Document:

Exhibit 10.72

 

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. 2015-25	June 30, 2015

 

Warrant

 

This Warrant (the “Warrant”)
certifies that, for value received, JL-BBNC MEZZ UTAH, LLC, an Alaska limited liability company, and its permitted transferees,
successors and assigns (the “Holder”), is entitled to purchase from TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada
corporation (the “Company”), 403,509 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 June 30, 2020 (the “Expiration Date”).

 

ARTICLE I

DEFINITIONS

 

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

 

“Adjusted EBITDA”
shall mean EBITDA plus any expenses relating to Acquisitions (as defined in the Purchase Agreement) following the Effective Date
(as defined in the Purchase Agreement) of the Purchase Agreement, plus severance payments and other costs relating to permanent
headcount reductions, all as determined by GAAP.

 

“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.

 

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

 

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

 

“Current Holder’s
Equity Interest” means 403,509 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 and subject to any adjustment pursuant to
Section 3.3. 

 

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

 

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

 

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

 

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

 

“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.

 

“Fair Market Value”
shall, except in the event of a private placement by the Company of its common stock, mean (i) the trading volume weighted average
closing price of the common stock of Company for the twenty (20) trading days immediately preceding the applicable date in question,
as quoted on (a) a domestic securities exchange, (b) NASDAQ Stock Market or (c) a domestic over-the-counter market, which trades
are reported by Pink OTC Markets Inc. or any similar successor organization or any other over-the-counter market in the United
States, as the case may be; or (ii) in the event that the common stock of the Company is not trading on a market such that a value
can be derived under subsection (i) of this definition as of the applicable date in question, a valuation per share of the common
stock of the Company as determined in accordance with Generally Accepted Valuation Principles by an independent third-party valuation
firm mutually agreed upon by the parties (and if the parties cannot mutually agree on a valuation firm, one of the “big four”
accounting firms chosen by the Holder). In the event of a private placement by the Company of its common stock, “Fair Market
Value” shall mean the average price per share of common stock in such private placement, including any warrants, options
or other agreements providing the right to purchase shares of the Company’s common stock.

 

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

 

“Fully-Diluted Basis”
shall have the meaning set forth in the Purchase Agreement.

 

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

 

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

 

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

 

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

 

“NASDAQ”
shall mean the NASDAQ Stock Market.

 

“Organizational
Documents” shall mean, with respect to any Person, each instrument or other document that (a) defines the existence of
such Person, including its articles or certificate of incorporation, formation or organization, as filed or recorded with an applicable
Governmental Authority or (ii) governs the internal affairs of such Person, including its by-laws or its operating, partnership
or limited liability company agreement, in each case as amended, supplemented or restated.

 

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

 

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

 

“Qualified Assignment”
shall mean any of the following: (a) an assignment to a transferee acquiring at least 25% of the Equity Interests subject to the
Warrant (subject to adjustment for stock splits, stock dividends, recapitalizations and similar events); or (b) an assignment to
an Affiliate of the Holder.

 

“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.

 

“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.

 

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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 Agreement. The term “dollars” or “$” means United States Dollars.

 

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.

 

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(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.

 

SECTION 2.3 Transfer of
Warrant.

 

(a)          Subject
to Section 2.3(c) hereof and the Purchase Agreement, each Warrant and the rights thereunder may be transferred by the Holder
thereof 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. On any Business Day prior to 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.

 

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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 220,657,895 common shares have been issued and 219,952,969 common shares
remain outstanding as of the date hereof (taking into account shares pending to be surrendered by Tom Tolworthy pursuant to a Surrender
Agreement) and (ii) 500,000,000 shares of preferred stock, of which no 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.

 

(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 as of June 30, 2014 in
accordance with GAAP, except for liabilities and obligations incurred in the ordinary course of business and consistent with past
practice since the date thereof.

 

SECTION 3.3 Adjustment
of Holder’s Equity Interest. 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.

 

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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.

