Document:

Exhibit 10.74

 

EXECUTION VERSION

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF
A STANDSTILL AGREEMENT DATED AS OF FEBRUARY 4, 2015 AMONG HOLDER, MAKER AND MIDCAP FUNDING X TRUST, A DELAWARE STATUTORY TRUST,
ADMINISTRATIVE AGENT, WHICH STANDSTILL AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE
(the “MidCap Standstill”).

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF
A STANDSTILL AGREEMENT DATED AS OF FEBRUARY 4, 2015 AMONG HOLDER, MAKER AND PENTA MEZZANINE SBIC FUND I, L.P., A DELAWARE LIMITED
PARTNERSHIP, WHICH STANDSTILL AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “Penta
Standstill”).

 

THIS INSTRUMENT IS SUBJECT TO THE TERMS OF
A STANDSTILL AGREEMENT DATED AS OF FEBRUARY 4, 2015 AMONG HOLDER, MAKER AND JL-BBNC MEZZ UTAH, LLC, AN ALASKA LIMITED LIABILITY
COMPANY, WHICH STANDSTILL AGREEMENT (AS AMENDED IN ACCORDANCE WITH ITS TERMS) IS INCORPORATED HEREIN BY REFERENCE (the “JL
Standstill”).

 

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.

 

AMENDED AND RESTATED

UNSECURED PROMISSORY NOTE

 

	$2,750,000 	June 30, 2015

 

FOR VALUE RECEIVED, the undersigned,
NUTRASCIENCE LABS, INC. F/K/A TCC CM SUBCO I, INC., a Delaware corporation (“Maker”), promises to pay to NUTRICAP
LABS, LLC, a New York limited liability company (“Holder”), the principal sum of TWO MILLION SEVEN HUNDRED FIFTY
THOUSAND DOLLARS ($2,750,000.00), together with interest on the unpaid principal balance of this Unsecured 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 1, 2016 (the “Maturity Date”) or, if such day is
not a Business Day, then the next succeeding Business Day.

 

This Note is an amendment
and restatement, but not a novation of, the “First Promissory Note” referenced in that certain Asset Purchase Agreement
(as amended, restated, modified or supplemented from time to time, the “Purchase Agreement”), dated February
4, 2015 and effective as of the Option Exercise Date (as defined in the Purchase Agreement), among Maker, Holder, Vitacap Labs,
LLC, a New York limited liability company, Canyon Marketing V, LLC, a Delaware limited liability company, Canyon Marketing II,
INC., a New York corporation, and Canyon Marketing III, LLC, a Delaware limited liability company. Holder is receiving this Note
to amend and restate on the terms set forth herein the First Promissory Note received by Holder pursuant to the Purchase Agreement.
Holder expressly agrees that as an amendment and restatement, but not a novation, of the First Promissory Note, this Note remains
subject to the terms of each of the MidCap Standstill, the Penta Standstill, and the JL Standstill.

 

    	 

    	 

    

  

ARTICLE
I

TERMS AND CONDITIONS

 

1.01       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 at such times
and in such amounts as set forth in Schedule A hereto.

 

b.           The
principal amount of this Note shall, until the Maturity Date, be payable in monthly installments on the basis of a thirty-six (36)
month amortization schedule, with principal amortization payments payable at such times and in such amounts as set forth in Schedule
A hereto. The unamortized principal amount of this Note (the “Amount Due”) shall be payable on the Maturity
Date in accordance with Section 6.17 of the Purchase Agreement. Upon the occurrence of any Event of Default (as defined below),
the Amount Due shall be payable in a single payment on demand.

 

1.02       Prepayment.

 

a.           The
principal indebtedness evidenced by 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, this Note shall be surrendered to Maker in exchange for a substitute
note, which shall set forth the revised principal amount. 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.

 

1.03       Payments
Only on Business Days. Payments hereunder shall be made only on a Business Day. Any payment hereunder which, but for this
Section 1.03, would be payable on a day which is not a Business Day, shall instead be due and payable on the next succeeding
Business Day.

