consider the terms of this Release and whether to sign this Release, although Employee may choose to sign this Release prior to the expiration of this [twenty-one (21)] [forty-five (45)] day period. The Parties agree that if Employee fails to execute this Release prior to the expiration of the [twenty-one (21)] [forty-five (45)] day period or prior to the deadline set forth in Section 1.1 hereof, this Release will be null and void.

       

        

      
        14

        
          

      

      2.4          Seven (7) Day Revocation Period. Employee further agrees that he is hereby instructed by the Company that, following his signing of this
          Release, Employee shall have up to seven (7) days to withdraw, rescind or revoke this Release by providing written notice to [          ], but that, in the event
            Employee exercises his right to withdraw or rescind this Release, all terms of this Release, including, without limitation, Turning Point’s duty to provide the Severance Benefits provided in Part I, Section 1.1, above, shall be void and of no
            effect.

       

      2.5          Permanent Waiver of Re-employment. In order to effect the degree of separation contemplated by the Parties, Employee
          acknowledges his present intent to permanently remove himself from the labor pool of Releasees as of the Separation Date and forever thereafter. In order to accomplish this present permanent removal from Releasees' labor pool, Employee agrees
          that he will not seek and will not accept hiring, rehiring, placement, or reinstatement with Releasees, either as an employee, an independent contractor, a temporary worker, or in any other capacity.

       

      PART III

      Other Agreements

       

      3.1          Additional Covenants by Employee. Employee represents, warrants and covenants that, as of the date he signs this Release, (1) he is unaware of any wages (as
          that term is defined by applicable state law) that are owed to him by the Company and that have not been paid; (2) he is unaware of any request for leave under the Family and Medical Leave Act that was denied; (3) he has no known work-related
          injury, disability, or illness, and has not requested any accommodation under the Americans With Disabilities Act or similar state law that has not been satisfied; and (4) he is unaware of any document, circumstance, occurrence, or any conduct on
          behalf of the Company or any of its agents. employees, officers or directors, or any Releasee, which evidence, contain, or constitute a violation of any law, standard, or regulation, including but not limited to federal or state securities laws,
          upon which representations the Company expressly relies in entering into this Release.

       

      3.2          Knowing and Voluntary Agreement. Employee agrees and acknowledges that he has been advised to consult an attorney regarding the terms of this Release and that
          he has carefully reviewed, studied and thought over the terms of this Release. Employee further acknowledges and agrees that he knowingly and voluntarily entered into and signed this Release after deliberate consideration and review of all of its
          terms and provisions, that he was not coerced, pressured or forced in any way by the Company, any Releasee or anyone else to accept the terms of this Release, and that the decision to accept the terms of this Release was entirely his own.

       

      3.3          No Wrongdoing By the Parties. The Parties further agree that they have entered this Release to resolve any and all claims, if any, Employee may have against
          the Company or any other Releasee, and that this Release does not constitute an admission of, or is to be used as evidence of, any liability, violation or wrongdoing of any kind.

       

      3.4          Choice of Law; Interpretation; Captions. The Parties understand and agree that this Release shall in all respects be interpreted, enforced and governed under
          the laws of the Commonwealth of Kentucky and the language of this Release shall in all cases be interpreted as a whole, according to its fair meaning and not strictly for or against either of the Parties, regardless of which is the drafter of
          this Release. Captions and headings used herein are for convenience of reference only.

       

      3.5          Exclusive Jurisdiction; Venue. The Parties understand and agree that the federal and/or state courts located in the Commonwealth of Kentucky shall have
          exclusive jurisdiction with regard to any litigation relating to this Release and that venue shall be proper only in the Commonwealth of Kentucky and any federal court whose judicial district encompasses the Commonwealth of Kentucky, and that any
          objection to this jurisdiction or venue is specifically waived.

       

      3.6          Entire Agreement. The Parties agree that this Release sets forth the entire agreement between the Parties on the subject matter herein and fully supersedes any
          and all other prior agreements or understandings between them, except for the terms in the Employment agreement referred to herein and any agreements between
            Employee and the Company regarding non-disclosure of confidential information, intellectual property, non-solicitation of customers, employees or contractors, non-competition, and/or other restrictive covenant obligations, which
          agreements, if any, shall remain in full force and effect according to their terms. This includes, without limitation, Employee's continuing obligations under Sections 7-11 of the Employment Agreement. This Release may be amended or superseded
          only by a subsequent writing, executed by the Party against whom enforcement is sought.

       

        

      
        15

        
          

      

      3.7          Agreement to Indemnify. The Parties agree that should Employee seek to overturn. set aside, or legally challenge any release of claims, promise or covenant
          made by him under this Release, by judicial action or otherwise. the Company and/or Releasees shall be entitled to recover from Employee its costs of defending and enforcing the terms of this Release and/or any other claim brought by or against
          the Company or Releasees, including, without limitation, reasonable attorneys' fees. The Parties acknowledge and agree that each Releasee is an intended third-party beneficiary of this Release and may enforce the terms of this Release
          accordingly.