 

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           Adjustments
to the Current Holder’s Equity Interest. Subject to the terms of this Section 3.3.3, the Current Holder’s
Equity Interest (and the Warrant) shall be subject to increase (but not decrease) as follows:

 

(a)          In
the event that (i) prior to December 18, 2018 the Company completes a private placement of its common stock and 50% of the Fair
Market Value of the Company’s common stock in such private placement is less than $0.385 per share, or (ii) 50% of the Fair
Market Value of the Company’s common stock as of December 31, 2018 is less than $0.385 per share, then in each case the existing
Current Holder’s Equity Interest applicable to the Warrant at such time shall increase (but not decrease) to a new Current
Holder’s Equity Interest pursuant to the following formula:

 

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New Current Holder’s Equity Interest
= [(2 x Existing Current Holder’s Equity Interest) x ($0.385 ÷ 50% of FMV)] – Existing Current Holder’s
Equity Interest.

 

(b)          In
the event that Holder exercises the Warrant in whole or in part prior to December 31, 2018 and Fair Market Value of the Company’s
common stock on the date of such exercise is less than $0.385 per share, then the Current Holder’s Equity Interest with respect
solely to those shares being exercised shall increase (but not decrease) pursuant to the same formula set forth in Section 3.3.3(a)
above, such that the formula would apply only to the shares being exercised, as follows:

 

New Current Holder’s Equity Interest
for Exercised Shares = [(2 x Existing Current Holder’s Equity Interest in the Exercised Shares) x ($0.385 ÷
50% of FMV as of the Exercise Date)] – Existing Current Holder’s Equity Interest in the Exercised Shares

 

(c)          Solely
for the purposes of illustration, examples of the calculations described in this Section 3.3.3 are set forth on Schedule
3.3.3 attached hereto.

 

(d)          The
foregoing notwithstanding, the adjustment to Current Holder’s Equity Interest provided for in this Section 3.3.3 shall
not apply to any private placement completed by the Company on or prior to September 30, 2015 with (i) David L. Van Andel; (ii)
David L. Van Andel Trust, under Trust Agreement dated November 30, 1993; (iii) the Holder; (iv) Penta Mezzanine SBIC Fund I, L.P.;
(v) JL Properties, Inc.; or (vi) MidCap Funding X Trust, or any of the parent companies, subsidiaries, or affiliates of any of
the foregoing persons or entities.

 

SECTION 3.3.4        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.

 

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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.

 

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.

600 East Quality Drive

American Fork, UT 84003

Attention: Mark Jaggi, Chief Financial Officer

Facsimile: (801) 763-0789 

e-mail: MJaggi@twinlab.com

 

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and

 

TWINLAB CONSOLIDATED HOLDINGS, INC.

632 Broadway, Suite 201

New York, NY 10012

Attention: Richard Neuwirth, Chief Legal Officer

Facsimile: (212) 260-1853

e-mail: RNeuwirth@twinlab.com

 

with a copy to:

 

VARNUM LLP

Bridgewater Place, P.O. Box 352

Grand Rapids, MI 49501

Attention: Mary Kay Shaver

Facsimile: (616) 336-7000

e-mail: mkshaver@varnumlaw.com

 

and

 

WILK AUSLANDER LLP

1515 Broadway, 43rd Floor

New York, NY 10036

Attention: Joel I. Frank

Facsimile: (212) 752-6380

e-mail: jfrank@wilkauslander.com

 

		(b)	If to the Holder, to:

 

JL-BBNC Mezz Utah, LLC

701 West 8th Street, Suite
1200

Anchorage, AK 99501

Attention: Joshua D. Hodes

Facsimile: (907) 276-8433

e-mail: joshh@lbblawyers.com

 

with a copy to:

 

JL-BBNC Mezz Utah, LLC

701 West 8th Street, Suite
1200

Anchorage, AK 99501

Attention: Joshua D. Hodes

Facsimile: (907) 276-8433

e-mail: joshh@lbblawyers.com

 

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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.

