Table of Contents

UNITED STATESSECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14AProxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

FiledbytheRegistrant☒FiledbyapartyotherthantheRegistrant☐

Checktheappropriatebox:

☐ PreliminaryProxyStatement

☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒ DefinitiveProxyStatement

☐ DefinitiveAdditionalMaterials

☐ SolicitingMaterialUnderRule14a-12

PYXUS INTERNATIONAL, INC.(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

PaymentofFilingFee(Checktheappropriatebox):

☒ Nofeerequired.

☐ FeecomputedontablebelowperExchangeActRules14a-6(i)(1)and0-11.

(1)

Titleofeachclassofsecuritiestowhichtransactionapplies:

(2)

Aggregatenumberofsecuritiestowhichtransactionapplies:

(3)

PerunitpriceorotherunderlyingvalueoftransactioncomputedpursuanttoExchangeActRule0-11(setforththeamountonwhichthefilingfeeiscalculatedandstatehowitwasdetermined):

(4)

Proposedmaximumaggregatevalueoftransaction:

(5)

Totalfeepaid:

☐ Feepaidpreviouslywithpreliminarymaterials.

☐CheckboxifanypartofthefeeisoffsetasprovidedbyExchangeActRule0-11(a)(2)andidentifythefilingforwhichtheoffsettingfeewaspaidpreviously.Identifythepreviousfilingbyregistrationstatementnumber,ortheFormorScheduleandthedateofitsfiling:

(1)

Amountpreviouslypaid:

(2)

Form,ScheduleorRegistrationStatementNo:

(3)

Filingparty:

(4)

DateFiled:

Table of Contents

PYXUS INTERNATIONAL, INC.

8001AerialCenterParkwayMorrisville,NorthCarolina27560

Notice of Annual Meeting of ShareholdersTo be Held August 15, 2019

DearShareholder:

Youarecordiallyinvitedtoattendthe2019AnnualMeetingofShareholdersofPyxusInternational,Inc.(“Pyxus,”orthe“Company,”or“we”),tobeheldattheHamnerConferenceCenter,NorthCarolinaAuditorium,15T.W.AlexanderDrive,ResearchTrianglePark,NorthCarolinaonThursday,August15,2019at10:00a.m.to:

(a) elect four directors for a three-year termexpiring in 2022, one director for a two-yeartermexpiring in 2021, andone director for aone-yeartermexpiringin2020;eachasnamedintheaccompanyingproxystatement;

(b) ratifytheappointmentofDeloitte&ToucheLLPastheCompany’sindependentauditorsforthefiscalyearendingMarch31,2020;

(c) adoptaresolutionapproving,onanadvisorybasis,thecompensationpaidtotheCompany’snamedexecutiveofficersasdisclosedintheaccompanyingproxystatement;

(d) approvetheproposedamendmentandrestatementoftheCompany’s2016IncentivePlan,includingtoincreasethenumberofsharesreservedforissuancethereunderby900,000;and

(e) transactsuchotherbusinessasmayproperlycomebeforethemeeting.

ShareholdersofrecordatthecloseofbusinessonJune14,2019willbeentitledtovoteatthemeeting.

TheCompany’sproxystatementandproxyareenclosed,asistheAnnualReporttoshareholdersforthefiscalyearendedMarch31,2020.

ByOrderoftheBoardofDirectors

WilliamL.O’Quinn,Jr.Secretary

July15,2019

Important Notice Regarding the Availability of Proxy Materialsfor

The Annual Meeting of Shareholders to be Held on August 15, 2019

The Proxy Statement and Annual Report are available on the internet at:http://www.astproxyportal.com/ast/20132/

Y OUR VOTE IS VERY IMPORTANT TO US . F OR VOTING INSTRUCTIONS , PLEASE SEE F REQUENTLY A SKED Q UESTION N UMBER5, WHICH APPEARS ON PAGE 1 OF THIS P ROXY S TATEMENT .

Table of Contents

PYXUS INTERNATIONAL, INC.PROXY STATEMENT

TABLE OF CONTENTSProxy Voting Options ii

Frequently Asked Questions 1

Governance of the Company 5ShareholderAccesstoGovernanceDocuments 5CommunicationstotheBoardofDirectors 5CodeofBusinessConduct 5CorporateGovernanceGuidelines 5DeterminationofIndependenceofDirectors 5BoardLeadershipStructure 6TheBoard’sRoleinRiskOversight 6GovernanceandNominatingCommitteeProcess 7DirectorConflictsofInterest 7ShareholderNominations–2020AnnualMeeting 7ShareholderProposals–2020AnnualMeeting 8

Board of Directors 8ProposalOne-ElectionofDirectors(Item1ontheproxycard) 8DirectorBiographies 9DirectorQualifications 11BoardDiversity 12Independence 12Non-ExecutiveDirectorStockOwnershipGuidelines 12BoardCommitteesandMembership 13BoardMeetings 14CompensationofDirectors 14

Ownership of Equity Securities 16StockOwnershipofManagement 16PoliciesProhibitingHedgingandPledgingActivities 17StockOwnershipofCertainBeneficialOwners 17Section16(a)BeneficialOwnershipReportingCompliance 18

Related Party Transactions 18

Audit Matters 19AuditCommitteeMembersandMeetings 19FinancialLiteracyandExpertise 19OtherAuditCommitteeService 19AuditCommitteeFunctions 19ReportoftheAuditCommittee 19PolicyforPre-ApprovalofAuditandNon-AuditServices 20IndependentAuditors 20AuditandNon-AuditFees 20

Proposal Two - RatificationofDeloitte&ToucheasIndependentAuditors(Item2ontheproxycard) 21

Proposal Three - AdvisoryVoteontheCompensationoftheCompany’sNamedExecutiveOfficers(Item3ontheproxycard) 21

Executive Compensation 22CompensationDiscussionandAnalysis 22ReportoftheExecutiveCompensationCommittee 30ExecutiveCompensationTables 31

SummaryCompensationTable 31GrantsofPlan-BasedAwardsTable 33OutstandingEquityAwardsatFiscalYear-EndTable 34

i

Table of Contents

OptionExercisesandStockVestedTable 35NonqualifiedDeferredCompensationTable 36PensionBenefitsTable 37

PlanSummary/Provisions 37PotentialPaymentsUponTerminationorChange-in-Control 38EmploymentAgreement 39CEOPayRatio 40

Proposal Four— ApprovalofAmendmentandRestatementofthe2016IncentivePlan(Item4ontheproxycard) 41

Other Matters 49

Annual Report 49

Appendix A—Amended and Restated Pyxus International, Inc. 2016 Incentive Plan A-i

PROXY VOTING OPTIONS

Your vote is important!

Whetherornotyouexpect toattendtheannual meeting, weurgeyoutovoteyourshares. Atthis year’s annual meeting, youmayvoteinpersonattheannualmeeting,oryoumayvotebyphone,viatheInternet,orbysigning,dating,andreturningtheenclosedproxycardorvotinginstructionformatyourearliestconvenience.YourpromptvotewillensurethepresenceofaquorumatthemeetingandwillsavePyxustheexpenseofadditionalsolicitation.Ifyouvotenowandlaterdecidetochangeyourvoteortovoteyoursharesatthemeeting,youmaydosobyfollowinginstructionsfoundelsewhereinthisproxystatement.

ThefastestandmostconvenientwaytovoteyoursharesisbytheInternetortelephone,usingtheinstructionsonthispage.Internetandtelephonevotesareimmediatelyconfirmedandtabulated,andreducepostageandproxytabulationcosts.

Ifyouprefertovotebymail,pleasereturntheenclosedproxycardorvotinginstructionformintheaddressed,prepaidenvelopewehaveprovided.DonotreturnthepaperballotifyouvoteviatheInternetorbytelephone.

For Registered Shareholders To Vote by Internet - www.voteproxy.com

Internetvotingisavailable24hoursaday,7daysaweekuntil11:59PMEasternDaylightTimeonAugust14,2019.

Instructions :

1. ReadthisProxyStatement.

2. Gotothefollowingwebsite:www.voteproxy.com andfollowtheon-screeninstructions,orscantheQRcodewithyoursmartphone.

3. Haveyourproxycardorvotinginstructionforminhandandfollowtheinstructions.

For Registered Shareholders To Vote by Telephone - Dial1-800-PROXIES(1-800-776-9437)in the UnitedStatesor+1-718-921-8500fromforeigncountriesfromanytouch-tonetelephone.Votingbyphoneisavailable24hoursaday,7daysaweekuntil11:59PMEasternDaylightTimeonAugust14,2019.

Instructions:

1. ReadthisProxyStatement.

2. Calltoll-free1-800-PROXIES(1-800-776-9437)intheUnitedStates,or+1-718-921-8500fromforeigncountries.

3. Haveyourproxycardorvotinginstructionforminhandandfollowtheinstructions.

ii

Table of Contents

FREQUENTLY ASKED QUESTIONS

1. Who is soliciting my proxy?

TheBoardofDirectorsissolicitingyourproxyfortheannualmeetingofshareholderstobeheldonThursday,August15,2019,inordertoprovideyoutheopportunitytovoteonallmattersscheduledtocomebeforethemeeting,whetherornotyouattendthemeetinginperson.

2. Who pays for the solicitation of proxies?

Pyxusbears the cost of soliciting proxies, and will reimburse banks, brokerage firms andother custodians, nominees and fiduciariesforexpensesreasonablyincurredbytheminsendingproxymaterialstothebeneficialownersofstock.TheCompanymayutilizeemployeestosolicitproxiesbymail,inpersonorbytelephone.TheCompanyhasengagedGeorgeson,Inc.,toassistinthesolicitationofproxiesandprovideinformationalsupportforaservicefeeandthereimbursementofcustomarydisbursementsthattogetherarenotexpectedtoexceed$10,000intheaggregate.

3. Who is entitled to vote?

YoumayvoteifyouownedsharesofPyxuscommonstockonJune14,2019,thedateestablishedbytheBoardfordeterminingshareholdersentitledtovoteattheannualmeeting.Onthatdatetherewere9,109,113sharesofcommonstockoutstandingandentitledtovote,witheachsuchsharehavingtherighttoonevote.

4. What is the difference between holding shares as a registered shareholder and holding the shares in street name?

Ifyoursharesareowneddirectlyinyournamewithourtransferagent,AmericanStockTransfer&TrustCompany(“AmericanStockTransfer”),youareconsideredaregisteredshareholderwithrespecttothoseshares.

Ifyoursharesareheldinabrokerageaccountorbyabank,youholdthesharesinstreetname.

5. How do I vote my shares?

Evenifyouplantoattendtheannualmeeting,youareencouragedtovoteyoursharesbyproxy.

Ifyouarearegisteredshareholder,youhavefouroptionsforvotingyourshares:

• overtheInternetattheinternetaddressreferencedonpage(ii)ofthisproxystatement,andshownontheenclosedproxycard;

• bytelephonethroughthenumber(s)referencedonpage(ii)ofthisproxystatement,andshownontheenclosedproxycard;

• bycompleting,signing,datingandreturningtheenclosedproxycardbymail;or

• inpersonattheannualmeeting.

If you hold your shares in street name, your ability to vote by Internet or telephone depends on the voting process of the bank, broker or othernomineethroughwhichyouholdtheshares.Pleasefollowtheirdirectionscarefully.Ifyouwanttovoteattheannualmeeting,youmustrequestalegalproxyfromyourbank,brokerorothernomineeandpresentthatproxy,togetherwithproofofyouridentity,foradmittancetothemeeting.

6. Will my shares be voted if I do not return my proxy card or instruction form, or vote by telephone or over the Internet?

Ifyouarearegisteredshareholderorifyouholdrestrictedstock,yourshareswillnotbevotedunlessyouvoteyoursharesusingthefouroptionsforvotinglistedabove.

Ifyoursharesareheldinstreetname,yoursharesmaybevotedevenifyoudonotvotebyinternet,bytelephoneorbyprovidingvotinginstructionson your proxy card. Brokerage firms have the authority under the New York Stock Exchange (“NYSE”) rules to vote shares on behalf of theircustomers on certain “routine” matters if you do not provide the brokerage firm with voting instructions. The ratification of the selection ofindependentauditorsisconsideredaroutinematter forwhichbrokeragefirmsmayvoteshareswithoutvotinginstructionsfromthecustomer. Theelectionofdirectornominees,theadvisoryvotetoapprovethecompensationofexecutiveofficers,andtheapprovaloftheproposedamendmentandrestatementoftheCompany’s2016IncentivePlanarenotconsidered“routine”underNYSErules.Whenaproposalisnotaroutinematterandthebrokeragefirmhasnotreceivedvotinginstructionsfromthebeneficialowneroftheshareswithrespecttothatproposal,thebrokeragefirmcannotvotethesharesonthatproposal.Thisiscalleda“brokernon-vote.”Brokernon-voteswill

-1-

Table of Contents

not be counted as votes cast on any matter presented for a shareholder vote at the annual meeting. It is important therefore that you provideappropriatevotinginstructionstoyourbrokeragefirmwithrespecttoyourvoteonthesematters.

7. What does it mean if I receive more than one proxy card or instruction form?

Itmeansthatyouhavemultipleaccountswithourtransferagentand/orbanksorbrokers.Pleasevotealloftheshares.Forassistanceconsolidatingyouraccountstotheextentpossible,youmaycontactourtransferagent,AmericanStockTransfer,at1-866-627-2656.

8. Can I change my vote after returning my proxy card or instruction form, or voting by telephone or over the Internet?

Ifyouarearegisteredshareholderyoumaychangeyourvoteinoneoftwoways:

• byvotingonalaterdatebytelephoneorovertheInternet(onlyyourlasttelephoneorInternetvoteiscounted);or

• by delivering a later dated proxy card to our Secretary, either prior to or at the meeting; or by voting your shares in person at themeeting.Inordertovoteyoursharesattheannualmeeting,youmustspecificallyrevokeapreviouslysubmittedproxy.

Ifyouholdyoursharesinnomineeor“streetname”throughabankorbroker,youshouldcontactyourbank,brokerorothernomineetofindouthowtorevokeyourproxyandchangeyourvote.

Allsignedproxiesthathavenotbeenrevokedwillbevotedatthemeeting.

9. How many votes are needed to hold the meeting?

Aquorumofshareholdersisnecessarytoholdavalidmeeting.TheholdersofrecordasoftheJune14,2019recorddate,presentinpersonorbyproxyatthemeeting,ofamajorityofthesharesentitledtovoteconstituteaquorum.Onceashareisrepresentedforanypurposeatthemeeting,itisconsideredpresent for quorumpurposes for theremainder of themeeting. Abstentionsand“brokernon-votes”will becountedindeterminingtheexistenceofaquorum.Aquorumisnecessarytoconductbusinessattheannualmeeting.

Ifaquorumisnotpresent,themeetingmaybeadjournedfromtimetotimewithoutanyfurthernoticeotherthanannouncementatthemeeting.

10. What items of business will be conducted at the meeting?

• Theelectionoffourdirectorsforathree-yeartermexpiringin2022,onedirectorforatwo-yeartermexpiringin2021,andonedirectorforaone-yeartermexpiringin2020;or,ineachcase,untiltheelectionoftheirrespectivesuccessors.

• TheratificationoftheselectionofDeloitte&ToucheLLPastheCompany’sindependentauditorsforthefiscalyearendingMarch31,2020.

• The adoption of a resolution approving, on an advisory basis, the compensation paid to the Company’snamedexecutive officers asdisclosedinthisproxystatement.

• TheapprovaloftheproposedamendmentandrestatementoftheCompany’s2016IncentivePlan,includingtoincreasethenumberofsharesreservedforissuancethereunderby900,000.

• Anyotherbusinessproperlybroughtbeforethemeeting.

11. How many votes are needed to elect the nominees for director?

Theelectionofeachnomineefordirectorrequiresapluralityofthevotescastbyshareholdersentitledtovoteatthemeeting.Becausedirectorsareelectedbyaplurality,abstentions,withheldvotesandbrokernon-voteswillhavenoeffectontheirelection.

However,pursuanttotheCompany’sCorporateGovernanceGuidelines,anyperson(includinganincumbentDirector)nominatedforelectionasaDirectorwhoiselectedbyapluralityofvotescastforhisorherelection,butwhodoesnotreceiveamajorityofthevotescastforhisorherelection,mustpromptlytenderhisorherresignationfollowingcertificationoftheshareholdervote.Thereafter,theBoard,actingontherecommendationofthe Governance and Nominating Committee, must determine within 90 days after the certification of the shareholder vote whether to accept theresignation.

-2-

Table of Contents

12. How many votes are needed to ratify the selection of Deloitte & Touche LLP as the Company’s independent auditors?

The selection of Deloitte & Touche, LLP as the Company’s independent auditors will be ratified if the votes cast “FOR” exceed the votes cast“AGAINST.”Abstentionsandbrokernon-voteswillnotbeincludedinthevotetotalsfortheratificationoftheselectionofDeloitte&ToucheLLPastheCompany’sindependentauditors.

13. What are the voting choices when casting the advisory vote on the compensation of the Company’s named executive officers and what is the

effect of the vote?

WhenvotingonthecompensationoftheCompany’snamedexecutiveofficers,shareholdersmay:

• voteinfavorofthecompensationoftheCompany’snamedexecutiveofficers;

• voteagainstthecompensationoftheCompany’snamedexecutiveofficers;or

• abstainfromvoting.

Theresolutionapproving,onanadvisorybasis,thecompensationoftheCompany’snamedexecutiveofficerswillbeadoptedifthevotescast“FOR”the resolution exceed the votes cast “AGAINST” the resolution. This vote is not binding upon the Company, the Board or the ExecutiveCompensationCommittee.Nevertheless,theExecutiveCompensationCommitteevaluestheopinionsexpressedbyshareholdersintheirvoteonthisproposalandwillconsidertheoutcomeofthevotewhenmakingfuturecompensationdecisionsfornamedexecutiveofficers.

14. How many votes are needed to approve the proposed amendment and restatement of the Company’s 2016 Incentive Plan?

TheapprovaloftheproposedamendmentandrestatementoftheCompany’s2016IncentivePlan,includingtoincreasethenumberofsharesreservedforissuancethereunderby900,000,requirestheaffirmativevoteofamajorityofthesharesofcommonstockcastonthisproposal.BecauseapprovalofthisproposalbyamajorityofthevotescastisrequiredbytheNYSE,whichconsidersabstentionstobevotescastforthispurpose,abstentionswillhavethesameeffectasavoteagainsttheproposaltoapprovetheproposedamendmentandrestatementoftheCompany’s2016IncentivePlan.

15. What are the Board’s recommendations on the matters to be presented for a shareholder vote?

TheBoardrecommendsthatshareholdersvote:

• “FOR ”theelectionasdirectorsofthesixnomineesnamedinthisproxystatement;

• “FOR ”ratificationoftheappointmentofDeloitte&ToucheLLPastheCompany’sindependentauditorsforthefiscalyearendingMarch31,2020;

• “FOR ”adoptionofaresolutionapproving,onanadvisorybasis,thecompensationpaidtotheCompany’snamedexecutiveofficersasdisclosedinthisproxystatement;and

• “FOR ”theproposedamendmentandrestatementoftheCompany’s2016IncentivePlan,includingtoincreasethenumberofsharesreservedforissuancethereunderby900,000.

IfyoureturnavalidproxycardorrespondbytelephoneorInternetinthemannerdescribedaboveanddonotincludeinstructionsonhowyouwanttovote,yourshareswillbevotedinaccordancewiththeBoard’srecommendationsonthematterslistedaboveandinaccordancewiththediscretionoftheproxyholdersonanyothermatterthatproperlycomesbeforetheannualmeeting.

16. How will proxies be voted on other matters that are properly brought before the meeting?

TheCompanyisnotawareofanyotherbusinesstobepresentedatthemeeting.However,ifanyothermatterisproperlybroughtbeforethemeeting,theproxiesreceivedwillbevotedonthoseitemsinaccordancewiththediscretionoftheproxyholders.

-3-

Table of Contents

17. Can I access these proxy materials on the Internet?

Thisproxystatementandour2019annualreporttoshareholdersareavailableathttp://www.astproxyportal.com/ast/20132/.

18. Will the directors be present at the meeting?

ItisPyxus’spolicythatdirectorsattendtheannualmeetingsofshareholdersandwecurrentlyexpectallofourdirectorstoattendthe2019annualmeeting.

19. What is required to attend the meeting?

The annual meeting is a private business meeting. Attendance at the annual meeting will be limited to our shareholders as of the record date ofJune14,2019andtoguestsoftheCompany.AshareholderwhoownedsharesregisteredinhisorhernameasofJune14,2019mustpresentproperidentificationattheregistrationdeskforadmittancetotheannualmeeting.

Ifyouareashareholderandplantoattendtheannualmeetingandyoursharesareheldinstreetname(forexample,ifyoursharesareheldthroughanaccountmaintainedbyabankorsecuritiesbroker),youmustpresentevidenceofyourstockownershipasofJune14,2019inordertobeadmittedtotheannualmeeting.Youcanobtainthisevidencefromyourbankorbrokeragefirm.IfyoursharesareheldinstreetnameasofJune14,2019andyouintendtovoteyoursharesattheannualmeeting,youmustalsorequestalegalproxyfromyourbank,brokerorothernomineeandpresentthatproxyat the annual meeting registration desk. Further, if you are a shareholder that intends to have a representative attend the annual meeting on yourbehalf, youmust additionallyprovidesuchrepresentative withalegal proxy,andsuchproxymustbepresentedattheannualmeetingregistrationdesk. We encourage (i) shareholders who plan to attend the annual meeting and whose shares are held in street name as of June 14, 2019, and(ii)shareholderswhoplantohavearepresentativeattendontheirbehalf,tocontacttheCompanyinadvancebywritingtoOfficeoftheSecretary,Pyxus International, Inc., 8001 Aerial Center Parkway, Morrisville, North Carolina 27560, providing the information described above.Followingsuchprocessinadvancewillhelpexpediteadmittancetotheannualmeetingonthedateofthemeeting.Whetheryouarearegisteredshareholder,your shares are held in street name, or you are a duly authorized proxy holder for a shareholder, proper identification will be required to obtainadmittancetotheannualmeeting.

Toassistwithlogisticalplanningfortheannualmeeting,theCompanyrequeststhatshareholdersplanningonattendingtheannualmeetinginpersonchecktheboxsoindicatingontheaccompanyingproxycardorvotinginstructionform.

20. Will shareholders have an opportunity to ask questions at the meeting?

Yes.Followingactionontheitemstobepresentedtotheshareholdersforavoteatthemeeting,Companyrepresentativeswillbeavailabletoanswershareholderquestions.

21. Will there be rules for the conduct of the meeting?

In accordance with the Company’s Amended and Restated Bylaws and Virginia corporation law, our Chairman of the Board has the right andauthority to determine and maintain the rules, regulations and procedures for the conduct of the annual meeting, including, but not limited to,maintaining order and the safety of those in attendance, dismissing business not properly submitted, openingandclosing the polls for voting andlimitingtimeallowedfordiscussionofthebusinessatthemeeting.Failuretoabidebythemeetingrulesmayresultinexpulsionfromthemeeting.Acopy of the meeting rules will be provided to all shareholders and guests properly attending the annual meeting and will be available at theregistrationdesk.

22. How can I find out the final voting results for the annual meeting?

TheCompanywillpublishfinalvotingresultsinareportonForm8-KtobefiledwiththeSecuritiesandExchangeCommission(the“SEC”)withinfourbusinessdaysaftertheannualmeeting.TheForm8-Kwillbeaccessiblethroughthe“CompanyFilingSearch”pageunderthe“Filings”tabontheSEC’swebsiteatwww.sec.govandthroughtheCompany’swebsite,www.pyxus.com.

-4-

Table of Contents

GOVERNANCE OF THE COMPANY

TheBoardfosters andencourages anenvironment of strongcorporate governance, includingdisclosure controls andprocedures, internalcontrols,fiscalaccountability, high ethical standards and compliance with applicable policies, laws and regulations.Re-examiningCompany practices and setting newstandardsisanongoingprocessastheareaofcorporategovernancecontinuestoevolve.Therefore,theBoardhaschargedtheGovernanceandNominatingCommitteetoperiodicallyreviewandrecommendappropriatechangestotheBoard’sgovernancepracticesandpolicies.

Shareholder Access to Governance Documents

Website

TheCompany’s governance-related documents are available on its website atwww.pyxus.com . Available documents include the Company’s CorporateGovernance Guidelines, Code of Business Conduct and charters of the Audit, Executive Compensation and Governance and Nominating Committees.Whenchangesaremadetoanyofthesedocuments,updatedcopiesarepostedonthewebsiteassoonaspracticalthereafter.

WrittenRequest

Copies of the Company’s governance documents are also available, free of charge, by written request addressed to: Corporate Secretary, PyxusInternational,Inc.,8001AerialCenterParkway,P.O.Box2009,Morrisville,NorthCarolina27560.

Communications to the Board of Directors

Shareholders and interested parties may communicate with the Board of Directors, any committee of the Board, the Lead Independent Director or anyindividual director, as appropriate. Communications must be made in writing to the Corporate Secretary, Pyxus International, Inc., 8001 Aerial CenterParkway,P.O.Box2009,Morrisville,NorthCarolina27560.TheSecretarywilldetermineinhisgoodfaithjudgmentwhichcommunicationstorelaytotheapplicabledirectors.

Seetheparagraphsentitled“ShareholderNominations –2020Annual Meeting”and“ShareholderProposals–2020AnnualMeeting ,”forguidelinesspecifictothosetypesofcommunicationswiththeBoard.

Code of Business Conduct

PyxushasaCodeofBusinessConductthatclearlydefinestheCompany’sexpectationsforlegalandethicalbehavioronthepartofeveryPyxusdirector,officer, employee and agent. The Code of Business Conduct also governs Pyxus’s principal executive officer, principal financial officer and principalaccountingofficer.ItisdesignedtodeterwrongdoingandpromotehonestandethicalbusinessconductinallaspectsoftheCompany’saffairs.AnywaiveroftheCodeofBusinessConductforanydirectororexecutiveofficerwouldrequireapprovalbytheBoardofDirectorsandwouldbedisclosedimmediatelythereaftertoshareholdersviatheCompany’swebsite,www.pyxus.com.

Corporate Governance Guidelines

ThePyxusCorporateGovernanceGuidelines,inconjunctionwiththechartersofkeyBoardcommittees, informshareholders,employees,customersandotherconstituentsoftheBoard’sprinciplesasagoverningbody.TheGuidelinesarereviewedatleastannuallybytheBoard.

Determination of Independence of Directors

Foradirectortobedeemed“independent,”theBoardofDirectorsofPyxusmustaffirmativelydeterminethatthedirectorhasnomaterialrelationshipwithPyxuseitherdirectlyorasapartner,shareholderorofficerofanorganizationthathasarelationshipwithPyxus.Inmakingthisdetermination,theBoardappliesthefollowingstandards:

• Adirector whois an employee, or whoseimmediate family member is an executive officer of Pyxus, is not independentuntilthree

yearsaftertheendofsuchemploymentrelationship.EmploymentasaninterimChairmanorChiefExecutiveOfficerwillnotdisqualifyadirectorfrombeingconsideredindependentfollowingsuchemployment.

-5-

Table of Contents

• Adirectorwhoreceives(orwhoseimmediatefamilymemberreceives)morethan$120,000peryearindirectcompensationfromPyxusis not independent until three years after he or she ceases to receive more than $120,000 per year in such compensation (excludingdirectorandcommitteefeesandpensionsorotherformsofdeferredcompensationforpriorservice,providedsuchcompensationisnotcontingentinanywayoncontinuedservice).CompensationreceivedbyadirectorforformerserviceasaninterimChairmanorChiefExecutiveOfficerwillnotcounttowardthe$120,000limitation.

• Adirector whois a current partner or employee of (or whose immediate family member is a current partner of)Pyxus’sinternalorexternalauditorisnotindependent.

• AdirectorwhohasanimmediatefamilymemberwhoisanemployeeofPyxus’sinternalorexternalauditorandwhopersonallyworksontheCompany’scurrentauditisnotindependent.

• A director who (or whose immediate family member) was within the past three years a partner or employee of Pyxus’s internal orexternalauditorandpersonallyworkedontheCompany’sauditduringthattimeisnotindependent.

• Adirectorwhoisemployed(orwhoseimmediatefamilymemberisemployed)asanexecutiveofficerofanothercompanywhereany

ofPyxus’s present executives serveonthat company’s compensationcommittee is not independent until threeyears after theendofsuchserviceoremploymentrelationship.

• Adirectorwhoisanemployee(orwhoseimmediatefamilymemberisanexecutiveofficer)ofacompanythatmakespaymentsto,or

receivespaymentsfrom,Pyxusforpropertyorservicesinanamountwhich,inanysinglefiscalyear,exceedsthegreaterof$1millionor2%ofsuchothercompany’sconsolidatedgrossrevenuesisnotindependentuntilthreeyearsafterfallingbelowsuchthreshold.

Board Leadership Structure

The Bylaws of the Company provide that the Board shall designate a Chairman of the Board from its membership. The Chairman shall preside at allmeetingsoftheshareholders,theBoardofDirectorsandtheExecutiveCommittee,andshallhavesuchotherpowersasmaybeconferreduponhimorherbytheBoard.TheBoard’sdecisiontoeitherseparatethepositionofChairmanandtheofficeofChiefExecutiveOfficer,ortohavethesameindividualserveinbothcapacities,isbasedonthencurrentcircumstances.Atpresent,theChiefExecutiveOfficeralsoservesasChairman.TheBoardbelievesthatthecurrentlyunifiedpositionofChairmanandCEOcurrentlyservestheCompanywellbecausetheCEO’sexpertiseandproximitytothedailyaffairsoftheCompanyenhancestheBoard’soversightfunctionandfacilitatesopenandtimelycommunicationbetweentheBoardandmanagement;however,theBoardrecognizesthattheremaybecircumstancesthatwouldleadittoconcludethatthesepositionsshouldbeseparatedandbelievesthatitisinthebestinterestsoftheCompanyfortheBoardto,fromtimetotime,examinewhetherthesepositionsshouldbeseparated.Pyxus’sChairmanandCEOisnotamemberofanystandingBoardcommitteeotherthantheExecutiveCommittee.

The Governance and Nominating Committee annually recommends a Lead Independent Director for approval by the Board. The role of the LeadIndependentDirectoristopresideatexecutivesessionsofthenon-managementdirectors,actastheliaisonbetweenthenon-managementdirectorsandtheChairmanandCEO,andconsultwiththeChairmanandCEOonBoardagendasasnecessary.ThereisnomandatoryrotationortermlimitassociatedwiththeroleofLeadIndependentDirector.JeffreyA.EckmanncurrentlyservesasLeadIndependentDirector.

TheCompany’sCorporateGovernanceGuidelinesprovidethatiftheChairmanalsoservesasCEO,BoardmembersshouldraiseanyissuesregardingtheperformanceorcompensationoftheCEOwiththeChairmanoftheExecutiveCompensationCommitteeandallotherissuesshouldberaisedwiththeLeadIndependentDirector.

The Board’s Role in Risk Oversight

OurCompanyfacesavarietyofrisks,includingcredit,liquidity,operational,regulatory,environmentalandothersregularlydisclosedinourpublicfilings.TheBoardbelievesthataneffectiveriskmanagementsystemisnecessaryto(1)identifymaterialrisksthattheCompanyfaces,(2)communicatenecessaryinformationwithrespecttosuchriskstoseniormanagementand,asappropriate,theBoardoritscommittees,(3)implementappropriateandresponsiveriskmanagementstrategiesconsistentwiththeCompany’sriskprofile,and(4)integrateriskmanagementintotheCompany’sdecisionmaking.

TheBoardhasdelegatedtotheAuditCommitteetheprimaryresponsibilityforoverseeingriskmanagement.TheAuditCommitteeiscomprisedsolelyofindependentdirectorsand,pursuanttoitscharter,periodicallydiscusses

-6-

Table of Contents

policieswithmanagementwithrespecttoriskassessmentandriskmanagementandassessesthestepsmanagementhastakentominimizesuchriskstotheCompany.TheAuditCommitteemakesperiodicreportstotheBoardregardingtheCompany’srisksandregardingitsanalysesandconclusionsastotheadequacyoftheCompany’sriskmanagementprocesses.

The Board encourages management to promote a culture that incorporates risk management into our Company’s strategy and business operations.TheCompany maintains an active Compliance Program; at least quarterly the Company’s Global Disclosure Committee conducts a thorough and detailedreviewofrisks,includingpotentialrisks,whicharesystematicallyreportedandtrackedthroughresolution;and,finally,theCompany’sseniormanagementactivelyoverseestheprocessesbywhichriskassessmentandriskmanagementareundertaken.

Governance and Nominating Committee Process

Pyxus’sBoardofDirectorshasaGovernanceandNominatingCommitteecomposedentirelyofindependentdirectorsandgovernedbyacharter.Asstatedinthecharter, it is theresponsibilityoftheCommitteetoidentifyandevaluatepotential candidatestoserveontheBoard.Candidatesmaybeidentifiedthrough a variety of means, including professional or personal contacts of directors, shareholder recommendations or a third-party firm engaged in therecruitmentofdirectors.

Candidates are assessed by the Committee in view of the responsibilities, qualifications and independence requirements set forth in the CorporateGovernance Guidelines. Candidate assessment begins with a review of the candidate’s background, education, experience and other qualifications.Candidates viewed favorably by the Committee then meet, either individually or collectively, with the Chairman of the Board, the Chairman of theGovernanceandNominatingCommitteeandotherdirectorsasappropriate,priortobeingrecommendedforelectiontotheBoard.

