Document:

Exhibit 10.137

 

EXECUTION VERSION

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS
OF A SUBORDINATION AGREEMENT DATED AS OF JULY 21, 2016 AMONG HOLDER, MAKER AND MIDCAP FUNDING X TRUST, A DELAWARE STATUTORY TRUST,
ADMINISTRATIVE AGENT, WHICH SUBORDINATION AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE
(the “MidCap Subordination”).

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS
OF A SUBORDINATION AGREEMENT DATED AS OF JULY 21, 2016 AMONG HOLDER, MAKER AND PENTA MEZZANINE SBIC FUND I, L.P., A DELAWARE LIMITED
PARTNERSHIP, WHICH SUBORDINATION AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “Penta
Subordination”).

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS
OF A SUBORDINATION AGREEMENT DATED AS OF JULY 21, 2016 AMONG HOLDER, MAKER AND JL-MEZZ UTAH, LLC, AN ALASKA LIMITED LIABILITY COMPANY,
WHICH SUBORDINATION AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “JL-Mezz
Subordination”).

 

THIS INSTRUMENT IS SUBJECT
TO THE TERMS OF A SUBORDINATION AGREEMENT DATED AS OF JULY 21, 2016 AMONG HOLDER, MAKER AND JL PROPERTIES, INC., AN ALASKA CORPORATION,
WHICH SUBORDINATION AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “JL Properties
Subordination”).

 

THIS INSTRUMENT IS SUBJECT
TO THE TERMS OF A SUBORDINATION AGREEMENT DATED AS OF JULY 21, 2016 AMONG HOLDER, MAKER AND UTAH LAB, LLC, AN ALASKA LIMITED LIABILITY
COMPANY, WHICH SUBORDINATION AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “Utah
Lab Subordination”).

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS. THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO DISTRIBUTION OR RESALE, AND MAY NOT BE SOLD, MORTGAGED, PLEDGED OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR AN EXEMPTION
THEREFROM.

 

UNSECURED DELAYED DRAW PROMISSORY NOTE

 

	$4,769,996 	July 21, 2016

 

FOR VALUE RECEIVED, the
undersigned, TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation (“Maker”), promises to pay to LITTLE
HARBOR LLC, a Nevada limited liability company (“Holder”), the principal sum of FOUR MILLION SEVEN HUNDRED SIXTY
NINE THOUSAND NINE HUNDRED NINETY SIX DOLLARS AND NO CENTS ($4,769,996.00), or, if less, the aggregate unpaid principal amount
of the Monthly Delayed Draw Loans shown on Exhibit A attached hereto (and any continuation thereof) and made by Holder to
Maker together with interest on the unpaid principal balance of this Unsecured Delayed Draw Promissory Note (this “Note”)
from time to time outstanding until paid in full, in lawful money of the United States of America. This Note shall mature and be
due and payable by Maker on January 28, 2019 (the “Maturity Date”) or, if such day is not a Business Day, then
the next succeeding Business Day. Capitalized terms used herein and not otherwise defined are set forth in Section 13 below.

 

    	 	 	 

     

    

 

TERMS AND CONDITIONS

 

		1.01	Monthly Delayed Draw Loans

 

a.             On
the terms and subject to the conditions herein, Holder may in its sole discretion make a loan (each a "Monthly Delayed
Draw Loan") to Maker on each Monthly Delayed Draw Date (or such later date as may be determined by Holder in its sole
discretion) in the principal amount equal to the lesser of the amount set forth below opposite such date under Monthly Delayed
Draw Loan Principal Amount and the remaining Delayed Draw Availability.

 

	Monthly Delayed Draw Date	 	Monthly Delayed Draw Loan
 Principal Amount	 
	July 1, 2016	 	$	1,135,277	 
	August 1, 2016	 	$	726,944	 
	September 1, 2016	 	$	726,944	 
	October 1, 2016	 	$	726,944	 
	November 1, 2016	 	$	726,944	 
	December 1, 2016	 	$	726,943	 

 

On each Monthly Delayed
Draw Date, subject to the terms and conditions hereof, Holder shall make the Monthly Delayed Draw Loan principal amount available
to Maker by accepting, pursuant to the terms of Section 1.01(b) hereof, the principal amount of such Monthly Delayed Draw Loan
as payment of amounts due by Maker’s subsidiary under the “Repayment Agreement” (as defined below).

 

    	 	2	 

     

    

 

b.             Holder
and Twinlab Holdings, Inc. f/k/a Idea Sphere Inc. (“THI”), a wholly-owned subsidiary of Maker, are parties to that
certain Debt Repayment Agreement, dated as of July 31, 2014 (the “Repayment Agreement”), a copy of which is
attached hereto as Exhibit D and pursuant to which THI is required to make monthly payments to Holder as set forth in Schedule
A thereto, (the “Payment Schedule”). THI’s payment obligations to Holder under the Repayment Agreement
have been satisfied for the “Month 1” through “Month 17” payment obligations referenced in the Payment
Schedule, and as of the date hereof, the payments due for “Month 18” (due January 25, 2016) and beyond remain outstanding.
The purpose of this Note is to provide Holder the right, in its discretion, to allow certain obligations of THI under the Repayment
Agreement to be satisfied by Maker’s promise to pay Holder equivalent principal amounts pursuant to and on the terms of this
Note, thus effectively deferring the timing of such payments for Maker’s consolidated company until due by Maker on the terms
hereof. Accordingly, Holder hereby irrevocably agrees to accept the principal amount of any Monthly Delayed Draw Loan drawn by
Maker pursuant to and subject to the terms of this Note in lieu and in complete satisfaction of the obligation of THI to make an
equivalent dollar amount of periodic cash payments otherwise due Holder under the Repayment Agreement, to be applied first against
the “Month 18” periodic payment that was due under the Payment Schedule on January 25, 2016 and continuing with each
immediately subsequent periodic payment thereafter due under the Repayment Agreement until the total amount of periodic payment
obligations so satisfied shall have amounted to the total principal amount of Monthly Delayed Draw Loans drawn by Maker pursuant
to this Note. In the event that the remainder of the total principal amount of Monthly Delayed Draw Loans drawn by Maker pursuant
to this Note that is then available to be applied pursuant hereto towards a final periodic payment under the Repayment Agreement
is insufficient to satisfy the entire amount due for such period under the Repayment Agreement, then the excess amount then due
for such periodic payment above the amount satisfied hereby shall continue to be due and payable in cash by THI in accordance with
the terms of the Repayment Agreement. Except for Holder’s agreement on the terms set forth herein to, in its sole discretion,
accept the creation of new debt obligations of Maker to Holder pursuant to this Note in lieu of cash payments otherwise due Holder
under the Repayment Agreement in an aggregate amount equal to the total principal amount of Monthly Delayed Draw Loans drawn by
Maker under this Note, nothing herein is intended to modify in any way the Repayment Agreement, which shall remain in full force
and effect. By way of example only, if in its discretion, Holder (i) allows Maker to draw the first Monthly Delayed Draw Loan in
the total principal amount of $1,135,277, Holder shall accept Maker’s agreement to accept that debt obligation pursuant hereto
as full and complete satisfaction of THI’s payment obligations for the entire Month 18 ($378,333), Month 19 ($308,333), and
Month 20 ($408,333) payment obligations under the Payment Schedule as well as $40,278 of the Month 21 payment obligation; or (ii)
allows Maker to draw the maximum amount of Monthly Delayed Draw Loans in the total principal amount of $4,769,996, Holder shall
accept Maker’s agreement to accept that debt obligation pursuant hereto as full and complete satisfaction of THI’s
payment obligations for the entire Month 18 (January 2016) through Month 29 (December 2016) payment obligations under the Payment
Schedule.

 

c.             Maker
acknowledges to Holder that the Monthly Delayed Draw Loans under this Note are discretionary with Holder, and conditioned upon
prior approval by Holder; provided, however, after a Fully Executed Monthly Delayed Draw Certificate has been countersigned by
Holder then all conditions hereunder to a Monthly Delayed Draw Loan (including Holder's approval thereof) shall be deemed irrevocably
satisifed and Maker shall be obligated to make the Monthly Delayed Draw Loan requested therein and such Monthly Delayed Draw Loan
shall be deemed to have occurred on Holder's delivery of the Fully Executed Monthly Delayed Draw Certificate to the Maker. Maker
acknowledges that Holder may refuse to make a Monthly Delayed Loan under this Note for any reason or for no reason whatsoever.
Without limiting the foregoing, each Monthly Delayed Draw Loan shall be subject to the fulfillment of each of the conditions precedent
set forth below to the sole satisfaction of Holder.

