Document:

Exhibit 10.41

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT
(this “Agreement”) is made and entered into as of ____________ ____, 2015 by and between Turning Point Brands,
Inc., a Delaware corporation (the “Company”), and Standard NA Holdings I LLC, a Delaware limited liability company
(the “Noteholder”).

 

RECITALS

 

WHEREAS, the Company
intends to effect an initial public offering (the “IPO”) of its voting common stock, par value $0.01 per share
(the “Common Stock”), pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange
Commission (the “S-1”);

 

WHEREAS, the Company
has issued to the Noteholder, pursuant to that certain Note Purchase Agreement, dated as of January 22, 2014, by and between North
Atlantic Holding Company, Inc. and the purchasers thereto (the “Note Purchase Agreement”) the principal amount
of $8,191,941.57 of the Company’s 7% Senior Notes due December 31, 2023 (the “Notes”) ;

 

WHEREAS, the Noteholder
has agreed to exchange the Notes for Exchange Shares as provided herein.

 

NOW, THEREFORE, in
consideration of the premises and the representations, warranties, covenants and agreements herein contained and intending to be
legally bound hereby, the Company and the Noteholder hereby agree as follows:

 

ARTICLE I

EXCHANGE OF NOTES

 

Section 1.1           
Exchange of Notes for Exchange Shares.

 

(a)               
Subject to the terms and conditions set forth in this Agreement, the Noteholder hereby agrees to exchange (the “Exchange”)
at the Closing (as defined below) all Notes held by such Noteholder for a number (rounded to the nearest whole share) of shares
of Common Stock (the “Exchange Shares”) equal to the quotient obtained by dividing (x) the principal amount
of the Notes plus accrued and unpaid interest, if any, to but excluding the Closing Date by (y) the initial public offering price
per share of Common Stock in the IPO.

 

(b)              
 Upon the surrender by the Noteholder of the Notes in exchange for the Exchange Shares issuable to the Noteholder in the
Exchange, the Notes shall be cancelled and the Company’s obligation to pay any amounts on the Notes shall be terminated.
The Noteholder waives all rights to receive any future payments of principal of or interest on the Notes from and after the Closing
Date.

 

ARTICLE II

CLOSING DATE; DELIVERY

 

Section 2.1           
Closing. The closing (the “Closing”) of the Exchange shall take place at the offices of Milbank,
Tweed, Hadley & McCloy LLP, 28 Liberty Street, New York, New York 10005, contemporaneously with the closing of the IPO (the
day on which the Closing occurs is referred to herein as the “Closing Date”).

 

    	 

    	 

    

 

Section 2.2           
Delivery for the Exchange. At the Closing:

 

(a)               
The Noteholder shall surrender the Notes duly endorsed to the Company (and accompanied by appropriate endorsement and transfer
documents) for cancellation; and the Notes shall be cancelled by the Company; and

 

(b)              
The Company shall deliver the Exchange Shares issuable to the Noteholder by book entry deposit to an account established
for such purpose.

 

Section 2.3           
Consummation of Closing. All acts, deliveries and confirmations comprising the Closing, regardless of chronological
sequence, shall be deemed to occur contemporaneously and simultaneously upon the occurrence of the last act, delivery or confirmation
of the Closing and none of such acts, deliveries or confirmations shall be effective unless and until the last of same shall have
occurred.

 

Section 2.4           
No Transfer of Exchanged Notes Prior to the Closing. The Noteholder agrees that during the term of this Agreement,
the Noteholder shall not sell, assign, pledge, transfer or otherwise dispose of, nor permit the sale, assignment pledge, transfer
or other disposition (each, a “Transfer”) of, any beneficial ownership interest in the Notes other than to exchange
the Notes pursuant to the Exchange; provided, however, that the Noteholder may Transfer the Notes to any of its affiliates that
agrees in writing prior to such Transfer to be bound by the obligations of the Noteholder under this Agreement.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

Section 3.1           
Representations and Warranties of Each Party. Each of the Company and the Noteholder hereby represents and warrants
to the other party that:

 

(i)                
such party has all necessary power and authority to execute and deliver this Agreement and to perform its obligations hereunder
and to consummate the transaction contemplated hereby;

 

(ii)              
this Agreement has been duly and validly executed and delivered by such party and constitutes a legal, valid and binding
obligation of such party enforceable against such party in accordance with its terms;

 