AninvitationtojointheBoardofDirectorsisextendedonlyafteracandidate’squalificationshavebeenreviewedbytheCommittee,theCommitteehasformally recommendedthe candidate to the Boardfor approval, andthe Boardhas approvedthe candidate’s election bya majority vote. Invitations areextendedonbehalfoftheBoardbytheChairman.

Director Conflicts of Interest

The Pyxus Corporate Governance Guidelines provide that if an actual or potential conflict of interest arises for a director, the director is required topromptly inform the Chief Executive Officer and the Lead Independent Director. If a significant conflict exists and cannot be resolved, the CorporateGovernanceGuidelinescallforthedirectortoresign.TheCorporateGovernanceGuidelinescallforalldirectorstorecusethemselvesfromanydiscussionordecisionaffectingtheirpersonal,businessorprofessionalinterests.

Shareholder Nominations – 2020 Annual Meeting

AnyshareholderentitledtovoteintheelectionofdirectorsgenerallymaynominateatameetingoneormorepersonsforelectionasadirectorifwrittennoticeofsuchnominationornominationsisdeliveredormailedtotheSecretaryoftheCorporationinaccordancewiththeCompany’sBylaws,whichstatethatsuchnotificationmustinclude:

• thename,ageandaddressofeachproposednominee;

• theprincipaloccupationofeachproposednominee;

• thenominee’squalificationstoserveasadirector;

• thenameandaddressofthenotifyingshareholders;

• thenumberofsharesownedbythenotifyingshareholder;

• a description of agreements or arrangements between the notifying shareholder and any other person(s) in connection with directornominations;

• adescriptionofagreementsorarrangementsenteredintobythenotifyingshareholderwiththeintenttomitigateloss,manageriskorbenefitfromchangesinthestockpriceorincreaseordecreasethevotingpowerofthenotifyingshareholder;and

• arepresentationthatthenotifyingshareholderisaholderofrecordofsharesofcapitalstockentitledtovoteatthemeetingandintendstoappearinpersonorbyproxyatthemeetingtomakethenomination(s).

-7-

Table of Contents

AsrequiredbytheCompany’sBylaws,nominationsforthe2020annualmeetingmustbereceivedbytheSecretaryoftheCompanynotlaterthanApril17,2020.Thenoticemustbeupdatedfollowingthelateroftherecorddateorthefirstpublicannouncementoftherecorddateforthemeetingtoreflectchangesto certain of this information. The Secretary will deliver all such notices to the Governance and Nominating Committee which will consider suchcandidates. TheGovernanceandNominatingCommitteeshall thereafter makeitsrecommendationtotheBoardofDirectors, andtheBoardofDirectorsshallinturnmakeitsdeterminationwithrespecttowhethersuchcandidateshouldbenominatedforelectionasadirector.

Shareholder Proposals – 2020 Annual Meeting

TobeconsideredforinclusionintheCompany’sproxystatementforthe2020annualmeeting,shareholderproposalsmustbesubmittedinwritingtotheSecretaryoftheCorporationbyMarch17,2020andmustbesubmittedinaccordancewithRule14a-8oftheSecuritiesExchangeActof1934,thelawsoftheCommonwealthofVirginiaandtheBylawsoftheCompany.

Pursuant totheBylawsoftheCompany,inorderforanybusinesstobebroughtbeforethe2020annualmeetingbyashareholder,theproposalmustbereceived by the Secretary of the Company not later than April 17, 2020. As to each matter the shareholder proposes to bring before the 2020 annualmeeting,thenoticemustinclude:

• abriefdescriptionofthebusinessdesiredtobebroughtbeforethe2020annualmeetingandthereasonsforconductingsuchbusinessatthe2020annualmeeting;

• thenameandrecordaddressoftheshareholderproposingthebusiness;

• thenumberofsharesbeneficiallyownedbytheshareholder;

• anymaterialinteresttheshareholderhasinsuchbusiness;

• adescriptionofagreementsorarrangementsbetweenthenotifyingshareholderandanyotherperson(s)inconnectionwiththeproposalofbusiness;

• adescriptionofagreementsorarrangementsenteredintobythenotifyingshareholderwiththeintenttomitigateloss,manageriskorbenefitfromchangesinthestockpriceorincreaseordecreasethevotingpoweroftheshareholder;

• arepresentationthatthenotifyingshareholderisaholderofrecordofsharesofcapitalstockentitledtovoteatthemeetingandintendstoappearinpersonorbyproxyatthemeetingtoproposethebusiness.

Thenoticemustbeupdatedfollowingthelateroftherecorddateorthefirstpublicannouncementoftherecorddateforthemeetingtoreflectchangestocertainofthisinformation.

BOARD OF DIRECTORS

PROPOSAL ONEELECTION OF DIRECTORS

TheCompany’sBylawscurrentlyprovidethattheBoardofDirectorsconsistsofelevendirectors,dividedintothreeclassesasnearlyequalinnumberaspossible.Typically,eachclassofdirectorsservesforthreeyearsandoneclassiselectedateachannualmeeting.However,inconnectionwiththeincreaseinthesizeoftheBoardofDirectorstoelevendirectors,therequirementunderVirginiacorporatelawandtheCompany’sbylawsthatthetermsofthethreedirectorsfirstelectedtotheBoardafterthe2018annualmeetingexpireatthe2019annualmeeting,andinordertorebalancethemembershipoftheBoardamongtheexistingclassesofdirectors,fourdirectors(JeffreyA.Eckmann,JoyceL.Fitzpatrick,DonnaH.Grier,andJohnD.Rice)havebeennominatedforelectionatthe2019annualmeetingtoservethree-yeartermsasClassIdirectors,onedirector(NathanA.Richardson)hasbeennominatedforelectionatthe2019annualmeetingtoserveatwo-yeartermasaClassIIIdirector,andonedirector(DanielA.Castle)hasbeennominatedforelectionatthe2019annualmeetingtoserveaone-yeartermasaClassIIdirector.EachofthesesixnomineesiscurrentlyadirectorofPyxus,withatermofofficescheduledtoexpireatthe2019annualmeeting.TheGovernanceandNominatingCommitteehasrecommendedtotheBoardofDirectorsandtheBoardofDirectorshasapproved each of the nominees for election to the Board of Directors. The Board has determined that each of the nominees is independent frommanagement.Allnomineeshaveconsentedtoserveifelected.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ELECTION OF EACH OF THE NOMINEES LISTEDABOVE.

-8-

Table of Contents

Director Biographies

Thefollowinginformationisfurnishedwithrespecttothenomineesforelectionasdirectorsatthe2019annualmeeting,andthedirectorswhosetermofofficewillcontinueafterthe2019annualmeeting:

Class INominees for the Term Expiring in 2022

Jeffrey A. Eckmann – Age66,Directorsince2013

RetiredsinceApril2008.GroupPresidentofReynoldsAmerican,Inc.,amanufacturerofconsumertobaccoproducts,fromOctober2006toApril2008,Executive Vice President – Strategy and Business Development of Reynolds American, Inc., from January 2006 to October 2006, and Executive VicePresident–Strategy,Integration,InformationTechnologyandBusinessDevelopmentofReynoldsAmerican,Inc.,fromSeptember2004toJanuary2006.Senior Vice President and Chief Financial Officer of Brown & Williamson Tobacco Corporation, a manufacturer of consumer tobacco products, fromJanuary2001toAugust2004.

Joyce L. Fitzpatrick –Age64,Directorsince2012

President of Fitzpatrick Communications, Inc., a public relations firm concentrating in corporate and crisis communications, litigation support, issuemanagement,mediarelationsandpublicaffairs,since2002.Priorthereto,Ms.FitzpatrickwasaSeniorVicePresidentatRuder-Finn,Inc.,amultinationalpublicrelationsfirm.

Donna H. Grier -Age61,Directorsince2018

RetiredsinceJune2019.VicePresidentandTreasurerofE.I.DuPontdeNemours&Company,aFortune100diversifiedagriculturalandmanufacturingcompany from February 2012 through May 2019. Prior thereto, Ms. Grier served in numerous roles across DuPont including Vice President, GeneralAuditor & Chief Ethics and Compliance Officer; Finance Director and CFO of DuPont’s Safety & Protection division; Finance Director and CFO ofDuPontEurope;RegionalControllerforSouthAmerica;andFinancialLeaderforvariousbusinessunits.

John D. Rice –Age65,Directorsince2013

RetiredsinceJune2012.ViceChairmanofArcher-Daniels-MidlandCompany,aFortune30agribusiness,fromNovember2010toJune2012.Duringhis36-yearcareerwithArcher-Daniels-Midland,Mr.Riceheldnumerousseniorpositions,includingtherolesofExecutiveVicePresident–CommercialandProductionfromAugust2007toOctober2010,ExecutiveVicePresident–GlobalRiskManagementandMarketingfromFebruary2005toAugust2007,andSeniorVicePresident–CornProcessing,GlobalBioProductsandFoodfromFebruary2000toFebruary2005.

Class IIINominee For The Term Expiring In 2021

Nathan A. Richardson –Age48,Directorsince2019

Co-founderandChiefExecutiveOfficerofTradeIt,Inc.,aproviderofAPIinfrastructureandnetworktechnologytofinancialinstitutions,sinceDecember2014.Previously,Mr.RichardsonservedasanadvisorandconsultanttoBloombergMedia,aglobalonlinenewsanddatacompany,fromNovember2013toMarch2014,andasPresidentofAOLLive,aliveonlinevideochannel,fromSeptember2013toNovember2013.

Class IINominee For The Term Expiring In 2020

Daniel A. Castle –Age41,Directorsince2019

Founder andManaging Partner of Castle BrandGroup, LLC, a brandconsulting firm, since February 2018. Previously, Mr. Castle served asManagingDirectorofCorporateDevelopmentforSequentialBrandsGroup,Inc.,aglobalconsumerbrandspromotion,marketingandlicensingcompanywherehefocused on growing the Martha Stewart brand, from September 2016 through February 2018; Managing Director of Saban Brands, a lifestyle andentertainment brands company, from June 2014 through February 2016; and as Vice President Business Development – International of Iconix BrandGroup,aglobalbrandmanagementcompany,fromAugust2011throughApril2014.

-9-

Table of Contents

Class IIIDirectors with a Term Expiring in 2021

Mark W. Kehaya –Age51,Directorsince2005

A founding partner of Meriturn Partners, LLC, an investment firm specializing in restructurings and turnarounds of middle-market companies, sinceJanuary2002.Mr.KehayahasservedasChairmanofAMVHoldings,LLC(f/k/aMadVapesHoldings,LLC),anownerandoperatorofretailvapeshopsandmanufacturerandwholesalerofrelatedproducts,sinceAugust2015.Previously,Mr.KehayaservedasPyxus’sInterimChiefExecutiveOfficerfromDecember 14, 2010 through February 28, 2013; as President, Chief Executive Officer and Chief Operating Officer of Eturn Communications, Inc., asoftware solutions provider, from November 2000 to October 2001; and from April 1993 until March 2000, was employed by Standard CommercialCorporation(“StandardCommercial”),servingvariouslyasAssistanttothePresident,FinanceDirectoroftheTobaccoDivision,VicePresident-Planning,andasChiefExecutiveOfficerofStandardCommercial’stobaccoprocessingfacilityinSt.Petersburg,Russia.

Martin R. Wade, III –Age70,Directorsince2001

Director of Payless Shoesource, Inc., a retailer of footwear and accessories, since August 2017, and Chairman and Interim Chief ExecutiveOfficerofPaylessfromAugust2017toFebruary2019;PresidentandChiefExecutiveOfficerofBroadcaster,Inc.(formerlyInternationalMicrocomputerSoftwareInc.), a company engaged in the internet service provider and applications businesses, since September 2006; Chief Executive Officer of InternationalMicrocomputer Software Inc., fromSeptember 2001to September 2006; andPartner in Residence with Catalyst Acquisition Group, an investment firmfocusingontheacquisitionandrestructuringofdistressedcompaniesintheUnitedStatesandinternationally,sinceSeptember2007.Director,PresidentandChiefExecutiveOfficerofDigitalCreativeDevelopmentCorporation(“DCDC”),adeveloperofentertainmentcontentcompaniesfocusingonbroadbandcontentdeliveryandprovidingInternet-relatedbusiness-to-businessservices,fromMay2001toAugust2001,andDirectorandExecutiveVicePresidentofDCDCfromJune2000toApril2001.ManagingDirectorofPrudentialSecurities,Inc.,aglobalsecuritiesfirm,fromMay1998toJune2000.

Class IIDirectors with a Term Expiring in 2020

C. Richard Green, Jr. – Age75,Directorsince2003

RetiredsinceApril2002.Non-ExecutiveDirectorofITCLimited,acompanyinIndiaengagedinoperatinghotels,agriculturalexportsandmanufacturingcigarettesandpaperboard,fromJuly1999toApril2008.RegionalDirectorofBritishAmericanTobacco,amultinationaltobaccocompany,fromJanuary1999toApril2002.

Nigel G. Howard – Age73,Directorsince2005

RetiredsinceDecember2003.Non-ExecutiveChairmanofZotefoamsPLC,amanufacturerofindustrialfoams,fromJanuary2007throughMarch2016,andNon-ExecutiveDirector of Zotefoams from January 2006 to December 2006. Deputy Chief Executive of The Morgan Crucible Company plc, adesigner,developerandsupplierofproductsmadefromcarbon,ceramicandmagneticmaterials,fromSeptember2002toDecember2003,andDirectorofTheMorganCrucibleCompanyfromSeptember1992toDecember2003.DeputyChairman,AssamCarbonProducts,Ltd.,India,March1977toAugust2005. Mr. Howarddoesnot currently serveontheboardof directors of anyother public company, but withinthelast five years servedas a director ofZotefoamsPLC.

J. Pieter Sikkel -Age55,Directorsince2011

PresidentandChiefExecutiveOfficerofPyxussinceMarch1,2013,havingpreviouslyservedasPresidentfromDecember14,2010throughFebruary28,2013, as Executive Vice President – Business Strategy and Relationship Management from April 2007 through December 13, 2010, and as RegionalDirectorofAsiafromMay2005untilApril2007.EmployedbyStandardCommercialfromJanuary1983untilMay2005,servingasRegionalDirectorofAsiafromMarch1999untilMay2005,CountryManagerofChinafromJune1991untilMarch1999,andpriortheretoinvariouspositionsinSouthKorea,thePhilippinesandThailand.

-10-

Table of Contents

Director Qualifications

The Company’s Corporate Governance Guidelines require that our directors have diverse professional backgrounds, combine a broad spectrum ofexperienceandexpertise,andpossessareputationforthehighestpersonalandprofessionalethics,integrityandvalues.TheGovernanceandNominatingCommittee is responsible for identifying specific skills and characteristics that may be sought in light of the current make-up of the Board and itsanticipatedneedsgoingforward,andconsidersfactorsincludingexperienceinareasrelevanttothestrategyandoperationsoftheCompany’sbusinesses,theabilitytoactivelyparticipateinandcontributetothedeliberationsoftheBoard,internationalbusinessexperience,thecapacityanddesiretorepresentthe balanced, best interest of the shareholders, the ability to exercise independent judgment and decision making, the time available to devote to theresponsibilitiesofadirectorandtheBoard’sdiversityofbackground,personalandprofessionalexperience,genderandethnicity.DeterminationofwhetheranindividualmeetsthesequalificationsismadeinthebusinessjudgmentoftheBoard.TheCorporateGovernanceGuidelinesprovidethatindividualswillnotbenominatedforelectiontotheBoardafterreachingseventy-fiveyearsofage.

TheCompanybelievesthattheBoardmeetstheforegoingcriteriaandthat,additionally,itsmembersasawholeencompassarangeoftalent,skill,diversityandexpertise enablingit to providesoundguidancewithrespect to theCompany’s operations andinterests. Potential candidates for membershipontheCompany’sBoardarereviewedinthecontextofthecurrentcompositionoftheBoardandtheevolvingneedsoftheCompany.ItistheCompany’spolicytohaveamajorityofdirectorsqualifyas“Independent”underthelistingrequirementsoftheNewYorkStockExchangeandtheCompany’sownCorporateGovernance Guidelines. The Governance and Nominating Committee identifies candidates for election to the Board of Directors; reviews their skills,characteristicsandexperience;andrecommendsnomineesfordirectortotheBoardforapproval.

Eachofthenomineesforelectionasadirectoratthe2019annualmeetingandeachoftheCompany’scurrentdirectorswhowillcontinueinofficeafterthe2019annualmeetingholdorhasheldseniorexecutivepositionsinlarge,complexorganizations.Inthesepositionstheyhavealsogainedexperienceincoremanagementskillssuchasstrategicandfinancialplanning,financialreporting,corporategovernance,riskmanagementandleadershipdevelopment.

Several of our directors havedirect experience in the tobacco industry in addition to their service as a director of our Companyor one of its corporatepredecessors. Mr.Kehaya,priortohisserviceastheCompany’sInterimChiefExecutiveOfficerbetweenDecember2010andFebruary2013,servedinvariousmanagementcapacitiesforoneofourcorporatepredecessors,includingmanagingatobaccoprocessingfacilityinSt.Petersburg,Russia;andhasfinancial experience as a partner at Meriturn Partners, LLCand operating experience as Chief Executive Officer and Chief Operating Officer of EturnCommunications. Mr. Green has significant management experience in the tobacco industry, having served for many years as an executive of BritishAmerican Tobacco and as a director of ITC Limited (India). Mr. Eckmann served in multiple executive capacities with both Reynolds American andBrown & Williamson, and also has substantial accounting and financial experience as the former Chief Financial Officer of Brown & Williamson.Mr.Sikkelhasextensivetobaccoindustryexperience,havingservedforovertwenty-fiveyearsinmanagementpositionsintheCompanyandoneofourcorporatepredecessors.

Otherdirectorshaveconsiderablemanagerialandotherexperienceasexecutivesinabroadrangeofindustries.Mr.WadehassubstantialmanagerialandoperatingexperienceasChiefExecutiveOfficerofseveralfirmsandfinancialexperienceasamanagingdirectorofPrudentialSecurities.Mr.Ricehasanextensivebackgroundintheoperationandmanagementofamultinationalagribusiness,withmultipleexecutivepositions,includingViceChairman,overhis36-yearcareerwithArcher-Daniels-Midland.Mr.HowardhassignificantmanagerialandinternationalbusinessexperiencedevelopedasanexecutiveofMorganCrucibleCompanyPLCandAssamCarbonProducts, Ltd., India. Ms.Fitzpatrickcombinesexecutiveexperienceasthepresidentofacorporatecommunications firm for the past 17 years, and as an officer of amultinational public relations firm before that, with a depth of expertise and publicrelations experience developed over a more than30-yearcareer of providing strategic advice to corporations, universities andnon-profitorganizations.Ms.Grierhasdeepfinancial,accountingandinternationalbusinessexperiencedevelopedoveramorethan37-yearcareerwithE.I.DuPontdeNemours&Company,inwhichsheservedinseveralexecutivepositions,includingmostrecentlyasVicePresident–Treasurer. Mr.CastleprovidestheBoardwithbranding,marketingandgloballicensingexpertise,andthroughhisrolesasanexecutiveinseveralbrandingandconsumergoodscompanies,hasextensiveexperienceintheareasofbusinessdevelopmentandstrategicpartnershipsforstart-upsandeco-responsibledirect-to-consumerbrands.Mr.Richardsonhasanextensivebackgroundinfinancial technology,e-commerce,anddigital marketing, together withsignificant entrepreneurial andinternational businessexperience,developedasChiefExecutiveOfficerofTradeIt,Inc.,PresidentofAOLLive,andpriortoSeptember2013,inexecutivecapacitiesinvariousonlineshoppingandentertainment,financialinformationandmediacompanies.

-11-

Table of Contents

InconnectionwithhisserviceasapartneratMeriturnPartners,LLC,aninvestmentfirmspecializinginrestructuringsandturnaroundsofmiddle-marketcompanies,Mr.KehayaservedasinterimChiefExecutiveOfficerofPrimeTanningCo.,Inc.,betweenMarch2009andDecember2009,untilapermanentreplacementcouldbefound.OnNovember16,2010,PrimeTanningCo.,Inc.filedavoluntarypetitionforreliefunderChapter11ofTitle11oftheUnitedStatesCodeintheUnitedStatesBankruptcyCourtfortheDistrictofMaine.

OnFebruary18,2019,PaylessShoesource,Inc.filedavoluntarypetitionforreliefunderChapter11ofTitle11oftheUnitedStatesCodeintheUnitedStatesBankruptcyCourtfortheEasternDistrictofMissouri.Mr.WadehasservedontheboardofdirectorsofPaylessShoesource,Inc.sinceAugust2017,when it emerged from Chapter 11 proceedings commenced earlier that year, and served as its Chairman and Interim President from August 2017 toFebruary2019.

TheGovernanceandNominatingCommitteeandtheBoardbelievethateachofthenomineesandthecontinuingdirectorshasotherkeyattributesthatareimportanttoaneffectiveboard:integrityanddemonstratedhighethicalstandards;soundjudgment;analyticalskills;theabilitytoengagemanagementandeachotherinaconstructiveandcollaborativefashion;diversityoforigin,background,experienceandthought;andthecommitmenttodevotesignificanttimeandenergytoserviceontheBoardanditsCommittees. Considerationofthespecificexperiences,qualificationsandskillsofthedirectorsaslistedabove,aswellasthecommonattributeslistedinthisparagraph,ledtotheconclusionthateachofthenomineesandcontinuingdirectorsshouldserveasadirectoroftheCompany.

Board Diversity

Historically,theBoardhasimplementedandassessedtheeffectivenessofitsguidelinetoachievediversityinprofessionalbackgroundsbyreviewingandevaluatinginformationdetailingthepositionsheldbyincumbentdirectorsandproposeddirectorcandidates,aswellastheindustriesinwhichtheyworkorhadworkedinthepast.TheCompany’sCorporateGovernanceGuidelinesprovidethatdiversityofgenderandethnicityarefactorsthattheGovernanceandNominating Committee may consider in recommending nominees for election to the Board. These factors were considered by the Governance andNominating Committee inmaking its recommendation that each of Mss. Grier and Fitzpatrick, and Messrs. Castle, Eckmann, Rice, and Richardson benominatedforre-electiontotheBoard.BytheinclusionoftheseprovisionstotheCorporateGovernanceGuidelines,theBoardencouragesconsiderationofthese factors, but does not anticipate that consideration of such matters of diversity would, of itself, result in the displacement of qualified incumbentdirectors.Instead,theBoardanticipatesthatthesefactorshavethemostimpactintheevaluationofnewcandidatesjoiningtheBoard.TheBoardbelievesthat,inadditiontootheraspectsofdiversity,Ms.FitzpatrickandMs.GriercontributetotheBoard’sdiversityonthebasisofgenderandMr.RichardsoncontributestotheBoard’sdiversityonthebasisofsexualorientation.

Independence

TheBoardhasaffirmativelydeterminedthatthedirectorsandnomineeslistedherein,withtheexceptionofMr.SikkelwhoiscurrentlyPresidentandChiefExecutiveOfficeroftheCompany,areindependentasthattermisdefinedundertheCorporateGovernanceStandardsoftheNewYorkStockExchange.

Non-Executive Director Stock Ownership Guidelines

TheBoardofDirectorshasadoptedamendedstockownershipguidelinespursuanttowhicheachnon-executivedirectorhasfiveyearsaftertheindividualbecomesadirectortoaccumulateownershipofPyxuscommonstockhavingamarketvaluethatequalsorexceedsthree(3)timesthethen-currentannualbasecashretainer(excludingcommitteefeesandequitygrants)payabletonon-executivedirectorsfortheirserviceontheBoard.Sharesheldbyimmediatefamily members residing in the same household, shares of restricted stock (whether vested or unvested), and shares held in trust for the benefit of thedirectorcounttowardthethresholdestablishedundersuchstockownershipguidelines.Onceadirectorcomplieswiththesestockownershipguidelines,thedirectorisdeemedtocontinuetobeincomplianceunlessanduntilthedirectorsellsorotherwisedisposesofshares,exceptforanysaletosatisfythetaxliability incurred in connection with the acquisition of shares. Under the guidelines, if a non-executivedirector is not in compliance with the requiredownershiplevels,thedirectormaynotdisposeofanysharesacquired(otherthantosatisfythetaxliabilityincurredinconnectionwiththeacquisitionoftheshares).Ms.FitzpatrickandMessrs.Eckmann,Green,Howard,Kehaya,RiceandWadewereincompliancewiththeguidelinesonJune14,2019,thedateofthelastannualevaluation.Ms.Grier,whowasfirstelectedtotheBoardofDirectorsin2018,andMessrs.CastleandRichardson,whowerefirstelectedtotheBoardofDirectorsin2019,arenotyetrequiredtomaintaintheshareownershipspecifiedbytheguidelines.

-12-

Table of Contents

Board Committees and Membership

The Board has standing Audit, Executive, Executive Compensation, Governance and Nominating, and Social Responsibility and Corporate AffairsCommittees.WiththeexceptionoftheExecutiveCommittee,eachcommitteeoperatesunderacharterapprovedbytheBoard.Suchcharters,containingdescriptions of the committees’ responsibilities, are available onour website,www.pyxus.com . All members of theAudit, ExecutiveCompensationandGovernanceandNominatingCommitteesmeettherequirementsforindependencesetforthbytheNewYorkStockExchangeinSection303A.02oftheListedCompanyManual.Further,theBoardhasdeterminedthateachmemberoftheAuditCommitteemeetstheadditionalrequirementsforindependenceset forth by the NewYork Stock Exchange in Section 303A.07 of the Listed Company Manual, and that each member of theExecutiveCompensationCommittee meets the additional requirements for independence set forth by the NewYork Stock Exchange in Section 303A.05 of the Listed CompanyManual.

Thefollowingtableindicatesthecurrentmembershipof,andnumberofmeetingsheldduringfiscalyear2019by,eachstandingcommitteeoftheBoard.

Committee Membership

Audit Executive Executive

Compensation

Governanceand

Nominating

Social Responsibility

and Corporate

Affairs Mr.Castle XMr.Eckmann X* X X Ms.Fitzpatrick X X*Mr.Green X X X Ms.Grier X Mr.Howard X* X Mr.Kehaya X XMr.Rice X X*Mr.Richardson XMr.Sikkel X* Mr.Wade X FY2019 Meetings 13 1 5 6 5 *Chairman

TheAudit Committee currently consists of Mr. Eckmann (Chairman), Ms. Grier, Mr. Rice and Mr. Wade. This Committee’s principal responsibilitiesinclude overseeing accounting policies, auditing and reporting practices; selecting, overseeing, evaluating, compensating and replacing independentauditors; overseeingtheinternalaudit function; evaluatingtheadequacyandeffectiveness of internal controls andriskmanagement policies; overseeingcompliancewithlegalandregulatoryrequirements;providingforthereceipt,retentionandtreatmentofcomplaintsregardinginternalaccountingcontrolsorauditingmatters;andpreparingacommitteereportforinclusionintheannualproxystatement.

TheExecutive Committee currentlyconsistsofMr.Sikkel(Chairman),Mr.Eckmann,Mr.Green,andMr.Kehaya.ThisCommitteemeetsoncallandhastheauthoritytoactonbehalfoftheBoardwhenthefullBoardisnotinsession.

TheExecutive Compensation Committee currently consists of Mr. Howard (Chairman), Mr. Eckmann and Mr. Green. This Committee’s principalresponsibilities include reviewing and approving incentive compensation and equity-based plans consistent with shareholder-approved plans; whereappropriate, making recommendations to the Board with respect to new incentive compensation plans and equity-based plans for Board or shareholderapproval;reviewingandapprovingsalariesandincentiveawardsforexecutiveofficers;reviewingandapprovingcorporategoalsandobjectivesrelevanttothecompensationoftheChiefExecutiveOfficer;evaluatingCEOperformance;recommendingtotheindependentdirectorsthecompensationoftheCEO,includingbasesalaryandincentiveawards;andpreparingacommitteereportonexecutivecompensationforinclusionintheannualproxystatement.

TheGovernance and Nominating Committee currentlyconsistsofMr.Rice(Chairman),Ms.Fitzpatrick,Mr.GreenandMr.Howard.ThisCommittee’sprincipal responsibilities include analyzing the structure, size and composition of the Board; developing and monitoring director selection criteria;identifying,recruiting,evaluatingand

-13-

Table of Contents

recommendingtotheBoardqualifiednomineesforelectiontotheBoardofDirectorsattheAnnualMeetingofShareholders;reviewingandrecommendingtotheBoardCorporateGovernanceGuidelines;overseeingtheadoptionandperiodicreviewofcommitteecharters;overseeingtheCompany’sComplianceProgram; recommending to the Board, when appropriate, the removal of a director; recommending to the Board directors to serve as Chairman, LeadIndependent Director, committee chairs and committee members; recommending to the Board the retirement policy and remuneration ofnon-employeedirectors; providing for Board and committee self-evaluations; and reporting to the Board its conclusions regarding the Board’s effectiveness andperformance.

The Social Responsibility and Corporate Affairs Committee currently consists of Ms. Fitzpatrick (Chairman), Mr. Castle, Mr. Kehaya, andMr.Richardson.TheCommittee’sprincipal responsibilitiesincludemonitoringtheCompany’sstrategyregarding,andmanagementof, issuesrelatingtogoodcorporatecitizenship,environmentalsustainability,humanrightsandlaborpractices,healthandsafetyandotheremergingsocialissues(collectively,“Corporate Social Responsibility Issues”); reviewing global regulatory and public policy issues affecting the Company and the Company’s positionsthereon;monitoringtheCompany’srelationshipswithkeystakeholders;monitoringplansfortheproductionof,andreview,theCompany’sSustainabilityReportandrelatedissue-specificreports;reviewingtheCompany’sprogressagainstkeysustainabilitygoals,targetsandcommitments;andreviewingandmakingrecommendationstotheBoardregardingshareholderproposalsrelatingtoCorporateSocialResponsibilityIssues.

Board Meetings

Pyxus’snon-managementdirectors,allofwhomareindependentasthattermisdefinedbytheCorporateGovernanceStandardsoftheNewYorkStockExchange,meetregularlyinexecutivesession.InaccordancewithPyxus’sCorporateGovernanceGuidelines,theLeadIndependentDirectorpresidesatexecutivesessionsofnon-managementdirectors. Mr.EckmannhasservedasLeadIndependentDirectorsincethe2018annualmeetingofshareholders.TheBoardtypicallydeterminestheLeadIndependentDirectoratthefirstmeetingoftheBoardofDirectorsfollowingtheannualshareholdersmeetinginconjunctionwithcommitteeassignments.

Duringfiscalyear2019,therewereeightmeetingsoftheBoardofDirectors,andnodirectorattendedfewerthan75%oftheaggregateofallmeetingsofthe Board of Directors and the committees on which he or she served during his or her termof service. All current directors attended the 2018 annualmeeting,otherthanMs.GrierandMessrs.CastleandRichardsonwhowerefirstelectedtotheBoardafterthe2018annualmeeting.

Compensation of Directors

Directors who are employees of the Company are not compensated for their services as director. The following table represents the fiscal year 2019compensationforalldirectorsotherthanMr.Sikkel,andincludescompensationpaidtoCarlL.Hausmann,whoretiredfromserviceasadirectoruponthecommencement of the 2018 annual meeting of shareholders. Compensation information forMr. Sikkel is disclosed herein under the section entitled “ExecutiveCompensationTables.”

Director Compensation

Name Fees Earned or

Paid in Cash Stock Awards

(3)

Change in Pension Value

and NonqualifiedDeferred

Compensation Earnings Total

DanielA.Castle(1) $ 10,000 $ 9,795 — $ 19,795JeffreyA.Eckmann(1) $ 113,287 $ 69,148 — $182,435JoyceL.Fitzpatrick(1) $ 83,750 $ 69,148 — $152,898C.RichardGreen,Jr.(1) $ 97,840 $ 69,148 — $166,988DonnaH.Grier(1) $ 30,245 $ 28,651 — $ 58,896CarlL.Hausmann(1) $ 30,029 $ 22,918 — $ 52,947NigelG.Howard(1) $ 89,050 $ 69,148 — $158,198MarkW.Kehaya(2) $ 92,947 $ 73,674 — $166,621JohnD.Rice(1) $ 92,937 $ 69,148 — $162,085NathanA.Richardson(1) $ 10,000 $ 9,795 — $ 19,795MartinR.Wade,III(1) $ 83,250 $ 69,148 — $152,398

-14-

Table of Contents

(1) Independentdirectorsreceivedfees,paidquarterly,basedonthefollowingannualretainerschedule:

Type of Service Annual RetainerBoardMember $ 67,500LeadIndependentDirector $ 20,000AuditCommitteeMember $ 12,000AuditCommitteeChairman $ 10,000ExecutiveCommitteeMember $ 3,000ExecutiveCommitteeChairman $ 5,000ExecutiveCompensationCommitteeMember $ 12,000ExecutiveCompensationCommitteeChairman $ 7,500Governance&NominatingCommitteeMember $ 7,500Governance&NominatingCommitteeChairman $ 5,000SocialResponsibility&CorporateAffairsCommitteeMember $ 7,500SocialResponsibility&CorporateAffairsCommitteeChairman $ 5,000SpecialCommitteeMember $ 7,500SpecialCommitteeChairman $ 5,000

Effective with the quarterly payment made on December 31, 2018, the base annual retainer for independent directors increased from $60,000 to$67,500. Ms. Grier, who joined the Board in November 2018, and Messrs. Castle and Richardson, who joined the Board in February 2019, eachreceivedproratedretainersforthefiscalyearendingonMarch31,2019.

