Document:

Exhibit 10.4

 

September 14, 2022

 

TPB Acquisition Corporation I

1 Letterman Drive, Suite A3-1

San Francisco, CA 94129

 

Lavoro Limited

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

São Paulo—SP, 04548-005, Brazil

 

Lavoro Agro Limited

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

São Paulo—SP, 04548-005, Brazil

 

		Re:	Amendment to Sponsor Letter Agreement (the “Letter Agreement”), dated August 13, 2021, among TPB Acquisition
Corporation I, TPB Acquisition Sponsor I, LLC and the Company’s officers and directors

 

Ladies and Gentlemen:

 

This amendment to the Letter
Agreement (this “Amendment”) is being delivered, pursuant to Section 12 of the Letter Agreement, in connection
with that certain Business Combination Agreement, dated as of the date hereof, by and among Lavoro Limited, an exempted company incorporated
with limited liability in the Cayman Islands (“New PubCo”), Lavoro Merger Sub I Limited, an exempted company
incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo (“First Merger
Sub”), Lavoro Merger Sub II Limited, an exempted company incorporated with limited liability in the Cayman Islands and a
direct, wholly owned subsidiary of New PubCo (“Second Merger Sub”), Lavoro Merger Sub III Limited, an exempted
company incorporated with limited liability in the Cayman Islands and a direct, wholly owned subsidiary of New PubCo (“Third
Merger Sub” and, together with First Merger Sub and Second Merger Sub, the “Merger Subs”), Lavoro Agro Limited,
an exempted company incorporated with limited liability in the Cayman Islands (“Lavoro”), and TPB Acquisition
Corporation I, an exempted company incorporated with limited liability in the Cayman Islands (the “Company”)
(as it may be amended, restated or otherwise modified from time to time in accordance with its terms, the “Business Combination
Agreement”). Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to such terms in the
Letter Agreement.

 

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

 

		1.	Section 3 of the Letter Agreement is hereby deleted and replaced in its entirety with the following,
and the Sponsor hereby consents to the transactions contemplated by the Business Combination Agreement and the Transaction Agreements
in accordance with Section 3 of the Letter Agreement:

 

3. Voting and Anti-Dilution Rights.

 

		(a)	Sponsor agrees that if the Company seeks shareholder approval of the transactions contemplated by the
Business Combination Agreement or any Transaction Agreements (as defined in the Business Combination Agreement), Sponsor shall not
redeem any Founder Shares owned by it in connection with shareholder approval of the transactions contemplated by the Business Combination
Agreement or any Transaction Document, including any amendments to the SPAC Governing Documents (as defined in the Business Combination
Agreement) (the “Proposed Transaction”).

 

     

     

    

 

		(b)	Prior to the earlier of (x) date on which the Letter Agreement, as amended, is terminated in accordance
with its terms and (y) the Closing (the “Voting Period”), at each meeting of the holders of SPAC Shares
(as defined in the Business Combination Agreement) (the “SPAC Shareholders”), and in each written consent or
resolutions of any of the SPAC Shareholders in which Sponsor is entitled to vote or consent, Sponsor hereby unconditionally and irrevocably
agrees to be present for such meeting and vote (in person or by proxy), or consent to any action by written consent or resolution with
respect to, as applicable, the Founder Shares or other equity interests of the Company over which Sponsor has voting power (i) in
favor of, and to adopt, the Business Combination Agreement, the Transaction Agreements and the transactions contemplated thereby, (ii) in
favor of the other matters set forth in the Business Combination Agreement, the Transaction Documents and the transactions contemplated
thereby to the extent required for the Company to carry out its obligations thereunder and (iii) in opposition to: (A) any SPAC
Business Combination Transaction (as defined in the Business Combination Agreement) and any and all other proposals (1) that could
reasonably be expected to delay or impair the ability of the Company to consummate the transactions contemplated by the Business Combination
Agreement or any Transaction Agreement or (2) which are in competition with or materially inconsistent with the Business Combination
Agreement, any Transaction Agreement and the transactions contemplated thereby or (B) any other action, proposal, transaction or
agreement involving the Company or any of its Subsidiaries that is intended, or would reasonably be expected, to prevent, impede, interfere
with, delay, postpone or adversely affect in any material respect the transactions contemplated by the Business Combination Agreement
or any Transaction Agreement or would reasonably be expected to result in (y) any breach of any representation, warranty, covenant,
obligation or agreement of the Company in the Business Combination Agreement or any Transaction Agreement or (z) any of the conditions
to the Company’s obligations under the Business Combination Agreement or any Transaction Agreement not being fulfilled.

 

		(c)	Sponsor agrees not to deposit, and to cause its affiliates not to deposit, any Founder Shares in a voting
trust or subject any Founder Shares to any arrangement or agreement with respect to the voting of such Founder Shares, unless specifically
requested to do so by New PubCo and the Company in connection with the Business Combination Agreement, the Transaction Agreements or the
transactions contemplated thereby.

 

		(d)	Sponsor agrees, except as contemplated by the Business Combination Agreement or any Transaction Agreement,
not to make, or in any manner participate in, directly or indirectly, a “solicitation” of “proxies” or consents
(as such terms are used in the rules of the U.S. Securities and Exchange Commission (the “SEC”)) or powers
of attorney or similar rights to vote, or seek to advise or influence any Person with respect to the voting of, any equity interests of
the Company in connection with any vote or other action with respect to transactions contemplated by the Business Combination Agreement
or any Transaction Agreement, other than to recommend that the SPAC Shareholders vote in favor of the adoption of the Business Combination
Agreement, the Transaction Agreements and the transactions contemplated thereby (and any actions required in furtherance thereof and otherwise
as expressly provided in this Section 3).

 

		(e)	Sponsor agrees that during the Voting Period it shall not, without the Company’s and New PubCo’s
prior written consent, (i) make or attempt to make any Transfer of Founder Shares that would not be permitted pursuant to this Letter
Agreement; (ii) grant any proxies or powers of attorney with respect to any or all of the Founder Shares; or (iii) take any
action with the intent to prevent, impede, interfere with or adversely affect Sponsor’s ability to perform its obligations under
this Section 3. The Company hereby agrees to reasonably cooperate with the Company in enforcing the Transfer restrictions set forth
in this Section 3.

 

		(f)	During the Voting Period, Sponsor agrees to provide to New PubCo, the Company and their respective Representatives
any information regarding Sponsor or the Founder Shares that is reasonably requested by New PubCo, the Company or their respective Representatives
and required in order for the Company, New PubCo, Lavoro, First Merger Sub or Second Merger Sub to comply with Sections 8.1, 8.2, 8.3,
8.4(b), 8.5, 8.8, 8.9 and 8.11 of the Business Combination Agreement. To the extent required by applicable Legal Requirements (as defined
in the Business Combination Agreement), Sponsor hereby authorizes the Company and New PubCo to publish and disclose in any announcement
or disclosure required by the SEC, the Nasdaq Capital Market or the Registration Statement (as defined in the Business Combination Agreement)
(including all documents and schedules filed with the SEC in connection with the foregoing), Sponsor’s identity and ownership of
Founder Shares and the nature of Sponsor’s commitments and agreements under this Letter Agreement, the Business Combination Agreement
and any other Transaction Agreements; provided that such disclosure is made in compliance with the provisions of the Business Combination
Agreement.

 

     

     

    

 

		2.	Section 5 of the Letter Agreement is hereby deleted and replaced in its entirety with the following:

 

		(a)	Vesting Founder Shares. Subject to, and conditioned upon the Third Effective Time (as defined in
the Business Combination Agreement), Sponsor agrees that two-thirds (3,006,050) of the Founder Shares shall be deemed to be “Vesting
Founder Shares” and the remaining one-third (1,503,024) of the Founder Shares shall be deemed to be “Retained Founder
Shares”. Subject to, and conditioned upon the occurrence of and effective immediately after the Third Effective Time, the Vesting
Founder Shares shall be unvested and subject to the restrictions and forfeiture provisions set forth in this Sponsor Letter Agreement.
The Vesting Founder Shares shall vest and, except as otherwise provided in this Section 5, shall become free of the provisions
set forth in this Section 5 as follows:

 

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

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

		iii.	If the Vesting Release Date occurs on a day that is not a trading day, then the “Vesting Release
Date” shall for all purposes of this Sponsor Letter Agreement be deemed to occur on the next following Trading Day. Any Vesting
Founder Shares that have not vested in accordance with Sections 5(a)(i)-(ii) on or before the Vesting Release Date will be
immediately forfeited at 11:59 p.m., New York, New York time on the Vesting Release Date.