 

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; provided, however, that, notwithstanding the foregoing, this Warrant will automatically be
amended, without any further action required by the Company and the Holder under this Section 5.3, in the event the Current
Holder’s Equity Interest is adjusted pursuant to Section 3.3.3.

 

SECTION 5.4 Severability.
If any provision of this Agreement 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, 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 respect thereto.

 

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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).

 

    	12

    	 

    

  

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.

 

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]

 

    	13

    	 

    

 

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/ Thomas A. Tolworthy
	 	Name:   	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President

 

Signature Page To Warrant 2015-25

 

    	14

    	 

    

 

	ACKNOWLEDGED AND AGREED:	 
	 	 
	JL-BBNC MEZZ UTAH, LLC 	 
	an Alaska limited liability company	 
	 	 	 
	By:	/s/ Jonathan B. Rubini	 
	Name:  	Jonathan B. Rubini	 
	Title:    	Managing Member	 

 

[SIGNATURE PAGE TO WARRANT]

 

    	15

    	 

    

 

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: 	 	 

 

    	16

    	 

    

  

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:	 	 

 

    	17

    	 

    

  

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:	 	 

 

    	 

    	 

    

  

Schedule 3.3.3

 

Calculations for Adjustment of Current Holder’s
Equity Interest

 

In the event that (i) prior to December 18, 2018 the Company completes
a private placement of its common stock and 50% of the Fair Market Value of the Company’s common stock in such private placement
is less than $0.385 per share, (ii) 50% of the Fair Market Value of the Company’s common stock as of December 31, 2018 is
less than $0.385 per share, or (iii) Holder exercises the Warrant in whole or in part prior to December 31, 2018 and Fair Market
Value of the Company’s common stock on the date of such exercise is less than $0.385 per share, then in each case, the existing
Current Holder’s Equity Interest will increase (but not decrease) consistent with the following examples:

 

Section 3.3.3(a) - Example Where Warrant
Has Remained Unexercised as of December 31, 2018

 

Solely for illustration purposes:

 

Assumptions:

		·	Original Investment: $760,000

		·	Price per share: $0.76

		·	Total Shares: 1,000,000

		·	FMV of Company’s common stock: $.50/share

		·	No exercises of Warrant through December 31, 2018

 

New Current Holder’s Equity Interest:

= [(2 x 1,000,000) x (0.385 ÷ 0.25)] – 1,000,000

= [2,000,000 x 1.54] – 1,000,000

= 3,080,000 – 1,000,000

= 2,080,000 (an increase of 1,080,000 over existing
CHEI)

 

At a $0.01/share exercise price, to fully-exercise the New Current
Holder’s Equity Interest would cost $20,800. Together with the original investment of $760,000, the Holder’s total
investment would equal $780,800 for 3,080,000 shares, or $0.25/share.

 

Section 3.3.3(b) - Example Assuming Warrant is Partially Exercised
Prior to December 31, 2018.

 

Same assumptions as above, but assume 750,000 of the 1,000,000 shares
are exercised in a partial exercise.

 

New Current Holder’s Equity Interest for the portion of the
Warrant the Holder is exercising:

= [(2 x 750,000) x (0.385 ÷ 0.25)] – 750,000

= [1,500,000 x 1.54] – 750,000

= 2,310,000 – 750,000

= 1,560,000 (an increase of 756,000 over existing
CHEI)

  

    	2

    	 

    

 

At a $0.01/share exercise price, to fully exercise the New Current
Holder’s Equity Interest for the portion of the Warrant the Holder is then exercising would cost $15,600. Together with the
original investment of $570,000 for the corresponding number of original investment shares (i.e., 750,000 shares at $0.76/share),
the Holder’s total investment related to the portion of the Warrant so exercised would equal $585,600 for 2,310,000 shares,
or $0.25/share. The Holder would retain the right to exercise the remaining 250,000 shares.