(iii)            
the execution, delivery and performance by such party of this Agreement and the consummation by such party of the transactions
contemplated hereby do not and will not (A) conflict with or violate any United States or non-United States statute, law, ordinance,
regulation, rule, code, executive order, injunction, judgment, decree or other order applicable to such party, (B) other than the
prior written consent of the board of directors of the Company to the transactions contemplated hereby, require any consent, approval
or authorization of, declaration, filing or registration with, or notice to, any person or entity, (C) result in the creation of
any encumbrance on the Notes or (D) conflict with or result in a breach of or constitute a default under any provision of any party’s
governing documents; and

 

    	 

    	 

    

 

(iv)            
as of the date hereof, no material action, suit or legal, administrative or arbitral proceeding or investigation by or against
such party is pending, or to the knowledge of such party threatened in writing, which would affect the legality, validity or enforceability
of this Agreement or the consummation of the transactions contemplated hereby.

 

Section 3.2           
Representations and Warranties of the Noteholder. The Noteholder hereby represents and warrants to the Company that
it:

 

(i)                
owns exclusively, beneficially and of record and has good, valid and marketable title to such Notes free and clear of any
security interest, lien, claim, pledge, proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition,
charge, adverse claim of ownership or use or other encumbrance of any kind and has the full right, power and authority to take
the actions contemplated by this Agreement with respect to such Notes;

 

(ii)              
understands that shares of the Common Stock it will receive in the Exchange have not been registered under the Securities
Act of 1933, as amended (the “Securities Act”) and are being or will be issued by the Company in a transaction
exempt from the registration requirements of the Securities Act;

 

(iii)            
understands that shares of the Common Stock it will receive in the Exchange may not be offered or resold except pursuant
to an effective registration statement under the Securities Act or pursuant to an applicable exemption from registration under
the Securities Act;

 

(iv)            
understands that is Qualified Institutional Buyer as defined in Rule 144A under the Securities Act (a “QIB”);
it or its representative has had access to the same kind of information concerning the Company that is required by Schedule A
of the Securities Act, to the extent that the Company possesses such information;  has such knowledge and experience in financial
and business matters that it is capable of utilizing the information that is available to it concerning the Company to evaluate
the risks of investment in the Company including the risk that it could lose its entire investment in the Company; and consummating
the Exchange for its own sole benefit and account for investment and not with a view to, or for resale in connection with, a public
offering or distribution thereof; and

 

(v)              
understands that the shares of Common Stock will bear the restrictive legend set forth on Exhibit A to this Agreement.

 

ARTICLE IV

CONDITIONS PRECEDENT TO NOTEHOLDER’S OBLIGATION

 

The obligation of the
Noteholder to exchange the Notes for the Exchange Shares is subject to the following conditions (any or all of which may be waived
by the Noteholder in its sole discretion):

 

    	 

    	 

    

 

Section 4.1           
Representations and Warranties. Each of the representations and warranties of the Company set forth in this Agreement
shall be true and correct on the Closing Date.

 

Section 4.2           
Performance; No Default. The Company shall have performed and complied in all material respects with all agreements
and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing.

 

Section 4.3           
No Injunction. No preliminary or permanent injunction or other order issued by any federal or state court of competent
jurisdiction preventing the closing of the IPO or the Exchange shall be in effect.

 

ARTICLE V

CONDITIONS PRECEDENT TO THE COMPANY’S OBLIGATION

 

The obligation of the
Company to exchange the Notes for the Exchange Shares with the Noteholder is subject to the following conditions (any or all of
which may be waived by the Company in its sole discretion):

 

Section 5.1           
Representations and Warranties.Each of the representations and warranties of the Noteholder set forth in this
Agreement shall be true and correct in all material respects on the Closing Date.

 

Section 5.2           
Performance; No Default. The Noteholder shall have performed and complied in all material respects with all agreements
and conditions contained in this Agreement required to be performed or complied with by the Noteholder prior to or at the Closing.

 

Section 5.3           
No Injunction. No preliminary or permanent injunction or other order issued by any federal or state court of competent
jurisdiction preventing the closing of the IPO or the Exchange shall be in effect.

 

ARTICLE VI

CERTAIN COVENANTS AND AGREEMENTS OF THE PARTIES

 

Section 6.1           
Further Actions. Each party shall, at the written request of the other party, at any time and from time to time following
the Closing, execute and deliver to such other party all such further instruments and take all such further action as may be reasonably
necessary or appropriate in order to confirm or carry out its obligations under this Agreement.