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

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

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

 

     

     

    

 

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

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

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

		x.	Notwithstanding the expiration of any Lock-Up Period with respect to any Vesting Founder Shares,
such Vesting Founder Shares shall remain subject to any applicable restrictions set forth in Section 5 until vested or forfeited
in accordance with the terms of this Section 5.

 

		(b)	The Sponsor and the Insiders agree that they shall not Transfer: (i) any Founder Shares until 24
months after the completion of the Closing (the “Founder Shares Lock-Up”); and (ii) any Private Placement
Warrants (or any New PubCo Ordinary Shares underlying the Private Placement Warrants) until 30 days after the completion of the Closing
(the “Private Placement Warrants Lock-Up”, together with the Founder Shares Lock-Up, the “Lock-Up”).
Notwithstanding the foregoing, (i) 50% of the Founder Shares shall be released from the Lock-Up 12 months subsequent to the Closing
Date, (ii) an additional 25% of the Founder Shares (i.e. totaling an aggregate of 75% of the Founder Shares) shall be released from
the Lock-Up 18 months subsequent to the Closing Date, and (iii) the remaining 25% of the Founder Shares (i.e. totaling an aggregate
of 100% of the Founder Shares) shall be released from the Lock-Up 24 months subsequent to the Closing Date. For clarity, any shares acquired
pursuant to that certain Subscription Agreement shall not be bound by the Lock-Up. The Lock-Up shall terminate and be of no further force
or effect upon the date of a liquidation, merger, capital stock exchange, reorganization, sale of all or substantially all assets or other
similar transaction involving New PubCo upon the consummation of which holders of New PubCo Ordinary Shares would be entitled to exchange
their New PubCo Ordinary Shares for cash, securities or other property following the Closing (a “Liquidation Event”).

 

     

     

    

 

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

 

		3.	Effective as of immediately prior to, and conditioned upon the occurrence of, the Closing (as defined
in the Business Combination Agreement), Section 8 of the Letter Agreement shall be deleted in its entirety and shall be of no further
force and effect

 

		4.	Each Insider hereby acknowledges that it has read the Business Combination Agreement and this Amendment
and has had the opportunity to consult with its tax and legal advisors. Each Insider hereby agrees that such Insider shall be bound by
and comply with Sections 8.10 (No Solicitation) and 8.4 (Confidentiality; Communications Plan; Access to Information) of the Business
Combination Agreement (and any relevant defined terms contained in any such Sections) as if such Insider was an original signatory to
the Business Combination Agreement with respect to such provisions.

 

		5.	Contingent upon and effective as of the Third Effective Time (as defined in the Business Combination Agreement),
pursuant to Section 17.4 of the SPAC Governing Documents, the Sponsor, in its capacity as holder of one hundred percent (100%) of
the Founder Shares, and subject to the last sentence of this Section 3, hereby irrevocably and unconditionally waives and agrees
not to exercise, assert or perfect, any rights to adjustment or other anti-dilution protections with respect to the Initial Conversion
Ratio (as defined in the SPAC Governing Documents), including those rights that would otherwise apply pursuant to Section 17.3 of
the SPAC Governing Documents as a result of the issuance of New PubCo Ordinary Shares (as defined in the Business Combination Agreement)
in connection with the transactions contemplated by the Business Combination Agreement or any Transaction Agreement pursuant to the PIPE
Investment (as defined in the Business Combination Agreement) such that the New PubCo Ordinary Shares issued pursuant to the PIPE Investment
are excluded from the determination of the number of New PubCo Ordinary Shares issuable upon conversion of the Founder Shares pursuant
to Section 17.3 of the SPAC Governing Documents. For the avoidance of doubt, the foregoing waiver and agreement does not include
the Sponsor’s rights under Section 17.8 of the SPAC Governing Document, which provides that in no event may any Founder Share
convert into New PubCo Ordinary Shares at a ratio that is less than one-for-one.

 

		6.	On the Closing Date, the Sponsor shall deliver to New PubCo a duly executed copy of the A&R Registration
Rights Agreement (as defined in the Business Combination Agreement), in substantially the form attached as Exhibit D to the Business
Combination Agreement.

 

     

     

    

 

		7.	In the event of any equity dividend or distribution, or any change in the equity interests of the Company
or New PubCo by reason of any equity dividend or distribution, equity split, reverse stock-split, consolidation of shares, recapitalization,
combination, conversion, exchange of equity interests or the like, the terms “Founder Shares,” “Private Placement Warrants”
and “Warrants” shall be deemed to refer to and include the Founder Shares, Private Placement Warrants and Warrants, as the
case may be, as well as all such equity dividends and distributions and any securities into which or for which any or all of the Founder
Shares, Private Placement Warrants or Warrants, respectively, may be changed or exchanged or which are received in such transaction (including
the New PubCo Ordinary Shares into which such shares are converted and the warrants to purchase New PubCo Ordinary Shares into which such
warrants are converted as a result of the consummation of the transactions contemplated by the Business Combination Agreement or any Transaction
Agreement).

 

		8.	References to “Founder Shares Lock-Up Period” in the Letter Agreement are hereby deleted and
replaced with “Lock-Up Period”.

 

		9.	Each Insider hereby irrevocably and unconditionally agree that, if any amounts are outstanding under any Working Capital Loan extended
to the Company or any Subsidiary of the Company by any Insider as of the Closing, then, notwithstanding the terms of any promissory note
or other document evidencing such Working Capital Loan or any other agreement or contract to which the Company or an Insider is bound,
except as otherwise consented to by New PubCo, the Company shall repay such outstanding amounts to such Insider at the Closing solely
in cash, and such Insider shall not require, and hereby waives any right to require, any portion of such repayment to occur in the form
of SPAC Shares, New PubCo Ordinary Shares or any other form.

 

		10.	Except as expressly amended, modified and/or supplemented by this Amendment, all terms, conditions and
provisions of the Letter Agreement are and will remain in full force and effect and as hereby amended are hereby ratified and confirmed
by the parties to the Letter Agreement and this Amendment in all respects, including, for the avoidance of doubt, Section 4(b) of
the Letter Agreement. From and after the date of this Amendment, New PubCo and Lavoro shall be parties to the Letter Agreement for all
purposes thereof as if an original signatory thereof and shall have all the rights and entitlements of the “Company” thereunder.

 

		11.	In the event of any inconsistency or conflict between the terms and provisions of the Letter Agreement,
on the one hand, and this Amendment, on the other hand, the terms and provisions of this Amendment shall govern and control.

 

		12.	The provisions contained in Sections 9 (Termination), 12 (Entire Agreement), 13 (Assignment), 14 (Counterparts),
15 (Effect of Headings), 16 (Severability), 17 (Governing Law), and 18 (Notices) of the Letter Agreement are hereby incorporated by reference
into this Amendment, mutatis mutandis, and made a part of this Amendment as if set forth fully herein.

 

		13.	Each Insider hereby represents and warrants to the Company and New PubCo that:

 

(a)  Each Insider holds good, valid
and marketable title to the Equity Interests set forth opposite such Insider’s name on Schedule A, free and clear of any mortgage,
pledge, security interest, conditional sale or other title retention agreement, encumbrance, lien, easement, option, debt, charge, claim
or restriction of any kind except as set forth in Schedule A.

 

(b) Each Insider has full power
and authority (including any spouse consent) to enter into this Amendment, and this Amendment, assuming the due authorization, execution
and delivery of this Amendment by all other parties, constitutes its valid and legally binding obligation, enforceable in accordance with
its terms, except as such enforceability may be limited by bankruptcy Legal Requirements, other similar Legal Requirements affecting creditors’
rights and general principles of equity affecting the availability of specific performance and other equitable remedies.

 

(c) Neither the execution and delivery
of this Amendment by the Insider nor the performance of the Insider’s obligations hereunder (i) violates any provision of any
Legal Requirements applicable to the Insider, (ii) would, directly or indirectly, result in any breach of any provision of the such
Insider’s Governing Documents, (iii) conflicts with, result in a breach under or give rise to any right of termination of any
document, agreement or instrument to which the Insider is a party, or (iv) result in the creation or imposition of any mortgage,
pledge, security interest, conditional sale or other title retention agreement, encumbrance, lien, easement, option, debt, charge, claim
or restriction of any kind upon the Equity Interests except as disclosed on Schedule A.

