Document:

EXHIBIT 10.12

 

COMMON STOCK
PUT AGREEMENT

 

COMMON STOCK PUT AGREEMENT
(this “Agreement”), dated as of September 30, 2014, between Twinlab Consolidated Holdings, Inc., a Nevada corporation
(“TCH”), and Capstone Financial Group, Inc., a Nevada corporation (“Capstone”).

 

RECITALS:

 

WHEREAS, in consideration
for the put rights granted herein TCH has issued Capstone a Series A Warrant, dated as of September 30, 2014 (the “Series
A Warrant”) and a Series B Warrant, dated as of September 30, 2014 (the “Series B Warrant” and with the Series
A Warrant, the “Warrants”), which Warrants provide Capstone the right to purchase shares of TCH’s common stock,
par value $0.001 per share (“Common Stock”), at a price $0.76 per share over a period of 36 months in accordance with
the terms and conditions of the Warrants;

 

WHEREAS, in consideration
of the issuance of the Series A Warrant and the Series B Warrant Capstone intends by this Agreement to exercise the Series A Warrant
at the rate of no less than 1,461,988 shares of Common Stock per month for a period of 36 months; and

 

WHEREAS, this Agreement
is intended to create such rights and to set forth the terms and conditions under which TCH shall cause Capstone to exercise its
rights to purchase shares of Common Stock pursuant to the Series A Warrant at the rate of no less than 1,461,988 shares of Common
Stock per month.

 

In consideration of
the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties agree as follows:

 

ARTICLE
I

Intent to Exercise

 

Section
1.1        Intent to Exercise. Capstone intends to exercise the
Series A Warrant, in accordance with the terms and conditions of the Series A Warrant, at a rate of no less than 1,461,988
shares of Common Stock (the “Minimum Amount”) per month over the 36 month life of the Series A Warrant (the
“Minimum Rate”) until the Series A Warrant has been fully exercised, with the first exercise being no later than
November 15, 2014 (the “Initial Exercise Date”) and the remaining exercises on the 15th day of each month
thereafter unless the 15th of any given month is not a business day, in which case the particular exercise shall be on the
next business day after the 15th of such month (each, a “Periodic Exercise Date”). The foregoing notwithstanding,
nothing contained herein shall prevent Capstone from exercising the Series A Warrant to purchase more than the Minimum Amount
in any given month. To the degree that Capstone exercises the Series A Warrant to purchase more than the Minimum Amount in
any given month, all Common Stock so purchased shall be accounted for in calculating whether in subsequent months
Capstone has maintained the Minimum Rate. By way of example, if Capstone exercised the Series A Warrant to acquire 2,923,976
shares of Common Stock (2 times the Minimum Amount) by the Initial Exercise Date, then even if Capstone did not make
an additional purchase by the next Periodic Exercise Date (i.e., during Month 2) Capstone would still be deemed to
have maintained the Minimum Rate because as of the close of Month 2 it would have acquired Common Stock at a rate
equal to the Minimum Amount per month for each of the first 2 months of the life of the Series A Warrant. Likewise, in the
foregoing example, Capstone would be required to exercise the Series A Warrant to purchase no less than the Minimum Amount by
the Month 3 Periodic Exercise Date in order to maintain the Minimum Rate as of the Month 3 Periodic Exercise Date.

 

    	 

    	 

    

 

ARTICLE
II

PUT RIGHTS

 

Section
2.1        The Put. (a) In the event that Capstone does not exercise the Series A Warrant on the Initial Exercise Date
or any subsequent Periodic Exercise Date such that as of the applicable Exercise Date, Capstone’s cumulative purchases of
Common Stock pursuant to the Series A Warrant shall not have been at a rate that is equal to or in excess of the Minimum Rate,
then TCH shall have the right to notify Capstone not earlier than 30 days and not later than 40 days after the applicable Exercise
Date of TCH’s exercise of its put rights hereunder (the “Put Notice”). Upon receipt of the Put Notice, Capstone
shall be required to exercise the Series A Warrant to (i) purchase the Minimum Amount by a date identified in the Put Notice
that is no earlier than 10 days after and no later than 30 days after the date of the Put Notice (the “Put Date”),
or if Capstone has previously exercised the Series A Warrant to purchase shares in excess of the Minimum Rate, then such lesser
amount of Common Stock as would, if purchased as of the applicable Exercise Date, have made Capstone’s purchases of Common
Stock pursuant to the Series A Warrant as of such Exercise Date equal to the Minimum Rate (the “Initial Mandatory Purchase”),
and (ii) purchase by a date that is no later than each subsequent Periodic Exercise Date an amount of Common Stock such that
as of each such Periodic Exercise Date, Capstone’s cumulative purchases of Common Stock pursuant to the Series A Warrant
through that date shall have been at a rate that is no less than the Minimum Rate (the “Periodic Mandatory Purchases”).

 

(b)      Following
delivery of the Put Notice by TCH, Capstone’s failure to make the Initial Mandatory Purchase by the Put Date shall be an
“Event of Default” hereunder.

 

(c)      Following
the delivery of the Put Notice by TCH, Capstone’s failure to make when due any Periodic Mandatory Purchase in accordance
with clause (a) above shall be a breach of this Agreement, and if such breach is not cured by Capstone within 10 days of receipt
of written notice by TCH of the breach, then such uncured breach shall be deemed an Event of Default.

 

(d)      Upon the occurrence
of an Event of Default pursuant to either clause (b) or (c) above, (i) Capstone’s right to purchase all shares of Common
Stock remaining unpurchased under the Series A Warrant shall be converted into an obligation, accelerated and immediately due and
(ii) the Series B Warrant shall immediately terminate as to any shares of Common Stock remaining exercisable under the Series
B Warrant.