 

Section 6.2           
Best Efforts. Each party shall use its respective best efforts (subject to standards of commercial reasonableness)
to consummate the transactions contemplated to be performed by it under this Agreement.

 

ARTICLE VII

TERMINATION

 

Section 7.1           
Termination. In the event the S-1 is withdrawn by the Company for any reason before the closing of the IPO, this
Agreement shall automatically terminate and become null and void without any further action by the parties.

 

    	 

    	 

    

 

ARTICLE VIII

MISCELLANEOUS

 

Section 8.1           
Survival of Representations. The representations, warranties and agreements in this Agreement shall terminate on
the Closing Date or upon the termination of this Agreement.

 

Section 8.2           
Entire Agreement; Assignment. This Agreement constitutes the entire agreement between the parties with respect to
the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, between the parties, or any
of them, with respect to the subject matter hereof. This Agreement shall not be assigned (whether pursuant to a merger, by operation
of law or otherwise) except as permitted herein.

 

Section 8.3           
Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced
by any rule of law, or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force
and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially
adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the fullest extent possible.

 

Section 8.4           
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New
York, without giving effect to the State of New York’s conflict of law principles to the extent such principles are not mandatorily
applicable by statute and would require or permit the application of the laws of another jurisdiction. Each of the parties hereby
irrevocably and unconditionally submits, for such party and its property, to the exclusive jurisdiction of any New York State court
or Federal court of the United States sitting in New York City, and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Agreement and each of the parties hereto hereby irrevocably and unconditionally agrees that
all claims or causes of action (whether in contract, tort or otherwise) in respect of any such action or proceeding may be heard
and determined in such New York State court or, to the extent permitted by law, in such Federal court.

 

Section 8.5           
Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by applicable law
any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection
with this Agreement or the transactions contemplated hereby. Each of the parties hereto (a) certifies that no representative, agent
or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of litigation,
seek to enforce that foregoing waiver and (b) acknowledges that it and the other hereto have been induced to enter into this Agreement
and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this
Section 8.5.

 

Section 8.6           
Headings. The descriptive headings contained in this Agreement are included for convenience of reference only and
shall not affect in any way the meaning or interpretation of this Agreement.

 

    	 

    	 

    

 

Section 8.7           
Counterparts. This Agreement may be executed and delivered (including by facsimile or portable document format (pdf)
transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed
shall be deemed to be an original but all of which taken together shall constitute one and the same agreement.

 

Section 8.8           
Waiver; Remedies. No delay on the part of the Noteholder or the Company in exercising any right, power or privilege
under this Agreement shall operate as a wavier thereof, nor shall any waiver on the part of the Noteholder or the Company of any
right, power or privilege under this Agreement operate as a waiver of any other right, power or privilege of such party under this
Agreement, nor shall any single or partial exercise of any right, power or privilege under this Agreement preclude any other or
further exercise thereof or the exercise of any other right, power or privilege under this Agreement.

 

Section 8.9           
Specific Performance. The parties hereto agree that irreparable damage would occur if any provision of this Agreement
were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to
prevent breaches of this agreement or to enforce specifically the performance of the terms and provisions hereof in addition to
any other remedy to which they are entitled at law or in equity.

 

Section 8.10       
Amendment. This Agreement may be modified or amended only by written agreement of each of the parties to this Agreement.

 

Section 8.11       
Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and
nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement.

 

Section 8.12       
Notice. All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be
given (and shall be deemed to have been duly given upon receipt) by delivery in person, by facsimile or email or by registered
or certified mail (postage prepaid, return receipt requested, provided that the facsimile or email is promptly confirmed by telephone
or email confirmation thereof) to the respective parties at the following addresses (or at such other address for a party as shall
be specified in a notice given in accordance with this Section 8.12):

 

if to the Company:

 

Turning Point Brands, Inc.

5201 Interchange Way

Louisville, Kentucky 40229

Attention: James Dobbins, Senior
Vice President, General Counsel and Secretary

Email: JDobbins@Natcinc.net

with a copy to:

 

Milbank, Tweed, Hadley & McCloy
LLP

28 Liberty Street

New York, New York 10005

Attention: David E. Zeltner, Esq.