Inadditiontothestandingcommittees,in2015theBoardestablishedaspecialcommittee,composedofMr.Green,Mr.EckmannandMr.Rice,tomonitor and periodically report to the Board with respect to an investigation regarding discrepancies in accounts receivable and inventory at theCompany’sKenyansubsidiary,andanyother matters that mayarise in thecourse of suchinvestigation. This special committee wasdisbandedinNovember2018followingtheresolutionofmattersrelatedtotheinvestigation.

(2) During the period April 1, 2018 through August 15, 2018, Mr. Kehaya served as non-executiveChairman, and in such capacity received as hisexclusivecashcompensationanannualretainerintheamountof$120,000,proratedfortherelevantperiod.FromandafterAugust15,2018throughtheendofthe2019fiscalyear,Mr.Kehayareceivedproratedcashcompensationconsistentwiththatreceivedbyothernon-executivemembersoftheBoard.

(3) Pursuanttothe2016IncentivePlanapprovedbytheshareholdersonAugust11,2016(the“IncentivePlan”),(i)beginningwiththeSeptember30,2016grantandeachquarterlygrantthereafteruntilDecember31,2018,theBoardapprovednon-employeedirectorequitycompensationtoprovideforquarterlygrantsofcommonstockequalinvalueto$17,500foreachnon-employeedirector,excludingMr.Kehaya,andforMr.Kehaya,inhiscapacityasNon-ExecutiveChairmanof the Board, equal in value to $26,500, in each case determined in reference to the greater of the 15days’average closing share price as of the last trading day preceding the grant or a deemed value of $20.00 per share; and (ii) beginning with theDecember31,2018grantandeachquarterlygrantthereafter,theBoardapprovedthemodificationofnon-employeedirectorequitycompensationtoprovideforquarterlygrantsofcommonstockequalinvalueto$21,250foreachnon-employeedirectorotherthanthenon-executiveChairmanoftheBoard,andfornon-executiveChairmanoftheBoard(ifany),equalinvalueto$31,875,ineachcasedeterminedinreferencetothegreaterofthe15days’averageclosingsharepriceasofthelasttradingdayprecedingthegrant.Mr.Hausmannreceivedaproratedgrantforthequarterinwhichheretired.Ms.GrierandMessrs.CastleandRichardson,eachreceivedproratedgrantsforthequarterinwhichtheyjoinedtheBoard.ThevaluesshownforthecommonstockreflectthegrantdatefairvalueofawardsdeterminedinaccordancewithASCTopic718.Foradiscussionoftheassumptionsusedinthevaluationoftheseawards,seeNote11ofNotestoConsolidatedFinancialStatementsincludedinPyxus’sAnnualReportonForm10-KforthefiscalyearendedMarch31,2019.

-15-

Table of Contents

OWNERSHIP OF EQUITY SECURITIES

Stock Ownership of Management

ThefollowingtableprovidesinformationasofMay1,2019,withrespecttothedirectandindirectownershipofcommonstockby(1)eachdirectorandnominee for director; (2) each of the Company’s named executive officers; and (3) all directors, nominees and executive officers of the Company as agroup.OnMay1,2019,therewere9,095,872sharesofPyxuscommonstockoutstanding,whichnumberdoesnotincludesharesownedbywholly-ownedsubsidiariesoftheCompanywhicharenotentitledtovotetheirsharesortoreceiveanydividendswithrespecttosuchshares.

Name of Beneficial Owner

Number of Shares withSole Voting

and Investment

Power (1)

Number of Shares with

Shared Voting and Investment

Power (2)

Number of Shares

BeneficiallyOwned (1)(2)

Percent ofClass (1)(2)

DanielA.Castle 410 — 410 *JoseMariaCostaGarcia 35,596 — 35,596 *JeffreyA.Eckmann 17,160 3,000 20,160 *JoyceL.Fitzpatrick 19,020 — 19,020 *C.RichardGreen,Jr. 26,990 1,500 28,490 *DonnaH.Grier 2,010 — 2,010 *NigelG.Howard 26,512 — 26,512 *LauraD.Jones 3,799 — 3,799 *MarkW.Kehaya(3) 81,620 481,525 563,145 6.2%BryanT.Mazur 0 — 0 *WilliamL.O’Quinn,Jr. 32,963 — 32,963 *TracyG.Purvis 3,798 — 3,798 *JohnD.Rice 17,160 — 17,160 *NathanA.Richardson 410 — 410 *J.PieterSikkel 132,411 — 132,411 1.4%JoelL.Thomas 21,548 — 21,548 *MartinR.Wade,III 25,370 — 25,370 *ExecutiveOfficers,Directorsand NomineesforDirectorasaGroup (includes17peopletotal) 446,777 486,025 932,802 10.0%

* Lessthan1%.(1) Includessharesofcommonstockthatmaybeacquireduponexerciseofoptionsthatarecurrentlyexercisableorwillbecomeexercisablewithinsixty

daysofMay1,2018,asfollows:Mr.Castle,0shares;Mr.CostaGarcia,20,000shares;Mr.Eckmann,0shares;Ms.Fitzpatrick,0shares;Mr.Green,0shares; Ms. Grier, 0shares; Mr. Howard, 0 shares; Ms. Jones, 0 shares; Mr. Kehaya, 50,000shares; Mr. Mazur, 0 shares; Mr. O’Quinn, 20,000shares; Ms. Purvis, 0 shares; Mr. Rice, 0 shares; Mr. Richardson, 0 shares;Mr. Sikkel, 100,000 shares; Mr. Thomas, 8,000 shares; Mr. Wade, 0shares;andtheexecutiveofficers,directorsandnomineesasagroup,198,000shares.

Thisnumberalsoincludessharesownedbyminorchild(ren)ofthereportingperson,orheldinatrustorotherestateplanningvehicleoverwhichthereportingpersonisunderstoodtohavesolevotingandinvestmentpower.

(2) Includes shares owned by the spouse of the reporting person, either directly, jointly with the reporting person or as custodian for the minorchild(ren)ofthereportingperson.

(3) ForMr.Kehaya,theamountshownincludes,inadditiontothe50,000sharessubjecttopresentlyexercisableoptionsdescribedinnote(1)above:(1)32,356shareshelddirectlybyMr.Kehayaoverwhichhehassolevotinganddispositivepower;(2)181,404sharesheldjointlywithMr.Kehaya’sspouseoverwhichMr.Kehayahassharedvotinganddispositivepower;(3)anaggregateof1,848sharesheldbyMr.Kehaya’sspouseascustodianforhischildrenthatMr.Kehayamaybedeemedtobeneficiallyown;(4)395sharesownedindirectlythrougha401(k)plan;and(5)298,273sharesheldbyvarioustrustsofwhichMr.Kehayaisaco-trusteeandoverwhichhehassharedvotinganddispositivepower;butexcludes1,131sharesthataresubjecttorecoveryinescheatmentproceedingsintheStateofNorthCarolina.

-16-

Table of Contents

Policies Prohibiting Hedging and Pledging Activities

TheCompanyhasadoptedpoliciesprohibitingdirectorsandexecutiveofficersfromengaginginanyhedgingormonetizationtransactionswithrespecttotheCompany’ssecurities,including,butnotlimitedto,throughtheuseoffinancialinstrumentssuchasexchangefunds,prepaidvariableforwards,equityswaps, puts, calls, collars, forwards and other derivative instruments, or through the establishment of a short position in the Company’s securities. Inaddition,theCompanyhasadoptedpoliciesprohibitingdirectorsandexecutiveofficersfrompledginganyCompanystock,includingwithoutlimitation,throughtheholdingoftheCompany’ssecuritiesinmarginaccounts.

Stock Ownership of Certain Beneficial Owners

ThefollowingtablesetsforththeonlypersonsknowntotheCompanytobethebeneficial ownerofmorethanfivepercentoftheoutstandingsharesofcommonstockoftheCompanyasofthedatessetforthinthefootnotestothetable.

Name and Address of Beneficial Owner Number of Shares Beneficially Owned Percent of Class (1)

AQRCapitalManagement,LLC,etal.(2) 815,017 9.0%TwoGreenwichPlaza Greenwich,Connecticut06830

DimensionalFundAdvisorsLP(3) 743,794 8.2%BuildingOne,6300BeeCaveRoad Austin,Texas,78746

DonaldSmith&Co.,Inc.,etal.(4) 649,087 7.1%152West57thStreet NewYork,NewYork10019

BlackRock,Inc.(5) 628,299 6.9%55East52ndStreet NewYork,NewYork10055

MarkW.Kehaya(6) 563,145 6.2%234FayettevilleStreetMall,SixthFloor Raleigh,NorthCarolina27601

(1) Allpercentagesarebasedon9,095,872sharesofourcommonstockoutstandingonMay1,2019,whichnumberdoesnotincludesharesownedby

wholly-ownedsubsidiariesoftheCompanywhicharenotentitledtovotetheirsharesortoreceiveanydividendswithrespecttosuchshares.(2) Basedsolely ona Schedule 13Gjointly filed byAQRCapital Management, LLCandAQRCapital ManagementHoldings, LLConFebruary 14,

2019, reporting information as of December 31, 2018, that indicates that AQRCapital Management, LLCis a wholly owned subsidiary of AQRCapital Management Holdings, LLC,andthat eachof AQRCapitalManagement, LLCandAQRCapital Management Holdings, LLChas sharedpowertovoteordirectthevote,andsharedpowertodisposeordirectthedispositionof,815,017shares.

(3) BasedsolelyonaSchedule13G/AfiledbyDimensionalFundAdvisorsLPonFebruary82019,reportinginformationasofDecember31,2018,thatindicatesthatsuchpersonbeneficiallyowned743,794sharesandhadsolevotingpowerwithrespectto715,735sharesandsoledispositivepowerover7743,794shares.SuchSchedule13G/Areportsthat:DimensionalFundAdvisorsLPisaninvestmentadviserregisteredunderSection203oftheInvestment Advisors Act of 1940andfurnishes investment advice tofour investment companies registeredunder theInvestment CompanyAct of1940, and serves as investment manager or sub-adviserto certain other commingled funds, group trusts and separate accounts (such investmentcompanies,trustsandaccounts,collectivelyreferredtoasthe“DimensionalFunds”);incertaincases,subsidiariesofDimensionalFundAdvisorsLPmayactasanadviserorsub-advisertocertainDimensionalFunds;initsroleasinvestmentadvisor,sub-adviserand/ormanager,DimensionalFundAdvisorsLPoritssubsidiaries(collectively,“Dimensional”)maypossessvotingand/orinvestmentpoweroverthesecuritiesoftheCompanythatareownedbythe Dimensional Funds, and may be deemed to be the beneficial owner of the shares of the Company held by the Dimensional Funds;however,allsecuritiesreportedinsuchSchedule13G/AwereownedbytheDimensionalFunds;Dimensionaldisclaimsbeneficialownershipofsuchsecurities;anditsfilingofsuchSchedule13G/AshallnotbeconstruedasanadmissionthatitoranyofitsaffiliatesisthebeneficialownerofanysecuritiescoveredbysuchSchedule13G/AforanyotherpurposesthanSection13(d)oftheSecuritiesExchangeActof1934.

-17-

Table of Contents

(4) Based solely on a Schedule 13Gjointly filed by Donald Smith & Co., Inc., Donald Smith Long/Short Equities Fund, L.P., Jon Hartsel and JohnPiermontonFebruary8,2019,reportinginformationasofDecember31,2018,thatindicatesthatDonaldSmith&Co.,Inc.hadsolepowertovote642,738sharesandsoledispositivepowerover649,087shares,DonaldSmithLong/ShortEquitiesFund,L.P.hadsolevotingpowerwithrespectto1,399sharesandsoledispositivepowerover649,087shares,JonHartselhadsolepowertovote200sharesandsoledispositivepowerover649,087shares,andJohnPiermonthadsolevotingpowerwithrespectto1,550sharesandsoledispositivepowerover649,087shares.

(5) BasedsolelyonaSchedule13GfiledbyBlackRock, Inc. onFebruary8, 2019, reportinginformationasofDecember31,2018that indicatesthatBlackRock, Inc. has sole voting power over 615,850 shares and sole dispositive power over 628,299 shares. The Schedule 13G was filed byBlackrock, Inc. as a parent holding company with respect to the following subsidiaries: BlackRock Advisors, LLC, BlackRock Fund Advisors,BlackRock Institutional Trust Company, National Association, BlackRock Financial Management, Inc. and BlackRock Investment Management,LLC.

(6) ForMr.Kehaya,theamountshownisasofMay1,2018andincludes:(1)32,356shareshelddirectlybyMr.Kehayaoverwhichhehassolevotinganddispositivepower;(2)181,404sharesheldjointlywithMr.Kehaya’sspouseoverwhichMr.Kehayahassharedvotinganddispositivepower;(3)anaggregateof1,848sharesheldbyMr.Kehaya’sspouseascustodianforhischildrenthatMr.Kehayamaybedeemedtobeneficiallyown;(4)395sharesownedindirectlythrougha401(k)plan;(5)50,000sharessubjecttopresentlyexercisableoptionsheldbyMr.Kehaya;(6)298,273sharesheldbyvarioustrustsofwhichMr.Kehayaisaco-trusteeandoverwhichhehassharedvotinganddispositivepower;butexcludes1,131sharesthataresubjecttorecoveryinescheatmentproceedingsintheStateofNorthCarolina.

Section 16(a) Beneficial Ownership Reporting Compliance

TheCompanybelievesthatduringthefiscalyearendedMarch31,2019,allreportsfortheCompany’sexecutiveofficersanddirectorsthatwererequiredtobefiledunderSection16(a)oftheSecuritiesExchangeActof1934werefiledonatimelybasis,exceptassetforthbelow.Duetoadministrativeerror,(i)aForm4foreachofWilliamL.O’Quinn,Jr.,J.PieterSikkelandJoelL.Thomas,reportingthevestingofRestrictedStockUnitsonFebruary23,2019,wasnotfileduntilFebruary27,2019,(ii)aForm4foreachofLauraD.Jones,TracyG.Purvis,WilliamL.O’Quinn,Jr.,J.PieterSikkelandJoelL.ThomasreportingthevestingofRestrictedStockUnitsonMarch22,2019,wasnotfileduntilApril3,2019,and(iii)aForm4forDonnaH.GrierreportingthegrantofcommonsharesonMarch31,2019,wasnotfileduntilApril5,2019.

RELATED PARTY TRANSACTIONS

TheCompanyannuallycollectswrittenquestionnairesfromitsofficersanddirectorsandengagesinaninternalprocessintendedtoidentifytransactionsinvolvingtheCompanyandits officers or directors, includingthoserequired to bedisclosedpursuant to the proxystatement rules of theSecurities andExchangeCommission.Basedontheinformationcollected,theCompany’sChiefLegalOfficerinitiallydetermineswhetheranyidentifiedtransactionsarerequiredtobedisclosedundertherelevantrules.Informationregardinganyqualifyingtransaction(s)ispresentedtotheAuditCommittee,whichpursuanttoitschartermakesadeterminationastowhethertoapproveorratifysuchtransaction(s).ThetransactiondisclosedbelowwasapprovedandratifiedbytheAuditCommitteepursuanttotheseprocedures.

DuringthefiscalyearendedMarch31,2019,theCompanypurchasedtobaccofromMsambaEstateLimitedforapproximately$947,300.MsambaEstateLimited,acommercialtobaccogrowerinMalawiwhichhasbeensellingtobaccototheCompanyanditspredecessorssince2001,isownedbythebrotherofGrahamJ.Kayes.Mr.Kayes,whoservedasExecutiveVicePresident-BusinessRelationshipManagementandLeafuntilSeptember2018,andnowservesasExecutiveVicePresident–BusinessRelationshipManagementandLeafoftheCompany’ssubsidiaryAllianceOneInternational,LLC,didnothaveanyinvolvementinthesalestransactionsbetweentheCompanyandMsambaEstateLimited.ThepricepaidtoMsambaEstateLimitedforthetobaccowasatthesamepricepaidtootherMalawigrowersforthesamegradesandtypesoftobacco.MsambaEstateLimitedisundercontracttoselltobaccototheCompanyduringthecurrentcrop;however,theexactamountofanysuchsaleswillnotbeknownuntilpurchasingconcludesinMalawilaterthisyear.

-18-

Table of Contents

AUDIT MATTERS

Audit Committee Members and Meetings

Pyxus’sBoardofDirectorshasanAuditCommitteethatiscomposedofMr.Eckmann(Chairman),Ms.Grier,andMessrs.RiceandWade.TheCommitteemetthirteentimesduringfiscalyear2019.

Financial Literacy and Expertise

TheBoard,uponrecommendationoftheGovernanceandNominatingCommittee,hasdeterminedthateachmemberoftheAuditCommitteeisfinanciallyliterateasthattermisinterpretedbytheBoardinitsbusinessjudgment.TheBoardhasfurtherdeterminedthateachofMs.GrierandMessrs.Eckmann,RiceandWademeettherequirementsofanauditcommitteefinancialexpert,asthattermisdefinedbytheSECinItem407ofRegulationS-K.Asstatedabove, Ms. Grier and Messrs. Eckmann, Rice and Wade have been determined to be independent frommanagement in accordancewith the categoricalstandardsdescribedaboveandtheNYSElistedcompanyguidelines.

Other Audit Committee Service

TheCompanycurrentlydoesnotlimitthenumberofauditcommitteesonwhichitsAuditCommitteemembersmayserve.However,theAuditCommitteecharter approved by the Board stipulates that, if an Audit Committee member simultaneously serves on the audit committee of more than three publiccompanies, the Boardmust determine that suchsimultaneous servicewouldnot impair theability of the director to effectively serveonthe Company’sAudit Committee anddisclose suchdetermination in theannual proxystatement. Noneof theAudit Committee members currently serves onmorethanthreeauditcommitteesofpubliccompanies.

Audit Committee Functions

TheprimaryfunctionoftheAuditCommitteeistoassisttheBoardinfulfillingitsoversightresponsibilitieswithrespecttotheCompany’saccountingandfinancialreportingpractices,andthequalityandintegrityoftheCompany’sfinancialreports.ThisincludestheoversightofPyxus’sfinancialstatementsprovidedtoanygovernmentalorregulatorybody,thepublicorotherusers;theeffectivenessofPyxus’sinternalcontrolprocess;andPyxus’sengagementofindependentauditors.TheCommittee’sfunctionsaredescribedmorefullyinthesectionentitled“BoardCommitteesandMembership.”

Report of the Audit Committee

TheAuditCommitteeoverseestheCompany’sfinancialreportingprocessonbehalfoftheBoardofDirectors.Managementhastheprimaryresponsibilityforthefinancial statementsandthereportingprocess, includingthesystemsofinternal controls. InfulfillingitsoversightresponsibilitiestheCommitteereviewedwithmanagementtheauditedfinancial statementsintheAnnualReport, includingadiscussionofthequality, not just theacceptability, oftheaccountingprinciples;thereasonablenessofsignificantjudgments;andtheclarityofdisclosuresinthefinancialstatements.

The Committee reviewed with the independent auditors, who are responsible for expressing an opinion on the conformity of those audited financialstatements with generally accepted accounting principles, their judgments as to the quality, not just the acceptability, of the Company’s accountingprinciples andsuchothermatters asarerequiredtobediscussedwiththeCommittee including, but not limitedto, thestandardsunderPublicCompanyAccounting Oversight Board Rule 3526, and the Committee has discussed any items required to be communicated to it by the independent auditors inaccordancewithregulationspromulgatedbytheSecuritiesandExchangeCommissionandthePublicCompanyAccountingOversightBoardandstandardsestablishedbytheAmericanInstituteofCertifiedPublicAccountantsandtheIndependenceStandardsBoard.

TheCommitteehasreceivedfromtheindependentauditorsaletterdescribinganyrelationshipswiththeCompanythatmaybearontheirindependenceandhasdiscussedwiththeindependentauditorstheauditors’independencefromtheCompanyanditsmanagement.TheCommitteehaspre-approvedallfiscalyear 2019 audit and permissible non-audit services provided by the independent auditors and the fees for those services. As part of this process, theCommitteehasreviewedtheauditfeesoftheindependentauditors.Ithasalsoreviewednon-auditservicesandfeestoassurecompliancewithregulationsprohibitingtheindependentauditorsfromperformingspecifiedservicesthatmightimpairtheirindependenceaswellascompliancewiththeCompany’sandtheCommittee’spolicies.

-19-

Table of Contents

TheCommittee discussed with the Company’s internal andindependent auditors theoverall scopeandplans for their respective audits. TheCommitteemeetswiththeinternalandindependentauditors,withandwithoutmanagementpresent,todiscusstheresultsoftheirexaminations,theirevaluationsoftheCompany’sinternalcontrols,andtheoverallqualityoftheCompany’sfinancialreporting.

Inrelianceonthereviewsanddiscussionsreferredtoabove,theCommitteerecommendedtotheBoardofDirectorsthattheauditedfinancialstatementsbeincludedintheAnnualReportonForm10-KforthefiscalyearendedMarch31,2019forfilingwiththeSecuritiesandExchangeCommission.

AuditCommittee:

JeffreyA.Eckmann,ChairmanDonnaH.GrierJohnD.RiceMartinR.Wade,III

Policy for Pre-Approval of Audit and Non-Audit Services

TheAudit Committee’s policyis topre-approveall audit andpermissiblenon-auditservicestobeprovidedbytheindependent auditors. Theseservicesincludeauditservices,audit-relatedservices,taxservicesandotherservices.Pre-approvalisdetailedastotheparticularserviceorcategoryofserviceandissubjecttoaspecificbudget.TheAuditCommitteerequirestheindependentauditorsandmanagementtoreportatAuditCommitteemeetingsthroughouttheyearontheactualfeeschargedforeachcategoryofservice.

Duringtheyear,circumstancesmayarisewhenitmaybecomenecessarytoengagetheindependentauditorsforadditionalservicesnotcontemplatedintheoriginal pre-approval. In those instances the Audit Committee requires specific pre-approval before engagement. The Audit Committee has delegatedpre-approvalauthority to the Chairmanof the Audit Committee for those instances whenpre-approvalis neededprior to a scheduledAuditCommitteemeeting.TheChairmanoftheAuditCommitteemustreportonsuchpre-approvalsatthenextscheduledAuditCommitteemeeting.

Independent Auditors

Deloitte&ToucheLLP(“Deloitte&Touche”),auditedtheCompany’saccountsforthefiscalyearsendedMarch31,2019andMarch31,2018;and,asmorefullydescribedbelowinProposalTwo,hasbeenselectedbytheAuditCommitteetoserveasPyxus’sindependentauditorsforthefiscalyearendingMarch31,2020.Deloitte&TouchehasservedastheCompany’sindependentauditorssince2006.

Audit and Non-Audit Fees

SetforthbelowarethefeesbilledtotheCompanybyDeloitte&ToucheinconnectionwithservicesrenderedduringthefiscalyearsendedMarch31,2018andMarch31,2019:

FY2018 FY2019 Audit Fees (1) $5,470,055 $5,652,324 Audit-Related Fees (2) 39,094 $1,608,850 Tax Fees (3) 14,000 $ 19,000 All Other Fees (4) — — Total $5,523,149 $7,280,174

(1) AuditFees.AuditFeesconsistofprofessionalservicesrenderedintheauditoftheCompany’sannualfinancialstatements,reviewoftheCompany’s

quarterlyfinancial statements, aswell asworkthat generallyonlytheindependentauditorcanreasonablybeexpectedtoprovide, suchascomfortletters,statutoryaudits,attestservices,consentsandassistancewithreportingrequirements.

(2) Audit-RelatedFees.Audit-RelatedFeesconsistofassuranceandrelatedservicesperformedbytheindependentauditorthatarereasonablyrelatedtotheperformanceoftheauditorreviewoffinancialstatementsandmayinclude,amongothers,employeebenefitplanaudits,duediligencerelatedtomergersandacquisitions,internalcontrolreviewsandconsultationregardingfinancialaccountingandreportingstandards.

-20-

Table of Contents

(3) TaxFees.TaxFeesconsistofservicesperformedbytheindependentauditorfortaxcompliance,taxplanningandtaxadvice.(4) AllOtherFees.TherewerenofeesbilledorservicesrenderedbyDeloitte&Toucheduringfiscalyears2018and2019otherthanthosedescribed

above.

PROPOSAL TWORATIFICATION OF DELOITTE & TOUCHE AS INDEPENDENT AUDITORS

TheAuditCommitteehasselectedthefirmofDeloitte&TouchetoserveastheCompany’sindependentauditorsforthefiscalyearendingMarch31,2020,andhasdirectedthatmanagementsubmittheselectionofindependentauditorstotheshareholdersforratificationattheAnnualMeeting.RepresentativesofDeloitte&Toucheareexpectedtoattendtheshareholdermeeting,willhaveanopportunitytomakeastatementiftheysodesire,andwillalsobeavailabletorespondtoappropriatequestions.

Shareholder ratification of the selection of Deloitte & Touche as the Company’s independent auditors is not required by the Company’s bylaws orotherwise.However,wearesubmittingtheselectionofDeloitte&Touchetotheshareholdersforratificationasamatterofgoodcorporatepractice.IftheappointmentofDeloitte&Toucheisnotratifiedbytheshareholders,theAuditCommitteewillreconsiderwhetherornottoretainDeloitte&Touche.Eveniftheselectionisratified,theAuditCommitteeinitsdiscretionmaydirecttheappointmentofadifferentindependentauditfirmatanytimeduringtheyearifitisdeterminedthatsuchachangewouldbeinthebestinterestsoftheCompanyanditsshareholders.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE RATIFICATION OF THE APPOINTMENT OFDELOITTE & TOUCHE AS THE COMPANY’S INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING MARCH 31, 2020.

PROPOSAL THREEADVISORY VOTE ON THE

COMPENSATION OF THE COMPANY’S NAMED EXECUTIVE OFFICERS

UndertheDodd-FrankWallStreetReformandConsumerProtectionActof2010(the“Dodd-FrankAct”),theCompanyisrequiredtoprovideshareholderswiththeopportunitytocastanadvisoryvoteoncompensationtoourNamedExecutiveOfficersasreportedinthisproxystatement(sometimesreferredtoas“sayonpay”).Accordingly,thefollowingresolutionwillbepresentedtotheshareholdersattheannualmeeting:

“Resolved, that the shareholders hereby approve, on an advisory basis, the compensation paid to the Company’s named executive officers asdisclosed, pursuant to Item 402 of Regulation S-Kof the Securities and Exchange Commission, in the Company’s proxy statement for the 2019annualmeetingofshareholders.”

ThisadvisoryvoteisnonbindingontheCompany;however,theBoardandtheExecutiveCompensationCommittee,whichiscomprisedofindependentdirectors,willtakeintoaccounttheoutcomeofthevotewhenconsideringfutureexecutivecompensationdecisions.

TheBoardandtheExecutiveCompensationCommitteebelievethatourexecutivecompensationpolicies,proceduresanddecisionsmadewithrespecttoour named executive officers are based on our pay for performance philosophy, and are focused on achieving the Company’s goals and enhancingshareholdervalue.Wehaveconcludedthatthecompensationpaidorawardedtoeachexecutiveofficerforthemostrecentfiscalyearwasreasonableandappropriate. Shareholders are encouraged to read the section entitled “ Executive Compensation—Compensation Discussion and Analysis ,” theaccompanyingcompensationtables,andtherelatednarrativedisclosureincludedinthisproxystatement.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE ADOPTION OF THE RESOLUTION APPROVING, ON ANADVISORY BASIS, OF THE COMPENSATION PAID TO THE COMPANY’S NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THISPROXY STATEMENT.

-21-

Table of Contents

EXECUTIVE COMPENSATION

Compensation Discussion and Analysis

Introduction

ThisCompensation Discussion and Analysis (“CD&A”) provides an overviewand analysis of the Company’s fiscal year 2019 executive compensationprogramand the material compensation decisions that were made for our principal executiveofficer, our other executive officers and former executiveofficersnamedinthe“SummaryCompensationTable”inthefollowingsection“ExecutiveCompensationTables.”Thisgroupiscollectivelyreferredtoasthe“NamedExecutiveOfficers”throughoutthisdocument.Duringfiscalyear2019,ourNamedExecutiveOfficerswere:

• J.PieterSikkel,President,ChiefExecutiveOfficerandChairmanoftheBoard(principalexecutiveofficer)

• JoelL.Thomas,ExecutiveVicePresident,ChiefFinancialOfficer(principalfinancialofficer)

• TracyG.Purvis,ExecutiveVicePresident,BusinessServices

• WilliamL.O’Quinn,Jr.,SeniorVicePresident,ChiefLegalOfficerandSecretary

• LauraD.Jones,SeniorVicePresident,HumanResources

• JoseMariaCostaGarcia,ExecutiveVicePresident,ValueAddedAgriculturalProducts

• BryanT.Mazur,ExecutiveVicePresident,GlobalSpecialtyProducts

Messrs. Costa Garcia and Mazur ceased being executive officers of Pyxus as of September 12, 2018, the date of the Company’s name change and thereallocationofexecutiveresponsibilitiesinconnectionwithchangesintheCompany’sinternalorganizationalstructure.Messrs.CostaGarciaandMazurserveasExecutiveVicePresidentsoftheValueAddedAgriculturalProductsandGlobalSpecialtyProductsbusinessunits,respectively.

ExecutiveSummary

Fiscalyear2019wasayearofchangeforPyxus,withtheCompanymakingsubstantialprogressinourtransformationefforts.Wearecontinuingtocreatevalue through innovation for our customers, our partners and our shareholders by investing in differentiated capabilities across our entire portfolio topositiontheCompanytocapitalizeongrowthopportunities.Ourfinancialperformanceduringthefiscalyearreflectssignificantinvestmentintoournewstart-upbusinesslines,aswellasthechallengingmarketconditionsfacingourleafbusiness.Strengtheningourbalancesheetandincreasingshareholdervaluecontinuetobetoppriority.Assuch,wecontinuedourfocusonlong-termdebtandduringthefiscalyearwepurchasedandcancelled$27.26millionofour9.875%seniorsecuredsecondliennotes.TheExecutiveCompensationCommitteeoftheBoardofDirectors(the“Committee”)concludedthatfiscalyear-endresults fell short onsomeofthefinancial targetsset bytheCommitteeat thebeginningoftheyear, buttheCompanywasabletosuccessfullyexecuteagainstreducingdebt.Asdiscussedinmoredetailunderthesectionentitled“Incentives,”basedontheannualincentiveplantargetsandmetricsapplicabletoeachNamedExecutiveOfficer, theDebtReductiontargetwasachievedat109%,whiletheAdjustedFreeCashFlowandLeveragetargetswerenotachieved.Assuch,eachoftheNamedExecutiveOfficersreceivedapayoutundertheannualincentiveplanbasedonfinancialmetricsforfiscalyear2019.

-22-

Table of Contents

What We Do What We Don’t Do

✓

Alignpayandperformance

û

No automatic vesting (“single-trigger”) of share options orperformance-based or time-based restricted stock units upon achange-in-controltransaction

✓Benchmark against peers whose profile, operations, and businessmarketssharesimilaritieswithPyxusInternational,Inc.

ûNohedgingtransactionswithrespectofoursharesbydirectorsandofficersispermitted

✓ Useequityforlong-termincentiveawards ûNopledgingofoursharesbydirectorsandofficersispermitted

✓

Maintain an appropriate balance between short-term and long-termincentive compensation opportunities which discourages short-termrisktakingattheexpenseoflong-termresults

û

Noguaranteedbonuses

✓ Capincentivepayoutandvestinglevelsunderourincentiveplans ûNorepricingorbackdatingofshareoptions

✓Require significant executive share ownership of our executiveofficers

ûNoexcessiveperquisites

✓Provideaclawbackpolicydesignedtorecoupincentivecompensationpaidtoexecutiveofficersintheeventofmisconduct

ûNodiscountedshareoptions

✓Engageanindependentcompensationadvisor,whoperformsnootherconsultingworkforPyxusInternational

ûNoincentiveplansthatencourageexcessiverisktaking

✓Conduct annual risk assessments of our compensation policies andpractices

ûNoexcisetaxgross-upprovisionsinemploymentagreements

PayforPerformance

Priortothebeginningoffiscalyear2019,theCommitteeapprovedanannualincentiveplandesignfortheNamedExecutiveOfficerstoalignourexecutivecompensationprogramswiththeCompany’soverallstrategytoreducedebt,reduceinterestexpenseandimprovecashoperatingincomewiththeultimategoalofimprovingshareholdervalue.TheapprovedannualincentiveplanfortheNamedExecutiveOfficers,withtheexceptionofMr.Mazur,isbasedonachieving pre-established target metrics of a reduction in the amount of our 9.875% senior secured second lien notes, Adjusted Free Cash Flow andLeverage,asthesetermsaredefinedinawardsundertheplan.TorecognizethelaunchphaseoftheGlobalSpecialtyProductsbusiness,Mr.Mazur’sannualincentiveplanisbasedonachievingthepre-establishedtargetmetricsofreducingdebt,AdjustedFreeCashFlowandspecifickeystrategicinitiativegoalsanticipatedforlonger-termbusinesssuccess.