       

        

      [signature page follows]  

      

      
        16

        
          

      

      I, [______________________], UNDERSTAND AND AGREE THAT THIS RELEASE CONSTITUTES A FULL AND FINAL RELEASE OF ALL CLAIMS THAT ARE RELEASEABLE BY LAW.

       

        

      	 	
              Print Name:

            	 

      

      

      	 	
              Date:

            	 

      

      

      	
              STATE OF

            	 	
              

              

            

      	

            	
              ) SS:

            
	
              COUNTY OF

            	 	 

       

      

       Subscribed and sworn to before me by ____________________________ this _________ day of           , 20_.
      

       

      

      	 	
              Notary Public:

            
	 	 
	 	 
	 	
              My Commission expires:

            	 
	 	
              -- and --

            
	 	
              TURNING POINT BRANDS, INC.

            

      	 	
              By:

            	 

      	 	
              Title:

            	 

      	 	
              Date:

            	 

      

      

      	
              STATE OF

            	 	
              

              

            

      	

            	
              ) SS:

            
	
              COUNTY OF

            	 	 

       

      Subscribed and sworn to before me by _____________________________ on behalf of Turning Point Brands, Inc., this ______  day of ___________, 20_.

    

    
       

      

      	 	
              Notary Public:

            	 

       

      

      	
               

            	
              My Commission expires:

            	

            

       

       

      

      
        17EX-4.5

 Exhibit 4.5 

DESCRIPTION OF THE COMPANY’S SECURITIES 

REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES 

EXCHANGE ACT OF 1934, AS AMENDED 

We are a Cayman Islands exempted company and our affairs are governed by our amended and restated memorandum and articles of association, the
Companies Law and the common law of the Cayman Islands. 
 Pursuant to our amended and restated memorandum and articles of association, our
authorized share capital consists of 400,000,000 Class A ordinary shares, $0.0001 par value, 50,000,000 Class B ordinary shares, $0.0001 par value, and 1,000,000 preference shares, $0.0001 par value. The following description summarizes
the material terms of our share capital. Because it is only a summary, it may not contain all the information that is important to you. 
 Units 

Each unit has an offering price of $10.00 and consists of one whole Class A ordinary share and
one-third of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. Pursuant to the
warrant agreement, a warrantholder may exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrantholder. 

The Class A ordinary shares and warrants comprising the units began to trade separately on July 14, 2020. 

Ordinary shares 
 Ordinary shareholders of
record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and holders of Class B ordinary shares will vote together as a single class on all matters submitted to a
vote of our shareholders except as required by applicable law or stock exchange listing requirements. Unless specified in our amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Law
or applicable stock exchange listing requirements, the affirmative vote of a majority of our ordinary shares that are voted is required to approve any such matter voted on by our shareholders. Approval of certain actions will require a special
resolution under Cayman Islands law, being the affirmative vote of at least two-thirds of our ordinary shares that are voted, and pursuant to our amended and restated memorandum and articles of association;
such actions include amending our amended and restated memorandum and articles of association and approving a statutory merger or consolidation with another company. Our board of directors is divided into three classes, each of which will generally
serve for a term of three years with only one class of directors being appointed in each year. There is no cumulative voting with respect to the appointment of directors, with the result that the holders of more than 50% of the shares voted for the
appointment of directors can appoint all of the directors. Our shareholders are entitled to receive ratable dividends when, as and if declared by the board of directors out of funds legally available therefor. Notwithstanding the foregoing, prior to
our Business Combination, only holders of our founder shares will have the right to vote on the appointment of directors and holders of a majority of our founder shares may remove a member of the board of directors for any reason, and these
provisions of our amended and restated memorandum and articles of association may only be amended by a special resolution passed by a majority of at least 90% of our ordinary shares voting in a general meeting. Holders of our public shares will not be entitled to vote on the appointment of directors during such time. 

Our board of directors is divided into three classes with only one class of directors being appointed in each year and each class (except for
those directors appointed prior to our first annual general meeting) serving a three-year term. In accordance with Nasdaq corporate governance requirements, we are not required to hold an annual general meeting until one year after our first fiscal
year end following our listing on Nasdaq. There is no requirement under the Companies Law for us to hold annual or general meetings to appoint directors. We may not hold an annual general meeting to appoint new directors prior to the consummation of
our Business Combination. Prior to the completion of our Business Combination, any vacancy on the board of directors may be filled by a nominee chosen by holders of a majority of our founder shares. In addition, prior to the completion of our
Business Combination, holders of a majority of our founder shares may remove a member of the board of directors for any reason. 