 

    	 

    	 

    

 

Email: DZeltner@milbank.com

 

If to the Noteholder:

 

Standard NA Holdings I LLC

767 Fifth Avenue, 12th Floor

New York, NY 10153

Attention:
Joseph Mause, CFO

Email: JMause@standgen.com

 

*     *     *

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto, intending to be legally bound, have caused this Agreement to be executed by their respective duly authorized
officers, as of the date first above written.

 

	 	TURNING POINT BRANDS, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 	 
	 	STANDARD NA HOLDINGS I LLC	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

[Signature
Page to Exchange Agreement for SG Senior Notes to Equity]

 

    	 

    	 

    

 

EXHIBIT A

 

THIS SECURITY HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE ACQUIRER:

 

a.                  
AGREES FOR THE BENEFIT OF TURNING POINT BRANDS, INC.,
(THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST
HEREIN EXCEPT:

 

i.                   
TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR

 

ii.                 
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR

 

iii.               
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT.

 

PRIOR TO THE REGISTRATION
OF ANY TRANSFER, THE COMPANY AND THE TRANSFER AGENT FOR THE COMPANY’S COMMON STOCK RESERVE THE RIGHT TO REQUIRE THE DELIVERY
OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED
TRANSFER IS BEING MADE IN COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS
TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.Exhibit 10.42

 

FORM OF WARRANT PURCHASE
AGREEMENT

 

THIS WARRANT PURCHASE
AGREEMENT (this “Agreement”) is made as of _______________ ______, 2015, by and between Turning Point Brands,
Inc., a Delaware corporation (“TPB”), and each holder of Warrants (as defined below) listed on the signature
pages hereto (each, a “Holder” and collectively, the “Holders”).

 

W I T N E S S E T H:

 

WHEREAS, the Holders
collectively own warrants (the “Warrants”) to purchase in the aggregate 11,000,000 common units (the “Common
Units”) of Intrepid Brands, LLC, a Delaware limited liability company and indirect subsidiary of TPB (“Intrepid”)
pursuant to that certain Warrant Agreement, dated as of January 21, 2014, by and among Intrepid and the holders of warrants thereunder
(the “Warrant Agreement”); and

 

WHEREAS, TPB proposes
to effect an initial public offering of its common stock (the “IPO”) pursuant to a registration statement on Form S-1
filed with the U.S. Securities and Exchange Commission (the “S-1”); and

 

WHEREAS, substantially
simultaneously with, but immediately following, the IPO, TPB wishes to purchase the Warrants from the Holders and the Holders wish
to sell the Warrants to TPB, for the consideration and upon the terms and conditions set forth herein (the “Warrant
Purchase”); and

 

WHEREAS, in accordance
with Section 7.1 of the Warrant Agreement, the board of managers of Intrepid has granted its prior written approval to the transfer
of Warrants contemplated hereby.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties intending to be legally bound, do hereby agree as follows:

 

1.                 
Warrant Purchase. Substantially simultaneously with, but immediately following the IPO, each Holder shall
irrevocably sell, transfer, convey, assign and deliver to TPB, and TPB shall purchase and accept from such Holder, all of such
Holder’s right, title and interest in and to the Warrant set forth opposite such Holder’s name on Schedule 1
for the aggregate cash purchase price set forth opposite such Holder’s name on Schedule 1 (such purchase price being
equal to $0.40 per Common Unit subject to such Warrant and the amount payable pursuant to Schedule 1 to any Holder in respect
of such Holder’s Warrant is referred to herein as such Holder’s “Purchase Price”).

 

2.                 
Closing. The closing of the Warrant Purchase shall occur contemporaneously with the closing of the IPO (the
“Closing”) at the offices of Milbank, Tweed, Hadley & McCloy LLP, 28 Liberty Street, New York, New York
10005. At the Closing, TPB shall pay to each Holder such Holder’s Purchase Price by wire transfer of immediately available
funds to the account designated in writing by such Holder to TPB at least three business days prior to the date of such Closing,
and such Holder shall deliver to TPB at the Closing the certificate or certificates representing such Warrants together with an
instrument of transfer (substantially in the form attached to the Warrant Agreement) duly endorsed in blank.

 

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3.                 
Representations and Warranties.