In addition, the Committee approveda long-termincentive plan for the NamedExecutive Officers, providingfor a three-year timeframeforvestingorpayout consisting of a combination of performance-contingent share unit and restricted stock unit awards. The Committee believes that using thecombinationofperformance-basedandtime-basedawardsaddressesthegoalofmotivatinglong-termperformancewhileprovidingforretention.

Theannualandlong-termincentiveprogramsarediscussedindetailunderthesectionentitled“Incentives.”

FiscalYear2018ExecutiveCompensationVote

Beginning in 2011, the Company provided an annual say-on-pay advisory vote regarding executive compensation. The Company received majorityapproval at the fiscal year 2018annual meetingof shareholders, with morethan94%of the votes cast beingvotedin favor of the compensation of ournamedexecutiveofficersasdescribedinourfiscalyear2018proxystatement.TheCommitteeacknowledgedtheoverwhelmingsupportreceivedfromourshareholders and viewed the results as confirmation of the Company’s executive compensation policies and decisions. Accordingly, the compensationphilosophyandobjectiveswerenotsignificantlychangedin2019.

-23-

Table of Contents

CompensationPhilosophyandCorePrinciples

Theprimaryobjectivesofourcompensationandbenefitprogramsare:

• toattract,motivateandretainqualifiedexecutivetalenttoprovidestrong,competitiveleadership;

• toaligntheinterestsofourexecutiveswiththeinterestsofourshareholders;

• tosupportapay-for-performanceculturewhichencouragesandrewardstheachievementoftheCompany’sstrategic,financialandoperatingperformanceobjectives;and

• tomaintainacost-effectivestructurethatisalignedwiththeinterestsofourshareholders.

RoleofExecutiveCompensationConsultant

Under its charter, the Committee is responsible for selecting and retaining its advisors. For fiscal year 2019, the Committee retained Radford, anAoncompany (“Radford” or the “Consultant”), as its independent third-party advisor to provide advice, research, evaluation and design services related toexecutive compensation. During fiscal year 2019, Radford also providedadvice, research, evaluation and design services related to Board of Directors’compensationtotheGovernanceandNominatingCommitteeoftheBoardofDirectors,butprovidednoservicestotheCompanyotherthantheexecutivecompensationandboardcompensationconsultingservicesprovidedtotheCommitteeandtheGovernanceandNominatingCommittee.Radfordreporteddirectly to the Committee and met regularly with the Committee Chair and the Committee both with and without managementpresent.TheCommitteeconsideredtherelevantfactorssetforthintherulesoftheNewYorkStockExchangeandbelievesRadfordisabletoprovideindependentadvice,freefromconflictsofinterest,totheCommitteeconcerningexecutivecompensationmatters.

ProcessandProcedureforDeterminingCompensationofExecutiveOfficers

TheBoardofDirectorshaschargedtheCommitteewiththeresponsibilityforestablishingandoverseeingexecutivecompensationfortheNamedExecutiveOfficers.Aspartofthisresponsibility,theCommittee,alongwiththeotherindependentdirectors,alsoevaluatestheperformanceofthePresidentandChiefExecutive Officer (“CEO”) and determines the CEO’s compensation based on such performance assessment as well as the Company’s compensationphilosophy.Priortothebeginningofthefiscalyear,basedonindependentdataprovidedbyRadford,aswellasindividualperformanceevaluationresults,theCEOmaderecommendationstotheCommitteeforthebasesalaryandincentivecompensationopportunitiesoftheNamedExecutiveOfficersotherthanhimself.

For fiscal year 2019, in determining and assessing the compensation levels and structure, the Committee reviewed and considered market data andinformationprovidedbyRadford,individualcompensationtallysheetspreparedbytheCompanyshowingasummarytotalofallelementsofcompensation,individualperformanceevaluationresultsandrecommendationsfromtheCEO.Inaddition,giventhelimitednumberofdirectcompetitorsforwhichdataisavailable,themarketdataprovidedbyRadfordwasobtainedfromindependentpublishedcompensationsurveysaswellasfromaselectedgroupofpeercompanies.TheCommitteefrequentlyreevaluatesthegroupofpeercompaniesforreasonablenessbasedonthefollowingcriteria:

• Companieswithwhomwecompetedirectly;

• Companieswithaninternationalscope;

• Companiesofsimilarsizewithregardtorevenues;and

• Companieswithasimilarplaceinthesupplychain.

-24-

Table of Contents

Forfiscalyear2019,thefollowingcompanieswereselectedbytheCommitteeforuseasthegroupofpeercompanies,whichwerethesamecompaniesselectedbytheCommitteeforfiscalyear2018:

•  ClearwaterPaperCorporation •  SandersonFarms,Inc.

•  Greif,Inc. •  Schweitzer-MauduitInternational,Inc.

•  InternationalFlavorsandFragrances,Inc. •  SenecaFoodsCorporation

•  KapStonePaperandPackagingCorporation •  TheAndersons,Inc.

•  Louisiana-PacificCorporation •  TheHainCelestialGroup,Inc.

•  McCormick&Company,Incorporated •  TreeHouseFoods,Inc.

•  NeenahPaper,Inc. •  UniversalCorporation

•  P.H.GlatfelterCompany •  VersoCorporation

•  PackagingCorporationofAmerica

TheCommitteeusesaconsistentapproachinsettingcompensationopportunitiesfortheNamedExecutiveOfficersbutalsoexercisesappropriatebusinessjudgmentinhowitappliesthesestandardapproachestothefactsandcircumstancesassociatedwitheachexecutive.AlthoughtheCommitteereviewsthecompensationpracticesofthecompaniesinthepeergroup,theCommitteedoesnotadheretostrictformulasorsurveydatatodeterminethemixorabsolutevalueofcompensationcomponents.InsteadtheCommitteeconsidersvariousfactorsinexercisingitsdiscretiontodeterminecompensation,includingtheexperience, responsibilities and performance of each of the Named Executive Officers as well as the Company’s overall financial and competitiveperformance. The Committee also reviews composite market data from independent published compensation surveys, as noted above, which providesgeneral backgroundinformation. However, theCommittee’s benchmarkinganalysis focusedondata withrespect to thepeer groupof companies namedabovewhenmakingcompensationpoliciesanddecisions.

ElementsofCompensation

Tomeetourcompensationobjectives,ourcompensationprogramsmustbebothcompetitiveandreflectanappropriatebalanceofperformance-basedversusfixed,andcashversusequity,compensation.TheCommitteeregularlyreviewsthecompensationprogramsbasedonourstrategyandthemarkettoensurealignmentwithourcorecompensationprinciplesandobjectives.Accordingly,thecompensationmixmayvaryovertimeandamongexecutives.Ingeneral,overall compensation levels are targeted at the market median of competitive practice, but actual pay earned varies based on Company and individualperformance,aswellasotherlimitingfactorssuchasequityavailableforgrantingunderalong-termincentiveplan.

ThecoreelementsofcompensationfortheNamedExecutiveOfficersaredescribedinthefollowingtable:Element Description ObjectiveBasesalary

FixedcompensationtypicallysettobeconsistentwiththeCompany’ssizerelativetoourpeergroup

•   Providesbaseeconomicsecurityatalevelconsistentwithcompetitivepractices

•   Reflectsroleandresponsibilityofexecutive

•   Affectedbyindividualperformance,experience,levelofresponsibilityandfuturepotential.

Annualincentives

VariablecashcompensationlinkedtocorporateobjectivesActualpaymentbasedonperformance

•   Providesalignmenttoannualoperatingandlong-termbusinessstrategythroughcorporateobjectives

Long-termincentives

Variablelong-termequitycompensationintheformofperformancesharesandrestrictedstock

•   Provideslinktoshareholdervaluecreation

•   Motivatesandrewardsforfinancialperformanceoverasustainedperiod

•   Fostersretentionofkeyemployees

BenefitsandPerquisites

HealthcareLifeanddisabilityinsuranceRetirementandpensionplansBasicbenefitparticipationofferedtootheremployees

•   Ensureemployeehealth,welfare,andretirementneeds

•   Fostersretirementandsavingsplanning

•   Providesretirementsecurity

-25-

Table of Contents

BaseSalaries

BasesalariesserveasthefoundationoftheCompany’scompensationprogram.Basesalarylevelsaretargetedtoapproximatethemediansalaryofthosepresentedinthecompetitivemarketdata,whiletakingintoaccounttheCompany’ssizerelativetoourpeergroup.However,anindividual’sactualsalaryisbased on the Committee’s evaluation of a number of factors, including the role and nature of the job relative to market information as well as theindividual’sperformance,tenureandqualifications. Basesalariesareadjustedperiodically(typicallyatthestartofthefiscalyear), basedoncompetitivemarketchanges,individualandcorporateperformance,modificationsinjobresponsibilities,theexecutive’spositionwithinhisrespectivesalaryrangeandtheCommittee’ssubjectiveassessmentoftheexecutive’sfuturepotentialandvaluetotheCompany.OnFebruary28,2018,theCommitteereviewedthebasesalaryofeachoftheNamedExecutiveOfficersandthefollowingsalarieswereapprovedeffectiveApril1,2018:

Fiscal Year 2019 Base Salaries

Name FY2018 Base

Salary FY2019 Base

Salary % IncreaseJ.PieterSikkel $ 642,000 $ 700,000 9%JoelL.Thomas $ 379,500 $ 429,500 13%TracyG.Purvis $ 242,500 $ 275,000 13%WilliamL.O’Quinn,Jr. $ 321,500 $ 335,000 4%LauraD.Jones $ 242,500 $ 265,000 9%JoseMariaCostaGarcia $ 342,400 $ 352,600 3%BryanT.Mazur $ 350,000 $ 350,000 0%

InrecognitionofherpromotiontoExecutiveVicePresident,BusinessServiceseffectiveFebruary1,2019,Ms.Purvis’sbasesalarywasincreasedatthattimeto$330,000.

EachoftheNamedExecutiveOfficer’sbasesalariesareatorbelowthemarketmedianofthosepresentedinthecompetitivemarketdatarelativetoourpeergroup.

Incentives

Forfiscalyear2019,asnotedaboveunderthesectionentitled“PayforPerformance,”theCommitteeapprovedannualandlong-termincentiveprogramsthat aredesignedtostrengthenseniormanagement’s alignmentwiththeinterest ofshareholdersandtodriveapay-for-performanceculture.Thegoalofboth the annual and long-termincentive programs is to provide significant incentive to senior executives to consider both the short-termand long-termimpactwhenmakingbusinessdecisionstostrengthenourorganizationandtopositiontheCompanyforlong-termsuccessinordertodeliveraddedvalueforourcustomersandshareholders.BelowaredetailsdescribingtheCompany’sannualandlong-termincentiveplans.

AnnualIncentives

Thepurposeoftheannualincentiveplanistoencourageexecutivestoachievepre-determinedkeycorporatefinancialandstrategicobjectiveswhereaveryhighlevel of performance andcommitment are required toeffect changeandmeet thechallenges facingtheCompanythat leadto business growthandincreased shareholder value. For fiscal year 2019, the Committee approvedthe Annual Incentive Plan(the “AIP”), pursuant to whichNamedExecutiveOfficers,excludingMr.Mazur,wereeligibleforcashbonusawards.AnnualincentivesundertheAIParestructuredtoprovideforvarying“Stretch”awardopportunitiesexpressedasapercentageofannualbasesalarywithactualawardsreflectingachievementofCompanygoals.

The fiscal year 2019 AIP performance goals are expressed as “threshold,” “target,” and “maximum” objectives for the executives. “Threshold” is theminimum level of performance at which AIP awards begin. Achievement of the “target” goal is rewarded at 100% of the target bonus opportunity.Achievementatorabovethe“maximum”levelresultsin200%oftargetbonusopportunity.Performancebetween“threshold”and“target,”or“target”and“maximum” is interpolated. The Committee generally intends to set Company performance targets that are challenging yet provide executives with areasonable opportunity to reach threshold, while requiring meaningful growthto reach target and substantial growth to reach maximum.Theamountofgrowth required to reach maximumis developed within the context of the annual operating plan, and while difficult to achieve, is not viewed to be soaggressiveastoenticeexecutivestotakeinappropriaterisksthatcouldthreatenfinancialoroperatingstability.

-26-

Table of Contents

Each year management presents to the Board an operating strategy and financial plan for the year. The Committee, with input from its compensationconsultant and management, established and approved the AIP’s key performance measures and corporate goals for the year. For fiscal year 2019, theCommitteeapprovedthefollowingperformancegoalsfortheAIP:

Threshold Target Maximum

FY2019 Actual Results

Debt Reduction (000’s) (1) $ 0 $25,000 $ 50,000 $27,260Adjusted Free Cash Flow (000’s) (2) $ 24,251 $49,251 $ 74,251 $12,464Leverage (3) 5.50 5.25 4.99 5.86

(1) DebtReduction–definedasthereductionintheoutstandingprincipalamountoftheCompany’s9.875%seniorsecuredsecondliennotesdue2021

(the“SecondLienNotes”)madefromfreecashflow.(2) AdjustedFreeCashFlow(“AFCF”)–definedasAdjustedEBITDAaspresentedintheCompany’sannouncementsofquarterlyandannualfinancial

resultsminuscashinterestandcashtaxesminusroutinecapitalexpenditures.(3) Leverage – defined as the ratio of the tobacco leaf business adjusted debt (total debt less cash) to the tobacco leaf business combined segments’

AdjustedEBITDA.

In addition to the AIP, the Committee approved theGlobal Specialty Products Annual Incentive Plan (“GSPAIP”), pursuant to which Mr. Mazur waseligible for cash bonusawards. Thepurpose of the GSPAIPis to encourage executives to achievepre-determinedbusiness results goals while meetingindividualkeystrategicinitiativesforlonger-termsuccessofthenewbusinesses. TheGSPAIPismodeledaftertheAIPandisdesignedtodrivefuturesuccess, including brand building, market penetration and top-line growth. The business results component includes the Debt Reduction and AFCFperformancegoalsdetailedabove.Thekeystrategicinitiativesaresetfortheexecutiveandtakeintoaccountspecificresponsibilities,projects,quantitativemeasures, and other matters, that are aligned to the Global Specialty Products business strategies. Mr. Mazur achieved 48% of the quantitative andqualitativekeystrategicinitiativesdevelopedforhimatthebeginningoftheyear.

TheCommitteemaintainsdiscretiontoreducethepaymentamountsforannualincentivesawardsundertheAIPandGSPAIPiftheperformancetargetsareachieved.

Forfiscalyear2019,theCompanyrepaid$27.26millionprincipalamountofSecondLienNotesfromfreecashflow.Assuch,theDebtReductiontargetwasachievedat109%.Basedonthefiscalyear2019financialresults,neithertheAFCFnortheLeveragemetricswereachieved.The2019AIPandGSPAIP award opportunities, award achievements per the plan provisions, and the actual payouts for each of the Named Executive Officers are presentedbelow:

FY2019 AIP and GSP AIP Awards “Target” “Target” Award Award Award Opportunity (1) Opportunity Achieved Name (%) ($) ($) J.PieterSikkel 100% $ 700,000 $254,427JoelL.Thomas 75% $ 322,125 $117,082TracyG.Purvis(2) 54% $ 156,200 $ 56,640WilliamL.O’Quinn,Jr. 75% $ 251,250 $ 91,321LauraD.Jones 50% $ 132,500 $ 48,159JoseMariaCostaGarcia 75% $ 264,450 $ 96,119BryanT.Mazur 75% $ 262,500 $107,121

(1) TargetAwardOpportunityisdefinedasthespecifiedpercentageoftheNamedExecutiveOfficer’sannualbasesalary.(2) Ms.Purvis’sTargetAwardOpportunityandAwardAchievedareproratedfor10months(April1,2018toJanuary31,2019)at50%andfor2months

(February1,2019–March31,2019)at75%,reflectingherpromotiontoExecutiveVicePresident,BusinessServiceseffectiveFebruary1,2019.

-27-

Table of Contents

DiscretionaryBonuses

For fiscal year 2019, based on the recommendation of the Chief Executive Officer, the Committee approved discretionary bonuses to the otherNamedExecutiveOfficersintheamountsof$80,000forMr.Thomas,and$40,000eachforMss.PurvisandJonesandMessrs.O’Quinn,CostaGarciaandMazur.Thesebonuseswereawardedtorecognizeeachindividualfortheirleadershipandpersonalcontributionsindrivingthetransformationinitiativesandtheirextensive work related to building the new businesses. The amounts of the bonuses awarded were made based on the subjective determination of theCommitteeafterassessingeachindividual’scontributionsduringtheyear.

Long-TermIncentiveCompensation

OnAugust11,2016,theshareholdersapprovedtheAllianceOneInternational,Inc.2016IncentivePlan(the“2016IncentivePlan”),whichisthesuccessortothe2007IncentivePlaninitiallyapprovedbyshareholdersonAugust16,2007,asamendedandrestatedwithshareholderapprovalonAugust11,2011.TheCommitteeadministersthisplanastheprincipalmeanstoprovidelong-termincentivestotheCompany’sexecutiveofficersandcertainotherofficersandkeyemployees,andindoingso,annuallymonitorstheoveralldilutionlevelandrun-rateofsharesissuedundertheplan.Allequitygrantsareapprovedby the Committee before being issued. The Company does not time or plan to time its release of material non-public information for the purpose ofaffectingthevalueofexecutivecompensation.

Thepurposeoflong-termincentivecompensationistobuildshareownershipamongkeyemployeesandtocloselyaligntheinterestsofmanagementandshareholders by creating a long-term viewof performance and value creation. While the goal of the Committee is to provide long-term incentives thatcompriseasignificantportionoftheNamedExecutiveOfficers’totaldirectcompensation,duetothelimitednumberofsharesavailableunderthe2016IncentivePlanandtoensurerun-ratesaremaintainedatacceptablelevels,theCommitteewasunabletoprovidemarketcompetitivegrantstotheexecutiveofficers.

Therefore, onJune13, 2018, theCommitteeawardedtheNamedExecutiveOfficersacombinationofperformance-contingentshareunitsandrestrictedstockunitswiththegoalofmotivatinglong-termperformanceandshareholdervaluecreation,whileprovidingaretentionelement.Thetablebelowshowsthefiscalyear2019incentiveplanawardsgrantedtotheNamedExecutiveOfficers,alongwiththevalueoftheseawardsasofthedateofgrant:

FY2019 Long-Term Incentive Plan Awards

Name

Grant DateValue of

LTIP Awards (1)

Estimated Future Payouts Under the Performance - Contingent Awards Granted

6/13/2018 (2)

Restricted Share Units

Granted 6/13/2018

25% (#) 100% (#) 200% (#) (#) J.PieterSikkel $ 300,000 1,563 6,250 12,500 12,500JoelL.Thomas $ 150,000 781 3,125 6,250 6,250TracyG.Purvis $ 30,000 156 625 1,250 1,250WilliamL.O’Quinn,Jr. $ 90,000 469 1,875 3,750 3,750LauraD.Jones $ 30,000 156 625 1,250 1,250JoseMariaCostaGarcia $ 90,000 469 1,875 3,750 3,750BryanT.Mazur $ 90,000 469 1,875 3,750 3,750

(1) Thevalueasofthegrantdateisthenumberofperformance-contingentshareunitawardsattarget(100%)plusthenumberofrestrictedstockunitawardsmultipliedbytheclosingpriceonthedateofgrant.TheclosingpriceofPyxusInternational,Inc.commonstockonJune13,2018was$16.00pershare.

(2) Theactualnumberofsharesthatwillbeearnedattheendoftheperformanceperiod,ifany,cannotbedeterminedbecausethesharesearnedwillbebasedonfutureperformance.

Theperformance-contingent share unit awardsare earned basedon the three fiscal-year average adjusted earnings per share for the performance periodbeginning April 1, 2018 and ending March 31, 2021. Adjusted earnings per share is defined as the fully-diluted earnings per share ofCommonStock,adjustedtoexcludeextraordinarygainsandlosses,restructuringandimpairment,debtretirementexpenseandannualcashincentiveawardaccrualsundertheAIP.Theperformancelevelsareexpressedas“threshold,”“target,”and“maximum”andtheactualnumberofsharestobeearnedwillbecontingentuponthethreefiscal-yearaverageadjustedearningspershareasofMarch31,2021,with25%beingearnedatthethresholdlevel,100%beingearnedatthetargetlevelupto200%beingearnedatorabovethemaximumlevel.Ifthethree-yearaverageadjustedearningspershareasofMarch31,2021isbelowthethresholdlevel,noshareswillbeearnedandperformancebetweenthresholdandtargetorbetweentargetandmaximumwillbeinterpolatedbasedonactualperformance.

-28-

Table of Contents

Theperformancecriteriaaredesignedtoreflecttheprobabilityofsuccessandlevelofdifficultyformeetingthegoal.Thresholdwassetastheminimumlevelofperformanceabovewhichshareswillbeearnedorvestandrepresentsalevelofperformancethatislikelytobeachieved.Targetwassetbasedonalevel of performance that is more aggressive with an average chance of achievement and Maximum was set based on exceptional performance abovetargetedgoalswithahighdegreeofdifficultytoachieve.Thereisariskwithrespecttotheseawardsthatnoshareswillbeearnedorvestatallorwillbeearnedorvestatlessthan100%ofthetargetamount.Anyperformance-contingentshareunitawardsearnedwillbedeliveredinsharesofCommonStock.TheCommittee,initsdiscretion,maydecreasethenumberofperformanceshareunitawardsearnedinrecognitionofotherperformancefactorsthattheCommitteedeemsrelevant.

TherestrictedstockunitsgrantedJune13,2018ratablyvestone-thirdperyearoverthreeyearsafterthedateofgrantintheeventthattheexecutiveofficerisstillemployedbytheCompanyatthattime.Uponvesting,oneshareofcommonstockisdeliveredforeachvestedunit.Oncetherestrictedstockunitawardsvest, 100%ofthesharesearned/vested, net of taxes, must behelduntil theearlier of(a) June13,2021or(b) terminationof employment. Thisholdingperiodisintendedtofosterlong-termshareownership.InadditiontoprovidinganincentivetoincreasethevalueoftheCompany’scommonstock,theseunitsalsoprovidefortheretentionofexecutiveofficers.

On February 23, 2016 and August 15, 2016, the Company awarded performance-contingent share units to then executive and senior officers of theCompany.Theperformance-contingentshareunitawardswouldbeearnediftheCompanymetorexceededathresholdlevelofthethreefiscal-yearaverageadjustedearningspersharefortheperformanceperiodbeginningApril1,2016andendingMarch31,2019.Basedonthethreefiscal-yearaverageadjustedearnings per share for the performance period ending March 31, 2019, no shares vested under the performance-contingent share unit awards grantedFebruary23,2016andAugust12,2016,andalloftheperformance-contingentsharesunitawardsunderthesegrantdateswereforfeitedasofMarch31,2019,thelastdayoftheperformanceperiod.

StockOwnershipGuidelines

Inadditiontotheholdingperiodsdescribedabove,executiveofficersaresubjecttominimumstockownershipguidelinestoaligntheexecutive’sinterestswiththoseoftheshareholdersandstronglymotivateexecutivestobuildlong-termshareholdervalue.Theseexecutivestockownershipguidelinesrequirethe President and Chief Executive Officer to ownCompany stock with amarket value equal to or exceeding four (4) times his annual base salary andrequire the other Named Executive Officers to own Company stock with a market value equal to or exceeding two (2) times annual base salary. Fullcompliancewiththetargetownershipguidelinesmustbeachievedwithinthelateroffive(5)yearsofthedatetheseguidelineswereapprovedbytheBoard(June 16, 2014), or five (5) years fromthe date of the executive’s appointment or promotion into the respective position. Asof June16, 2019, Messrs.Sikkel, Thomas and O’Quinn have not met the threshold and the other Named Executive Officers are making progress towards reaching the thresholdestablishedbytheguidelines.ExecutiveswhodonotholdtherequisitenumberofCompanystockatanytimewillberequiredtohold100%ofanysharesreceivedasaresultofanyequityawardsgrantedtothem,netoftaxes.

PoliciesProhibitingHedgingandPledgingActivities

Asnotedintheproxysectionentitled“OwnershipofEquitySecurities”theCompanyhasadoptedpoliciesprohibitingexecutiveofficersfromengaginginanyhedgingormonetizationtransactionswithrespecttotheCompany’ssecurities,including,butnotlimitedto,throughtheuseoffinancialinstrumentssuchasexchangefunds,prepaidvariableforwards,equityswaps,puts,calls,collars,forwardsandotherderivativeinstruments,orthroughtheestablishmentofashortpositionintheCompany’ssecurities.Inaddition,theCompanyhadadoptedpoliciesprohibitingexecutiveofficersfrompledginganyCompanystock,includingwithoutlimitation,throughtheholdingoftheCompany’ssecuritiesinmarginaccounts.

ClawbackintheEventofProhibitedActivity

TheCompany’slong-termincentiveawardgrantagreementsincludearecoupmentor“clawback”provision.ThepurposeoftheclawbackprovisionistopermittheCommittee,initsdiscretion,tocancel,rescind,causetheforfeitureoforotherwiselimitorrestrictanyearnedorunearnedlong-termincentiveawards,andpotentiallytorecoverdamagesoradjustawards,intheeventtheCommitteedeterminesthataparticipantinthelong-termincentiveplanhasengagedindefinedprohibitedactivity,includingwithoutlimitationviolationoftheCompany’sCodeofBusinessConductand/oranylawthatinjuresordamagesthebusinessreputationorprospectsoftheCompany,orintentionalmisconductthatcausesormateriallycontributestoasubstantialrestatementoftheCompany’sfinancialstatements.

-29-

Table of Contents

OtherBenefitsandPerquisitesfortheNamedExecutiveOfficers

As part of its total compensation package, the Company provides Named Executive Officers with the same benefit package available to all salariedemployees. Thebenefitspackageincludesacashbalancepensionplan,whichwasfrozenasofDecember31,2015,andaqualified401(k)plan.NamedExecutiveOfficersparticipateintheseplansonthesametermsasothersalariedemployees.TheabilityofNamedExecutiveOfficerstoparticipatefullyintheseplansislimitedunderInternalRevenueCodeandERISArequirements.Assuch,eachoftheNamedExecutiveOfficersareparticipantsinthePyxusInternational,Inc.SupplementalRetirementAccountPlan(the“PYXSRAP”),anonqualifieddefinedcontributionpensionplan.

TheCompanyprovidesotherlimitedperquisiteswhicharegenerallyprovidedthroughtheCompany’srelocationandmobilitypolicies.Thesepoliciesareintended to facilitate the movement of company personnel around the globe to meet critical staffing needs and may allowforgross-upadjustmentsoncertain compensation and benefits provided under the policies. The Committee believes market-based relocation and international mobility policies areimportantforaninternationalcompanywithapresenceinover35countriesandemployeesthatarefrequentlyaskedtomovetootherlocations.

EmploymentandConsultingAgreements

EffectiveMarch1,2013,theCompanyenteredintoanemploymentagreementwithMr.SikkeltoprovidethetermsandconditionsofhisemploymentasPresident andChiefExecutiveOfficer. Thiscontract generallyaddressesMr. Sikkel’s roleandresponsibilities aswell ashisrights tocompensationandbenefits. This contract also contains termination provisions and related compensation in the event of a change in control, severance, and involuntarytermination. Mr. Sikkel’s contract is described below in greater detail under the section entitled “ Potential Payments Upon Termination orChange-in-Control-EmploymentAgreement.”

SeveranceAgreementsandChangeinControl(“CIC”)Policy

TheCompanydoesnot haveanychangeincontrol agreements, withtheexceptionof thosechange-in-controlprovisionsincludedascomponents oftheemploymentagreementwithMr.Sikkel.TheCommitteedoesnotcurrentlyintendtouseemploymentorchange-in-controlagreementsasacompensationtoolorbenefit,butmaydososhouldachangeinfactsandcircumstanceswarrantachangeinthispolicy.

Report of the Executive Compensation Committee

TheExecutiveCompensationCommitteehasreviewedanddiscussedtheforegoingCompensationDiscussionandAnalysis withmanagement. Basedonthisreviewanddiscussion,theExecutiveCompensationCommitteehasrecommendedtothefullBoardofDirectorsthattheCompensationDiscussionandAnalysisbeincludedinthisproxystatementandintheCompany’sAnnualReportonForm10-KforthefiscalyearendedMarch31,2019.

ExecutiveCompensationCommittee:

NigelG.Howard,ChairmanJeffreyA.EckmannC.RichardGreen,Jr.

-30-

Table of Contents

Executive Compensation Tables

ThefollowingtablesreflectthecompensationfortheNamedExecutiveOfficersduringthemostrecentfiscalyear.

SummaryCompensationTable Change in Pension Value and Nonqualified Non-Equity Deferred Stock Incentive Plan Compensation All Other Fiscal Salary Bonus (1) Awards (2) Compensation Earnings (3) Compensation (4) Total Name and Principal Position Year ($) ($) ($) ($) ($) ($) ($) J.PieterSikkel 2019 $700,000 — $300,000 $ 254,427 $ 156,000 $ 23,100 $1,433,526President,ChiefExecutive 2018 $642,000 — $220,313 $ 529,575 $ 68,379 $ 13,870 $1,474,137Officer 2017 $642,000 — $358,090 — $ 98,758 $ 14,044 $1,112,892

JoelL.Thomas 2019 $429,516 $80,000 $150,000 $ 117,082 $ 82,927 — $ 859,525ExecutiveVicePresident, 2018 $379,500 $50,000 $110,157 $ 234,783 $ 31,227 — $ 805,667ChiefFinancialOfficer 2017 $379,500 — $181,320 — $ 44,370 $ 316 $ 605,506

TracyG.Purvis(5) 2019 $284,176 $40,000 $ 30,000 $ 56,640 $ 65,726 $ 11,325 $ 487,866ExecutiveVicePresident, BusinessServices

WilliamL.O’Quinn,Jr. 2019 $335,000 $40,000 $ 90,000 $ 91,321 $ 74,283 $ 11,135 $ 641,739SeniorVicePresident,Chief 2018 $321,500 $25,000 $ 66,094 $ 198,900 $ 26,639 $ 10,850 $ 648,982LegalOfficerandSecretary 2017 $321,500 — $112,510 — $ 38,199 $ 10,810 $ 483,019

LauraD.Jones(6) 2019 $265,000 $40,000 $ 30,000 $ 48,159 $ 62,474 $ 11,225 $ 456,858SeniorVicePresident, HumanResources

JoseMariaCostaGarcia(7) 2019 $352,614 $40,000 $ 90,000 $ 96,119 $ 56,405 $ 72,256 $ 707,393ExecutiveVicePresident,Value 2018 $342,400 — $ 66,094 $ 211,830 $ 27,174 $ 10,850 $ 658,348AddedAgriculuralProducts 2017 $342,400 — $113,680 — $ 35,978 $ 18,479 $ 510,537

BryanT.Mazur(7) 2019 $350,000 $40,000 $ 90,000 $ 107,121 $ 28,957 $ 39,901 $ 655,979ExecutiveVicePresident, GlobalSpecialtyProducts (1) For fiscal year 2019, the Committee approved discretionary bonuses to Mr. Thomas, Ms. Purvis,Mr. O’Quinn, Ms. Jones, Mr. Costa Garcia and

Mr.Mazurfortheirleadershipandpersonalcontributionsindrivingthetransformationinitiativesandtheirextensiveworkrelatedtobuildingthenewbusinesses.TheamountsofthebonusesawardedweremadebasedonthesubjectivedeterminationoftheCommitteeafterassessingeachindividual’scontributionsduringtheyear.

(2) ReflectsthegrantdatefairvalueofawardsmadeinthefiscalyeardeterminedinaccordancewithASCTopic718.Valuesaboveindicatethegrantdate fair value for awards made during fiscal year 2018 of restricted stock units and performance-contingent share units, the grant date values ofwhich are based on the “target” levels for these awards. The grant date fair value of the performance-contingent share units calculated at themaximumpayoutlevelare$200,000forMr.Sikkel,$100,000forMr.Thomas,$20,000forMs.PurvisandJones,and$60,000foreachofMessrs.O’Quinn,CostaGarciaandMazur,whichwouldincreasetheaggregateamountsreportedunderthiscolumnto$400,000forMr.Sikkel,$200,000forMr. Thomas, $40,000 for Ms. Purvis and Jones, and $120,000 for each of Messrs. O’Quinn, Costa Garcia and Mazur. For a discussion of theassumptionsusedinthevaluationoftheseawards, seeNote11ofNotestoConsolidatedFinancial Statements includedintheCompany’sAnnualReportonForm10-KforthefiscalyearendedMarch31,2019.However,forthepurposeofthistable,thegrantdatefairvalueexcludestheeffectofestimatedforfeitures.

(3) Reflects the aggregate change in the actuarial present value of the Named Executive Officer’s accumulated pension benefits plus the Company’scontributionstotheNonqualifiedDeferredCompensationprograminfiscal years2019,2018and2017.Seethe“PensionBenefitsTable”andthe“NonqualifiedDeferredCompensationTable”for additional information. None of the NamedExecutive Officers earned above-market returns ondeferredcompensationduringfiscalyears2019,2018or2017,respectively.