 

    	 	3	 

     

    

 

		i.	Holder shall have received a Monthly Delayed Draw Certificate,
dated as of the Monthly Delayed Draw Date, duly executed and delivered by an Authorized Officer of Maker.

 

		ii.	No Material Adverse Change shall have occurred since
March 31, 2016 in the case of the July 1, 2016 Monthly Delayed Draw Date and the date on which the last Monthly Delayed Draw Loan
was made to Maker by Holder in the case of all ther other Monthly Delayed Draw Dates.

 

		iii.	No Event of Default shall have then occurred and be continuing,
or would result from the Delayed Draw Loan to be advanced on the Delayed Draw Date.

 

		iv.	An authorized officer of Holder shall have duly executed
and delivered to Maker a countersigned copy of the Monthly Delayed Draw Certificate certifying Holder’s acceptance of Maker’s
draw request and affirming Holder’s acceptance of Maker’s obligations hereunder with respect to such draw in lieu
of payment of an equivalent dollar amount under the Repayment Agreement in accordance with Section 1.01(b) hereof (the “"Fully
Executed Monthly Delayed Draw Certificate”). Maker and Holder acknowledge that Maker shall submit a copy of the Fully
Executed Monthly Delayed Draw Certificate to Golisano Holdings.

 

d.             Maker
hereby authorizes Holder to endorse on Exhibit A annexed to this Note the date on which each Monthly Delayed Draw Loan is
made, the principal amount thereof and payments of principal amounts in respect of such Monthly Delayed Draw Loans, which endorsements
shall constitute prima facie evidence, absent manifest error, as to the outstanding principal amount of all Monthly Delayed Draw
Loans made by Holder to Maker; provided, however, that the failure to make such notation with respect to any Monthly
Delayed Draw Loan or payment shall not limit or otherwise affect the obligation of the Maker under this Note.

 

e.             Maker
and Holder acknowledge and agree that Golisano Holdings is relying on the terms hereof, including the delivery of a Fully Executed
Monthly Delayed Draw Certificate by Holder to Golisano Holdings as a condition to its funding similar payments under the Unsecured
Delayed Draw Promissory of even date herewith executed by Maker in favor of Golisano Holdings in the principal amount of up to
$4,769,996 (the “Third Golisano Holdings Note”). Accordingly, Maker and
Holder agree that Golisano Holdings is an express third party beneficiary of this Section 1.01 and each Fully Executed Monthly
Delayed Draw Certificate and neither the terms of this Section 1.01 (or the term of the Repayment Agreement amended hereby)
nor the terms of any Fully Executed Monthly Delayed Draw Certificate may be amended, modified or supplement in any way without
Golisano Holdings' prior written consent.

 

    	 	4	 

     

    

 

		1.02	Payment of Principal and Accrued Interest.

 

a.             Interest
shall accrue on the outstanding principal amount of this Note at eight and one-half percent (8.5%) per annum (the “Interest
Rate”). Interest shall be computed hereunder based on a 360-day year. Interest shall be payable monthly on the 5th day
of each month, with the first interest payment due August 5th, 2016.

 

b.             The
principal amount of this Note together with all accrued and unpaid interest thereon shall be all due and payable on the Maturity
Date.

 

		1.03	Prepayment.

 

a.             The
principal amount of this Note may be prepaid, in whole or in part, at any time and from time to time, together with accrued and
unpaid interest to the date of such prepayment on the amount so prepaid, without premium or penalty. Any partial prepayment of
principal made after the Maturity Date shall be applied as follows: first, to the payment of accrued interest; and second, to the
payment of principal.

 

b.             Upon
any partial prepayment, at the request of either Maker or Holder, Exhibit A shall be updated by Holder to reflect such payment.
In the event that this Note is prepaid in its entirety, this Note shall be surrendered to Maker for cancellation as a condition
to any such prepayment

 

c.             No
amounts paid or prepaid with respect to any Monthly Delayed Draw Loan may be reborrowed.

 

1.04        Payments
Only on Business Days. Payments hereunder shall be made only on a Business Day. Any payment hereunder which, but for this
Section 1.04, would be payable on a day which is not a Business Day, shall instead be due and payable on the next succeeding
Business Day.

 

1.05        Conversion
of Note to Equity. If and upon terms and conditions approved by the Disinterested Members (as defined below) of Maker’s
Board of Directors and execution of definitive documents mutually agreed upon by the parties, Holder shall have the right the convert
the then outstanding principal and accrued interest due to Holder under this Note into the common stock, par value $0.001 per share,
of Twinlab Consolidated Holdings, Inc.; provided, however, that upon such a conversion the “Warrant” (as defined below)
shall be cancelled. For purposes of this provision, and solely with respect to the approval of the terms and conditions of conversion
pursuant to this Section 1.05, the “Disinterested Members” of Maker’s Board of Directors shall mean those
Directors other than B. Thomas Golisano, David Still, any Director appointed by Golisano Holdings pursuant to that certain Voting
Agreement in favor of Golisano Holdings, dated October 5, 2015, David Van Andel, Mark Bugge, and any Director appointed by Great
Harbor pursuant to that certain Voting Agreement in favor of Great Harbor, dated October 2, 2015.

 

    	 	5	 

     

    

 

ARTICLE
II

DEFAULTS

 

2.01        Events
of Default. Each of the following shall constitute an “Event of Default” under this Note:

 

a.             failure
by Maker to make any interest payment required under this Note when the same shall become due and payable (whether at maturity,
by acceleration or otherwise) and the continuation of such failure for a period of fifteen (15) Business Days following notice
thereof; or

 

b.             failure
by Maker to make any payments of principal required under this Note when the same shall become due and payable (whether at maturity,
by acceleration or otherwise) and the continuation of such failure for a period of fifteen (15) Business Days following notice
thereof; or

 

c.             the
occurrence of (x)(i) a default or an event of default with respect to any indebtedness of Maker for borrowed money that accrues
interest, including, but not limited to Midcap Funding X Trust, Penta Mezzanine SBIC Fund I, L.P., JL-Mezz Utah, LLC, JL Properties,
Inc., JL-US, the Holder, Golisano Holdings, Great Harbor and (ii) such indebtedness is accelerated by the creditor or (y)
for the non-payment of indebtedness of Maker for borrowed money at its scheduled final maturity (including any extension or refinancings
thereof); or

 

d.             Maker,
pursuant to or within the meaning of any Bankruptcy Law (i) commences a voluntary case or proceeding; (ii) consents to the entry
of an order for relief against it in an involuntary case or proceeding; (iii) consents to the appointment of a custodian of it
or for all or any substantial portion of its property or assets; or (iv) makes a general assignment for the benefit of its creditors;
or

 

e.             an
involuntary case or proceeding is commenced against Maker under any Bankruptcy Law and is not dismissed, bonded or discharged within
sixty (60) days thereafter, or a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that (i) is
for relief against Maker in an involuntary case or proceeding; (ii) appoints a custodian of Maker or for all or substantially all
of its properties; or (iii) orders the liquidation of Maker; and in each case the order or decree remains unstayed and in effect
for sixty (60) days.

 

If an Event of Default
occurs, the Interest Rate shall equal fifteen percent (15%) per annum from and after the date of such Event of Default until the
date upon which this Note is repaid in full. If an Event of Default occurs, Holder may, at its option, declare, by notice in writing
to Maker (the “Acceleration Notice”), the entire principal amount of this Note (and any accrued and unpaid interest
thereon) to be immediately due and payable and upon any such declaration such principal and interest shall become and be forthwith
due and payable without any further notice, presentment, protest, or demand of any kind, all of which are hereby expressly waived
by Maker. If an Event of Default specified in Sections 2.01(d) or 2.01(e) hereof occurs, the principal amount of
this Note (and any accrued and unpaid interest thereon) shall become due and payable immediately without any declaration or other
act on the part of Holder. If any Event of Default shall have occurred, Holder may proceed to protect and enforce its rights either
by suit in equity or by action at law, or both, whether for specific performance of any provision of this Note or in aid of the
exercise of any power granted to Holder under this Note.

