EXHIBIT 4.1

WARRANT


THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
OR REGISTERED OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED
OR OTHERWISE TRANSFERRED OR ASSIGNED UNLESS PERMITTED HEREUNDER AND IF PERMITTED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH
SECURITIES IS EFFECTIVE UNDER THE ACT AND IS REGISTERED OR QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION
IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE REGISTRATION OR QUALIFICATION REQUIREMENTS
UNDER APPLICABLE STATE AND FOREIGN LAW.


Warrant Certificate No.: 1


Original Issue Date: November
7, 2016


FOR VALUE RECEIVED, MusclePharm
Corporation, a Nevada corporation (the "Company"),
hereby certifies that INI Buyer Inc., a Delaware corporation, or its registered assigns (the "Holder")
is entitled to purchase from the Company One Million Two Hundred Eighty Nine Thousand Three Hundred Seventy Eight (1,289,378) (representing
7.5% of the issued and outstanding capital stock of the Company on a fully diluted basis as of the date of this Warrant) duly authorized,
validly issued, fully paid and nonassessable shares of Common Stock at a purchase price per share of $1.83 (the "Exercise
Price"), all subject to the terms, conditions and adjustments set forth below in this Warrant. Certain capitalized
terms used herein are defined in Section 1 hereof.


1.                 
Definitions. As used in this Warrant, the following terms have the respective meanings set forth below:


"Affiliate" means,
with respect to any specified Person, any other Person who, directly or indirectly, controls, is controlled by, or is under common
control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person.


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"Aggregate
Exercise Price" means an amount equal to the product of (a) the number of Warrant Shares in respect of which this
Warrant is then being exercised pursuant to Section 3 hereof, multiplied by (b) the Exercise Price.


"Board"
means the board of directors of the Company.


"Business
Day" means any day, except a Saturday, Sunday or legal holiday, on which banking institutions in the city of New
York are authorized or obligated by law or executive order to close.


"Common
Stock" means the common stock, par value $0.001 per share, of the Company, and any capital stock into which such
Common Stock shall have been converted, exchanged or reclassified following the date hereof.


"Common
Stock Deemed Outstanding" means, at any given time, the sum of (a) the number of shares of Common Stock outstanding
at such time, plus (b) the number of shares of Common Stock issuable upon exercise of Options outstanding at such time, plus (c)
the number of shares of Common Stock issuable upon conversion or exchange of Convertible Securities outstanding at such time (treating
as outstanding any Convertible Securities issuable upon exercise of Options outstanding at such time), in each case, regardless
of whether the Options or Convertible Securities are exercisable at such time.


"Common Stock Equivalents"
means, without duplication, any security of the Company that is convertible into, exercisable for or exchangeable for, or options,
warrants or other rights to acquire, directly or indirectly, Common Stock, whether at the time of issuance or upon the passage
of time or the occurrence of some future event.


"Company"
has the meaning set forth in the preamble.


"Convertible
Securities" means any securities (directly or indirectly) convertible into, capable of being reclassified into
or exchangeable for Common Stock, but excluding Options.


"Equity Securities"
means the creation and issuance of other classes or series of stock of the Company (including warrants, options or other rights
to purchase or otherwise acquire stock or other interests in the Company), having rights and/or obligations different from those
of the Common Stock.


"Exercise
Date" means, for any given exercise of this Warrant, the date on which the conditions to such exercise as set forth
in Section 3 shall have been satisfied at or prior to 5:00 p.m., New York time, on a Business Day, including, without limitation,
the receipt by the Company of the Notice of Exercise, the Warrant and the Aggregate Exercise Price.


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"Exercise
Period" has the meaning set forth in Section 2.


"Exercise
Price" has the meaning set forth in the preamble.


"Fair
Market Value" means, as of any particular date: (a) the volume weighted average of the closing sales prices of
the Common Stock for such day on all domestic securities exchanges on which the Common Stock may at the time be listed; (b) if
there have been no sales of the Common Stock on any such exchange on any such day, the average of the highest bid and lowest asked
prices for the Common Stock on all such exchanges at the end of such day; (c) if on any such day the Common Stock is not listed
on a domestic securities exchange, the volume weighted closing sales price of the Common Stock as quoted on the OTC Bulletin Board,
the Pink OTC Markets or similar quotation system or association for such day; or (d) if there have been no sales of the Common
Stock on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association on such day, the average of the
highest bid and lowest asked prices for the Common Stock quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation
system or association at the end of such day; in each case, averaged over twenty (20) consecutive Business Days ending on the Business
Day immediately prior to the day as of which "Fair Market Value" is being determined; provided, that if the Common
Stock is listed on any domestic securities exchange, the term "Business Day" as used in this sentence means Business
Days on which such exchange is open for trading. If at any time the Common Stock is not listed on any domestic securities exchange
or quoted on the OTC Bulletin Board, the Pink OTC Markets or similar quotation system or association, the "Fair Market Value"
of the Common Stock shall be the fair market value per share as determined jointly in good faith by the Board and the Holder.


"Governmental Authority"
means the government of the United States, any other nation, country or any political subdivision thereof, whether federal, state,
local, foreign or supranational, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity
exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government


"Holder"
has the meaning set forth in the preamble.


"Law" means any statute,
rule, regulation, code and other law (including common law, official rulings and interpretations thereunder having the force of
law or with which affected Persons customarily comply) and all judgments, orders, injunctions, notices and decrees of all Governmental
Authorities.