-31-

Table of Contents

(4) Thefollowingtablelistsallamountsincludedinthe“AllOtherCompensation”columnoftheSummaryCompensationTableforfiscalyear2019:

Name

401(k) CompanyMatch (a)

RelocationExpenses

(b) Tax Reimbursement

Payments (c)

Other Perquisites

or Payments

(d) Total J.PieterSikkel $ 11,580 $ 9,170 — $ 2,350 $23,100JoelL.Thomas — — — — —TracyG.Purvis $ 11,325 — — — $11,325WilliamL.O’Quinn,Jr. $ 11,135 — — — $11,135LauraD.Jones $ 11,225 — — — $11,225JoseMariaCostaGarcia $ 12,277 $ 50,256 $ 8,847 $ 875 $72,256BryanT.Mazur $ 13,333 — — $ 26,568 $39,901

(a) CompanymatchingcontributionsallocatedtotheNamedExecutiveOfficeraccountpursuanttothePyxusSavingsandProfitSharingPlan.

(b) ForMr.Sikkel,reflectsimmigrationservicespaidtooronbehalfofMr.Sikkel.

ForMr.CostaGarcia,reflectstherelocationallowanceintheamountof$36,451andhousingallowanceof$13,805paidtoMr.CostaGarciaasprovidedintheCompany’sinternationalmobilitypoliciesrelatingtohisassignmenttoMalawithatbeganJanuary1,2019.

(c) ReflectsthetaxgrossuponhousingprovidedtoMr.CostaGarcia,asprovidedintheCompany’sinternationalmobilitypolicies,relatingtohisinternationalassignmenttoMalawithatbeganJanuary1,2019.

(d) ReflectsthepaymentoftaxpreparationservicespaidonbehalfofMessrs.SikkelandCostaGarcia.

Reflectsthepaymentoftemporaryhousingintheamountof$7,946,airfareintheamountof$16,760andcarrentals/taxisintheamountof$1,862paidtoMr.MazurrelatingtohiscommutingfromhisresidenceinTexastotheCompany’sofficeinNorthCarolina.

(5) Ms.PurviswaspromotedtoSeniorVicePresident,BusinessServicesonSeptember12,2018andwasnamedasanexecutiveofficeroftheCompanyeffectiveNovember15,2018.OnFebruary1,2019,shewaspromotedtoExecutiveVicePresident,BusinessServices.

(6) Ms.JoneswaspromotedtoSeniorVicePresident,HumanResourcesonSeptember12,2018andwasnamedasanexecutiveofficeroftheCompanyeffectiveNovember15,2018.

(7) Asaresultofare-allocationofexecutiveresponsibilitiesinconnectionwithchangesintheCompany’sinternalorganizationalstructureeffectiveonSeptember 12, 2018, Messrs. Costa Garcia and Mazur ceased to be executive officers of the Company. Messrs. Costa Garcia and Mazur serve asExecutiveVicePresidentsoftheValueAddedAgriculturalProductsandGlobalSpecialtyProductsbusinessunits,respectively.

-32-

Table of Contents

GrantsofPlan-BasedAwardsTable

Thefollowingtableprovidesinformationregardinggrantsofplan-basedawardstotheNamedExecutiveOfficersinfiscalyear2019.

Grants of Plan Based Awards for FY2019

Grant Date

Estimated Future Payouts Under Non- Equity Incentive Plan Awards (1)

Estimated Future Payouts Under Equity Incentive Plan Awards (2)

All Other Stock Awards:

Number of Shares of Stock

or Units (3)

Grant DateFair Value

of Stock Awards (4)

Name Threshold ($) Target ($) Maximum ($) Threshold (#) Target (#) Maximum (#) (#) ($) J.PieterSikkel 4/1/2018 $ 0 $642,000 $ 1,284,000 — — — — —

6/20/2018 — — — — — — 12,500 $ 200,000 6/20/2018 — — — 1,563 6,250 12,500 — $ 100,000

JoelL.Thomas 4/1/2018 $ 0 $284,625 $ 569,250 — — — — — 6/20/2018 — — — — — — 6,250 $ 100,000 6/20/2018 — — — 781 3,125 6,250 — $ 50,000

TracyG.Purvis 4/1/2018 $ 0 $241,125 $ 482,250 — — — — — 6/20/2018 — — — — — — 1,250 $ 20,000 6/20/2018 — — — 156 625 1,250 — $ 10,000

WilliamL.O’Quinn,Jr. 4/1/2018 $ 0 $256,800 $ 513,600 — — — — — 6/20/2018 — — — — — — 3,750 $ 60,000 6/20/2018 — — — 469 1,875 3,750 — $ 30,000

LauraD.Jones 4/1/2018 $ 0 $256,800 $ 513,600 — — — — — 6/20/2018 — — — — — — 1,250 $ 20,000 6/20/2018 — — — 156 625 1,250 — $ 10,000

JoseMariaCostaGarcia 4/1/2018 $ 0 $256,800 $ 513,600 — — — — — 6/20/2018 — — — — — — 3,750 $ 60,000 6/20/2018 — — — 469 1,875 3,750 — $ 30,000

BryanT.Mazur 4/1/2018 $ 0 $241,125 $ 482,250 — — — — — 6/20/2018 — — — — — — 3,750 $ 60,000 6/20/2018 — — — 469 1,875 3,750 — $ 30,000

(1) Theamountsinthethreshold,targetandmaximumcolumnsrepresentthepotentialamountsthatwerepayablebasedontheAIP,orforMr.Mazur,GSP AIP, targets and goals approved by the Committee. See the section entitled “CompensationDiscussion and Analysis—Incentives—AnnualIncentives”foradditionalinformation.

(2) Thiscolumnrepresentstheperformance-contingentshareunitsgrantedtoeachNamedExecutiveOfficer.Theamountsinthethreshold,targetandmaximumcolumnsrepresentthepotentialnumberofsharesthatmaybeearnedorthatmayvestifcertaincompany-wideperformancecriteriaaremetat the end of the performance period. See the section entitled “ Compensation Discussion and Analysis—Incentives—Long-Term IncentiveCompensation”foradditionalinformation.

(3) This column represents restricted stock units grated to each Named Executive Officer. See note 1 to the “ Summary Compensation Table ” forinformationregardingthecalculationofgrantdatefairvalueandthesectionentitled“CompensationDiscussionandAnalysis–Incentives–Long-TermIncentiveCompensation”foradditionalinformation.

(4) TheamountsinthiscolumnreflectthegrantdatefairvalueunderASCTopic718ofrespectiveawardsofperformance-contingentshareunitsandrestrictedsharesunits.Forawardsofperformance-contingentshareunits,theamountsshownarebasedonthe“target”leveloftheseawards.

-33-

Table of Contents

OutstandingEquityAwardsatFiscalYear-EndTable

Thefollowingtablepresents informationregardingunexercisedstockoptionsandgrantedbut unvestedrestrictedstockunit andperformance-contingentshareunitawardsheldbytheNamedExecutiveOfficersatMarch31,2019:

Outstanding Equity Awards at Fiscal Year-End Option Awards Stock Awards

Name

Number of Securities

Underlying Unexercised

Options (#)

Exercisable

Number of Securities

Underlying Unexercised

Options (#)

Unexercisable

Option Exercise

Price ($)

Option Expiration

Date

Number of Shares or

Units of Stockthat Have Not

Vested (#)

Market Value of

Shares or Units of

Stock thatHave Not Vested (1)

($)

Equity Incentive Plan

Awards: Number of Unearned

Shares, Units or Other

Rights that Have Not

Vested (#)

Equity Incentive Plan

Awards: Market or

Payout Value ofUnearned

Shares, Units orOther Rights that Have Not

Vested (1) ($)

J.PieterSikkel 50,000 — $ 60.00 3/24/2021 50,000 — $ 60.00 4/17/2022 4,167(2) $ 99,550 643(3) $ 15,361 8,333(4) $199,075 12,500(5) $298,625 6,250(6) $ 149,313 6,250(7) $ 149,313

JoelL.Thomas 4,000 — $ 60.00 3/24/2021 4,000 — $ 60.00 4/17/2022 2,083(2) $ 49,763 380(3) $ 9,078 4,166(4) $ 99,526 6,250(5) $149,313 3,125(6) $ 74,656 3,125(7) $ 74,656

TracyG.Purvis 417(2) $ 9,962 250(3) $ 5,973 833(4) $ 19,900 1,250(5) $ 29,863 625(6) $ 14,931 625(7) $ 14,931

WilliamL.O’Quinn,Jr. 10,000 — $ 60.00 3/24/2021 10,000 — $ 60.00 4/17/2022 1,250(2) $ 29,863 323(3) $ 7,716 2,500(4) $ 59,725 3,750(5) $ 89,588 1,875(6) $ 44,794 1,875(7) $ 44,794

LauraD.Jones 417(2) $ 9,962 250(3) $ 5,973 833(4) $ 19,900 1,250(5) $ 29,863 625(6) $ 14,931 625(7) $ 14,931

JoseMariaCostaGarcia 10,000 — $ 60.00 3/24/2021 10,000 — $ 60.00 4/17/2022 1,250(2) $ 29,863 353(3) $ 8,433 2,500(4) $ 59,725 3,750(5) $ 89,588 1,875(6) $ 44,794 1,875(7) $ 44,794

BryanT.Mazur 3,750(5) $ 89,588 1,875(7) $ 44,794

-34-

Table of Contents

(1) ThemarketvalueofstockawardsisbasedontheclosingpriceoftheCompany’scommonstockonMarch29,2019,thelasttradingdayofthefiscalyear,whichwas$23.89pershare.

(2) RestrictedstockunitsgrantedAugust15,2016.Awardsvestratablyone-thirdperyearoneachofthefirst,secondandthirdanniversariesofthegrantdate.

(3) RestrictedstockunitsgrantedMarch22,2017.Awardsvestratablyone-thirdperyearoneachofthefirst,secondandthirdanniversariesofthegrantdate.

(4) RestrictedstockunitsgrantedJune13,2017.Awardsvestratablyone-thirdperyearoneachofthefirst,secondandthirdanniversariesofthegrantdate.

(5) RestrictedstockunitsgrantedJune13,2018.Awardsvestratablyone-thirdperyearoneachofthefirst,secondandthirdanniversariesofthegrantdate.

(6) Performance-contingentshareunitawardsgrantedonJune13,2017.Thetotalnumberofsharestobeearnedundertheawardwillbedeterminedatthecompletionoftheperformanceperiodsundertheaward.Forpurposesofthenumberofsharestobereported,aswellasforpurposesofcomputingthe market value of the award, we have assumed that target performance is achieved. For additional information see the section entitled“CompensationDiscussionandAnalysis–Incentives–Long-TermIncentiveCompensation”andthe“GrantsofPlan-BasedAwardsTable.”

(7) Performance-contingentshareunitawardsgrantedonJune13,2018.Thetotalnumberofsharestobeearnedundertheawardwillbedeterminedatthecompletionoftheperformanceperiodsundertheaward.Forpurposesofthenumberofsharestobereported,aswellasforpurposesofcomputingthe market value of the award, we have assumed that target performance is achieved. For additional information see the section entitled“CompensationDiscussionandAnalysis–Incentives–Long-TermIncentiveCompensation”andthe“GrantsofPlan-BasedAwardsTable.”

OptionExercisesandStockVestedTable

Thefollowingtable summarizes informationfor theNamedExecutiveOfficers withrespect to stockoptionexercises andthevestingofrestrictedstockunitsforfiscalyear2019.

Option Exercises and Stock Vested Option Awards Stock Awards (1)

Name

Number of Shares

Acquired onExercise (#)

Value Realized onExercise ($)

Number of Shares

Acquired onVesting (#)

Value Realizedon Vesting ($)

(2) J.PieterSikkel — — 12,193 $ 243,870JoelL.Thomas — — 6,597 $ 134,657TracyG.Purvis — — 1,417 $ 35,849WilliamL.O’Quinn,Jr. — — 4,406 $ 92,297LauraD.Jones — — 1,417 $ 35,849JoseMariaCostaGarcia — — 4,436 $ 93,132BryanT.Mazur — — — —

(1) Restrictedstockunitvestinganddollarvaluesreflectamountsonapre-taxbasis.Theplansunderwhichtherestrictedstockunitsweregrantedpermit

thewithholdingofsharesuponvestingtopayapplicableincometaxes.(2) CalculatedbymultiplyingthenumberofsharesvestingbytheclosingpriceoftheCompany’scommonstockonthedateofvesting.

-35-

Table of Contents

NonqualifiedDeferredCompensationTable

ThefollowingtablepresentsinformationontheCompany’sdeferredcompensationprogram,whichprovidesforthedeferralofcompensationearnedbytheNamedExecutiveOfficersonabasisthatisnottaxqualified,asofMarch31,2019.

Nonqualified Deferred Compensation (1)

Name

Executive Contributions in

Last FY ($)

Registrant Contributions in

Last FY ($)

Aggregate Earnings in Last

FY ($) (2)

Aggregate Withdrawals/Distributions

($)

Aggregate Balance at Last

FYE ($) J.PieterSikkel — $ 122,958 $ 22,776 — $ 774,898JoelL.Thomas — $ 53,571 $ 3,806 — $ 162,509TracyG.Purvis — $ 26,104 $ 1,005 — $ 54,867WilliamL.O’Quinn,Jr. — $ 41,918 $ 5,395 — $ 196,356LauraD.Jones — $ 24,866 $ 1,005 — $ 53,629JoseMariaCostaGarcia — $ 42,332 $ 7,621 — $ 260,492BryanT.Mazur — $ 28,957 $ 158 — $ 33,490(1) Duringfiscalyear2019,theNamedExecutiveOfficerswereparticipantsinthePYXSRAP,establishedApril1,2007.ThePlanisanon-qualified

definedcontributionsupplementalretirementplanestablishedtoprovidedeferredcompensationforaselectgroupofmanagement.BenefitsunderthePYXSRAParebasedonahypothetical bookkeepingaccountestablishedforeachparticipant. Eachfiscal year, paycreditsandinterest credits areaddedtotheaccount.Thepaycreditisequaltoaspecifiedpercentageofbasesalary,bonusandannualincentivecompensationpaidtotheparticipantduringthefiscalyear.Forfiscalyear2019,thepaycreditforMr.Sikkelwas10%andforMessrs.Thomas,O’Quinn,CostaGarciaandMazurwas7.5%. Ms. Purvis and Jones received pay credits of 5% from April 1, 2018 until August 31, 2108 and 7.5% from September 1, 2018 throughMarch31,2019basedontheirpromotionsonSeptember12,2018.TheinterestcrediteachfiscalyearisequaltothebeginningaccountbalancetimestheMoody’sAaCorporateBondYieldAverageasofthebeginningofthefiscalyear.However,theinterestcreditingratecannotexceed120%oftheapplicable federal long-term rate prescribed by the Secretary of Treasury for the firstmonth of the fiscal year. For fiscal year 2019, the interestcreditingratewas3.62%.

EachparticipantbecomesvestedinhisPYXSRAPbenefitafterfiveyearsofservice,whetherornottheserviceisconsecutive.EachoftheNamedExecutiveOfficers,withtheexceptionofMr.Mazur,isvestedinthePYXSRAPbenefit. However,aparticipantwhoisterminatedforcausewillforfeit any benefits otherwise payable under the PYX SRAP. Participants must also comply with a non-compete following termination ofemployment.Aparticipantwhoviolatesthenon-competewillforfeitallbenefitsunderthePYXSRAP.However,thenon-competeprovisionwillnotapplyafterachangeincontrol,asdefinedinthePYXSRAP.

Vested benefits are payable in 120 equal monthly installments starting in the seventh month following separation from service, unless the finalaccountbalanceislessthan$100,000,inwhichcasethebenefitwillbepayableinalump-sum.ThemonthlyinstallmentamountisbasedonthefinalaccountbalanceplusinterestatthePYXSRAP’sapplicableinterestcreditingratefortheyear.Iftheparticipantdies,unpaidinstallmentsarepayabletotheparticipant’sdesignatedbeneficiary.

Aggregateearningsinthelast fiscal yeararenotincludedinthecompensationreportedforfiscal year2019intheSummaryCompensationTableincludedelsewhereinthisproxystatement.

(2) NoneoftheNamedExecutiveOfficersearnedabove-marketreturnsondeferredcompensationduringfiscalyear2019.

-36-

Table of Contents

PensionBenefitsTable

The following table presents information as of March 31, 2019 concerning the Pyxus International, Inc. Pension Plan (the “PYX Pension Plan”), theCompany’s defined benefit pension plan that provide for payments to be made to the Named Executive Officers at, following or in connection withretirement.

Pension Benefits

Name(a)

Plan Name(b)

Number of YearsCredited Service

(#) (c )

Present Value ofAccumulated Benefit ($) (1)

(d)

Payments During Last

Fiscal Year ($)(e)

J.PieterSikkel PYXPensionPlan(2) 8.83 $ 188,625 —JoelL.Thomas PYXPensionPlan(2) 10.25 $ 141,356 —TracyG.Purvis PYXPensionPlan(2) 25.00 $ 260,138 —WilliamL.O’Quinn,Jr. PYXPensionPlan(2) 10.67 $ 141,261 —LauraD.Jones PYXPensionPlan(2) 16.92 $ 173,325 —JoseMariaCostaGarcia PYXPensionPlan(2) 3.67 $ 72,467 —BryanT.Mazur(3) — — — —

(1) Pension benefits shown in the above table were determined using the methodology and material assumptions described in Note 13 of Notes to

ConsolidatedFinancialStatementsincludedintheCompany’sAnnualReportonForm10-KforthefiscalyearendedMarch31,2019.(2) PresentvaluesforthePYXPensionPlanhavebeendeterminedbyassumingaretirementageof65(thenormalretirementagespecifiedinthePYX

PensionPlan).(3) Mr.MazurisnotaparticipantinanypensionplanwiththeCompany.

Plan Summary/Provisions

Asof December 31, 2015, the PYXPension Plan was amended to close the plan to newparticipants and to freeze the plan by eliminating all notionalretirementcreditsundertheplanbeginningJanuary1,2016.Theparticipant’snotionalaccountbalanceiscreditedwithannualinterestcredits.TheannualinterestcreditingrateforeachcalendaryearisequaltotheaverageratepaidonOneYearTreasuryConstantMaturityBondsforthemonthofNovemberintheprecedingyear,plus1%,providedthattheinterestcreditingrateisnotlessthan3%.Theinterestcreditingrateforcalendaryear2018is3.00%.

PriortoJanuary1,2016,thePYXPensionPlancoveredallfull-time,salariedemployeesoftheCompanyanditssubsidiarieswhohadcompleted30daysofemployment.BenefitsearnedunderthePYXPensionPlanvestafterthreeyearsofservicewithatleastonehourofserviceonorafterJanuary1,2008oruponattainingage65whileactivelyemployed.

Aterminatedparticipantmayelecttoreceivetheactuariallyequivalentvalueofhisorhervestedaccruedbenefitintheformofalumpsumpaymentoranimmediateordeferredannuitycommencingatanytimefollowingterminationofemployment.

ThePYXPensionPlanpreservescertainearlyretirementrightsforparticipantswhosebenefitsincludebenefitsearnedunderpensionplansmergedintothePYXPensionPlan.TheseprovisionswillnothaveamaterialeffectonbenefitpaymentsforanyoftheNamedExecutiveOfficers.AsofMarch31,2019,Mr. Sikkel and Ms. Purvis were eligible for early retirement and Messrs. Thomas, O’Quinn, Costa Garcia and Ms. Jones were not eligible for earlyretirement.

-37-

Table of Contents

Potential Payments Upon Termination or Change-in-Control

The following table presents the information on certain potential payments and benefits the Named Executive Officers would be entitled to receive onaccountoftheirterminationofemployment,assumingthattheiremploymenthadbeenterminatedonMarch31,2019underthelistedscenarios.

Thetableincludesthevalueofterminationbenefitspayableunderemploymentagreementsandnonvestedequityawards.Exceptasspecificallynoted,thetabledoesnotincludethevalueofbenefitspayableunderthePYXPensionPlanorgroupinsuranceprograms,orbenefitsthatmightberealizedupontheNamedExecutiveOfficers’exerciseofequityawardsthatwerevestedasofMarch31,2019. Termination Scenario Voluntary Termination Termination following Involuntary Involuntary without Good Change-in- Termination Termination Name Benefit Reason Disabilty Death Control (1) with Cause without Cause

(2) J. Pieter Sikkel

SeveranceorSalaryContinuationPayments(3) — $ 700,035 — $1,400,000 — $ 1,400,000

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 612,611 $612,611 $ 612,611 — —

Performance-ContingentShareUnits(6) — $ 149,040 $149,040 $ 298,625 — —

WelfareBenefits(7) — $ 31,554 — $ 42,072 — $ 42,072

— $1,493,240 $761,651 $2,353,308 — $ 1,442,072

Joel L. ThomasSeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 307,679 $307,679 $ 307,679 — —

Performance-ContingentShareUnits(6) — $ 74,520 $ 74,520 $ 149,313 — —

WelfareBenefits(7) — — — — — —

— $ 382,199 $382,199 $ 456,992 — —

Tracy G. PurvisSeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 65,698 $ 65,698 $ 65,698 — —

Performance-ContingentShareUnits(6) — $ 14,904 $ 14,904 $ 29,863 — —

WelfareBenefits(7) — — — — — —

— $ 80,601 $ 80,601 $ 95,560 — —

William L. O’Quinn, Jr.SeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 186,891 $186,891 $ 186,891 — —

Performance-ContingentShareUnits(6) — $ 44,712 $ 44,712 $ 89,588 — —

WelfareBenefits(7) — — — — — —

— $ 231,603 $231,603 $ 276,479 — —

Laura D. JonesSeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 65,698 $ 65,698 $ 65,698 — —

Performance-ContingentShareUnits(6) — $ 14,904 $ 14,904 $ 29,863 — —

WelfareBenefits(7) — — — — — —

— $ 80,601 $ 80,601 $ 95,560 — — Jose Maria Costa Garcia

SeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 187,608 $187,608 $ 187,608 — —

Performance-ContingentShareUnits(6) — $ 44,712 $ 44,712 $ 89,588 — —

WelfareBenefits(7) — — — — — —

— $ 232,320 $232,320 $ 277,196 — —

Brian T. MazurSeveranceorSalaryContinuationPayments — — — — — —

StockOptions(4) — — — — — —RestrictedShareUnits(5) — $ 89,588 $ 89,588 $ 89,588 — —

Performance-ContingentShareUnits(6) — $ 14,890 $ 14,890 $ 44,794 — —

WelfareBenefits(7) — — — — — —

— $ 104,478 $104,478 $ 134,381 — —

(1) AmountsshowninthiscolumnrepresentbenefitspayableintheeventoftheNamedExecutiveOfficer’sterminationfollowingachangeincontrol,

providedthattheterminationiseitheravoluntaryterminationbytheNamedExecutiveOfficerforgoodreason,oraninvoluntaryterminationbytheCompanywithoutcause.

(2) Amountsreflectbenefitspayableintheabsenceofachangeincontrol.

-38-

Table of Contents

(3) TheseverancebenefitshownforMr.SikkelunderDisabilityisequaltotwo-thirdsofhisbasesalaryineffectonMarch31,2019for18months.Theseverancebenefit shownforTerminationfollowingChange-in-ControlandInvoluntaryTerminationwithout Causeis basedontwotimeshis basesalaryineffectonMarch31,2019.

(4) StockoptionvaluesareestimatedbasedontheclosingpriceoftheCompany’scommonstockonMarch29,2019,thelasttradingdayofthefiscalyear. Upona NamedExecutive Officer’s termination of employment (other than a for cause termination by the Company), for Disability or aftersatisfyingtheeligibilityrequirementsforretirementunderthePYXPensionPlan,theoptionsgrantedMarch24,2011andApril17,2012shallvestimmediatelyasdetailedinthegrantagreements.However,becausetheclosingpriceoftheCompany’scommonstockonMarch29,2019waslessthanthe$60.00exerciseprice,novalueisincludedinthetable.

(5) RestrictedstockunitvaluesareestimatedbasedontheclosingpriceoftheCompany’scommonstockonMarch29,2019,thelasttradingdayofthefiscal year. Upon death or disability, all restricted stock unit awards become immediately vested in accordance with the provisions of the grantagreements. Upon a change-in-control, per the provisions of the 2007 Incentive Plan and the 2016 Incentive Plan, the Committee, in its solediscretion,mayprovideforthevestingoftherestrictedstockunitawards.Therefore,wehaveassumedforthepurposesofpresentationinthistablethattherestrictedshareawardswillvestuponterminationfollowingachangeincontrol.

(6) Performance-contingent share unit values are estimated based on the closing price of the Company’s common stock on March 29, 2019, the lasttradingdayofthefiscalyear.Uponterminationduetodisabilityordeath,theperformancelevelfortheperformanceperiodwillbedeemedtoequaltarget and the number of performance-contingent share units will be deemed to have vested on the date of such termination. The number ofperformance-contingentshareunitsvestedwillequalapro-ratedportionofthenumberofperformance-contingentshareunitsgrantedbasedontheratioofthenumberofdaysduringtheperformanceperiodtheparticipant remainedinthecontinuousemployoftheCompanythroughthedateofdisabilityordeathtothetotalnumberofdaysintheperformanceperiod.Anyremainingperformance-contingentshareunitsshallbeforfeited.Uponinvoluntaryterminationwithoutcause,theperformancelevelsandtheperformanceperiodwillremainunchanged.Anyperformance-contingentshareunitsthatvestattheendoftheperformanceperiodwillbeproratedbasedontheratioofthenumberofdaysduringtheperformanceperiodthattheparticipantremainedinthecontinuousemployoftheCompanythroughthedateofsuchinvoluntaryterminationtothetotalnumberofdaysintheperformanceperiod.Anyremainingperformance-contingentshareunitsshallbeforfeited.Uponachange-in-control,pertheprovisionsofthe2007IncentivePlanandthe2016IncentivePlan,theCommittee,initssolediscretion,mayprovideforthevestingoftheperformance-contingentshareunitawards. Wehaveassumedfor thepurposesof presentationinthis table that theawardswill vest at targetuponterminationfollowingachangeincontrol.

(7) Amounts shown for welfare benefits reflect the value of the Company’s obligation to provide post-termination coverage under the Company’semployeewelfarebenefitplans,totheextentsuchcoverageisnotmadeavailablegenerallytoallsalariedemployeesonanondiscriminatorybasis.

Mr.Sikkel’semploymentagreemententitleshimtoahealthcarecoveragebenefitfor24monthsfollowingterminationinwhichtheCompanywillreimburseMr.SikkelforuptoeighteenmonthstotheextentthatthecostofhismonthlypremiumsforcoverageunderCOBRAexceedstheshareofthemonthlypremiumshewaspayingtoparticipateintheactivehealthcarecoverageatthetimeoftermination.OncetheeighteenmonthsofCOBRAcoverage is exhausted, the Companywill reimburse Mr. Sikkel for the costs of his monthly premiumsfor replacement health insurance coverage,providedthatsuchreimbursementsdonotexceedtheamountbeingreimbursedatthetimehisrighttocoverageunderCOBRAends.ThisbenefitwillceaseatsuchtimeMr.Sikkelbecomeseligibleforhealthcarecoveragethroughasubsequentemployer.

Employment Agreement

OnFebruary5,2013,theCompanyenteredintoanemploymentagreementwithMr.SikkelwhichwaseffectiveasofMarch1,2013andwhichcontainsprovisions relating to termination for cause, termination due to disability, termination other than cause and termination for good reason following achange-in-controlof theCompany. Mr. Sikkel’s employment agreement hasaninitial termexpiringthreeyears after theeffective dateandis subject toautomaticannualrenewalsthereafterabsentnoticeofnon-renewaldeliveredbyeithertheCompanyorMr.Sikkelatleast90dayspriortothescheduledexpiration.IfMr.Sikkel’semploymentisterminatedbytheCompanywithoutcause,ifMr.SikkelresignshisemploymentforgoodreasonorMr.Sikkelresignsforachange-in-controlgoodreasonwithintwelvemonthsafterachange-in-controloftheCompany,hewillbeentitledtoreceiveseveranceequaltotwotimeshisannualbasesalarypayablein24monthlyinstallments.Inadditiontoseverancepayments,inconnectionwithaterminationofemploymentasdescribed above, Mr. Sikkel is entitled to health care coverage benefits for up to two years following termination and payment of up to $25,000 foroutplacementservices.IfMr.Sikkel’semploymentisterminatedbecauseofdisability,heisentitledtoreceivepaymentsfor18monthsattwo-thirdsofhisannualbasesalaryattimeoftermination.IfMr.Sikkel’semploymentisterminatedbytheCompanywithcauseorheseparatesfromemploymentforanyreasonotherthangoodreasonorfollowingachange-in-control,theCompanyisobligatedtopaycompensationandbenefitsonlytothedateofterminationor separation. “Good reason” is defined to include any of the following events occurring within ninety-five days prior to separation of employment:Mr. Sikkel’s base salary is reduced more than fifteen percent unless the reduction is part of and at the same percentage as an across-the-boardsalaryreductionforPyxus’seniormanagement,Pyxusfailstoperformanymaterialobligationorbreachesanymaterialprovisionoftheemploymentagreement,or Mr. Sikkel is not re-electedto the position of President andChief Executive Officer; and, Mr. Sikkel resigns in writing within thirty days after sucheventsarise.

-39-

Table of Contents

Mr.Sikkel’sagreementalsocontainsaworld-widenon-competitionprovisionfortwelvemonthsfollowingaterminationorseparationofemployment.Inaddition,heissubjecttoaprohibitiononsolicitationoftheCompany’semployees,customersandvendors,foraperiodoftwenty-fourmonthsafteranyterminationorseparationofemployment.

CEO Pay Ratio

AsrequiredbySection953(b)oftheDodd-FrankWallStreetReformandConsumerProtectionAct,andItem402(u)ofRegulationS-K,weareprovidingthefollowinginformationabouttherelationshipoftheannualtotalcompensationofouremployeesandtheannualtotalcompensationofJ.PieterSikkel,ourPresidentandChiefExecutiveOfficer(“CEO”).

SECrulesdonotprescribeaparticularmethodforidentifyingthemedian-compensatedemployeeandpermitcompaniestousereasonablemethodologiesfordeterminingthemedian-compensatedemployeeforthebasisofpresentingthisratio.SECrulesrequireacompanytoidentifythemedian-compensatedemployeeonlyonceeverythreeyears,absentmaterialchangestotheemployeepopulationduringthatperiod.Becausethecompositionofouremployeepopulationchangedfrom2018andthenumberofemployeessignificantlyincreasedduetothenewbusinessesacquiredaswellasanincreaseinseasonalheadcountasofJanuary1,2019,wedeterminedthe2019medianemployeewouldbesignificantlydifferentfromthe2018identifiedmedianemployee.

AsofJanuary1,2019,ouremployeepopulationconsistedofapproximately8,378individualsworkingatourparentcompanyandconsolidatedsubsidiaries.Weincludedallemployees,whetheremployedonafull-time,part-time,temporary,orseasonalbasis.AsallowedbySECrules,weappliedthedeminimisexceptionandexcluded405individuals,representingallemployeesinthecountriesofMacedonia(366employees),Myanmar(29employees),andVietnam(10 employees). Our employee population, after taking into consideration the adjustments permitted by SEC rules, consisted of approximately 7,973individuals.

We determined the median employee by using a consistently applied compensation measure of total annual taxable compensation paid to our globalemployeepopulation, otherthanourCEO.Wedefine“total taxablecompensation”asthecompensationreportedtolocal taxauthorities foryearendingDecember31,2018,whichgiventhegeographicaldistributionofouremployeepopulationincludesavarietyofpayelementsbasedonlocaltaxregulations.Consistent withour compensation philosophy, all global employees are compensatedbasedupontheir local market as reviewedonanannual basis. Forpurposesofthepayratio,thetotaltaxablecompensationwasconvertedtoU.S.dollarsusinganaverageofthemonthlyexchangeratesforthetaxyeartodeterminethemedianemployee.

WhencalculatingtheAnnualTotalCompensation,weusedtheamountreportedinthe“Total”columnofthe“SummaryCompensationTable”sectionfortheCEOandthetotalcompensationofthemedianemployeecalculatedonthesamebasis.

For2019,ourratiowasestimatedasfollows:

Annual Total CompensationCEO $ 1,433,526MedianEmployee $ 5,268CEOPayRatio 272:1

Thispayratioisareasonableestimatecalculatedingoodfaith,basedonourpayrollandemploymentrecordsandthemethodologydescribedabove.Ouremployeesarelocatedinalmostthirtydifferentcountriesacrosstheglobewithdiversecultures,economiesandpayscales.WhileourCEOisbasedintheUS,approximately76%ofouremployeesworkoutsideoftheUS,wherepaystructuresdiffergreatlyfromthoseintheUS.Assuch,thepayratiosreportedby other companies will be difficult to compare the pay ratio set forth above as other companies may have different employment and compensationpractices, have a different geographic footprint and utilize different methodologies, exclusions, estimates and assumptions in calculating their own payratios.

-40-

Table of Contents

PROPOSAL FOURAPPROVAL OF AMENDMENT AND RESTATEMENT OF THE 2016 INCENTIVE PLAN

TheBoardofDirectorsissubmittingaproposalforapprovalbytheshareholdersoftheamendmentandrestatementoftheCompany’s2016IncentivePlan(the “Incentive Plan”). Based upon the recommendation of the Executive Compensation Committee, the Board of Directors unanimously adopted theproposed amendment and restatement of the Incentive Plan, subject to shareholder approval at the annual meeting. The Incentive Plan is our only planpursuanttowhichawardsofequitycompensationmaycurrentlybegranted.