 

     

     

    

 

(d) No consent, waiver, approval,
order or authorization of, or registration, qualification, designation, declaration or filing with, any court, administrative agency or
commission or any other governmental authority, instrumentality, agency or commission or any third party (including a party to any agreement
with the Insider), is required by or with respect to the delivery of this Amendment and the consummation of the transactions contemplated
hereby.

 

(e) The Insider is the beneficial
and record owner of the Equity Interests set forth next to the Insider’s name on Schedule A. The Equity Interests collectively constitute
100% of the Insider’s interest in the Company and the Insider does not own, beneficially or of record, any other equity, equity-linked
or similar securities of the Company or any of its Subsidiaries or have the right to acquire any equity, equity-linked or similar securities
of the Company or any of its Subsidiaries. The Insider acknowledges that the Insider’s execution and delivery of this Amendment
in respect of such Equity Interests held by such Insider is a material inducement to New PubCo’s willingness to enter into and consummate
the transactions contemplated by the Business Combination Agreement. By executing this Amendment, each Insider further represents that
it does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such
person or to any person, with respect to any of the Equity Interests except as disclosed on Schedule A. The Insider has the sole right
to vote (and provide consent in respect of, as applicable) the Equity Interests set forth next to the Insider’s name on Schedule
A and, except for this Amendment, the Business Combination Agreement and as disclosed on Schedule A, the Insider is not party to or bound
by (i) any option, warrant, purchase right, or other Contract that could (either alone or in connection with one or more events,
developments or events (including the satisfaction or waiver of any conditions precedent)) require the Insider to Transfer any of the
Equity Interests or (ii) any voting trust, proxy or other Contract with respect to the voting or Transfer of any of the Equity Interests.

 

(f) There is no Legal Proceeding
pending or, to the Insider’s knowledge, threatened against or involving the Insider or any of its Affiliates that, if adversely
decided or resolved, would reasonably be expected to adversely affect the ability of the Insider to perform, or otherwise comply with,
any of its covenants, agreements or obligations under this Amendment in any material respect.

 

(g) There is no Order or Legal
Requirement issued by any court of competent jurisdiction or other Governmental Entity, or other legal restraint or prohibition relating
to the Insider or any of its Affiliates that could reasonably be expected to adversely affect the ability of the Insider to perform, or
otherwise comply with, any of its covenants, agreements or obligations under this Amendment in any material respect.

 

(h) The Insider, on its own behalf
and on behalf of its Representatives, acknowledges, represents, warrants and agrees that (i) it has conducted its own independent
review and analysis of, and, based thereon, has formed an independent judgment concerning, the business, assets, condition, operations
and prospects of, Lavoro and New PubCo and the transactions contemplated by this Amendment, the Business Combination Agreement and the
other Transaction Agreements and (ii) it has been furnished with or given access to such documents and information about Lavoro and
New PubCo and their respective businesses and operations as it and its Representatives have deemed necessary to enable it to make an informed
decision with respect to the execution, delivery and performance of this Amendment or the other Transaction Agreements to which he, she
or it is or will be a party and the transactions contemplated hereby and thereby.

 

(i) In entering into this Amendment
and the other Transaction Agreements to which it is or will be a party, the Insider has relied solely on its own investigation and analysis
and the representations and warranties expressly set forth in the Transaction Agreements to which it is or will be a party and no other
representations or warranties of the Company or New PubCo (including, for the avoidance of doubt, none of the representations or warranties
of the Company or New PubCo set forth in the Business Combination Agreement or any other Transaction Agreement) or any other Person, either
express or implied, and the Insider, on its own behalf and on behalf of its Representatives, acknowledges, represents, warrants and agrees
that, except for the representations and warranties expressly set forth in this Amendment or in the other Transaction Agreements to which
it is or will be a party, none of the Company or New PubCo or any other Person makes or has made any representation or warranty, either
express or implied, in connection with or related to this Amendment, the Business Combination Agreement or the other Transaction Agreements
or the transactions contemplated hereby or thereby.

 

[Signature Pages Follow]

 

     

     

    

 

	 	Sincerely,
	 	 	 
	 	TPB ACQUISITION SPONSOR I, LLC
	 	 	 
	 	 	 
	 	By:	/s/ David Friedberg
	 	Name:	David Friedberg
	 	Title:	Manager

 

[Signature Page to Amendment to Letter
Agreement]

 

     

     

    

 

Acknowledged and Agreed:

 

TPB ACQUISITION CORPORATION I

 

	By:	/s/ David Friedberg	 
	Name:	David Friedberg	 
	Title:	Chief Executive Officer	 

 

[Signature Page to Amendment to Letter
Agreement]

 

     

     

    

 

Acknowledged and Agreed:

 

DIRECTORS AND OFFICERS OF TPB ACQUISITION CORPORATION I

 

 

	/s/
David Friedberg	 
	David Friedberg	 
	 	 
	 	 
	/s/ William Hauser	 
	William Hauser	 
	 	 
	 	 
	/s/ Bharat Vasan 	 
	Bharat Vasan	 
	 	 
	 	 
	/s/ Kelly Cooper 	 
	Kerry Whorton Cooper	 
	 	 
	 	 
	/s/ Neil Renninger 	 
	Neil Renninger	 
	 	 
	 	 
	/s/ April Underwood 	 
	April Underwood	 

 

[Signature Page to Amendment to Letter
Agreement]

 

     

     

    

 

Acknowledged and Agreed:

 

	LAVORO AGRO
    LIMITED	 
	 	 	 
	 	 	 
	By:	/s/ Ruy Cunha	 
	Name:	Ruy Marcos Laguna
    Cunha	 
	Title:	Director	 
	 	 	 
	 	 	 
	By:	/s/ Laurence Gomes 	 
	Name:	Laurence Beltrão Gomes	 
	Title:	Chief Financial Officer	 

 

[Signature Page to Amendment to Letter
Agreement]

 

     

     

    

 

Acknowledged and Agreed:

 

	LAVORO LIMITED	 
	 	 	 
	 	 	 
	By:	/s/ Daniel Fisberg 	 
	Name:	Daniel Fisberg	 
	Title:	Director	 
	 	 	 
	 	 	 
	By:	/s/ Peter Estermann 	 
	Name:	Peter Estermann	 
	Title:	Director	 

 

[Signature Page to Amendment to Letter
Agreement]

 

     

     

    

 

Exhibit A

 

Escrow AgreementExhibit 10.5

 

AMENDED AND RESTATED REGISTRATION AGREEMENT

 

This Amended and Restated
Registration Rights Agreement (this “Agreement”), dated as of        , 2022, is made and entered into by and among
Lavoro Limited, an exempted company incorporated with limited liability in the Cayman Islands (“New PubCo” or
the “Company”), TPB Acquisition Corporation I, a Cayman Islands exempted company (the “SPAC”),
TPB Acquisition Sponsor I, LLC, a Delaware limited liability company (the “Sponsor”), and the undersigned parties
listed under Holder on the signature page hereto (each such party, together with the Sponsor and any person or entity who hereafter
becomes a party to this Agreement pursuant to Section ‎5.2 of this Agreement, a “Holder” and
collectively the “Holders”).

 

RECITALS

 

WHEREAS, the SPAC, the Sponsor and certain
other parties are party to that certain Registration Rights Agreement, dated as of August 13, 2021 (the “Original RRA”);

 

WHEREAS, the Company, the SPAC, Lavoro
Agro Cayman, an exempted company incorporated with limited liability in the Cayman Islands (“Lavoro”), and certain
other parties entered into that certain Business Combination Agreement, dated as of 
(as it may be amended, supplemented or otherwise modified from time to time, the “Business Combination Agreement”),
pursuant to which the parties to the Business Combination Agreement are consummating the business combination involving Lavoro contemplated
thereunder (the “Business Combination”);

 

WHEREAS, as a result of the transactions
contemplated in the Business Combination Agreement, the Company has                Class A
ordinary shares, par value $0.001 per share (the “Ordinary Shares”), issued and outstanding;

 

WHEREAS, pursuant to Section 6.8 of
the Original RRA, the provisions, covenants and conditions set forth therein may be amended or modified upon the written consent of the
SPAC and the Holders (as defined in the Original RRA) of at least a majority-in-interest of the Registrable Securities (as defined in
the Original RRA) at the time in question, and the Sponsor is a Holder of at least a majority-in-interest of the Registrable
Securities as of the date hereof;

 

WHEREAS, the Sponsor and the other parties
hereto desire to amend and restate the Original RRA in its entirety and enter into this Agreement, pursuant to which the Company shall
grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

 

NOW, THEREFORE, in consideration of the
mutual representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree that the Original RRA is
hereby amended and restated in its entirety, as of and contingent upon the closing of the Business Combination, as follows:

 

ARTICLE 1

DEFINITIONS

 

1.1.          Definitions.
The terms defined in this Article 1 shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Additional Holder”
shall have the meaning given in Section ‎5.15.