 

1.04       Guarantors.
The right of Holder to receive payments of principal and interest pursuant to the terms of this Note have been guaranteed jointly
and severally by Essex Capital Corporation, a California Corporation (“Essex”), Ralph T. Iannelli, an individual
and resident of California (“Iannelli”), and Twinlab Consolidation Corporation (“TCC”),
a Delaware corporation and parent company of NutraScience Labs, Inc. (each of the foregoing persons or entities, a “Guarantor”),
pursuant to (a) a Guaranty Agreement of equal date herewith by and between Holder on the one hand and Essex Capital Corporation
and Ralph T. Iannelli, jointly and severally, on the other hand (the “Essex Guaranty”), and (b) a Guaranty Agreement
of equal date herewith by and between Holder and Twinlab Consolidation Corporation (the “TCC Guaranty”). Holder
expressly agrees that any payments under Schedule A hereto made to Holder by any Guarantor or made by any Guarantor pursuant to
the Essex Guaranty and/or the TCC Guaranty, shall for the purposes of this Note be deemed payments by Maker in satisfaction of
the corresponding portion of Maker’s obligations hereunder.

 

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1.05       Order
of Demand and Enforcement. Upon an Event of Default hereunder, Holder agrees to first seek payment pursuant to the Essex
Guaranty before seeking payment from the Maker or pursuant to the TCC Guaranty. Accordingly, until the tenth (10th)
day after which Holder has made demand for payment to both Essex and Iannelli pursuant to and in accordance with the terms of the
Essex Guaranty, and unless any amounts due and owing Holder pursuant to this Note remain unpaid as of such date, Holder agrees
that it shall not demand or take any action to seek payment pursuant to the TCC Guaranty.

 

ARTICLE
II

DEFAULTS

 

2.01       Events
of Default. The following shall constitute “Events 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.           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

 

d.           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.

 

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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(c) or 2.01(d) 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.

 

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. This Note may not be amended without the prior written consent of each Guarantor.

 

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.

 

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3.03       Arms
Length Agreement. This Agreement has been negotiated and prepared at the mutual request, direction and construction of
Holder and Maker, at arms 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 the City of New
York and County of 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, in accordance with
the Purchase Agreement.

 

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
Holder. Neither this Note nor any interest herein or obligation hereunder shall be Transferred, in whole or in part, by Maker without
the express prior written consent of Holder.

 

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.

 

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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 heirs, executors, administrators, 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.

 

3.11       Definitions.
The following terms have the following meanings:

 

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

 

“Amount Due”
shall have the meaning set forth in Section 1.01(b).

 

“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.

 

“Essex”
shall have the meaning set forth in Section 1.04.

 

“Essex Guaranty”
shall have the meaning set forth in Section 1.04.

 

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

 

“Guarantor”
shall have the meaning set forth in Section 1.04.

 

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

 

“Iannelli”
shall have the meaning set forth in Section 1.04.

 

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

 

“Interest Rate”
shall have the meaning set forth in Section 1.01(a).

 

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

 

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

 

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

 

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

 

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

 

“Purchase Agreement”
shall have the meaning set forth in the Preamble.

 

“TCC”
shall have the meaning set forth in Section 1.04.

 

“TCC Guaranty”
shall have the meaning set forth in Section 1.04.

 

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

 

[SIGNATURE PAGE FOLLOWS]

 

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

 

	 	NUTRASCIENCE LABS, INC. F/K/A
	 	TCC CM SUBCO I, INC.
	 	 
	 	By:   	/s/ Thomas A. Tolworthy
	 	 	Name: Thomas A. Tolworthy
	 	 	Title:  CEO

 

[First Unsecured Promissory Note]

 

    	 

    	 

    

  

ACKNOWLEDGED & AGREED

 

NUTRICAP LABS, LLC

 

	/s/ Jonathan Greenhut	 
	By: Jonathan Greenhut	 
	Title: CEO	 

 

[First Unsecured Promissory Note]

 

    	 

    	 

    

  

SCHEDULE A

 

Monthly Principal Amortization and Interest Payment Schedule

 

Original Principal Amount: $2,750,000

 

Annual Interest Rate 8.50%

 

Based on 36 Month Amortization Schedule

 

Monthly Total Payment: 86,810.73

 

First Payment 7/01/15

 

	Payment 

No.	 	Due 

Date	 	Total

Payment	 	 	Interest	 	 	Principal 

Amortization	 	 	Principal 

Balance	 
	1	 	07/01/15	 	 	86,810.73	 	 	 	19,479.17	 	 	 	67,331.56	 	 	 	2,682,668.44	 
	2	 	08/01/15	 	 	86,810.73	 	 	 	19,002.23	 	 	 	67,808.50	 	 	 	2,614,859.94	 
	3	 	09/01/15	 	 	86,810.73	 	 	 	18,521.92	 	 	 	68,288.81	 	 	 	2,546,571.14	 
	4	 	10/01/15	 	 	86,810.73	 	 	 	18,038.21	 	 	 	68,772.52	 	 	 	2,477,798.62	 
	5	 	11/01/15	 	 	86,810.73	 	 	 	17,551.07	 	 	 	69,259.66	 	 	 	2,408,538.96	 
	6	 	12/01/15	 	 	86,810.73	 	 	 	17,060.48	 	 	 	69,750.25	 	 	 	2,338,788.72	 
	7	 	1/1/15	 	 	86,810.73	 	 	 	16,566.42	 	 	 	70,244.31	 	 	 	2,268,544.41	 