TheBoardbelievesthatlong-term,predominantlyequity-basedincentivesremaincriticaltoattracting,motivating,andretainingtheleveloftalentneededto successfully manage the Company and create shareholder value. The Board further believes that the proposed amendment and restatement of theIncentivePlanprovidesuswitharangeofequityincentivetoolsandsufficientflexibilitytopermitustomakeeffectiveuseoftheshare-basedawardsourshareholdersauthorizeforincentivepurposes.

Thepurposesoftheproposedamendmentandrestatementare:

• ToincreasethenumberofsharesofcommonstockauthorizedtobeissuedundertheIncentivePlanby900,000shares;

• ToreflectthechangeintheCompany’snameto“PyxusInternational,Inc.”;

• To delete provisions included in the Incentive Plan to permit awards to qualify for the performance-based exception to the $1 million

deductibilitylimitationunderSection162(m)oftheInternalRevenueCode(the“Code”)inlightoftheeliminationoftheperformance-basedexceptioninthe2017taxreformact;

• To provide that any new awards treatment upon a change in control of the Company shall be determined by the ExecutiveCompensationCommittee;

• Toprovidethat newawards of options, stockappreciation rights, stockunits, performance shares and incentiveawardsmaynot includetherighttoreceivedividendequivalentpayments;

• ToclarifythatsharespurchasedbytheCompanyfromtheproceedsofanexerciseofanawardarenotaddedtothenumberofsharesavailableforgrant;and

• Toprovideforminimumperformanceandvestingperiodsforawards.

Changes Effected by the Proposed Amendment and Restatement

ThefollowingsummarizesthechangestotheIncentivePlanthatwillbeeffectedbytheproposedamendmentandrestatement:

IncreaseinSharesAuthorizedtobeIssued.TheIncentivePlanwasapprovedbytheshareholdersonAugust11,2016andreplacedtheCompany’sthen-existing equity incentive plan, the Amended and Restated Alliance One International, Inc. 2007 Incentive Plan (the “Prior Plan”). The Incentive PlancurrentlylimitsthenumberofsharesofcommonstockavailablefordeliverypursuanttotheIncentivePlanto900,000sharesplusthe162,674sharesthatwereavailableforissuanceundernewawardsunderthePriorPlanasofAugust11,2016plusthenumberofsharesunderawardsoutstandingunderthePriorPlanasoftheAugust11,2016forfeitedafterAugust11,2016orotherwiseterminatedwithoutsharesbeingissued.Theamendmentandrestatementwould increase the number of shares that may be delivered by an additional 900,000 shares. Assuming that all unvested awards under the Prior Planoutstanding at June 30, 2019were forfeited or are otherwise terminated without shares being issued, a maximumof 1,331,330would be authorized forissuance under the Incentive Plan immediately following the proposed amendment and restatement, noting that full value shares (i.e., restricted stock,restricted stock units, performance-contingent shares and performance-contingent share units) awarded reduce the available for future awards under theIncentivePlanatarateof2to1,andstockoptionsawardedreducetheavailableforfutureawardsundertheIncentivePlanatarateof1to1.

AtJune30,2019,therewere:

• 9,124,612sharesofourcommonstockoutstanding,notincludingthe785,313sharesheldbyawhollyownedsubsidiary;

-41-

Table of Contents

• stockoptionsoutstandingfor427,000sharesfromthePriorPlanandtheIncentivePlanwithaweightedaverageexercisepriceof$60.00andaweightedaverageremainingtermof2.33years;

• unvestedrestrictedstockunitsoutstandingundertheIncentivePlan86,817shareswithaweightedaveragegrantdatefairvalueof$15.37;

• unvestedperformance-contingentshareunitawardsoutstandingunderthePriorPlanandtheIncentivePlanatmaximumperformancelevelsof116,040shareswithaweightedaveragegrantdatefairvalueof$13.94;

• 431,330sharesavailableforfutureawardsundertheIncentivePlan,assumingthatnoawardsoutstandingunderthePriorPlanareforfeitedorterminatedafterthatdate.

Inthepastfewyears,theCompanyhasinvestedindevelopingnewlinesofbusinessbeyonditshistoricalleaftobaccooperations,includinge-liquidsandlegal cannabis in Canada. In connection with its efforts to develop the newbusiness lines, the Companyhas sought to attract employees with skill setscomplementarytothedevelopmentofthesebusinessesandhasusedequityawardstoattractandincentivizethesenewemployees.OurBoardofDirectorsbelievesthattheproposed900,000shareincreasetotheIncentivePlanisrequiredtopermittheCompanycontinuetoofferthetypeandamountofincentivecompensationneededtoattract,motivateandretaintheleveloftalentneededtoachievetheCompany’sbusinessobjectives,includingthedevelopmentofitsnewbusinesslines.

NameChange.OnSeptember12,2018,theCompanychangeditscorporatenamefrom“AllianceOneInternational, Inc.”to“PyxusInternational, Inc.”TheproposedchangeinthenameoftheIncentivePlanandreferencestotheCompanythroughouttheIncentivePlanreflectsthischangeintheCompany’scorporatename.

Section162(m)Provisions.Section162(m)oftheCodedeniesacorporatetaxdeductionforannualcompensationexceeding$1millionpaidbyapubliclyheldcompanytocertainofitsexecutiveofficers.Priortotheenactmentofthe2017taxreformact,Section162(m)includedprovisionsexceptingqualifyingperformance-based compensation from this deductibility limitation. The 2017 tax reform act revised Section 162(m) to eliminate this exception forperformance-basedcompensation. TheproposedchangestotheIncentivePlanincludethedeletionofprovisionsthathadbeenincludedintheIncentivePlantopermitcertainawardstoqualifyasperformance-basedcompensationundertheformerprovisionsofSection162(m).

TreatmentuponChangeinControl.TheIncentivePlancurrentlyincludesaprovisionfortheacceleratedvestingofawardsupona“ChangeinControl”ofthe Company, as such termis defined in the Incentive Plan. The proposed changes to the Incentive Plan would instead provide that, upona Change inControl, eachawardwill treatedasdeterminedbytheExecutiveCompensationCommitteeandinmakingitsdeterminationtheExecutiveCompensationCommitteewillnotberequiredtotreatawardsorparticipantssimilarly.

NoDividendEquivalentRights.TheproposedchangestotheIncentivePlanincluderestrictionsthatanynewawardsofoptions,stockappreciationrights,stockunits,performancesharesandincentiveawardsmaynotincludetherighttoreceivedividendequivalentpayments,whethersuchpaymentsaretobemadeprior totheexerciseorvestingoftheawardorupontheexercise orvestingoftheaward.Thisrestrictiondoesnotapplytostockawardsbecausesharesareissuedtotheparticipantatthetimesuchanawardisgrantedandaccordinglytheparticipanthasrightsasashareholderwithrespecttothesharescommencingatthegrantdate.

NoLiberal ShareRecycling . TheIncentive Plancurrently provides that anyshares exchangedbya participant orwithheldfromaparticipant asfull orpartialpaymenttotheCompanyoftheexercisepriceofanoptionorthetaxwithholdinguponexerciseorpaymentofanawardarenotaddedtothenumberofsharesavailableforissuanceundertheIncentivePlan.TheproposedchangetotheIncentivePlanclarifiesthatsharespurchasedbytheCompanyfromtheproceedsofanexerciseofanawardarealsonotaddedtothenumberofsharesavailableforissuance.

MinimumVestingandPerformancePeriods.TheproposedchangestotheIncentivePlanprovidethat,inadditiontotherequirementthatawardsofoptionsandstockappreciationrightsconditionedsolelyoncontinuedemploymentnotbecomefullyexercisableuntilthethirdanniversaryofthedateofgrant,anynewawardsofoptionsandstockappreciationrightsnotbecomeexercisabletoanyextentbeforethefirstanniversaryofthedateofgrantregardlessofthenature of the conditions for exercise. The proposed changes to the Incentive Plan further provide that any new stock awards or stock unit awards thatbecomevestedsolelyonaccountoftheparticipant’scontinuedemploymentmaynotbecomevestedtoanyextentpriortothefirstanniversaryofthedateofgrant.TheproposedchangestotheIncentivePlandonotaffecttheexceptiontothevestingrequirementsallowingforawardsofuptofivepercentofthemaximumaggregatenumberofsharesthatmaybeissuedundertheIncentivePlantobegrantedwithoutanyminimum

-42-

Table of Contents

vesting periodto directors whoare not employees of the Companyor an affiliate at the timeof grant. Theproposedchanges to the Incentive Planalsoprovideaminimumofoneyearfortheperformanceperiodforanynewawardsofperformancesharesorincentiveawards

Burn Rate

The following table is provided in order to assist those who may wish to run a burn rate calculation and sets forth for each of the fiscal yearsendedMarch 31, 2019, 2018 and 2017 the number of options, restricted stock awards and restricted stock units granted in the fiscal year, the number ofperformance shares and performance-based restricted stock units vested in the fiscal year, the total of these amounts and our weighted average sharesoutstanding(basic)forthefiscalyear. Performance- Weighted Restricted based Average Stock Restricted Performance Restricted Shares Options Awards Stock Units Shares Stock Units OutstandingFiscal Year Ended March 31 Granted Granted Granted Vested Vested Total (Basic) 2019 — 32,190 65,625 — — 97,815 9,054,0002018 — 28,270 57,400 — — 85,670 8,989,0002017 — 28,000 63,660 — — 91,660 8,930,000

Summary of the Amended and Restated Incentive Plan

ThefollowingisasummarytheIncentivePlanasproposedtobeamendedandrestated,applicablewithrespecttoawardsmadeaftertheamendmentandrestatement.ThefulltextoftheAmendedandRestatedPyxusInternational,Inc.2016IncentivePlan(the“Plan”)isattachedasAppendixAtothisproxystatement,andthefollowingsummaryisqualifiedinitsentiretybyreferencetothePlan.

PlanAdministration

TheExecutiveCompensationCommittee(the“Committee”)selectstheindividualstoparticipateinthePlan,determinesthelevelofparticipationofeachparticipant andapprovesthetermsandconditionsof all awards. Eachmember of theCommittee is requiredtobea“non-employeedirector”withinthemeaning of Rule 16b-3 under the Securities Exchange Act of 1934 and “independent directors” as defined in the New York Stock Exchange listingstandards.TheCommitteehasthediscretionaryauthoritytointerpretthePlan,toprescribe,amendandrescindrulesandregulationsrelatingtothePlan,andtomakeallotherdeterminationsnecessaryoradvisablefortheadministrationofthePlan.AwardsunderthePlanthataremadetonon-employeeDirectorswillbesubjecttothefinalapprovalofthefullBoard.

ShareAuthorization

Themaximumaggregate number of shares of commonstockthat maybeissuedpursuant to awardsunder thePlanis equal to thesumof(i) 1,800,000shares plus (ii) the number of shares of common stock that remain available for issuance as newawards under the Prior Plan on August 11, 2016 and(iii)thenumberofsharesofcommonstockcoveredbyawardsmadeunderthePriorPlanthatareoutstandingontheAugust11,2016andareforfeitedorotherwise terminated after August 11, 2016without delivery of shares andthat would be available for newawards under the Plan as if suchPriorPlanawardshadbeenmadeunderthePlan.

Shares delivered under the Plan will be authorized but unissued shares of Company common stock.To the extent that any award payable in shares isforfeited, cancelled, returned to the Company for failure to satisfy vesting requirements or upon the occurrence of other forfeiture events, or otherwiseterminateswithoutpaymentbeingmade,thesharescoveredtherebywillbeavailableforfutureawardsunderthePlan.Inaddition,awardssettledincashwillnotbecountedagainstthemaximumlimitonthenumberofsharesthatmaybeissuedunderthePlan.

The Plan does not contain “liberal share counting” provisions. Any shares exchanged by a participant or withheld from a participant as full or partialpaymenttotheCompanyoftheexercisepriceofanoptionorthetaxwithholdinguponexerciseorpaymentofanawardarenotaddedtothenumberofsharesavailableforissuanceunderthePlan.Inaddition,sharespurchasedbytheCompanyfromtheproceedsofanexerciseofanawardarenotaddedtothenumberofsharesavailableforissuanceunderthePlan.ThemaximumnumberofsharesthatmaybeissuedunderthePlanwillbeadjustedtoreflectstock dividends, stock splits, share consolidations or other changes in the Company’s capitalization. In that event, similar changes will be made in theindividualgrantlimitations(describedbelow)andthetermsofoutstandingawards.

-43-

Table of Contents

IndeterminingthenumberofsharesissuedpursuanttoawardsunderthePlanforthepurposeofthelimitationonthenumberofsharesthatmaybeissuedunderthePlan,thenumberofsharesdeemedissuedwouldbe(i)theactualnumberofsharesissuedpursuanttosuchawardsforawardsofoptionsorstockappreciationrightsand(ii)twicetheactualnumberofsharesissuedpursuanttosuchawardsforawardsotherthanoptionsorstockappreciationrights.

EligibilityandParticipation

All full-timeemployees of theCompanyandits affiliates, as well as theCompany’snon-employeeDirectors, will beeligible toparticipate inthePlan,althoughonlyemployeesareeligibletoreceiveawardsofstockoptionsintendedtoqualifyasincentivestockoptionsunderSection422oftheCode.TheCommittee(orastotheChiefExecutiveOfficerandnon-employeeDirectors, theBoard) determines whowill begrantedawards, thenumberof sharessubjecttosuchgrantsandallothertermsofawards.AtMarch31,2019,theCompanyanditsaffiliateshadapproximately3,347full-timeemployeesandthereweretennon-employeemembersoftheCompany’sBoardofDirectors.

TypesofPlanAwards

ThePlanprovidesforthegrantofvariousformsofequityandequity-basedincentives.ThetypesofawardsthatmaybeissuedunderthePlanaredescribedbelow.

StockOptions

Stockoptions grantedunder the Planmaybeeither nonqualified stockoptions or incentive stockoptions qualifyingunder Section422of the Code. Noindividualmaybegrantedoptionsinanycalendaryearformorethan600,000sharesofCompanycommonstock.TheexercisepriceofanoptiongrantedunderthePlanmaynotbelessthanthefairmarketvalueoftheCompany’scommonstockonthedatetheoptionisgranted.Theexercisepricemaybepayableincash,bythesurrenderofsharesofCompanycommonstock(includingattestation),throughabroker-assistedcashlessexerciseorasotherwisepermittedbytheCommittee.OnJune28,2019,theclosingpricepershareoftheCompany’scommonstockontheNewYorkStockExchangewas$15.20.

TheCommitteedeterminesthetermsofeachstockoptionatthetimeofthegrantincludingthevestingrequirementsandtheeffectofterminationofserviceof a participant. The Committee has discretion to prescribe an option term of up to ten years. Vesting may be based on the continued service of theparticipant for specified timeperiodsor on the attainment of specified business performance goals established bythe Committee or both. Stockoptionsconditionedsolelyoncontinuedemploymentmaynotbecomefullyexercisableuntilthethirdanniversaryofthedateofgrant,andanynewawardsofstockoptionsmaynotbecomeexercisabletoanyextentbeforethefirstanniversaryofthedateofgrantregardlessofthenatureoftheconditionsforexercise.Notwithstandingtheseprovisions,stockoptionsandotherawardsunderthePlanthatvestbasedoncontinuedserviceforuptofivepercentofthemaximumaggregatenumberofsharesthatmaybeissuedunderthePlanmaybegrantedwithoutaminimumvestingperiodtoDirectorswhoarenotemployeesoftheCompanyoranaffiliateatthetimeofgrant.TheCommitteemayacceleratethevestingofoptions,inwholeorinpart,onaccountofachangeincontrolorterminationofservice.Stockoptionsmaynotbeawardedwithdividendequivalentrightsandaparticipantdoesnothaveanyrightsasashareholderunderastockoptionaward.

StockAppreciationRights

Astockappreciationright(“SAR”)entitlestheparticipant,uponexercise,toreceiveapaymentequaltotheexcessofthefairmarketvalueofashareofCompanycommonstockonthedateofexerciseoverthebasepriceoftheSAR,multipliedbytheapplicablenumberofsharesofcommonstock.SARsmaybegrantedonastand-alonebasisorintandemwitharelatedstockoption.ThebasepricemaynotbelessthanthefairmarketvalueofashareofCompanycommon stock on the date of grant. No individual may be granted SARs in any calendar year with respect to more than 600,000 shares of Companycommonstock.

TheCommitteedeterminesthetermsofeachSARatthetimeofthegrantincludingthevestingrequirementsandtheeffectofterminationofserviceofaparticipant.TheCommitteehasdiscretiontoprovidethatSARswillhaveatermofuptotenyears.VestingmaybebasedonthecontinuedserviceoftheparticipantforspecifiedtimeperiodsorontheattainmentofspecifiedbusinessperformancegoalsestablishedbytheCommitteeorboth.SARsthatvestorbecomeexercisablesolelyonthebasisofcontinuedservicecannotbefullyvestedbeforethethirdanniversaryofthegrant,andanynewawardsofSARsmaynotbecomeexercisabletoanyextentbeforethefirstanniversaryofthedate

-44-

Table of Contents

ofgrantregardlessofthenatureoftheconditionsforexercise.Notwithstandingtheseprovisions,SARsandotherawardsunderthePlanthatvestbasedoncontinuedserviceforuptofivepercentofthemaximumaggregatenumberofsharesthatmaybeissuedunderthePlanmaybegrantedwithoutaminimumvestingperiodtoDirectorswhoarenotemployeesoftheCompanyoranaffiliateatthetimeofgrant.TheCommitteemayacceleratethevestingofSARs,inwholeorinpart,onaccountofachangeincontrolorterminationofservice.SARsmaybepayableincashorinsharesofCompanycommonstockorinacombinationofboth.SARSmaynotbeawardedwithdividendequivalentrightsandaparticipantdoesnothaveanyrightsasashareholderunderanSARaward.

NoOptionorSARmayberepriced,replaced,regrantedthroughcancellation,repurchased,ormodifiedwithoutshareholderapproval,iftheeffectwouldbetoreducetheoptionpriceorinitialvalue,asapplicable,forthesharesunderlyingsuchAward.Inaddition,atanytimewhentheexercisepricepershareofanOptionorSARisabovetheFairMarketValue(asdefinedinthePlan),theCompanyshallnot,withoutshareholderapproval,purchasesuchOptionorSARforcashorotherconsideration.

StockAwardsandStockUnits

A stock award is shares of Company common stock that are issued subject to restrictions on transfer and vesting requirements as determined by theCommittee. Vesting requirements may be based on the continued service of the participant for specified time periods or on the attainment of specifiedbusinessperformancegoalsestablishedbytheCommitteeorboth.Stockawardsthatvestandbecometransferablebasedsolelyoncontinuedservicecannotbecome vested and transferable before the first anniversary of the grant, except that stock awards and other awards under the Plan that vest based oncontinuedservice for upto fivepercent of the maximumaggregate number of shares that maybeissuedunder thePlanmaybegrantedwithout suchaminimumvestingperiodtoDirectorswhoarenotemployeesoftheCompanyoranaffiliateatthetimeofgrant. TheCommitteemayprovidethatstockawardswillvestandbecometransferable, inwholeorinpart, uponachangeincontrolorterminationofservice.Subjecttothetransferrestrictionsandvestingrequirementsoftheaward,theparticipantwillhavealloftherightsofaCompanyshareholder,includingallvotinganddividendrights,duringtherestrictionperiod.Noindividualmayreceivestockawardsinanycalendaryearformorethan600,000sharesofCompanycommonstock.

Astockunitawardrepresentstheparticipant’srighttoreceiveapaymentbasedonthevalueofashareofCompanycommonstock,whichpaymentmaybemade in the form of shares of common stock. Stock units may be subject to such vesting requirements, restrictions and conditions to payment as theCommitteedeterminesareappropriate.VestingrequirementsmaybebasedonthecontinuedserviceoftheparticipantforaspecifiedtimeperiodorontheattainmentofspecifiedbusinessperformancegoalsestablishedbytheCommitteeorboth.Stockunitawardsthatvestandbecometransferablebasedsolelyoncontinuedservicecannotbecomevestedandtransferablebeforethefirstanniversaryofthegrant,exceptthatstockunitsandotherawardsunderthePlanthatvestbasedoncontinuedserviceforuptofivepercentofthemaximumaggregatenumberofsharesthatmaybeissuedunderthePlanmaybegrantedwithoutsuchaminimumvestingperiodtoDirectorswhoarenotemployeesoftheCompanyoranaffiliateatthetimeofgrant.TheCommitteemayprovidethatstockunitswillvest,inwholeorinpart,uponachangeincontrolorterminationofservice.StockunitsarepayableincashorinsharesofCompanycommonstockorinacombinationofboth.Stockunitsmaynotbeawardedwithdividendequivalentrightsandaparticipantdoesnothaveanyrightsasashareholderunderastockunitaward.Noindividualmaybeawardedmorethan600,000stockunitsinanycalendaryear.

PerformanceSharesandIncentiveAwards

Aperformancesharerepresentstheparticipant’srighttoreceiveashareofstock(oritscashequivalent)conditionedontheattainmentofspecifiedbusinessperformancegoalsestablishedbytheCommittee.Theperiodinwhichtheperformancegoalsaremeasuredmustbeatleastoneyear.TheCommitteemayprovidethatperformanceshareswillbeearned,inwholeorinpart,uponachangeincontrolorterminationofservice.Noindividualmaybegrantedmorethan600,000performancesharesinanycalendaryear.

Anincentiveawardrepresentsaparticipant’srighttoreceiveabenefit(payableincashorstock)conditionedontheattainmentofspecifiedbusinessgoalsestablished by the Committee. The period in which the performance goals are measured must be at least one year. The Committee may provide thatincentiveawardsareearned,inwholeorinpart,uponachangeincontrolorterminationofservice.Noindividualmayreceiveanincentiveawardpaymentinanycalendaryearthatexceeds$2,000,000(iftheperformanceperiodwasoneyear)ortheproductof(i)$125,000times(ii)thenumberofmonthsintheperformanceperiod(forincentiveawardswithaperformanceperiodlongerthanoneyear).IncentiveawardsarepayableincashorinsharesofCompanycommonstockorinacombinationofboth.

-45-

Table of Contents

Forperformancesharesandincentiveawards,performancegoalsmaybeestablishedonaCompany-widebasisorwithrespecttooneormorebusinessunitsoraffiliatesandmaybeexpressedinabsoluteterms,asagoalrelativetoperformanceinpriorperiods,orasagoalcomparedtotheperformanceofoneormore comparable companies or an index covering multiple companies. Performance shares and incentive awards may not be awarded with dividendequivalentrightsandaparticipantdoesnothaveanyrightsasashareholderunderaperformanceshareawardoranincentiveaward.

Transferability

UnlesstheCommitteeprovidesotherwise,allawardsgrantedunderthePlanarenontransferableexceptbywillorthelawsofdescentanddistribution.TheCommittee may allow the transfer of options (other than incentive stock options), SARs, performance shares and incentive awards to the participant’schildren,grandchildren,spouse,atrustbenefitingthosefamilymembersorapartnershipinwhichthosefamilymembersaretheonlypartners.

Term,AmendmentandTermination

NoawardsmaybegrantedunderthePlanafterAugust11,2026.TheBoardmayatanytimeterminate,andfromtimetotimeandinanyrespectamendormodify,thePlan.However,noamendmentwillbeeffectivewithouttheapprovalofshareholdersifshareholderapprovalisrequiredbyapplicablelaworthelistingrequirementsoftheexchangeonwhichtheCompanycommonstockislistedfortrading.Forexample,anamendmentormodificationthatwouldconstituteanoptionrepricingwillnotbeeffectiveunlessitisapprovedbyshareholders.NoamendmentormodificationofthePlanmayadverselyaffectanyoutstandingawardwithouttheconsentoftheparticipantorthepermittedtransfereeoftheaward.

ChangeinControl

ThePlanprovides that, upona changein control (as definedin thePlan), eachawardwill betreatedas theCommittee determines, andinmakingsuchdeterminationtheCommitteewillnotberequiredtotreatawardsandparticipantssimilarlywithrespecttoanyeventconstitutingachangeincontrol.ThePlanalsoprovidesthattheCommittee,withoutobtainingtheconsentofparticipants,maytakecertainactionswithrespecttooutstandingawardsuponachangeincontrol.Forexample,theCommitteemayprovideforoutstandingawardstobereplacedwithsubstituteawardsissuedorgrantedbythesurvivingcorporation. Alternatively, the Committee may provide for the cancellation of outstanding awards in exchange for a payment based on the per shareconsiderationreceivedbytheCompany’sshareholdersinthecontrolchangetransaction(ortheexcessofthatvalueovertheoptionpriceorbasevalueinthecaseofoptionsandSARs).Finally,theCommitteemayprescribethatoutstandingoptionsandSARs,totheextentthattheyareexercisableonorbeforethechangeincontrol,willbecancellediftheyarenotexercisedonorbeforethecompletionofthechangeincontrol.

ThePlanfurtherprovidesthatthebenefitsoramountspayableunderawardswillbereducedtoavoidparachutepaymentexcisetaxesunlesstheparticipantwill receive greater after-tax benefits by receiving all of his awards and paying the excise tax. This limitation will not apply, however, if the awardagreementoranotheragreementprovidesthattheCompanywillindemnifytheparticipantfromanyparachuteexcisetaxliability.

-46-

Table of Contents

NewPlanBenefits

The Companycannot estimate or determine the awards that will be made as a result of the proposed amendment and restatement of the IncentivePlanbecauseawardswillbedeterminedinthediscretionoftheCommittee(andsubjecttofinalapprovalofthefullBoardinthecaseofawardstotheChiefExecutiveOfficerandnon-employeeDirectors).Thetablebelowshowstheawardsgrantedinthefiscal yearendedMarch31,2019undertheIncentivePlantothenamedexecutiveofficerslistedintheSummaryCompensationTable,currentexecutiveofficersasagroup,currentnon-employeedirectorsasagroup,andallplanparticipantsotherthancurrentexecutiveofficersasagroup.Performance-basedrestrictedstockawardsgrantedinthefiscalyearendedMarch31,2019areincludedatthetargetlevel.AllawardsgrantedundertheIncentivePlaninthefiscalyearendedMarch31,2019arepayableinshares.

Number of Dollar Units Name Value ($) (#) J.PieterSikkel 300,000 18,750JoelL.Thomas 150,000 9,375TracyG.Purvis 30,000 1,875WilliamL.O’Quinn,Jr. 90,000 5,625LauraD.Jones 30,000 1,875JoseMariaCostaGarcia 90,000 5,625BryanT.Mazur 90,000 5,625Allcurrentexecutiveofficersasagroup 780,000 48,750Allcurrentdirectorswhoarenotexecutiveofficers 559,719 32,190Allplanparticipants(otherthancurrentexecutiveofficersanddirectors) 826,253 51,680

FederalIncomeTaxes

Thefollowingisageneralsummaryofthecurrentfederalincometaxconsequencesofthegrantingandexerciseofstockoptionsandofawardsofcommonstock(includingbothperformancesharesandrestrictedstock),stockunitsandSARsunderthePlan.ItdoesnotattempttodescribeallpossiblefederalorothertaxconsequencesofparticipationinthePlan.Furthermore,thetaxconsequencesofawardsmadeunderthePlanarecomplexandsubjecttochange,andsomevariationofthedescribedrulesmaybeapplicabletoanyparticularparticipant’staxsituation.Thesummaryassumesineachcasethattherewillno violation of the deferred compensation rules under Section 409A of the Internal Revenue Code, which would subject the affected participants toimmediatetaxationandpenaltiesonunvestedawards.

IncentiveStockOptions.

AnemployeewhoisgrantedanincentivestockoptionunderthePlanwill notbesubjecttofederal incometaxuponthegrantorexerciseof theoption.However,upontheexerciseofanincentivestockoption,thedifferencebetweentheexercisepricefortheoptionanditsfairmarketvalueonthedateofexercise,whichiscommonlyreferredtoasthespread,isataxpreferenceitemthatmustbetakenintoaccountindeterminingtheemployee’salternativeminimum tax. If the employee disposes of the shares in the same year the option was exercised, there are no alternative minimum tax implications.Generally,theemployeecanrecoveranyalternativeminimumtaxliabilitypaidasacreditagainstordinaryincometaxesowedinfutureyears.

Intheeventofasaleofthesharesreceiveduponexerciseofanincentivestockoptionaftertwoyearsfromthedateofgrantandoneyearafterthedateofexercise(whichwerefertoasthe“HoldingPeriod”),anyappreciationofthesharesreceivedabovetheexercisepriceshouldbeacapitalgain.Thecurrentmaximumfederaltaxrateapplicabletolong-termcapitalgainsis20percent.

Wewillnotbeentitledtoataxdeductionwithrespecttothegrantorexerciseofanincentivestockoption,orwithrespecttoanydispositionofsuchsharesaftertheHoldingPeriod.However,ifsharesacquiredpursuanttotheexerciseofanincentivestockoptionaresoldbytheemployeebeforetheendoftheHoldingPeriod,anygainonthesalewillbeordinaryincomeforthetaxableyearinwhichthesaleoccurs.Incomewillberealizedonlytotheextenttheamountreceiveduponsaleexceedstheemployee’sadjustedbasisforthestock.Wewillbeentitledtoataxdeductionintheamountoftheordinaryincomerealizedbytheemployee.

-47-

Table of Contents

Non-incentiveStockOptions.

AparticipantwhoisgrantedastockoptionunderthePlanthatisnotanincentivestockoptionwillnotbesubjecttofederalincometaxuponthegrantoftheoptionandwewillnotbeentitledtoataxdeductionbyreasonofsuchgrant.Uponexerciseofanon-incentivestockoption,thespreadorexcessofthefairmarket value of the shares on the exercise date over the option price, will be taxable as ordinary income to the participant. Because it is treated ascompensationincomeiftheparticipantisanemployee,foranemployeethespreadissubjecttowithholdingofapplicablepayrolltaxes.Wemayclaimataxdeductionintheamountofthetaxablecompensationrealizedbytheemployee.

CommonStockAwards.

Common stock awards made without restrictions are subject to federal tax to the recipient and are deductible to the Company. Stock awards withrestrictions (including both performance shares and restricted stock) will not be subject to federal tax upon grant and we will not be entitled to a taxdeductionupongrant, unless theparticipant makesa timelyelectiontorecognize taxableincomeuponthegrant of theaward. If suchanelectionis notmade,whentherestrictionslapse,thefairmarketvalueofsharesfreeofrestrictionswillbetaxedasordinaryincometotheparticipantandwegenerallymayclaimataxdeductionatthesametimeinthesameamount.Ineitherinstance,becausetheincomeistreatedascompensationincomeiftheparticipantisanemployee,applicablepayrolltaxesarerequiredtobewithheldwhentheemployeerecognizesthetaxableincome.

StockUnitAwardsandSARs.

AdirectororemployeewhoisgrantedastockunitorSARawardunderthePlanwillnotbesubjecttofederaltaxuponthegrantoftheawardandwewillnotbeentitledtoataxdeductionbyreasonofsuchgrant.However,whencommonstockorcashisdeliveredtotheparticipantpursuanttosuchanaward,the participant will recognize ordinary income equal to the fair market value of the shares or cash delivered under the award, and we may claim a taxdeductionatthesametimeinthesameamount.

EQUITY COMPENSATION PLAN INFORMATIONas of March 31, 2019

Number of Securities Number of Securities to Weighted-Average Remaining Available for Future be Issued Upon Exercise Exercise Price of Issuance Under Equity of Outstanding Options, Outstanding Options, Compensation Plans Warrants and Rights Warrants and Rights (excluding securities reflected inPlan Category (a) (1) (b) (2) column (a)) (c) (3) EquityCompensationPlansApprovedbySecurityHolders 666,959 $ 60.00 435,556

EquityCompensationPlansNotApprovedbySecurityHolders — NotApplicable —

Total 666,959 $ 60.00 435,556(1) Thesesharesconsistof239,959restrictedstockunitsandperformanceshareunitsissuedandoutstandingundertheIncentivePlanand427,000stock

options,restrictedstockunitsandperformanceshareunitsissuedandoutstandingunderthePriorPlan.Thenumberperformanceshareunitssubjecttothese awards reflects the maximum number of shares to be earned if the specified performance criteria are met at the end of the respectiveperformanceperiods.

(2) Theweighted-averageexercisepricedoesnottakeintoaccountrestrictedstockunitsorperformanceshareunits.(3) TheIncentivePlanallowsforthesesharestobeissuedinavarietyofforms,includingstockoptions,stockappreciationrights,stockawards,stock

units, performance awards and incentive awards. Further, the Number of Securities Remaining Available for Future Issuance as set forth in thiscolumn(c)wouldincreasebytheNumberofSecuritiestobeIssued(asreflectedincolumn(a))whichareassociatedwithoptions,rightsandwarrantsplusotherstockawardsthatareforfeitedfromtimetotime.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE PROPOSAL TO APPROVE THE AMENDMENT ANDRESTATEMENT OF THE INCENTIVE PLAN.

-48-

Table of Contents

OTHER MATTERS

Onthisdate,theCompanyisnotawareofanymatterstobepresentedforactionatthemeetingotherthanasstatedinthisnotice.However,ifanyothermattersrequiringavoteofshareholdersareproperlypresentedatthemeeting,itisintendedthatproxiesintheaccompanyingformwillbevotedonsuchothermattersinaccordancewiththejudgmentofthepersonsvotingsuchproxies.