 We will provide our public shareholders with the opportunity to redeem all or a portion of
their public shares upon the completion of our Business Combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, calculated as of two business days
prior to the consummation of our Business Combination, including interest earned on the funds held in the trust account and not previously released to us to pay our income taxes, if any, divided by the number of the then issued and outstanding
public shares, subject to the limitations described herein. The amount in the trust account is initially anticipated to be $10.00 per public share. The per-share amount we will distribute to investors who
properly redeem their shares will not be reduced by the deferred underwriting commissions we will pay to the underwriter. The redemption rights will include the requirement that a beneficial owner must identify itself in order to validly redeem its
shares. Our sponsor and each member of our management team have entered into agreements with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares held by them in connection with
(i) the completion of our Business Combination and (ii) a shareholder vote to amend our amended and restated memorandum and articles of association (A) to modify the substance or timing of our obligation to allow redemption in
connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination within 24 months from the Close Date, or (B) with respect to any other provision relating to shareholders’
rights or pre-Business Combination activity. Unlike many blank check companies that hold shareholder votes and conduct proxy solicitations in conjunction with their initial business combinations and provide
for related redemptions of public shares for cash upon completion of such initial business combinations even when a vote is not required by applicable law or stock exchange listing requirements if a shareholder vote is not required by applicable law
or stock exchange listing requirements and we do not decide to hold a shareholder vote for business or other reasons, we will, pursuant to our amended and restated memorandum and articles of association, conduct the redemptions pursuant to the
tender offer rules of the SEC, and file tender offer documents with the SEC prior to completing our Business Combination. Our amended and restated memorandum and articles of association requires these tender offer documents to contain substantially
the same financial and other information about the Business Combination and the redemption rights as is required under the SEC’s proxy rules. If, however, a shareholder approval of the transaction is required by applicable law or stock exchange
listing requirements, or we decide to obtain shareholder approval for business or other reasons, we will, like many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant
to the tender offer rules. If we seek shareholder approval, we will complete our Business Combination only if we obtain an ordinary resolution under Cayman Islands law, being the affirmative vote of a majority of the ordinary shares represented in
person or by proxy and entitled to vote thereon and who vote at a general meeting in favor of the Business Combination. However, the participation of our sponsor, members of our management team, advisors or their affiliates in privately-negotiated
transactions (as described in this prospectus), if any, could result in the approval of our Business Combination even if a majority of our public shareholders vote, or indicate their intention to vote, against such Business Combination. For purposes
of seeking approval of the majority of our issued and outstanding ordinary shares, non-votes will have no effect on the approval of our Business Combination once a quorum is obtained. Our amended and restated
memorandum and articles of association requires that at least five days’ notice will be given of any general meeting. 
 If we seek
shareholder approval of our Business Combination and we do not conduct redemptions in connection with our Business Combination pursuant to the tender offer rules, our amended and restated memorandum and articles of association provide that a public
shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Exchange Act), will be restricted from redeeming its
shares with respect to Excess Shares, without our prior consent. However, we would not be restricting our shareholders’ ability to vote all of their shares (including Excess Shares) for or against our Business Combination. Our
shareholders’ inability to redeem the Excess Shares will reduce their influence over our ability to complete our Business Combination, and such shareholders could suffer a material loss in their investment if they sell such Excess Shares on the
open market. Additionally, such shareholders will not receive redemption distributions with respect to the Excess Shares if we complete our Business Combination. As a result, such shareholders will continue to hold that number of shares exceeding
15% and, in order to dispose such shares would be required to sell their shares in open market transactions, potentially at a loss. 

 If we seek shareholder approval in connection with our Business Combination, our sponsor and
each member of our management team have agreed to vote any founder shares and public shares held by them in favor of our Business Combination. As a result, in addition to our initial shareholders’ founder shares, we would need 27,168,751, or
approximately 37.5% (assuming all issued and outstanding shares are voted), or 4,528,126, or 6.25% (assuming only the minimum number of shares representing a quorum are voted), of the 72,450,000 public shares to be voted in favor of a transaction in
order to have our Business Combination. Additionally, each public shareholder may elect to redeem their public shares without voting and, if they do vote, irrespective of whether they vote for or against the proposed transaction. 

Pursuant to our amended and restated memorandum and articles of association, if we are unable to consummate our Business Combination within 24
months from the Close Date, we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, 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 us to pay our
income taxes, if any (less up to $100,000 of interest to pay dissolution expenses), divided by the number of the then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and
dissolve, subject in each case, to our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our sponsor and members of our management team have entered into agreements with us,
pursuant to which they have agreed to waive their rights to liquidating distributions from the trust account with respect to any founder shares held by them if we fail to consummate our Business Combination within 24 months from the Close Date.
However, if our sponsor or members of our management team acquired public shares in or after our initial public offering, they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to
complete our Business Combination within the prescribed time period. Our amended and restated memorandum and articles of association provide that, if we wind up for any other reason prior to the consummation of our Business Combination, we will
follow the foregoing procedures with respect to the liquidation of the trust account as promptly as reasonably possible but not more than ten business days thereafter, subject to applicable Cayman Islands law. 