"Options"
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.


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"Original
Issue Date" means November 7, 2016.


"OTC
Bulletin Board" means the Financial Industry Regulatory Authority OTC Bulletin Board electronic inter-dealer quotation
system.


"Notice
of Exercise" has the meaning set forth in Section 3(a)(i).


"Permitted
Transferee" has the meaning set forth in Section 6.


"Person"
means any individual, sole proprietorship, partnership, limited liability company, corporation, joint venture, trust, incorporated
organization or government or department or agency thereof.


"Pink OTC Markets"
means the OTC Markets Group Inc. electronic interdealer quotation system, including OTCQX, OTCQB and OTC Pink.


"Subsidiary" means,
with respect to any Person, any corporation, limited liability company, partnership, association, or other business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof or (ii) if a limited
liability company, partnership, association, or other business entity (other than a corporation), a majority of the partnership
or other similar ownership interests thereof is at the time owned or controlled, directly or indirectly, by that Person or one
or more Subsidiaries of that Person or a combination thereof and for this purpose, a Person or Persons own a majority ownership
interest in such a business entity (other than a corporation) if such Person or Persons shall be allocated a majority of such business
entity’s gains or losses or shall be or control any managing director or general partner of such business entity (other than
a corporation). The term Subsidiary shall include all Subsidiaries of such Subsidiary.


"Warrant"
means this Warrant and all warrants issued upon division or combination of, or in substitution for, this Warrant.


"Warrant
Shares" means the shares of Common Stock or other capital stock of the Company then purchasable upon exercise of
this Warrant in accordance with the terms of this Warrant.


2.                 
Term of Warrant. The term of this Warrant shall commence on the

Original Issue Date and expire at 5:00 p.m., New York time, on the the fourth (4th) anniversary of the Original Issue Date or,
if such day is not a Business Day, on the next preceding Business Day (the "Exercise
Period").


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3.                 
Exercise of Warrant.


(a)              
Exercise Procedure. This Warrant may be exercised during the Exercise Period, for all or any part of the unexercised
Warrant Shares, upon:


(i)                
surrender of this Warrant to the Company at its then principal executive offices (or an indemnification undertaking with
respect to this Warrant in the case of its loss, theft or destruction), together with a Notice of Exercise in the form attached
hereto as Exhibit A (each, a "Notice of Exercise"), duly completed (including specifying the number of
Warrant Shares to be purchased) and executed; and


(ii)             
payment to the Company of the Aggregate Exercise Price in accordance with Section 3(b).


(b)              
Payment of the Aggregate Exercise Price. Payment of the Aggregate Exercise Price shall be made by delivery to the
Company of a certified or official bank check payable to the order of the Company or by wire transfer of immediately available
funds to an account designated in writing by the Company, in the amount of such Aggregate Exercise Price.


(c)              
Delivery of Stock Certificates. Upon receipt by the Company of the Notice of Exercise, surrender of this Warrant
and payment of the Aggregate Exercise Price (in accordance with Section 3(a) hereof), the Company shall, as promptly as
practicable, and in any event within ten (10) Business Days thereafter, execute (or cause to be executed) and deliver (or cause
to be delivered) to the Holder a certificate or certificates representing the Warrant Shares issuable upon such exercise, together
with cash in lieu of any fraction of a share, as provided in Section 3(d) hereof. The stock certificate or certificates
so delivered shall be in such denomination or denominations as the exercising Holder shall request in the Notice of Exercise and
shall be registered in the name of the Holder or, subject to compliance with Section 6 below, such other Person's name as
shall be designated in the Notice of Exercise. This Warrant shall be deemed to have been exercised and such certificate or certificates
of Warrant Shares shall be deemed to have been issued, and the Holder or any other Person so designated to be named therein shall
be deemed to have become a holder of record of such Warrant Shares for all purposes, as of the Exercise Date.


(d)              
Fractional Shares. The Company shall not be required to issue a fractional Warrant Share upon exercise of any Warrant.
As to any fraction of a Warrant Share that the Holder would otherwise be entitled to purchase upon such exercise, the Company shall
pay to such Holder an amount in cash (by delivery of a certified or official bank check or by wire transfer of immediately available
funds) equal to the product of (i) such fraction multiplied by (ii) the Fair Market Value of one Warrant Share on the Exercise
Date.


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(e)              
Delivery of New Warrant. Unless the purchase rights represented by this Warrant shall have expired or shall have
been fully exercised, the Company shall, at the time of delivery of the certificate or certificates representing the Warrant Shares
being issued in accordance with Section 3(c) hereof, deliver to the Holder a new Warrant (with the same terms) evidencing
the rights of the Holder to purchase the unexpired and unexercised Warrant Shares called for by this Warrant. Such new Warrant
shall in all other respects be identical to this Warrant.


(f)               
Valid Issuance of Warrant and Warrant Shares; Payment of Expenses. With respect to the exercise of this warrant,
the Company hereby represents, covenants and agrees:


(i)                
This Warrant is, and any Warrant issued in substitution for or replacement of this Warrant shall be, upon issuance, duly
authorized and validly issued.


(ii)             
All Warrant Shares issuable upon the exercise of this Warrant pursuant to the terms hereof shall be, upon issuance, validly
issued, fully paid and non-assessable, and free and clear of all taxes, liens and charges.