 

    	 	6	 

     

    

 

Concurrently herewith
Maker has issued into escrow a Warrant to purchase shares of Maker’s common stock (the “Warrant”) in the
name of Holder which will only be released from escrow and deemed issued at that time and otherwise become exercisable if Maker
fails to pay Holder the entire unamortized principal amount of this Note and any accrued and unpaid interest thereon as of the
Maturity Date or such earlier date as is required pursuant to an Acceleration Notice issued by Holder in accordance with the terms
hereof. The issuance of the Warrant is intended to compensate Holder in the event that Maker fails to make payment in full of this
Note as and when due. Maker and Holder have mutually agreed that, considering all of the circumstances existing on the date hereof,
the right of Holder to exercise the Warrant, and the attendant consequences of doing so, represent fair and reasonable compensation
for a portion of the damages that Holder would suffer as a result of the existence of the conditions giving rise to such right.
The granting of such right is not intended as a forfeiture or penalty but, rather, is intended to constitute partial liquidated
damages to Holder. The issuance of the Warrant is not, nor shall it be deemed to be, made in lieu of or to otherwise reduce or
limit in any way Maker’s payment obligations under this Note or be deemed or construed as a limitation on any other rights
or remedies that Holder may have hereunder, at law or in equity, or otherwise.

 

ARTICLE
III

MISCELLANEOUS

 

3.01        No
Waiver: Amendment. Maker hereby waives presentment, demand for payment, notice of dishonor, notice of protest and all other
notices or demands in connection with the delivery, acceptance, performance or default of this Note. No delay by Holder in exercising
any power or right hereunder shall operate as a waiver of any power or right, nor shall any single or partial exercise of any power
or right preclude other or further exercise thereof, or the exercise of any other power or right hereunder or otherwise; and no
waiver whatsoever or modification of the terms hereof, including but not limited to an extension of the time for the payment of
this Note or any installment due hereunder, shall be valid unless set forth in writing by Holder. This Note may not be changed
orally, but only by an agreement in writing signed by the party against whom enforcement of any waiver, change, modification or
discharge is sought. No modifications or amendments made by agreement with any person now or hereafter liable for the payment of
this Note shall operate to release, discharge, modify, change or affect the liability of Maker under this Note, either in whole
or in part unless Holder agrees otherwise in writing.

 

3.02        Limit
of Validity. The provisions of this Note are hereby expressly limited so that in no contingency or event whatsoever, whether
by reason of demand or acceleration of the maturity of this Note or otherwise, shall the amount paid, or agreed to be paid to Holder
for the use, forbearance or retention of money under this Note (“Interest”) exceed the maximum amount permissible
under applicable law. If, from any circumstance whatsoever, performance or fulfillment of any provision hereof or of any agreement
between Maker and Holder shall, at the time performance or fulfillment of such provision shall be due, exceed the limit for Interest
prescribed by law or otherwise transcend the limit of validity prescribed by applicable law, then ipso facto the obligation to
be performed or fulfilled shall be reduced to such limit and if, from any circumstance whatsoever, Holder shall ever receive anything
of value deemed Interest by applicable law in excess of the maximum lawful amount, an amount equal to any excessive Interest shall
be applied to the reduction of the principal amount owing under this Note (whether or not then due) or at the option of Holder
be paid over to Maker, and not to the payment of Interest. All Interest (including any amounts or payments deemed to be Interest)
paid or agreed to be paid to Holder shall, to the extent permitted by applicable law, be amortized, prorated, allocated and spread
throughout the full period until payment in full of the principal amount of this Note so that the Interest thereof for such full
period will not exceed the maximum amount permitted by applicable law.

 

    	 	7	 

     

    

 

3.03        Arm's
Length Agreement. This Agreement has been negotiated and prepared at the mutual request, direction and construction of
Holder and Maker, at arm's length, with the advice and participation of counsel, and will be interpreted in accordance with its
terms without favor to any party.

 

3.04        Governing
Law. This Note shall be interpreted, construed and enforced according to the substantive laws of the State of New York,
without giving effect to principles of conflicts of law.

 

3.05        Judicial
Proceedings. All judicial proceedings brought against Maker arising out of or relating to this Note may be brought in the
Federal courts of the United States of America or the courts of the State of New York, in each case, located in Monroe County,
New York, and by execution and delivery of this Note, Maker accepts for itself and in connection with its properties, generally
and unconditionally, the nonexclusive jurisdiction of the aforesaid courts and waives any defense of forum non conveniens and irrevocably
agrees to be bound by any judgment rendered thereby in connection with this Note. Maker hereby agrees that service of all process
in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to Maker at its
address set forth in Section 3.06, such service being hereby acknowledged by Maker to be sufficient for personal jurisdiction
in any action against Maker in any such court and to be otherwise effective and binding service in every respect. Nothing herein
shall affect the right to serve process in any other manner permitted by law or shall limit the right of Holder to bring proceedings
against Maker in the courts of any other jurisdiction.

 

3.06        Notices.
Any notices or other communications required or permitted hereunder shall be in writing, and shall be sufficiently given if made
by hand delivery, electronic mail or registered or certified mail, postage prepaid, return receipt requested:

 

a.             If
to Maker, to:

 

Twinlab Consolidated Holdings, Inc.

2255 Glades Road, Suite 342W Boca Raton, FL 33431Attention:
Richard H. Neuwirth, Chief Legal Officer

Facsimile: ((561) 443-2821

e-mail: RNeuwirth@twinlab.com

 

    	 	8	 

     

    

 

b.             If
to Holder, to:

 

Little Harbor, LLC

3133 Orchard Vista Drive SE

Grand Rapids, MI 49546

Attention: Mark J. Bugge, Secretary

Facsimile: (616) 808-2721

e-mail: Mark.Bugge@vaegr.com

 

3.07        Assignment
and Transfer; Covenant. Neither this Note nor any interest herein shall be assigned, transferred, pledged or otherwise
disposed of, through liquidation or otherwise (any of the foregoing, a “Transfer”), in whole or in part, by
Maker without the express prior written consent of Holder. Any attempted assignment of this Note by Maker in violation of this
restriction shall be void.

 

3.08        Replacement
of Notes. Upon receipt by Maker of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Note,
and (in case of loss, theft or destruction) of an indemnity reasonably satisfactory to it, and upon surrender and cancellation
of this Note, if mutilated, Maker will deliver a new Note, or like tenor in lieu of this Note, payable to Holder, in the same principal
amount as the unpaid principal amount of this Note and bearing interest at the same Interest Rate as this Note. Any Note delivered
in accordance with the provisions of this Section 3.08 shall be dated as of the date of this Note.

 

3.09        Successors
and Assigns. The respective rights and obligations of Maker and Holder shall be binding upon and inure to the benefit of
their respective successors and permitted assigns.

 

3.10        Collection
Costs. If any amount due under this Note is not paid at the earlier of (i) the due date hereunder or (ii) at acceleration
of maturity as herein provided and is placed in the hands of an attorney for collection, or if it is collected through bankruptcy,
probate or other court after maturity or the acceleration thereof, Maker shall pay all reasonable attorneys’ fees and collection
costs of Holder incurred with respect to the collection of amounts due under this Note promptly on the demand of Holder.