 

    	3Exhibit 10.73

THIRD AMENDMENT TO NOTE AND WARRANT
PURCHASE AGREEMENT, LIMITED CONSENT AND LIMITED WAIVER

 

This THIRD AMENDMENT
TO NOTE AND WARRANT AGREEMENT, LIMITED CONSENT AND LIMITED WAIVER (this “Amendment”), dated as of June 30, 2015,
is made by and between TWINLAB CONSOLIDATED HOLDINGS, INC., a Nevada corporation (“Parent”), TWINLAB CONSOLIDATION
CORPORATION, a Delaware corporation (“TCC”), TWINLAB HOLDINGS, INC., a Michigan corporation (“Twinlab
Holdings”), ISI BRANDS INC., a Michigan corporation (“ISI Brands”), and TWINLAB CORPORATION, a Delaware
corporation (“Twinlab Corporation”), NUTRASCIENCE LABS, INC., a Delaware corporation, NUTRASCIENCE LABS IP CORPORATION.,
a Delaware corporation (each of the foregoing Persons being referred to herein individually as a “Company” and
collectively as the “Companies”), and JL-BBNC MEZZ UTAH, LLC, a Alaska limited liability (the “Purchaser”).

 

WHEREAS, the Companies
and the Purchaser are parties to a Note and Warrant Purchase Agreement dated as of January 22, 2015, as amended by that certain
First Amendment to Note and Warrant Purchase Agreement and Consent dated as of February 4, 2015, that certain Second Amendment
to Note and Warrant Purchase Agreement and Consent dated as of April 30, 2015 (as the same may be further amended, restated, amended
and restated, supplemented or otherwise modified from time to time, the “Note Purchase Agreement”); and

 

WHEREAS, the Companies
have requested that the Purchaser convert the aggregate amount of interest payable on the Notes for the period beginning on May
1, 2015 and ending on October 31, 2015 (it being understood and agreed that the aggregate amount of interest payable for such period
is $306,667) into Equity Interests in Parent at the price of $0.76 per share of common stock pursuant to that certain Stock Purchase
Agreement, dated as of the date hereof, among Purchaser and Parent (the “Share Purchase Agreement”) (the “Interest
Conversion”);

 

WHEREAS, (a) the Companies
have requested that the Purchaser (i) consent to the Interest Conversion and (ii) waive certain defaults and provisions of the
Note Purchase Agreement, and (b) the Purchaser has agreed to do so subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the promises and the mutual agreements contained in this Amendment, and subject to the terms and conditions set
forth herein, each party hereto hereby agrees as follows:

 

1.          Capitalized
Terms. Capitalized terms used but not defined herein shall have the meanings set forth in the Note Purchase Agreement.

 

2.          Limited
Consent for the Interest Conversion. At the request of and as an accommodation to the Companies and subject to the strict compliance
with the terms, conditions and requirements set forth herein (including, without limitation, satisfaction of each of the conditions
set forth in Section 8 below), the Purchaser hereby consents to the Interest Conversion. The limited consent set forth in this
Section 2 is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not be deemed
to (a) except as expressly provided herein, be a consent to any amendment, waiver or modification of any term or condition of the
Note Purchase Agreement or of any other Transaction Document; (b) prejudice any right that the Purchaser have or may have in the
future under or in connection with the Note Purchase Agreement or any other Transaction Document; (c) waive any Event of Default
that exists as of the date hereof; or (d) establish a custom or course of dealing among any of the Companies, on the one hand,
or the Purchaser on the other hand.

 

    	1

    	 

    

  