 

(e)      Notwithstanding
anything to be contrary contained in the Series A Warrant, in the event TCH has invoked its right pursuant to the Put Notice to
require Capstone to exercise the Series A Warrant, the purchase price per share of Common Stock thereunder shall be $0.775 per
share (the “Put Price”).

 

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(f)      In the event
that TCH has so converted and accelerated Capstone’s obligations to purchase the shares of Common Stock remaining unexercised
under the Series A Warrant, Capstone shall have the right to surrender issued and outstanding shares of Common Stock to TCH to
be credited towards Capstone’s obligations hereunder, which surrendered shares shall be valued at $0.76 per share of Common
Stock.

 

Section
2.2        Effect of Stock Split, etc. If TCH, by stock split, stock dividend, reverse split, reclassification of shares,
or otherwise, changes as a whole the outstanding Common Stock into a different number or class of shares, then: (1) the number
and/or class of shares as so changed shall, for the purposes of this Agreement, replace the shares outstanding immediately prior
to the change; and (2) the Put Price in effect, and the number of shares purchasable under this Agreement, immediately prior to
the date upon which the change becomes effective, shall be proportionately adjusted (the price to the nearest cent).

 

Section
2.3        Notice of Adjustment. On the happening of an event requiring an adjustment of the Put Price per share, TCH
shall forthwith give written notice to Capstone stating the adjusted Put Price per share and the adjusted number and kind of securities
or other property purchasable hereunder resulting from the event and setting forth reasonable detail of the method of calculation
and the facts upon which the calculation is based. The Board of Directors of TCH, acting in good faith, shall determine the calculation.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF TCH

 

TCH represents and
warrants to Capstone as follows:

 

Section
3.1        Corporate Organization. TCH is a corporation duly incorporated, validly existing and subsisting under the
laws of Nevada. Each TCH Subsidiary is a corporation duly incorporated, validly existing and in good standing under the laws of
its respective state of incorporation. TCH and each of its Subsidiaries has all requisite power and authority to own, operate and
lease its properties and to conduct its business as currently conducted. TCH and each of its Subsidiaries is duly qualified or
licensed to do business and is in good standing in each jurisdiction in which its ownership or leasing of property or the conduct
of its business requires such licensing or qualification, except to the extent that the failure to be so qualified or licensed
would not have a Material Adverse Effect. As used in this Agreement, “Material Adverse Effect” means any event, circumstance
or development which individually or in the aggregate could have a material adverse effect on the business, properties, operations,
condition (financial or otherwise), assets, liabilities, tradability of the Common Stock, earnings or results of operations of
TCH and its Subsidiaries taken as a whole or on the transactions contemplated hereby.

 

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Section
3.2        Authorization. TCH has all requisite power and full legal right to execute and deliver this Agreement and
the Series A Warrant, the Series B Warrant and the Registration Rights Agreement (collectively, the “Ancillary Agreements”),
and to perform all of its obligations hereunder and thereunder in accordance with the respective terms hereof and thereof. This
Agreement and the Ancillary Agreements and the transactions contemplated hereby and thereby have been duly approved and authorized
by all requisite corporate action on the part of TCH, and this Agreement has been duly executed and delivered by TCH and constitutes,
and each of the Ancillary Agreements, when executed and delivered by TCH, will constitute, a legal, valid, and binding obligation
of TCH, enforceable against it in accordance with its respective terms, except as such enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to the enforcement of creditors’
rights and remedies or by other equitable principles of general application. The execution, delivery, and performance by TCH of
this Agreement and the Ancillary Agreements in accordance with their respective terms, and the consummation by TCH of the transactions
contemplated hereby or thereby, will not result (with or without the giving of notice or the lapse of time or both) in any conflict,
violation, breach, or default, or the creation of any Lien, or the termination, acceleration, vesting, or modification of any right
or obligation, under or in respect of (x) the Certificate of Incorporation or By-laws of TCH and its Subsidiaries, (y) any judgment,
decree, order, statute, rule or regulation binding on or applicable to TCH or its Subsidiaries, or (z) any agreement or instrument
to which TCH or any of its Subsidiaries is a party or by which it or any of its assets is or are bound.

 

Section
3.3        No Undisclosed or Contingent Liabilities. Except as set forth in the SEC Reports, neither TCH nor its Subsidiaries
has any liabilities or obligations of any nature (whether absolute, accrued, contingent or otherwise and whether due or to become
due) which are not fully reflected or reserved against on the balance sheet as of June 30, 2014 in accordance with GAAP, except
for liabilities and obligations incurred in the ordinary course of business and consistent with past practice since the date thereof.

 

Section
3.4        No Violation. Neither the execution and delivery of this Agreement or any of the Ancillary Agreements by TCH
nor the performance by TCH of its obligations hereunder or thereunder will: (i) conflict with or result in any breach of any provision
of its or its Subsidiaries’ respective Certificate of Incorporation or By-laws, (ii) result in a violation or breach of,
or constitute (with or without due notice or lapse of time or both) a default or give rise to any Lien on TCH’s or its Subsidiaries’
properties or assets or any right of termination, cancellation or acceleration under any of the terms or conditions of any note,
bond, mortgage, indenture, license, agreement or other instrument or obligation to which TCH or any of its Subsidiaries is a party
or by which it or any of their respective material properties or assets may be bound, or require the consent of any person, (iii)
violate any statute, law, rule, regulation, writ, injunction, judgment, order or decree of any court, administrative agency or
governmental authority binding on TCH, it Subsidiaries or any of their respective properties or assets, or (iv) violate any provision
(including those requiring the furnishing of notice prior to the taking of specific actions) of the rules of any marketplace on
which the Common Stock of TCH is listed or quoted.