 

“Additional Holder Ordinary Shares”
shall have the meaning given in Section ‎5.15.

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the principal executive
officer or principal financial officer of the Company, after  consultation with counsel to the Company, (i) would be required
to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain
any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case
of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would
not be required to be made at such time if the Registration Statement were not being filed, declared effective or used, as the case may
be, and (iii) the Company has a bona fide business purpose for not making such information public.

 

    	 	1	 

     

    

 

“Agreement” shall have
the meaning given in the Preamble.

 

“Board” shall mean the
Board of Directors of the Company.

 

“Business Combination” shall
have the meaning given in the Recitals.

 

“Commission” shall mean
the U.S. Securities and Exchange Commission.

 

“Company” shall have
the meaning given in the Preamble.

 

“Closing” shall have
the meaning given in the Business Combination Agreement.

 

“Closing Date” shall
have the meaning given in the Business Combination Agreement.

 

“Demanding Holder” shall
have the meaning given in subsection ‎2.2.1.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

“Form F-1 Shelf”
shall have the meaning given in subsection ‎2.1.1.

 

“Form F-3 Shelf”
shall have the meaning given in subsection ‎2.1.1.

 

“Founder Shares” shall
mean the Class B Ordinary Shares and shall be deemed to include the Ordinary Shares issuable upon conversion thereof (including the
securities of the Company into which the Founder Shares are converted as a result of the consummation of the transactions contemplated
by the Business Combination Agreement).

 

“Holders” shall have
the meaning given in the Preamble.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.2.2.

 

“Misstatement” shall
mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light
of the circumstances under which they were made) not misleading.

 

“Ordinary Shares” shall
have the meaning given in the Recitals hereto.

 

“Permitted Transferees”
shall mean a person or entity to whom a Holder of Registrable Securities is permitted to transfer such Registrable Securities prior
to the expiration of the lock-up period under the Sponsor Letter Agreement and any other applicable agreement between such Holder and
the Company, and to any transferee thereafter.

 

“Piggyback Registration”
shall have the meaning given in subsection ‎2.3.1.

 

“Private Placement Warrants”
shall have the meaning given in the Original RRA (including the securities of the Company into which the Private Placement Warrants are
converted as a result of the consummation of the transactions contemplated by the Business Combination Agreement).

 

“Prospectus” shall mean
the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
all post-effective amendments and including all material incorporated by reference in such prospectus.

 

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“Registrable Security” shall
mean (a) any Ordinary Shares issued or issuable upon the exercise of any other security of the Company (including the Private Placement
Warrants) held by a Holder as of immediately following the Closing, (b) any Ordinary Shares or any other equity security of the Company
acquired by a Holder following the date hereof to the extent that such securities are “restricted securities” (as defined
in Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the Commission)
(“Rule 144”)) or are otherwise held by an “affiliate” (as defined in Rule 144) of the
Company, (c) any Additional Holder Ordinary Shares and (d) any other equity security of the Company issued or issuable with
respect to any such Ordinary Share referenced in clauses (a), (b) or (c) by way of a share capitalization, share dividend or
share split or in connection with a combination of shares, recapitalization, merger, consolidation, amalgamation, spin-off, reorganization
or similar transaction; provided, however, that, as to any particular Registrable Security, such securities shall cease
to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective
under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with
such Registration Statement by the applicable Holder; (B) such securities shall have been otherwise transferred, new certificates
for such securities not bearing (or book entry positions not subject to) a legend restricting further transfer shall have been delivered
by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such
securities shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 (but
with no volume or other restrictions or limitations, including as to manner or timing of sale); or (E) such securities have been
sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction; provided, further,
that notwithstanding anything to the contrary in this Agreement, no Ordinary Shares received by a Holder as a result of the conversion
of any class A ordinary shares, par value $0.0001 per share, of SPAC subscribed for pursuant to a PIPE Investment (as defined in the Business
Combination Agreement) shall be deemed to constitute Registrable Securities hereunder (for the avoidance of doubt, such Ordinary Shares
shall instead benefit from the registration rights, if any, provided for under the agreement(s) relating to such PIPE Investment(s)).

 

“Registration” shall
mean a registration effected by preparing and filing a registration statement, prospectus or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming
effective.

 

“Registration Expenses”
shall mean the documented, out-of-pocket expenses of a Registration incurred by the Company, including, without limitation, the following:

 

		(A)	all registration and filing fees (including fees with respect to filings required to be made with the
Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Ordinary Shares are then listed;

 

		(B)	fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements
of outside counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

		(C)	printing, messenger, telephone and delivery expenses;

 

		(D)	reasonable fees and disbursements of counsel for the Company;

 

		(E)	reasonable fees and disbursements of all independent registered public accountants of the Company incurred
specifically in connection with such Registration; and

 

		(F)	reasonable fees and expenses of one (1) U.S. legal counsel selected by the majority-in-interest of
the Demanding Holders.

 

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including
the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended from time to time.

 

    	 	3	 

     

    

 

“Shelf” shall mean the Form F-1 Shelf,
the Form F-3 Shelf or any Subsequent Shelf Registration Statement, as the case may be.

 

“Shelf Registration” shall mean a registration
of securities pursuant to a registration statement filed with the Commission in accordance with and pursuant to Rule 415 promulgated
under the Securities Act (or any successor rule then in effect).

 

“Sponsor” shall have
the meaning given in the Recitals hereto.

 

“Sponsor Letter Agreement”
shall mean that certain letter agreement, dated as of August 13, 2021, by and between the Company, the Sponsor and the Insiders,
as amended.

 

“Sponsor Director” means
an individual elected to the Board that has been nominated by the Sponsor pursuant to this Agreement.

 

“Subsequent Shelf Registration Statement”
shall have the meaning given in subsection 2.1.2.

 

“Takedown Requesting Holder”
shall have the meaning given in subsection 2.2.1.

 

“Underwriter” shall
mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

“Underwritten Shelf Takedown”
shall have the meaning given in subsection 2.2.1.

 

ARTICLE 2

REGISTRATIONS AND OFFERINGS

 

2.1.          Shelf
Registrations.

 

2.1.1.            Filing.
Within 30 calendar days following the Closing Date, the Company shall use commercially reasonable efforts to submit to or file with the
Commission a Registration Statement for a Shelf Registration on Form F-1 (the “Form F-1 Shelf”) or
a Registration Statement for a Shelf Registration on Form F-3 (the “Form F-3 Shelf”), if the Company
is then eligible to use a Form F-3 Shelf, in each case, covering the resale of all the Registrable Securities (determined as of two
Business Days prior to such submission or filing) on a delayed or continuous basis and shall use its commercially reasonable efforts to
have such Shelf declared effective as soon as practicable after the filing thereof, but no later than the earlier of (a) the 90th
calendar day following the filing date thereof if the Commission notifies the Company that it will “review” the Registration
Statement and (b) the 10th Business Day after the date the Company is notified (orally or in writing, whichever is earlier) by the
Commission that the Registration Statement will not be “reviewed” or will not be subject to further review. Such Shelf shall
provide for the resale of the Registrable Securities included therein pursuant to any method or combination of methods legally available
to, and requested by, any Holder named therein. The Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare
and file with the Commission such amendments, including post-effective amendments, and supplements as may be necessary to keep a Shelf
continuously effective, available for use to permit the Holders named therein to sell their Registrable Securities included therein and
in compliance with the provisions of the Securities Act until such time as there are no longer any outstanding Registrable Securities.
In the event the Company files a Form F-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form F-1
Shelf (and any Subsequent Shelf Registration Statement) to a Form F-3 Shelf as soon as practicable after the Company is eligible
to use Form F-3. In no event shall a Holder be identified as a statutory underwriter in a Registration Statement unless requested
by the Commission. The Company’s obligation under this subsection ‎2.1.1, shall, for the avoidance of doubt, be subject
to Section ‎3.4.