 

    	 	9	 

     

    

 

3.11        Pari
Passu Notes. Maker and Holder acknowledge and agree the payment of all or any portion of the outstanding principal amount
of this Note and all interest hereon shall be pari passu in right of payment and in all other respects to all principal,
interest or other payments due under that (a) the Third Golisano Holdings Note, that certain Unsecured Promissory Note, dated as
of January 28, 2016, as amended by Amendment No. 1 dated as of March 31, 2016 and Amendment No. 2 dated as of April 5, 2016 (the
"First Golisano Holdings Note") in the original principal amount of $2,500,000 issued by Maker to Golisano
Holdings and that certain Unsecured Promissory Note, dated as of March 21, 2016, as amended by Amendment No. 1 dated as of April
5, 2016 (the "Second Golisano Holdings Note" and together with the Third Golisano Holdings Note and the
First Golisano Holdings Note, the "Golisano Holdings Notes"), in the original principal amount of $7,000,000 issued
by Maker to Holder (b) that certain Unsecured Promissory Note, dated as of January 28, 2016 as amended by Amendment No. 1 dated
as of March 31, 2016 and Amendment No. 2 dated as of April 5, 2016 (the "First Great Harbor Note"), in
the original principal amount of $2,500,000 issued by Maker to Great Harbor and, that certain Unsecured Promissory Note, dated
as of March 21, 2016, as amended by Amendment No. 1 dated as of April 5, 2016 in the original principal amount of $7,000,000 issued
by Maker to Great Harbor (the "Second Great Harbor Note" and together with the First Great Harbor Note, the “Great
Harbor Notes”) and (c) that certain promissory note, dated as of April 5, 2016, in the original principal amount of $500,000
issued by Maker to JL-US (the “JL-US Note”). Maker and Holder acknowledge and agree that all payments of principal
and interest on this Note and all of the Golisano Notes, the Great Harbor Notes, and the JL-US Note (collectively, the "Investor
Notes") shall all be made pro rata with respect to each such Investor Note based on the unpaid principal balance under
all Investor Notes. If Holder receives any payment or other amount with respect to this Note in excess of that which it is entitled
to under this Section 3.11, it shall, and shall be deemed to, hold such excess amount in trust for the benefit of Golisano
Holdings, Great Harbor, and JL-US to the extent each is entitled thereto and shall pay such excess amount over to Golisano Holdings,
Great Harbor and/or JL-US , as applicable, as promptly as practicable. Maker and Holder hereby agree that Golisano Holdings, Great
Harbor and JL-US are each an express third party beneficiary of this Section 3.11 and it shall not be amended or modified
without the express written consent of Golisano Holdings, Great Harbor and JL-US.

 

3.12        Definitions.
The following terms have the following meanings:

 

“Acceleration
Notice” shall have the meaning set forth in Section 2.01.

 

“Authorized
Officers” means the Chief Executive Officer or Chief Financial Officer of Maker.

 

“Bankruptcy
Law” means Title 11, United States Code, or any similar federal, state or foreign law for the relief of debtors or any
arrangement, reorganization, assignment for the benefit of creditors or any other marshalling of the assets and liabilities of
Maker.

 

“Business Day”
means each day other than Saturdays, Sundays and days when commercial banks are authorized or required by law to be closed for
business in New York, New York.

 

“Delayed Draw
Availability” means, as of any time, $4,769,996 less the original principal amount of all Monthly Delayed Draw Loans
previously made by the Holder to the Maker. For avoidance of doubt, the Delayed Draw Availability shall not increase upon the repayment
of any Monthly Delayed Draw Loans.

 

“Disinterested
Members” shall have the meaning set forth in Section 1.05.

 

“Events of Default”
shall have the meaning set forth in Section 2.01.

 

“First Golisano
Holdings Note” shall have the meaning set forth in Section 3.11.

 

“First Great
Harbor Note” shall have the meaning set forth in Section 3.11.

 

“First Holder
Note” shall have the meaning set forth in Section 3.11.

 

“First Little
Harbor Note” shall have the meaning set forth in Section 3.11.

 

    	 	10	 

     

    

 

“Fully Executed
Monthly Delayed Draw Loan Certificate" shall have the meaning set forth in Section 1.01(c)(iv).

 

“Golisano Holdings”
means Golisano Holdings LLC, a New York limited liability company.

 

“Golisano Holdings
Notes” shall have the meaning set forth in Section 3.11.

 

“Great Harbor”
means Great Harbor Capital, LLC, a Delaware limited liability company.

 

“Great Harbor
Notes” shall have the meaning set forth in Section 3.11.

 

“Holder”
shall have the meaning set forth in the Preamble.

 

“Interest”
shall have the meaning set forth in Section 3.02.

 

“Investor Notes”
shall have the meaning set forth in Section 3.11.

 

“Interest Rate”
shall have the meaning set forth in Section 1.02(a).

 

“JL-Mezz Subordination”
shall have the meaning set forth in the Preamble.

 

“JL Properties
Subordination” shall have the meaning set forth in the Preamble.

 

“JL-US”
mean JL-Utah Sub, LLC, an Alaska limited liability company.

 

“JL-US Note”
shall have the meaning set forth in the 3.11.

 

“Maker”
shall have the meaning set forth in the Preamble.

 

“Material Adverse
Change” means a change, event, circumstance, effect or state of facts that has had or is reasonably likely to have, individually
or in the aggregate, a material adverse effect on the results of operations, prospects, business, assets, liabilities or condition
(financial or otherwise) of the Maker and its subsidiaries.

 

“Maturity Date”
shall have the meaning set forth in the Preamble.

 

“MidCap Subordination”
shall have the meaning set forth in the Preamble.

 

“Monthly Delayed
Draw Certificate” means the certificate in the form of Exhibit B attached hereto

 

“Monthly Delayed
Draw Date” means the first Business Day of each calendar month, commencing with July 1, 2016 and continuing on the first
day of each calendar month thereafter until December 1, 2016, provided, if any such date is not a Business Day, it will be the
next Business Day.

 

    	 	11	 

     

    

 

“Monthly Delayed
Draw Loan” is defined in Section 1.01(a).

 

“Obligations”
means all principal, interest, premium, penalties, fees, indemnities, damages and other liabilities and obligations payable under
the documentation governing, or with respect to, indebtedness for borrowed money (including all interest after the commencement
of any bankruptcy, insolvency, receivership or similar proceeding at the rate provided in the governing documentation, whether
or not such interest is an allowed claim in such proceeding).

 

“Penta Subordination”
shall have the meaning set forth in the Preamble.

 

“Second Golisano
Note” has the meaning set forth in Section 3.11.

 

“Second Great
Harbor Note” has the meaning set forth in Section 3.11.

 

“Second Little
Harbor Note” shall have the meaning set forth in Section 3.11.

 

“Transfer”
has the meaning set forth in Section 3.07.

 

“Utah Lab Subordination”
shall have the meaning set forth in the Preamble.

 

“Warrant”
has the meaning set forth in Section 2.01 and shall be in the form attached as Exhibit C to the Note.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, Maker has executed this
Note as of the date first above written.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Naomi L. Whittel
	 	 	Name:  Naomi L. Whittel
	 	 	 
	 	 	Title:    Chief Executive Officer

 

	ACKNOWLEDGED & AGREED	 
	 	 
	LITTLE HARBOR, LLC	 
	 	 
	/s/ Mark J. Bugge 	 
	By:  Mark J. Bugge	 
	Title:  Secretary	 

 

[Unsecured Delayed Draw Promissory Note]

 

    	 	 	 

     

    

 

EXHIBIT A

SCHEDULE OF MONTHLY DELAYED DRAW LOANS

 

	Date Loan

Made or

Paid	 	Amount of

Loan	 	Amount of

Principal

Prepaid	 	Unpaid

Principal

Balance of

Note	 	Name of

Person

Making

Notation	 	Date of

Notation
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

[Unsecured Delayed Draw Promissory Note]

 

    	 	 	 

     

    

 

EXHIBIT B

MONTHLY DELAYED DRAW CERTIFICATE

 

The undersigned named
officers, on behalf of TWINLAB CONSOLIDATED HOLDINGS, INC. (the “Maker”), give this certificate to Little Harbor,
LLC (the "Holder"), in accordance with the requirements of Sections 1.01(c)(i) of that certain Unsecured Delayed
Draw Promissory Note dated as of July 21, 2016, executed by Maker in favor of Holder (the “Note”). Capitalized
terms used herein and not otherwise defined have the meaning given thereto in the Note.

 

The undersigned hereby certifies to the
Holder as follows:

 

1.          No
Material Adverse Change shall have occurred since [insert date of last Monthly Delayed Draw Loan made by Holder to Maker].

 

2.          No
Event of Default shall have then occurred and be continuing, or would result from the Delayed Draw Loan to be advanced on the Delayed
Draw Date.