 

3.1             
Representations and Warranties of Each Party. Each of TPB, on the one hand, and each of the Holders, on the
other hand, hereby represents and warrants to the other party that:

 

(i)                
such party has all necessary power and authority to execute and deliver this Agreement and to perform its obligations
hereunder and to consummate the transaction contemplated hereby;

 

(ii)              
this Agreement has been duly and validly executed and delivered by such party and constitutes a legal, valid and
binding obligation of such party enforceable against such party in accordance with its terms;

 

(iii)            
the execution, delivery and performance by such party of this Agreement and the consummation by such party of the
transactions contemplated hereby do not and will not (A) conflict with or violate any United States or non-United States statute,
law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order applicable to such party,
(B) other than the prior written consent of the board of managers of Intrepid to the transactions contemplated hereby, require
any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity, (C) result
in the creation of any encumbrance on any Warrants or (D) if such party is not a natural person, conflict with or result in a breach
of or constitute a default under any provision of such party’s governing documents; and

 

(iv)            
as of the date hereof, no material litigation, action or proceeding by or against such party is pending, or to the
knowledge of such party threatened in writing, which would affect the legality, validity or enforceability of this Agreement or
the consummation of the transactions contemplated hereby.

 

3.2             
Representations and Warranties of each Holder. Each Holder hereby represents and warrants to TPB that it owns
exclusively, beneficially and of record and has good, valid and marketable title to the Warrant set forth opposite such Holder’s
name on Schedule 1 free and clear of any security interest, lien, claim, pledge, proxy, option, right of first refusal,
agreement, voting restriction, limitation on disposition, charge, adverse claim of ownership or use or other encumbrance of any
kind and has the full right, power and authority to sell, transfer and deliver such Warrant, and such Holder does not own, directly
or indirectly, any warrants to purchase common units of Intrepid other than such Warrant.

 

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4.                 
Additional Agreements.

 

4.1             
No Sale or Transfer of Warrants. Each Holder covenants and agrees that, between the date hereof and the Closing,
such Holder shall not (a) exercise any Warrants or (b) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant
any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent
position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of
1934, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder (each, a “Transfer”),
with respect to any Warrants or any securities convertible into, or exercisable, or exchangeable for, Warrants owned by him, her
or it; provided, however, that the such Holder may Transfer any Warrants to any of its affiliates that agrees in writing prior
to such Transfer to be bound by the obligations of the Holders under this Agreement.

 

4.2             
General Release. In consideration of such Holder’s Purchase Price, each Holder, on behalf of himself
or herself and each of his or her successors, executors, representatives, agents, estate, heirs, legatees, devisees, beneficiaries
and assigns, hereby forever releases, remises, acquits, satisfies, and discharges TPB (and any successor thereto) and its affiliates,
and the respective directors, officers, employees, partners, agents, advisors and representatives thereof, and the respective successors
and assigns of the foregoing (each, a “Releasee”), from any and all manner of actions, claims, causes of action,
suits, debts, dues, sums of money, accounts, reckonings, covenants, contracts, controversies, agreements, promises, damages, judgments,
executions, and demands whatsoever, in law or in equity (collectively, “Claims”), which the undersigned ever
had, now has, or which any successor or assign of the undersigned hereafter can, shall or may have, against any Releasee, for,
upon or by reason of any matter, cause or thing whatsoever, known or unknown, directly or indirectly, from the beginning of the
world to the closing of the IPO including, without limitation, Claims arising out of or related to any (i) breach or alleged breach
of fiduciary duty and claims in tort, and (ii) the Warrants and the Warrant Agreement; except for (x) the right to receive such
Holder’s Purchase Price under this Agreement, (y) the right of employees to receive accrued compensation and benefits to
which they are entitled from TPB, whether by written employment or bonus agreement or otherwise, and (z) any Claims arising out
of or relating to any actual fraud of a Releasee.

 

5.                 
Termination. In the event the S-1 is withdrawn by TPB for any reason, this Agreement shall automatically terminate
and become null and void without any further action by the parties.

 

6.                 
Miscellaneous.

 

6.1             
Further Assurances. TPB and each Holder will take such actions as may be reasonably required or desirable
to carry out the provisions of this Agreement.

 

6.2             
Successors and Assigns. This Agreement and the rights evidenced hereby shall be binding upon and shall inure
to the benefit of the parties hereto and the successors of TPB and the successors and permitted assigns of each Holder. Such successors
and/or permitted assigns of each Holder shall be deemed to be a Holder for all purposes hereunder.