  

[First Unsecured Promissory Note]Exhibit 10.75

 

EXECUTION VERSION

 

PAYMENT GUARANTY

 

THIS PAYMENT GUARANTY
(this “Guaranty”) made as of June 30, 2015, by TWINLAB CONSOLIDATION CORPORATION (“Guarantor”),
to and for the benefit of NUTRICAP LABS, LLC, a New York limited liability company, its successors and assigns (“Nutricap”
or “Lender”).

 

RECITALS

 

A.           Pursuant
to that certain Amended and Restated Unsecured Promissory Note of even date herewith (the “Restated Note”) among
NutraScience Labs, Inc., a Delaware corporation, (the “Borrower”), and Lender, Lender has made
a loan and other credit accommodations to Borrower in the original principal amount of $2,750,000. Capitalized terms used and not
otherwise defined herein shall have the meanings given to them in the Restated Note.

 

B.           Lender’s
willingness to enter into the Restated Note is based in part on the execution and delivery of this Guaranty by Guarantor.

 

C.           Guarantor
will derive material financial benefit from the Borrower based in part on Borrower’s ability to enter into the Restated Note
with Lender.

 

D.           Lender
has relied on the statements and agreements contained herein in agreeing to make the Restated Note. The execution and delivery
of this Guaranty by Guarantor is a condition precedent to the making of the Restated Note by Lender.

 

AGREEMENT

 

NOW, THEREFORE,
intending to be legally bound, Guarantor, in consideration of the matters described in the foregoing Recitals, which Recitals are
incorporated herein and made a part hereof, and for other good and valuable consideration the receipt and sufficiency of which
are acknowledged, hereby covenants and agrees for the benefit of Lender and its successors, indorsees, transferees, participants
and assigns as follows:

 

1.            Guaranty.
Guarantor absolutely, unconditionally and irrevocably guarantees:

 

(a)          the
full and prompt payment of the principal of and interest on the Restated Note when due (after the expiration of all applicable
cure and grace periods contained in the Restated Note), whether in respect of scheduled monthly payments, at stated maturity, upon
acceleration or otherwise, and at all times thereafter, and the full and prompt payment of all sums, including all costs and expenses,
which may become due and owing upon an Event of Default under the Restated Note (including, without limitation, any interest that
may accrue on any judgment against Guarantor in respect of any of the guaranteed obligations hereunder at the lesser of the default
rate of interest (as set forth in the Restated Note) and the maximum interest rate permitted by applicable law); and

 

(b)          the
full and prompt payment of any Enforcement Costs (as defined in Section 7 hereof).

 

All amounts due, debts,
liabilities and payment obligations described in subsections (a), (b) and (c) of this Section 1 shall be hereinafter collectively
referred to as the “Obligations.”

 

    	 

    	 

    

 

All payments under
this Guaranty must be made in lawful money of the United States of America and in current funds. Any amount received by Lender
from any collateral or security for the Restated Note may be applied by it towards any sums due under or in respect of the Restated
Note, in such order of application as is provided for under the applicable Restated Note.

 

2.          Payment
of Amounts Owed. Upon the occurrence of any Event of Default by Borrower under the Restated Note, after the expiration of any
applicable cure or grace period associated therewith (including, without limitation, the fifteen (15) Business Day periods set
forth in Sections 2.01(a) and 2.01(b) of the Restated Note), Guarantor agrees, on demand by Lender, to pay the Obligations, regardless
of any defense, right of set-off or recoupment or claims which Borrower or Guarantor may have against Lender. All of the remedies
set forth herein and/or provided for in the Restated Note or at law or equity shall be equally available to Lender, and the choice
by Lender of one such alternative over another shall not be subject to question or challenge by Guarantor or any other person,
nor shall any such choice be asserted as a defense, setoff, recoupment or failure to mitigate damages in any action, proceeding,
or counteraction by Lender to recover or seeking any other remedy under this Guaranty, nor shall such choice preclude Lender from
subsequently electing to exercise a different remedy. The parties have agreed to the alternative remedies provided herein in part
because they recognize that the choice of remedies in the event of a default hereunder will necessarily be and should properly
be a matter of good faith business judgment. It is the intention of the parties that such good faith choice by Lender be given
conclusive effect regardless of such subsequent developments.