 

Section
3.5         Compliance with Applicable Law. TCH and each of its Subsidiaries is currently in compliance with all applicable
laws (whether statutory or otherwise), rules, regulations, orders, ordinances, judgments, decrees, writs, requirements and injunctions
of all governmental authorities, agencies, courts, and administrative tribunals, except for such noncompliance that, individually
and in the aggregate, would not have a Material Adverse Effect.

 

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Section
3.6         Governmental Consents. Except for the filing of any forms required under the federal securities laws and any
filings required under state “blue sky” laws, no consent, approval or authorization of, or declaration, filing or registration
with, any governmental or regulatory authority is required to be made or obtained by TCH in connection with the execution and delivery
of this Agreement or any of the Ancillary Agreements by TCH or the performance by TCH of its obligations hereunder and thereunder,
or the continued conduct by TCH of its present business after the date hereof.

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF CAPSTONE

 

Section
4.1        Representations and Warranties. Capstone represents that (each of which representations and warranties are
true as of the date hereof, as of the Initial Exercise Date and as of each Periodic Exercise Date):

 

(a)      Capstone is
a corporation duly incorporated, validly existing and in good standing under the laws of Nevada. Capstone has all requisite power
and authority to own, operate and lease its properties and to conduct its business as currently conducted. Capstone is duly qualified
or licensed to do business and is in good standing in each jurisdiction in which its ownership or leasing of property or the conduct
of its business requires such licensing or qualification.

 

(b)      It has all requisite
power and full legal right to execute and deliver this Agreement and the Ancillary Agreements and to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and the Ancillary Agreements, and the performance by it
of its obligations hereunder and thereunder, have been duly approved and authorized by all requisite corporate action on the part
of Capstone. This Agreement and each of the Ancillary Agreements has been duly executed and delivered by Capstone and constitute
its valid and binding obligations, enforceable against it in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to the enforcement of creditors’
rights and remedies or by other equitable principles of general application. The execution, delivery, and performance by Capstone
of this Agreement and the Ancillary Agreements in accordance with their respective terms, and the consummation by Capstone of the
transactions contemplated hereby or thereby, will not result (with or without the giving of notice or the lapse of time or both)
in any conflict, violation, breach, or default, or the creation of any Lien, or the termination, acceleration, vesting, or modification
of any right or obligation, under or in respect of (x) the Certificate of Incorporation or By-laws of Capstone, (y) any judgment,
decree, order, statute, rule or regulation binding on or applicable to Capstone, or (z) any agreement or instrument to which Capstone
is a party or by which it or any of its assets is or are bound.

 

    	5

    	 

    

 

(c)      Capstone will
purchase any securities in connection herewith pursuant to the Warrants for its own account for investment only and not with a
present view to the distribution thereof.

 

(d)      It has such
knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment
contemplated by this Agreement and making an informed investment decision with respect thereto.

 

(e)      It has had the
opportunity to ask questions and receive answers concerning the terms and conditions of the offering of securities purchased in
connection herewith pursuant to the Warrants, as well as the opportunity to obtain additional information necessary to verify the
accuracy of information furnished in connection with such offerings that TCH possesses or can acquire without unreasonable effort
or expense.

 

(f)      There are no
claims for investment banking fees, brokerage commissions, finder’s fees or similar compensation (other than professional
fees to attorneys and accountants) in connection with the transactions contemplated by this Agreement or any of the Ancillary Agreements
based on any arrangement or agreement made by or on behalf of Capstone.

 

(g)      It has adequate
means of providing for its current financial needs and foreseeable contingencies and has no need for liquidity of the investment
in the Warrants for an indefinite period of time.

 

(h)      It is aware
that entering into this Agreement and investment in the Common Stock involves a number of very significant risks.

 

(i)      It is an “accredited
investor” as that term is defined in Regulation D under the Securities Act.

 

ARTICLE
V

DEFINITIONS

 

Section
5.1         Certain Defined Terms. For purposes of this Agreement, the following terms shall have the meanings set forth
in this Section 5:

 

“GAAP”
means generally accepted accounting principles in the United States that are (i) consistent with the principles promulgated or
adopted by the Financial Accounting Standards Board and its predecessors, (ii) applied on a basis consistent with prior periods,
and (iii) such that, insofar as the use of accounting principles is pertinent, a certified public accountant could deliver an unqualified
opinion with respect to financial statements in which such principles have been properly applied.

 

“Person”
or “person” (regardless of whether capitalized) means any natural person, entity, or association, including
without limitation any corporation, partnership, limited liability company, government (or agency or subdivision thereof), trust,
joint venture or proprietorship.

 

    	6

    	 

    

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Subsidiary”
or “Subsidiaries” means, with respect to any person, any corporation a majority (by number of votes) of the
outstanding shares of any class or classes of which are at the time owned by such person or by a Subsidiary of such person, if
the holders of the shares of such class or classes (a) are ordinarily, in the absence of contingencies, entitled to vote for the
election of a majority of the directors (or persons performing similar functions) of the issuer thereof, even though the right
so to vote has been suspended by the happening of such a contingency, or (b) are at the time entitled, as such holders, to vote
for the election of a majority of the directors (or persons performing similar functions) of the issuer thereof, whether or not
the right so to vote exists by reason of the happening of a contingency.

 

ARTICLE
VI

MISCELLANEOUS

 

Section
6.1         Waivers and Consents. For the purposes of this Agreement and all agreements executed pursuant hereto, no course
of dealing between TCH and Capstone and no delay on the part of any party hereto in exercising any rights hereunder or thereunder
shall operate as a waiver of the rights hereof or thereof. No provision hereof may be waived except by a written instrument signed
by the party so waiving such provision.