 

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6.3             
Governing Law; Jurisdiction; No Trial by Jury. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York, without giving effect to the State of New York’s conflict of law principles to the
extent such principles are not mandatorily applicable by statute and would require or permit the application of the laws of another
jurisdiction. Each of the parties hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive
jurisdiction of any New York State court or Federal court of the United States sitting in New York City, and any appellate court
from any thereof, in any action or proceeding arising out of or relating to this Agreement and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims or causes of action (whether in contract, tort or otherwise) in respect
of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in
such Federal court. EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY SUCH ACTION OR PROCEEDING. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT,
OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH
PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 6.3.

 

6.4             
Notices. All notices, requests, claims, demands and other communications hereunder shall be in writing and
shall be given (and shall be deemed to have been duly given upon receipt) by delivery in person, by telecopy or e-mail or by registered
or certified mail (postage prepaid, return receipt requested) to the respective parties at their addresses as specified on the
signature pages of this Agreement.

 

6.5             
Amendments and Waivers. Except as otherwise provided herein, this Agreement may only be amended, modified
or supplemented by an agreement in writing signed by each party hereto. No waiver by TPB or any Holder of any of the provisions
hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall
operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver,
whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.

 

6.6             
No Third-Party Beneficiaries. This Agreement is for the sole benefit of TPB and the Holders and their respective
successors and, in the case of each Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other natural person, corporation, limited liability company, trust, joint venture, association, company, partnership,
governmental authority or other entity any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason
of this Agreement.

 

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6.7             
Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law,
such provision shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision
were so excluded and shall be enforceable in accordance with its terms.

 

6.8             
Headings. The headings contained in this Agreement are for purposes of convenience only and shall not affect
the meaning or interpretation of this Agreement.

 

6.9             
Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile,
e-mail or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed
copy of this Agreement.

 

6.10         
Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among
the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral,
among the parties with respect to the subject matter hereof.

 

[Signature page follows]

 

    	5

    	 

    

 

IN WITNESS WHEREOF, the parties have executed
this Agreement as of the date first above written.

 

TURNING POINT BRANDS, INC. 

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

Turning Point Brands, Inc.

5201 Interchange Way

Louisville, Kentucky 40229

Attention: James Dobbins

Telephone: (502) 778-4421

Email: jdobbins@natcinc.net 

 

 

 

[Signature Page to Warrant Purchase Agreement]

 

    	 

    	 

    

 

Helms Management
Corp.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

 

Daniel H.
Fitzgerald

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Peter A.
Parent

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Lawrence
Wexler

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Michael
G. Terry

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Graham A.
Purdy

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

James Dobbins

 

 

                                                                

(Signature)

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Standard
General OC Master Fund L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

 

    	 

    	 

    

 

Standard
General Focus Fund L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Summit
Partners Credit Fund, L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Summit
Partners Credit Fund A-1, L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Summit
Partners Credit Offshore Intermediate Fund, L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Summit
Investors I, LLC  

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Summit
Investors I (UK), LP

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Standard
General Master Fund L.P.

 

By:                                                                                         

Name:

Title:

 

Address for notice:

 

                                                  

                                                  

                                                  

Attention:                                                   

Telephone:                                                   

Facsimile:                                                   

Email:                                                   

 

 

    	 

    	 

    

 

Schedule 1

 

	Holder	Number of Common Units subject to Warrant	Holder’s Purchase Price ($.040 per Common Unit subject to Warrant)
	Helms Management Corp.	              1,984,598	$793,839.21
	Daniel H. Fitzgerald	                    13,885	$5,554.00
	Peter A. Parent	                      3,589	$1,435.60
	Lawrence Wexler	                  180,000	$72,000.00
	Michael G. Terry	                    10,000	$4,000.00
	Graham A. Purdy	                    10,000	$4,000.00
	James Dobbins	                      5,000	$2,000.00
	Standard General OC Master Fund L.P.	              2,836,125.56	$1,134,450.22
	Standard General Focus Fund L.P.	                    90,511.06	$36,204.42
	Summit Partners Credit Fund, L.P.	                  909,383.84	
        $363,753.54 

	Summit Partners Credit Fund A-1, L.P.	                  396,845.53	$158,738.21
	Summit Partners Credit Offshore Intermediate Fund, L.P.	                    64,732.22	$25,892.89
	Summit Investors I, LLC  	                      3,313.11	$1,325.24
	Summit Investors I (UK), LP	                          725.30	$290.12
	Standard General Master Fund L.P.	              4,491,290.89	$1,796,516.36

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00252-of-00352.parquet"}]]