 

3.          Certain
Waivers by Guarantor. To the fullest extent permitted by law, Guarantor does hereby (a) waive notice of acceptance of
this Guaranty by Lender and any and all notices and demands of every kind which may be required to be given by any statute, rule
or law; (b) agree to refrain from asserting, until after repayment in full of the Restated Note, any defense, right of set-off,
right of recoupment or other claim which Guarantor may have against Borrower; (c) waive any defense, right of set-off, right of
recoupment or other claim which Guarantor or Borrower may have against Lender or the holder of the Restated Note; (d) waive any
and all rights Guarantor may have under any anti-deficiency statute or other similar protections; (e) waive all rights at law or
in equity to seek subrogation, contribution, indemnification or any other form of reimbursement or repayment from Borrower or any
other person or entity now or hereafter primarily or secondarily liable for any of the Obligations until the Obligations has been
paid in full; (f) waive presentment for payment, demand for payment, notice of nonpayment or dishonor, protest and notice
of protest, diligence in collection and any and all formalities which otherwise might be legally required to charge Guarantor with
liability; (g) waive the benefit of all appraisement, valuation, marshalling, forbearance, stay, extension, redemption, homestead,
exemption and moratorium laws now or hereafter in effect; (h) waive any defense based on the incapacity, lack of authority, death
or disability of any other person or entity or the failure of Lender to file or enforce a claim against the estate of any other
person or entity in any administrative, bankruptcy or other proceeding; (i) waive any defense based on an election of remedies
by Lender, whether or not such election may affect in any way the recourse, subrogation or other rights of Guarantor against the
Borrower, any other guarantor or any other person in connection with the Obligations; (j) waive any defense based on the failure
of the Lender to (i) provide notice to Guarantor of a sale or other disposition (including any collateral sale pursuant to the
Uniform Commercial Code) of any of the security for any of the Obligations, or (ii) conduct such a sale or disposition in
a commercially reasonable manner; (k) waive any defense based on the negligence of Lender in administering the Restated Note (including,
without limitation, the failure to perfect any security interest in any collateral for the Restated Note), or taking or failing
to take any action in connection therewith, or based on the federal Equal Credit Opportunity Act and applicable regulations or
the Equal Credit Opportunity Acts and applicable regulations of any state, provided, however, that such waiver shall not
apply to the gross negligence or willful misconduct of the Lender, as determined by the final, non-appealable decision of a court
having proper jurisdiction; (l) waive the defense of expiration of any statute of limitations affecting the liability of Guarantor
hereunder or the enforcement hereof; (m) waive any right to file any Claim (as defined below) as part of, and any right to request
consolidation of any action or proceeding relating to a Claim with, any action or proceeding filed or maintained by Lender to collect
any Obligations of Guarantor to Lender hereunder or to exercise any rights or remedies available to Lender under the Restated Note,
at law, in equity or otherwise; (n) agree that Lender shall not have any obligation to obtain, perfect or retain a security interest
in any property to secure any of the Obligations or this Guaranty, or to protect or insure any such property; (o) waive any obligation
Lender may have to disclose to Guarantor any facts the Lender now or hereafter may know or have reasonably available to it regarding
the Borrower or Borrower’s financial condition, whether or not the Lender has a reasonable opportunity to communicate such
facts or has reason to believe that any such facts are unknown to Guarantor or materially increase the risk to Guarantor beyond
the risk Guarantor intends to assume hereunder; (p) agree that Lender shall not be liable in any way for any decrease in the value
or marketability of any property securing any of the Obligations which may result from any action or omission of the Lender in
enforcing any part of this Guaranty or any portion of the Restated Note; (q) waive any defense based on the consideration
for this Guaranty; (r) waive any defense based on any invalidity, irregularity or unenforceability, in whole or in part, of
the Restated Note; (s) waive any defense based on any change in the composition of Borrower, including, without limitation,
the voluntary or involuntary withdrawal or removal of Guarantor from any current or future position of ownership, management or
control of Borrower; and (t) waive any defense based on any representations and warranties made by Guarantor herein or by
Borrower in the Restated Note. Lender shall not have any obligation to disclose or discuss with Guarantor its assessment of the
financial condition of Borrower. Guarantor acknowledges that no representations of any kind whatsoever have been made by Lender
to induce Guarantor to execute and deliver this Guaranty. No modification or waiver of any of the provisions of this Guaranty shall
be binding upon Lender except as expressly set forth in a writing duly signed and delivered by Lender. For purposes of this section,
the term “Claim” shall mean any claim, action or cause of action, defense, counterclaim, set-off or right of
recoupment of any kind or nature against the Lender, its officers, directors, employees, agents, members, actuaries, accountants,
trustees or attorneys, or any affiliate of the Lender in connection with the making, closing, administration, collection or enforcement
by the Lender of the indebtedness evidenced by the Restated Note or this Guaranty.