(iii)           
The Company shall take all reasonable actions as may be necessary to ensure that all such Warrant Shares are issued without
violation by the Company of any applicable law or governmental regulation or any requirements of any domestic securities exchange
upon which shares of Common Stock or other securities constituting Warrant Shares may be listed at the time of such exercise.


(iv)            
The Company shall pay all of its expenses in connection with, and all taxes and other governmental charges that may be imposed
on the Company with respect to, the issuance or delivery of Warrant Shares upon exercise of this Warrant other than taxes or other
governmental charges that may be due from the Holder.


(g)              
Conditional Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is
to be made in connection with a public offering or a sale of the Company (pursuant to a merger, sale of stock, or otherwise), such
exercise may at the election of the Holder be conditioned upon the consummation of such transaction, in which case such exercise
shall not be deemed to be effective until immediately prior to the consummation of such transaction.


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(h)              
Reservation of Shares. During the Exercise Period, the Company shall at all times reserve and keep available out
of its authorized but unissued Common Stock or other securities constituting Warrant Shares, solely for the purpose of issuance
upon the exercise of this Warrant, the maximum number of Warrant Shares issuable upon the exercise of this Warrant, and the par
value per Warrant Share shall at all times be less than or equal to the applicable Exercise Price. The Company shall not increase
the par value of any Warrant Shares receivable upon the exercise of this Warrant above the Exercise Price then in effect.


(i)                
No Redemption. This Warrant is not redeemable by the Company, and neither the Company nor any successor thereto will
redeem this Warrant.


4.                 
Capitalization. 


(a)              
As of the date of this Warrant, the authorized capital stock of the Company consists of 100,000,000 shares of Common Stock,
par value $0.001 per share, of which 14,803,315 shares are issued,13,927,694 shares are outstanding, but excludes 875,621 shares
of Common Stock held in treasury.


(b)              
Schedule 1 sets forth, as of the date of this Agreement, all outstanding or authorized (i) stock or other options,
warrants, convertible securities or other rights (including, without limitation, purchase, sell or exchange rights), agreements,
arrangements or commitments of any character relating to the capital stock of the Company or obligating the Company to, directly
or indirectly, issue, sell, purchase or redeem any shares of capital stock of, or any other interest in, the Company. There are
no outstanding options, warrants, rights (including conversion or preemptive rights and rights of first refusal or similar rights)
or agreements, orally or in writing, to purchase or acquire from the Company any shares of Common Stock, or any securities convertible
into or exchangeable for shares of Common Stock.


5.                 
Adjustment to Number of Warrant Shares. In order to prevent dilution in certain circumstances set forth herein of
the purchase rights granted under this Warrant, the number of Warrant Shares issuable upon exercise of this Warrant shall be subject
to adjustment from time to time as provided in this Section 5 (in each case, after taking into consideration any prior adjustments
pursuant to this Section 5).


(a)              
Adjustment to Number of Warrant Shares Upon Issuance of Common Stock. If the Company shall, at any time during the
Exercise Period, issue or sell, or in accordance with Section 5(b) is deemed to have issued or sold, any shares of Common
Stock without consideration or for consideration per share of Common Stock that is less than the Fair Market Value per share of
the Common Stock immediately prior to such issuance or sale, then immediately upon such issuance or sale (or deemed issuance or
sale), the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to any such issuance or sale (or deemed
issuance or sale) shall be increased to a number of Warrant Shares equal to the product obtained by multiplying the number of Warrant
Shares issuable upon exercise of this Warrant immediately prior to such issuance or sale (or deemed issuance or sale) by a fraction
(which shall in no event be less than one):


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(i)                
the numerator of which shall be the number of shares of Common Stock Deemed Outstanding immediately after such issuance
or sale (or deemed issuance or sale); and


(ii)             
the denominator of which shall be the sum of (A) the number of shares of Common Stock Deemed Outstanding immediately prior
to such issuance or sale (or deemed issuance or sale) plus (B) the aggregate number of shares of Common Stock which the aggregate
amount of consideration, if any, received by the Company upon such issuance or sale (or deemed issuance or sale) would purchase
at the Fair Market Value per share of the Common Stock immediately prior to such issuance or sale (or deemed issuance or sale).


Whenever during the Exercise Period
the Company issues or sells, or is deemed to have issued or sold, in one transaction or in a series of transactions, more than
an additional 250,000 shares of Common Stock within a 12-month period, the Company shall prepare a certificate signed by an executive
officer setting forth, in reasonable detail, the number of shares issued or sold, or deemed issued or sold, the amount and the
form of the consideration received by the Company and the method of computation of such amount and, as promptly as practicable
(but in any event not later than ten (10) Business Days thereafter), shall cause copies of such certificate to be mailed to the
Holder at the address specified in Section 12 hereof or at such other address as may be provided to the Company in writing
by the Holder.


(b)              
Effect of Certain Events on Adjustment to Number of Warrant Shares.