 

Section
6.2         Amendment and Modification. This Agreement shall not be amended or modified, except by an instrument in writing
signed by TCH or Capstone.

 

Section
6.3         Governing Law; Jurisdiction; Venue etc. This Agreement shall be governed by, and construed and enforced in
accordance with, the laws of the State of New York, without giving effect to the principles of conflicts of law thereof. The state
and federal courts of the State of New York located in New York shall have exclusive jurisdiction to hear and determine any claims
or disputes between Capstone and TCH pertaining directly or indirectly to this Agreement and all documents, instruments and agreements
executed pursuant hereto, or to any matter arising therefrom (unless otherwise expressly provided for therein); the exclusive choice
of forum set forth in this Section 6.3 shall not be deemed to preclude the enforcement of any judgment obtained in such forum or
the taking of any action to enforce the same in any other appropriate jurisdiction. All of the parties hereto waive all rights
to trial by jury in any action or proceeding instituted by any party against any other party arising out of, on or by reason of
this Agreement or the documents and transactions contemplated herein.

 

Section
6.4         Headings. The descriptive headings in this Agreement have been inserted for convenience only and shall not
be deemed to limit or otherwise affect the construction or interpretation of any provision thereof or hereof.

 

Section
6.5         Counterparts. This Agreement may be executed simultaneously in any number of counterparts, each of which when
so executed and delivered shall be taken to be an original; but such counterparts shall together constitute but one and the same
document.

 

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Section
6.6         Notices and Demands. Any notice or demand which is required or provided to be given under this Agreement shall
be deemed to have been sufficiently given and received for all purposes when delivered by hand on a business day, one (1) business
day after being sent by nationally recognized overnight courier on any day, or five (5) business days after being sent by certified
or registered mail, postage and charges prepaid, return receipt requested, to the following addresses:

 

	 	If to TCH:	
        Twinlab Consolidated Holdings, Inc.

        632 Broadway, Suite 201

        New York, NY 10012

        Attn:      Thomas A. Tolworthy

         

        Twinlab Consolidated Holdings, Inc.

        632 Broadway, Suite 201

        New York, NY 10012

        Attention: General Counsel

         

	 	with a copy to (which shall not constitute

 notice to TCH):	
        Wilk Auslander LLP

        1515 Broadway

        New York, New York 10036

        E-mail: jfrank@wilkauslander.com

        Attention: Joel I. Frank, Esq.

         

	 	If to Capstone:	
        Capstone Financial Group, Inc.

        2600 Michelson Drive, Suite 700

        Irvine, California 92612

        Attn: Darin Pastor

         

	 	With a copy to (which shall not constitute notice to Capstone):	Stoecklein Law Group, LLP

401 West A Street, Suite 1150

San Diego, CA 92101

Attn: Donald J. Stoecklein, Esq.

 

Section
6.7         Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as
to be effective and valid under applicable law, but if any provision of this Agreement shall be deemed prohibited or invalid under
such applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, and such prohibition
or invalidity shall not invalidate the remainder of such provision or the other provisions of this Agreement, provided, however,
that no such severability shall be effective if it materially changes the economic benefit of this Agreement to any party.

 

Section
6.8         Integration. This Agreement, including the Ancillary Agreements and instruments referred to herein or therein,
constitutes the entire agreement, and supersedes any other prior agreements and understandings, both written and oral, among the
parties with respect to the subject matter hereof.

 

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Section
6.9         Publicity. TCH and Capstone shall have the right to approve before issuance of any press releases or any other
public statements is sought to be made by the other with respect to the transactions contemplated hereby, except for any disclosures
required in connection with obtaining any consents to the transactions contemplated by this Agreement. Notwithstanding the foregoing,
TCH shall have the right to issue any press release or other public statement in connection with the transaction contemplated hereby,
excluding the identity of Capstone, without the prior consent of Capstone, but may disclose the identity of Capstone upon prior
written consent of Capstone, which shall not be unreasonably withheld. TCH shall also have the right to file this Agreement and
the Ancillary Agreements with the SEC under the Securities Act or the Exchange Act if required by such acts or regulations thereunder.

 

Section
6.10         Expenses. TCH and Capstone will each bear their own costs and expenses and those of their respective advisors
related to the transactions herein contemplated.

 

Section
6.11         Assignment. Neither TCH nor Capstone may assign this Agreement or its rights and obligations hereunder.

 

Section
6.12         Equitable Relief. Each of the parties acknowledges that any breach by such party of its obligations under
this Agreement would cause substantial and irreparable damage to the other party and that money damages would be an inadequate
remedy therefor. Accordingly, each party agrees that the other party will be entitled to an injunction, specific performance and/or
other equitable relief to prevent the breach of such obligations.

 

Section
6.13         Usage. All pronouns and any variations thereof refer to the masculine, feminine or neuter, singular or plural,
as the context may require. All terms defined in this Agreement in their singular or plural forms have correlative meanings when
used herein in their plural or singular forms, respectively.

 

Section
6.14         Facsimile or Electronic Signatures. A facsimile signature on this Agreement or an original signature delivered
by facsimile or an electronic signature or an original signature delivered by electronic transmission in the form of a .pdf, .tif,
..jpeg or similar attachment to electronic mail shall be considered the same as an original.

 

[Signature page follows]

 

    	9

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the day and year first above written.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC. 
	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	 	Name: Thomas A. Tolworthy
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	CAPSTONE FINANCIAL GROUP, INC.
	 	 	 
	 	By:	/s/ Darin R. Pastor
	 	 	Name: Darin R. Pastor
	 	 	Title: Chief Executive Officer

 

    	10Exhibit 10.13

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this
“Agreement”), is made and entered into as of September 30, 2014, by and between Twinlab Consolidated Holdings,
Inc., a Nevada corporation (the “Company”), and Capstone Financial Group, Inc., a Nevada corporation (the “Investor”).