3.          Limited
Consent for new Essex Lease. At the request of and as an accommodation to the Companies and subject to the strict compliance
with the terms, conditions and requirements set forth herein (including, without limitation, satisfaction of each of the conditions
set forth in Section 8 below), the Purchaser hereby consents to (i) a sale/leaseback and refinancing transaction with Essex Capital
Corporation in the principal rental amount of $2,750,000 consisting of the sale/leaseback of existing Twinlab Corporation equipment
described on Exhibit K (the “First 2015 Essex Lease”) and (ii) a sale/leaseback and refinancing transaction
with Essex Capital Corporation in the principal rental amount of $150,000 consisting of the sale/leaseback of existing Twinlab
Corporation equipment described on Exhibit L (the “Second 2015 Essex Lease” and together, collectively,
the “2015 Essex Leases”). Consent for the 2015 Essex Leases includes consent for Twinlab Corporation to sell
the equipment described on Exhibit K and Exhibit L to Essex Capital Corporation, and the Purchaser shall execute
such lien releases and file such financing amendments to evidence lien releases of the equipment described on Exhibit K
and Exhibit L as reasonably requested by Twinlab Corporation or Essex Capital Corporation. The limited consent set forth
in this Section 3 is effective solely for the purposes set forth herein and shall be limited precisely as written and shall not
be deemed to (a) except as expressly provided herein, be a consent to any amendment, waiver or modification of any term or condition
of the Note Purchase Agreement or of any other Transaction Document; (b) prejudice any right that the Purchaser has or may have
in the future under or in connection with the Note Purchase Agreement or any other Transaction Document; (c) waive any Event of
Default that exists as of the date hereof; or (d) establish a custom or course of dealing among any of the Companies, on the one
hand, or the Purchaser on the other hand.

 

4.          Limited
Waiver to Note Purchase Agreement. At the request of and as an accommodation to the Companies and subject to the strict compliance
with the terms, conditions and requirements set forth herein (including, without limitation, satisfaction of each of the conditions
set forth in Section 8 below), the Purchaser hereby agrees to waive (i) the Event of Default under Section 11.1(c) of the Note
Purchase Agreement due to the Companies’ failure to comply with the financial covenants set forth in Section 5.12 of the
Note Purchase Agreement for the measurement period ending March 31, 2015 (the “Specified Event of Default”)
and (ii) the Companies’ compliance with the financial covenants set forth in Section 5.12 of the Note Purchase Agreement
for the measurement period ending June 30, 2015. The limited waiver set forth in this Section 4 is effective solely for the purposes
set forth herein and shall be limited precisely as written and shall not be deemed to (a) except as expressly provided herein,
be a consent to any amendment, waiver or modification of any term or condition of the Note Purchase Agreement or of any other Transaction
Document; (b) prejudice any right that the Purchaser have or may have in the future under or in connection with the Note Purchase
Agreement or any other Transaction Document; (c) waive any Event of Default (other than the Specified Event of Default) that exists
as of the date hereof; or (d) establish a custom or course of dealing among any of the Companies, on the one hand, or the Purchaser
on the other hand.

 

5.          Amendments
to Note Purchase Agreement. Subject to the satisfaction of the conditions precedent set forth herein and in reliance on the
representations, warranties and covenants of the Companies set forth herein and in the Note Purchase Agreement, each party hereto
hereby agrees that the Note Purchase Agreement be and hereby is, amended as follows:

 

5.1.          
Amendment and Restatement of Existing Defined Terms. Section 1 of the Note Purchase Agreement is hereby amended by amending
and restating each of the following defined terms as follows:

 

    	2

    	 

    

 

“Essex Debt”
means Indebtedness pursuant to (i) that certain Commercial Lease Agreement, dated as of November 13, 2013, between Twinlab Corporation
and Essex Capital Corporation, (ii) that certain Commercial Lease Agreement, dated as of August 21, 2014 (which Commercial Lease
Agreement refreshes and supersedes a Commercial Lease Agreement dated March 19, 2013), between Twinlab Corporation and Essex Capital
Corporation, and (iii) a new sale/leaseback and refinancing agreement to be entered into between Twinlab Consolidation Corporation
and Essex Capital Corporation, in the form previously provided to and approved by the Purchaser and for which Essex Capital Corporation
has agreed to be subject to an Agreement Regarding Equipment and Lease in form and substance satisfactory to the Purchaser in its
sole discretion; the rental installments of all such lease agreements identified in subclauses (i) through (iii) together is not
to exceed an aggregate principal rental amount of $5,800,000.