In the event of a liquidation, dissolution or winding up of the company after a business combination, our shareholders are entitled to share
ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference over the ordinary shares. Our shareholders have no preemptive or other
subscription rights. There are no sinking fund provisions applicable to the ordinary shares, except that we will provide our public shareholders with the opportunity to redeem their public shares for cash at a per share price 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 us to pay our income taxes, if any, divided by the number of the then issued and outstanding public shares,
upon the completion of our Business Combination, subject to the limitations described herein. 
 Preference Shares 

Our amended and restated memorandum and articles of association authorizes 1,000,000 preference shares and provide that preference shares may
be issued from time to time in one or more series. Our board of directors is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications,
limitations and restrictions thereof, applicable to the shares of each series. Our board of directors are able to, without shareholder approval, issue preference shares with voting and other rights that could adversely affect the voting power and
other rights of the holders of the ordinary shares and could have anti-takeover effects. The ability of our board of directors to issue preference shares without shareholder approval could have the effect of delaying, deferring or preventing a
change of control of us or the removal of existing management. We have no preference shares issued and outstanding at the date hereof. Although we do not currently intend to issue any preference shares, we cannot assure you that we will not do so in
the future. No preference shares were issued or registered in our initial public offering. 

 Redeemable Warrants 

Public Shareholders’ Warrants 

Each whole warrant entitles the registered holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to
adjustment as discussed below, at any time commencing on the later of 12 months from the Close Date and 30 days after the completion of our Business Combination, except as described below. Pursuant to the warrant agreement, a warrantholder may
exercise its warrants only for a whole number of Class A ordinary shares. This means that only a whole warrant may be exercised at any given time by a warrantholder. No fractional warrants were issued upon separation of the units and only whole
warrants traded. Accordingly, unless you purchased at least three units, you are not able to receive or trade a whole warrant. The warrants will expire five years after the completion of our Business Combination, at 5:00 p.m., New York City time, or
earlier upon redemption or liquidation. 
 We will not be obligated to deliver any Class A ordinary shares pursuant to the exercise of
a warrant and will have no obligation to settle such warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration, or a valid exemption from registration is available, including in connection with a cashless exercise permitted as a result of a
notice of redemption described below under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00.” No warrant will be exercisable and we will not be obligated to issue Class A ordinary
shares upon exercise of a warrant unless Class A ordinary shares issuable upon such warrant exercise has been registered, qualified or deemed to be exempt under the securities laws of the state of residence of the registered holder of the
warrants. In the event that the conditions in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be entitled to exercise such warrant and such warrant may have no value and expire
worthless. In no event will we be required to net cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser of a unit containing such warrant will have paid the full purchase price
for the unit solely for the Class A ordinary share underlying such unit. 
 We have agreed that as soon as practicable, but in no event
later than 15 business days, after the closing of our Business Combination, we will use our best efforts to file with the SEC a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon
exercise of the warrants. We will use our best efforts to cause the same to become effective within 60 business days after such closing, and to maintain the effectiveness of such registration statement and a current prospectus relating thereto,
until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if our Class A ordinary shares are at the time of any exercise of a warrant not listed on a national
securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, we may, at our option, require holders of public warrants who exercise their warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, but we will be required to use our commercially
reasonable efforts to register or qualify the shares under applicable blue sky laws to the extent an exemption is not available. In such event, each holder would pay the exercise price by surrendering the warrants for that number of Class A
ordinary shares equal to the lesser of (A) the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the warrants, multiplied by the excess of the “fair market value” (defined
below) less the exercise price of the warrants by (y) the fair market value and (B) 0.361. The “fair market value” as used in the preceding sentence shall mean the volume weighted average price of the Class A ordinary shares
for the 10 trading days ending on the trading day prior to the date on which the notice of exercise is received by the warrant agent. 

Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00. Once the warrants become
exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private placement warrants): 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at a price of $0.01 per warrant; 

	 	•	 	 upon not less than 30 days’ prior written notice of redemption to each warrantholder; and

  

	 	•	 	 if, and only if, the last reported sale price of the Class A ordinary shares for any 20 trading days
within a 30-trading day period ending on the third trading day prior to the date on which we send the notice of redemption to the warrant holders (which we refer to as the “Reference Value”) equals
or exceeds $18.00 per share (as adjusted for changes to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Shareholders’
Warrants—Anti-dilution Adjustments”). 