 

3.          The
Monthly Delayed Draw Loan proceeds shall be applied against the Repayment Agreement (as defined in the Note) as set forth in Section
1.01(b) of the Note.

 

	 	By:	 
	 	Name: 	                                            
	 	Title:	 

 

ACCEPTANCE BY LITTLE
HARBOR

 

The undersigned authorized
officer of Holder hereby certifies and affirms that (i) based upon Maker’s submission of the above Monthly Delayed Draw Certificate,
Holder agrees to allow Maker to draw, pursuant to and on the terms of the Note, the Monthly Delayed Draw Loan Principal Amount
of $___________ for the Monthly Delay Draw Date of _____________, and (ii) Holder hereby irrevocably agrees to accept the foregoing
Monthly Delayed Draw Loan Principal Amount drawn by Maker and Maker’s obligations with respect thereto under the Note in
lieu and in complete satisfaction of the obligation of THI to make an equivalent dollar amount of periodic cash payments otherwise
due Holder under the Repayment Agreement in accordance with Section 1.01(b) of the Note.

 

	 	By:	 
	 	Name: 	Mark J. Bugge
	 	Title:	Secretary

 

[Unsecured Delayed Draw Promissory Note]Exhibit 10.138

 

THIS WARRANT AND THE EQUITY INTERESTS
THAT MAY BE PURCHASED HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES
LAWS OF ANY STATE, AND MAY NOT BE SOLD OR TRANSFERRED, OR OFFERED FOR SALE OR TRANSFER, EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
THEREUNDER OR PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF.

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

 

	No. 2016 - 17	July 21, 2016

 

Warrant

 

This Warrant (the "Warrant")
certifies that, for value received, Little Harbor, LLC, and its permitted transferees, successors and assigns (the "Holder"),
is entitled to purchase from TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation (the "Company"), Two Million
One Hundred Sixty-Eight Thousand One Hundred Seventy-Eight (2,168,178) shares of common stock of the Company (subject to any adjustments
pursuant to Section 3.3) issuable upon the full exercise of this Warrant at the purchase price of $0.01 per share (the "Exercise
Price"), at any time prior to 5:00 P.M. Eastern Time on July 21, 2022 (the "Expiration Date").

 

ARTICLE I

 

DEFINITIONS

 

SECTION 1.1 Definitions.
As used in this Warrant, the following terms shall have the following meanings:

 

"Applicable Law"
means all provisions of laws, statutes, ordinances, rules, regulations, permits, certificates or orders of any Governmental Authority
applicable to the Person in question or any of its assets or property, and all judgments, injunctions, orders and decrees of all
courts and arbitrators in proceedings or actions in which the Person in question is a party or by which any of its assets or properties
are bound.

 

"Assignment Form"
shall mean the assignment form attached as Annex 2 hereto.

 

"Affiliate"
or "Affiliated" means, as applied to (i) any Person, directly or indirectly, in which such Person holds, beneficially
or of record, ten percent (10%) or more of the equity of voting securities; (ii) any Person that holds, of record or beneficially,
ten percent (10%) or more of the equity or voting securities of such Person; (iii) any director, officer, partner or individual
holding a similar position in respect of such Person; (iv) as to any natural Person, any Person related by blood, marriage or adoption
and any Person owned by such Persons, including any spouse, parent, grandparent, aunt, uncle, child, grandchild, sibling, cousin
or in-law of such Person; or (v) any other Person directly or indirectly controlling, controlled by, or under common control with,
that Person. For the purposes of this definition, "control" (including, with correlative meanings, the terms "controlling",
"controlled by" and "under common control with"), as applied to any Person, means the possession, directly
or indirectly, of the power to direct or cause the direction of the management and policies of that Person, whether through the
ownership of voting securities or by contract or otherwise.

 

    	 	 	 

     

    

 

"Business Day"
means any day excluding Saturday, Sunday and any day which is a legal holiday under the laws of the State of New York or is a day
on which banking institutions located in such state are authorized or required by law or other governmental action to close.

 

"Company"
shall have the meaning set forth in the Preamble.

 

"Current Holder’s
Equity Interest" means Two Million One Hundred Sixty-Eight Thousand One Hundred Seventy-Eight (2,168,178) shares of common
stock of the Company issuable upon the full exercise of this Warrant, minus any Equity Interest previously issued pursuant to the
exercise of this Warrant; the exact amount of Current Holder’s Equity Interest at any time to be calculated as the cumulative
total Monthly Delayed Draw Loan Principal Amounts drawn under the Note (as defined below) multiplied by .454545, rounded up to
the nearest whole number.

 

"Delivery Date"
shall have the meaning given to such term in Section 3.2.

 

"Equity Interest"
shall mean the interest of (i) a shareholder in a corporation, (ii) a partner (whether general or limited) in a partnership (whether
general, limited or limited liability), (iii) a member in a limited liability company, or (iv) any other Person having any other
form of equity security or ownership interest in any Person.

 

"Exchange Act"
shall mean the Securities Exchange Act of 1934, as amended from time to time, and any successor statute.

 

"Exchange Form"
shall mean the exchange form attached as Annex 3 hereto.

 

"Executive Officer"
shall mean, with respect to the Company, its Chief Executive Officer, President, Chief Financial Officer or Chief Operating Officer.

 

"Exercise Form"
shall mean the exercise form attached as Annex 1 hereto.

 

"Exercise Price"
shall have the meaning set forth in the Preamble.

 

"Expiration Date"
shall have the meaning set forth in the Preamble.

 

"GAAP"
shall mean generally accepted accounting principles in the United States as of the relevant date in question, consistently applied.

 

"Governmental
Authority" means any arbitrator or any governmental authority, agency, department, commission, bureau, board, instrumentality,
court or quasi-governmental authority having jurisdiction or supervisory or regulatory authority over the Company.

 

"Holder"
shall have the meaning set forth in the Preamble.

 

    	 	2	 

     

    

 

"Holder's Equity
Interest" shall have the meaning given to such term in Section 3.3.

 

"Note"
shall mean an Unsecured Delayed Draw Promissory Note dated July 21, 2016 in the maximum principal amount of up to $4,769,996 executed
and delivered by the Company by the Holder.

 

"Person"
shall mean any individual, corporation, partnership, limited liability company, trust, unincorporated organization, or any other
form of entity.

 

"Rights Agreement"
shall have the meaning given to such term in Section 4.1.

 

"Securities Act"
shall mean the Securities Act of 1933, as amended from time to time, and any successor statute.

 

"Subsidiary"
shall mean a corporation or other entity any of whose Equity Interests having ordinary voting power (other than Equity Interests
having such power only by reason of the happening of a contingency) to elect a majority of the directors of such corporation, or
other Persons performing similar functions for such entity, are owned, directly or indirectly, by such Person.

 

"Taxes"
means all taxes, charges, fees, levies or other assessments, however denominated and whether imposed by a taxing authority within
or without the United States, including all net income, gross income, gross receipts, sales, use, ad valorem, goods and services,
capital, transfer, franchise, profits, license, withholding, payroll, employment, employer health, excise, estimated, severance,
stamp, occupation, property or other taxes, custom duties, fees, assessments or charges of any kind whatsoever, together with any
interest and any penalties, additions to tax or additional amounts imposed by any taxing authority whether arising before, on or
after the date hereof.

 

"Warrant"
or "Warrants" shall mean this Warrant.

 

"Warrant Register"
shall have the meaning given to such term in Section 2.1.

 

SECTION 1.2 Interpretation.
Unless the context of this Warrant clearly requires otherwise, the masculine, feminine or neuter gender and the singular or plural
number shall be deemed to include the others whenever the context so requires. Accounting terms used but not otherwise defined
herein have the meanings given to them under GAAP. The terms "include," "includes" and "including"
shall be deemed to be followed by the phrase "without limitation." The words "hereof," "herein,"
"hereunder," and similar terms in this Warrant refer to this Warrant as a whole and not to any particular provision of
this Warrant. References to "Articles", "Sections," "Subsections," "Exhibits," "Preamble,"
"Annexes," and "Schedules" are to articles, sections, subsections, exhibits, preamble, annexes and schedules,
respectively, of this Warrant, unless otherwise specifically provided. References to "days" and "months" refer
to calendar days and calendar months unless otherwise expressly designated (i.e., business days or particular 30-day periods).
The captions contained herein are for convenience only and shall not control or affect the meaning or construction of any provision
of this Warrant. The term "dollars" or "$" means United States Dollars.