 

“Nutricap Seller First
Note” means the Amended and Restated Unsecured Promissory Note dated June 30, 2015 in the form previously approved by
the Purchaser in the principal amount of $2,750,000 issued by Subco I to Nutricap Labs, LLC, a New York limited liability company,
in connection with the Target 2 Acquisition, the principal and interest repayment of which shall have a maturity of January 1,
2016 and bear interest at 8.5% per annum, an executed copy of which has been provided to the Purchaser.

 

5.2.          Amendment
to Section 5.12(a). Section 5.12(a) of the Note Purchase Agreement is hereby amended and restated in its entirety as follows:

 

“(a)          Minimum
Adjusted EBITDA. Commencing with the month ending July 31, 2015 and until such time as all Obligations are paid, satisfied
and discharged in full, the Borrowers shall not, as of the end of any measurement period set forth below, permit the Adjusted EBITDA
for such measurement period to be less than the amount set forth in the table below opposite such measurement period.

 

	Measurement
Period
	 	Minimum Adjusted EBITDA	 
	July 1, 2015 to July 31, 2015	 	$	-700,000	 
	August 1, 2015 to August 31, 2015	 	$	-700,000	 

 

6.          Representations
and Warranties; No Default. Each Company hereby represents and warrants that:

 

6.1.          The
execution, delivery and performance by such Company of this Amendment (a) are within such Company’s corporate or similar
powers and, at the time of execution hereof and have been duly authorized by all necessary corporate and similar action; (b) does
not and will not result, in any breach or default under any other document, instrument or agreement to which a Company or any of
its Subsidiaries is a party or to which a Company or any of its Subsidiaries, the Premises, the Collateral or any of the property
of a Company or any of its Subsidiaries is subject or bound, except for such breaches or defaults which, individually or in the
aggregate, have not had, and would not reasonably be expected to result in, a Material Adverse Effect and (c) will not violate
any applicable law, statute, regulation, rule, ordinance, code, rule or order.

 

6.2.          This
Amendment has been duly executed and delivered for the benefit of or on behalf of each Company and constitutes a legal, valid and
binding obligation of each Company, enforceable against such Company in accordance with its terms except (a) as the same may be
limited by bankruptcy, insolvency, reorganization moratorium or similar laws now or hereafter in effect relating to creditors rights
generally and (b) that the remedy of specific performance and injunctive and other forms of equitable relief may be subject to
equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

 

    	3

    	 

    

  

6.3.          Both
before and after giving effect to this Amendment on the date hereof (a) except as set forth on Schedule A attached hereto,
the representations and warranties of the Companies contained in Section 4.1 of the Note Purchase Agreement and the other Transaction
Documents are true, correct and complete on and as of the date hereof as if made on such date (and to the extent any representations
and warranties shall relate to the Effective Date or another earlier date, such representation and warranties shall be deemed to
be amended to relate to the date hereof), and (b) except as set forth on Schedule B attached hereto, no Default or Event
of Default (other than the Specified Event of Default) has occurred and is continuing.

 

7.           Ratification
and Confirmation. The Companies hereby ratify and confirm all of the terms and provisions of the Note Purchase Agreement and
the other Transaction Documents and agree that all of such terms and provisions, as amended hereby, remain in full force and effect,
except as, and to the extent expressly set forth herein. 

 

8.          Condition
to Effectiveness. The effectiveness of this Amendment shall be subject to the satisfaction of the following conditions precedent:

 

8.1.        The
Purchaser shall have received (i) a fully executed copy of this Amendment, (ii) a fully executed copy of the Share Purchase Agreement
in the form attached hereto as Exhibit A and (iii) the fully executed Warrant No. W-4 in the form attached hereto as Exhibit
B.

 

8.2.        The
Purchaser shall have received (i) fully executed amendments to the documents evidencing the Permitted Senior Debt in the form attached
hereto as Exhibit C and (ii) evidence reasonably satisfactory to the Purchaser that there will be no reduction in the facility
size or the availability formula under the Permitted Senior Debt.