ANNUAL REPORT

The2019AnnualReport,includingconsolidatedfinancialstatementsoftheCompanyanditssubsidiariesforthefiscalyearendedMarch31,2019,isfirstbeingmailedtoshareholderswiththisproxystatementonoraroundJuly15,2019.

ByOrderoftheBoardofDirectors:

WilliamL.O’Quinn,Jr.Secretary

-49-

Table of Contents

APPENDIX A

AMENDED AND RESTATED

PYXUS INTERNATIONAL, INC. 2016 INCENTIVE PLAN

A-i

Table of Contents

TABLE OF CONTENTSSECTION PAGE

ARTICLEIDEFINITIONS A-1

1.01. Affiliate A-11.02. Agreement A-11.03. Award A-11.04. Board A-11.05. ChangeinControl A-11.06. Code A-11.07. Committee A-21.08. CommonStock A-21.09. Company A-21.10. CorrespondingSAR A-21.11. DateofExercise A-21.12. FairMarketValue A-21.13. IncentiveAward A-21.14. IncentiveStockOption A-21.15. InitialValue A-21.16. Option A-21.17. Participant A-31.18. PerformanceShare A-31.19. Plan A-31.20. PriorPlan A-31.21. SAR A-31.22. StockAward A-31.23. StockUnitAward A-31.24. SubstituteAward A-3

ARTICLEIIPURPOSES A-3

ARTICLEIIIADMINISTRATION A-4

3.01. AdministrativeAuthority A-43.02. Agreements A-43.03. EmploymentorService A-4

ARTICLEIVELIGIBILITY A-4

ARTICLEVSTOCKSUBJECTTOPLAN A-5

5.01. SourceofShares A-55.02. MaximumNumberofShares A-55.03. Forfeitures,etc. A-5

ARTICLEVIOPTIONSANDSARs A-5

6.01. Award A-56.02. OptionPrice A-66.03. MaximumPeriod A-66.04. Nontransferability A-66.05. TransferableOptionsandSARs A-66.06. Exercise A-66.07. PaymentofOptionPrice A-76.08. DeterminationofPaymentofCashand/orCommonStockUponExerciseofSAR A-76.09. ShareholderRights A-76.10. TerminationofEmployment;ChangeinControl A-7

A-ii

Table of Contents

ARTICLEVIISTOCKANDSTOCKUNITAWARDS A-7

7.01. Award A-77.02. Vesting A-77.03. ShareholderRights A-77.04. TerminationofEmployment;ChangeinControl A-8

ARTICLEVIIIPERFORMANCESHAREAWARDS A-8

8.01. Award A-88.02. EarningtheAward A-88.03. IssuanceofShares A-88.04. SettlementinCash A-88.05. ShareholderRights A-88.06. Nontransferability A-98.07. TransferablePerformanceShares A-98.08. TerminationofEmployment;ChangeinControl A-9

ARTICLEIXINCENTIVEAWARDS A-9

9.01. Award A-99.02. TermsandConditions A-99.03. Nontransferability A-99.04. TransferableIncentiveAwards A-99.05. IssuanceofShares A-109.06. SettlementinCash A-109.07. ShareholderRights A-109.08. TerminationofEmployment;ChangeinControl A-10

ARTICLEXCHANGEINCONTROL A-10

10.01. ImpactofChangeinControl A-1010.02. AssumptionUponChangeinControl A-1010.03. Cash-OutUponChangeinControl A-1110.04. CancellationofoptionsandSARs A-1110.05. LimitationonBenefits A-11

ARTICLEXIADJUSTMENTUPONCHANGEINCOMMONSTOCK A-12

ARTICLEXIICOMPLIANCEWITHLAWANDAPPROVALOFREGULATORYBODIES A-12

ARTICLEXIIIGENERALPROVISIONS A-13

13.01. EffectonEmploymentorService A-1313.02. UnfundedPlan A-1313.03. RulesofConstruction A-1313.04. TaxWithholding A-1313.05. GoverningLaw A-1313.06. Section409A A-1313.07. OtherCompensationandBenefits A-14

ARTICLEXIVAMENDMENT A-14

ARTICLEXVDURATIONOFPLAN A-14

ARTICLEXVIEFFECTIVEDATEOFPLAN A-14

A-iii

Table of Contents

ThisAmendedandRestatedPyxusInternational,Inc.2016 IncentivePlanamendsandrestatestheAllianceOneInternational,Inc.2016IncentivePlan,issubjecttoapprovalbytheshareholdersoftheCompany(asdefinedbelow)andshallbeeffectiveasofthedate(the“EffectiveDate”)onwhichitisapprovedbytheshareholdersoftheCompanyatthe2019annualmeetingoftheCompany’sshareholders.

ARTICLE IDEFINITIONS

1.01.Affiliate.

Affiliate meansany“subsidiarycorporation” or “parent corporation”as suchtermsare defined inSection424of theCodeor anyother tradeorbusinessthatwouldbea“parentcorporation”ora“subsidiarycorporation”ifitwasorganizedasacorporation.

1.02.Agreement.

Agreement meansa writtenagreement (includinganyamendment or supplement thereto) betweentheCompanyanda ParticipantspecifyingthetermsandconditionsofanAwardgrantedtosuchParticipant.

1.03.Award.

AwardmeansanOption,SAR,StockAward,StockUnitAward,PerformanceShareAward,orIncentiveAwardgrantedunderthisPlan.

1.04.Board.

BoardmeanstheBoardofDirectorsoftheCompany.

1.05.ChangeinControl.

ChangeinControlmeansanyofthefollowing:

(a)Any“person”(assuchtermisusedinSections13(d)and14(d)(2)oftheSecuritiesExchangeActof1934,asamended)becomesthebeneficialowner, directly or indirectly, of Company securities representing more than 30%of the aggregate voting power of all classes of the Company’s votingsecuritiesonafullydilutedbasis,aftergivingeffecttotheconversionofalloutstandingwarrants,optionsandothersecuritiesoftheCompanyconvertibleintoorexercisableforvotingsecuritiesoftheCompany(whetherornotsuchsecuritiesarethenexercisable);

(b) TheCompanyconsummates a planof merger, consolidation or share exchangebetween the Companyandan entity other than a direct orindirectwholly-ownedsubsidiaryoftheCompany,unlesstheCompanyshareholdersimmediatelybeforethecompletionofsuchtransactionwillcontinuetoholdatleast50%oftheaggregatevotingpowerofallclassesofvotingsecuritiesofthesurvivingorresultingentity;

(c) The Company consummates a sale, lease, exchange or other disposition of all, or substantially all, of the Company’s property, unless theCompanyshareholders immediately before thecompletionof suchtransactionwill continuetohold, directly or indirectly, at least 50%oftheaggregatevotingpowerofallclassesofvotingsecuritiesofthetransferee;or

(d) Duringanyperiodof twoconsecutive years (whichperiodmaybedeemedto beginprior to the date of this Plan), individuals whoat thebeginningofsuchperiodconstitutedtheBoard,togetherwithanynewmembersoftheBoardwhoseelectionbytheBoardorwhosenominationforelectionbytheCompany’sshareholderswasapprovedbyamajorityofthemembersoftheBoardthenstillinofficewhoeitherweredirectorsatthebeginningofsuchperiodorwhosenominationorelectionwaspreviouslysoapproved,ceaseforanyreasontoconstituteamajorityoftheBoard.

1.06.Code.

CodemeanstheInternalRevenueCodeof1986,andanyamendmentsthereto,includingregulationsandotherauthoritativeguidance.

A-1

Table of Contents

1.07.Committee.

CommitteemeansacommitteeoftheBoardappointedtoadministerthePlan.TheCommitteeshallbecomprisedoftwo ormoremembersoftheBoard; all of whom shall be “non-employeedirectors” as defined in Securities Exchange Commission Rule 16b-3as in effect from time to time,and“independentdirectors”asdefinedintheNewYorkStockExchangelistingstandards;provided,however,thatthefailureoftheCommitteetosatisfythe“non-employeedirector”,“outsidedirector”or“independentdirector”requirementsshallnotaffectthevalidityofanyAward.

1.08.CommonStock.

CommonStockmeansthecommonstockoftheCompany.

1.09.Company.

CompanymeansPyxusInternational,Inc.,whichformerlywasknownasAllianceOneInternational,Inc.

1.10.CorrespondingSAR.

Corresponding SAR means an SAR that is granted in relation to a particular Option and that can be exercised only upon the surrender to theCompany,unexercised,ofthatportionoftheOptiontowhichtheSARrelates.

1.11.DateofExercise.

DateofExercisemeans(i)withrespecttoanOption,thedatethattheOptionpriceisreceivedbytheCompanyand(ii)withrespecttoanSAR,thedatethatthenoticeofexerciseisreceivedbytheCompany.

1.12.FairMarketValue.

FairMarket Valuemeans, onanygivendate, theclosingpriceofthe CommonStockasreportedonanestablishedstockexchangeonwhichtheCommonStockislisted.IftheCommonStockwasnottradedonsuchexchangeonsuchdate,thentheFairMarketValueisdeterminedwithreferencetotheprecedingdaythattheCommonStockwassotraded.IftheCommonStockisnotlistedonanestablishedstockexchange,thentheFairMarketValueshallbedeterminedbytheCommitteeusinganyreasonablemethodingoodfaith.

1.13.IncentiveAward.

Incentive Award means an award, denominated in dollars which, subject to such terms and conditions as may be prescribed bythe Committee,entitlestheParticipanttoreceiveacashpayment,sharesofCommonStockoracombinationofcashandCommonStockfromtheCompanyoranAffiliateupontheachievementofperformanceobjectives.

1.14.IncentiveStockOption.

Incentive Stock Option means an Option designated as an Incentive Stock Option within the meaning of Code Section 422 or any successorprovisionthereto.

1.15.InitialValue.

InitialValuemeans,withrespecttoanSAR,theFairMarketValueofoneshareofCommonStockonthedateofgrant.

1.16.Option.

OptionmeansastockoptionthatentitlestheholdertopurchasefromtheCompanyastatednumberofsharesofCommonStockatthepricesetforthinanAgreement.SuchpriceshallnotbelowerthantheFairMarketValueofoneshareofCommonStockonthedateofgrantassetforthinSection6.02.

A-2

Table of Contents

1.17.Participant.

Participant means an employee of the Company or of an Affiliate or member of the Board, who satisfies the requirements of Article IVandisselectedbytheCommitteetoreceiveanAward.

1.18.PerformanceShare.

PerformanceSharemeansanAward,intheamountdeterminedbytheCommitteeandspecifiedinanAgreement,statedwithreferencetoaspecifiednumberofsharesofCommonStock,thatentitlestheholdertoreceivesharesofCommonStock,acashpayment,oracombinationofCommonStockandcash, upon achievement of performance objectives in accordance with the provisions of Article VIII. The Committee, in its discretion, will determinewhetheraPerformanceSharewillbesettledwithsharesofCommonStock,cashoracombinationofCommonStockandcash.

1.19.Plan.

PlanmeansthisAmendedandRestatedPyxusInternational,Inc.2016IncentivePlan,whichwasformerlyknownastheAllianceOneInternational,Inc.2016IncentivePlan.

1.20.PriorPlan.

PriorPlanmeanstheAllianceOneInternational,Inc.2007IncentivePlan,AmendedandRestatedeffectiveAugust11,2011.

1.21.SAR.

SARmeansastockappreciationrightthatentitlestheholdertoreceive,withrespecttoeachshareofCommonStockencompassedbytheexerciseofsuchSAR,theexcessoftheFairMarketValueontheDateofExercise,payableincash,sharesofCommonStockoracombinationofCommonStockand cash at the discretion of the Committee, over the Initial Value. References to “SARs” include both Corresponding SARs and SARs grantedindependentlyofOptions,unlessthecontextrequiresotherwise.

1.22.StockAward.

StockAwardmeansCommonStockawardedtoaParticipantunderArticleVII.

1.23.StockUnitAward.

Stock Unit Award means a right to receive one or more shares of Common Stock (or cash of an equivalent value) in the future awarded to aParticipantunderArticleVII.

1.24.SubstituteAward.

Substitute Award means an Award granted in assumption of, or in substitution or exchange for, an award previously granted, or the right orobligationtomakeafutureaward,byacorporationorothertradeorbusinessacquiredbytheCompanyoranAffiliateorwithwhichtheCompanyoranAffiliatecombines.

ARTICLE IIPURPOSES

ThePlanisintendedtoassisttheCompanyinrecruitingandretainingemployeesandmembersoftheBoardwithabilityandinitiativebyenablingsuch persons to participate in its future success and to associate their interests with those of the Companyandits shareholders. The Plan is intended topermitthegrantofOptions,SARs,StockAwards,StockUnitAwards,PerformanceShareAwards,andIncentiveAwards.BothIncentiveStockOptionsand Options not so qualifying can be granted. No Option that is intended to be an Incentive Stock Option shall be invalid for failure to qualify as anIncentiveStockOption.

A-3

Table of Contents

ARTICLE IIIADMINISTRATION

3.01.AdministrativeAuthority.

Except as provided in this Article III, the Plan shall be administered by the Committee; provided, however, that awards to the Chief ExecutiveOfficerormembersoftheBoardwhoarenotemployedbytheCompanyoranAffiliate,thetermsofsuchawardsandthesettlementofsuchawardsshallbesubjecttothefinalapprovaloftheBoard.TheCommitteeshallhaveauthoritytograntAwardsuponsuchterms(notinconsistentwiththeprovisionsofthisPlan)astheCommitteemayconsiderappropriate.Suchtermsmayincludeconditions(inadditiontothosecontainedinthisPlan)ontheexercisabilityofalloranypartofanOptionorSARoronthetransferabilityorforfeitabilityofaStockAward.Notwithstandinganysuchconditions(butsubjecttotheexpressprovisionsofthePlan),theCommittee,initsdiscretion,mayacceleratethetimeatwhichanyOptionorSARmaybeexercisedorthetimeatwhichanyotherAwardmaybecometransferableornonforfeitable.Inaddition,theCommitteeshallhavecompleteauthoritytointerpretallprovisionsofthisPlan;toprescribetheformofAgreements;toadopt,amend,andrescindrulesandregulationspertainingtotheadministrationofthePlan;toprescribetheformofagreementsanddocumentsusedinconnectionwiththePlan;andtomakeallotherdeterminationsnecessaryoradvisablefortheadministrationofthisPlan.Theexpress grant in thePlanof anyspecific powerto theCommittee shall not beconstruedas limitinganypoweror authority of theCommittee.Anydecision made, or action taken, by the Committee in connection with the administration of this Plan shall be final and conclusive. No member of theCommitteeshallbeliableforanyactdoneingoodfaithwithrespecttothisPlanoranyAgreement,orAward.AllexpensesofadministeringthisPlanshallbebornebytheCompany.

Totheextentpermittedbyapplicablelaw,theCommittee,initsdiscretion,maydelegatetooneormoreofficersoftheCompanyallorpartoftheCommittee’s authority and duties with respect to Participants who are not subject to the reporting and other provisions of Section 16 of the SecuritiesExchangeActof1934,asineffectfromtimetotime.Intheeventofsuchdelegation,andastomattersencompassedbythedelegation,referencesinthePlantotheCommitteeshallbeinterpretedasareferencetotheCommittee’sdelegateordelegates. TheCommitteemayrevokeoramendthetermsofadelegationatanytimebutsuchactionshallnotinvalidateanyprioractionsoftheCommittee’sdelegateordelegatesthatwereconsistentwiththetermsofthePlanandthepriordelegation.

3.02.Agreements.

ExceptasprovidedinthisArticleIII,allAwardsgrantedunderthisPlanshallbeevidencedbyAgreementswhichshallbesubjecttotheapplicableprovisions of this Plan and to such other provisions as the Committee may adopt, except that recurring Awards to members of the Board need not beevidencedbyseparateagreementsinwhichcasethetermsofsuchAwardsandthesettlementofsuchAwardsshallbegovernedbytheresolutionsadoptedbytheBoardinapprovingsuchAwardspursuanttoSection3.01ofthisPlan.

3.03.EmploymentorService.

IntheeventthatthetermsofanAgreementprovidethattheParticipantmustcompleteastatedperiodof employmentorserviceasaconditionofexercising, earning or retaining an Award, the Committee may decide to what extent leaves of absence for government or military service, illness,temporarydisability,orotherreasonsshallnotbedeemedinterruptionsofcontinuousemploymentorservice.

ARTICLE IVELIGIBILITY

AnyemployeeoftheCompanyorofanyAffiliate(includinganycorporationortradeorbusinessthatbecomesanAffiliateaftertheadoptionofthisPlan)ormemberoftheBoardiseligibletoparticipateinthisPlaniftheCommittee,initssolediscretion,determinesthatsuchpersonhascontributedorcanbeexpectedtocontribute totheprofits or growthoftheCompanyoranAffiliate. TheCommitteewill designateindividuals towhomAwardsaretobemadeandwillspecifythetypeofAwardandthenumberofsharesofCommonStocksubjecttoeachAward.

A-4

Table of Contents

ARTICLE VSTOCK SUBJECT TO PLAN

5.01.SourceofShares.

SharesofCommonStockissuedunderthePlanshallbeauthorizedbutunissuedshares.

5.02.MaximumNumberofShares.

ThemaximumaggregatenumberofsharesofCommonStockthatmaybeissuedpursuanttoAwardsunderthisPlanisthe sumof(i)1,800,000shares,(ii)plusthe162,674sharesthatwereavailableforissuanceundernewawardsunderthePriorPlanasofAugust11,2016(iii)plusthenumberofshares under awards outstanding under the Prior Plan as of theAugust 11, 2016forfeited or otherwise terminated after August 11, 2016without sharesbeingissuedandthatwouldbeavailablefornewawardsunderSection5.03if thePriorPlanawardshadbeenmadeunderthisPlan.Indetermining thenumberofsharesissuedpursuanttoAwardsunderthisPlanforthepurposeoftheforegoinglimitation,thenumberofsharesdeemedissuedshallbe(i)theactual numberofsharesissuedpursuant tosuchAwardsforAwardsofOptionsorStockAppreciationRightsand(ii) twicetheactual numberofsharesissuedpursuanttosuchAwardsforAwardsotherthanOptionsorStockAppreciationRights.SharesofCommonStockunderlyingAwardsthataresettledincash,andsharesofCommonStockunderlyingSubstituteAwards,shallnotreducethenumberofSharesavailableforAwards.

ThemaximumaggregatenumberofsharesofCommonStockthatmaybeissuedunderthisPlanshallbeadjustedasprovidedinthisArticleVandArticleXII.

5.03.Forfeitures,etc.

TotheextentthatanAwardinvolvingtheissuanceofsharesofCommonStockisforfeitedorotherwiseterminateswithoutthedeliveryofshares,thesharesofCommonStockallocatedtosuchAwardmaybereallocatedtootherAwardstobegrantedunderthisPlan,providedthatthisprovisionshallnotbeapplicablewithrespectto(i)thecancellationofaCorrespondingSARupontheexerciseoftherelatedOptionor(ii)thecancellationofanOptionupontheexerciseoftheCorrespondingSAR.

Notwithstanding the foregoing, shares of Common Stock which are tendered (actually or by attestation), by a Participant or withheld by theCompanytopaytheoptionpriceorsatisfytheParticipant’staxwithholdingobligationsinconnectionwiththeexerciseorsettlementofanAwardmaynotbereallocatedtootherAwardstobegrantedunderthisPlan.Furthermore,ifanSARisexercisedandsettled,inwholeorinpart,withCommonStockthenthenumberofsharesavailableforgrantshallbereducedbythetotalnumberofsharesforwhichtheSARwasexercised(ratherthanthenumberofsharesofCommonStockissued).Foravoidanceofdoubt,commonstockrepurchasedbytheCompanyontheopenmarketusingtheproceedsfromtheexerciseofanAwardsharesshallnotbeaddedbacktothenumberofsharesavailableforthefuturegrantofAwards.

ARTICLE VIOPTIONS AND SARs

6.01.Award.

InaccordancewiththeprovisionsofArticleIV,theCommitteewilldesignateeachindividualtowhomanOptionorSARistobegrantedandwillspecifythenumberofsharesofCommonStockcoveredbytheaward.AnOptionmaybegrantedwithorwithoutarelatedSAR.ASARmaybegrantedwithor withoutarelatedOption. NoParticipant maybe grantedIncentive StockOptionsor related SARs(under all incentive stockoptionplans of theCompanyanditsAffiliates)whicharefirstexercisableinanycalendaryearforstockhavinganaggregateFairMarketValue(determinedasofthedateanoptionisgranted)exceedingtheamountprescribedbySection422(d)oftheCodeasineffectfromtimetotime.NoParticipantmaybegrantedOptionsinanycalendaryearformorethan600,000sharesofCommonStock,subjecttoadjustmentasprovidedinArticleXI.NoParticipantmaybegrantedSARsthatarenotrelatedtoanOptioninanycalendaryearformorethan600,000sharesofCommonStock,subjecttoadjustmentasprovidedinArticleXI.Forpurposesofthetwoprecedingsentences,anOptionandanyCorrespondingSARrelatedtotheOptionshallbetreatedasasingleaward.

A-5

Table of Contents

6.02.OptionPrice.

ThepricepershareforCommonStockpurchasedontheexerciseofanOptionshallbedeterminedbytheCommitteeonthedateofgrant;provided,however,thatthepricepershareforCommonStockpurchasedontheexerciseofanyOptionshallnotbelessthantheFairMarketValueonthedatetheOption is granted. Except for adjustments authorized under Article XI, no Option or SAR may be repriced, replaced, regranted through cancellation,repurchased, or modified without shareholder approval, if the effect would be to reduce the option price or Initial Value, as applicable, for the sharesunderlyingsuchAward.Inaddition,atanytimewhentheexercisepricepershareofanOptionorSARisabovetheFairMarketValue,theCompanyshallnot,withoutshareholderapproval,purchasesuchOptionorSARforcashorotherconsideration.

6.03.MaximumPeriod.

ThemaximumperiodinwhichanOptionorSARmaybeexercisedshallbedeterminedbytheCommitteeonthedateofgrantexceptthatnoOptionorSARshallbeexercisableaftertheexpirationoftenyearsfromthedatetheOptionorSARwasgranted.ThetermsofanyOptionorSARmayprovidethatitisexercisableforaperiodlessthansuchmaximumperiod.

6.04.Nontransferability.

ExceptasprovidedinSection6.05,OptionsandSARsgrantedunderthisPlanshallbenontransferableexceptbywillorbythelawsofdescentanddistribution.Intheeventofanysuchtransfer,theOptionandanyCorrespondingSARthatrelatestosuchOptionmustbetransferredtothesamepersonorpersonsorentityorentities.ExceptasprovidedinSection6.05,duringthelifetimeoftheParticipanttowhomtheOptionorSARisgranted,theOptionorSAR may be exercised only by the Participant. No right or interest of a Participant in any Option or SAR shall be liable for, or subject to, any lien,obligation,orliabilityofsuchParticipant.

6.05.TransferableOptionsandSARs.

Section6.04tothecontrarynotwithstanding,iftheAgreementprovides,anOptionorSARmaybetransferredbyaParticipanttotheParticipant’schildren,grandchildrenorspouse,oneormoretrustsforthebenefitofsuchfamilymembersorapartnershipinwhichsuchfamilymembersaretheonlypartners. Options and SARsmay not be transferred to third parties for consideration without shareholder approval. The holder of an Option or SARtransferredpursuanttothissectionshallbeboundbythesametermsandconditionsthatgovernedtheOptionorSARduringtheperiodthatitwasheldbytheParticipant;provided,however,thatsuchtransfereemaynottransfertheOptionorSARexceptbywillorthelawsofdescentanddistribution.Intheeventofanysuchtransfer(bytheParticipantorhistransferee),theOptionandanyCorrespondingSARthatrelatestosuchOptionmustbetransferredtothesamepersonorpersonsorentityorentities.

6.06.Exercise.

AnOptionorSARgrantedunderthisPlanshallbedeemedtohavebeenexercisedontheDateofExercise.SubjecttotheprovisionsofthisArticleVI and Article XII, an Option or SARmay be exercised in whole at any time or in part fromtime to time at such times and in compliance with suchrequirementsastheCommitteeshalldetermine.TheprecedingsentencetothecontrarynotwithstandingandexceptasprovidedinSection6.10,anOptionor SAR that becomes exercisable solely on account of the Participant’s continued employment shall not become fully exercisable before the thirdanniversaryofthedateofgrantandanOptionorSARgrantedaftertheEffectiveDateshallnotbecomeexercisablebeforethefirstanniversaryofthedateof grant regardless of the nature of the conditions on which the Option or SAR may become exercisable. The preceding sentence to the contrarynotwithstanding,uptofivepercent(5%)ofthemaximumaggregatenumberofsharesofCommonStockthatmaybeissuedpursuanttoAwardsunderthisPlanmaybegrantedwithoutsuchminimumexercisableperiodtoParticipantswhoaremembersoftheBoardbutarenotemployeesoftheCompanyoranAffiliateonthedateofgrant.ACorrespondingSARthatisrelatedtoanIncentiveStockOptionmaybeexercisedonlytotheextentthattherelatedOptionisexercisable and only whenthe Fair Market Value exceeds the option price of the related Option. AnOptionor SARgranted under this Plan maybeexercisedwithrespecttoanynumberofwholeshareslessthanthefullnumberofwholesharesforwhichtheOptionorSARcouldbeexercised.ApartialexerciseofanOptionorSARshall notaffect therighttoexercisetheOptionorSARfromtimetotimeinaccordancewiththisPlanandtheapplicableAgreementwithrespecttothesharesremainingsubjecttotheOptionorrelatedtotheSAR.TheexerciseofeitheranOptionorCorrespondingSARshallresultintheterminationoftheothertotheextentofthenumberofshareswithrespecttowhichtheOptionorCorrespondingSARisexercised.

A-6

Table of Contents

6.07.PaymentofOptionPrice.

UnlessotherwiseprovidedbytheAgreement,paymentoftheOptionpriceshallbemadeincashoracashequivalentacceptabletotheCommittee.IftheAgreementprovides,paymentofallorpartoftheOptionpricemaybemadebysurrenderingsharesofCommonStocktotheCompanyorbyattestingtosuchownershipofshares.IfCommonStockisusedtopayallorpartoftheOptionprice,thesharessurrenderedorattestedmusthaveanaggregateFairMarketValue(determinedasofthedayprecedingtheDateofExercise)that,togetherwithanycashorcashequivalentpaid,isnotlessthantheoptionpriceforthenumberofsharesforwhichtheOptionisbeingexercised.

6.08.DeterminationofPaymentofCashand/orCommonStockUponExerciseofSAR.

AttheCommittee’sdiscretion,theamountpayableasaresultoftheexerciseofanSARmaybesettledincash,CommonStock,oracombinationofcashandCommonStock.AfractionalshareshallnotbedeliverableupontheexerciseofanSARbutacashpaymentwillbemadeinlieuthereof.

6.09.ShareholderRights.

WithrespecttosharessubjecttoanOptionorSAR,noParticipantshallhaveanyrightsasashareholder,includingrightstoreceivedividendspaidonCommonStock,until,andthenonlytotheextentthat,theOptionorSARisexercisedandCommonStockisissuedtotheParticipant.

6.10.TerminationofEmployment;ChangeinControl.

Section6.06tothecontrarynotwithstanding,theCommitteemayprovidethatanOptionorSARshallbeorshallbecomeexercisable,inwholeorinpart,uponaterminationoftheParticipant’semploymentorserviceoraChangeinControl.TheCommittee’sdeterminationunderthisSection6.10maybemadeatthetimetheOptionorSARisgrantedorthereafter(butbeforetheexpirationorforfeitureoftheOptionorSAR).

ARTICLE VIISTOCK AND STOCK UNIT AWARDS

7.01.Award.

InaccordancewiththeprovisionsofArticleIV,theCommitteewilldesignateeachindividualtowhomaStockAwardorStockUnitAwardistobemadeandwillspecifythenumberofsharesofCommonStockcoveredbytheAward;provided,however,thatnoParticipantmaybeawardedStockAwardsorStockUnitAwardsinanycalendaryearformorethan600,000sharesofCommonStock,subjecttoadjustmentasprovidedinArticleXI.

7.02.Vesting.

AsprovidedinthisSection7.02,butsubjecttoSection7.04,theCommittee,onthedateoftheaward,shallprescribethataParticipant’srightsinaStock Award or Stock Unit shall be forfeitable or otherwise restricted for a period of time set forth in the Agreement. By way of example and not oflimitation,therestrictionsmaypostponetransferabilityofthesharesormayprovidethattheshareswillbeforfeitediftheParticipantseparatesfromtheemploy or service of the Company and its Affiliates before the expiration of a stated term or if the Company, the Company and its Affiliates or theParticipant fail to achieve stated objectives. Stock Awards and Stock Units that become vested and transferable solely on account of the Participant’scontinuedemployment shall not becomevestedandtransferable beforethefirst anniversaryofthedateofgrant. Theprecedingsentencetothecontrarynotwithstanding,uptofivepercentofthemaximumaggregatenumberofsharesofCommonStockthatmaybeissuedpursuanttoAwardsunderthisPlanmaybegrantedwithoutsuchminimumvestingrequirementtoParticipants whoaremembersoftheBoardbutarenotemployeesoftheCompanyoranAffiliateonthedateofgrant . AStockAwardorStockUnitAwardshallbecomevestedandnontransferableonlytotheextentthattheCommitteefirstcertifiesthatanyrestrictionsorobjectiveshavebeensatisfied.

7.03.ShareholderRights.

PriortotheirforfeitureinaccordancewiththetermsoftheAgreementandwhileStockAwardsarenonvested,nontransferableorboth,aParticipantwillhaveallrightsofashareholderwithrespecttoaStockAward,includingtherighttoreceivedividendsandvotetheshares;provided,however,that(i)aParticipantmaynotsell,transfer,pledge,exchange,hypothecate,orotherwisedisposeofaStockAward,(ii)theCompanyshallretain

A-7

Table of Contents

custodyofthecertificatesevidencingsharesofCommonStockissuedasaStockAward,and(iii)theParticipantwilldelivertotheCompanyastockpower,endorsedinblank,withrespecttoeachStockAward.Thelimitationssetforthintheprecedingsentenceshallnotapplyafterthesharesbecomevestedandtransferable.

NoParticipantshall,asaresultofreceivingaStockUnitAward,haveanyrightsasashareholder,includingthe righttoreceivedividendsontheunderlyingsharesofCommonStock,until,andthenonlytotheextentthat,theStockUnitAwardisearnedandCommonStockisissuedtotheParticipant.AStockUnitAwardgrantedonoraftertheEffectiveDatemaynotincludetherighttoreceivedividendequivalentpayments(whetherpayablebeforeoratthetimetheStockUnitAwardisearned)withrespecttodividendspaidonCommonStockpriortothedatetheStockUnitAwardisearnedandCommonStockisissuedtotheParticipant.

7.04.TerminationofEmployment;ChangeinControl.

Section7.02tothecontrarynotwithstanding, theCommitteemayprovidethat aStockAward orStockUnit shall beorshall becomevestedandtransferable, in wholeor inpart, uponaterminationof theParticipant’s employment or serviceor a ChangeinControl. TheCommittee’s determinationunderthisSection7.04maybemadeatthetimeaStockAwardorStockUnitisgrantedorthereafter(butbeforetheforfeitureoftheStockAwardofStockUnit).

ARTICLE VIIIPERFORMANCE SHARE AWARDS

8.01.Award.

InaccordancewiththeprovisionsofArticleIV,theCommitteewilldesignateindividualstowhomanawardofPerformanceSharesistobegrantedandwillspecifythenumberofsharesofCommonStockcoveredbytheAward;provided,however,thatnoParticipantmaybeawardedPerformanceSharesinanycalendaryearformorethan600,000sharesofCommonStock,subjecttoadjustmentasprovidedinArticleXI.

8.02.EarningtheAward.

SubjecttoSection8.08,theCommittee,onthedateofthegrantofPerformanceShares,shall prescribethatthePerformanceShares,oraportionthereof,willbeearned,andtheParticipantwillbeentitledtoreceivepaymentpursuanttotheawardofPerformanceShares,onlyuponthesatisfactionofperformanceobjectivesorsuchothercriteriaasmaybeprescribedbytheCommitteeandsetforthintheAgreement.ForanyPerformanceShareAwardgrantedonoraftertheEffectiveDate,aperformanceperiodofatleastone-yearwillbeestablishedforanyPerformanceShares.NopaymentswillbemadewithrespecttoPerformanceSharesunless,andthenonlytotheextentthat,theCommitteecertifiesthatsuchobjectiveshavebeenachieved.

8.03.IssuanceofShares.

TotheextentthataPerformanceShareAwardissettledwithCommonStock,thesharesofCommonStockearnedshallbeissuedtotheParticipantassoonaspracticableaftertheCommitteecertifiesthenumberofPerformanceSharesearnedbytheParticipant. AfractionalshareshallnotbeissuableunderthisArticleVIIIbutinsteadwillbesettledincash.

8.04.SettlementinCash.