 

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4.          Guarantor’s
Obligations Not Affected by Modifications of Restated Note. Guarantor further agrees that Guarantor’s liability as guarantor
shall not be impaired or affected by any renewals or extensions which may be made from time to time, with or without the knowledge
or consent of Guarantor of the time for payment of interest or principal under the Note or by any forbearance or delay in collecting
interest or principal under the Restated Note, or by any waiver by Lender under the Restated Note, or by Lender’s failure
or election not to pursue any other remedies it may have against Borrower or Guarantor, or by the acceptance by Lender of any additional
security or any increase, substitution or change therein, or by the release by Lender of any security or any withdrawal thereof
or decrease therein, or by the application of payments received from any source to the payment of any obligation other than the
Obligations even though Lender might lawfully have elected to apply such payments to any part or all of the Obligations, it being
the intent hereof that, subject to Lender’s compliance with the terms of this Guaranty and the Restated Note, Guarantor shall
remain liable for the payment of the Obligations, until the Obligations have been paid in full in cash lawful money of the United
States of America, notwithstanding any act or thing which might otherwise operate as a legal or equitable discharge of a surety.
NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, THE RESTATED NOTE MAY NOT BE AMENDED WITHOUT THE GUARANTOR’S PRIOR
WRITTEN CONSENT.

 

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5.          Nature
of Guaranty. This is an absolute, present and continuing guaranty of payment and not merely of collection. Guarantor agrees
that this Guaranty may be enforced by Lender without the necessity at any time of resorting to or exhausting any other security
or collateral given in connection herewith or with the Restated Note through foreclosure or sale proceedings, as the case may be,
under the Restated Note or otherwise, or resorting to any other guaranties, and Guarantor hereby waives any right to require Lender
to join Borrower or any other guarantor in any action brought hereunder or to commence any action against or obtain any judgment
against Borrower or any other guarantor or to pursue any other remedy or enforce any other right. Guarantor further agrees that
nothing contained herein or otherwise shall prevent Lender from pursuing concurrently or successively all rights and remedies available
to it at law and/or in equity or under the Restated Note, and the exercise of any of its rights or the completion of any of its
remedies that do not result in full payment of the Obligations and complete satisfaction of Borrower’s obligations under
the Restated Note shall not constitute a discharge of Guarantor’s obligations hereunder, it being the purpose and intent
of Guarantor that the obligations of Guarantor hereunder shall be absolute, independent and unconditional under any and all circumstances
whatsoever. None of Guarantor’s obligations under this Guaranty or any remedy for the enforcement thereof shall be impaired,
modified, changed or released in any manner whatsoever by any impairment, modification, change, release or limitation of the liability
of Borrower under the Restated Note or by reason of the bankruptcy of Borrower or any other guarantor or by reason of any creditor
or bankruptcy proceeding instituted by or against Borrower. This Guaranty shall continue to be effective or be reinstated (as the
case may be) if at any time payment of all or any part of any sum payable pursuant to the Restated Note is rescinded or otherwise
required to be returned by Lender upon the insolvency, bankruptcy, dissolution, liquidation, or reorganization of Borrower or any
other guarantor, or upon or as a result of the appointment of a receiver, intervenor, custodian or conservator of or trustee or
similar officer for, Borrower or any other guarantor or any substantial part of any of the property of the foregoing, or otherwise,
all as though such payment to Lender had not been made, regardless of whether Lender contested the order requiring the return of
such payment. In the event of an action against the Borrower or any other guarantor and of a deficiency, Guarantor hereby promises
and agrees forthwith to pay the amount of such deficiency notwithstanding the fact that recovery of said deficiency against Borrower
or any other guarantor would not be allowed by applicable law; however, the foregoing shall not be deemed to require that Lender
institute any action or otherwise resort to or exhaust any other collateral or security prior to or concurrently with enforcing
this Guaranty.