 

8.3.        The
Purchaser shall have received (i) a fully executed amendment to the Subordinated Loan Agreement in the form attached hereto as
Exhibit D, (ii) a fully executed copy of the Share Purchase Agreement, dated as of the date hereof, among Parent and Subordinated
Lender in the form attached hereto as Exhibit E and (iii) a fully executed copy of the Warrant, dated as of the date hereof,
issued by Parent to Subordinated Lender in the form attached hereto as Exhibit F.

 

8.4.        The
Purchaser shall have received (i) evidence reasonably satisfactory to the Purchaser that the David L. Van Andel Trust, under Trust
Agreement dated November 30, 1993 (the “David L. Van Andel Trust”) has invested at least $2,500,000 in cash
in the Equity Interests of Parent, (ii) a fully executed copy of the Share Purchase Agreement, dated as of the date hereof, among
Parent and David L. Van Andel Trust in the form attached hereto as Exhibit G, (iii) evidence that David L. Van Andel Trust
surrendered to Parent that certain Warrant No. 1, dated as of September 5, 2014, issued by TCC to David L. Van Andel and assumed
by Parent on September 16, 2014, and such warrant has been cancelled and (iv) fully executed copies of the Warrants, dated as of
the date hereof, issued by Parent to David L. Van Andel Trust in the forms attached hereto as Exhibit H.

 

8.5.        The
Purchaser shall have received (i) a fully executed copy of the Share Purchase Agreement, dated as of the date hereof, among Parent
and Little Harbor, LLC in the form attached hereto as Exhibit I and (ii) a fully executed copy of the Warrant, dated as
of the date hereof, issued by Parent to Little Harbor, LLC, in the form attached hereto as Exhibit J.

 

    	4

    	 

    

  

8.6.          The
Purchaser shall have received from the Companies executed copies of all documents and agreements relating to the 2015 Essex Leases
and the Nutricap Seller First Note, including, but not limited to, the Payment Guaranty of Essex Capital Corporation and Ralph
T. Iannelli of the Nutricap Seller First Note and each Bill of Sale with respect to the 2015 Essex Leases, duly executed by an
authorized officer of each of the parties thereto.

 

8.7.          The
Companies shall have delivered to the Purchaser a fully executed copy of the Amendment No. 1 to Standstill Agreement, duly executed
by an authorized officer of each of the parties thereto, including but not limited to NUTRICAP LABS, LLC, as junior lender, and
such amendment shall be satisfactory in form and substance to the Purchaser.

 

8.8.          The
Companies shall have delivered to the Purchaser a fully executed Agreement Regarding Equipment and Lease with respect to the 2015
Essex Leases, and such agreement shall be satisfactory in form and substance to the Purchaser.

 

8.9.          All
representations and warranties of the Companies contained herein shall be true and correct in all material respects as of the date
hereof (and such parties’ delivery of their respective signatures hereto shall be deemed to be its certification thereof).

 

8.10.         The
Purchaser shall have received all fees and other amounts due and payable to the Purchaser and its counsel in connection with this
Amendment, and to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid
by the Companies under the Note Purchase Agreement.

 

9.              Use
of Proceeds. The Companies hereby agree that the proceeds of the Interest Conversion and the other transactions contemplated
by this Amendment shall be used solely to purchase new raw materials for use in the production of the Companies’ higher margin
products.

 

10.             Miscellaneous.

 

10.1.          Except
as otherwise expressly set forth herein, nothing herein shall be deemed to constitute an amendment, modification or waiver of any
of the provisions of the Note Purchase Agreement, the Security Agreement or the other Transaction Documents, all of which remain
in full force and effect as of the date hereof and are hereby ratified and confirmed. Each Company hereby acknowledges and agrees
that nothing contained herein shall be deemed to entitle any Company to consent to, or a waiver, amendment or modification of,
any of the terms, conditions, obligations, covenants or agreements contained in the Transaction Documents in similar or different
circumstances. This Amendment (together with any other document executed in connection herewith) is not intended to be, nor shall
it be construed as, a novation of the Note Purchase Agreement.