 

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2.1.2.            Subsequent
Shelf Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
included thereon are still outstanding, the Company shall use its commercially reasonable efforts to as promptly as is reasonably practicable
cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable efforts to obtain the
prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly
as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending the
effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent Shelf Registration
Statement”) registering the resale of all Registrable Securities (determined as of two Business Days prior to such filing),
and pursuant to any method or combination of methods legally available to, and requested by, any Holder. If a Subsequent Shelf Registration
is filed, the Company shall use its commercially reasonable efforts to (i) cause such Subsequent Shelf Registration Statement to
become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that the
Subsequent Shelf Registration Statement shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under
the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act)
at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration Statement continuously
effective, available for use to permit the Holders named therein to sell their Registrable Securities therein and in compliance with the
provisions of the Securities Act until such time as there are no longer any Registrable Securities included thereon. Any such Subsequent
Shelf Registration Statement shall be on Form F-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent
Shelf Registration Statement shall be on another appropriate form. The Company’s obligation under this subsection ‎2.1.2,
shall, for the avoidance of doubt, be subject to Section ‎3.4.

 

2.1.3.            Additional
Registrable Securities. Subject to Section ‎3.4, in the event that any Holder holds Registrable Securities that are
not registered for resale on a delayed or continuous basis, the Company, upon written request of one or more Holders holding, individually
or collectively, at least 10% of the Registrable Securities, shall promptly use its commercially reasonable efforts to cause the resale
of such Registrable Securities to be covered by either, at the Company’s option, any then available Shelf (including by means of
a post-effective amendment) or by filing a Subsequent Shelf Registration Statement and cause the same to become effective as soon as practicable
after such filing and such Shelf or Subsequent Shelf Registration Statement shall be subject to the terms hereof; provided, however,
that the Company shall only be required to cause such additional Registrable Securities to be so covered once per calendar for the Sponsor.

 

		2.2.	Underwritten Shelf
                                            Takedowns.

 

2.2.1.            Requests
for Underwritten Shelf Takedowns. At any time and from time to time after a Shelf has been declared effective by the Commission, the
Holders of at least a majority in interest of the then-outstanding number of Registrable Securities (the “Demanding Holders”)
may request to sell all or any portion of its Registrable Securities in an Underwritten Offering that is registered pursuant to the Shelf
(each, an “Underwritten Shelf Takedown”); provided that the Company shall only be obligated to effect
an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the Demanding Holders, in
the aggregate, with a total offering price (including piggyback Registrable Securities and before deduction of underwriting discounts)
reasonably expected to exceed, in the aggregate, $30,000,000 (the “Minimum Takedown Threshold”). All requests
for Underwritten Shelf Takedowns shall be made by giving written notice to the Company at least 48 hours prior to the public announcement
of such Underwritten Shelf Takedown, which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten
Shelf Takedown and the expected price range (net of underwriting discounts and commissions) of such Underwritten Shelf Takedown. The Company
shall include in any Underwritten Shelf Takedown the securities requested to be included by any Holder (each a “Takedown Requesting
Holder”) at least 24 hours prior to the public announcement of such Underwritten Shelf Takedown pursuant to written contractual
piggyback registration rights of such Takedown Requesting Holder (including to those set forth herein). Subject to subsection ‎2.5.4,
the Company shall have the right to select the Underwriter or Underwriters for such Underwritten Shelf Takedown (which shall consist of
one or more reputable nationally recognized investment banks), subject to the majority-in-interest of the Demanding Holders’ approval
(which shall not be unreasonably withheld, conditioned or delayed). The Holders may each demand not more than two (2) Underwritten
Shelf Takedowns pursuant to this subsection ‎2.2.1 in any twelve (12)-month period. Notwithstanding anything to the contrary
in this Agreement, the Company may effectuate any Underwritten Offering pursuant to any then effective Registration Statement, including
a Form F-3, that is then available for such offering

 

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2.2.2.            Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown, in good faith, advises the
Company, the Demanding Holders and the Takedown Requesting Holders (if any) in writing that the dollar amount or number of Registrable
Securities that the Demanding Holders and the Takedown Requesting Holders (if any) desire to sell, taken together with all other Ordinary
Shares or other equity securities that the Company desires to sell, exceeds the maximum dollar amount or maximum number of equity securities
that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method,
or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Underwritten Shelf Takedown, as follows: (i) first,
the Registrable Securities of the Demanding Holders that can be sold without exceeding the Maximum Number of Securities, determined pro
rata based on the respective number of Registrable Securities that each Demanding Holder has so requested to be included in such Underwritten
Shelf Takedown; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause
(i), the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum
Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clauses (i) and (ii), the Ordinary Shares or other equity securities of the Takedown Requesting Holders, if any, that can be sold
without exceeding the Maximum Number of Securities, determined Pro Rata based on the respective number of Registrable Securities that
each Takedown Requesting Holder has so requested to be included in such Underwritten Shelf Takedown.

 

2.2.3.        Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right to withdraw
from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification to the Company and the Underwriter or
Underwriters (if any) of its intention to withdraw from such Underwritten Shelf Takedown. If withdrawn, a demand for an Underwritten Shelf
Takedown shall constitute a demand for an Underwritten Shelf Takedown by the withdrawing Demanding Holder for purposes of subsection
 ‎2.2.1, unless either (i) such Demanding Holder has not previously withdrawn any Underwritten Shelf Takedown or (ii) such
Demanding Holder reimburses the Company for all Registration Expenses with respect to such Underwritten Shelf Takedown (or, if there is
more than one Demanding Holder, a pro rata portion of such Registration Expenses based on the respective number of Registrable Securities
that each Demanding Holder has requested be included in such Underwritten Shelf Takedown). Notwithstanding anything to the contrary in
this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with an Underwritten Shelf Takedown
prior to a withdrawal under this subsection ‎2.2.3 (other than if a Demanding Holder elects to pay such Registration Expenses
pursuant to clause (ii) of the second sentence of this subsection ‎2.2.3).

 

		2.3.	Piggyback Registration.

 

2.3.1.        Piggyback
Rights. Subject to subsection ‎2.5.3, if the Company or any Holder proposes to conduct a registered offering of, or if
the Company proposes to file a Registration Statement under the Securities Act with respect to the Registration of equity securities,
or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for
the account of shareholders of the Company (or by the Company and by the shareholders of the Company including, without limitation, pursuant
to Section ‎2.1), other than a Registration Statement (or any registered offering with respect thereto) (i) filed
in connection with any employee stock option or other benefit plan, (ii) pursuant to a Registration Statement on Form F-4 (or
similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto, (iii) for
an offering of debt that is convertible into equity securities of the Company (iv) for a dividend reinvestment plan, (v) for
a Block Trade or (vi) for an Other Coordinated Offering, then the Company shall give written notice of such proposed filing to all
of the Holders of Registrable Securities as soon as practicable but not less than 10 days before the anticipated filing date of such Registration
Statement or, in the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus
or prospectus supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be
included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters,
if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such registered
offering such number of Registrable Securities as such Holders may request in writing within five (5) business days after receipt
of such written notice (such registered offering a “Piggyback Registration”). Subject to subsection ‎2.3.2,
the Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable,
shall use commercially reasonable efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit
the Registrable Securities requested by the Holders pursuant to this subsection ‎2.3.1 to be included therein on the same terms
and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such
Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute
their Registrable Securities through an Underwritten Offering under this subsection ‎2.3.1 shall enter into an underwriting
agreement in customary form with the Underwriter or Underwriters selected for such Underwritten Offering by the Company.