 

WHEREAS, the Company has issued to the Investor
a (i) Series A Warrant, dated as of September 30, 2014, pursuant to which the Investor can purchase up to 52,631,579 shares
(the “Series A Warrant”) of Common Stock (as defined below) of the Company and (ii) Series B Warrant, dated as
of September 30, 2014, pursuant to which the Investor can purchase up to 22,368,421 shares of Common Stock of the Company; and

 

WHEREAS, in connection with the consummation
of the transactions contemplated by the Series A Warrant and the Series B Warrant, and pursuant to the terms of the Series A Warrant
and the Series B Warrant, the parties desire to enter into this Agreement in order to grant certain registration rights to the
Investor as set forth below.

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual and dependent covenants hereinafter set forth, the parties agree as follows:

 

1.           Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“Affiliate” of a
Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is
under common control with, such Person. The term “control” (including the terms “controlled by” and “under
common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement” has
the meaning set forth in the preamble.

 

“Board” means the
board of directors of the Company (and any successor governing body of the Company or any successor of the Company).

 

“Commission” means
the Securities and Exchange Commission or any other federal agency administering the Securities Act and the Exchange Act at the
time.

 

“Common Stock” means
the common stock, par value $0.001 per share, of the Company and any other common equity securities issued by the Company, and
any other shares of stock issued or issuable with respect thereto (whether by way of a stock dividend or stock split or in exchange
for or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization,
merger, consolidation or other corporate reorganization).

 

    	 

    	 

    

 

“Common Stock Put Agreement”
means the Common Stock Put Agreement, dated as of September 30, 2014, by and between the Company and Investor.

 

“Company” has the
meaning set forth in the preamble and includes the Company's successors by merger, acquisition, reorganization or otherwise.

 

“Demand Registration” has
the meaning set forth in Section 2(a).

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations thereunder, which
shall be in effect from time to time.

 

“Governmental Authority” means
any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality of such government
or political subdivision, or any self-regulated organization or other non-governmental regulatory authority or quasi-governmental
authority (to the extent that the rules, regulations or orders of such organization or authority have the force of law), or any
arbitrator, court or tribunal of competent jurisdiction.

 

“Investor” has the
meaning set forth in the preamble.

 

“Person” means an
individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated organization,
trust, association or other entity.

 

“Prospectus” means
the prospectus or prospectuses included in any Registration Statement, as amended or supplemented by any prospectus supplement
with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and
by all other amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by
reference in such prospectus or prospectuses.

 

“Registrable Securities” means
(a) any shares of Common Stock held by the Investor or issuable upon conversion, exercise or exchange of the Warrants owned by
the Investor at any time, and (b) any shares of Common Stock issued or issuable with respect to any shares described in subsection
(a) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization (it being understood that for purposes of this Agreement, a Person shall be deemed to be a holder of Registrable
Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or
not such acquisition has actually been effected). As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities when (i) a Registration Statement covering such securities has been declared effective by the Commission
and such securities have been disposed of pursuant to such effective Registration Statement, (ii) such securities are sold under
circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities
Act are met, (iii) such securities are otherwise transferred and such securities may be resold without subsequent registration
under the Securities Act, or (iv) such securities shall have ceased to be outstanding.

 

    	2

    	 

    

 

“Registration Statement” means
any registration statement of the Company which covers any of the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus, amendments and supplements to such Registration Statement, including post-effective amendments, all exhibits
and all materials incorporated by reference in such Registration Statement.

 

“Rule 144” means
Rule 144 promulgated under the Securities Act or any successor rule thereto or any complementary rule thereto (such as Rule 144A).

 

“Securities Act” means
the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder, which shall
be in effect from time to time.

 

“Selling Expenses” means
all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities, and
fees and disbursements of counsel for any holder of Registrable Securities.

 

“Series A Warrant” has
the meaning set forth in the recitals.

 

“Series B Warrant” has
the meaning set forth in the recitals.

 

“Warrants” means
the Series Warrant and the Series B Warrant.

 

2.           Demand
Registration.

 

(a)          The
Company shall use its best efforts to qualify and remain qualified to register securities under the Securities Act pursuant to
a Registration Statement on Form S-3 or any successor form thereto. At such time as the Company shall have qualified for the use
of a Registration Statement on Form S-3, the holder of Registrable Securities shall have the right to request an initial registration
and thereafter on a quarterly basis after the first Demand Registration shall have been declared effective by the Commission registrations
of its Registrable Securities on Form S-3 or any similar short-form registration (each a “Demand Registration”).
Each request for a Demand Registration shall specify the approximate number of Registrable Securities requested to be registered.
The Company shall cause a Registration Statement on Form S-3 (or any successor form) to be filed within ten (10) days after the
date on which the initial request is given and shall use its reasonable best efforts to cause such Registration Statement to be
declared effective by the Commission as soon as practicable thereafter.

 

    	3

    	 

    

 

(b)          The
Company may postpone for up to ninety (90) days the filing or effectiveness of a Registration Statement for a Demand Registration
if the Company's Board determines in its reasonable good faith judgment that such Demand Registration would (i) materially interfere
with a significant acquisition, corporate organization or other similar transaction involving the Company; (ii) require premature
disclosure of material information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render
the Company unable to comply with requirements under the Securities Act or Exchange Act.

 

(c)          If
the holder of the Registrable Securities requesting a Demand Registration elects to distribute the Registrable Securities covered
by its request in an underwritten offering, it shall so advise the Company as a part of their request made pursuant to Section
2(a). The holder of the Registrable Securities requesting the Demand Registration shall select the investment banking firm
or firms to act as the managing underwriter or underwriters in connection with such offering; provided, that such selection
shall be subject to the consent of the Company, which consent shall not be unreasonably withheld or delayed.