 

6.          Assignment
of Note and Guaranty. NEITHER THE RESTATED NOTE NOR THIS GUARANTY MAY BE ASSIGNED WITHOUT GUARANTOR’S PRIOR WRITTEN CONSENT.

 

7.          Enforcement
Costs. If: (a) this Guaranty is placed in the hands of an attorney for collection or is collected through any legal proceeding;
(b) an attorney is retained to represent Lender in any bankruptcy, reorganization, receivership, or other proceedings affecting
creditors’ rights and involving a claim under this Guaranty; (c) an attorney is retained to provide advice or other
representation with respect to this Guaranty; or (d) an attorney is retained to represent Lender in any proceedings whatsoever
in connection with this Guaranty and Lender prevails in any such proceedings, then Guarantor shall pay to Lender upon demand all
attorney’s fees, costs and expenses incurred in connection therewith (all of which are referred to herein as “Enforcement
Costs”), in addition to all other amounts due hereunder, regardless of whether all or a portion of such Enforcement Costs
are incurred in a single proceeding brought to enforce this Guaranty as well as the Restated Note.

 

8.          Severability.
The parties hereto intend and believe that each provision in this Guaranty comports with all applicable local, state and federal
laws and judicial decisions. However, if any provision or provisions, or if any portion of any provision or provisions, in this
Guaranty is found by a court of law to be in violation of any applicable local, state or federal ordinance, statute, law, administrative
or judicial decision, or public policy, and if such court should declare such portion, provision or provisions of this Guaranty
to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that such portion,
provision or provisions shall be given force to the fullest possible extent that they are legal, valid and enforceable, that the
remainder of this Guaranty shall be construed as if such illegal, invalid, unlawful, void or unenforceable portion, provision or
provisions were not contained therein, and that the rights, obligations and interest of Lender under the remainder of this Guaranty
shall continue in full force and effect.

 

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9.          CONSENT
TO JURISDICTION. TO THE GREATEST EXTENT PERMITTED BY LAW, GUARANTOR HEREBY WAIVES ANY AND ALL RIGHTS TO REQUIRE MARSHALLING
OF ASSETS BY LENDER. WITH RESPECT TO ANY SUIT, ACTION OR PROCEEDINGS RELATING TO THIS GUARANTY (EACH, A “PROCEEDING”),
LENDER (BY THEIR ACCEPTANCE HEREOF) AND GUARANTOR IRREVOCABLY (A) SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL
COURTS HAVING JURISDICTION IN NEW YORK COUNTY, NEW YORK, AND (B) WAIVE ANY OBJECTION WHICH IT MAY HAVE AT ANY TIME TO THE
LAYING OF VENUE OF ANY PROCEEDING BROUGHT IN ANY SUCH COURT, WAIVE ANY CLAIM THAT ANY PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT
FORUM AND FURTHER WAIVE THE RIGHT TO OBJECT, WITH RESPECT TO SUCH PROCEEDING, THAT SUCH COURT DOES NOT HAVE JURISDICTION OVER SUCH
PARTY. LENDER AND EACH GUARANTOR FURTHER AGREE AND CONSENT THAT, IN ADDITION TO ANY METHODS OF SERVICE OF PROCESS PROVIDED FOR
UNDER APPLICABLE LAW, ALL SERVICE OF PROCESS IN ANY PROCEEDING IN ANY STATE OR UNITED STATES COURT SITTING IN NEW YORK COUNTY,
NEW YORK MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO THE APPLICABLE PARTY AT THE ADDRESS
INDICATED BELOW, AND SERVICE SO MADE SHALL BE COMPLETE UPON RECEIPT; EXCEPT THAT IF SUCH PARTY SHALL REFUSE TO ACCEPT DELIVERY,
SERVICE SHALL BE DEEMED COMPLETE FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO MAILED.

 

10.         Claims
in Bankruptcy. In the event (i) Borrower or any other guarantor shall (A) file voluntarily or be filed against involuntarily
for protection under the U.S. Bankruptcy Code or any other present or future federal or state act or law relating to bankruptcy,
insolvency, or other relief for debtors, (B) have sought or consented to or acquiesced in the appointment of any trustee, receiver,
conservator, or liquidator, or (C) be the subject of any order, judgment, or decree entered by any court of competent jurisdiction
approving a petition filed against such party for any reorganization, arrangement, composition, readjustment, liquidation, dissolution,
or similar relief under any present or future federal or state act or law relating to bankruptcy, insolvency, or relief for debtors,
and (ii) the automatic stay imposed by the applicable provisions of the U.S. Bankruptcy Code, as amended, or under any other applicable
law, against the exercise of the rights and remedies otherwise available to creditors of the Borrower or such other guarantor is
deemed by the court having jurisdiction to apply to Guarantor so that Guarantor is not permitted to pay Lender the Obligations
and/or Lender may not immediately enforce the terms of this Guaranty or exercise such other rights and remedies against Guarantor
as would otherwise be provided by law, Lender shall immediately be entitled, and Guarantor hereby consents, to relief from such
stay, and Guarantor hereby authorizes and directs Lender to present this Guaranty to the applicable court to evidence this agreement
and consent.