 

    	 	6	 

     

    

 

2.3.2.        Reduction
of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that
the dollar amount or number of the Ordinary Shares or other equity securities that the Company desires to sell, taken together with (i) the
Ordinary Shares or other equity securities, if any, as to which Registration or registered offering has been demanded pursuant to separate
written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable
Securities as to which registration has been requested pursuant to Section ‎2.2 hereof, and (iii) the Ordinary Shares
or other equity securities, if any, as to which a Registration or registered offering has been requested pursuant to separate written
contractual piggy-back registration rights of persons or entities other than the Holders of Registrable Securities hereunder, exceeds
the Maximum Number of Securities, then:

 

(a)            If
the Registration or registered offering is undertaken for the Company’s account, the Company shall include in any such Registration
or registered offering (A) first, the Ordinary Shares or other equity securities that the Company desires to sell, which can be sold
without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities has not been
reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities
pursuant to subsection ‎2.3.1 hereof, pro rata based on the respective number of Registrable Securities that each Holder has
so requested exercising its rights to register its Registrable Securities pursuant to subsection ‎2.3.1 hereof, which can be
sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not
been reached under the foregoing clauses (A) and (B), the Ordinary Shares or other securities, if any, as to which Registration has
been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company, which can be sold
without exceeding the Maximum Number of Securities;

 

(b)            If
the Registration or registered offering is pursuant to a request by persons or entities other than the Holders of Registrable Securities,
then the Company shall include in any such Registration or registered offering (A) first, the Ordinary Shares or other equity securities,
if any, of such requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding
the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the
foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant
to subsection ‎2.3.1, pro rata, pro rata based on the respective number of Registrable Securities that each Holder has so requested
exercising its rights to register its Registrable Securities pursuant to subsection ‎2.3.1 hereof, which can be sold without
exceeding the Maximum Number of Securities; (C) third, to the extent that the Maximum Number of Securities has not been reached under
the foregoing clauses (A) and (B), the Ordinary Shares or other equity securities that the Company desires to sell, which can be
sold without exceeding the Maximum Number of Securities; and (D) fourth, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clauses (A), (B) and (C), the Ordinary Shares or other equity securities for the account of
other persons or entities that the Company is obligated to register pursuant to separate written contractual arrangements with such persons
or entities, which can be sold without exceeding the Maximum Number of Securities.

 

(c)            if
the Registration or registered offering and Underwritten Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities
pursuant to Section ‎2.2, then the Company shall include in any such Registration or registered offering securities in
the priority set forth in subsection ‎2.2.2.

 

    	 	7	 

     

    

 

2.3.3.        Piggyback
Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder, whose right to withdraw from an Underwritten
Shelf Takedown, and related obligations, shall be governed by subsection ‎2.2.3) shall have the right to withdraw from
a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters
(if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to such Piggyback Registration or, in the case of a Piggyback Registration pursuant to a Shelf
Registration, the filing of the applicable “red herring” prospectus or prospectus supplement with respect to such Piggyback
Registration used for marketing such transaction. The Company (whether on its own good faith determination or as the result of a request
for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission
in connection with a Piggyback Registration (which, in no circumstance, shall include a Shelf) at any time prior to the effectiveness
of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration
Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this subsection ‎2.3.3.

 

2.4.          Market
Stand-off. In connection with any Underwritten Offering of equity securities of the Company (other than a Block Trade or Other Coordinated
Offering), if requested by the managing Underwriters, each Holder that is (a) an executive officer, (b) a director or (c) Holder
in excess of five percent (5%) of the outstanding Ordinary Shares (and for which it is customary for such a Holder to agree to a lock-up)
agrees that it shall not transfer any Ordinary Shares or other equity securities of the Company (other than those included in such offering
pursuant to this Agreement), without the prior written consent of the Company, during the ninety (90)-day period (or such shorter time
agreed to by the managing Underwriters) beginning on the date of pricing of such offering, except as expressly permitted by such lock-up
agreement or in the event the managing Underwriters otherwise agree by written consent. Each such Holder agrees to execute a customary
lock-up agreement in favor of the Underwriters to such effect (in each case on substantially the same terms and conditions as all such
Holders).

 

2.5.          Block
Trades; Other Coordinated Offerings.

 

2.5.1.        Notwithstanding
any other provision of this Article 2, but subject to Section ‎3.4, at any time and from time to
time when an effective Form F-3 Shelf is on file with the Commission, if a Demanding Holder wishes to engage in (a) an
underwritten registered offering not involving a “roadshow” (including without limitation a same day trade, overnight trade
or similar transaction) off of such Form F-3 Shelf, an offer commonly known as a “block trade” (a “Block
Trade”), or (b) an “at the market” or similar registered offering off of such Form F-3 Shelf
through a broker, sales agent or distribution agent, whether as agent or principal (an “Other Coordinated Offering”),
in each case, (x) with a total offering price reasonably expected to exceed $30,000,000 in the aggregate, net of underwriting discounts
and commissions or (y) with respect to all remaining Registrable Securities held by the Demanding Holder, provided that the
total offering price is reasonably expected to exceed $30,000,000 in the aggregate, then such Demanding Holder only needs to notify the
Company of the Block Trade or Other Coordinated Offering at least three Business Days prior to the day such offering is to commence and
the Company shall use its commercially reasonable efforts to facilitate such Block Trade or Other Coordinated Offering; provided that
the Demanding Holders representing a majority of the Registrable Securities wishing to engage in the Block Trade or Other Coordinated
Offering shall use commercially reasonable efforts to work with the Company and any Underwriters, brokers, sales agents or placement agents
prior to making such request in order to facilitate preparation of the registration statement, prospectus and other offering documentation
related to the Block Trade or Other Coordinated Offering.

 

2.5.2.        Prior
to the filing of the applicable “red herring” prospectus or prospectus supplement used in connection with a Block Trade or
Other Coordinated Offering, a majority-in-interest of the Demanding Holders initiating such Block Trade or Other Coordinated Offering
shall have the right to withdraw from a Block Trade or Other Coordinated Offering for any or no reason whatsoever upon written notification
to the Company and the Underwriter or Underwriters (if any) of its intention to withdraw from such Block Trade or Other Coordinated Offering
g. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred
in connection with an Block Trade or Other Coordinated Offering prior to a withdrawal under this subsection ‎2.5.2

 

2.5.3.        Notwithstanding
anything to the contrary in this Agreement, Section 2.3 shall not apply to a Block Trade or Other Coordinated Offering
initiated by a Demanding Holder pursuant to this Agreement.

 

2.5.4.        The
Demanding Holder in a Block Trade or Other Coordinated Offering shall have the right to select the Underwriters and any brokers, sales
agents or placement agents (if any) for such Block Trade or Other Coordinated Offering (in each case, which shall consist of one or more
reputable nationally recognized investment banks).

 

    	 	8	 

     

    

 

2.5.5.        Demanding
Holders in the aggregate may demand no more than two Block Trades or Other Coordinated Offerings pursuant to this Section ‎2.5 in
any 12-month period. For the avoidance of doubt, any Block Trade or Other Coordinated Offering effected pursuant to this Section ‎2.5 shall
not be counted as a demand for an Underwritten Shelf Takedown pursuant to subsection ‎2.2.1 hereof.

 

ARTICLE 3

COMPANY PROCEDURES

 

3.1.          General
Procedures. If at any time on or after the date hereof the Company is required to effect the Registration of Registrable Securities,
the Company shall use its commercially reasonable efforts to effect such Registration to permit the sale of such Registrable Securities
in accordance with the intended plan of distribution thereof, and pursuant thereto the Company shall, as soon as reasonably practicable:

 

3.1.1.        prepare
and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement
or have ceased to be Registrable Securities;

 

3.1.2.        prepare
and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by the majority-in-interest of the Holders with Registrable Securities registered
on such Registration Statement or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions
applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to
keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance
with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus or have ceased to be Registrable
Securities;

 

3.1.3.        prior
to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all
exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each
preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration
or the legal counsel for any such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders; provided that the Company shall have no obligation to furnish any documents publicly filed or
furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval System (“EDGAR”);

 

3.1.4.        prior
to any public offering of Registrable Securities, use its commercially reasonable efforts to (i) register or qualify the Registrable
Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United
States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution)
may request (or provide evidence satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification)
and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with
or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do
any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such
Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required
to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it
is not then otherwise so subject;

 

3.1.5.        cause
all such Registrable Securities to be listed on each national securities exchange on which similar securities issued by the Company are
then listed;

 

    	 	9	 

     

    

 

3.1.6.        provide
a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of
such Registration Statement;

 

3.1.7.        advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

3.1.8.        at
least three days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement
or Prospectus (or such shorter period of time as may be (a) necessary in order to comply with the Securities Act, the Exchange
Act, and the rules and regulations promulgated under the Securities Act or Exchange Act, as applicable or (b) advisable
in order to reduce the number of days that sales are suspended pursuant to Section ‎3.4), furnish a copy thereof
to each seller of such Registrable Securities or its counsel (excluding any exhibits thereto and any filing made under the Exchange
Act that is to be incorporated by reference therein);

 

3.1.9.        notify
the Holders of Registrable Securities at any time when a Prospectus relating to such Registration Statement is required to be delivered
under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement,
as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section ‎3.4;

 