 

(d)          The
Company shall not grant registration rights to any other holder of the Company’s securities for a period of twelve (12) months
from the date of this Agreement. Nothing contained in this Agreement shall prevent the Company from filing a registration statement
solely for the Company’s account including without limitation, a registration statement relating to any employee benefit
plan filed on Form S-8 or similar form or, with respect to any corporate reorganization or other transaction under Rule 145
of the Securities Act, a registration statement on Form S-4 or similar form, or any registration statement relating to the registration
of securities issued to raise financing for the Company.

 

3.           Lock-up
Agreement. Each holder of Registrable Securities agrees that in connection with any public offering of the Company's Common
Stock or other equity securities, and upon the request of the managing underwriter in such offering, such holder shall not, without
the prior written consent of such managing underwriter, during the thirty (30) days prior to the effective date of such registration
and ending on the date specified by such managing underwriter (such period not to exceed ninety (90) days in the case of any registration)
(a) offer, pledge, sell, contract to sell, grant any option or contract to purchase, purchase any option or contract to sell, hedge
the beneficial ownership of or otherwise dispose of, directly or indirectly, any shares of Common Stock or any securities convertible
into, exercisable for or exchangeable for shares of Common Stock (whether such shares or any such securities are then owned by
the Holder or are thereafter acquired), or (b) enter into any swap or other arrangement that transfers to another, in whole or
in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause (a)
or (b) above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise. The foregoing provisions
of this Section 3 shall not apply to sales of Registrable Securities to be included in such offering pursuant to Section
2(a) and shall be applicable to the holder of Registrable Securities only if all officers and directors of the Company and
all stockholders owning more than ten (10%) percent of the Company's outstanding Common Stock are subject to the same restrictions.
Each holder of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the
Company or the managing underwriter which are consistent with the foregoing or which are necessary to give further effect thereto.
Notwithstanding anything to the contrary contained in this Section 3, each holder of Registrable Securities shall be released,
pro rata, from any lock-up agreement entered into pursuant to this Section 3 in the event and to the extent that the managing
underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining
to any officer, director or holder of greater than ten (10%) percent of the outstanding Common Stock.

 

    	4

    	 

    

 

4.           Registration
Procedures. If and whenever the holders of Registrable Securities request that any Registrable Securities be registered pursuant
to the provisions of this Agreement, the Company shall use its reasonable best efforts to effect the registration and the sale
of such Registrable Securities in accordance with the intended method of disposition thereof, and pursuant thereto the Company
shall as soon as reasonably practicable:

 

(a)          subject
to Section 2(a) prepare and file with the a Statement with respect to such Registrable Securities and use its
reasonable best efforts to cause such Registration Statement to become effective;

 

(b)          prepare
and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the
Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective for a period of not less
than ninety (90) days, or if earlier, until all of such Registrable Securities have been disposed of and to comply with the provisions
of the Securities Act with respect to the disposition of such Registrable Securities in accordance with the intended methods of
disposition set forth in such Registration Statement;

 

(c)          within
a reasonable time before filing such Registration Statement, Prospectus or amendments or supplements thereto, furnish to counsel
selected by the holder of such Registrable Securities copies of such documents proposed to be filed, which documents shall be subject
to the review, comment and approval of such counsel;

 

(d)          notify
the selling holder of Registrable Securities, promptly after the Company receives notice thereof, of the time when such Registration
Statement has been declared effective or a supplement to any Prospectus forming a part of such Registration Statement has been
filed;

 

(e)          furnish
to the selling holder of Registrable Securities such number of copies of the Prospectus included in such Registration Statement
(including each preliminary Prospectus) and any supplement thereto (in each case including all exhibits and documents incorporated
by reference therein) and such other documents as such seller may reasonably request in order to facilitate the disposition of
the Registrable Securities owned by such seller; provided, that the Company shall have no such obligation to deliver the
Prospectus or Prospectuses that are available on the Commission’s EDGAR system.

 

    	5

    	 

    

 

(f)          use
its reasonable best efforts to register or qualify such Registrable Securities under such other securities or “blue sky”
laws of such jurisdictions as the selling holder reasonably requests and do any and all other acts and things which may be reasonably
necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the Registrable Securities
owned by such holder; provided, that the Company shall not be required to qualify generally to do business, subject itself
to general taxation or consent to general service of process in any jurisdiction where it would not otherwise be required to do
so but for this Section 4(f);

 

(g)          notify
the selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be delivered under
the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement contains
an untrue statement of a material fact or omits any fact necessary to make the statements therein not misleading, and, at the request
of such holder, the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the
purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to
state any fact necessary to make the statements therein not misleading;

 

(h)          make
available for inspection by the selling holder of Registrable Securities, any underwriter participating in any disposition pursuant
to such Registration Statement and any attorney, accountant or other agent retained by such holder or underwriter (collectively,
the “Inspectors”), all financial and other records, pertinent corporate documents and properties of the Company
(collectively, the “Records”), and cause the Company's officers, directors and employees to supply all information
reasonably requested by any such Inspector in connection with such Registration Statement;

 

(i)          provide
a transfer agent and registrar (which may be the same entity) for all such Registrable Securities not later than the effective
date of such registration;

 

(j)          use
its reasonable best efforts to cause such Registrable Securities to be listed on each securities exchange on which the Common Stock
is then listed;

 

(k)          in
connection with an underwritten offering, enter into such customary agreements (including underwriting and lock-up agreements in
customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter
of such offering reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including,
without limitation, making appropriate officers of the Company available to participate in “road show” and other customary
marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities);