(i)                
Issuance of Options. If the Company shall, at any time or from time to time during Exercise Period, grant or sell
any Options, whether or not such Options or the right to convert or exchange any Convertible Securities issuable upon the exercise
of such Options are immediately exercisable, and the price per share (determined as provided in this paragraph and in Section
5(b)(v)) for which Common Stock is issuable upon the exercise of such Options or upon the conversion or exchange of Convertible
Securities issuable upon the exercise of such Options is less than the Fair Market Value per share of the Common Stock immediately
prior to such issuance or sale, then the total maximum number of shares of Common Stock issuable upon the exercise of such Options
or upon conversion or exchange of the total maximum amount of Convertible Securities issuable upon the exercise of such Options
shall be deemed to have been issued as of the date of granting or sale of such Options (and thereafter shall be



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 deemed to be outstanding
for purposes of adjusting the number of Warrant Shares under Section 5(a)), at a price per share equal to the quotient obtained
by dividing (A) the sum (which sum shall constitute the applicable consideration received for purposes of Section 5(a))
of (x) the total amount, if any, received or receivable by the Company as consideration for the granting or sale of all such Options,
plus (y) the minimum aggregate amount of additional consideration payable to the Company upon the exercise of all such Options,
plus (z), in the case of such Options which relate to Convertible Securities, the minimum aggregate amount of additional consideration,
if any, payable to the Company upon the issuance or sale of all such Convertible Securities and the conversion or exchange of all
such Convertible Securities, by (B) the total maximum number of shares of Common Stock issuable upon the exercise of all such Options
or upon the conversion or exchange of all Convertible Securities issuable upon the exercise of all such Options. Except as otherwise
provided in Section 5(b)(iii), no further adjustment of the number of Warrant Shares shall be made upon the issuance of
Common Stock or of Convertible Securities upon exercise of such Options or upon the issuance of Common Stock upon conversion or
exchange of Convertible Securities issuable upon exercise of such Options.


(ii)             
Issuance of Convertible Securities. If the Company shall, at any time or from time to time during the Exercise Period,
in any manner grant or sell (whether directly or by assumption in a merger or otherwise) any Convertible Securities, whether or
not the right to convert or exchange any such Convertible Securities is immediately exercisable, and the price per share (determined
as provided in this paragraph and in Section 5(b)(v)) for which Common Stock is issuable upon the conversion or exchange
of such Convertible Securities is less than the Fair Market Value per share of Common Stock immediately prior to such issuance
or sale, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of the total maximum amount
of such Convertible Securities shall be deemed to have been issued as of the date of granting or sale of such Convertible Securities
(and thereafter shall be deemed to be outstanding for purposes of adjusting the number of Warrant Shares pursuant to Section
5(a)), at a price per share equal to the quotient obtained by dividing (A) the sum (which sum shall constitute the applicable
consideration received for purposes of Section 5(a)) of (x) the total amount, if any, received or receivable by the Company
as consideration for the granting or sale of such Convertible Securities, plus (y) the minimum aggregate amount of additional consideration,
if any, payable to the Company upon the conversion or exchange of all such Convertible Securities, by (B) the total maximum number
of shares of Common Stock issuable upon the conversion or exchange of all such Convertible Securities. Except as otherwise provided
in Section 5(b)(iii), (A) no further adjustment of the number of Warrant Shares shall be made upon the issuance of Common
Stock upon conversion or exchange of such Convertible Securities and (B) no further adjustment of the number of Warrant Shares
shall be made by reason of the issue or sale of Convertible Securities upon exercise of any Options to



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 purchase any such Convertible
Securities for which adjustments of the number of Warrant Shares have been made pursuant to the other provisions of this Section
5(b).


(iii)           
Change in Terms of Options or Convertible Securities. Upon any change in any of (A) the total amount received or
receivable by the Company as consideration for the granting or sale of any Options or Convertible Securities referred to in Section
5(b)(i) or Section 5(b)(ii) hereof, (B) the minimum aggregate amount of additional consideration, if any, payable to
the Company upon the exercise of any Options or upon the issuance, conversion or exchange of any Convertible Securities referred
to in Section 5(b)(i) or Section 5(b)(ii) hereof, (C) the rate at which Convertible Securities referred to in Section
5(b)(i) or Section 5(b)(ii) hereof are convertible into or exchangeable for Common Stock, or (D) the maximum number
of shares of Common Stock issuable in connection with any Options referred to in Section 5(b)(i) hereof or any Convertible
Securities referred to in Section 5(b)(ii) hereof, then (whether or not the original issuance or sale of such Options or
Convertible Securities resulted in an adjustment to the number of Warrant Shares pursuant to this Section 5) the number
of Warrant Shares issuable upon exercise of this Warrant at the time of such change shall be adjusted or readjusted, as applicable,
to the number of Warrant Shares which would have been in effect at such time pursuant to the provisions of this Section 5
had such Options or Convertible Securities still outstanding provided for such changed consideration, conversion rate or maximum
number of shares, as the case may be, at the time initially granted, issued or sold.


(iv)            
Upon the expiration or termination of any unexercised Option or unconverted or unexchanged Convertible Security (or portion
thereof) which resulted (either upon its original issuance or upon a revision of its terms) in an adjustment to the number of Warrant
Shares pursuant to the terms of this Section 5, the number of Warrant Shares shall be readjusted to the number of Warrant
Shares as would have obtained had such Option or Convertible Security (or portion thereof) never been issued. In addition, if at
the time of the consummation of the sale of the Company, Options or Convertible Securities which were included in calculating the
number of Warrant Shares are not exercised or converted, as the case may, at the consummation of the sale of the Company, the number
of Warrant Shares shall be readjusted to the number of Warrant Shares as would have obtained had such Option or Convertible Security
(or portion thereof) never been issued. Any adjustments made to number of Warrant Shares pursuant to Section 5(e) shall be readjusted
in a manner consistent with the terms of this Section 5(b)(iv).