 

11.         Application
of Proceeds. Any amounts received by Lender from any source on account of the Restated Note may be utilized by Lender
for the payment of the Obligations under the terms of the Restated Note.

 

12.          Events
of Default.

 

(a)          It
is expressly agreed that time is of the essence of this Guaranty and every covenant and provision hereof, and that any of the following
shall be an “Event of Default” under this Guaranty:

 

(i)          any
Insolvency Event (as defined below) with respect to Guarantor; and

 

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(ii)         the
failure by Guarantor and/or Borrower to make any payment when due hereunder or under the Restated Note (beyond any applicable notice
and/or grace period, if any, including the fifteen (15) Business Day periods set forth in Sections 2.01(a) and 2.01(b) of the Restated
Note), or any other material default under any other obligation of or covenant by Guarantor under this Guaranty (beyond any applicable
notice and/or grace period, if any).

 

(b)          Upon
the occurrence of any Event of Default under this Guaranty, there shall be deemed to have occurred a default and an Event of Default
under the Restated Note, regardless of whether or not any portion of the Obligations may then be due and payable.

 

(c)          The
term “Insolvency Event” shall mean any of the following: (i) Guarantor makes an assignment for the benefit of
creditors, offers a composition or extension to creditors, or makes or sends notice of an intended bulk sale of any business or
assets now or hereafter conducted or owned by Guarantor; (ii) Guarantor files a petition in bankruptcy; (iii) Guarantor is adjudicated
insolvent or bankrupt, or petitions or applies to any tribunal for any receiver of or any trustee for itself or any substantial
part of its property; (iv) Guarantor commences any proceeding relating to itself under any reorganization, arrangement, readjustment
or debt, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter in effect; (v) any such proceeding
is commenced against Guarantor and such proceeding remains undismissed for a period of sixty (60) days; or (vi) Guarantor by any
act indicates its consent to, approval of, or acquiescence in, any such proceeding or the appointment of any receiver of or any
trustee for Guarantor or any substantial part of its property, or suffers any such receivership or trusteeship to continue undischarged
for a period of sixty (60) days.

 

(d)          All
grace periods under the Restated Note and/or this Guaranty shall run concurrently such that once any grace period has expired without
the curing of the default in question, Lender shall be entitled to exercise any and all of the rights and remedies granted under
the Restated Note and this Guaranty without the necessity of issuing any further notice or the granting of any further grace periods.

 

13.         WAIVER
OF TRIAL BY JURY. GUARANTOR AND LENDER (BY THEIR ACCEPTANCE HEREOF) EACH KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY
RIGHT TO A TRIAL BY JURY IN ANY CLAIM, CONTROVERSY, DISPUTE, ACTION OR PROCEEDING ARISING OUT OF OR RELATED TO THIS GUARANTY AND
THE RESTATED NOTE (INCLUDING WITHOUT LIMITATION ANY ACTIONS OR PROCEEDINGS FOR ENFORCEMENT OF THE RESTATED NOTE) AND AGREE THAT
ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. GUARANTOR AND LENDER ACKNOWLEDGE THAT THIS WAIVER
IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH OF THEM HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS
GUARANTY AND THAT EACH OF THEM WILL CONTINUE TO RELY ON THIS WAIVER IN THEIR RELATED FUTURE DEALINGS. GUARANTOR AND LENDER EACH
WARRANT AND REPRESENT THAT EACH HAS HAD THE OPPORTUNITY OF REVIEWING THIS JURY WAIVER WITH LEGAL COUNSEL, AND THAT EACH KNOWINGLY
AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS. 

 

14.         Notices.
All notices required or permitted hereunder shall be given in writing and shall become effective on the first business day after
sent by national overnight carrier to the notice address provided below.