TotheextentthataPerformanceShareAwardissettledincash,thepaymentwillbemadeinasinglesumassoonaspracticableaftertheCommitteecertifiesthenumberofPerformanceSharesearnedbytheParticipant.TotheextentthataPerformanceShareAwardissettledincash,theamountofcashpayable under a Performance Share Award shall equal the Fair Market Value of the number of shares of Common Stock equal to the number ofPerformanceSharesearnedonthedatethattheCommitteecertifiestheParticipant’srighttoreceivethepayment.

8.05.ShareholderRights.

NoParticipantshall,asaresultofreceivinganawardofPerformanceShares,haveanyrightsasashareholderuntilandthenonlytotheextentthatthePerformanceSharesareearnedandCommonStockisissuedtotheParticipant.APerformanceShareAwardgrantedonoraftertheEffectiveDatemaynotincludetherighttoreceivedividendequivalentpayments(whetherpayablebeforeoratthetimethePerformanceShareAwardisearned)withrespecttodividendspaidonCommonStockpriortothedatethePerformanceShareAwardisearnedandCommonStockisissuedtotheParticipant.

A-8

Table of Contents

8.06.Nontransferability.

ExceptasprovidedinSection8.07,aParticipantmaynottransferaPerformanceShareawardortherighttoreceivepaymentthereunderotherthanbywillorbythelawsofdescentanddistribution.NorightorinterestofaParticipantinanyPerformanceShareawardshallbeliablefor,orsubjectto,anylien,obligation,orliabilityofsuchParticipant.

8.07.TransferablePerformanceShares.

Section 8.06 to the contrary notwithstanding, the Committee may grant Performance Shares that are transferable to the Participant’s children,grandchildrenorspouse,oneormoretrustsforthebenefitofsuchfamilymembersorapartnershipinwhichsuchfamilymembersaretheonlypartners;providedhowever,thattheParticipantmaynotreceiveanyconsiderationforthetransferwithoutshareholderapproval.TheholderofaPerformanceSharetransferredpursuanttothissectionshallbeboundbythesametermsandconditionsthatgovernedthePerformanceShareawardduringtheperiodthatitwasheldbytheParticipant;provided,however,thatsuchtransfereemaynottransferthePerformanceShareawardexceptbywillorthelawsofdescentanddistribution.

8.08.TerminationofEmployment;ChangeinControl.

Section8.02tothecontrarynotwithstanding,theCommitteemayprovidethataPerformanceShareAwardshallbeorshallbecomeearned,inwholeorinpart,uponaterminationoftheParticipant’semploymentorserviceoraChangeinControl.TheCommittee’sdeterminationunderthisSection8.08maybemadeatthetimeaPerformanceShareisawardedorthereafter(butbeforetheforfeitureofthePerformanceShareAward).

ARTICLE IXINCENTIVE AWARDS

9.01.Award.

TheCommitteeshalldesignateParticipantstowhomIncentiveAwardsaremade.AllIncentiveAwardsshallbefinallydeterminedexclusivelybythe Committee. For any Incentive Award granted on or after the Effective Date, a performance period of at least one-yearwill be established for anyIncentiveAward.WithrespecttoanIncentiveAwardbasedonaperformanceperiodofoneyear,noParticipantmayreceiveanIncentiveAwardpaymentinanycalendaryearthatexceeds$2,000,000.WithrespecttoanIncentiveAwardbasedonaperformanceperiodofmorethanoneyear,noParticipantmayreceiveanIncentiveAwardpaymentinanycalendaryearthatexceedstheproductof(i)$125,000and(ii)thenumberofmonthsintheperformanceperiod.

9.02.TermsandConditions.

TheCommittee,atthetimeanIncentiveAwardismade,shallspecifythetermsandconditionswhichgoverntheaward.SuchtermsandconditionsshallprescribethattheIncentiveAwardshallbeearnedonlytotheextentthattheCompanyachievesperformanceobjectivesorsuchothercriteriaasmaybeprescribedbytheCommitteeandsetforthintheAgreement.ExceptasprovidedinSection9.08,theperformanceperiodofanIncentiveAwardshallbeatleastoneyear.

9.03.Nontransferability.

ExceptasprovidedinSection9.04,aParticipantmaynottransferanIncentiveAwardortherighttoreceivepaymentthereunderotherthanbywillorbythelawsofdescentanddistribution.NorightorinterestofaParticipantinanIncentiveAwardshallbeliablefor,orsubjectto,anylien,obligation,orliabilityofsuchParticipant.

9.04.TransferableIncentiveAwards.

Section 9.03 to the contrary notwithstanding, the Committee may grant Incentive Awards that are transferable to the Participant’s children,grandchildrenorspouse,oneormoretrustsforthebenefitofsuchfamilymembersorapartnershipinwhichsuchfamilymembersaretheonlypartners;provided,howeverthattheParticipantmaynotreceiveanyconsiderationforthetransferwithoutshareholderapproval.Theholderofan

A-9

Table of Contents

IncentiveAwardtransferredpursuanttothissectionshallbeboundbythesametermsandconditionsthatgovernedtheIncentiveAwardduringtheperiodthatitwasheldbytheParticipant;provided,however,thatsuchtransfereemaynottransfertheIncentiveAwardexceptbywillorthelawsofdescentanddistribution.

9.05.IssuanceofShares.

Totheextent that anIncentive Awardis settled with CommonStock, the shares of CommonStockshall be issuedto the Participant as soonaspracticable after the Committee certifies the extent to which the Incentive Award has been earned. The issuance of Common Stock in full or partialsettlementofanIncentiveAwardshallbebasedontheFairMarketValueonthedatetheCommitteecertifiestheextenttowhichtheIncentiveAwardhasbeenearned.

9.06.SettlementinCash.

To the extent that an Incentive Award is settled in cash, the payment will be made in a single sumas soon as practicable after the CommitteecertifiestheextenttowhichtheIncentiveAwardhasbeenearned.

9.07.ShareholderRights.

NoParticipantshall,asaresultofreceivinganIncentiveAward,haveanyrightsasashareholderoftheCompanyoranyAffiliateonaccountoftheIncentiveAwarduntil,andthenonlytotheextentthat,theIncentiveAwardisearnedandsettledwiththeissuanceofCommonStock.AnIncentiveAwardgrantedonoraftertheEffectiveDatemaynotincludetherighttoreceivedividendequivalentpayments(whetherpayablebeforeoratthetimetheIncentiveAwardisearned)withrespecttodividendspaidonCommonStockpriortothedatetheStockUnitAwardisearnedandCommonStockisissuedtotheParticipant.

9.08.TerminationofEmployment;ChangeinControl.

Section9.02tothecontrarynotwithstanding,theCommitteemayprovidethatanIncentiveAwardshallbeor shallbecomeearned,inwholeorinpart,uponaterminationoftheParticipant’semploymentorserviceoraChangeinControl.TheCommittee’sdeterminationunderthisSection9.08maybemadeatthetimeanIncentiveAwardisgrantedorthereafter(butbeforetheforfeitureoftheIncentiveAward).

ARTICLE XCHANGE IN CONTROL

10.01.ImpactofChangeinControl.

InaccordancewithSections6.10,7.04,8.08,and9.08andtotheextentprovidedbytheCommitteethereunder,butsubjecttoSections10.02,10.03and10.04,uponaChangeinControl,(i)eachOptionandSARgrantedbeforetheEffectiveDateshallbeexercisable,(ii)eachStockAwardandStockUnitgranted before the Effective Date will become transferable and nonforfeitable, (iii) each Performance Share granted before the Effective Date shall beearnedand(iv)eachIncentiveAwardgrantedbeforetheEffectiveDateshallbeearned.InaccordancewithSections6.10,7.04,8.08,and9.08andtotheextentprovidedbytheCommitteethereunder,butsubjecttoSections10.02,10.03and10.04,uponaChangeinControl,eachoutstandingAwardgrantedonoraftertheEffectiveDatewillbetreatedastheCommitteedetermines,andinmakinganysuchdeterminationtheCommitteewillnotberequiredtotreatAwardsandParticipantssimilarlywithrespecttoanyeventconstitutingaChangeinControl.

10.02.AssumptionUponChangeinControl.

In the event of a Change in Control the Committee, in its discretion and without the need for a Participant’s consent, may provide that anoutstandingOption,SAR,StockAward,StockUnit,PerformanceShareorIncentiveAwardshallbeassumedby,orwillbereplacedbyasubstituteawardgrantedby,thesurvivingentityintheChangeinControl. Suchassumedorsubstitutedawardshall beofthesametypeofawardastheoriginal Option,SAR,StockAward,StockUnit,PerformanceShareorIncentiveAwardbeingassumedorsubstituted.Theassumedorsubstitutedawardshallhaveavalue,asofthecompletionoftheChangeinControl,thatissubstantiallyequaltothevalueoftheoriginalaward(orthedifferencebetweentheFairMarketvalueand the option price or Initial Value in the case of Options and SARs) as the Committee determines is equitably required and such other terms andconditionsasmaybeprescribedbytheCommittee.

A-10

Table of Contents

10.03.Cash-OutUponChangeinControl.

In the event of a Change in Control, the Committee, in its discretion and without the need for a Participant’s consent, may provide that anoutstandingOption,SAR,StockAward,StockUnit,PerformanceShareandIncentiveAwardshallbecancelledinexchangeforapayment.Thepaymentmaybeincash,sharesofCommonStockorothersecuritiesorconsiderationreceivedbyshareholdersintheChangeinControltransaction.Theamountofthepaymentshallbeanamountthatissubstantiallyequalto(i)theamountbywhichthepricepersharereceivedbystockholdersintheChangeinControlexceedstheOptionpriceorInitialValueinthecaseofanOptionandSAR,or(ii)thepricepersharereceivedbystockholderforeachshareofCommonStocksubjecttoaStockAward,StockUnitandPerformanceShares.

10.04.CancellationofOptionsandSARs.

IntheeventofaChangeinControl, theCommittee,initssole discretionandwithouttheneedforaParticipant’sconsent,mayprovidethatanoutstandingOptionorSARthatisexercisableonorbeforethecompletionoftheChangeinControlshallbecancelledandforfeitedifnotexercisedonorbeforecompletionoftheChangeinControl.

10.05.LimitationonBenefits.

ThebenefitsthataParticipantmaybeentitledtoreceiveunderthisPlanandotherbenefitsthataParticipantisentitledtoreceiveunderotherplans,agreements and arrangements (which, together with the benefits provided under this Plan, are referred to as “Payments”), may constitute ParachutePaymentsthataresubjecttoCodeSections280Gand4999.AsprovidedinthisArticleX,theParachutePaymentswillbereducedif,andonlytotheextentthat,areductionwillallowaParticipanttoreceiveagreaterNetAfterTaxAmountthanaParticipantwouldreceiveabsentareduction.

TheAccountingFirmwillfirstdeterminetheamountofanyParachutePaymentsthatarepayabletoaParticipant.TheAccountingFirmalsowilldeterminetheNetAfterTaxAmountattributabletotheParticipant’stotalParachutePayments.

TheAccountingFirmwillnextdeterminethelargestamountofPaymentsthatmaybemadetotheParticipantwithoutsubjectingtheParticipanttotax under Code Section 4999 (the “Capped Payments”). Thereafter, the Accounting Firm will determine the Net After Tax Amount attributable to theCappedPayments.

TheParticipantwillreceivethetotalParachutePaymentsortheCappedPayments,whicheverprovides theParticipantwiththehigherNetAfterTaxAmount.IftheParticipantwillreceivetheCappedPayments,thetotalParachutePaymentswillbeadjustedinthefollowingorder:

(i)First,byreducingPayments(otherthanLowRatioBenefits)thatarenot subjecttosection409AoftheCode(intheorderthatParticipantelects);

(ii)Next,iffurtherreductionisnecessary,fromPayments(otherthanLowRatioBenefits)thataresubjecttosection490AoftheCode,whichPaymentsshallbereducedintheorderoflowesttohighestvalueand,ifmorethanonePaymenthasthesamevalue,thereductionshallbeintheorderthesuchPaymentswouldhavebeenpaidorprovidedbeginningwiththelastsuchPaymenttobepaidorprovidedandendingwiththefirstsuchPaymenttobepaid or provided and if the Payments would have been provided at the same time, the reduction will be made first from cash benefits and next fromnon-cashbenefits;

(iii)Next,iffurtherreductionisnecessary,fromLowRatioBenefitsthataresubjecttosection409AoftheCode,whichLowRatioBenefitsshallbereducedintheorderoflowesttohighestvalueandifaLowRatioBenefithasthesamevalue,thereductionshallbeintheorderthatsuchLowRatioBenefitswouldbepaidorprovidedbeginningwiththelastLowRatioBenefittobepaidorprovidedandendingwiththefirstsuchLowRatioBenefittobepaidorprovidedandiftheLowRatioBenefitswouldhavebeenprovidedatthesametime,thereductionwillbemadefirstfromcashbenefitsandnextfromnon-cashbenefits;and,

(iv) Finally, if further reduction is necessary, from LowRatio Benefits that are not subject to section 409A of the Code (in the order thatParticipantelects).

TheAccountingFirmwill notifytheParticipantandtheCompanyif it determinesthattheParachutePaymentsmustbereducedtotheCappedPaymentsandwillsendtheParticipantandtheCompanyacopyofitsdetailedcalculationssupportingthatdetermination.

AsaresultoftheuncertaintyintheapplicationofCodeSections280Gand4999 atthetimethattheAccountingFirmmakesitsdeterminationsunderthisArticleX,itispossiblethatamountswillhavebeenpaidor

A-11

Table of Contents

distributedtotheParticipantthatshouldnothavebeenpaidordistributedunderthisArticleX(“Overpayments”),orthatadditionalamountsshouldbepaidordistributedtotheParticipantunderthisArticleX(“Underpayments”).IftheAccountingFirmdetermines,basedoneithertheassertionofadeficiencybytheInternal RevenueServiceagainst theCompanyortheParticipant, whichassertiontheAccountingFirmbelieveshasahighprobabilityofsuccessorcontrollingprecedentorsubstantialauthority,thatanOverpaymenthasbeenmade,theParticipantmustrepaytheOverpaymenttotheCompany,withoutinterest;provided,however,thatnoloanwillbedeemedtohavebeenmadeandnoamountwillbepayablebytheParticipanttotheCompanyunless,andthen only to the extent that, the deemed loan and payment would either reduce the amount on which the Participant is subject to tax under CodeSection 4999 or generate a refund of tax imposed under Code Section 4999. If the Accounting Firm determines, based upon controlling precedent orsubstantialauthority,thatanUnderpaymenthasoccurred,theAccountingFirmwillnotifytheParticipantandtheCompanyofthatdeterminationandtheamountofthatUnderpayment,withoutinterest,willbepaidtotheParticipantpromptlybytheCompany.

ForpurposesofthisArticleX,theterm“AccountingFirm”meanstheindependentaccountingfirmengagedbytheCompanyimmediatelybeforethe Change in Control. For purposes of this Article X, the term “Net After Tax Amount” means the amount of any Parachute Payments or CappedPayments,asapplicable,netoftaxesimposedunderCodeSections1,3101(b)and4999andanyStateorlocalincometaxesapplicabletotheParticipantonthedateofpayment. ThedeterminationoftheNetAfterTaxAmountshall bemadeusingthehighestcombinedeffectiverateimposedbytheforegoingtaxesonincomeofthesamecharacterastheParachutePaymentsorCappedPayments,asapplicable,ineffectonthedateofpayment.ForpurposesofthisArticleX,theterm“ParachutePayment”meansapaymentthatisdescribedinCodeSection280G(b)(2),determinedinaccordancewithCodeSection280Gandtheregulationspromulgatedorproposedthereunder.ForpurposesofthisArticleX,theterm“LowRatioBenefit”meansapaymentorbenefitwhichistakenintoaccountforpurposesofcalculatingexcisetaxandwhichhasavalueforpurposesofcalculatingexcisetaxthatislessthantheactualvalueofsuch payment or benefit such that the ratio of the value of the payment or benefit for purposes of calculating the excise tax to the actual value of thepaymentorbenefitislessthanonehundredpercent(100%).

NotwithstandinganyotherprovisionofthisSection10.05,thelimitationsandprovisionsofthis Section10.05shallnotapplytoanyParticipantwho,pursuanttoanagreementwiththeCompanyorthetermsofanotherplanmaintainedbytheCompany,isentitledtoindemnificationforanyliabilitythattheParticipantmayincurunderCodeSection4999.

ARTICLE XIADJUSTMENT UPON CHANGE IN COMMON STOCK

ThemaximumnumberofsharesthatmaybeissuedpursuanttoAwards,theperindividuallimitationsonAwards,andthetermsofoutstandingAwards(includingtheoptionpriceorInitialValue)shallbeadjusted,astheCommitteeshalldeterminetobeequitablyrequiredintheeventthat(a)theCompany(i)effectsoneormorestockdividends,extraordinarycashdividends,stocksplit-ups,subdivisionsorconsolidationsofsharesor(ii)engagesinatransactiontowhichSection424oftheCodeappliesor(b)thereoccursanyothereventwhich,inthejudgmentoftheCommitteenecessitatessuchaction.AnydeterminationmadeunderthisArticleXIbytheCommitteeshallbefinalandconclusive.

TheissuancebytheCompanyofsharesofstockofanyclass,orsecuritiesconvertibleintosharesofstockofanyclass,forcashorproperty,orforlabororservices,eitherupondirectsaleorupontheexerciseofrightsorwarrantstosubscribetherefor,oruponconversionofsharesorobligationsoftheCompanyconvertibleintosuchsharesorothersecurities,shallnotaffect,andnoadjustmentbyreasonthereofshallbemadewithrespectto,themaximumnumberofsharesastowhichAwardsmaybegranted,theperindividuallimitationsonAwardsorthetermsofoutstandingAwards.

TheCommitteemayissueSubstituteAwardsinsubstitutionforstockawards,stockoptions,stockappreciationrights,orsimilarawardsheldbyanindividualwhobecomesanemployeeoftheCompanyoranAffiliateorwhoseemployerbecomesanAffiliateinconnectionwithatransactiondescribedinthe first paragraph of this Article XI.Notwithstanding any provision of the Plan, the terms of suchSubstitute Awards shall be as the Committee, in itsdiscretion,determinesisappropriate.

ARTICLE XIICOMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES

NoOptionorSARshallbeexercisable,noCommonStockshallbeissued,nocertificatesforsharesofCommonStockshallbedelivered,andnopaymentshallbemadeunderthisPlanexceptincompliancewithall

A-12

Table of Contents

applicablefederalandstatelawsandregulations(including,withoutlimitation,withholdingtaxrequirements)andtherulesofalldomesticstockexchangesonwhichtheCompany’ssharesmaybelisted. TheCompanyshall havetherighttorelyonanopinionofits counsel astosuchcompliance. AnysharecertificateissuedtoevidenceCommonStockforwhichanAwardwasmadeorsettledmaybearsuchlegendsandstatementsastheCommitteemaydeemadvisabletoassurecompliancewithfederalandstatelawsandregulations.NoOptionorSARshallbeexercisable,noCommonStockshallbeissued,nocertificate for shares shall be delivered, andnopayment shall be madeunder this Plan until the Companyhas obtained suchconsent or approval as theCommitteemaydeemadvisablefromregulatorybodieshavingjurisdictionoversuchmatters.

ARTICLE XIIIGENERAL PROVISIONS

13.01.EffectonEmploymentorService.

NeithertheadoptionofthisPlan,itsoperation,noranydocumentsdescribingorreferringtothisPlan(oranypartthereof)shallconferuponanyindividualanyrighttocontinueintheemployorserviceoftheCompanyoranAffiliateorinanywayaffectanyrightandpoweroftheCompanyoranAffiliatetoterminatetheemploymentorserviceofanyindividualatanytimewithorwithoutassigningareasontherefor.

13.02.UnfundedPlan.

ThePlan,insofarasitprovidesforgrants,shallbeunfunded,andtheCompanyshallnotberequiredtosegregateanyassetsthatmayatanytimeberepresentedbygrantsunderthisPlan.AnyliabilityoftheCompanytoanypersonwithrespecttoanygrantunderthisPlanshallbebasedsolelyuponanycontractualobligationsthatmaybecreatedpursuanttothisPlan.NosuchobligationoftheCompanyshallbedeemedtobesecuredbyanypledgeof,orotherencumbranceon,anypropertyoftheCompany.

13.03.RulesofConstruction.

HeadingsaregiventothearticlesandsectionsofthisPlansolelyasaconveniencetofacilitatereference.Thereferencetoanystatute,regulation,orotherprovisionoflawshallbeconstruedtorefertoanyamendmenttoorsuccessorofsuchprovisionoflaw.

13.04.TaxWithholding.

TheParticipantshallberesponsibleforpaymentofanytaxesorsimilarchargesrequiredbylawtobewithheldfromanAwardoranamountpaidinsatisfactionofanAward,whichshallbepaidbytheParticipantonorpriortothepaymentorothereventthatresultsintaxableincomeinrespectofanAward.TheAgreementmayspecifythemannerinwhichthewithholdingobligationshallbesatisfiedwithrespecttotheparticulartypeofAward,whichmayincludeprocedurestopermitorrequireaParticipanttosatisfysuchobligationinwholeorinpartbutonlyuptosuchamountpermittedundercurrentaccountingruleswithoutcausingtheAwardtobecomea“liability-classified”award,byhavingtheCompanywithholdsharesofCommonStockfromthesharestowhichtheParticipantisentitled.ThenumberofsharestobewithheldshallhaveaFairMarketValueasofthedatethattheamountoftaxtobewithheldisdeterminedasnearlyequalaspossibleto(butnotexceeding)theamountofsuchobligationsbeingsatisfied.Notwithstandingtheforegoing,theCompany,initssolediscretion,maywithholdallsuchrequiredtaxesfromanyamountotherwisepayabletoaParticipant.

13.05.GoverningLaw.

The Plan and all rights hereunder shall be subject to and interpreted in accordance with the laws of the Commonwealth of Virginia, withoutreferencetotheprinciplesofconflictsoflaws,andtoapplicableFederalsecuritieslaws.

13.06.Section409A.

NotwithstandinganyprovisioninthePlanoranAgreement,ifanyprovisionofthisPlanoranAgreementcontravenesanyregulationsorguidancepromulgatedunderSection409AoftheCodeorwouldcauseanAwardtobesubjecttoadditionaltaxes,acceleratedtaxation,interestand/orpenaltiesunderSection 409Aof the Code, suchprovision may be modified by the Committee without consent of the Participant in any manner the Committee deemsreasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to the maximum extentpracticable,theoriginalintentoftheapplicableprovisionwithout

A-13

Table of Contents

contraveningtheprovisionsofSection409AoftheCode.Moreover,anydiscretionaryauthoritythattheCommitteemayhavepursuanttothePlanshallnotbeapplicabletoanAwardthatissubjecttoSection409AoftheCodetotheextentsuchdiscretionaryauthoritywouldcontraveneSection409AoftheCodeortheguidancepromulgatedthereunder.

13.07.OtherCompensationandBenefits.

TheadoptionofthisPlanshallnotaffectanyothercompensationplansineffectfortheCompanyor anyAffiliate,norprecludetheCompanyoranyAffiliatefromestablishinganyothercompensationplan.

ARTICLE XIVAMENDMENT

Subjecttoapplicablelaws,rulesandregulations,theBoardmayatanytimeterminateor,fromtimetotime,amend,modifyorsuspendthePlan;provided, however, that no amendment or modification will be effective without the approval of the shareholders of the Company if such approval isrequired under applicable laws or the rules of the exchange on which the Common Stock is listed. No Plan amendment shall, without a Participant’sconsent,adverselyaffectanyrightsofsuchParticipantunderanyAwardoutstandingatthetimesuchamendmentismade.

ARTICLE XVDURATION OF PLAN

NoAwardsmaybeawardedorgrantedunderthisPlanafterAugust11,2026.Awardsgrantedbefore thatdateshallremainvalidinaccordancewiththeirterms.

ARTICLE XVIEFFECTIVE DATE OF PLAN

Options,SARs,StockUnitAwards,PerformanceShareAwards,andIncentiveAwardsmaybegrantedunder thisPlanuponitsadoptionbytheBoard,providedthatnoOptionorSARwillbeexercisableandnoStockUnitAward,PerformanceShareAward,orIncentiveAwardwillbesettledunlessanduntilthisPlanisapprovedbyamajorityofthevotesentitledtobecastbytheshareholdersoftheCompany,votingeitherinpersonorbyproxy,atadulyheldshareholders’meeting.StockAwardsmaybegrantedunderthisPlanuponitsapprovalbytheshareholdersoftheCompanyinaccordancewiththeprecedingsentence.

A-14

Table of Contents

PYXUS INTERNATIONAL, INC.ANNUAL MEETING OF SHAREHOLDERS

Hamner Conference CenterNorth Carolina Auditorium

15 T.W. Alexander DriveResearch Triangle Park, NC 27709

August 15, 201910:00 a.m.

NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL :The Notice of Meeting, Proxy Statement and Proxy Cardare available at http://www.astproxyportal.com/ast/20132/

Pleasesign,dateandmailyourproxycardintheenvelopeprovidedassoonaspossible.

Pleasedetachalongperforatedlineandmailintheenvelopeprovided.

∎206303030000000010003 081519

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION OF ALL NOMINEESAND “FOR” PROPOSALS 2, 3 AND 4.

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE ☒

1. Election of Directors: Four Class I nominees for a three-year term expiring in 2022; FOR AGAINST ABSTAIN One Class III nominee for a two-year term expiring in 2021; and One Class II nominee for a one-year term expiring in 2020:

2.

Ratification of the appointment of Deloitte & ToucheLLP as the Company’s independent auditors for thefiscal year ending March 31, 2020.

☐☐

☐

☐

☐

☐

FOR ALL NOMINEES

WITHHOLD AUTHORITYFOR ALL NOMINEES FOR ALL EXCEPT(See instructions below)

NOMINEES:

Daniel A. Castle (Class II)

Jeffrey A. Eckmann (Class I)

Joyce L. Fitzpatrick (Class I)

Donna H. Grier (Class I)

John D. Rice (Class I)

Nathan A. Richardson (Class III)

FOR AGAINST ABSTAIN

3.

Adoption of a resolution approving, on an advisorybasis, the compensation paid to the Company’s namedexecutive officers.

☐☐

☐

FOR AGAINST ABSTAIN

4.

Approval of the proposed amendment and restatementof the 2016 Incentive Plan.

☐☐

☐

INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALLEXCEPT” and fill in the circle next to each nominee you wish to withhold, asshown here:

In their discretion, the proxies are authorized to vote on such other business and mattersincident to the conduct of the meeting as may properly come before it.

PLEASE COMPLETE, SIGN, DATE AND RETURN THIS PROXY CARD ASSOON AS POSSIBLE IN THE ENCLOSED POSTAGE PRE-PAID ENVELOPE.

The undersigned revokes all proxies heretofore given by the undersigned.

To change the address on your account, please check the box at right and indicate your newaddress in the address space above. Please note that changes to the registered name(s) on theaccount may not be submitted via this method.

☐ PLEASEMARK“X”HEREIFYOUPLANTOATTENDTHEANNUALMEETINGINPERSON. ☐

Signature of Shareholder

Date:

Signature of Shareholder

Date:

⬛

Note:

Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please givefull title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorizedperson. ⬛

Table of Contents

GO GREEN

e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statementsand other eligible documents online, while reducing costs, clutter and paper waste. Enroll today viawww.astfinancial.com to enjoy online access.

0∎

PROXYPYXUS INTERNATIONAL, INC.

Annual Meeting of Shareholders - August 15, 2019This Proxy is solicited on behalf of the Board of Directors.

The undersigned hereby appoints William L. O’Quinn, Jr. and Joel L. Thomas or either of them, eachwith full power of substitution, as proxies to represent the undersigned and to vote all shares the undersignedis entitled to vote at the Annual Meeting of Shareholders of PYXUS INTERNATIONAL, INC . , to be held at10:00 a.m. on Thursday, August 15, 2019, at the Hamner Conference Center, North Carolina Auditorium, 15T.W. Alexander Drive, Research Triangle Park, North Carolina 27709, and at any adjournment(s) orpostponement(s) thereof, in accordance with the instructions given on the reverse side of this card. In theirdiscretion, the proxies are hereby authorized to vote upon such other business as may properly come beforethe meeting and any adjournment(s) or postponement(s) thereof. To the extent no directions are given on aproposal, this proxy will be voted FOR the nominees listed on the reverse side and FOR proposals 2, 3 and 4.

(Continued and to be signed on the reverse side.)

∎1.1 14475∎

Table of Contents

ANNUAL MEETING OF SHAREHOLDERS OF PYXUS INTERNATIONAL, INC.Hamner Conference Center, North Carolina Auditorium,

15 T.W. Alexander Drive, Research Triangle Park, NC 27709August 15, 2019 at 10:00 a.m.

NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL :

The Notice of Meeting, Proxy Statement and Proxy Cardare available at http://www.astproxyportal.com/ast/20132

Please detach along perforated line and mail in the envelope provided IF you are not voting via telephone or the Internet.

∎206303030000000010003 081519

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” THE ELECTION OF ALL NOMINEESAND “FOR” PROPOSALS 2, 3 AND 4.

PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE ☒

1. Election of Directors: Four Class I nominees for a three-year term expiring in 2022; FOR AGAINST ABSTAIN One Class III nominee for a two-year term expiring in 2021; and One Class II nominee for a one-year term expiring in 2020:

2.

Ratification of the appointment of Deloitte & Touche LLPas the Company’s independent auditors for the fiscal yearending March 31, 2020.

☐ ☐ ☐

☐

☐

☐

FOR ALL NOMINEES

WITHHOLD AUTHORITYFOR ALL NOMINEES FOR ALL EXCEPT(See instructions below)

NOMINEES:

Daniel A. Castle (Class II)

Jeffrey A. Eckmann (Class I)

Joyce L. Fitzpatrick (Class I)

Donna H. Grier (Class I)

John D. Rice (Class I)

Nathan A. Richardson (Class III)

FOR AGAINST ABSTAIN

3.

Adoption of a resolution approving, on an advisory basis,the compensation paid to the Company’s namedexecutive officers.

☐☐

☐

FOR AGAINST ABSTAIN

4.

Approval of the proposed amendment and restatement of the 2016 Incentive Plan.

☐☐

☐

PROXY VOTING INSTRUCTIONS

INTERNET - Access “www.voteproxy.com ” and follow the on-screen instructions or scan the QR code with your smartphone. Haveyour proxy card available when you access the web page.TELEPHONE - Call toll-free 1-800-PROXIES (1-800-776-9437) in theUnited States or 1-718-921-8500 from foreign countries from anytouch-tone telephone and follow the instructions. Have your proxycard available when you call.Vote online/phone until 11:59 PM EDT the day before the meeting.MAIL - Sign, date and mail your proxy card in the envelope providedas soon as possible.IN PERSON - You may vote your shares in person by attending theAnnual Meeting.

COMPANY NUMBER

ACCOUNT NUMBER

INSTRUCTIONS: To withhold authority to vote for any individual nominee(s), mark “FOR ALLEXCEPT” and fill in the circle next to each nominee you wish to withhold, as shownhere:

In their discretion, the proxies are authorized to vote on such other business and mattersincident to the conduct of the meeting as may properly come before it.

PLEASE COMPLETE, SIGN, DATE AND RETURN THIS PROXY CARD ASSOON AS POSSIBLE IN THE ENCLOSED POSTAGE PRE-PAIDENVELOPE.

The undersigned revokes all proxies heretofore given by the undersigned.

PLEASEMARK“X”HEREIFYOUPLANTOATTENDTHEANNUALMEETINGINPERSON. ☐

To change the address on your account, please check the box at right and indicate your new address inthe address space above. Please note that changes to the registered name(s) on the account may notbe submitted via this method.

☐

Signature of Shareholder

Date:

Signature of Shareholder

Date:

⬛

Note:

Please sign exactly as your name or names appear on this Proxy. When shares are held jointly, each holder should sign. When signing as executor, administrator, attorney, trustee or guardian, please givefull title as such. If the signer is a corporation, please sign full corporate name by duly authorized officer, giving full title as such. If signer is a partnership, please sign in partnership name by authorizedperson. ⬛

Table of Contents

GO GREEN

e-Consent makes it easy to go paperless. With e-Consent, you can quickly access your proxy material, statementsand other eligible documents online, while reducing costs, clutter and paper waste. Enroll today viawww.astfinancial.com to enjoy online access.

0∎

PROXYPYXUS INTERNATIONAL, INC.

Annual Meeting of Shareholders - August 15, 2019This Proxy is solicited on behalf of the Board of Directors.

The undersigned hereby appoints William L. O’Quinn, Jr. and Joel L. Thomas or either of them, eachwith full power of substitution, as proxies to represent the undersigned and to vote all shares the undersignedis entitled to vote at the Annual Meeting of Shareholders of PYXUS INTERNATIONAL, INC . , to be held at10:00 a.m. on Thursday, August 15, 2019, at the Hamner Conference Center, North Carolina Auditorium, 15T.W. Alexander Drive, Research Triangle Park, North Carolina 27709, and at any adjournment(s) orpostponement(s) thereof, in accordance with the instructions given on the reverse side of this card. In theirdiscretion, the proxies are hereby authorized to vote upon such other business as may properly come beforethe meeting and any adjournment(s) or postponement(s) thereof. To the extent no directions are given on aproposal, this proxy will be voted FOR the nominees listed on the reverse side and FOR proposals 2, 3 and 4.

(Continued and to be signed on the reverse side.)

∎1.1 14475∎