(v)              
Calculation of Consideration Received. If the Company shall, at any time or from time to time during the Exercise
Period, issue or sell, or is deemed to have issued or sold in accordance with Section 5(b), any shares of Common Stock,
Options or Convertible Securities: (A) for cash, the consideration received therefor shall be deemed to be the net amount received
by the Company therefor; (B) for consideration



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 other than cash, the amount of the consideration other than cash received by the
Company shall be the fair value of such consideration, except where such consideration consists of marketable securities, in which
case the amount of consideration received by the Company shall be the market price (as reflected on any securities exchange, quotation
system or association or similar pricing system covering such security) for such securities as of the end of business on the date
of receipt of such securities; (C) for no specifically allocated consideration in connection with an issuance or sale of other
securities of the Company, together comprising one integrated transaction, the amount of the consideration therefor shall be deemed
to be the fair value of such portion of the aggregate consideration received by the Company in such transaction as is attributable
to such shares of Common Stock, Options or Convertible Securities, as the case may be, issued in such transaction; or (D) to the
owners of the non-surviving entity in connection with any merger in which the Company is the surviving corporation, the amount
of consideration therefor shall be deemed to be the fair value of such portion of the net assets and business of the non-surviving
entity as is attributable to such shares of Common Stock, Options or Convertible Securities, as the case may be, issued to such
owners. For the avoidance of doubt, notwithstanding anything to the contrary contained in this Warrant, the net amount of any cash
consideration and the fair value of any consideration other than cash or marketable securities shall be determined in good faith
jointly by the Board and the Holder; provided, that if the Board and the Holder are unable to agree on the net amount of
any cash consideration or the fair value of any consideration other than cash or marketable securities within a reasonable period
of time (not to exceed twenty (20) days from the Holder's receipt of a certificate of adjustment pursuant to Section 5(f)(i)
relating to the applicable issuance), such net amount of cash or fair value, as applicable, shall be determined by a nationally
recognized investment banking, accounting or valuation firm jointly selected by the Board and the Holder. The determination of
such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the Company.


(vi)            
Record Date. For purposes of any adjustment to the number of Warrant Shares in accordance with this Section 5,
in case the Company shall take a record of the holders of its Common Stock for the purpose of entitling them (A) to receive a dividend
or other distribution payable in Common Stock, Options or Convertible Securities or (B) to subscribe for or purchase Common Stock,
Options or Convertible Securities, then such record date shall be deemed to be the date of the issue or sale of the shares of Common
Stock deemed to have been issued or sold upon the declaration of such dividend or the making of such other distribution or the
date of the granting of such right of subscription or purchase, as the case may be.


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(c)              
Adjustment to Number of Warrant Shares Upon Dividend, Subdivision or Combination of Common Stock. If the Company
shall, at any time or from time to time during the Exercise Period, (i) makes or declares, or fixes a record date for, any dividend
or any other distribution upon the Common Stock or any other capital stock of the Company payable in shares of Common Stock or
in Options or Convertible Securities, or (ii) subdivides (by any stock split, recapitalization or otherwise) its outstanding shares
of Common Stock into a greater number of shares, then in each such case the number of Warrant Shares issuable upon the exercise
of this Warrant immediately prior to any such dividend, distribution or subdivision shall be proportionately increased. If the
Company at any time combines (by combination, reverse stock split or otherwise) its outstanding shares of Common Stock into a smaller
number of shares, the number of Warrant Shares issuable upon exercise of this Warrant immediately prior to such combination shall
be proportionately decreased. Any adjustment under this Section 5(c) shall become effective at the close of business on
the date the dividend, subdivision or combination becomes effective.


(d)              
Adjustment to Number of Warrant Shares Upon Reorganization, Reclassification, Consolidation or Merger. In the event
of any (i) capital reorganization of the Company or (ii) reclassification of the stock of the Company (other than a change in par
value or from par value to no par value or from no par value to par value or as a result of a stock dividend or subdivision, split-up
or combination of shares), (iii) consolidation or merger of the Company with or into another Person, (iv) sale of all or substantially
all of the Company's assets to another Person or (v) other similar transaction (other than any such transaction covered by Section
5(c) hereof), in each case which entitles the holders of Common Stock to receive (either directly or upon subsequent liquidation)
stock, securities or assets with respect to or in exchange for Common Stock, each Warrant shall, immediately after such reorganization,
reclassification, consolidation, merger, sale or similar transaction, remain outstanding and shall thereafter, in lieu of or in
addition to (as the case may be) the number of Warrant Shares then exercisable under this Warrant, be exercisable for the kind
and number of shares of stock or other securities or assets of the Company or of the successor Person resulting from such transaction
to which the Holder would have been entitled upon such reorganization, reclassification, consolidation, merger, sale or similar
transaction if the Holder had exercised this Warrant in full immediately prior to the time of such reorganization, reclassification,
consolidation, merger, sale or similar transaction and acquired the applicable number of Warrant Shares then issuable hereunder
as a result of such exercise (without taking into account any limitations or restrictions on the exercisability of this Warrant);
and, in such case, appropriate adjustment (in form and substance satisfactory to the Holder and the Board; provided, that
if the Board and the Holder are unable to agree on such adjustment within a reasonable period of time (not to exceed twenty (20)
days from the Holder's receipt of a certificate of adjustment pursuant to Section 5(f)(i)), such adjustment shall be determined
by a nationally recognized investment banking, accounting or valuation firm jointly selected by the Board and the Holder, the determination
of such firm shall be final and conclusive, and the fees and expenses of such valuation firm shall be borne by the