 We will not redeem the warrants as described above unless a
registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available
throughout the 30-day redemption period. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale
under all applicable state securities laws. 
 We have established the last of the redemption criteria discussed above to prevent a
redemption call unless there is at the time of the call a significant premium to the warrant exercise price. If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrantholder will be entitled to
exercise its warrant prior to the scheduled redemption date. However, the price of the Class A ordinary shares may fall below the $18.00 redemption trigger price (as adjusted for changes to the number of shares issuable upon exercise or the
exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Shareholders’ Warrants—Antidilution Adjustments”) as well as the $11.50 (for whole shares) warrant exercise price after the
redemption notice is issued. 
 Redemption of warrants when the price per Class A ordinary share equals or exceeds
$10.00. Once the warrants become exercisable, we may redeem the outstanding warrants: 
  

	 	•	 	 in whole and not in part; 

 

	 	•	 	 at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders
will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to the table below, based on the redemption date and the “fair market value” of our Class A
ordinary shares (as defined below) except as otherwise described below; 

  

	 	•	 	 if, and only if, the Reference Value (as defined above under “Redemption of warrants when the price per
Class A ordinary share equals or exceeds $18.00”) equals or exceeds $10.00 per share (as adjusted for changes to the number of shares issuable upon exercise or the exercise price of a warrant as described under the heading
“—Redeemable Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”); and 

  

	 	•	 	 if the Reference Value is less than $18.00 per share (as adjusted for changes to the number of shares issuable
upon exercise or the exercise price of a warrant as described under the heading “—Redeemable Warrants—Public Shareholders’ Warrants—Anti-dilution Adjustments”), the private placement warrants must also be concurrently
called for redemption on the same terms as the outstanding public warrants, as described above. 

 Beginning on the date
the notice of redemption is given until the warrants are redeemed or exercised, holders may elect to exercise their warrants on a cashless basis. The numbers in the table below represent the number of Class A ordinary shares that a warrant
holder will receive upon such cashless exercise in connection with a redemption by us pursuant to this redemption feature, based on the “fair market value” of our Class A ordinary shares on the corresponding redemption date (assuming
holders elect to exercise their warrants and such warrants are not redeemed for $0.10 per warrant), determined for these purposes based on volume weighted average price of our Class A ordinary shares during the 10 trading days immediately
following the date on which the notice of redemption is sent to the holders of warrants, and the number of months that the corresponding redemption date precedes the expiration date of the warrants, each as set forth in the table below. We will
provide our warrant holders with the final fair market value no later than one business day after the 10-trading day period described above ends. 

 Pursuant to the warrant agreement, references above to Class A ordinary shares shall
include a security other than Class A ordinary shares into which the Class A ordinary shares have been converted or exchanged for in the event we are not the surviving company in our Business Combination. The numbers in the table below
will not be adjusted when determining the number of Class A ordinary shares to be issued upon exercise of the warrants if we are not the surviving entity following our Business Combination. 

The share prices set forth in the column headings of the table below will be adjusted as of any date on which the number of shares issuable
upon exercise of a warrant or the exercise price of a warrant is adjusted as set forth under the heading “—Anti-dilution Adjustments” below. If the number of shares issuable upon exercise of a warrant is adjusted, the adjusted share
prices in the column headings will equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the number of shares deliverable upon exercise of a warrant immediately prior to such adjustment and
the denominator of which is the number of shares deliverable upon exercise of a warrant as so adjusted. The number of shares in the table below shall be adjusted in the same manner and at the same time as the number of shares issuable upon exercise
of a warrant. If the exercise price of a warrant is adjusted, (a) in the case of an adjustment pursuant to the fifth paragraph under the heading “—Anti-dilution Adjustments” below, the adjusted share prices in the column headings
will equal the unadjusted share price multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price as set forth under the heading “—Anti-dilution Adjustments” and the denominator of
which is $10.00 and (b) in the case of an adjustment pursuant to the second paragraph under the heading “—Antidilution Adjustments” below, the adjusted share prices in the column headings will equal the unadjusted share price
less the decrease in the exercise price of a warrant pursuant to such exercise price adjustment. 
  

			
	Redemption Date	  	 Fair Market Value of Class A Ordinary
Shares

  

																																					
	 (period to expiration of warrants)
	  	<10.00	 	  	11.00	 	  	12.00	 	  	13.00	 	  	14.00	 	  	15.00	 	  	16.00	 	  	17.00	 	  	>18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 