 

    	6

    	 

    

 

(l)          otherwise
use its reasonable best efforts to comply with all applicable rules and regulations of the Commission and make available to its
stockholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder) no later than thirty (30) days after the end of the 12-month period beginning with the first day of the Company's first
full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month
period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms
10-Q, 10-K and 8-K under the Exchange Act and otherwise complies with Rule 158 under the Securities Act; and

 

(m)         furnish
to the selling holder of Registrable Securities and each underwriter, if any, with (i) a legal opinion of the Company's outside
counsel, dated the effective date of such Registration Statement (and, if such registration includes an underwritten public offering,
dated the date of the closing under the underwriting agreement), in form and substance as is customarily given in opinions of the
Company's counsel to underwriters in underwritten public offerings; and (ii) a “comfort” letter signed by the Company's
independent certified public accountants in form and substance as is customarily given in accountants' letters to underwriters
in underwritten public offerings;

 

(n)          without
limiting Section 4(f) above, use its reasonable best efforts to cause such Registrable Securities to be registered with
or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of
the Company to enable the holder of such Registrable Securities to consummate the disposition of such Registrable Securities in
accordance with its intended method of distribution thereof;

 

(o)          notify
the holder of Registrable Securities promptly of any request by the Commission for the amending or supplementing of such Registration
Statement or Prospectus or for additional information;

 

(p)          advise
the holder of Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any
proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain
its withdrawal at the earliest possible moment if such stop order should be issued;

 

(q)          permit
any holder of Registrable Securities which holder, in its sole and exclusive judgment, might be deemed to be an underwriter or
a controlling person of the Company, to participate in the preparation of such Registration Statement and to require the insertion
therein of language, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should
be included; and

 

    	7

    	 

    

 

(r)          otherwise
use its reasonable best efforts to take all other steps necessary to effect the registration of such Registrable Securities contemplated
hereby.

 

5.           Expenses.
All expenses (other than Selling Expenses) incurred by the Company in complying with its obligations pursuant to this Agreement
and in connection with the registration and disposition of Registrable Securities, including, without limitation, all registration
and filing fees, underwriting expenses (other than fees, commissions or discounts), expenses of any audits incident to or required
by any such registration, fees and expenses of complying with securities and “blue sky” laws, printing expenses and
fees and expenses of the Company’s counsel and accountants shall be borne by the Company. All Selling Expenses relating to
Registrable Securities registered pursuant to this Agreement shall be borne and paid by the holder of such Registrable Securities.

 

6.           Indemnification.

 

(a)          The
Company shall indemnify and hold harmless, to the fullest extent permitted by law, the holder of Registrable Securities, such holder's
officers, directors, managers, members, partners, stockholders and Affiliates, each underwriter, broker or any other Person acting
on behalf of such holder of Registrable Securities and each other Person, if any, who controls any of the foregoing Persons within
the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, against all losses, claims, actions, damages,
liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or
otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any untrue
or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary Prospectus, free
writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment thereof or supplement thereto
or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein
not misleading, or any violation or alleged violation by the Company of the Securities Act or any other similar federal or state
securities laws or any rule or regulation promulgated thereunder applicable to the Company and relating to action or inaction required
of the Company in connection with any such registration, qualification or compliance; and shall reimburse such Persons for any
legal or other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim,
action, damage or liability, except insofar as the same are caused by or contained in any information furnished in writing to the
Company by such holder expressly for use therein or by such holder's failure to deliver a copy of the Registration Statement, Prospectus,
free-writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendments or supplements thereto
(if the same was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number
of copies of the same prior to any written confirmation of the sale of Registrable Securities.

 

    	8

    	 

    

 

(b)          In
connection with any registration in which a holder of Registrable Securities is participating, such holder shall furnish to the
Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold harmless, the Company, each director of the
Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting
on behalf of the holders of Registrable Securities and each Person who controls any of the foregoing Persons within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act against any losses, claims, actions, damages, liabilities
or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus,
preliminary Prospectus, free writing prospectus (as defined in Rule 405 promulgated under the Securities Act) or any amendment
thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary
to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any
information or affidavit so furnished in writing by such holder; provided, that the obligation to indemnify shall be limited
to the net proceeds (after underwriting fees, commissions or discounts) actually received by such holder from the sale of Registrable
Securities pursuant to such Registration Statement.

 

(c)          Promptly
after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in this Section
6, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give written notice to
the latter of the commencement of such action. The failure of any indemnified party to notify an indemnifying party of any such
action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying
party from any liability in respect of such action that it may have to such indemnified party hereunder. In case any such action
is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense of
the claims in any such action that are subject or potentially subject to indemnification hereunder, jointly with any other indemnifying
party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after
written notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with
the defense thereof; provided, that if (i) any indemnified party shall have reasonably concluded that there may be one or
more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available to
the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the
indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified party or involves
actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of such action on behalf
of such indemnified party without such indemnified party's prior written consent (but, without such consent, shall have the right
to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Person
controlling such indemnified party for that portion of the fees and expenses of any counsel retained by the indemnified party which
is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to,
or elects not to, assume the defense of a claim, it shall not be obligated to pay the fees and expenses of more than one counsel
for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified
party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to
such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by
the holder of the Registrable Securities included in the registration, at the expense of the indemnifying party.