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 Company) shall
be made with respect to the Holder's rights under this Warrant to insure that the provisions of this Section 5 hereof shall
thereafter be applicable, as nearly as possible, to this Warrant in relation to any shares of stock, securities or assets thereafter
acquirable upon exercise of this Warrant (including, in the case of any consolidation, merger, sale or similar transaction in which
the successor or purchasing Person is a Person other than the Company, an immediate adjustment in the Exercise Price reflected
by the terms of such consolidation, merger, sale or similar transaction, and a corresponding immediate adjustment to the number
of Warrant Shares acquirable upon exercise of this Warrant without regard to any limitations or restrictions on exercise, if the
value so reflected is less than the Exercise Price in effect immediately prior to such consolidation, merger, sale or similar transaction).
The provisions of this Section 5(d) shall similarly apply to successive reorganizations, reclassifications, consolidations,
mergers, sales or similar transactions. The Company shall not effect any such reorganization, reclassification, consolidation,
merger, sale or similar transaction unless, prior to the consummation thereof, the successor Person (if other than the Company)
resulting from such reorganization, reclassification, consolidation, merger, sale or similar transaction, shall assume, by written
instrument substantially similar in form and substance to this Warrant and satisfactory to the Holder, the obligation to deliver
to the Holder such shares of stock, securities or assets which, in accordance with the foregoing provisions, such Holder shall
be entitled to receive upon exercise of this Warrant. Notwithstanding anything to the contrary contained herein, with respect to
any corporate event or other transaction contemplated by the provisions of this Section 5(d), the Holder shall have the
right to elect prior to the consummation of such event or transaction, to give effect to the exercise or sale rights contained
in this Warrant instead of giving effect to the provisions contained in this Section 5(d) with respect to this Warrant.


(e)              
Certain Events. If any event of the type contemplated by the provisions of this Section 5 but not expressly
provided for by such provisions (including, without limitation, the granting of stock appreciation rights, phantom stock rights
or other rights with equity features) occurs, then the Board and the Holder shall jointly make an appropriate adjustment in the
number of Warrant Shares issuable upon exercise of this Warrant so as to protect the rights of the Holder in a manner consistent
with the provisions of this Section 5; provided, further, that if the Board and the Holder are unable to agree
on such adjustment within a reasonable period of time (not to exceed twenty (20) days from the Holder’s receipt of a certificate
of adjustment pursuant to Section 5(f)(i)) such adjustment shall be determined by a nationally recognized investment banking,
accounting or valuation firm jointly selected by the Board and the Holder. The determination of such firm shall be final and conclusive,
and the fees and expenses of such valuation firm shall be borne jointly by the Holder and the Company.


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(f)               
Certificate as to Adjustment.


(i)                
As promptly as reasonably practicable following any adjustment of the number of Warrant Shares pursuant to the provisions
of this Section 5, but in any event not later than ten (10) Business Days thereafter, the Company shall furnish to the Holder
a certificate of an executive officer setting forth in reasonable detail such adjustment and the facts upon which it is based and
certifying the calculation thereof.


(ii)             
As promptly as reasonably practicable following the receipt by the Company of a written request by the Holder, but in any
event not later than ten (10) Business Days thereafter and no more often than twice in any twelve-month period, the Company shall
furnish to the Holder a certificate of an executive officer certifying the number of Warrant Shares or the amount, if any, of other
shares of stock, securities or assets then issuable upon exercise of the Warrant.


(g)              
Notices. In the event:


(i)                
that the Company shall take a record of the holders of its Common Stock (or other capital stock or securities at the time
issuable upon exercise of the Warrant) for the purpose of entitling or enabling them to receive any dividend or other distribution,
to vote at a meeting (or by written consent), to receive any right to subscribe for or purchase any shares of capital stock of
any class or any other securities, or to receive any other security; or


(ii)             
of any capital reorganization of the Company, any reclassification of the Common Stock of the Company, any consolidation
or merger of the Company with or into another Person, or sale of all or substantially all of the Company's assets to another Person;
or


(iii)           
of the voluntary or involuntary dissolution, liquidation or winding-up of the Company;


then, and in each such case, the Company shall send
or cause to be sent to the Holder at least ten (10) Business Days prior to the applicable record date or the applicable expected
effective date, as the case may be, for the event, a written notice specifying, as the case may be, (A) the record date for such
dividend, distribution, meeting or consent or other right or action, and a description of such dividend, distribution or other
right or action to be taken at such meeting or by written consent, or (B) the effective date on which such reorganization, reclassification,
consolidation, merger, sale, dissolution, liquidation or winding-up is proposed to take place, and the date, if any is to be fixed,
as of which the books of the Company shall close or a record shall be taken with respect to which the holders of record of Common
Stock (or such other capital stock or securities at the time issuable upon exercise of the Warrant) shall be entitled to exchange
their shares of 



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Common Stock (or such other capital stock or securities) for securities or other property deliverable upon such
reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, and the amount per share
and character of such exchange applicable to the Warrant and the Warrant Shares.