3.1.10.      in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering, or sale by a broker, placement agent or sales agent
pursuant to such Registration, in each of the following cases to the extent customary for a transaction of its type, permit a representative
of the Holders, the Underwriters or other financial institutions facilitating such Underwritten Offering, Block Trade, Other Coordinated
Offering or other sale pursuant to such Registration, if any, and any attorney, consultant or accountant retained by such Holders or Underwriter
to participate, at each such person’s or entity’s own expense, in the preparation of the Registration Statement, and cause
the Company’s officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter,
financial institution, attorney, consultant or accountant in connection with the Registration; provided, however,
that such representatives, Underwriters or financial institutions agree to confidentiality arrangements in form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information;

 

3.1.11.      obtain
a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent pursuant to such Registration
(subject to such Underwriters, broker, placement agent or sales agent providing such certification or representation reasonably requested
by the Company’s independent registered public accountants and the Company’s counsel) in customary form and covering such
matters of the type customarily covered by “cold comfort” letters for a transaction of its type as the managing Underwriter
may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12.      in
the event of an Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, on the date the Registrable Securities are delivered for sale pursuant to such Registration, to the extent
customary for a transaction of its type, obtain an opinion and negative assurance letter, dated such date, of counsel representing the
Company for the purposes of such Registration, addressed to the participating Holders, the broker, placement agents or sales agent, if
any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the participating Holders, broker, placement agent, sales agent or Underwriter may reasonably request and as are customarily
included in such opinions and negative assurance letters;

 

3.1.13.      in
the event of any Underwritten Offering, a Block Trade, an Other Coordinated Offering or sale by a broker, placement agent or sales agent
pursuant to such Registration, enter into and perform its obligations under an underwriting or other purchase or sales agreement, in usual
and customary form, with the managing Underwriter or the broker, placement agent or sales agent of such offering or sale;

 

    	 	10	 

     

    

 

3.1.14.      make
available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least 12 months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
by the Commission then in effect);

 

3.1.15.      with
respect to an Underwritten Shelf Takedown involving gross proceeds in excess of $50,000,000, use its commercially reasonable efforts to
make available senior executives of the Company to participate in customary “road show” presentations that may be reasonably
requested by the Underwriter in such Underwritten Offering; and

 

3.1.16.      otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating Holders,
consistent with the terms of this Agreement, in connection with such Registration.

 

Notwithstanding the foregoing,
the Company shall not be required to provide any documents or information to an Underwriter, broker, sales agent or placement agent if
such Underwriter, broker, sales agent or placement agent has not then been named with respect to the applicable Underwritten Offering
or other offering involving a Registration as an Underwriter, broker, sales agent or placement agent, as applicable.

 

3.2.          Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as any brokerage fees, and, other
than as set forth in the definition of “Registration Expenses,” all legal fees and expenses of any legal counsel representing
the Holders. It is further understood that the Company shall not be responsible for any costs or expenses incurred by any Underwriter
(including, for the avoidance of doubt, legal fees and expenses of any counsel to the Underwriters).

 

3.3.          Requirements
for Participation in Registration Statement in Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder
does not provide the Company with its requested Holder Information in writing, the Company may exclude such Holder’s Registrable
Securities from the applicable Registration Statement or Prospectus if the Company reasonably determines, based on the advice of counsel,
that it is necessary or advisable to include such information in the applicable Registration Statement or Prospectus and such Holder continues
thereafter to withhold such information. In addition, no person or entity may participate in any Underwritten Offering or other offering
for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such person or entity (i) agrees
to sell such person’s or entity’s securities on the basis provided in any underwriting, sales, distribution or placement arrangements
approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting or other agreements and other customary documents as may be reasonably required under the terms of such underwriting, sales,
distribution or placement arrangements. For the avoidance of doubt, the exclusion of a Holder’s Registrable Securities as a result
of this Section ‎3.3 shall not affect the Registration of any other Holder’s Registrable Securities to
be included in such Registration.

 

3.4.          Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains
a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received copies of
a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and
file such supplement or amendment as soon as reasonably practicable after the time of such notice), or until it is advised in writing
by the Company that the use of the Prospectus may be resumed.

 

    	 	11	 

     

    

 

3.4.1.        If
(i) the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would
(a) require the Company to make an Adverse Disclosure, (b) would require the inclusion in such Registration Statement of financial
statements that are unavailable to the Company for reasons beyond the Company’s control, or (c) in the good faith judgment
of the majority of the Board such Registration, be seriously detrimental to the Company and the majority of the Board concludes as a result
that it is essential to defer such filing, initial effectiveness or continued use at such time, or (ii) the majority of the Board
determines to delay the filing or initial effectiveness of, or suspend use of, a Registration Statement and such delay or suspension arises
out of, or is a result of, or is related to or is in connection with any statement or communication that relates to changes to historical
accounting policies of Company or the SPAC in connection with any order, directive, guideline, comment or recommendation from the Commission
with respect to securities issued in, or other matters related to, the SPAC’s initial public offering, then the Company may, upon
giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration
Statement for the shortest period of time determined in good faith by the Company to be necessary for such purpose. In the event the Company
exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred
to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities
until such Holder receives written notice from the Company that such sales or offers of Registrable Securities may be resumed, and in
each case maintain the confidentiality of such notice and its contents.

 

3.4.2.        Subject
to subsection ‎3.4.3, (a) during the period starting with the date sixty (60) days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company-initiated
Registration and provided that the Company continues to actively employ, in good faith, all commercially reasonable efforts to maintain
the effectiveness of the applicable Registration Statement, or (b) if, pursuant to Section ‎2.2, Holders
have requested an Underwritten Shelf Takedown and the Company and Holders are unable to obtain the commitment of underwriters to firmly
underwrite such offering, the Company may, upon giving prompt written notice of such action to the Holders, delay any other registered
offering pursuant to Sections ‎2.2 or ‎2.5.

 

3.4.3.        The
right to delay or suspend any filing, initial effectiveness or continued use of a Registration Statement pursuant to subsection ‎3.4.1
or a registered offering pursuant to subsection ‎3.4.2 shall not be exercised by the Company, on more than three (3) occasions
or for more than ninety (90) consecutive calendar days or more than one hundred and twenty (120) total calendar days in each case, during
any twelve (12)-month period.

 

3.4.4.        Notwithstanding
anything herein to the contrary, if the Commission prevents the Company from including any or all of the Registrable Securities proposed
to be registered for resale under a Registration Statement due to limitations on the use of Rule 415 of the Securities Act for the
resale of the Registrable Securities by the applicable Holders or otherwise, (a) such Registration Statement shall register for resale
such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is permitted by the Commission
and (b) the number of Registrable Securities to be registered for each selling Holder named in the Registration Statement shall be
reduced pro rata among all such selling Holders; and as promptly as practicable after being permitted to register additional Registrable
Securities under Rule 415 under the Securities Act, the Company shall amend the Registration Statement or file a new Registration
Statement to register such Registrable Securities not included in the initial Registration Statement and shall use commercially reasonable
efforts to have such amendment or Registration Statement to become effective as promptly as practicable.

 

3.5.          Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act
and to promptly furnish the Holders with true and complete copies of all such filings, provided that any documents publicly filed
or furnished with the Commission pursuant to EDGAR shall be deemed to have been furnished or delivered to the Holders pursuant to this Section ‎3.5.
The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Ordinary Shares held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission, to the extent that such rule or such successor rule is available to the Company). Upon the request
of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied
with such requirements.