																																					
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact fair market value and redemption date may not be set forth in the table above, in which case, if the
fair market value is between two values in the table or the redemption date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each warrant exercised will be determined by a straight-line
interpolation between the number of shares set forth for the higher and lower fair market values and the earlier and later redemption dates, as applicable, based on a 365 or 366-day year, as applicable. For
example, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of the warrants is $11.00 per share, and at such
time there are 57 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.277 Class A ordinary shares for each whole warrant. For an example where the
exact fair market value and redemption date are not as set forth in the table above, if the volume weighted average price of our Class A ordinary shares during the 10 trading days immediately following the date on which the notice of redemption
is sent to the holders of the warrants is $13.50 per share, and at such time there are 38 months until the expiration of the warrants, holders may choose to, in connection with this redemption feature, exercise their warrants for 0.298
Class A ordinary shares for each whole warrant. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment). Finally, as reflected
in the table above, if the Class A ordinary shares are trading below $11.50 and the warrants expire in less than a month, the warrants cannot be exercised on a cashless basis in connection with a redemption by us pursuant to this redemption
feature since they will not be exercisable for any Class A ordinary shares. 
 This redemption feature is structured to allow for all
of the outstanding warrants to be redeemed when the Class A ordinary shares are trading at or above $10.00 per share, which may be at a time when the trading price of our Class A ordinary shares is below the exercise price of the warrants.
We have established this redemption feature to provide us with the flexibility to redeem the warrants without the warrants having to reach the $18.00 per share threshold set forth above under “— Redemption of warrants when the price per
Class A ordinary share equals or exceeds $18.00.” Holders choosing to exercise their warrants in connection with a redemption pursuant to this feature will, in effect, receive a number of shares for their warrants based on an option
pricing model with a fixed volatility input as of the date of this prospectus. This redemption right provides us with an additional mechanism by which to redeem all of the outstanding warrants, and therefore have certainty as to our capital
structure as the warrants would no longer be outstanding and would have been exercised or redeemed. We will be required to pay the applicable redemption price to warrant holders if we choose to exercise this redemption right and it will allow us to
quickly proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the
warrants and pay the redemption price to the warrant holders. 
 As stated above, we can redeem the warrants when the Class A ordinary
shares are trading at a price starting at $10.00, which is below the exercise price of $11.50, because it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity to exercise
their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the Class A ordinary shares are trading at a price below the exercise price of the warrants, this could result in the warrant
holders receiving fewer Class A ordinary shares than they would have received if they had chosen to wait to exercise their warrants for Class A ordinary shares if and when such Class A ordinary shares were trading at a price higher
than the exercise price of $11.50. 

 No fractional Class A ordinary shares will be issued upon exercise. If, upon exercise,
a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of Class A ordinary shares to be issued to the holder. If, at the time of redemption, the warrants are
exercisable for a security other than the Class A ordinary shares pursuant to the warrant agreement (for instance, if we are not the surviving company in our Business Combination), the warrants may be exercised for such security. At such time
as the warrants become exercisable for a security other than the Class A ordinary shares, the Company (or surviving company) will use its commercially reasonable efforts to register under the Securities Act the security issuable upon the
exercise of the warrants. 
 Redemption procedures. A holder of a warrant may notify us in writing in the event it elects to be
subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the warrant agent’s actual
knowledge, would beneficially own in excess of 9.8% (or such other amount as a holder may specify) of the Class A ordinary shares issued and outstanding immediately after giving effect to such exercise. 

Anti-dilution Adjustments. If the number of issued and outstanding Class A ordinary shares is increased by a share capitalization
payable in Class A ordinary shares, or by a split-up of Class A ordinary shares or other similar event, then, on the effective date of such share capitalization,
split-up or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be increased in proportion to such increase in the issued and outstanding Class A ordinary
shares. A rights offering to holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “historic fair market value” (defined below) will be deemed a share capitalization of
a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in such rights offering that are
convertible into or exercisable for Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A ordinary share paid in such rights offering divided by (y) the historic fair market
value. For these purposes (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A ordinary shares, there will be taken into account any
consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) the “historic fair market value” means the volume weighted average price of Class A ordinary shares during the
ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the applicable market, regular way, without the right to receive such rights. 

In addition, if we, at any time while the warrants are issued and outstanding and unexpired, pay a dividend or make a distribution in cash,
securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other our share capital into which the warrants are convertible), other than (a) as described above, (b) any cash
dividends or cash distributions which, when combined on a per share basis with all other cash dividends and cash distributions paid on the Class A ordinary shares during the 365-day period ending on the
date of declaration of such dividend or distribution does not exceed $0.50 (as adjusted to appropriately reflect any other adjustments and excluding cash dividends or cash distributions that resulted in an adjustment to the exercise price or to the
number of Class A ordinary shares issuable on exercise of each warrant) but only with respect to the amount of the aggregate cash dividends or cash distributions equal to or less than $0.50 per share, (c) to satisfy the redemption rights
of the holders of Class A ordinary shares in connection with a proposed Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend our amended
and restated memorandum and articles of association (i) to modify the substance or timing of our obligation to allow redemption in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our
Business Combination within 24 months from the Close Date, or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity, or I in connection
with the redemption of our public shares upon our failure to complete our Business Combination, then the warrant exercise price will be decreased, effective immediately after the effective date of such event, by the amount of cash and/or the fair
market value of any securities or other assets paid on each Class A ordinary share in respect of such event. 

 If the number of issued and outstanding Class A ordinary shares is decreased by a
consolidation, combination, reverse share sub-division or reclassification of Class A ordinary shares or other similar event, then, on the effective date of such consolidation, combination, reverse share sub-division, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each warrant will be decreased in proportion to such decrease in issued and outstanding
Class A ordinary shares. 
 Whenever the number of Class A ordinary shares purchasable upon the exercise of the warrants is
adjusted, as described above, the warrant exercise price will be adjusted by multiplying the warrant exercise price immediately prior to such adjustment by a fraction (x) the numerator of which will be the number of Class A ordinary shares
purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y) the denominator of which will be the number of Class A ordinary shares so purchasable immediately thereafter. 