 

    	9

    	 

    

 

(d)          If
the indemnification provided for hereunder is held by a court of competent jurisdiction to be unavailable to an indemnified party
with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying
such indemnified party hereunder, shall contribute to the amounts paid or payable by such indemnified party as a result of such
loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the statements or omissions which resulted in
such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, that the
maximum amount of liability in respect of such contribution shall be limited, in the case of the holder of Registrable Securities,
to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such seller from
the sale of Registrable Securities effected pursuant to such registration. The relative fault of the indemnifying party and of
the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of
a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying
party or by the indemnified party and the parties' relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The parties agree that it would not be just and equitable if contribution pursuant hereto
were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable considerations
referred to herein. No Person guilty or liable of fraudulent misrepresentation shall be entitled to contribution from any Person.

 

7.           Participation
in Underwritten Registrations. No Person may participate in any registration hereunder which is underwritten unless such Person
(a) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Person or Persons
entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such underwriting arrangements.

 

    	10

    	 

    

 

8.           Rule
144 Compliance. With a view to making available to the holder of Registrable Securities the benefits of Rule 144 under the
Securities Act and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the
Company to the public without registration or pursuant to a registration on Form S-3 (or any successor form), the Company shall:

 

(a)          make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act, at all times
after the Registration Date;

 

(b)          use
reasonable best efforts to file with the Commission in a timely manner all reports and other documents required of the Company
under the Securities Act and the Exchange Act, at any time after the Company has become subject to such reporting requirements;
and

 

(c)          furnish
to the holder so long as the holder owns Registrable Securities, promptly upon request, a written statement by the Company as to
its compliance with the reporting requirements of Rule 144 under the Securities Act and of the Securities Act and the Exchange
Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed or furnished
by the Company as such holder may reasonably request in connection with the sale of Registrable Securities without registration.

 

9.           Preservation
of Rights. The Company shall not enter into any agreement, take any action, or permit any change to occur, with respect to
its securities that violates or subordinates the rights expressly granted to the holders of Registrable Securities in this Agreement.

 

10.         Termination.
This Agreement shall terminate and be of no further force or effect when there shall no longer be any Registrable Securities outstanding;
provided, that the provisions of Section 5 and Section 6 shall survive any such termination.

 

11.          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 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 fifth 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 indicated below (or at such other
address for a party as shall be specified in a notice given in accordance with this Section 11).

 

    	11

    	 

    

 

	If to the Company:	 	Twinlab Consolidated Holdings, Inc.

632 Broadway, Suite 201

New York, NY 10012

E-mail: RNeuwirth@twinlab.com

Attention: General Counsel 
	 	 	 
	with a copy to (which shall not constitute notice to the Company):	 	Wilk Auslander LLP

1515 Broadway

New York, NY 10036

E-mail: jfrank@wilkauslander.com

Attention: Joel I. Frank, Esq.
	 	 	 
	If to the Registered Owner:	 	Capstone Financial Group, Inc.

2600 Michelson Drive, Suite 700

Irvine, CA 92612

E-mail: dpastor@capstonefg.com

Attention: Darin R. Pastor
	 	 	 
	with a copy to (which shall not constitute notice to the Registered Owner):	 	Stoecklein Law Group, LLP

401 West A Street, Suite 1150

San Diego, CA 92101

E-mail: djs@slgseclaw.com

Attention: Donald J. Stoecklein, Esq.

 

12.         Entire
Agreement. This Agreement, together with the Warrants, the Common Stock Put Agreement and any related exhibits and schedules
thereto, constitutes the sole and entire agreement of the parties to this Agreement 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. Notwithstanding the foregoing, in the event of any conflict between the terms and provisions of this Agreement
and those of the Warrants, the terms and conditions of this Agreement shall control.

 

13.         Successor
and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
successors and permitted assigns. Investor may assign its rights hereunder to any purchaser or transferee of Registrable Securities;
provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to
execute a counterpart to this Agreement agreeing to be treated as an Investor whereupon such purchaser or transferee shall have
the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee was originally
included in the definition of an Investor herein and had originally been a party hereto.

 

14.         No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
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 Agreement.

 

    	12

    	 

    

 

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

 

16.         Amendment,
Modification and Waiver. The provisions of this Agreement may only be amended, modified, supplemented or waived with the prior
written consent of the Company and the holder of the Registrable Securities. No waiver by any party or parties 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. Except as otherwise set forth in this Agreement,
no failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate
or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

17.         Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

18.         Remedies.
The holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and the
Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.

 

19.         Governing
Law; Submission to Jurisdiction. This Agreement shall be governed by and construed in accordance with the internal laws of
the State of Nevada without giving effect to any choice or conflict of law provision or rule (whether of the State of Nevada or
any other jurisdiction). Any legal suit, action or proceeding arising out of or based upon this Agreement or the transactions contemplated
hereby may be instituted in the federal courts of the United States or the courts of the State of New York in each case located
in the city of New York and County of New York, and each party irrevocably submits to the exclusive jurisdiction of such courts
in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party's address set
forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or any proceeding in such courts
and irrevocably waive and agree not to plead or claim in any such court that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum.

 

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20.         Waiver
of Jury Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve
complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may have to
a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.
Each party to this Agreement certifies and acknowledges that (a) no representative of any other party has represented, expressly
or otherwise, that such other party would not seek to enforce the foregoing waiver in the event of a legal action, (b) such party
has considered the implications of this waiver, (c) such party makes this waiver voluntarily, and (d) such party has been induced
to enter into this Agreement by, among other things, the mutual waivers and certifications in this Section 20.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	
        TWINLAB CONSOLIDATED HOLDINGS, INC.

	 	 
	 	By:	/s/  Thomas A. Tolworthy
	 	Name: Thomas A. Tolworthy
	 	Title: President and Chief Executive Officer
	 	 
	 	CAPSTONE FINANCIAL GROUP, INC.
	 	 
	 	By:	/s/ Darin R. Pastor
	 	Name: Darin R. Pastor
	 	Title: Chief Executive Officer

 

    	15

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