 

    	 	3	 

     

    

 

ARTICLE II

 

FORM; EXCHANGE FOR
WARRANTS; TRANSFER; TAXES

 

SECTION 2.1 Warrant
Register. Each Warrant issued, exchanged or transferred shall be registered in a warrant register (the "Warrant Register").
The Warrant Register shall set forth the number of each Warrant, the name and address of the holder thereof, and the Current Holder’s
Equity Interest for which the Warrant is then exercisable. The Warrant Register will be maintained by the Company and will be available
for inspection by the Holder at the principal office of the Company or such other location as the Company may designate to the
Holder in the manner set forth in Section 5.1 hereof. The Company shall be entitled to treat the Holder as the owner in
fact thereof for all purposes and shall not be bound to recognize any equitable or other claim to or interest in such Warrant on
the part of any other Person.

 

SECTION 2.2 Exchange
of Warrants for Warrants.

 

(a)       The
Holder may exchange this Warrant for another Warrant or Warrants of like kind and tenor representing in the aggregate the right
to purchase the same Current Holder’s Equity Interest which could be purchased pursuant to the Warrant being so exchanged.
In order to effect an exchange permitted by this Section 2.2, the Holder shall deliver to the Company such Warrant accompanied
by an Exchange Form in the form attached hereto as Annex 3 signed by the Holder thereof specifying the number and denominations
of Warrants to be issued in such exchange and the names in which such Warrants are to be issued. Within ten (10) Business Days
of receipt of such a request, the Company shall issue, register and deliver to the Holder thereof each Warrant to be issued in
such exchange.

 

(b)       Upon
receipt of evidence reasonably satisfactory to the Company (an affidavit of the Holder, including indemnification reasonably acceptable
to the Company) of the ownership and the loss, theft, destruction or mutilation of any Warrant or, in the case of any such mutilation,
upon surrender of such Warrant, the Company shall (at its expense) execute and deliver in lieu of such Warrant a new Warrant of
like kind and tenor representing the same rights represented by and dated the date of such lost, stolen, destroyed or mutilated
Warrant. Any such new Warrant shall constitute an original contractual obligation of the Company, whether or not the allegedly
lost, stolen, mutilated or destroyed Warrant shall be at any time enforceable by any Person.

 

(c)       The
Company shall pay all Taxes (other than any applicable income or similar Taxes payable by a Holder of a Warrant) attributable to
an exchange of a Warrant pursuant to this Section 2.2; provided, however, that the Company shall not be required
to pay any Tax which may be payable in respect of any transfer involved in the issuance of any Warrant in a name other than that
of the Holder of the Warrant being exchanged.

 

    	 	4	 

     

    

 

SECTION 2.3 Transfer
of Warrant.

 

(a)       Subject
to Section 2.3(c) hereof, each Warrant and the rights thereunder may be transferred by the Holder thereof, in whole or in
part, by delivering to the Company such Warrant accompanied by a properly completed Assignment Form in the form of Annex 2.
Within ten (10) Business Days of receipt of such Assignment Form the Company shall issue, register and deliver to the new Holder,
subject to Section 2.3(c) hereof a new Warrant or Warrants of like kind and tenor representing in the aggregate the right
to purchase the same Current Holder’s Equity Interest which could be purchased pursuant to the Warrant being transferred.
In all cases of transfer by an attorney, the original power of attorney, duly approved, or a copy thereof, duly certified, shall
be deposited and remain with the Company. In case of a transfer by executors, administrators, guardians or other legal representatives,
duly authenticated evidence of their authority shall be produced and may be required to be deposited and remain with the Company
in its discretion.

 

(b)       Each
Warrant issued in accordance with this Section 2.3 shall bear the restrictive legend set forth on the face of this Warrant,
unless the Holder or transferee thereof supplies to the Company an opinion of counsel, reasonably satisfactory to the Company,
that the restrictions described in such legend are no longer applicable to such Warrant.

 

(c)       The
transfer of Warrants and any Equity Interest purchased thereunder shall be permitted, so long as such transfer is pursuant to a
transaction that complies with, or is exempt from, the provisions of the Securities Act, and the Company may require an opinion
of counsel in form and substance reasonably satisfactory to it to such effect prior to effecting any transfer of Warrants or any
Equity Interest purchased thereunder.

 

ARTICLE III

 

EXERCISE OF WARRANT;
EXCHANGE FOR EQUITY INTEREST

 

SECTION 3.1 Exercise
of Warrants. This Warrant shall not be exercisable unless and until Maker fails to pay Holder the entire unamortized principal
amount of the Note and any accrued and unpaid interest thereon as of the Maturity Date (as defined in the Note) or such earlier
date as is required pursuant to an Acceleration Notice (as defined in the Note) issued by Holder in accordance with the terms thereof.
On any Business Day after this Note first becomes exercisable, but before the Expiration Date, the Holder may exercise this Warrant,
in whole or in part, by delivering to the Company this Warrant accompanied by a properly completed Exercise Form in the form of
Annex 1 and a check in an aggregate amount equal to the applicable Exercise Price.

 

SECTION 3.2 Issuance
of Equity Interest.

 

(a)       The
Company represents and warrants that the authorized Equity Interest of the Company consists solely of (i) 5,000,000,000 shares
of common stock, par value $0.001 per share, of which only 250,806,152 common shares have been issued and remain outstanding as
of the date hereof and (ii) 500,000,000 shares of preferred stock, none of which preferred shares have been issued as of the date
hereof. The shares of common stock of the Company issued and outstanding as of the date hereof are duly authorized, validly issued,
fully paid and non-assessable. The delivery to the Holder of certificates representing the Equity Interest that the Holder purchases
pursuant to the exercise of this Warrant shall grant to the Holder good and valid title to the Equity Interest represented by such
certificate, free and clear of any and all liens, pledges, security interests, charges or encumbrances of any kind or nature or
any option, warrant or trust having the practical effect of any of the foregoing.

 

    	 	5	 

     

    

 

(b)      Immediately
upon the exercise of this Warrant in accordance with Section 3.1, the Company (the "Delivery Date") shall
issue the Equity Interest that the Holder has purchased pursuant to such exercise, deliver to the Holder the certificates representing
such Equity Interest and reflect the issuance of such Equity Interest, which Equity Interest shall be duly authorized, validly
issued, outstanding, fully paid and non-assessable, in the Company’s shareholder records (maintained by the Company or its
duly appointed transfer agent), whereupon the Holder shall be deemed for all purposes, effective as of the Delivery Date, to be
a holder of record and beneficial owner of the Equity Interest that it has purchased pursuant to such exercise.

 

(c)      If
a Holder shall exercise this Warrant for less than all of the Equity Interest which could be purchased or received hereunder, the
Company shall issue to the Holder, within five (5) Business Days of the Delivery Date, a new Warrant of like kind and tenor to
this Warrant evidencing the right to purchase the remaining Equity Interest represented by the Warrant. This Warrant shall be cancelled
upon surrender thereof pursuant to Section 3.1.

 

(d)      The
Company shall pay all Taxes (other than any applicable income or similar Taxes payable by a Holder of a Warrant) attributable to
the initial issuance of any Equity Interest upon the exercise or exchange of this Warrant or any successor Warrant; provided,
however, that the Company shall not be required to pay any Tax which may be payable in respect of any transfer involved
in the issuance of a successor to this Warrant in a name other than that of the Holder of the Warrant being exercised or exchanged.

 

(e)      Except
as set forth in any document that is un-redacted and publicly filed with the U.S. Securities and Exchange Commission, neither the
Company 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 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 3.3 Adjustment
of Holder’s Equity Interest and/or Exercise Price. The Equity Interest issuable upon exercise of this Warrant (such Equity
Interest is referred to herein as the "Holder's Equity Interest") shall be subject to adjustment from time to
time in accordance with this Section 3.3.