 

    	 	12	 

     

    

 

ARTICLE 4

INDEMNIFICATION AND CONTRIBUTION

 

4.1.          Indemnification.

 

4.1.1.        The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers, directors and agents
and each person or entity who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages,
liabilities and out-of-pocket expenses (including, without limitation, reasonable and documented attorneys’ fees) resulting
from any untrue or alleged untrue statement of material fact contained in or incorporated by reference in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by
or contained in any information or affidavit furnished in writing to the Company by such Holder expressly for use therein. The Company
shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2.        In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish (or
caused to be furnished) to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted by
law, shall indemnify the Company, its directors and officers and agents and each person or entity who controls the Company (within the
meaning of the Securities Act) against any and all losses, claims, damages, liabilities and out-of-pocket expenses (including
without limitation reasonable and documented outside attorneys’ fees) resulting from any untrue or alleged untrue statement of material
fact contained in or incorporated by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof
or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements
therein not misleading, but only to the extent that such untrue statement is contained in (or not contained in, in the case of an omission)
any information or affidavit so furnished in writing by or on behalf of such Holder expressly for use therein; provided, however,
that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the total
liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder
from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify
the Underwriters, their officers, directors and each person or entity who controls such Underwriters (within the meaning of the Securities
Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3.        Any
person or entity entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s or entity’s
right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless
in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist
with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to
the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made
by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all
parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party
a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim.
No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement
which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms
of such settlement) or which settlement includes a statement or admission of fault and culpability on the part of such indemnified party
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

    	 	13	 

     

    

 

4.1.4.        The
indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on
behalf of the indemnified party or any officer, director or controlling person or entity of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5.        If
the indemnification provided under Section ‎4.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and out-of-pocket expenses referred to herein, then
the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified
party as a result of such losses, claims, damages, liabilities and out-of-pocket expenses in such proportion as is appropriate to reflect
the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative
fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made
by (or not made by, in the case of an omission), or relates to information supplied by (or not supplied by, in the case of an omission),
such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative intent, knowledge,
access to information and opportunity to correct or prevent such action; provided, however, that the liability of any Holder
under this subsection ‎4.1.5 shall be limited to the amount of the net proceeds received by such Holder in such offering giving
rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be
deemed to include, subject to the limitations set forth in subsections ‎4.1.1, ‎4.1.2 and ‎4.1.3 above,
any legal or other fees, charges or out-of-pocket expenses reasonably incurred by such party in connection with any investigation or proceeding.
The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection ‎4.1.5 were determined
by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in
this subsection ‎4.1.5. No person or entity guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution pursuant to this subsection ‎4.1.5 from any person or entity who was
not guilty of such fraudulent misrepresentation.

 

ARTICLE 5

MISCELLANEOUS

 

5.1.          Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed
to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or
by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or
facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently
given, served, sent, and received, in the case of mailed notices, on the third Business Day following the date on which it is mailed and,
in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the
addressee upon presentation. Any notice or communication under this Agreement must be addressed:

 

if to the Company, to:

 

Lavoro Agro Limited

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

São Paulo—SP, 04548-005, Brazil

Attention: Laurence Beltrão Gomes

Email: [***]

 

with a copy to (which shall not constitute notice):

 

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

Attention: Manuel Garciadiaz

Email: [***]

 

    	 	14	 

     

    

 

if to the Sponsor, to:

 

TPB Acquisition Corporation I

1 Letterman Drive, Suite A3-1

San Francisco, CA 94129

Attention: David Friedberg

Email: [***]

 

with copy to (which shall not constitute notice):

 

Cooley LLP

3 Embarcadero Center, 20th Floor

San Francisco, CA 94111

Attention: Rachel Proffitt

Email: [***]

 

and, if to any Holder, at such Holder’s address or
facsimile number as set forth in the Company’s books and records.

 

Any party may change its address
for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective
30 days after delivery of such notice as provided in this Section ‎5.1.

 

5.2.          Assignment;
No Third Party Beneficiaries.

 

5.2.1.        This
Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or
in part.

 

5.2.2.        This
Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and
the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.3.        This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section ‎5.2 hereof.

 

5.2.4.        No
assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company
unless and until the Company shall have received (i) written notice of such assignment as provided in Section ‎5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms
and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer
or assignment made other than as provided in this Section ‎5.2 shall be null and void.

 

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

 

5.4.          Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original,
and all of which together shall constitute the same instrument, but only one of which need be produced. The words “execution,”
 “signed,” “signature,” and words of like import in this Agreement or in any other certificate, agreement or document
related to this Agreement shall include images of manually executed signatures transmitted by facsimile or other electronic format (including,
 “pdf”, “tif” or “jpg”) and other electronic signatures (including DocuSign and AdobeSign). The use
of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use
of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the Delaware Uniform Electronic Transactions Act and any other applicable law. Minor variations in
the form of the signature page, including footers from earlier versions of this Agreement or any such other document, shall be disregarded
in determining the party’s intent or the effectiveness of such signature.

 

    	 	15	 

     

    

 

5.5.          Entire
Agreement; Restatement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written. Upon the Closing, the Original RRA shall no longer be of any force or effect.

 

5.6.          Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW
YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION.

 

5.7.          WAIVER
OF TRIAL BY JURY. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES THE RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT, COUNTERCLAIM
OR OTHER PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH OR RELATING TO THIS AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREBY, OR THE ACTIONS OF THE SPONSOR IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF.

 

5.8.          Amendments
and Modifications. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or
any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any
amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the shares of the Company,
in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected.
No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the
Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or
the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude
the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.9.          Titles
and Headings. Titles and headings of sections of this Agreement are for convenience only and shall not affect the construction of
any provision of this Agreement.

 

5.10.        Waivers
and Extensions. Any party to this Agreement may waive any right, breach or default which such party has the right to waive, provided
that such waiver will not be effective against the waiving party unless it is in writing, is signed by such party, and specifically refers
to this Agreement. Waivers may be made in advance or after the right waived has arisen or the breach or default waived has occurred. Any
waiver may be conditional. No waiver of any breach of any agreement or provision herein contained shall be deemed a waiver of any preceding
or succeeding breach thereof nor of any other agreement or provision herein contained. No waiver or extension of time for performance
of any obligations or acts shall be deemed a waiver or extension of the time for performance of any other obligations or acts.

 

5.11.        Remedies
Cumulative. In the event that the Company fails to observe or perform any covenant or agreement to be observed or performed under
this Agreement, the Holders may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance
of any term contained in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power
granted in this Agreement or to enforce any other legal or equitable right, or to take any one or more of such actions, without being
required to post a bond. None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such
right, power or remedy shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or
now or hereafter available at law, in equity, by statute or otherwise.

 

    	 	16	 

     

    

 

5.12.        Other
Registration Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right
to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
filed by the Company for the sale of securities for its own account or for the account of any other person. Further, the Company represents
and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and
in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.13.        Term.
This Agreement shall terminate, with respect to any Holder, upon the earlier of (i) the fourth anniversary of the date of this Agreement
or (ii) the date as of which such Holder no longer holds any Registrable Securities. The provisions of Section ‎3.5
and Article 4 shall survive any termination.

 

5.14.        Holder
Information. Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities held
by such Holder in order for the Company to make determinations hereunder.

 

5.15.        Additional
Holders; Joinder. In addition to persons or entities who may become Holders pursuant to Section ‎5.2 hereof, subject
to the prior written consent of the Sponsor, the Company may make any person or entity who acquires Ordinary Shares or rights to acquire
Ordinary Shares after the date hereof a party to this Agreement (each such person or entity, an “Additional Holder”)
by obtaining an executed joinder to this Agreement from such Additional Holder in the form of Exhibit A attached hereto (a “Joinder”).
Such Joinder shall specify the rights and obligations of the applicable Additional Holder under this Agreement. Upon the execution and
delivery and subject to the terms of a Joinder by such Additional Holder, the Ordinary Shares then owned, or underlying any rights then
owned, by such Additional Holder (the “Additional Holder Ordinary Shares”) shall be Registrable Securities to
the extent provided herein and therein and such Additional Holder shall be a Holder under this Agreement with respect to such Additional
Holder Ordinary Shares.

 

[Signature Pages Follow]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	LAVORO LIMITED
	 	 
	 	 
	 	By:	 
	 	Name:	Daniel Fisberg
	 	Title:	Director
	 	 
	 	By:	 
	 	Name:	Peter Estermann
	 	Title:	Director

 

[Signature Page to A&R Registration
Rights Agreement]

 

    	 	18	 

     

    

 

	 	HOLDERS:
	 	 
	 	TPB ACQUISITION SPONSOR I, LLC
	 	 
	 	 
	 	By:	 
	 	Name:	David Friedberg
	 	Title:	Manager

 

	 	 
	 	 
	 	William Hauser
	 	 
	 	 
	 	 
	 	Bharat Vasan
	 	 
	 	 
	 	 
	 	Kerry Whorton Cooper
	 	 
	 	 
	 	 
	 	Neil Renninger
	 	 
	 	 
	 	 
	 	April Underwood

 

[Signature Page to A&R Registration
Rights Agreement]

 

    	 	19	 

     

    

 

	 	NEW HOLDERS:
	 	 
	 	[For New Holders who are entities]
	 	 	 
	 	 	 
		By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to A&R Registration
Rights Agreement]

 

    	 	20	 

     

    

 

	 	[For New Holders who are individuals]
	 	 
	 	 
	 	 
	 	[Name]

 

[Signature Page to A&R Registration
Rights Agreement]

 

    	 	21

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