 

10.2.          This
Amendment may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original, but
all counterparts shall together constitute one instrument. Delivery of an executed counterpart of a signature page of this Amendment
by facsimile or electronic mail shall be equally effective as delivery of a manually executed counterpart of this Amendment.

 

10.3.          This
Amendment shall be governed by the laws of the State of New York without giving effect to any conflict of law principles and shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

    	5

    	 

    

  

10.4.          The
Companies agree to pay all reasonable expenses, including legal fees and disbursements, incurred by Purchaser in connection with
this Amendment and the transactions contemplated hereby.

 

10.5.          This
Amendment shall be deemed a Transaction Document for all purposes of the Note Purchase Agreement and the other Transaction Documents.
On and after the date hereof, each reference in the Note Purchase Agreement and the other Transaction Documents to the Note Purchase
Agreement, shall mean and be a reference to the Note Purchase Agreement, as modified by this Amendment.

 

10.6.          Each
Company, voluntarily, knowingly, unconditionally and irrevocably, with specific and express intent, for and on behalf of itself
and all of its respective parents, subsidiaries, affiliates, members, managers, predecessors, successors, and assigns, and each
of their respective current and former directors, officers, shareholders, agents, and employees (collectively, “Releasing
Parties”), does hereby fully and completely release, acquit and forever discharge each Indemnified Party of and from
any and all actions, causes of action, suits, debts, disputes, damages, claims, obligations, liabilities, costs, expenses and demands
of any kind whatsoever, at law or in equity, whether matured or unmatured, liquidated or unliquidated, vested or contingent, choate
or inchoate, known or unknown that the Releasing Parties (or any of them) has against the Indemnified Parties (or any of them)
that directly or indirectly arise out of, are based upon or are in any manner connected with any Prior Related Event. “Prior
Related Event” means any transaction, event, circumstance, action, failure to act, occurrence of any type or sort, whether
known or unknown, which occurred, existed, was taken, was permitted or begun in accordance with, pursuant to or by virtue of (a) any
of the terms of this Amendment or any other Transaction Document, (b) any actions, transactions, matters or circumstances
related hereto or thereto, (c) the conduct of the relationship between the Purchaser and any Company, or (d) any other
actions or inactions by the Purchaser, all on or prior to the date hereof. Each Company acknowledges that the foregoing release
is a material inducement to the Purchaser’s decision to enter into this Amendment and to agree to the modifications contemplated
hereunder.

 

[Signature Pages Follow.]

 

    	6

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Amendment which shall be deemed to be a sealed instrument as of the date first above written.

 

 

	 	COMPANIES
	 	 
	 	TWINLAB CONSOLIDATED HOLDINGS, INC.
	 	 
	 	By:	/s/ Thomas A.
    Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	TWINLAB HOLDINGS, INC.
	 	 	 
	 	By:  	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	TWINLAB CONSOLIDATION CORPORATION
	 	 	 
	 	By:  	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	TWINLAB CORPORATION
	 	 	 
	 	By:  	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	ISI BRANDS, INC.
	 	 	 
	 	By:  	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President

 

[Signature Page – Third Amendment
to Note and Warrant Purchase Agreement, Limited Consent and Limited Waiver]

 

    	 

    	 

    

  

	 	NUTRASCIENCE LABS, INC.
	 	 	 
	 	By:	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President
	 	 	 
	 	NUTRASCIENCE LABS IP CORPORATION
	 	 	 
	 	By:  	/s/ Thomas A. Tolworthy
	 	Name:	Thomas A. Tolworthy
	 	Title:	Chief Executive Officer and President

 

[Signature Page – Third Amendment
to Note and Warrant Purchase Agreement, Limited Consent and Limited Waiver]

 

    	 

    	 

    

 

	 	PURCHASER:
	 	 
	 	JL-BBNC MEZZ UTAH, LLC
	 	 	 
	 	By:	/s/ Jonathan B. Rubini
	 	Name:	Jonathan B. Rubini
	 	Title:	Managing Member

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00247-of-00352.parquet"}]]