6.                 
Transfer of Warrant. This Warrant and the rights hereunder may not be transferred by the Holder without the consent
of the Board, except that this Warrant and all rights hereunder are transferable, in whole or in part, by the Holder to its affiliates,
Persons, such as Medley Capital Corporation and Business Development Corporation of America, listed on Schedule 6 or any
direct or indirect equityholder or lender of the Holder or their respective affiliates (collectively, the “Permitted Transferees”);
provided, however, that such Permitted Transferees may not transfer this Warrant to any Person that is not a Permitted Transferee
without Board approval. Any transfer made in violation of the terms hereof shall be void ab initio.


7.                 
Holder Not Deemed a Stockholder. Prior to the issuance to the Holder of the Warrant Shares to which the Holder is
then entitled to receive upon the due exercise of this Warrant, the Holder shall not be entitled to vote or receive dividends or
be deemed the holder of shares of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be
construed to confer upon the Holder, as such, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger,
conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise. In addition, nothing
contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise
of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company. Notwithstanding this Section 7, the Company shall provide the Holder with copies of the same notices and
other information given to the stockholders of the Company generally, contemporaneously with the giving thereof to the stockholders;
provided, that the failure to provide such notice shall not effect any action taken by the stockholders of the Company.


8.                 
Replacement on Loss.


(a)              
Replacement of Warrant on Loss. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and upon delivery of an indemnity reasonably satisfactory to it (it being understood
that a written indemnification agreement or affidavit of loss of the Holder shall be a sufficient indemnity) and, in case of mutilation,
upon surrender of such Warrant for cancellation to the Company, the Company at its own expense shall execute and deliver to the
Holder, in lieu hereof, a new Warrant (with the same terms) of like tenor and exercisable for an 



     15


     


    

equivalent number of Warrant Shares
as the Warrant so lost, stolen, mutilated or destroyed; provided, that, in the case of mutilation, no indemnity shall be
required if this Warrant in identifiable form is surrendered to the Company for cancellation.


(b)              
Division and Combination of Warrant. Subject to compliance with the applicable provisions of this Warrant as to any
transfer or other assignment which may be involved in such division or combination, this Warrant may be divided or, following any
such division of this Warrant, subsequently combined with other Warrants, upon the surrender of this Warrant or Warrants to the
Company at its then principal executive offices, together with a written notice specifying the names and denominations in which
new Warrants (with the same terms) are to be issued, signed by the respective Holders or their agents or attorneys. Subject to
compliance with the applicable provisions of this Warrant as to any transfer or assignment which may be involved in such division
or combination, the Company shall at its own expense execute and deliver a new Warrant or Warrants (with the same terms) in exchange
for the Warrant or Warrants so surrendered in accordance with such notice. Such new Warrant or Warrants (with the same terms) shall
be of like tenor to the surrendered Warrant or Warrants and shall be exercisable in the aggregate for an equivalent number of Warrant
Shares as the Warrant or Warrants so surrendered in accordance with such notice.


9.                 
No Impairment. The Company shall not, by amendment of its Certificate of Incorporation or Bylaws, or through any
reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities, or any other voluntary action,
avoid or seek to avoid the observance or performance of any of the terms to be observed or performed by it hereunder, but shall
at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action
as may reasonably be requested by the Holder in order to protect the exercise rights of the Holder against dilution or other impairment,
consistent with the tenor and purpose of this Warrant.


10.             
Compliance with the Securities Act.


(a)              
Agreement to Comply with the Securities Act; Legend. The Holder, by acceptance of this Warrant, agrees to comply
in all respects with the provisions of this Section 10 and the restrictive legend requirements set forth on the face of
this Warrant and further agrees that such Holder shall not offer, sell or otherwise dispose of this Warrant or any Warrant Shares
to be issued upon exercise hereof except under circumstances that will not result in a violation of the Securities Act of 1933,
as amended (the "Securities Act"). This Warrant
and all Warrant Shares issued upon exercise of this Warrant (unless registered under the Securities Act) shall be stamped or imprinted
with a legend in substantially the following form:


"THIS WARRANT AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE NOT BEEN REGISTERED UNDER THE



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 SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"),
OR QUALIFIED UNDER ANY STATE OR FOREIGN SECURITIES LAWS AND MAY NOT BE OFFERED FOR SALE, SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE
TRANSFERRED OR ASSIGNED UNLESS PERMITTED HEREUNDER AND IF PERMITTED UNLESS (I) A REGISTRATION STATEMENT COVERING SUCH SECURITIES
IS EFFECTIVE UNDER THE ACT AND IS QUALIFIED UNDER APPLICABLE STATE AND FOREIGN LAW OR (II) THE TRANSACTION IS EXEMPT FROM THE REGISTRATION
AND PROSPECTUS DELIVERY REQUIREMENTS UNDER THE ACT AND THE QUALIFICATION REQUIREMENTS UNDER APPLICABLE STATE AND FOREIGN LAW."


(b)              
Representations of the Holder. In connection with the issuance of this Warrant, the Holder specifically represents,
as of the date hereof, to the Company by acceptance of this Warrant as follows:


(i)                
The Holder is an "accredited investor" as defined in Rule 501 of Regulation D promulgated under the Securities
Act.


(ii)             
The Holder understands and acknowledges that this Warrant and the Warrant Shares to be issued upon exercise hereof are "restricted
securities" under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving
a public offering and that, under such laws and applicable regulations, such securities may be resold without registration under
the Securities Act only in certain limited circumstances.