 

SECTION 3.3.1 Issuance
of Additional Equity Interest; Capital Reorganization or Capital Reclassifications. If, at any time after the date hereof,
the Equity Interests of the Company shall be changed into or exchanged for a different number or kind of shares of stock or other
securities of the Company or of another corporation, whether through reorganization, recapitalization, stock split-up, combination
of shares, merger or consolidation (including, without limitation, any subdivision or combination of Equity Interest), then in
each case the Company shall cause effective provision to be made so that this Warrant shall, effective as of the effective date
of such event retroactive to the record date, if any, of such event, be exercisable or exchangeable for the kind and number of
equity securities, cash or other property to which a holder of the Equity Interest deliverable upon exercise or exchange of this
Warrant would have been entitled upon such event and any such provision shall include adjustments in respect of such securities
or other property that shall be equivalent to the adjustments provided for in this Warrant with respect to such Warrant.

 

    	 	6	 

     

    

 

SECTION 3.3.2 Consolidations
and Mergers; Dissolution.

 

(a)       If,
at any time after the date hereof, the Company shall consolidate with, merge with or into, or sell all or substantially all of
its assets or property to, another Person, then the Company shall cause effective provision to be made so that each Warrant shall,
effective as of the effective date of such event retroactive to the record date, if any, of such event, be exercisable or exchangeable
for the kind and number of shares of stock, membership or other equity interests, other securities, cash or other property to which
a holder of the Equity Interest deliverable upon exercise or exchange of such Warrant would have been entitled upon such event.
The Company shall not consolidate or merge unless, prior to consummation, the successor corporation (if other than the Company)
assumes the obligations of this paragraph by written instrument executed and mailed to the Holder at the Holder’s address
set forth in Section 5.1. A sale or lease of all or substantially all the assets of the Company for a consideration (apart from
the assumption of obligations) consisting primarily of securities is a consolidation or merger for the foregoing purposes.

 

(b)       In
case a voluntary or involuntary dissolution, liquidation, or winding up of the Company (other than in connection with a consolidation
or merger covered by subsection (a) above) is at any time proposed, the Company shall give at least 30 days’ prior written
notice to the Holder. Such notice shall contain: (1) the date on which the transaction is to take place; (2) the record date (which
shall be at least 30 days after the giving of the notice) as of which the Holder will be entitled to receive distributions as a
result of the transaction; (3) a brief description of the transaction; (4) a brief description of the distributions to be made
to the Holder as a result of the transaction and (5) an estimate of the fair value of the distributions. On the date of the transaction,
if it actually occurs, this Warrant and all rights hereunder shall terminate.

 

SECTION 3.3.3 Notice;
Calculations; Etc. Whenever the Equity Interest issuable hereunder shall be adjusted as provided in this Section 3.3,
the Company shall provide to the Holder a statement, signed by an Executive Officer, describing in detail the facts requiring such
adjustment and setting forth a calculation of the Equity Interest applicable to each Warrant after giving effect to such adjustment.
All calculations under this Section 3.3 shall be made to the nearest one hundredth of a cent or to the nearest one-tenth
of a unit, as the case may be.

 

    	 	7	 

     

    

 

ARTICLE IV

 

CERTAIN OTHER RIGHTS

 

SECTION 4.1 Registration
Rights.

 

(a)      At
any time at which this Warrant or the Equity Interest underlying the same remains outstanding, upon the request of the Holder,
the Company will enter into a registration rights agreement with Holder (the "Rights Agreement"). Such Rights
Agreement shall provide that beginning October 1, 2015, if the Company is eligible for the use of a registration statement on Form
S-3, then the Holder shall have the right to request an initial registration and thereafter on a quarterly basis after such initial
registration shall have been declared effective by the U.S. Securities and Exchange Commission, registration of its Equity Interests
on Form S-3 or any similar short-form registration (each, a "Demand Registration"). The Rights Agreement will
provide that each request for a Demand Registration shall specify the approximate number of Equity Interests requested to be registered
and that the Company shall cause a registration statement on Form S-3 (or any successor form) to be filed within twenty (20) 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. The Rights Agreement will provide that 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 determines in its reasonable good faith judgment that such Demand Registration would (i) materially interfere with a significant
acquisition, corporate reorganization 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. The Rights Agreement shall contain such other terms
and conditions applicable to the Holder no less favorable to the Holder than registration rights made available to any other holder
of any Equity Interest or other equity security of the Company.

 

(b)      The
rights to cause the Company to register Equity Interests pursuant hereto may be assigned (but only with all related obligations)
by the Holder in a Qualified Assignment; provided, that, (i) the Company is, upon or within a reasonable time after such transfer,
furnished with written notice of the name and address of such transferee and the securities with respect to which such registration
rights are being assigned, (ii) such transferee or assignee agrees in writing to be bound by and subject to the terms and conditions
of this Warrant, (iii) such assignment shall be effective only if immediately following such transfer the further disposition of
such securities by transferee or assignee is restricted under the Securities Act, and (iv) such assignment shall be effective only
if immediately following such transfer such Equity Interests continue to be Equity Interests of the Company.

 

SECTION
4.2 Reservation of Underlying Shares.

 

(a)           The
Company covenants at all times to reserve and keep available out of its
authorized shares of Common Stock, free from preemptive rights, solely for the purpose of issue upon exercise of the Warrant as
herein provided, the maximum number of shares of Common Stock as shall then be issuable upon the exercise of this Warrant. 

 

(b)           The
Company covenants that all shares of Common Stock issued upon exercise of the Warrant which shall be so issuable shall, when issued,
be duly and validly issued and fully paid and non-assessable, free from all taxes, liens and charges with respect to the purchase
and the issuance of the shares, and shall not have any legend or restrictions on resale, except as required by the Rights Agreement
or hereby.

 

    	 	8	 

     

    

 

ARTICLE V

 

MISCELLANEOUS

 

SECTION 5.1 Notices.
Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall
be in writing and shall be made by electronic mail, personal service, facsimile or reputable courier service:

 

		(a)	If to the Company, to:

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

2255 Glades Road, Suite 342W

Boca Raton, FL 33431

Attention: Richard H. Neuwirth, Chief Legal Officer

Facsimile: (561) 441-2821

e-mail: RNeuwirth@twinlab.com

 

with a copy to:

 

WILK AUSLANDER LLP

1515 Broadway

New York, New York 10036

Attention: Joel I. Frank, Esq.

Facsimile: (212) 762-6380

e-mail: jfrank@wilkauslander.com

 

		(b)	If to the Holder, to:

 

Little Harbor, LLC

3133 Orchard Vista Drive SE

Grand Rapids, MI 49546

Attention: Mark J. Bugge, Secretary

Facsimile: (616) 808-2721

e-mail: Mark.Bugge@vaegr.com

 

Unless otherwise specifically provided herein,
any notice or other communication shall be deemed to have been given when delivered in person or by courier service, upon receipt
of electronic mail or upon receipt of facsimile.

 

SECTION 5.2 No Voting
Rights: Limitations of Liability. This Warrant shall not entitle the holder thereof to any voting rights or, except as otherwise
provided or referenced herein, other rights of an equity owner of the Company. No provision hereof, in the absence of affirmative
action by the Holder to purchase its Equity Interest, and no enumeration herein of the rights or privileges of the Holder shall
give rise to any liability of the Holder for the Exercise Price of the Equity Interest acquirable by exercise hereunder or as a
stockholder of the Company.

 

    	 	9	 

     

    

 

SECTION 5.3 Amendments
and Waivers. Any provision of this Warrant may be amended or waived, but only pursuant to a written agreement signed by the
Company and the Holder.

 

SECTION 5.4 Severability.
If any provision of this Warrant shall be held to be invalid or unenforceable, such invalidity or unenforceability shall attach
only to such provision and shall not in any way affect or render invalid or unenforceable any other provision of this Agreement,
and such provision shall be deemed to be restated to reflect the parties' original intentions as nearly as possible in accordance
with Applicable Law(s).

 

SECTION 5.5 Specific
Performance. The Holder shall have the right to specific performance by the Company of the provisions of this Warrant, in addition
to any other remedies it may have at law or in equity. The Company hereby irrevocably waives, to the extent that it may do so under
Applicable Law, any defense based on the adequacy of a remedy at law which may be asserted as a bar to the remedy of specific performance
in any action brought against the Company for specific performance of this Warrant by the Holder.