In addition, if (x) we issue additional ordinary shares or equity-linked securities for capital raising purposes in connection with the
closing of our Business Combination at a Newly Issued Price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our
sponsor or its affiliates, without taking into account any founder shares held by our sponsor or such affiliates, as applicable, prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total
equity proceeds, and interest thereon, available for the funding of our Business Combination on the date of the completion of our Business Combination (net of redemptions), and (z) the Market Value is below $9.20 per share, the exercise price
of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described above under “—Redemption of warrants when the
price per Class A ordinary share equals or exceeds $18.00” and “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of
the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described above under “—Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will
be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 
 In case of any
reclassification or reorganization of the issued and outstanding Class A ordinary shares (other than those described above or that solely affects the par value of such Class A ordinary shares), or in the case of any merger or consolidation
of us with or into another corporation (other than a consolidation or merger in which we are the continuing corporation and that does not result in any reclassification or reorganization of our issued and outstanding Class A ordinary shares),
or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu of the Class A ordinary shares immediately theretofore purchasable and receivable upon the exercise of the rights
represented thereby, the kind and amount of shares or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the
holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event. However, if such holders were entitled to exercise a right of election as to the kind or amount of securities, cash or other
assets receivable upon such consolidation or merger, then the kind and amount of securities, cash or other assets for which each warrant will become exercisable will be deemed to be the weighted average of the kind and amount received per share by
such holders in such consolidation or merger that affirmatively make such election, and if a tender, exchange or redemption offer has been made to and accepted by such holders (other than a tender, exchange or redemption offer made by the company in
connection with redemption rights held by shareholders of the company as provided for in the company’s amended and restated memorandum and articles of association or as a result of the redemption of Class A ordinary shares by the company
if a proposed Business Combination is presented to the shareholders of the company for approval) under circumstances in which, upon completion of such tender or exchange offer, the maker thereof, together with members of any group (within the
meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such maker (within the meaning of Rule
12b-2 under the Exchange Act) and any members of any such group of which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3
under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary shares, the holder of a warrant will be entitled to receive the highest amount of cash, securities or other property to which such holder would actually have
been entitled as a shareholder if such warrant 

 
holder had exercised the warrant prior to the expiration of such tender or exchange offer, accepted such offer and all of the Class A ordinary shares held by such holder had been purchased
pursuant to such tender or exchange offer, subject to adjustment (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in the warrant agreement. Additionally, if less than
70% of the consideration receivable by the holders of Class A ordinary shares in such a transaction is payable in the form of ordinary shares in the successor entity that is listed for trading on a national securities exchange or is quoted in
an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the registered holder of the warrant
properly exercises the warrant within thirty days following public disclosure of such transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes value (as defined in the warrant
agreement) of the warrant. The purpose of such exercise price reduction is to provide additional value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to which the holders of
the warrants otherwise do not receive the full potential value of the warrants in order to determine and realize the option value component of the warrant. This formula is to compensate the warrant holder for the loss of the option value portion of
the warrant due to the requirement that the warrant holder exercise the warrant within 30 days of the event. 
 The warrant agreement
provides that the terms of the warrants may be amended without the consent of any holder for the purpose of (i) curing any ambiguity, or curing, correcting or supplementing any defective provision or adding or changing any provisions with
respect to matters or questions arising under the warrant agreement as the parties to the warrant agreement may deem necessary or desirable and that the parties deem to not adversely affect the interests of the registered holders of the warrants or
(ii) providing for the delivery of alternative issuance, provided that the approval by the holders of at least 65% of the then issued and outstanding public warrants is required to make any change that adversely affects the interests of the
registered holders. You should review a copy of the warrant agreement, which is filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.

 The warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless basis, if applicable), by certified or official bank check payable
to us, for the number of warrants being exercised. The warrantholders do not have the rights or privileges of holders of Class A ordinary shares or any voting rights until they exercise their warrants and receive Class A ordinary shares.
After the issuance of Class A ordinary shares upon exercise of the warrants, each holder will be entitled to one (1) vote for each share held of record on all matters to be voted on by shareholders. 

No fractional shares will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a
fractional interest in a share, we will, upon exercise, round down to the nearest whole number of Class A ordinary shares to be issued to the holder. 

Dividends 
 We have not paid any cash
dividends on our ordinary shares to date and do not intend to pay cash dividends prior to the completion of our Business Combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of our Business Combination. The payment of any cash dividends subsequent to our Business Combination will be within the discretion of our board of directors at such time.
Further, if we incur any indebtedness in connection with our business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith. 

Our Transfer Agent and Warrant Agent 
 The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company. We have agreed to indemnify Continental Stock Transfer & Trust Company in its roles as transfer agent and
warrant agent, its agents and each of its shareholders, directors, officers and employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except for any liability due to any gross
negligence, willful misconduct or bad faith of the indemnified person or entity. 

 Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association contains provisions designed to provide certain rights and protections relating
to our initial public offering that will apply to us until the completion of our Business Combination. These provisions cannot be amended without a special resolution under Cayman Islands law. As a matter of Cayman Islands law, a resolution is
deemed to be a special resolution where it has been approved by either (i) the affirmative vote of at least two-thirds (or any higher threshold specified in a company’s articles of association) of a
company’s shareholders entitled to vote and so voting at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given; or (ii) if so authorized by a company’s articles of
association, by a unanimous written resolution of all of the company’s shareholders. Our amended and restated memorandum and articles of association provide that special resolutions must be approved either by at least two-thirds of our shareholders who attend and vote at a general meeting of the company (i.e., the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our
shareholders. 
 Our sponsor and its permitted transferees, if any, who collectively beneficially own 20% of our ordinary shares as of the
Close Date, may participate in any vote to amend our amended and restated memorandum and articles of association and have the discretion to vote in any manner they choose. Specifically, our amended and restated memorandum and articles of association
provide, among other things, that: 
  

	 	•	 	 if we are unable to consummate our Business Combination within 24 months from the Close Date, we will:
(i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the public shares, 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 us to pay our income taxes, if any (less up to $100,000 of interest
to pay dissolution expenses), divided by the number of the then issued and outstanding public shares, which redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining shareholders and our board of directors, liquidate and dissolve, subject in each case, to our obligations
under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law; 

  

	 	•	 	 prior to our Business Combination, we may not issue additional securities that would entitle the holders thereof
to (1) receive funds from the trust account or (2) vote as a class with our public shares (a) on any Business Combination or (b) to approve an amendment to our amended and restated certificate of incorporation to (x) extend
the time we have to consummate a business combination beyond 24 months from the Close Date or (y) amend the foregoing provisions; 

  

	 	•	 	 although we do not intend to enter into a business combination with a target business that is affiliated with our
sponsor, our directors or our executive officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm
which is a member of FINRA or an independent accounting firm that such a business combination is fair to our company from a financial point of view; 

  

	 	•	 	 if a shareholder vote on our Business Combination is not required by applicable law or stock exchange listing
requirements and we do not decide to hold a shareholder vote for business or other reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act, and will
file tender offer documents with the SEC prior to completing our Business Combination which contain substantially the same financial and other information about our Business Combination and the redemption rights as is required under Regulation 14A
of the Exchange Act; 

  

	 	•	 	 so long as we obtain and maintain a listing for our securities on Nasdaq, our Business Combination must be with
one or more target businesses that together have a fair market value equal to at least 80% of the net assets held in the trust account (excluding the deferred underwriting commissions and taxes payable on the interest earned on the trust account) at
the time of our signing a definitive agreement in connection with our Business Combination; 

	 	•	 	 if our shareholder approve an amendment to our amended and restated memorandum and articles of association
(A) to modify the substance or timing of our obligation to allow redemption in connection with our Business Combination or to redeem 100% of our public shares if we do not complete our Business Combination within 24 months from the Close Date,
or (B) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity, we will provide our public shareholders with the opportunity to redeem all or a
portion of their ordinary shares upon such approval 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 us to pay our income taxes, if any, divided by the number of the then issued and outstanding public shares, subject to the limitations described herein; and 

 

	 	•	 	 we will not effectuate our Business Combination with another blank check company or a similar company with
nominal operations. 

 In addition, our amended and restated memorandum and articles of association provide that under no
circumstances will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. 
 The
Companies Law permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval of a special resolution which requires the approval of the holders of at least
two-thirds of such company’s issued and outstanding ordinary shares who attend and vote at a general meeting or by way of unanimous written resolution. A company’s articles of association may specify
that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and
articles of association provide otherwise. Accordingly, although we could amend any of the provisions relating to our structure and business plan which are contained in our amended and restated memorandum and articles of association, we view all of
these provisions as binding obligations to our shareholders and neither we, nor our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders with the opportunity to redeem
their public shares. 
 Certain Anti-takeover Provisions of Our Amended and Restated Memorandum and Articles of Association 

Our amended and restated memorandum and articles of association provide that our board of directors will be classified into three classes of
directors. As a result, in most circumstances, a person can gain control of our board only by successfully engaging in a proxy contest at two or more annual general meetings. 

Our authorized but unissued Class A ordinary shares and preference shares will be available for future issuances without shareholder
approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved Class A ordinary shares
and preference shares could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest, tender offer, merger or otherwise. 

Provisions in our amended and restated memorandum and articles of association may inhibit a takeover of us, which could limit the price investors might be
willing to pay in the future for our Class A ordinary shares and could entrench management. 
 Our amended and restated memorandum
and articles of association contain provisions that may discourage unsolicited takeover proposals that shareholders may consider to be in their best interests. These provisions include a staggered board of directors and the ability of the board of
directors to designate the terms of and issue new series of preferred shares, which may make the removal of management more difficult and may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for
our securities. See “Description of Securities—Certain Anti-Takeover Provisions of our amended and restated memorandum and Articles of Association.”

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