11.             
Warrant Register. The Company shall keep and properly maintain at its principal executive offices books for the registration
of the Warrant and any transfers thereof. The Company may deem and treat the Person in whose name the Warrant is registered on
such register as the Holder thereof for all purposes, and the Company shall not be affected by any notice to the contrary, except
any assignment, division, combination or other transfer of the Warrant effected in accordance with the provisions of this Warrant.


12.             
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in
writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received
by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or
e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the
next Business Day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified
or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses



     17


     


    

 indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this
Section 12).


 


 


 


	If to the Company:	
        MusclePharm Corporation

        4721 Ironton Street, Building A

        Denver, Colorado 80239

        Facsimile: [●]

        Attention: Ryan Drexler

        E-mail: ryan.drexler@musclepharm.com Attention Maria Gorecki

        E-mail:maria.gorecki@musclepharm.com

        

        

        

	with a copy to:	
        Kasowitz Benson Torres & Friedman

        1633 Broadway

        New York, NY 10019

        Facsimile: 212-506-1800

        Attention: Jonathan Minsker

        E-mail: jminsker@kasowitz.com

         

	If to the Holder:	
        INI Buyer, Inc.

        900 South Depot Drive

        Ogden, Utah 84404

        Facsimile: (801) 337 5961

        E-mail: ctaylor@capstonenutrition.com

        Attention: Craig Taylor

        

        

	with a copy to:	
        Weil, Gotshal and Manges LLP

        767 5th Avenue

        New York, NY 10153

        Facsimile: (212) 310 8007

        E-mail: david.yohai@weil.com

        Attention: David Yohai



13.             
Cumulative Remedies. Except to the extent expressly provided in Section 7 to the contrary, the rights and
remedies provided in this Warrant are cumulative and are not exclusive of, and are in addition to and not in substitution for,
any other rights or remedies available at law, in equity or otherwise.


     18


     


    

14.             
Equitable Relief. Each of the Company and the Holder acknowledges that a breach or threatened breach by such party
of any of its obligations under this Warrant may give rise to irreparable harm to the other party hereto for which monetary damages
may not be an adequate remedy and hereby agrees that in the event of a breach or a threatened breach by such party of any such
obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to it in
respect of such breach, be entitled to seek equitable relief, including a restraining order, an injunction, specific performance
and any other relief that may be available from a court of competent jurisdiction.


15.             
Entire Agreement. This Warrant, together with that certain Settlement Agreement, of even date herewith, by and among
F.H.G Corporation d/b/a Capstone Nutrition, the Holder, INI Parent, Inc., Medley Capital Corporation and the Company, constitutes
the sole and entire agreement of the parties to this Warrant with respect to the subject matter contained herein, and supersedes
all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter.


16.             
Successor and Assigns. This Warrant and the rights evidenced hereby shall be binding upon and shall inure to the
benefit of the parties hereto and the successors of the Company and the successors and permitted assigns of the Holder. Such successors
and/or permitted assigns of the Holder shall be deemed to be a Holder for all purposes hereunder.


17.             
No Third-Party Beneficiaries. This Warrant is for the sole benefit of the Company and the Holder and their respective
successors and, in the case of the Holder, permitted assigns and nothing herein, express or implied, is intended to or shall confer
upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Warrant.


18.             
Headings. The headings in this Warrant are for reference only and shall not affect the interpretation of this Warrant.


19.             
Amendment and Modification; Waiver. Except as otherwise provided herein, this Warrant may only be amended, modified
or supplemented by an agreement in writing signed by each party hereto. No waiver by the Company or the Holder of any of the provisions
hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall
operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver,
whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay
in exercising, any rights, remedy, power or privilege arising from this Warrant shall operate or be construed as a waiver thereof;
nor shall any single or partial exercise of any right, remedy, power or privilege hereunder 



     19


     


    

preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege.


20.             
Severability. If any term or provision of this Warrant is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect any other term or provision of this Warrant or invalidate or render
unenforceable such term or provision in any other jurisdiction.


21.             
Governing Law. This Warrant shall be governed by and construed in accordance with the internal laws of the State
of New York without giving effect to any choice or conflict of law provision or rule (whether of the State of New York or any other
jurisdiction) that would cause the application of laws of any jurisdiction other than those of the State of New York.


22.             
Submission to Jurisdiction; Waiver of Jury Trial. (a) The parties agree to the exclusive jurisdiction of the state
and federal courts in New York County, New York for any disputes arising out of or in connection with this Warrant.


(b) EACH OF THE COMPANY AND
THE HOLDER HEREBY IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING
TO THIS WARRANT.


23.             
Counterparts. This Warrant may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A signed copy of this Warrant delivered by facsimile, e-mail or
other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of
this Warrant.


24.             
No Strict Construction. This Warrant shall be construed without regard to any presumption or rule requiring construction
or interpretation against the party drafting an instrument or causing any instrument to be drafted.


 


[Remainder of
page intentionally left blank.]




     20


     


    


 


IN WITNESS WHEREOF, the Company has duly executed
this Warrant on the Original Issue Date.


 


	 	
        MUSCLEPHARM CORPORARTION

         

	 	
        By: /s/ Ryan Drexler

        Name: Ryan Drexler

        Title: Interim CEO and Interim President



 


 


	
        Accepted and agreed,

         

	INI BUYER, INC.


	 
	
        By: /s/ Jared Leishman

        Name: Jared Leishman

        Title: CEO