 

SECTION 5.6 Binding
Effect. This Warrant shall be binding upon and inure to the benefit of the Company, the Holder and their respective successors
and assigns.

 

SECTION 5.7 Counterparts.
This Warrant may be executed in several counterparts, and/or by the execution of counterpart signature pages that may be attached
to one or more counterparts of this Warrant, and all so executed shall constitute one agreement binding on all of the parties hereto,
notwithstanding that all of the parties hereto are not signatory to the original or the same counterpart. In addition, any counterpart
signature page may be executed by any party wherever such party is located, and may be delivered by telephone facsimile or by electronic
mail in PDF format, and any such transmitted signature pages may be attached to one or more counterparts of this Warrant, and such
faxed or sent by electronic mail signature(s) shall have the same force and effect, and be as binding, as if original signatures
had been executed and delivered in person.

 

SECTION 5.8 Entire
Agreement. This Warrant and the Note, together with the other documents and instruments entered into by the parties thereto
in connection therewith, constitute the entire understanding among the parties hereto with respect to the subject matter hereof
and supersedes any prior agreements, written or oral, with respectto the subject matter hereof.

 

    	 	10	 

     

    

 

SECTION 5.9 Governing
law. THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT
OF LAWS RULES AND PRINCIPLES. THE PARTIES HEREBY EXPRESSLY AND IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE STATE AND FEDERAL
COURTS LOCATED IN NEW YORK COUNTY, NEW YORK FOR THE PURPOSE OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION
WITH, THIS WARRANT, AND IRREVOCABLY AGREE TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH LITIGATION. THE
PARTIES HEREBY EXPRESSLY AND IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH THEY MAY HAVE OR HEREAFTER
MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH
LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. TO THE EXTENT THAT ANY PARTY HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM
JURISDICTION OF ANY COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT
IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE PARTY HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN
RESPECT OF ITS OBLIGATIONS UNDER THIS WARRANT.

 

SECTION 5.10 Expenses.
The Company will promptly (and in any event within thirty (30) days of receiving any statement or invoice therefor) pay all reasonable
fees, expenses and costs relating hereto, including, but not limited to, (i) the cost of reproducing this Warrant, (ii) the fees
and disbursements of counsel to the Holder in preparing this Warrant, (iii) all transfer, stamp, documentary or other similar
Taxes, assessments or charges levied by any governmental or revenue authority in respect hereof or any other document referred
to herein, (iv) fees and expenses (including, without limitation, reasonable attorneys' fees) incurred in respect of the enforcement
by the Holder of the rights granted to the Holder under this Warrant, and (v) the expenses relating to the consideration, negotiation,
preparation or execution of any amendments, waivers or consents requested by the Company pursuant to the provisions hereof, whether
or not any such amendments, waivers or consents are executed.

 

SECTION 5.11 Attorneys'
Fees. In any action or proceeding brought by a party to enforce any provision of this Warrant, the prevailing party shall be
entitled to recover the reasonable costs and expenses incurred by it or him in connection therewith (including reasonable attorneys’
and paralegals’ fees and costs incurred before and at any trial or arbitration and at all appellate levels), as well as all
other relief granted or awarded in such action or other proceeding.

 

SECTION 5.12 Filings.
The Company shall, at its own expense, promptly execute and deliver, or cause to be executed and delivered, to the Holder all applications,
certificates, instruments and all other documents and papers that the Holder may reasonably request in connection with the obtaining
of any consent, approval, qualification, or authorization of any Federal, provincial, state or local government (or any agency
or commission thereof) necessary or appropriate in connection with, or for the effective exercise of, the Warrant (and/or any successor
Warrant(s) hereto).

 

SECTION 5.13 Other
Transactions. Nothing contained herein shall preclude the Holder from engaging in any transaction, in addition to those contemplated
by this Warrant with the Company or any of its Affiliates in which the Company or such Affiliate is not restricted hereby from
engaging with any other Person.

 

    	 	11	 

     

    

 

SECTION 5.14 Waiver
of Jury Trial. THE HOLDER AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS WARRANT, OR
ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE HOLDER OR THE COMPANY. THE COMPANY
ACKNOWLEDGES AND AGREES THAT IT HAS RECEIVED FULL AND SUFFICIENT CONSIDERATION FOR THIS PROVISION AND THAT THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE HOLDER ENTERING INTO THIS WARRANT.

 

SECTION 5.15 Headings.
Section titles and captions contained in this Warrant are inserted only as a matter of convenience and for reference. The titles
and captions in no way define, limit, extend or describe the scope of this Warrant or the intent of any provision hereof.

 

SECTION 5.16 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.

 

[Remainder of page intentionally left blank;
signatures on following page]

 

    	 	12	 

     

    

 

IN WITNESS WHEREOF, the
undersigned has caused this Warrant to be duly executed and delivered by an authorized officer, all as of the date and year first
above written.

 

	 	TWINLAB CONSOLIDATED HOLDINGS, INC.,

a Nevada corporation
	 	 	 
	 	By:	/s/ Naomi Whittel
	 	Name: Naomi Whittel
	 	Title:   Chief Executive Officer

 

Signature Page To Warrant 2016 - 17

 

    	 	13	 

     

    

 

	ACKNOWLEDGED AND AGREED:	 
	 	 
	Little Harbor, LLC	 
	 	 	 
	By:	/s/ Mark J. Bugge	
	Name: Mark J. Bugge	 
	Title: Secretary	 

 

Signature Page To Warrant 2016 –
17

 

    	 	14	 

     

    

 

ANNEX 1

 

ELECTION TO EXERCISE FORM

 

(To Be Executed By the Holder of This Warrant

 

In Order to Exercise This Warrant)

 

The undersigned hereby
irrevocably elects to exercise the right covered by this Warrant to purchase ____________________ of the Equity Interest of TWINLAB
CONSOLIDATED HOLDINGS, INC., a Nevada corporation, according to the conditions hereof
and herewith makes payment in full of the Exercise Price with respect to such Equity Interest.

 

	 	 	 
	 	Signature	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address	 

 

Dated: ________________

 

    	 	 	 

     

    

 

ANNEX 2

 

ASSIGNMENT FORM

 

(To Be Executed By the Holder of This Warrant

 

In Order to Assign This Warrant)

 

FOR VALUE RECEIVED,
the undersigned hereby sells, assigns and transfers unto _____________________________ this Warrant and all rights evidenced thereby
and does irrevocably constitute and appoint ___________________, attorney, to transfer the said Warrant on the books of TWINLAB
CONSOLIDATED HOLDINGS, INC., a Nevada corporation.

 

	 	 	 
	 	Signature	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	Address	 

 

Dated: __________________

 

    	 	 	 

     

    

 

ANNEX 3

 

EXCHANGE FORM

 

(To Be Executed By the Holder of This Warrant

 

In Order to Exchange and Assign This Warrant)

 

The undersigned hereby
irrevocably elects to exchange this Warrant to purchase ________________, of the Equity Interest of
TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, for ___________
Warrants to purchase the Equity Interest of TWINLAB CONSOLIDATED HOLDINGS, INC., a
Nevada corporation, set forth below to the Persons named and hereby sells, assigns and transfers unto such Persons that portion
of this Warrant represented by such new Warrants and all rights evidenced thereby and does irrevocably constitute and appoint ____________________,
attorney, to exchange and transfer this Warrant as aforesaid on the books of TWINLAB CONSOLIDATED HOLDINGS, INC.,
a Nevada corporation.

 

	Equity Interest	 	Assignee	 
	 	 	 	 
	____________	 	 	 
	 	 	 	 
	____________	 	 	 
	 	 	 	 
	 	 	Signature	 

 

	 	 	 	 
	 	 	 	 
	 	 	Address	 

 

FOR USE BY THE COMPANY ONLY:

 

This Warrant No. __ cancelled (or transferred
or exchanged) this ________ day of _____________, ____________ of the Equity Interest of
TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, issued therefor
in the name of ____ ___________ Warrant No. ___ for ________, of the Equity Interest of
TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation, in the name of
_________________________.

 

Dated: _________________

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