 

    	6

    	 

    

  

	All notices to Guarantor shall be addressed as follows:	Twinlab Consolidation Corporation
	 	632 Broadway, Suite 201
	 	New York, NY 10012
	 	Attention: Richard H. Neuwirth, CLO
		 
	All notices to Lender shall be addressed as follows:	Nutricap Labs, LLC
	 	70 Carolyn Boulevard
	 	Farmingdale, NY 11735
	 	Attention: Jonathan Greenhut
	 	 

15.         Representations
and Warranties. To induce Lender to make the Restated Note, Guarantor makes the following representations and warranties to
Lender set forth in this Section 15, and Guarantor acknowledges that but for the truth and accuracy of the matters covered by the
following representations and warranties, Lenders would not have agreed to make the Restated Note:

 

(a)          Twinlab
Consolidation Corporation is duly formed, validly existing, and in good standing in its state of organization and has qualified
to do business and is in good standing in any state in which it is necessary in the conduct of its business;

 

(b)          Guarantor
maintains an office at the address set forth for such party in Section 14;

 

(c)          the
execution, delivery, and performance by Guarantor of this Guaranty does not and will not contravene or conflict with (i) any
Laws, order, rule, regulation, writ, injunction or decree now in effect of any Government Authority, or court having jurisdiction
over Guarantor, (ii) any contractual restriction binding on or affecting Guarantor or Guarantor’s property or assets
which may adversely affect Guarantor’s ability to fulfill its obligations under this Guaranty, (iii) the instruments creating
any trust holding title to any assets included in Guarantor’s financial statements, or (iv) the organizational or other documents
of Guarantor;

 

(d)          this
Guaranty creates legal, valid, and binding obligations of Guarantor enforceable in accordance with its terms, except as such enforceability
may be limited by applicable bankruptcy, moratorium, insolvency, reorganization, fraudulent conveyance or other laws affecting
the enforcement of creditors’ rights generally or by general equitable principles; and

 

(e)          
all statements set forth in the Recitals are true and correct.

 

16.         Covenants
of the Guarantor

 

(a)          If
Guarantor shall become insolvent or seek protection under insolvency laws or proceedings, or any application shall be made to have
Guarantor declared bankrupt or insolvent, or a receiver or trustee shall be appointed for Guarantor or for all or a substantial
part of the property of Guarantor, or Guarantor shall make an assignment for the benefit of creditors, notice of such occurrence
or event shall be promptly furnished to the Lender by Guarantor.

 

(b)          Twinlab
Consolidation Corporation shall maintain its corporate existence.

 

17.         Successors
and Assigns. This Guaranty shall be binding upon the successors and assigns of Guarantor. If more than one party executes this
Guaranty, the liability of all such parties shall be joint and several.

 

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18.         CHOICE
OF LAW; CONSTRUCTION. THIS GUARANTY AND THE RESTATED NOTE WERE NEGOTIATED IN THE STATE OF NEW YORK, AND DELIVERED BY
GUARANTOR, AS APPLICABLE, AND ACCEPTED BY LENDER IN THE STATE OF NEW YORK, WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP
TO THE PARTIES AND THE UNDERLYING TRANSACTIONS EMBODIED HEREBY. IN ALL RESPECTS, INCLUDING, WITHOUT LIMITATION, MATTERS OF CONSTRUCTION
OF THE IMPROVEMENTS AND PERFORMANCE OF THIS GUARANTY AND THE OBLIGATIONS ARISING HEREUNDER, THIS GUARANTY SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED
IN SUCH STATE AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. The titles of the
paragraphs of this GUARANTY are for convenience of reference only and are not to
be considered in construing this GUARANTY.

 

19.         Counterparts.
This Guaranty may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument.
A signed copy of this Guaranty delivered by facsimile, email or other means of electronic transmission shall be deemed to have
the same legal effect as delivery of an original signed copy of this Guaranty and shall bind any party whose signature was so delivered
hereto.

 

[SIGNATURES APPEAR ON FOLLOWING PAGE(S)]

 

    	8

    	 

    

 

IN WITNESS WHEREOF,
Guarantor has delivered this Guaranty in the State of New York as of the date first written above.

 

	 	GUARANTOR:
	 	 
	 	TWINLAB CONSOLIDATION

 CORPORATION
	 	a Delaware Corporation
	 	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	CEO

 

	State of New York	)
	 	)SS:
	County of New York	)

 

On
this, the 30th day of June, 2015, before me a notary public, the undersigned officer, personally appeared Thomas A.
Tolworthy, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument, and acknowledged
that he executed the same for the purposes therein contained.

 

In
witness hereof, I hereunto set my hand and official seal.

  

	 	/s/ Karen M. Walker
	 	Notary Public

 

    	9

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